TCRAP_Public/080730.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 30, 2008, Vol. 11, No. 150

                            Headlines

A U S T R A L I A

A.C.N. 067 567 702: Joint Meeting Set for August 1
AHD REGIONAL: Members and Creditors to Meet on August 1
ALLCO FINANCE: Unit's Lower Asset Valuations Hint Default   
ANGELO CONCRETE: Members and Creditors to Meet on August 1
BABCOCK & BROWN LTD: Inks Supply Agreement With Sydney Water

BEECHWOOD HOMES: Business Sold to Cavasinni
BONT INTERNATIONAL: Joint Meeting Set for August 1
BONT SKATES: Members and Creditors to Meet on August 1
CSPI PTY: Members' Final Meeting Slated for July 31
HUNTER ENVIRONMENTAL: To Declare Dividend on July 31

JVM TRAVEL: Members and Creditors to Meet on August 1
LIFT CAPITAL: Creditors Not Impressed With Proposed DOCA
PARIBAS GROUP: Members' Final Meeting Set for August 5
T INTERNATIONAL: Members and Creditors to Meet on August 4


C H I N A

ORIGIN AGRITECH: Enters Notes Repurchase Deal With Citadel
PORTOLA PACKAGING: Moody's Junks Ratings on Restructuring Plan
SEMICONDUCTOR MANUFACTURING: Posts US$45.6MM Loss for 2Q 2008
SEMICONDUCTOR MANUFACTURING: Expects to End Loss in 4th Quarter
SPECTRUM: Moody's Reinstates B1 Rating to $50MM LC Facility


H O N G K O N G

ABLEFOAM COMPANY: Wind-Up Petition Hearing Set for September 17
ASIA PACIFIC: Court to Hear Wind-Up Petition on September 3
CFM GLOBAL: Lees and Bancroft Quit as Liquidators
EXCEL INTERNATIONAL: Taps Middleton and Jamieson as Liquidators
HONEST MEDICAL: Placed Under Voluntary Liquidation

INGREDIENTS RESTAURANTS: Subject to Radnor's Wind-Up Petition
KAI WING: Lai and Wong Quit as Liquidators
KINBERLY ENGINEERING: Wind-Up Petition Hearing Set for Sept. 17
OPTECH LIMITED: Wind-Up Petition Hearing Set for September 10


I N D I A

DISH TV: Net Loss Increases to Rs. 1,254.40 Mil. in 1Q 2008
GLOBAL VECTRA: Customs Seizes Two Helicopters
GUJARAT STATE FINANCIAL: ASE Delists Securities
GUWAHATI MUNICIPAL: Fitch Puts Nat'l LT Issuer Rating at BB(ind)
MAHARASHTRA POLYBUTENES: Mr. Srivastava Ceases to be Director

RAMANA ACADEMY: Financial Weakness Spurs "Grade 4" from CRISIL
RUBBER PRODUCTS: Annual General Meeting Scheduled on Sept. 11
SPENTEX IND: CARE Lowers Two “BBB-” Rated Facilities to “BB”
* RBI: Hikes Repo Rate by 50 bsp & Cash Reserve Ratio by 25 bsp
* S&P, CRISIL: RBI Policy to Impact Medium-Term Benefits


I N D O N E S I A

BANK MANDIRI: Posts IDR2.61 Tril. Net Profit in 2008 First Half
PERUSAHAAN LISTRIK: Obtains US$1.1BB Loan to Develop Power Plant


J A P A N

CABS LTD: S&P Drops Rating on Master Trust Floating Rate Notes
DELPHI: Appaloosa Balks at GM Participating in Adversary Suit
DELPHI: Allowed to Pursue US$2.55B Fraud Claim vs. Appaloosa
DELPHI : Negotiating New or Amended Plan with GM and Committee
DELPHI CORP: WTC, Panel Want Plan Confirmation Order Revoked

DELPHI CORP: Wants Plan-Filing Deadline Extended to October 31
NIPPON STEEL: Partly Halts Furnace Operations Due to Plant Fire
SANYO ELECTRIC: Makes Battery Packs for Nintendo's Wii Consoles
* JAPAN: Moody's Says Japanese Life Insurance Industry is Stable


K O R E A

SAMSUNG SDI: Back Into the Black in Second Quarter 2008
* KOREA: Apartment Units 22.8% Overvalued as of 1st Qtr 2008


M A L A Y S I A

NIKKO ELECTRONIC: Gets Writ of Summons From Wictronics & Texchem
NIKKO ELECTRONICS: Court Grants Ex-Parte Injunction for Hirel Co
SYARIKAT KAYU: Incurs MYR1.14MM Net Loss in Qtr. Ended May 31
TALAM CORPORATION: Unit Served with Wind-Up Petition by Agnes
TALAM: To Defer Tabling Proposed Provision of Assistance to LLE


N E W  Z E A L A N D

A2 CORP: Shareholders Approve Rights Issue
BARRY THOMAS: Shareholders Appointed Irwin as Liquidator
BRIDGECORP LTD: Two Exec. Directors Released on Bail
GM HOLDINGS: Commences Liquidation Proceedings
GROOVE MERCHANTS: Commences Liquidation Proceedings

KTG SECRETARIAL: Placed Under Liquidation
LAKEVIEW INTERNATIONAL: Appointed Liquidators
MORGANS CORNER: Placed Under Liquidation
NATIONAL GOLF: Appointed Parsons and Kenealy as Liquidators
PASK INVESTMENTS: Placed Under Liquidation

PROPERTY VENTURES: Two Hotel Businesses Placed in Receivership
RO'S CLEANERS: Commences Liquidation Proceedings
SECA LTD: Shareholders Appointed Merlo as Liquidator
* NEW ZEALAND: Demand for New Houses Falling Since June 2007


S I N G A P O R E

EON BANK: Fitch Affirms 'BB+' Subordinated Debt Rating
HANOVER FINANCE: Fitch Lowers FC Issuer Default Ratings at D
STATS CHIPPAC: Ng Tiong Gee Tenders Resignation


T A I W A N

QUANTA COMPUTER: Turns Cautious on Laptop PC Demand
QUANTA COMPUTER: Bags Budget-PC Orders from Sony Corp


X X X X X X X X

* Asia Remains Resilient Amidst US & European Woes, S&P Reports


                         - - - - -


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

A.C.N. 067 567 702: Joint Meeting Set for August 1
--------------------------------------------------
A.C.N. 067 567 702 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, D. M. Morgan at Clout &
Associates, will provide the attendees with property disposal
and winding-up reports.

The company's liquidator can be reached at:  

          D. M. Morgan
          Clout & Associates
          Level 1, 144-148 West High Street
          Coffs Harbour NSW 2450
          Australia
          Telephone: (02) 6652 3288
          Facsimile: (02) 6651 9393


AHD REGIONAL: Members and Creditors to Meet on August 1
-------------------------------------------------------
AHD Regional Pty Ltd will hold a final meeting for its members
and creditors at 11:30 a.m. on Aug. 1, 2008.  During the
meeting, the company's liquidator, R. M. Sutherland at Jirsch
Sutherland, will provide the attendees with property disposal
and winding-up reports.

The company's liquidator can be reached at:   

          R. M. Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Australia
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          Email: admin@jirschsutherland.com.au


ALLCO FINANCE: Unit's Lower Asset Valuations Hint Default   
---------------------------------------------------------
Allco Finance Group-managed Rubicon Europe Trust Group, in light
of the continued dislocation of global credit markets and the
consequential negative impact on asset valuations, has
commissioned an independent valuation of all of the properties
in its real estate portfolio.  It has also undertaken an
analysis of the impact of asset revaluations on Rubicon Europe's
financing arrangements.

                        Asset Valuations

A valuation of the real estate portfolio has been undertaken by
CBRE and JLL(including minority interests):

   Portfolio/     Location  Number of    Date        Purchase
   Asset                    Properties   Acquired    Price
                                                     EUR(mil)   
   ----------------------------------------------------------
   Tiago          Germany       3        Dec 2005     362.0
   portfolio(3)

   Hermes Plaza   Belgium       2        Jul 2006      75.9(4)


   Nike HQ        Netherlands   1        Aug 2006      90.4

   Medicent       Austria       2        Mar 2007      58.0
   ---------------------------------------------------------
   Total(3)                     8                     586.3
   ---------------------------------------------------------



   Port./  Original   Prior      Carrying Value     6/30/2008
   Asset   Valuation  Valuation  Dec. 31, 2007      Valuation
           EUR(mil)   EUR(mil)   EUR(mil)           EUR(mil)  
   ----------------------------------------------------------

   Tiago        372.9      423.0       424.4          366.5
   portfolio(3)

   Hermes Plaza  75.9(5)    84.2        84.2           65.6(6)

   Nike HQ       98.9      103.7       103.7           87.2

   Medicent      60.2       60.2        60.2           48.7
   -----------------------------------------------------------
   Total(3)     607.9      671.1       672.5          568.0
   -----------------------------------------------------------

   (1) Purchase price excludes acquisition costs.

   (2) Tiago portfolio Feb. 2007; Hermes Plaza Dec. 2007;
       Nike HQ Feb. 2007; Medicent Austria Jan 2007.

   (3) After allowing for the 5% minority interest in
       the Tiago portfolio, REU's ownership interest across
       the entire real estate portfolio is valued at EUR549.7
       million at 30 June 2008 versus the carrying value of
       EUR651.3 million at December 31, 2007.

    (4) Hermes Plaza was acquired as a guaranteed development
        project. Purchase price includes land and subsequent
        construction/building costs.

    (5) Purchase price assumed.

    (6) The June 30, 2008, valuation includes EUR8.0 million
        for the remaining development land.

In the June 30, 2008, accounts, the real estate portfolio will
be valued at approximately EUR568.0 million, representing a
reduction of approximately EUR104.5 million (or 15.5%) relative
to the carrying value as at December 31, 2007.

               Impact on Financing Arrangements

The responsible entity has undertaken an analysis of the impact
of the asset revaluations on:

   -- All senior debt at the property level;

   -- Credit Suisse (CS) warehouse facility to Rubicon
      Finance Europe (RFE);

   -- The EUR50 million of senior notes issued by Rubicon
      Finance Europe II (RFE II); and

   -- National Australia Bank (NAB) A$150 million corporate
      facility to Rubicon Europe Trust I (RET I).

A summary of the impact is set out below:


   Debt                      Impact of asset revaluations
   ----                      ----------------------------

   Senior debt at the        No impact
   property level

   CRE loan warehouse        No impact (details below)
   facility

   RFE II notes              Breach of financial covenants
                             (details below)

   Corporate facility        No impact (details below)


The specific impact on the financial covenants of the asset
revaluations is:


   Covenant          Hurdle       Est. as      Affected   Breach
                                  at 30 June   Issuer/
                                  2008(1)      Borrower
   -------------------------------------------------------------

   Interest Cover    >= 1.35 times (4.49)      RFE II      Yes
   ratio(2)                         times (3)

   Adjusted Tangible >= A$400       A$349      RFE II      Yes
   Net Worth            million     million
  (ATNW)(4)

   Debt to ATNW      <= 3.75 : 1    2.65 : 1   RFE II       No

   Tangible Net
   Worth (TNW)(5)    >= A$250       A$443      RFE          No
                         million    million

   Total Debt        <= 5.0 : 1     2.17 : 1   RFE          No
   to TNW            

   Senior Facility   <= 0.60        0.56       RET I        No
   Ratio           

   Consolidated      <= 0.70        0.65       RET I        No
   Gearing

   Interest cover(6) >= 3 times     3.59 times RET I        No


   (1) Based on unaudited financial information which is
       subject to, inter alia, finalisation of the accounts
       preparation process and an audit review by the auditors.

   (2) Calculated as Consolidated EBITDA divided by
       Consolidated Interest Expense.

   (3) The definition for EBITDA under AIFRS includes asset
       write downs.  Excluding the impact of the asset
       writedowns and realised losses on the two CRE loans
       that were recently sold (DD Helsinki and Ashbourne) at
       73% of par, the estimated outcome would be 2.20 times.

   (4) Calculated as Total Assets (excluding minority
       interests) less Liabilities.

   (5) Calculated as Net Worth plus subordinated debt
       (up to 25%).

   (6) Calculated as EBIT (after debt service on property
       level debt, CRE warehouse and note facility) and
       excluding gains/losses on fair value adjustments to
       property investments, derivatives and unrealised FX
       gains and losses divided by Interest Expense under
       the NAB facility.

According to the company, as part of REU's ongoing asset
management process, an impairment review is currently being
finalized in relation to REU's CRE loan portfolio, as at
June 30, 2008.  Accordingly, the analysis set out above does not
incorporate any conclusions from this review.  Reflecting
primarily the impact of falling real estate valuations across
Europe, it is likely this review will result in potentially
significant impairments to the CRE loan portfolio which, in
turn, will have an associated significant impact upon REU's
financial covenants.

The anticipated consequences of the asset revaluations are:

   * In the case of the note facility (RFE II), a breach
     of the financial covenants (except to the extent
     that such breach is remediable and remedied within a
     30 day grace period) results in there being an event
     of default under the notes issued by RFE II, giving
     each noteholder the right to accelerate the entire
     outstanding amount of the principal evidenced by the
     notes held by such noteholder.  To the extent that
     RFE II does not(following the acceleration) pay
     the principal amount outstanding under the notes
     issued by it, each noteholder can claim under the
     guarantees provided by RET I and RET II which
     guarantee repayment of the notes by RFE II.  In the
     note facility there is no cross default provision
     unless insolvency proceedings (including NAB
     appointing a receiver under its security) are
     initiated in respect of RET I or RET II.

   * In the case of the CS facility to RFE, a failure
     by RET I and/or RET II to pay amounts due and payable
     to RFE II noteholders under the Guarantees would
     result in there being an event of default under the
     CS facility.  If the event of default subsists CS
     may declare that all amounts owing under the CS
     facility are immediately due and payable, and results
     in RFE being unable to pay dividends to its shareholders.

     Enforcement of the Guarantees and an event of default
     under the CS facility or the RFE II note facility will
     each constitute an event of default under the NAB
     Corporate facility.  If the event of default subsists
     NAB may declare that all amounts owing under the NAB
     Corporate facility are immediately due and payable,
     and results in RET I and RET II being unable to pay
     distributions to the unit holders.

The company said it is currently in discussions with the
noteholders of the RFE II facility and CS (the warehouse debt
provider to RFE) in relation to a restructuring of the financial
covenants and the financial parameters of the respective debt
facilities/securities.  REU is also in discussions with NAB (the
lender under the Corporate Facility) in respect of replacing the
364 day revolver with a longer term facility.  There can be no
assurance that a successful outcome with REU's lenders will be
achieved.

                      About Allco Finance

Allco Finance Group Ltd. (ASX: AFG) -- http://www.allco.com.au/      
-- is an integrated global financial services business,
specializing in asset origination, funds creation and funds
management.  The company is a fund manager of alternative assets
in its core asset classes, which include aviation, rail,
shipping, infrastructure, property, private equity and financial
assets.  Its primary focus is on commercial property,
predominately completed office buildings and select development
opportunities.  It also purchases new and existing commercial
passenger and cargo aircraft for lease to commercial airlines.  
In March 2007, Allco HIT Limited acquired Momentum Investment
Finance Pty Limited, Allco Financial Services and International
Mezzanine Funds Management (Australia) Limited.  The company is
a vendor of Momentum Investment Finance Pty Limited and Allco
Financial Services.  In July 2007, it acquired Allco Equity
Partners Ltd.  In December 2007, it completed the acquisition of
the remaining 79.6% stake of Rubicon Holdings(Aust) Limited.

                          *     *     *

Published reports said that Allco is in the brink of insolvency
and is currently negotiating a new business plan that will avoid
putting its operations in the hands of administrators.

As reported in the Troubled Company Reporter-Asia Pacific, Allco
Finance Group has until July 31, 2008, to pay its AU$250 million
bridge facility.

Allco's managed vehicle, Rubicon American Trust, anticipated
breach of financial covenants as a consequence of its asset
revaluations.  The Trust, citing continued dislocation of global
credit markets and the consequential negative impact on asset
valuations, reduced the value of its real estate portfolio as of
June 30, 2008, by approximately US$97.5 million (or 7%).

As reported in the Troubled Company Reporter-Asia Pacific on  
July 18, 2008, Rubicon agreed to sell its GSA I portfolio, a 14
property portfolio covering 3.1 million square feet, to Urban
America for US$515.0 million.  The sale is projected to close on  
September 15, 2008.  It is anticipated that the net proceeds,
after providing for taxes payable, will be applied to reduce
Rubicon's overall borrowing.


ANGELO CONCRETE: Members and Creditors to Meet on August 1
----------------------------------------------------------
Angelo Concrete Pty Ltd will convene a final meeting for its
members and creditors at 9:30 a.m. on Aug. 1, 2008.  During the
meeting, the company's liquidator, R. M. Sutherland at Jirsch
Sutherland, will provide the attendees with property disposal
and winding-up reports.

The company's liquidator can be reached at:   

          R. M. Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Australia
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          Email: admin@jirschsutherland.com.au


BABCOCK & BROWN LTD: Inks Supply Agreement With Sydney Water
------------------------------------------------------------
Babcock & Brown Wind Partners, a Babcock & Brown Limited unit,
has entered into a renewable energy supply agreement with Sydney
Water, with output from the Capital wind farm contracted to
deliver the renewable energy requirements of Sydney Water's
desalination plant.

BBW said that the renewable energy supply agreement has a term
of 20 years and includes a CPI escalation clause.

The Capital wind farm is the first large, utility scale wind
farm to be located in New South Wales.  The wind farm is
expected to be operational by mid-2009 and have an installed
capacity of 132.3MW with long term mean energy production of
over 400GWh per annum.

Miles George, Chief Executive Officer said "The supply agreement
represents an attractive contract for BBW and we are very
pleased to be supplying the renewable energy requirements of
Sydney Water's desalination plant.  As Australia's leading wind
farm owner and operator, BBW remains well positioned to
participate in the expected strong growth in renewable energy
generation in Australia which is underpinned by the Federal
Governments 20% by 2020 national renewable energy target."

                    About Babcock & Brown Ltd

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

                          *     *     *

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

Babcock & Brown said the downgrade was not based on any
information provided to S&P by Babcock & Brown or the facility
lenders.  The change in S&P rating, the company says, does not
constitute a review event or event of default, or otherwise
entitle any lender to require a prepayment of any financing
facility with the Babcock & Brown Group.  The downgrade
according to Babcock & Brown was consistent with S&P's move to
downgrade other financial related stocks around the world.


BEECHWOOD HOMES: Business Sold to Cavasinni
-------------------------------------------
Beechwood Homes has been sold as a going concern to Resibuildco,
which is funded by Cavasinni Constructions and the Cavasinni
family, the Adelaidenow reports.

According to the report, Beechwood's receivers Deloitte said the
business had been sold for an undisclosed amount with all
assets, including existing land, buildings, contracts and
copyright.

The business, the report relates, will continue to trade as
Beechwood.

The purchase was a "logical step towards expansion" of his
family business, the report quoted Beechwood's new owner, Vic
Cavasinni as saying.

"We have and will continue to work closely with the Office of
Fair Trading and the insurers Vero to work through the needs of
individual homeowners and complete their homes," Mr. Cavasinni
added.

All current Beechwood customers, the report says, will receive
information from the new owners shortly.

As reported in the Troubled Company Reporter – Asia Pacific on
July 21, 2008, ABC News said Beechwood Homes --
http://www.beechwoodhomes.com.au/-- is an Australian owned  
family home building company that was started in the early
1980s.   Beechwood's collapse affected about 300 people who were
building homes and approximately 500 who had project home plans
prepared by the company.


BONT INTERNATIONAL: Joint Meeting Set for August 1
--------------------------------------------------
Bont International Pty Ltd will hold a final meeting for its
members and creditors at 11:00 a.m. on Aug. 1, 2008.  During the
meeting, the company's liquidator, R. M. Sutherland at Jirsch
Sutherland, will provide the attendees with property disposal
and winding-up reports.

The company's liquidator can be reached at:   

          R. M. Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Australia
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          Email: admin@jirschsutherland.com.au


BONT SKATES: Members and Creditors to Meet on August 1
------------------------------------------------------
Bont Skates Pty Ltd will hold a final meeting for its members
and creditors at 10:30 a.m. on Aug. 1, 2008.  During the
meeting, the company's liquidator, R. M. Sutherland at Jirsch
Sutherland, will provide the attendees with property disposal
and winding-up reports.

The company's liquidator can be reached at:   

          R. M. Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Australia
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          Email: admin@jirschsutherland.com.au


CSPI PTY: Members' Final Meeting Slated for July 31
---------------------------------------------------
Keiran William Hutchison and John Raymond Gibbons, CSPI Pty
Limited's estate liquidator, will meet with the company's
members at 10:00 a.m. on July 31, 2008, to provide them with
property disposal and winding-up reports.  

The liquidator can be reached at:     

          Keiran William Hutchison
          John Raymond Gibbons
          Ernst & Young
          Level 37, 680 George Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 9248 5555


HUNTER ENVIRONMENTAL: To Declare Dividend on July 31
----------------------------------------------------
Hunter Environmental Solutions Pty Ltd will declare dividend on
July 31, 2008.

Only creditors who where able to file their proofs of debt by
July 28, 2008, were included in the company's dividend
distribution.

The company's liquidator is J. A. Shaw.


JVM TRAVEL: Members and Creditors to Meet on August 1
-----------------------------------------------------
JVM Travel Pty Ltd will hold a final meeting for its members and
creditors at 9:00 a.m. on Aug. 1, 2008.  During the meeting, the
company's liquidator, R. M. Sutherland at Jirsch Sutherland,
will provide the attendees with property disposal and winding-up
reports.

The company's liquidator can be reached at:   

          R. M. Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Australia
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          Email: admin@jirschsutherland.com.au


LIFT CAPITAL: Creditors Not Impressed With Proposed DOCA
--------------------------------------------------------
Creditors of failed margin lender Lift Capital Pty Ltd have
postponed a meeting to decide whether to agree to a payout
proposal by its directors that also prevents legal action
against them, the Age reports.

The meeting was delayed to September 15 to give creditors time
to read a report that outlines the proposed 'deed of company
arrangement', which they received on July 11, the Age says.

The deed, the Age relates, which was put to the meeting in
Sydney by administrator McGrath Nicol, is estimated to return
about three cents in the dollar more to unsecured creditors than
if Lift were liquidated, and over a shorter timeframe,

According to The Australian Business, under the deed, Lift
directors will contribute AU$1.15 million to the Lift Fund, with
financier Merrill Lynch tipping in another AU$1.4 million and
reducing their commission fees to about AU$1 million --
translating to an additional 3c in a dollar dividend payment to
unsecured creditors.

That is expected to bump up the total dividend payment to 62.8c
in the dollar for unsecured creditors who are classified
category three.  Of the total 1019 clients, there are 324 in
category three.  Under a liquidation scenario, the return is
expected to be 59.7c, The Australian says.

The Australian relates that creditors appeared unimpressed with
the DOCA proposal, instead urging the administrator to apply
more pressure on Merrill Lynch.

However, the Australian notes, Mr. Tony McGrath at McGrath Nicol
reassured creditors it was pushing hard for the best resolution
and said it was possible it could re-engage Merrill to increase
its offer.

                         Loan to Options Trader
                            Triggers Collapse

Meanwhile, the Australian Business reports that a AU$331 million
loan to options trader Tony Famularo has been identified as a
trigger behind the collapse of Lift Capital.

The most shocking revelation to creditors at the meeting,
however, the Australian Business relates, was that Lift had
provided 100 per cent of the finance over Mr. Famularo's loan.

According to the Australian Business, a recovery process is
under way to recover AU$32 million owed by Mr. Famularo -- the
remaining amount left after Merrill closed out his account.

The AU$331 million portfolio represented nearly half of Lift's
stock-lending book, the Australian Business says.

                           About Lift Capital

Lift Capital -- http://www.liftcapital.com.au/-- is an  
Australian owned, independent (non-bank owned) financial
services provider, specializing in lending against structured
equity products principally against listed shares and  interests
in managed funds.  The company's products enable its clients to
borrow money to invest in a wide range of assets.  Lift Capital
may take a mortgage over these assets to secure the loan.

                             *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 14,
2008, that Lift Capital was placed under voluntary
administration after reports questioning its viability triggered
a run of investors wanting to liquidate their assets.  The
administrators will focus on gathering information to convey to
creditors and investors.


PARIBAS GROUP: Members' Final Meeting Set for August 5
------------------------------------------------------
John Melluish, Paribas Group Australia Limited's estate
liquidator, will meet with the company's members at 10:30 a.m.
on Aug. 5, 2008, to provide them with property disposal and
winding-up reports.  

The liquidator can be reached at:   

          John Melluish
          Ferrier Hodgson
          Level 13, 225 George Street
          Sydney NSW 2000
          Australia


T INTERNATIONAL: Members and Creditors to Meet on August 4
----------------------------------------------------------
T International Pty Ltd will hold a final meeting for its
members and creditors at 11:00 a.m. on Aug. 4, 2008.  During the
meeting, the company's liquidator, Ozem Kassem at Cor Cordis
Chartered Accountants, will provide the attendees with property
disposal and winding-up reports.

The company's liquidator can be reached at:  

          Ozem Kassem
          Cor Cordis Chartered Accountants
          Level 10
          76-80 Clarence Street
          Sydney, Australia
          Telephone: (02) 8221 8433



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

ORIGIN AGRITECH: Enters Notes Repurchase Deal With Citadel
----------------------------------------------------------
Origin Agritech Limited said it entered into a Notes Repurchase
Agreement on July 28, 2008, with Citadel Equity Fund Ltd,
providing for the repurchase by the company from Citadel of a
portion of the company's outstanding 1% Guaranteed Senior
Secured Convertible Notes due 2012.

The company issued the Notes to Citadel in an aggregate
principal amount of US$40 million.  Pursuant to the Agreement,
the company will repurchase from Citadel the Notes in an
aggregate principal amount of US$18.7 million for a total
repurchase price of US$20.0 million payable in cash.  The Note
repurchase will be completed in two tranches.  The company
expects to purchase US$14.0 million of the Notes on July 28,
2008, and US$4.7 million of the Notes by the end of 2008.  Upon
the completion of the repurchases, respectively, the repurchased
Notes will be cancelled.  The company intends to finance the
repurchase of the Notes from its cash resources.  As a result of
lower interest expense, the company expects the repurchase to be
accretive to net earnings by approximately US$0.01 per diluted
share in fiscal 2008 and US$0.06 per diluted share in fiscal
2009, on a U.S. GAAP basis.

In connection with the Notes repurchase, Citadel has agreed to
waive past noncompliance by the company through June 30, 2008,
under certain financial covenants, and to amend a covenant,
contained in the indenture for the Notes.  Citadel has not
agreed to waive any future defaults under the Note indenture.

Investors should refer to the Form 6-K furnished by the company
to the Securities and Exchange Commission for additional
information regarding the Notes repurchase transaction and the
status of the company's past and future compliance with the
covenants contained in the Note indenture.  A copy of the Notes
Repurchase Agreement is included as an exhibit to the Form 6-K,
and a copy of the Note indenture is filed as an exhibit to the
company's Annual Report on Form 20-F for its fiscal year ended
September 30, 2007 filed with the Securities and Exchange
Commission.

This Note repurchase provides the company with the opportunity
to increase equity shareholder value while continuing to
streamline its operations and fund its GMO development through
internally generated resources.

                        About Origin Agritech

Founded in 1997 and headquartered in Beijing, Origin Agritech
Limited (NasdaqGM:SEED)-- http://www.originagritech.com/ -- is  
one of China's leading, vertically-integrated agricultural
technology company specializing in agri-biotech research,
development and production to supply the growing populations of
China.  Origin develops, grows, processes, and markets crop
seeds to farmers throughout China and parts of Southeast Asia
via a network of approximately 3,800 first-level distributors
and 65,000 second-level distributors and retailers.  The hybrid
seed industry is estimated at US$2 billion and that is expected
to double by 2010.  The company currently operates facilities in
30 of China's 32 provinces as well as Beijing.  Since Origin
launched its first entirely internally developed seed in 2003,
the company has developed and commercialized an internally
developed proprietary seed portfolio of twelve corn hybrids,
twelve rice hybrids and two canola hybrids as of 2007.


PORTOLA PACKAGING: Moody's Junks Ratings on Restructuring Plan
--------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Portola Packaging, Inc. to Caa3 from Caa1 and changed the
outlook for the ratings to negative from stable.  The company's
Probability of Default Rating was lowered to Ca from Caa1.  
Additional instrument ratings are detailed.

The downgrades were prompted by Portola's statement that it
intends to file for bankruptcy, which is reflective of
deteriorating business conditions, higher input costs, and
liquidity constraints.  The company has disclosed its intention
to seek a Chapter 11 bankruptcy.  Portola also disclosed that it
has reached an agreement with 80% of the holders of the senior
notes due 2012 to exchange these notes for common stock in the
reorganized company.  Minnesota investment firm Wayzata
Investment Partners LLC is expected to provide a US$10 million
bridge loan to fund the restructuring.  Portola has faced
ongoing business challenges, including weak demand, negative
changes in mix and inflationary pressures, which have pressured
volumes and margins.
  
In addition, on June 30, 2008, Portola received a notice of
default and reservation of rights from the lender for its
US$60 million senior secured revolving credit facility.  The
notice was prompted by the company's June 23, 2008 filing
stating that it was investigating accounting irregularities at
its China subsidiaries, which may require a restatement of
financial statements which would lower net income by
approximately US$2.5 million.

Today, Moody's took these rating actions:

  -- Downgraded and withdrew the US$60 million Guaranteed Senior
     Secured Revolver due 2009, to B3 (LGD2, 13%) from B1 (LGD
     2, 11%)

  -- Downgraded the US$180 million Guaranteed Senior Unsecured
     Notes due 2012, to Ca (LGD4, 56%) from Caa2 (LGD4, 65%)

  -- Downgraded the Corporate Family Rating to Caa3 from Caa1

  -- Downgraded the Probability of Default Rating to Ca from
     Caa1
  -- The rating outlook was changed to negative from stable.

The Ca Probability of Default Rating (PDR) reflects the very
high probability of default in the near-term.  Moody's believes
that the overall family recovery (Loss Given Default Assessment)
for Portola will be approximately 60%, which is somewhat better
than the standard 50% family recovery.  As a result of the
slightly-higher-than-average recovery rate, the Corporate Family
Rating is, at Caa3, one notch higher than the PDR.  The Ca
rating on the Guaranteed Senior Unsecured Notes reflects a
sizable expected loss for this class of debt.  The B3 rating for
the Senior Secured Revolver is one notch lower than that
indicated by Moody's Loss-Given-Default methodology but is
believed to be more indicative of the small losses likely to be
incurred by the lender as a result of the company's bankruptcy
and restructuring.  The proximity to default was also a factor
in adjusting the Revolver rating downward to B3.

Headquartered in Batavia, Illinois, Portola Packaging, Inc.
designs, manufactures, and markets a broad range of products and
services including tamper evident plastic closures, bottles, and
related equipment and services for the dairy, fruit juice,
bottled water, sports drinks, and other non-carbonated beverage
markets.  Portola had consolidated revenue of approximately $280
million for the 12 months ended Feb. 29, 2008.


SEMICONDUCTOR MANUFACTURING: Posts US$45.6MM Loss for 2Q 2008
-------------------------------------------------------------
Semiconductor Manufacturing International Corporation disclosed  
consolidated results of operations for the three months ended
June 30, 2008.

Second Quarter 2008 Highlights:

-- The company recorded a net loss of US$45.6 million in 2Q08 as
   they were still in the transitional stage of converting the
   DRAM capacity in their Beijing facility into logic
   production.

-- Non-DRAM revenue increased by 3.8% QoQ to US$330.7 million
   from 1Q08 and increased by 24% YoY from 2Q07.

-- Overall revenue, however, decreased to US$342.9 million in
   2Q08, down 5.4% QoQ from 1Q08 and down 8.5% YoY from 2Q07 due
   to reduced DRAM shipments following the decision in 1Q08 to
   exit the commodity DRAM business.

-- DRAM as a proportion of total revenue fell to 3.6% in 2Q08
   from 12.1% in 1Q08.

-- Logic sales from 0.13 micron full-flow and 90 nanometer
   technology nodes have increased by 14.5% in 2Q08 QoQ.

-- Gross margin was 6.1% in 2Q08 compared to -9.0% in 1Q08

-- Simplified ASP(1) increased by 6.9% QoQ to US$853 per wafer
   from US$798 in 1Q08

-- Fully diluted EPS was (US$0.1227) per ADS.

             First Quarter 2008 Result Revision

During the first quarter of 2008, the company reached an
agreement with our customers to exit the commodity DRAM
business.  The company considered this an indicator of
impairment in regard to the long-lived assets of the company's
Beijing facility in accordance with SFAS 144.

The company has completed its analysis, and has recorded an
impairment loss of US$105.8 million.  The Q108 financial have
been restated as shown on page 19 of this release.

Over a conference call, Dr. Richard Chang, Chief Executive
Officer of SMIC, spoke with analysts about the quarterly
results.  "Overall, as expected, our revenue for the second
quarter of 2008 declined slightly to US$342.9 million, but due
to our gain in logic foundry services, we were able to
significantly narrow our quarterly losses to US$45.6 million.  

The losses in the second quarter were primarily due to the fact
that we are still transitioning from majority DRAM production to
pure logic production in our Beijing facility.

The process of converting DRAM capacity into logic has been
successful.  Quite a number of new logic tape-outs with high
yield are now in customer qualification, and a few have entered
into production.  The company's total logic wafer shipments
increased by 7.8% in the second quarter, and are expected to
increase at least 30% in 2008, as compared to 2007.  The ramp-up
of our logic capacity remains critical to our strategy, as it
will better position us to match the market demand for our
services.

In the second quarter, we witnessed rather strong customer
demand, despite the severe macroeconomic situation in the U.S.  
The demand for our 8-inch fab service has been very strong
consecutively every month for the second quarter.  We foresee
persistently increased customer demand throughout the remainder
of 2008, particularly in communications and consumer
applications, such as DTV, mobile TV, and wireless networking
ICs, which comprise the major portion of our business.  On a
regional basis, revenue from North America remains solid, while
revenue from the Asia Pacific region, including Mainland China
and Taiwan, has seen the highest growth.

We are continuing our efforts in developing advanced technology
nodes as more and more of our customers have migrated to finer
line width technologies.  Logic output for the 0.13um and 90nm
technology nodes is expected to increase around 10% in the third
quarter.  We have also commenced its internal 65nm library and
bit cell development, and their 45nm collaboration with IBM is
proceeding smoothly in accordance to schedule.

We are pleased to see strong progress being made by our Chinese
customers.  As we continue to serve them with our 90nm
technology process, we have also engaged them at the 65nm
technology node.

The demand has been very strong extending to the rest of the
year and beyond.  Moving forward, we will continue to strengthen
our local advantage in China by collaborating with these local
fabless design houses.

We are also pleased with our profitable solar business and
approved expansion plan.  We will expand our solar capacity five
to six times our current production output in the first half of
2009.

As we continue to execute our growth plans, we believe we will
continue to create value for our customers worldwide and further
enhance shareholder value for the coming years."

                          About SMIC

Headquartered in Shanghai, China, Semiconductor Manufacturing
International Corporation -- http://www.smics.com/ --  is one  
of the leading semiconductor foundries in the world and the
largest and most advanced foundry in Mainland China, providing
integrated circuit (IC) manufacturing service at 0.35 micron to
65 nanometer and finer line technologies.  SMIC has a 300-
millimeter wafer fabrication facility (fab) and three 200mm
wafer fabs in its Shanghai mega-fab, two 300mm wafer fabs in its
Beijing mega-fab, a 200mm wafer fab in Tianjin, a Shenzhen
facility under construction, and an assembly and testing
facility in Chengdu. SMIC also has customer service and
marketing offices in the U.S., Europe, and Japan, and a
representative office in Hong Kong.

In addition, SMIC manages and operates a 200mm wafer fab in
Chengdu owned by Cension Semiconductor Manufacturing Corporation
and a 300mm wafer fab in Wuhan owned by Wuhan Xinxin
Semiconductor Manufacturing Corporation.

                         *     *     *

According to the company's website, the company posted a net
loss of US$44, 109 million for the year ended December 31, 2006,
and a net loss of US$19, 468 million for the same period in
2007.


SEMICONDUCTOR MANUFACTURING: Expects to End Loss in 4th Quarter
---------------------------------------------------------------
Semiconductor Manufacturing International Corp. forecasts that
it will end losses in the fourth quarter on demand for
customized chips used in consumer electronics, Mark Lee of
Bloomberg News reports.

Chief Executive Officer Richard Chang, the Bloomberg report
relates, said the company expects to post a net profit in the
three months ended December, reiterating an earlier forecast.

According to Reuters, the company posted a loss of US$45.6
million for the second quarter, compared with a loss of US$2.05
million a year earlier, and revenue declined 8.5% to US$342.9
million.

The loss was 12 cents per American Depositary Share, compared
with a loss of about 1 cent a year earlier, Reuters relates.

Six analysts polled by Reuters Estimates had forecast, on
average, a loss of US$65.3 million.  

The company posted a net loss of US$44, 109 million for the year
ended December 31, 2006, and a net loss of US$19, 468 million
for the same period in 2007.

The company, Bloomberg News notes, stopped production of dynamic
random access memory chips in April to focus on making
customized chips used in electronics such as music players and
network equipment.

              About Semiconductor Manufacturing

Headquartered in Shanghai, China, Semiconductor Manufacturing
International Corporation -- http://www.smics.com/ --  is one  
of the leading semiconductor foundries in the world and the
largest and most advanced foundry in Mainland China, providing
integrated circuit (IC) manufacturing service at 0.35 micron to
65 nanometer and finer line technologies.  SMIC has a 300-
millimeter wafer fabrication facility (fab) and three 200mm
wafer fabs in its Shanghai mega-fab, two 300mm wafer fabs in its
Beijing mega-fab, a 200mm wafer fab in Tianjin, a Shenzhen
facility under construction, and an assembly and testing
facility in Chengdu. SMIC also has customer service and
marketing offices in the U.S., Europe, and Japan, and a
representative office in Hong Kong.

In addition, SMIC manages and operates a 200mm wafer fab in
Chengdu owned by Cension Semiconductor Manufacturing Corporation
and a 300mm wafer fab in Wuhan owned by Wuhan Xinxin
Semiconductor Manufacturing Corporation.


SPECTRUM: Moody's Reinstates B1 Rating to $50MM LC Facility
------------------------------------------------------------
On July 22, 2008, Moody's Investors Service inadvertently
withdrew its B2 rating on Spectrum Brands' $50 million synthetic
letter of credit facility.  Rather than being withdrawn, the
synthetic LOC should have been upgraded to B1, consistent with
the upgrade on Spectrum's secured credit facility.  The rating
action has no impact on any other rating or LGD assessment/point
estimate, all of which are affirmed.

This rating was reinstated and upgraded and assessment revised
as:

  -- US$50 million synthetic letter of credit facility due
     2013 to B1 (LGD 2, 13%) from B2 (LGD2, 29%);

These ratings were affirmed and assessments revised:

  -- Corporate family rating at Caa1;
  -- Probability-of-default rating at Caa2;

  -- US$700 million 7.375% senior subordinated bonds due
     2015 at Caa3 (LGD4, 62%);

  -- US$350 million variable rate toggle senior subordinated
     notes due 2013 at Caa3 (LGD4, 62%); and

  -- US$1.55 billion senior secured credit facility due 2013
     at B1(LGD 2, 13%)

Headquartered in Atlanta, Georgia, Spectrum Brands, Inc. is a
global consumer products company with a diverse product
portfolio that includes consumer batteries, lawn and garden
chemicals, household insect control products, and electric
shaving and grooming equipment.  The company manufactures
batteries, home and garden chemicals, and specialty pet supplies
at 52 manufacturing facilities located in the U.S., Europe,
Latin America, and China while rechargeable batteries, electric
shaving and grooming equipment, and portable lighting products
are mostly sourced from third party suppliers located in China
and Japan.  Spectrum reported sales of over $2 billion for the
12 months ended March 2008.


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

ABLEFOAM COMPANY: Wind-Up Petition Hearing Set for September 17
---------------------------------------------------------------
The High Court of Hong Kong will hear on September 17, 2008, at
9:30 a.m., a petition to have Ablefoam Company Limited's
operations wound up.

The petition was filed by Success Gate Industries Limited on
July 10, 2008.

Success Gate's solicitors are:

          Deca Lin & Partners
          Hong Kong Diamond Exchange Building
          Room 901, 9th Floor
          Nos. 8-10 Duddell Street
          Central, Hong Kong


ASIA PACIFIC: Court to Hear Wind-Up Petition on September 3
-----------------------------------------------------------
A petition to have Asia Pacific Systems Limited's operations
wound up will be heard before the High Court of Hong Kong on
September 3, 2008, at 9:30 a.m.

Cheung Ka Kue filed the petition against the company on June 26,
2008.


CFM GLOBAL: Lees and Bancroft Quit as Liquidators
-------------------------------------------------
On July 16, 2008, John Robert Lees and Colum Sebastian Joseph
Bancroft quit as liquidators of CFM Global Manufacturing
Limited.

The company's former Liquidators can be reached at:

          John Robert Lees
          Colum Sebastian Joseph Bancroft
          John Lees & Associates Limited
          1904, Hong Kong Club Building
          3A Chater Road
          Central, Hong Kong


EXCEL INTERNATIONAL: Taps Middleton and Jamieson as Liquidators
---------------------------------------------------------------
At an extraordinary general meeting held on July 15, 2008, the
members of Excel International Holdings Limited appointed Edward
Simon Middleton and Grant Andrew Jamieson as the company's
liquidators.

The Liquidators can be reached at:

          Edward Simon Middleton
          Grant Andrew Jamieson
          Duke of Windsor Social Service Building
          Room 202, 2nd Floor
          No. 15 Hennessy Road
          Wan Chai, Hong Kong


HONEST MEDICAL: Placed Under Voluntary Liquidation
--------------------------------------------------
At an extraordinary general meeting held on July 21, 2008, the
shareholders of Honest Medical (H.K) Limited resolved to
voluntarily liquidate the company's business.  Lei Chi Weng was
appointed as liquidator.

The Liquidator can be reached at:

          Lei Chi Weng
          Cheung Ling Building, Flat G, 11th Floor
          11 Nullah Road
          Kowloon, Hong Kong


INGREDIENTS RESTAURANTS: Subject to Radnor's Wind-Up Petition
-------------------------------------------------------------
On July 15, 2008, Radnor Limited filed a petition to have
Ingredients Restaurants Limited's operations wound up.

The petition will be heard before the High Court of Hong Kong on
September 17, 2008, at 9:30 a.m.

Radnor's solicitors are:

          Dominic Y.K. Lai & Co.
          Wing hang Finance Centre
          Unit B, 24th Floor
          No. 60 Gloucester Road
          Wan Chai, Hong Kong


KAI WING: Lai and Wong Quit as Liquidators
------------------------------------------
On July 25, 2008, Lai Ching and Wong Yu Lau quit as liquidators
of Kai Wing Estates Limited.

The company's former Liquidators can be reached at:

          Lai Ching
          Wong Yu Lau
          Chow Sang Sang Building, 1st Floor
          229 Nathan Road
          Kowloon, Hong Kong


KINBERLY ENGINEERING: Wind-Up Petition Hearing Set for Sept. 17
---------------------------------------------------------------
The High Court of Hong Kong will hear on September 17, 2008, at
9:30 a.m., a petition to have Kinberly Engineering Company
Limited's operations wound up.

Bank of China (Hong Kong) Limited filed the petition against the
company on July 11, 2008.

Bank of China's solicitors are:

          Gallant Y. T. Ho & Co.
          Jardine House, 5th Floor
          No. 1 Connaught Place
          Central, Hong Kong


OPTECH LIMITED: Wind-Up Petition Hearing Set for September 10
-------------------------------------------------------------
The High Court of Hong Kong will hear on September 10, 2008, at
9:30 a.m., a petition to have Optech Limited's operations wound
up.

The petitioner's solicitor is:

          Lovells
          One Pacific Place, 11th Floor
          88 Queensway
          Hong Kong



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

DISH TV: Net Loss Increases to Rs. 1,254.40 Mil. in 1Q 2008
-----------------------------------------------------------
Dish TV India Ltd's net loss for the first quarter ended June
30, 2008, increased to Rs. 1,254.40 million from Rs. 897.64
million in the same period last year.

Total sales increased to Rs. 1,644.59 million during the current
quarter compared to Rs. 892.86 million in the first quarter
ended June 30, 2007.

For the current quarter, 4.01 lacs new subscribers were added,
up from 2.85 lacs additions in the fourth quarter ended March
2008, an increase of 41%.  In addition, gross operating revenue
increased by 21% and subscription revenue increased by 20%.

Meanwhile, gross subscriber base stands at 3.4 million as on
June 30, 2008 and net subscriber base stands at 2.9 million as
on June 30, 2008.

Commenting on the results, Subhash Chandra, Chairman said,
“Dishtv has delivered a robust performance in terms of revenue
growth and market share driven by constant innovation and world-
class services.  We believe in foreseeing the future and have
set a new benchmark in the DTH category by launching the much
awaited, Box Free Offer.  Going forward, the company will
continue with a strategy that focuses both on subscriber growth
and revenue enhancement.  This is reflecting in a healthy 20%
increase in subscription revenue.  The revenue enhancement has
come from multiple sources, new adoptions and higher rate of
renewals as well as bandwidth charges that has now built into a
steady stream.”

Mr. Jawahar Goel, Managing Director, said, “Dishtv has
maintained its leadership position through an improved market
share of all DTH subscribers.  Known for its innovation and
unprecedented offerings Dishtv, has kept its league, by
introducing the market defining consumer offer, Free Set Top
Box.  The Company has started the year well with robust
operational and financial performance and, under the new
management structure we are confident that the growth momentum
would be sustained.”

                    Box Free Scheme launched

According to the company, research has showed that while
awareness levels for the dishtv brand are high, the investment
towards the box is a restraining factor that keeps customers
from adopting into the category.

The free STB offer addressed the need for the box investment to
come down by introduction of a pack at which the box price was
literally zero, upon lock in for a year for the maxi package.  
This was launched in the market with a fairly high decibel and
immediately produced over 50% growth in acquisition rate.  The
content width has crossed the 200 mark with new channels added
in the quarter like News X, 9X, NDTV Imagine, India News & CNEB.

                      Recent Appointments

In the month of June, dishtv appointed its CEO, Vinay Agarwal
and COO, Salil Kapoor respectively.

Vinay Agarwal brings along with him a rich and valuable
experience of 28 years spanning Telecom, Consumer Durable,
Consultancy Services and Engineering Industries in leading
organizations across the country.

Prior to joining Dish TV, Vinay was associated with Grindwell
Norton Limited, a Saint-Gobain Group company, as the President-
Abrasives, where he created new marketing models for the company
and implemented a new project to increase the business thrust
and profitability.  He was also the member of the Global
Management Committee for Saint-Gobain Abrasives and of the Apex
Committee of Saint-Gobain India.

Prior to joining Dish TV, Salil Kapoor was associated with
Samsung Electronics Limited as the National Sales Head and was
responsible for Consumer Electronics Revenue and Sales
operations.  He brings along with him a vast and valuable
experience of over 17 years spanning Information Technology,
Consumer Durable and Engineering Industries.

                   About Dish TV India Limited

Dish TV India Limited -- http://www.dishtvindia.in/-- is   
engaged in the distribution of multiple television channels and
allied video/audio services to subscribers on a monthly
subscription basis.  

                          *     *     *

As reported in the TCR-AP, Dish TV India Ltd posted a net loss
of Rs 4132.04 million for the year ended March 31, 2008, as
compared to net loss of Rs 2518.82 million for the year ended
March 31, 2007.  Total Income has increased from Rs 1943.13
million for the year ended March 31, 2007 to Rs 4157.17 million
for the year ended March 31, 2008.

On a consolidated basis, the Group posted a net loss of Rs
4141.28 million for the year ended March 31, 2008 as compared to
net loss of Rs 2400.71 million for the year ended March 31,
2007.  Total Income has increased from Rs 1962.44 million for
the year ended March 31, 2007 to Rs 4161.76 million for the year
ended March 31, 2008.


GLOBAL VECTRA: Customs Seizes Two Helicopters
---------------------------------------------
Global Vectra Helicorp Ltd disclosed in a regulatory filing that
the Custom Authority has seized two of its aircrafts -- VT-AZX
and VT- AZY -- for alleged non compliance of the duty waivers
given to non-scheduled operators.

However, Global Vectra's management believes that further
investigation will show these helicopters are complying the
guidelines of custom and other relevant authorities and the same
will be release at the earliest.

Headquartered in Mumbai, India, Global Vectra Helicorp Limited
-- http://www.globalhelicorp.com/-- is an offshore air-
logistics company serving the oil & gas exploration and
production sector.  As of March 31, 2007, the Company’s total
fleet size was 18 helicopters.  As an airlogistics company its
primary business is transportation of personnel and cargo to
offshore locations across the east and west coastlines of the
Indian sub-continent.  The company’s main base is located at
Juhu, Mumbai and the forward bases are located at Bhubanehswar,
Vishakhapatnam, Rajamundry and Pondicherry.

For the year ended March 31, 2008, the company incurred a net
loss of Rs. 51.55 million on net sales of Rs. 1,795.37 million
compared to net profit of Rs. 124.97 million on net sales of Rs.
1,493.69 in the year ended March 31, 2007.


GUJARAT STATE FINANCIAL: ASE Delists Securities
-----------------------------------------------
Gujarat State Financial Corporation disclosed in a regulatory
filing that Ahmedabad Stock Exchange Ltd (ASE), vide their
letter dated July 11, 2008, stated that the company's securities
are removed from the list of the Exchange with effect from
June 30, 2008.

News of delisting came just few days since the company appointed
Smt. Gauri Kumar, IAS, as chairperson.

In May, the firm introduced a scheme of voluntary retirement to
its employees to curtail expenses.

The scheme will end on August 11, 2008.

Gujarat State Financial Corporation --
http://gsfc.gujarat.gov.in/-- is a term lending development  
financial institution in the State of Gujarat.  It was created
under the State Financial Corporation Act, 1951 passed by
Parliament.

                          *     *     *

The firm has been reporting consecutive quarterly net losses
since June 30, 2006.  For the quarter ended December 31, 2007,
the company incurred a net loss of Rs. 281.40 million compared
to a net loss of Rs. 272.80 million in the same period in 2006.


GUWAHATI MUNICIPAL: Fitch Puts Nat'l LT Issuer Rating at BB(ind)
----------------------------------------------------------------
Fitch Ratings has assigned a National Long-term Issuer rating of
'BB(ind) to Guwahati Municipal Corporation.  The Outlook on the
rating is Stable.

The rating is constrained by GMC's revenue deficit, limited
ability to leverage its resources to provide core civic
amenities, weak institutional and technical capabilities, poor
financial management and reporting, and frail "cost recovery"
policies.  In addition, the capex plan of GMC is INR6.24 billion
- a huge sum relative to its revenue.  While this is a serious
rating concern, Fitch does not consider this as having an
adverse impact since the entire capital investment planned under
Jawaharlal Nehru National Urban Renewal Mission will come as a
grant from the state and central governments.

Currently, GMC has no debt, nor is there any likelihood that it
will incur debt in the medium term, as the entire capex will be
borne by the governments.  This places GMC in an advantageous
position, as it gives it the chance to generate revenue without
having to plan for capital investments.  GMC also has the
immense and unique advantage of owning, operating and recovering
costs on capital, without investing in capex.  However, unless
GMC pursues strict cost-recovery measures, its ability to
adequately operate and maintain the civic infrastructure will be
constrained.

Moreover, GMC's civic service delivery is poor.  The water
losses rate, ranging from 30% to 50%, is one of the highest in
the country, while the cost recovery on water supply is a dismal
12.50%.  There is virtually no sewerage system or treatment
facility in the city, which consequently pollutes the river
Brahmaputra.

GMC has also been slow on reforms compared to other JNNURM
cities; the accrual accounting and the e-governance reforms have
just been initiated.  Considering the backlog of GMC in the
areas of user charges recovery, Fitch feels that the reforms
relating to the enhancement of efficiency in the property tax
collection and user charges recovery will take time before it
gains momentum.

GMC's finances during FY05-FY07 have substantially depended on
grants (45% of total income) but the timing of receipt of the
grant is uncertain.  The compound annual growth rate of revenue
income for FY01-FY07 is 6.93%, of which the single largest
component is the property tax, which accounted for 30% of total
revenue, on average during FY04-FY07, with a CAGR of 1%.
Establishment expenses form about 70% of the total expenses on
an average for FY01 to FY07 and grew at a CAGR of 7.68%.

Guwahati is the only gateway to the north-eastern region from
the rest of India.  Owing to the Government of India's emphasis
on the development of the north-east, the area's economic
activity and related traffic is expected to rise and Fitch views
that Guwahati is well-positioned to take advantage of this
situation.


MAHARASHTRA POLYBUTENES: Mr. Srivastava Ceases to be Director
-------------------------------------------------------------
Maharashtra Polybutenes Ltd disclosed in a regulatory filing
that Mr. I C Srivastava has ceased to be a special director in
the company's Board.

Mr. Srivastava was a special director nominee of the Board for
Industrial and Financial Reconstruction.

As reported in the Troubled Company Reporter-Asia Pacific on
July 18, 2008, Maharashtra Polybutenes received an order dated
May 11, 2004, from the BIFR sanctioning the Rehabilitation
Scheme of the company granting various relief and concessions by
Operating Agency viz. IDBI.

In that disclosure, Maharashtra Polybutenes said that consequent
to the non-renewal of a conversion contract by M/S IPCL/RIL
negotiations were made with potential parties to enter into
contract in order to restart the operations of the company.

Pursuant to the BIFR's order, the company's Board approved the
allotment of equity shares of Rs 10 each amounting to Rs
14,77,00,000 at par, to the incoming promoters of the company
and their associates.

On July 2, ISG Traders Limited and Duncans Industries Limited
acquired 20,23,800 or 12.33% of shares in the company.

For the year ended March 31, 2008, the company reported net
profit of Rs.28.68 million on net sales of Rs.455.20 million
compared to a net loss of Rs.143.66 million on net sales of
Rs.75.16 million for the year ended March 31, 2007.

                  About Maharashtra Polybutenes

Maharashtra Polybutenes Ltd, fka Herdillia Polymers Ltd, --
http://www.maharashtrapolybutenes.com/-- manufactures
polybutenes through its plant in Navi Mumbai.  The company's
polybutenes are marketed under brand name of “HERMAVIS”.


RAMANA ACADEMY: Financial Weakness Spurs "Grade 4" from CRISIL
--------------------------------------------------------------
CRISIL has assigned its maritime 'Grade 4' to the four Standards
of Training, Certification and Watch-keeping (STCW) courses
conducted by the Ramana Academy of Maritime Studies (Ramana
Academy).

Maritime grading indicates CRISIL's opinion on the extent to
which an individual course meets the stated objectives of the
Directorate General of Shipping (DGS). The evaluation is based
on six critical components that determine the educational
efficacy of the content of the courses. Courses are graded on a
five-point scale, with 'Grade 1' being the highest, and 'Grade
5' the lowest.

   Name of the Course         Grade
   ------------------          -----
   Personal Survival
   Techniques (PST)         Grade 4(Assigned)

   Elementary First Aid
   (EFA)                     Grade 4(Assigned)

   Fire Prevention and
   Fire Fighting (FPFF)   Grade 4(Assigned)

   Personal Safety and
   Social Responsibilities
   (PSSR)                     Grade 4(Assigned)

The grading is driven by Ramana Academy's limited track record,
its lack of Training of Teachers and Assessors (TOTA)
certification for some faculty members and instructors, and
limited financial sustainability.  These weaknesses are
partially offset by Ramana Academy's adequate infrastructure.

Ramana Academy has been in operations for only one years now: it
was set up in January 2007, and the Ramana Trust, which runs the
academy, was formed only in 2006.  Moreover, two of Ramana
Academy's faculty members are not certified under TOTA, an
essential training programme for teachers in the marine
industry.  In addition, Ramana Academy is entirely dependent on
Mr. Venkatesan and his family for funds.  Though the institute
posted a net profit of Rs.274,000 for the period ending February
28, 2008, its overall earnings are inadequate to meet any
developmental expenditure.  As a result, Ramana Academy will
take some time before it develops financial sustainability.

However, Ramana Academy has adequate infrastructure.  It has all
the necessary equipment, such as inflatable life rafts, life
jackets, and immersion suits.  The practical sessions for fire
prevention and fire fighting and Personal survival techniques
are held at Mariners Academy, Dombivili, and Navi Mumbai Sports
Association, respectively.  The institute has its own transport
arrangements.  The four classrooms can hold 20 students each.  
The institute is in the process of setting up mock-up
facilities.  It has acquired a 6000-square foot plot at Panvel
for the purpose.

                       About Ramana Academy

Ramana Academy was established in 2007 by Mr. Venkatesan and his
wife.  Mr. Venkatesan has 25 years' sailing experience as
communication officer and information technology manager in
various flag vessels.  The trust was formed in January 2006.


RUBBER PRODUCTS: Annual General Meeting Scheduled on Sept. 11
-------------------------------------------------------------
Rubber Products Ltd's Board of Directors has fixed the company's
42nd annual general meeting on September 11, 2008.

India-based Rubber Products Ltd – http://www.rubpro.com/--  
manufactures industrial rubber products including hose pipes,
rubber sheets, and molded and extruded items.

The company incurred three consecutive annual net losses.  For
the year ended March 31, 2008, the company's net loss was
Rs. 15.43 million, compared to Rs. 7.39 million in the year
ended March 31, 2007 and Rs. 19.97 million in the year ended
March 31, 2006.


SPENTEX IND: CARE Lowers Two “BBB-” Rated Facilities to “BB”
------------------------------------------------------------
CARE has downgraded the rating of ‘CARE BBB-’ (triple B minus)
to ‘CARE BB’(double B) assigned to the existing secured NCD
(non-convertible debenture) issue for an outstanding (as on
Mar.31, 2008) amount of Rs 38.1 cr of Spentex Industries Ltd
(SIL).

Further, CARE has downgraded the rating of ‘CARE BBB-’ (triple B
minus) to ‘CARE BB’ (double B) assigned to the long term bank
facilities of the company.

Instruments with this rating are considered to offer inadequate
safety for timely servicing of debt obligations.  Such
instruments carry high credit risk.

CARE has also downgraded the rating of ‘PR 3’ (PR three)’ to ‘PR
4’ (PR four) assigned to the short term bank facilities of the
company.

Instruments with this rating would have inadequate capacity for
timely payment of short-term debt obligations and carry very
high credit risk.  Such Instruments are susceptible to default.

These ratings were assigned the bank facilities aggregating
Rs.749.6 cr (inclusive of term loan outstanding, working capital
limits, bill discounting facility and line of credit facility).

The ratings revision takes into consideration declining
profitability, cash losses and high financial risk profile
primarily resulting from debt funded growth.  The ratings also
factor in unfavourable industry scenario resulting from high raw
material prices and currency risk, price cycle risks associated
with company’s product and exposure to currency risk in the
light of high export orientation.

SIL was originally promoted by RPG group as a 100% EOU (export-
oriented unit) in 1991.  It was taken over by CLC group in
January 2004.  CLC group was primarily involved in the trading
of cotton yarns & fabrics, structural steel and providing
textile indenting services for other manufacturers.  The day-to-
day affairs of the company are looked after by team of qualified
professionals headed by Shri Mukund Choudhary, Managing
Director.

SIL’s business portfolio is spread over two segments, viz.,
manufacturing of cotton & synthetic yarns and trading
activities.  SIL, as on Mar. 31, 2007, had spindle capacity of
1.87 lakh (cotton) and 1.22 lakh (synthetic) manly built through
inorganic route.

Primarily debt funded growth had adversely affected the
company’s financial profile, in the light declining
profitability and firming up of interest rates.  As per the
audited (abridged) results for FY08, the overall income of the
company stood at Rs.814.7 cr with net loss of Rs.34.5 cr.  
Higher cost of operations led by firm raw material costs,
appreciated rupee and increase in interest burden led to the
losses in the company.  Constrained liquidity coupled with
significant debt repayments in the near to medium term has
adversely affected the debt servicing capability of the company.  
The company is expecting the inflow from part sale of assets
(Ahemdabad unit) as well as fresh capital infusion to ease out
the constrained cash flows in the near term.

* RBI: Hikes Repo Rate by 50 bsp & Cash Reserve Ratio by 25 bsp
---------------------------------------------------------------
The Reserve Bank of India presented Tuesday its first quarter
review of annual statement on monetary policy for the Year 2008-
09.

                           Highlights

    * Bank Rate kept unchanged.

    * Reverse Repo Rate under LAF kept unchanged.

    * Repo Rate increased by 50 basis points from 8.5 per cent
      to 9.00 per cent.

    * Cash Reserve Ratio to be increased by 25 basis points to
      9.0 per cent with effect from the fortnight beginning
      August 30, 2008.

    * GDP growth projection for 2008-09 revised from the range
      of 8.0-8.5 per cent to around 8.0 per cent, barring
      domestic or external shocks.

    * While the policy actions would aim to bring down the
      current intolerable level of inflation to a tolerable
      level of below 5.0 per cent as soon as possible and around
      3.0 per cent over the medium-term, at this juncture a
      realistic policy endeavour would be to bring down
      inflation from the current level of about 11.0-12.0 per
      cent to a level close to 7.0 per cent by March 31, 2009.

    * While there are early signs of some moderation in money
      supply and deposit growth, they continue to expand above
      the indicative projections warranting continuous vigilance
      and appropriate and timely policy responses.

    * In view of the evolving environment of heightened
      uncertainty in global markets and the dangers of potential
      spillovers to domestic markets, liquidity management will
      continue to receive priority in the hierarchy of policy
      objectives over the period ahead.

    * Barring the emergence of any adverse and unexpected
      developments in various sectors of the economy, assuming    
      that capital flows are effectively managed, and keeping in
      view the current assessment of the economy including the
      outlook for growth and inflation, the overall stance of
      monetary policy in 2008-09 will broadly continue to be:

          -- To ensure a monetary and interest rate environment
             that accords high priority to price stability,
             well-anchored inflation expectations and orderly
             conditions in financial markets while being
             conducive to continuation of the growth momentum.

          -- To respond swiftly on a continuing basis to the
             evolving constellation of adverse international
             developments and to the domestic situation
             impinging on inflation expectations, financial
             stability and growth momentum, with both
             conventional and unconventional measures, as
             appropriate.

          -- To emphasise credit quality as well as credit
             delivery, in particular, for employment-intensive
             sectors, while pursuing financial inclusion.

                   Domestic Developments

    * Real GDP growth in 2007-08 was revised upwards to 9.0 per
      cent by the Central Statistical Organisation (CSO) in its
      end-May 2008 estimates from the advance estimates of 8.7
      per cent released in February 2008.

    * Inflation, measured by variations in the wholesale price
      index (WPI) on a year-on-year basis, increased to 11.89
      per cent as on July 12, 2008 from 7.75 per cent as at end-
      March 2008 and 4.76 per cent a year ago.

    * On a year-on-year basis, inflation based on the consumer
      price index (CPI) for agricultural labourers and rural
      labourers increased to 8.8 per cent and 8.7 per cent,
      respectively, in June 2008 from 7.8 per cent and 7.5 per
      cent a year ago.

    * Year-on-year inflation based on CPI for industrial workers
      and urban non-manual employees stood at 7.8 per cent and
      6.8 per cent, respectively, in May 2008 as compared with
      6.6 per cent and 6.8 per cent a year ago.

    * The CPI-based inflation measures have increased in the
      range of 2.0-3.2 percentage points over their levels in
      January 2008.

    * The price of the Indian basket of crude oil increased from
      US$99.4 per barrel in March 2008 to US$ 129.8 in June
      2008 and further to US$ 141.5 on July 3, 2008 before
      declining to US$ 121.9 on July 25, 2008.

    * Money supply (M3) increased by 20.5 per cent on a year-on-
      year basis on July 4, 2008, lower than 21.8 per cent a
      year ago.

    * The year-on-year growth in aggregate deposits of scheduled  
      commercial banks (SCBs) at 21.7 per cent (Rs.5,89,646
      crore) up to July 4, 2008 was lower than 24.6 per cent
      (Rs.5,36,617 crore) a year ago.

    * Up to July 4, 2008 non-food credit of scheduled commercial
      banks (SCBs) rose by 25.9 per cent (Rs.4,85,709 crore) on
      a year-on-year basis, higher than 24.6 per cent
      (Rs.3,69,109 crore) a year ago.

    * Public sector oil marketing companies have been provided
      US$4.3 billion (Rs.19,325 crore) against oil bonds
      purchased under the Special Market Operation (SMO) scheme
      up to July 25, 2008.

    * The total overhang of liquidity as reflected in the
      balances under the LAF, the MSS and the Central
      Government's cash balances taken together declined from an
      average of  Rs.2,42,370 crore in April 2008 to Rs.2,12,201
      crore in May 2008 and Rs.1,93,726 crore in June 2008 (with
      an intra-year peak of Rs.2,93,048 crore on April 8, 2008)
      before declining to Rs.1,45,200 crore on July 25, 2008.

    * Financial markets reflected the changes in liquidity
      conditions during the first quarter of 2008-09.

    *  Yields in the Government securities market hardened
       substantially during the current financial year in both
       primary and secondary segments.

    * Deposit rates of SCBs increased, particularly at the
      longer end of the maturity spectrum, during the first four
      months of 2008-09 (up to July 25).

    * The equity markets witnessed a major downturn in both the
      primary and secondary segments during the current
      financial year so far, continuing the moderation that had
      set in by early January 2008.

    * Commercial banks' holdings of Government and other
      approved securities was 27.7 per cent of the banking
      system's net demand and time liabilities (NDTL) which was
      marginally lower than 27.8 per cent at end-March 2008 and
      28.7 per cent a year ago.

    * Gross market borrowings of the Central Government through
      dated securities at Rs.72,000 crore (Rs.73,000 crore a
      year ago) during 2008-09 so far (up to July 25, 2008),
      constituted 41.0 per cent of the budget estimates (BE)
      whereas net market borrowings at Rs.47,982 crore
      (Rs.45,232 crore a year ago) constituted 48.5 per cent of
      the BE.

                      External Developments

    * Information released by the DGCI&S indicates that exports
      increased by 21.7 per cent in US dollar terms during the
      first two months of the current financial year, as
      compared with 24.2 per cent in the corresponding period of
      the previous year.  Imports rose by 31.8 per cent as
      compared with 37.9 per cent in the corresponding period of
      the previous year.

    * While non-POL imports moderated to 24.6 per cent from 43.8
      per cent a year ago, POL imports increased by 48.6 per
      cent on account of the surge in crude oil prices as
      compared with 25.7 per cent in the corresponding period of
      the previous year. As a result, the merchandise trade
      deficit widened to US $20.7 billion during April-May 2008
      from US$ 13.9 billion in the corresponding period last
      year.

    * Foreign exchange reserves declined marginally by US$2.6
      billion during the current financial year so far and stood
      at US$307.1 billion on July 18, 2008.

    * During the current financial year up to July 25, 2008 the
      rupee depreciated by 5.4 per cent against the US dollar,
      by 5.0 per cent against the euro, by 5.2 per cent against
      the pound sterling and by 1.3 per cent against the
      Japanese yen.

                        Global Developments

    * According to the update of World Economic Outlook (WEO) of
      the International Monetary Fund (IMF) released in July
      2008, global real GDP growth on a purchasing power parity
      basis is expected to decelerate from 5.0 per cent in 2007
      to 4.1 per cent in 2008 (3.7 per cent in WEO, April 2008)
      and further to 3.9 per cent in 2009 (3.8 per cent in WEO,
      April 2008).

    * Inflation has become a global phenomenon in recent months.
      Inflation pressures have raised serious concerns in
      emerging market economies (EMEs) across Asia, Latin
      America and Africa, mainly on account of supply-demand
      imbalances in food, fuel and commodity markets.

    * Prices of crude oil, which have rebounded since July 2007,
      increased by 60.0 per cent up to July 25, 2008 from their
      level a year ago.  World oil markets have been
      particularly tight during the first half of 2008, with
      year-on-year growth in world oil consumption outstripping
      growth in non-Organisation of the Petroleum Exporting
      Countries (OPEC) production by over 1 million barrels per
      day.

    *  In the global financial markets, sentiment has been
       adversely affected by concerns relating to a deep and
       prolonged recession in the US, somewhat alleviated by
       recent data on consumer sentiment, durable goods orders,
       consumer spending and oil prices. In addition, losses to
       the financial sector continue to mount in addition to
       rising debtdefaults.

    * Central banks have continued to work together and to
      consult regularly on liquidity conditions in financial
      markets.

    * The confluence of slowdown in growth and mounting
      inflation alongside financial vulnerabilities has
      complicated the task of monetary authorities across the
      world and rendered the future direction of policy setting
      highly uncertain.

    * Some central banks that have tightened their policy rates
      in the recent months include the ECB; the Reserve Bank of
      Australia; Bank Indonesia; Bank of Thailand; the Banco
      Central de Chile; Banco Central do Brasil  and Banco de
      Mexico.

                        Overall Assessment

    * Domestically, aggregate demand pressures appear to be
      strongly in evidence, exacerbated by the slack in supply
      response.  

    * The upsurge in inflation during the current financial year
      reflects a combination of forces at work: the pass-through
      of international crude prices to domestic administered
      prices effected on June 5, 2008; inflationary pressures in
      addition to crude oil prices; and movements in
      international prices of key commodities indicating
      elevated upside pressures for domestic prices of a number
      of commodities with implications for the evolving
      scenario.

    * There are some signs of moderation in key monetary and
      banking aggregates in response to monetary measures, which
      have withdrawn liquidity from the system and tightened
      interest rates across the term structure.

    * The rates of money supply and deposit growth have started
      to moderate in consonance since June, edging towards the
      trajectory set for 2008-09.

    * The balancing of monetary and liquidity conditions has
      not, however, impacted the demand for bank credit which
      has accelerated on a year-on-year basis.

    * Downside risks to global economic prospects appear to have
      intensified since the Annual Policy Statement of April
      2008 with slowdown of growth spreading from the US to   
      several other advanced economies with housing and labour
      markets weakening sharply.

    * The deepening financial turbulence in major financial
      centres has worsened the macroeconomic outlook further by
      erosion of consumer and business sentiment and tightening
      of financing conditions with indications that a
      generalised credit squeeze may take hold.  

    * The impact of the slowdown in developed economies on EMEs
      cannot but be adverse, but it has so far been limited by
      the strength of domestic demand, particularly investment,
      and consumption spending has remained stable.

    * The slowing of import demand from developed economies
      could, however, pose a risk to the growth outlook for
      these economies.

    * Inflation has emerged as the biggest risk to the global
      outlook, having risen to very high levels across the
      world, levels that have not been generally seen for a
      couple of decades.

    * Developed and emerging economies alike are reporting
      multi-year highs in inflation, driven mainly by escalating
      commodity prices, particularly of energy, food and metals
      amidst growing concerns across economies that rising food
      and energy prices are triggering a more generalised
      inflation spiral through second-round effects.

    * In the global financial system, while a possible crisis in
      global finance seems to have been averted, several
      vulnerabilities persist in the leading financial centres
      heightening the uncertainty characterising the outlook.

    * Central bank interventions in this context have also been
      extraordinary and on a scale not seen since the Great
      Depression, demonstrating a resolve to act decisively
      against threats to financial stability.

    * In some developed countries, the policy response to
      inflation has been constrained by relatively overarching
      concerns for financial stability in the context of the
      ongoing financial turmoil.

    * In the overall assessment, several risks looming over the
      global economy at the time of the Annual Policy Statement
      of April 2008 have either materialised or intensified with
      implications for every national economy, including India,
      warranting heightened vigilance and stress testing of the
      preparedness to deal with these developments.

                  Stance of Monetary Policy for
                 the Remaining Period of 2008-09

    * Taking into account aggregate demand management and supply
      prospects, the projection of real GDP growth of the Indian
      economy in 2008-09 in the range of 8.0 to 8.5 per cent as
      set out in the Annual Policy Statement of April 2008 may
      prove to be optimistic and hence for policy purposes, a
      projection of around 8.0 per cent appears a more realistic
      central scenario at this juncture, barring domestic or
      external shocks.

    * While the policy actions would aim to bring down the
      current intolerable level of inflation to a tolerable
      level of below 5.0 per cent as soon as possible and around
      3.0 per cent over the medium-term, at this juncture a
      realistic policy endeavour would be to bring down
      inflation from the current level of about 11.0-12.0 per
      cent to a level close to 7.0 per cent by March 31, 2009.

    * It is necessary to moderate monetary expansion and plan
      for a rate of money supply growth in the range of around
      17.0 per cent in 2008-09 in consonance with the outlook on
      growth and inflation so as to ensure macroeconomic and
      financial stability in the period ahead.

    * Consistent with the projection of money supply, the growth
      in aggregate deposits in 2008-09 is now placed at around
      17.5 per cent or around Rs.6,00,000 crore.

    * The growth of non-food credit including investments in
      bonds/debentures/shares of public sector undertakings and
      private corporate sector and CP is placed at around 20.0
      per cent in 2008-09, as indicated in the Annual Policy
      Statement, consistent with the monetary projections.

    * In view of the evolving environment of heightened
      uncertainty, volatility in global markets and the dangers
      of potential spillovers to domestic equity and currency
      markets, liquidity management will continue to receive
      priority in the hierarchy of policy objectives over the
      period ahead.

    * There is headroom available with the Reserve Bank in terms
      of the flexibility in the deployment of instruments,
      complemented by prudential regulations and instruments for
      capital account management.

    * In 2008-09 so far, some banks that have expanded credit
      rapidly in relation to the system level growth with
      attendant worsening of their credit-deposit ratios are
      urged to review their business strategies so that they are
      in a position to combine longer term viable financing with
      profitability in operations, recognising the reality of
      business cycles and countercyclical monetary policy
      responses.

    * If necessary, the Reserve Bank would consider undertaking
      supervisory review of those select banks which are over
      extended in terms of their credit portfolios relative to
      their sources of funds.

    * Banks should focus on stricter credit appraisals on a
      sectoral basis, monitor loan to value ratios and generally
      ensure the health of credit portfolios on a durable basis
      without encountering undue asset-liability mismatches.

    * In view of growing off-budget liabilities and enhanced
      expenditures on subsidies, loan waivers and salaries in
      the rest of the year, fiscal developments warrant close
      and careful monitoring.

    * The overriding priority for monetary policy is to eschew
      any further intensification of inflationary pressures and
      to firmly anchor inflation expectations.

    * As stated in the Annual Policy Statement of April 2008, it
      is critical at this juncture to demonstrate on a
      continuing basis a determination to act decisively,
      effectively and swiftly to curb any signs of adverse
      developments in regard to inflation expectations.

    * In view of the above unprecedented uncertainties and
      dilemmas, it is important to take informed judgements with
      regard to the timing and magnitude of policy actions; and
      such judgements need to have the benefit of evaluation of
      incoming information on a continuous basis.   

    * The Reserve Bank will continue with its policy of active
      demand management of liquidity through appropriate use of
      the CRR stipulations and open market operations (OMO)
      including the MSS and LAF, using all the policy
      instruments at its disposal flexibly, as and when the
      situation warrants.

    * Barring the emergence of any adverse and unexpected
      developments in various sectors of the economy, assuming
      that capital flows are effectively managed, and keeping in
      view the current assessment of the economy including the
      outlook for growth and inflation, the overall stance of
      monetary policy in 2008-09 will broadly continue to be:

          -- To ensure a monetary and interest rate environment
             that accords high priority to price stability,
             well-anchored inflation expectations and orderly
             conditions in financial markets while being
             conducive to continuation of the growth momentum.


          -- To respond swiftly on a continuing basis to the
             evolving constellation of adverse international
             developments and to the domestic situation
             impinging on inflation expectations, financial
             stability and growth momentum, with both
             conventional and unconventional measures, as
             appropriate.


          -- To emphasise credit quality as well as credit
             delivery, in particular, for employment-intensive
             sectors, while pursuing financial inclusion.

                        Monetary Measures

    * Bank Rate kept unchanged at 6.0 per cent.

    * Reverse Repo Rate under the LAF kept unchanged at 6.00 per
      cent.

    * The fixed Repo Rate under the LAF increased by 50 basis
      points from 8.5 per cent to 9.0 per cent with immediate
      effect.

    * The Reserve Bank retains the option to conduct overnight
      or longer term repo/reverse repo under the LAF depending
      on market conditions and other relevant factors. The
      Reserve Bank will continue to use this flexibility
      including the right to accept or reject tender(s) under
      the LAF, wholly or partially, if deemed fit, so as to make
      efficient use of the LAF in daily liquidity management.

    * On a review of the current liquidity situation, it is
      considered desirable to increase the CRR by 25 basis
      points to 9.0 per cent with effect from the fortnight
      beginning August 30, 2008.

The mid-term review of the annual policy statement for the year
2008-09 will be announced on October 24, 2008.


* S&P, CRISIL: RBI Policy to Impact Medium-Term Benefits
--------------------------------------------------------
Although the increase in the repo rate by 50 bps was unexpected,
the firmness of its anti-inflationary stance sends a strong
signal to the markets that the Reserve Bank of India (RBI) sees
spiraling inflation as a far greater threat than slowing growth,
Standard & Poor's and CRISIL said.

Coming soon after a similar move last month, RBI's announcement
leaves no one in any doubt about the central bank's
determination to bring the rate of inflation down as quickly as
possible.  While the measures will have an adverse impact on
demand through higher interest rates, which are bound to
increase, given the tight liquidity conditions, the threat that
rising inflationary expectations poses to medium-term growth
performance is real and justifies the aggressive anti-
inflationary stance taken by the RBI, even if it comes at some
cost in the form of slower growth in the immediate future.

Dr. Subir Gokarn, Chief Economist, Standard & Poor's Asia
Pacific, said: "We have to accept the fact that a trade-off
between growth and inflation in the current circumstances is
inevitable.  Despite the clear signs that growth is slowing, as
seen in the recent industrial production numbers, it is far too
early for the Reserve Bank of India to move to a neutral
position, let alone reverse course.  Even after all that has
been done, inflationary pressures may still be aggravated by
global developments but, for the moment, the current policy
stance is the most appropriate one."

Mr. Dharmakirti Joshi, Principal Economist, CRISIL, added: "The
decision to raise the repo rate by 50 bps rather than the much-
anticipated 25 bps was motivated by two factors.  One, the
fiscal situation, particularly on account of the loan waiver and
the implementation of Pay Commission recommendations, is
providing a demand stimulus, which can only intensify the
inflationary pressure.  Two, since domestic fuel prices do not
fully reflect the global price scenario, energy prices are not
helping to reduce demand to the fullest possible extent.  This
also adds to demand-side inflationary pressures."

With high inflation rates likely to persist over the next few
months, CRISIL and S&P do expect further tightening in or before
the next scheduled announcement at the end of October.  

CRISIL and S&P's current outlook for key macroeconomic
indicators for 2008-09 are:

      -- GDP growth at 7.8 per cent;
      -- average wholesale inflation for the year at
         11.5-12 per cent, although this will fall
         sharply in March 2009;
      -- year-end yield on 10-year government securities
         in the range of 8.8-9 per cent; and
      -- the year-end rupee-dollar exchange rate at
         Rs.41.5-42/$.

The policy stance will clearly have a negative bearing on the
growth outlook for 2009-10, but this is an expected part of the
adjustment process, which will help to preserve a favourable
medium- term trend, the rating agencies noted.



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

BANK MANDIRI: Posts IDR2.61 Tril. Net Profit in 2008 First Half
---------------------------------------------------------------
PT Bank Mandiri reported IDR2.61 trillion (US$283 million) in
net profit in the first half of this year, up by 22 percent from
IDR2.14 trillion recorded in the same period last year, Antara
News reports.

According to the report, Agus Martowardojo said that a cut in
costs with the growing use of cheap funds made up 64 percent of
its total funds contributed to the increase in net profit.

The report added that the bank's outstanding credit grew sharply
by IDR33.3 trillion to IDR149.6 trillion from IDR116.3 trillion,
with credits for small and medium enterprises growing the
sharpest by 44.62 percent.

                       About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 7,
2007, that Fitch Ratings upgraded the Individual Rating of PT
Bank Mandiri (Persero) Tbk (Mandiri) to 'C/D' from 'D', and its
National Long-term rating to 'AA+ (idn)' from 'AA (idn)'.  The
outlook on the national rating remains stable.  

At the same time, Fitch affirmed the company's Long-term foreign
and local currency Issuer Default ratings at 'BB-' with a
Positive Outlook, Short-term IDR at 'B' and Support Floor at
'B+'.

On Oct. 19, 2007, Moody's Investors Service raised Bank
Mandiri's foreign currency senior/subordinated debt ratings        
to Ba2/Ba2 from Ba3/Ba3 and foreign currency long- term deposit
rating to B1 from B2.  


PERUSAHAAN LISTRIK: Obtains US$1.1BB Loan to Develop Power Plant
----------------------------------------------------------------
PT Perusahaan Listrik Negara (PLN), signed six long-term credit
facilities with a combined value of IDR10 trillion (US$1.1
billion) from major domestic banks to fund its power plant
projects, Antara News reports.

Yogo Pratomo, PLN official who chairs the program, told Antara
News that the loan facilities will be used to fund the
development of coal-fired steam power plants in the town of
Pacitan in Java island, Teluk Naga and Pelabuhan Ratu; Gorontalo
and North Sulawesi in Sulawesi island; as well as in Riau
island, East Nusa Tenggara and Central Kalimantan.

The loan facilities, which have a tenor of between 10 to 13
years, were extended by Bank Negara Indonesia, Bank Rakyat
Indonesia, Bank Bukopin and Bank Mega, the report says.

The loans were fully guaranteed by the Ministry of Finance,
Antara News notes.

                    About Perusahaan Listrik

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

                          *     *     *

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



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

CABS LTD: S&P Drops Rating on Master Trust Floating Rate Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on
CABS Ltd. Master Trust Series 2005-1's class A floating rate
notes and class B floating rate notes.  S&P said the rating on
the class A floating rate notes would remain on CreditWatch
with negative implications, while the rating on the class B
floating rate notes had been removed from CreditWatch with
negative implications.  In addition, S&P said that it had
removed its ratings on CABS Ltd.'s Master Trust Series 2003-1
class A-1 fixed rate notes and class A-2 floating rate notes
from CreditWatch with negative implications.  The ratings on
CABS Ltd.'s Master Trust Series 2003-1 notes were affirmed.
     
The ratings on the relevant notes were initially placed on
CreditWatch with negative implications on June 15, 2007.  S&P
subsequently lowered the ratings and kept them on CreditWatch
with negative implications.  On April 28, 2008, the rating
agency again lowered the ratings on CABS Ltd. Master Trust
Series 2005-1's class A floating rate notes and class B
floating rate notes, and maintained the ratings on CreditWatch
with negative implications.  On the same day, S&P kept its
ratings on CABS Ltd.'s Master Trust Series 2003-1 class A-1
fixed rate notes and class A-2 floating rate notes on
CreditWatch with negative implications.  This was because the
default ratios of the underlying assets, which had surged due
to refund claims on overpaid interest, had risen above expected
levels based on previously available information, and also due
to uncertainty in the sponsor's future policy, the status of
the rehabilitation proceedings, and the restructuring plan.
     
On Sept. 14, 2007, originator Credia Co. Ltd. filed for civil
rehabilitation proceedings, which were applied on Sept. 21,
2007.  Credia Co. Ltd. selected Kazaka Finance as a sponsor on
April 25, 2008, and submitted a restructuring plan on May 21.
(The restructuring plan was amended on June 27, 2008.)  The
meeting of creditors is scheduled to be held on Aug. 20, 2008.
     
The downgrades on CABS Ltd. Master Trust Series 2005-1's class
A floating rate notes and class B floating rate notes reflect
uncertainty in the sponsor's future policy, which is important
for the improvement of the underlying asset pool's performance.
In addition, overcollateralization for the class B floating
rate notes has fallen to zero.  Meanwhile, S&P removed the
ratings on CABS Ltd.'s Master Trust Series 2003-1 class A-1
fixed rate notes and class A-2 floating rate notes from
CreditWatch because principal repayment has boosted the level
of credit support for the rated tranches, although the
restructuring plan has not been decided and the performance of
the underlying asset pool is still weak.
     
S&P kept the rating on CABS Ltd. Master Trust Series 2005-1's
class A floating rate notes on CreditWatch with negative
implications because it is focused on the results of the
meeting of creditors.  The rating agency considers that the
approval of the restructuring plan in the meeting of creditors
is important for the recovery and stability in the underlying
asset pool's future performance.  S&P will reexamine the
possibility of removing the rating on CABS Ltd. Master Trust
Series 2005-1's class A floating rate notes from CreditWatch
after the results of the meeting of creditors are confirmed.
     
The notes are ultimately secured by unsecured consumer loan
receivables originated by Credia Co. Ltd.

Ratings Lowered, Still on CreditWatch:

CABS Ltd. Master Trust Series 2005-1 Floating rate notes due
2014

Class      To            From        Issue amount
-------------------------------------------------
  A      B/Watch Neg   BB-/Watch Neg   JPY8.7 bil.

Ratings Lowered, Off CreditWatch:

Class      To           From        Issue amount
------------------------------------------------
  B        CCC-     CCC+/Watch Neg    JPY1.3 bil.

Ratings Affirmed, Off CreditWatch:

CABS Ltd. Master Trust Series 2003-1 Notes due 2012

Class   Rating   Issue amount
-----------------------------  
  A-1     AA-      JPY1.5 bil.
  A-2     AA-      JPY8.5 bil.


DELPHI: Appaloosa Balks at GM Participating in Adversary Suit
-------------------------------------------------------------
A-D Acquisition Holdings, LLC, and Appaloosa Management L.P.
oppose the participation of General Motors Corporation as party-
in-interest with respect to Delphi Corp.'s $2,550,000,000
adversary complaint against Appaloosa and other Plan Investors.

As disclosed in the Troubled Company Reporter on July 15, 2008,
GM sought authority from the U.S. Bankruptcy Court for the
Southern District of New York to participate in the adversary
proceedings filed by Delphi Corp. against Appaloosa, Management,
L.P., et al.  GM wants to participate in the proceedings as a
"party-in-interest."

Delphi's ties with Appaloosa, et al., soured after Delphi sought
funding of the US$2,825,000,000 of its US$6,100,000,000 exit
debt financing facility from General Motors, its primary
customer.  The lenders, including GM, were ready to close April
4, but the financing agreements have been terminated after
Appaloosa, et al., pulled out from their commitment to provide
US$2,550,000,000 of equity financing to Delphi.

Douglas P. Baumstein, Esq., at White & Case LLP, in New York,
says that ADAD and AMLP anchor their opposition on GM's failure
to adequately define what a "party in interest" means, given
that it seeks to participate in the adversary proceeding in a
limited capacity, yet it seeks rights afforded only to full
parties to a proceeding without undertaking the obligations of a
party.

Mr. Baumstein admits that some of the relief sought by GM is
acceptable, "but much of the relief it seeks goes well beyond
that to which a party in interest is entitled," Mr. Baunstein
says.

Mr. Baumstein anticipates that at this time, GM does not seek to
intervene in the proceedings, however, it seeks court authority
to (i) appear before the Court on any matter arising in the
Adversary Proceeding, including hearings and chamber
conferences, (ii) participate in any settlement discussions,
mediation sessions and arbitrations regarding the Adversary
Proceeding, and (iii) participate in the discovery process,
including through the review of documents produced and
attendance at depositions.

Mr. Baumstein argues that GM is not entitled to participate so
as to fully monitor the progress and status of the Adversary
Proceeding and to permit involvement in activities likely to
affect or overlap with a new plan, contrary to the relief it
seeks.  Mr. Baumstein then cites the grounds for ADAH and AMLP's
objections:

   (1) GM should only be permitted to appear in the litigation
       so long as it limits itself to the role of observer and
       does not duplicate effort or unduly burden the parties.
       It is not clear that GM is willing to limit its role, as
       GM seeks to participate in the action by appearing
       before the Court on "any matter arising in the Adversary
       Proceeding" including by appearing at the chambers'
       conferences.  This right is inconsistent with the
       monitoring function GM purports to seek.

   (2) There is no basis for GM's request to participate in any
       settlement negotiations.

       GM has articulated no concrete interest or right of its
       own that is at stake in this proceeding.  Instead, GM
       purports to seek participation on a limited basis in
       order to inform its own position in negotiations of a
       modified or new plan of reorganization that is not
       before this Court in this proceeding.

   (3) GM should not be permitted to seek discovery without
       first intervening as a party.  

       The right to serve discovery requests is one reserved to
       full parties at an action, which GM is not and does not
       seek.

Harbinger Del-Auto Investment Company Ltd. and  Merrill Lynch,
Pierce, Fenner & Smith Incorporated have joined in Appaloosa's
objection.  Both parties request the Court to deny GM's motion
to participate in the adversary proceeding as party-in-interest.

                            About GM

Based 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.

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.

                          About Delphi

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle        
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.

(Delphi Bankruptcy News, Issue No. 138; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)  


DELPHI: Allowed to Pursue US$2.55B Fraud Claim vs. Appaloosa
------------------------------------------------------------
Judge Robert Drain of the U.S. Bankruptcy Court for the Southern
District of New York denied Appaloosa Management, L.P., and
other investors' motions for dismissal of the US$2.55 billion
lawsuits filed by Delphi Corporation against them.

Delphi sued Appaloosa and seven other parties, which include
Merrill Lynch, UBS Securities and Goldman Sachs, after they
withdrew from their commitment to provide exit equity financing
for Delphi, which was supposed to exit bankruptcy in April 2008.

The David Tepper-led Appaloosa terminated their US$2.55-billion
investment agreement after Delphi allowed General Motors Corp.
to fund up to US$2,825,000,000 of its US$6,100,000,000 exit debt
financing.  Appaloosa, et al., argued that Delphi was barred
under their Equity Purchase and Commitment Agreement to enter
into transactions with GM outside the ordinary course of
business.

Appaloosa moved for the dismissal of the lawsuits, saying that
Delphi cannot seek specific performance of the Plan Investors
under the EPCA because Delphi itself cannot allege that it is
presently ready, willing  and able to perform under the EPCA.  
Delphi terminated its US$6-billion debt financing agreements
with other investors after Appaloosa, et al., terminated the
EPCA on April 4.

According to The Wall Street Journal, Judge Drain ruled that
Delphi can pursue its fraud claim against Appaloosa.  Judge
Drain, according to the report, dismissed a portion of Delphi's
complaint, but he rejected most of the defendants' arguments.

Delphi said that Appaloosa defrauded the Court, the Debtors and
various stakeholders by affirmatively stating that it had every
intention of performing its obligations to the Debtors under the
EPCA when, in fact, it had no such intention.  David Tepper
testified before the Court that the Plan Investors will fully
honor their commitments, which led to the Court's approval of
Delphi's Joint Plan of Reorganization, which consummation
required the US$2.55 billion financing from the Plan Investors.

                          About Delphi

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle        
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.

(Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)  

   
DELPHI : Negotiating New or Amended Plan with GM and Committee
--------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in the
bankruptcy cases of Delphi Corp. and its debtor-affiliates says
it is actively negotiating with the Debtors to reach mutually
acceptable modification of the current Joint Plan of
Reorganization of the Debtors, following Appaloosa Management,
L.P., et al.'s decision to back out from their US$2,550,000,000
exit financing agreement, and in light of the Debtors' pending
lawsuit against Appaloosa, et al.

Committee counsel Edward M. Fox, Esq., at K&L Gates, LLP, in New
York, says that if the negotiations don't achieve the
resolution, it will pursue its adversary proceeding, seeking the
revocation of the order confirming the Plan, which the Committee
says it accepted based upon the "promissory fraud of Appaloosa."

As reported in the Troubled Company Reporter on July 15, 2008,
General Motors Corp., in its request to join as party-in-
interest in Delphi's adversary proceedings against Appaloosa, et
al., said it is a major constituent of a new plan under
negotiation together with Delphi and Creditors Committee.  GM  
has been asked to provide major support through financial
contributions, subsidies and loans, its counsel Michael P.
Kessler, Esq., at Weil, Gotshal & Manges LLP, in New York,
disclosed.

GM also had said its interest in participating in the
US$2,550,000,000 lawsuits is in the litigation's representation
of a significant asset of the Debtors' estates.  The terms and  
conditions of a modified or new plan will depend, in part, on
the value ascribed to the litigation and the disposition of any
recoveries from the litigation, Mr. Kessler said.

                            About GM

Based 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.

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.

                          About Delphi

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle        
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.

(Delphi Bankruptcy News, Issue No. 138; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)   

  
DELPHI CORP: WTC, Panel Want Plan Confirmation Order Revoked
------------------------------------------------------------
Wilmington Trust Company, as indenture trustee to $2,000,000,000
of notes issued by Delphi Corp. and its debtor-affiliates, and
the Official Committee of Unsecured Creditors in the case asks
the Hon. Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York to revoke his January 25, 2008
order confirming the Debtors' Joint Plan of Reorganization after
allegations that Appaloosa Management, L.P., et al., had engaged
in fraudulent conduct that would not enable Delphi to consummate
the Plan.

Wilmington Trust points out that the Court, in its July 18, 2007
order signing the EPCA, acknowledged that the Plan Investors'  
investment was an "integral . . . component of the Plan."  The
Debtors, however, have been unable to emerge from bankruptcy
pursuant to the terms of the Plan after Appaloosa and other
parties terminated their commitment to provide US$2,550,000,000
in equity exit financing pursuant to the Equity Purchase and
Commitment Agreement.

On behalf of WTC, Edward M. Fox, Esq., at K&L Gates LLP, in New
York, argues the Plan Confirmation Order should be revoked,
noting that Debtors acknowledge and concede, in their lawsuits
against the Plan Investors, that the Order was procured by
fraud.

Mr. Fox notes the Debtors have alleged that ADAH defrauded the
Court, the Debtors and various stakeholders by affirmatively
stating that it had every intention of performing its
obligations to the Debtors under the EPCA when, in fact, it had
no such intention.

Aside from several agreements that expressly obligate ADAH and
the other Plan Investors to provide equity financing, Mr. Fox
notes that David Tepper, the principal of ADAH and Appaloosa, at
a Dec. 6, 2007 hearing to consider approval of amendments to the
EPCA, testified that the Plan Investors will use their
reasonable best effort to consummate the transactions.  "But in
the fact that, and the same thing I said before, you know, you
make a handshake you make a handshake, it's what it is," Mr.
Tepper said.

WTC notes that the Court, in approving the EPCA and thereafter
confirming the Plan, relied on Mr. Tepper's statements that ADAH
fully intended to honor its commitments.

Wilmington Trust is the successor indenture trustee for senior
notes and debentures issued by Delphi pursuant to an Indenture
dated as of April 28, 1999, all of which remain outstanding: (i)
US$500,000,000 in aggregate principal amount of 6.55% Notes Due
2006; (ii) US$500,000,000 in aggregate principal amount of 6.5%
Notes Due May 1, 2009; (iii) US$500,000,000 in aggregate
principal amount of 6.50% Notes Due 2013; and (iv)
US$500,000,000 in aggregate principal amount of 7.125%
Debentures Due May 1, 2029.

The Committee tells the Court that Appaloosa and its principal
David Tepper has defrauded Delphi, the Committee, all other
parties-in-interest, and the Court by making numerous promises
to remain committed to the Plan and to use its best efforts to
consummate the Plan while at the same time, covertly discussing
and then executing a strategy to ensure the Plan's demise.  For
falsely promising to be an equity investor in the reorganized
Debtors, Appaloosa has extracted from the estate and its
stakeholders in excess of US$60,000,000 in fees and millions
more in expense reimbursements, with a claim pending for another
US$82,500,000 on account of Alternative Transaction Fee.

The committee says that Appaloosa's motive was greed.  The fraud
occurred when Appaloosa made numerous promises that were untrue
about its commitment to the Plan and the emergence of the
Debtors from bankruptcy.

"Known as the "king" of "vulture investors," or those who
capitalize on distressed assets for financial gain, Appaloosa
and Mr. Tepper in particular, has amassed a fortune by investing
in companies in Chapter 11 and then realizing a healthy
financial gain as a result," the Committee states.  "Although
such tactics could be hailed as reflecting shrewd business
sense, the law stops short of sanctioning them where, as here,
they are based upon fraud."

As per terms of the EPCA, Appaloosa recouped another $21,200,000
in commitment fees from the Debtors, for a total of $35,000,000
in fees even before any capital had been committed.  Appaloosa
anticipated receiving the balance of its fees once the
disclosure statement was approved, the Committee points out.

To avoid having to comply with its promised commitments under
the August EPCA, Appaloosa stalled by using the financial
markets as an excuse to spend the next five months renegotiating
the August EPCA.  Appaloosa had no intention of living up to its
promises - it was simply using the worsening financial markets
as cover for its pre-planned exit.

By inducing Delphi, its stakeholders, and the Court to rely on
its promises, Appaloosa both secured the court approval, and
clinched multi-million dollar payday for itself, the Committee
states.

                          About Delphi

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle        
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.

(Delphi Bankruptcy News, Issue No. 138; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)    


DELPHI CORP: Wants Plan-Filing Deadline Extended to October 31
--------------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to extend their
exclusive periods to:

   (a) file a plan of reorganization through and including
       Oct. 31, 2008; and
       
   (b) solicit acceptances of that Plan through and including
       Dec. 31, 2008.

John Wm. Butler, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in Chicago, Illinois, tells the Court that on April 4,
2008, the Debtors announced that although they had met the
conditions required to substantially consummate the Plan,
including obtaining US$6,100,000,000 of exit financing, Delphi's
Plan Investors refused to participate in a closing.

As disclosed in the Troubled Company Reporter on May 7, 2007,
the Debtors obtained an extension, subject to certain
exceptions, of their exclusive right under Section 1121 of the
Bankruptcy Code to file one or more reorganization plans until
30 days after substantial consummation of the Plan and the
exclusive right to solicit and obtain acceptances for those
plans 90 days after substantial consummation of the plan by
entry of the Order Under Section 1121(d) of the Bankruptcy Code.  
The Order, however, extended the Debtors' exclusive right to
file a plan, as between the Debtors and the Statutory
Committees, through and including Aug. 31, 2008, and the right
to solicit a plan, as between the Debtors and the Statutory
Committees, through and including Oct. 31, 2008, Mr. Butler
recalls.

On May 16, 2008, Delphi filed complaints for damages and
specific performance against the Plan Investors who refused to
participate in the closing that would have led to Delphi's
successful emergence from Chapter 11.  The Debtors nevertheless
continue to work with their stakeholders to achieve their goal
of emerging from Chapter 11 as soon as practicable, Mr. Butler
says.

Out of an abundance of caution and to ensure clarity with their
stakeholders, including their customers and suppliers, the
Debtors seek an extension of the Exclusive Periods to prevent
any lapse in exclusivity between the Debtors and the Statutory
Committees, Mr. Butler clarifies.

Mr. Butler explains that a further extension of the Exclusive
Periods, Mr. Butler says, is justified by the significant
progress the Debtors have made toward emerging from Chapter 11.  
After obtaining confirmation of the First Amended Plan, the
Debtors secured exit financing and met all other conditions to
the effectiveness of the Plan and Investment Agreement and were
prepared to emerge from Chapter 11.

Since April 30, 2008, Mr. Butler notes, the Debtors have
continued to make progress toward emerging from Chapter 11 in
three major areas:

   (i) The Debtors have engaged in a reaffirmation process
       with respect to the business plan contained in the
       DisclosureStatement.  That process includes an
       analysis, among other things, of the impact of an
       unprecedented increase in global commodity costs
       and reduction of projected North American automobile
       industry production volumes;

  (ii) The Debtors have explored their exit financing
       possibilities in capital markets that remain
       turbulent; and

(iii) The Debtors have entered into complex negotiations
       with the Statutory Committees and General Motors
       Corp. with respect to potential modifications of
       the Plan that will enable Delphi to emerge from
       chapter 11 as soon as reasonably practicable,
       thereby moving forward so that the Debtors can
       focus solely on their business operations and
       mitigate the damages caused by the Plan Investors.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle        
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed  
$11,446,000,000 in total assets and $23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide $2,550,000,000 in equity financing to
Delphi.

(Delphi Bankruptcy News, Issue No. 137; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)   


NIPPON STEEL: Partly Halts Furnace Operations Due to Plant Fire
---------------------------------------------------------------
Nippon Sheet Glass Company Limited was forced to halt some of
its blast furnace operations in Yawata Works, yesterday,
starting 11:00 a.m. due to a fire incident, Reuters reports.

According to the report, a company spokesman said not one of the
2,950 workers obtained injuries from the fire.  The plant, which
makes a range of products such as bar steel, steel pipes and
steel sheets, had crude steel output of about 4 million tonnes
in 2007, accounting for 12% of the group's total output.

The report says Nippon Steel had not decided whether to halt all
production lines at the Yawata Works.

A local police spokesman told the news agency that firefighters
were no longer trying to put out the fire, but were instead
letting the flames die out to prevent the spread of gases.  "We
expect it will take about 20 hours for the flames to go out.  
Carbon monoxide levels were safe for now, but officials were
checking for other gases" he said.

                        About Nippon Sheet

Headquartered in Tokyo, Nippon Sheet Glass Company, Limited --
http://www.nsg.co.jp-- Company operates in four business        
divisions.  Its Glass and Construction Material division
manufactures, processes and sells various types of glasses, such
as float plate, polished wire, heat absorbing, heat reflecting,
reinforced, laminated, double-layer, vacuum, fireproof,
template, mirror and ornamental glass, as well as sashes.  It
also supplies construction materials, and interior accessories
for stores.  The Information and Electronics division offers
optical products, fine glass products, industrial glass
products, liquid crystal display (LCD) products and others.  Its
Glass Fiber division is engaged in the manufacture, processing
and sale of special glass fiber products, air filter-related
items and others.  The Others division is involved in the
facility engineering and the test analysis businesses, among
others.

                          *     *     *

Nippon Sheet continues to carry Mikuni Credit Rating's "BB"
rating.


SANYO ELECTRIC: Makes Battery Packs for Nintendo's Wii Consoles
---------------------------------------------------------------
Sanyo Electric Co. Ltd. has launched a new rechargeable battery
pack exclusive for Nintendo Wii, Associated Press reports.

Sanyo's device will go on sale in Japan on Aug. 25 and is
officially licensed by Nintendo, the report says.  No plans for
overseas sales were announced.

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

The company continues to carry Standard & Poor's Ratings' 'BB'
long-term corporate credit rating.  The company also carries
Fitch Ratings' BB+ LT Issuer Credit and Unsecured Debt ratings.


* JAPAN: Moody's Says Japanese Life Insurance Industry is Stable
----------------------------------------------------------------
The outlook for the Japanese life insurance business environment
overall is stable, although companies are more vulnerable to
equity market drops and declining interest rate risk, according
to a new report from Moody's Investors Services.

"Industry Outlook: Japanese Life Insurance" comments that
although third sector insurance consists of only around 20% of
total annualized premiums of policies-in-force, it comprises
more than half of all total mortality/mobility gains in some
cases.  Given that more than 70% of core profits at the major
Japanese life insurers are attributable to mortality/mobility
gains, the third sector business has become vital to profit
solidity.  So far, the third sector business has been growing
gradually, underpinning insurers' profitability as a whole.

The variable annuities with minimum guarantees business weakened
somewhat, due to the poor equity market and the introduction of
the Financial Instruments and Exchange Law, which discourages
aggressive sales of financial products by banks.  That being
said, minimum guarantees may be more acceptable for customers,
given the current uncertainty in the equity market -- hence,
sales are unlikely to fall.  "What is vital to credit
fundamentals will be how well product risk management works and
whether pricing is consistent with underwriting risk.  As with a
volatile market, hedging costs are likely to be high; thus, we
will carefully monitor profitability," comments Masahiko Miwa,
Moody's AVP-Analyst and author of the report.

As some insurers have increased their reserves for variable
annuities with minimum guarantees, minimum guarantee risks were
a focus of attention in FYE3/2008 results.  However, equity
holdings in general account assets have exhibited much higher
risk, especially at the major Japanese life insurers.  The
domestic equity market declined by around 30% during FYE3/2008,
resulting in large drops in unrealized gains on securities.  
With a smaller unrealized gains risk buffer, any further market
drops could hurt insurers' financial fundamentals more easily
than before.

"The plunge in the equity markets in FYE3/2008 negatively
affected insurers, but not beyond current ratings expectations.
However, another decline of the same magnitude in FYE3/2009
would be beyond current ratings expectations, and thus could
result in negative ratings actions" Miwa comments.

"On the other hand, there were positive changes at the major
Japanese life insurers.  They have lengthened the duration of
their bond portfolios more significantly than before, which
seems to have decreased interest rate risk stemming from
mismatches between bond portfolios and insurance liabilities."



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

SAMSUNG SDI: Back Into the Black in Second Quarter 2008
-------------------------------------------------------
Samsung SDI Co. Ltd. recorded its first profit after suffering
losses for six consecutive quarters, thanks to better
performances of rechargeable batteries and increased sales of
its large-sized plasma panels, Kim Yoo-chul writes for The Korea
Times.

According to the Times, for the current quarter, the company
recorded a net profit of KRW49.6 billion, a major turnaround
from KRW138.1 billion in losses on a yearly basis and a KRW30.6
billion in losses in the previous quarter.

The company last recorded a quarterly net profit in the third
quarter of 2006, when it achieved KRW40 billion in net profit,
the Times says.

Sales during the second quarter period on a consolidated basis
rose 43 percent from a year ago to reach KRW1.64 trillion, while
operating profit was KRW10.8 billion over the same period, the
Times adds.

The Times relates that with strong confidence in its battery
business, the company raised this year's sales target to KRW7.1
trillion from an initial KRW6.3 trillion.

“Rechargeable batteries for IT applications sold more, helping
us,” CEO Kim Soon-taek was quoted by the Times as saying.

Reuters relates that Samsung SDI has suffered falling TV panel
prices and tough competition from rival liquid crystal display
(LCD) makers.

Now, the Times says the company hopes to take advantage of its
battery business to maintain the profit momentum.

“The battery business will grow to reach KRW10 trillion in sales
by 2013, which will propel the company's growth as a 'cash-cow'
together with the next generation of organic displays,” Mr. Kim
added.

In June, the Times says Samsung SDI signed a deal with German-
based Robert Bosch to create a 50:50 joint venture for hybrid
electric vehicle batteries.

Headquartered in Kyeonggi-Do, South Korea, Samsung SDI Co. Ltd.
-- http://www.samsungsdi.com/-- is engaged in the manufacturing  
of digital display devices.  The Company produces plasma display
panels (PDPs), color picture tubes (CPTs) and color display
tubes (CDTs) used for televisions and monitors, and liquid
crystal displays (LCDs) and organic light-emitting diodes
(OLEDs) used for cellular phones, personal digital assistants
(PDAs) and electronic appliances.  It also provides rechargeable
batteries used for cellular phones and laptop computers, vacuum
fluorescent displays (VFDs) used for automobiles and audios, and
others.  It has three domestic factories in Suwon, Busan and
Cheonan.  The Company has six overseas offices in Taiwan, Japan,
China and the United States.

                          *     *     *

This concludes the Troubled Company Reporter-Asia Pacific's
coverage of
Samsung SDI Co. Ltd. until facts and circumstances, if any,
emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


* KOREA: Apartment Units 22.8% Overvalued as of 1st Qtr 2008
------------------------------------------------------------
The current prices of apartment units in Korea are 22.8 percent
overvalued as of the first quarter of this year, Shinyoung
Securities Co. said in a report cited by
The Korea Herald.

The prices of houses are 7.9 percent overpriced than their
proper values, which indicates that the prices of the country's
apartment homes are nearly three times overvalued than houses
after having factored in the price pickup this year, the report
cited by the Herald said.

According to the Herald, Shinyoung's report also showed that the
price of houses in Seoul jumped an average 111.6 percent from
that of year 2000 while the price of apartment units in Seoul
increased 166.2 percent.  Prices of houses nationwide showed a
64.3 percent increase while prices of apartment houses jumped
96.1 percent from eight years ago, the report added.



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

NIKKO ELECTRONIC: Gets Writ of Summons From Wictronics & Texchem
----------------------------------------------------------------
Nikko Electronics Bhd. has been served a Writ of Summons from:
(a) Lio & Partners Advocates and Solicitors acting for
Wictronics Sdn Bhd, in which it is alleged that Nikko owes
MYR52,123.75; and (b) Kek Ooi & Lee Hong Advocates and
Solicitors acting for Texchem Materials Sdn Bhd, in which it is
alleged that Nikko owes MYR224,553.75., both for the supply of
products.

The company is seeking the necessary legal advice to resolve the
matter.

Nikko Electronics Berhad manufactures sells radio controlled  
toys, electronic and toy related products.  The Group operates  
in Malaysia, United States of America, France, Japan, United  
Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark,  
Austria, Spain, Australia and other countries.

                         *     *     *
On June 30, 2008, Nikko Electronics Bhd. was classified as an
affected listed issuer under Practice Note 1/2001 (PN1/2001) of
the Listing Requirements of Bursa Malaysia Securities Berhad
because it had defaulted on a bankers' acceptance facility due
on June 27, 2008, for an amount of MYR1,457,084 due to Malayan
Banking Berhad.  Nikko is unable to repay the liability to the
bank due to the difficult cash flow position as a result of the
contraction in the remote-control toys industry.

The company had been loss-making and its ventures to manufacture
new products had also failed to make a profitable contribution
to it.  Nikko will also be suspending its business activities to
prevent incurring further losses.


NIKKO ELECTRONICS: Court Grants Ex-Parte Injunction for Hirel Co
----------------------------------------------------------------
The High Court of Pulau Pinang granted an Ex-parte injunction
restraining Hirel Co. Ltd (Singapore Branch), a supplier of
Nikko Electronics Bhd., from filing a winding up petition
against the company until further order.

Nikko previously disclosed that it has received a statutory
notice of demand from Hirel demanding the payment of US$736,250,
the amount owed as of June 2, 2008, for the supply of goods.

Nikko Electronics Berhad manufactures sells radio controlled  
toys, electronic and toy related products.  The Group operates  
in Malaysia, United States of America, France, Japan, United  
Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark,  
Austria, Spain, Australia and other countries.

                         *     *     *
On June 30, 2008, Nikko Electronics Bhd. was classified as an
affected listed issuer under Practice Note 1/2001 (PN1/2001) of
the Listing Requirements of Bursa Malaysia Securities Berhad
because it had defaulted on a bankers' acceptance facility due
on June 27, 2008, for an amount of MYR1,457,084 due to Malayan
Banking Berhad.  Nikko is unable to repay the liability to the
bank due to the difficult cash flow position as a result of the
contraction in the remote-control toys industry.

The company had been loss-making and its ventures to manufacture
new products had also failed to make a profitable contribution
to it.  Nikko will also be suspending its business activities to
prevent incurring further losses.


SYARIKAT KAYU: Incurs MYR1.14MM Net Loss in Qtr. Ended May 31
-------------------------------------------------------------
Syarikat Kayu Wangi Berhad has incurred MYR1.14 million net loss
on MYR5.39 million of revenues in the second quarter ended
May 31, 2008, as compared to the MYR824,000 net loss on
MYR5.63 million of revenues recorded in the same quarter of
2007.

As of May 31, 2008, the company's balance sheet showed
MYR90.8 million of total assets and MYR74.11 million of total
liabilities, resulting in a shareholders' equity of
MYR16.68 million.

Headquartered in Johor, Malaysia, Syarikat Kayu Wangi Berhad is
principally involved in the development of residential and
commercial projects.  Its other activities include housing
construction, production of sawn timber, manufacture of
prefabricated timber rooftrusses and timber trading.  The
Company first made a loss in 1999 when it defaulted on its first
bond payment.  The company has failed to turn its finances
around and has been suffering continuous losses since then.

The company was classified as an affected listed issuer of the
Amended PN17/2005 on May 8, 2006, since its latest audited
financial statements for the year ended Nov. 30, 2005, showed
that the company's shareholders' equity is MYR7,189,000, which
is less than 25% of the company's issued and paid up capital.

Syarikat Kayu is currently in the process of preparing its
Regularization Plan.  Once completed, the Requisite Announcement
outlining the Regularization Plan will be made to the Bursa
Securities.


TALAM CORPORATION: Unit Served with Wind-Up Petition by Agnes
-------------------------------------------------------------
Kenshine Corporation Sdn Bhd, a subsidiary of Talam Corporation
Berhad, has been served with a wind-up petition by Agnes Hor Po
Lian.

Agnes Hor alleges that Kenshine is indebted with a sum of
MYR55,408.20 together with interest of 8% per annum and the cost
of MYR3,882.

Kenshine had filed an injunction to injunct the Petitioner's
solicitors from proceeding with the winding-up as it has turned
down Kenshine's offer to pay them the judgment sum of
MYR8,584.52 together with interest and cost as per the actual
liquidated ascertained damages payable under clause 20 of the
sale and purchase agreement in accordance with Schedule G of the
Housing Developers' Act, 1966 and the balance would be paid upon
the final outcome of Kenshine's appeal.  The Petitioner's
solicitors had obtained judgment on April 7, 2006, in the Kuala
Lumpur Sessions Court for the LAD of MYR34,815 together with
interest of 8% per annum on MYR34,815.00 from April 1, 2001, to
full settlement and cost of MYR3,882.

Kenshine is not a major subsidiary of Talam and the company do
not foresee the amount claimed to have material financial nor
operational impact on the Group.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended Jan. 31, 2006,
the Auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts.  As such, the Company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


TALAM: To Defer Tabling Proposed Provision of Assistance to LLE
----------------------------------------------------------------
Talam Corporation Berhad will defer the tabling of the proposed
provision of financial assistance to Larut Leisure Enterprise
(Hong Kong) Limited (LLE), a 49.99%-associated company of Talam,  
at an extraordinary general meeting to be convened for the
shareholders' approval, as LLE is currently deliberating and
finalizing the principal terms and conditions with its potential
financiers.

However, Talam will proceed to table the ratification of  
proposed provision of Financial Assistance in the form of
Proportionate Corporate Guarantee by Talam amounting to
MYR68 million pursuant to the Credit Facilities granted to Cekap
Tropikal Sdn Bhd, a 49.99%-associated company of Talam.

The company has appointed Messrs. FHMH Corporate Advisory Sdn
Bhd as the independent adviser to advise the minority
shareholders of Talam on the Proposed Ratification.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended Jan. 31, 2006,
the Auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts.  As such, the Company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


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

A2 CORP: Shareholders Approve Rights Issue
------------------------------------------
A2 Corporation Limited said that underwriting of the previously
announced rights issue was formally approved by shareholders at
the Special Meeting held on July 18, 2008.

This rights issue will be fully underwritten by Mountain Road
Investments Limited (MRI), the majority shareholder of A2C.

Anthony Lawler, CEO of A2C said that the full underwriting by
the company's majority shareholder is a reflection of MRI's
long-term confidence in A2C.

"Our recent sales increase in our largest market Australia, our
upcoming South Korean launch and our test market in the US
provides us with an exciting next 12 months ahead".

The 3 for 4 renounceable rights issue of ordinary shares to all
New Zealand resident shareholders, at an offer price of 10 cents
per share, will raise net proceeds of approximately NZ$10.8
million.  The net proceeds of the offer will be used to retire
A2C's bank debt and provide for working capital.

Mr. Lawler added that the rights issue will incorporate an over-
subscriptions facility which will allow shareholders to submit
applications for shares in excess of their rights entitlements.

"We felt that it was important to provide the facility for our
shareholders to potentially take up more than their pro-rata
rights issue," Mr. Lawler said.

The prospectus was registered with the Companies Office on
July 22, 2008.  Shareholders will receive a copy of the offer
document within the next week.

The company said shareholders who do not wish to participate in
the issue can sell their rights, which will be separately
tradable on the NZAX under code ATMRC.  The trading period will
be from July 28 to  Aug. 20, 2008, with the offer closing on
Aug. 22, 2008.

As reported in the Troubled Company Reporter – Asia Pacific on
July 7, 2008, A2 Corporation said it will raised net proceeds of
approximately NZ$10.8 million through a 3 for 4 renounceable
rights issue of ordinary shares to all shareholders, at an offer
price of 10 cents per share.

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


                      About A2 Corporation

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

                           *     *     *

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


BARRY THOMAS: Shareholders Appointed Irwin as Liquidator
--------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Barry Thomas Antiques Limited has  appointed
Lyle Richmond Irwin, chartered accountant of Auckland, as
liquidator of the company.

Only creditors who were able to file their proofs of debt by
July 18, 2008, were included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

          Prince & Partners
          PO Box 3685
          Auckland 1001
          Telephone: (09) 379 5324
          Facsimile: (09) 307 0778
          Email: office@prince.co.nz


BRIDGECORP LTD: Two Exec. Directors Released on Bail
----------------------------------------------------
The executive directors of Bridgecorp Ltd. have been granted
bail after appearing in the Auckland District Court yesterday
morning, Mitchell Hall of The National Business Review reports.

The executives are facing charges under the Securities Act and
the Companies Act, particularly with making a false statement to
the trustee for the debenture holders when they signed a
directors' certificate on April 30, 2007.

According to the Business Review, bail was not opposed for both
Messrs. Rodney Petricevic and Robert Roest, although Mr.
Petricevic has to surrender his passport.  Neither man wished to
comment on the allegations and would not say if they would
defend the charges, the report says.

As reported in the Troubled Company Reporter – Asia Pacific on
June 25, 2008, the New Zealand Herald said the Registrar of
Companies' National Enforcement Unit carried
out the prosecution of Messrs. Petricevic and Roest.

                         About Bridgecorp

New Zealand-based Bridgecorp was placed in receivership on July
2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.


GM HOLDINGS: Commences Liquidation Proceedings
----------------------------------------------
The High Court at Hamilton held a hearing on July 28, 2008, to
consider an application putting GM Holdings (NZ) Ltd. into
liquidation.

The application was filed on May 26, 2008, by Te Rapa Outlet
Centre Limited.

The plaintiff's address for service is at:

          Blank Singh & Associates
          Level 15, Rifleman Tower
          120 Albert Street
          Auckland
          Postal Address: PO Box 5644
          Wellesley Street, Auckland
          Telephone: (09) 909 4440
          Facsimile: (09) 909 4441.

P. H. Blank is the plaintiff's solicitor.


GROOVE MERCHANTS: Commences Liquidation Proceedings
---------------------------------------------------
The High Court at Auckland convened a hearing on July 18, 2008,
to consider an application putting Groove Merchants Limited into
liquidation.

The application was filed on March 20, 2008, by  Jands
Electronics (NZ) Limited.

The plaintiff's address for service is at:

          Craig Griffin & Lord
          187 Mt Eden Road
          Mt Eden, Auckland
          Postal Address: PO Box 9049
          Newmarket, Auckland

C. N. Lord is the plaintiff's solicitor.


KTG SECRETARIAL: Placed Under Liquidation
-----------------------------------------
Pursuant to Section 255(2) of the Companies Act 1993, the
shareholders of KTG Secretarial Services Limited fka Office
Elves Group Limited resolved that the company be liquidated and
appointed Grant Bruce Reynolds, as liquidator.

Only creditors who were able to file their proofs of debt by
July 20, 2008, were included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

          Grant Reynolds
          Insolvency Practitioners
          PO Box 259059
          Greenmount, Auckland
          Telephone: (09) 526 0743
          Facsimile: (09) 526 0748


LAKEVIEW INTERNATIONAL: Appointed Liquidators
---------------------------------------------    
Pursuant to Section 255(2)(a) of the Companies Act 1993, Dennis
Clifford Parsons and Katherine Louise Kenealy were appointed as
liquidators of Lakeview International Golf Resort Limited on
June 16, 2008.

The Liquidators can be reached at:

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


MORGANS CORNER: Placed Under Liquidation
----------------------------------------
Pursuant to Section 255(2) of the Companies Act 1993, the
shareholders of  Morgans Corner Winery Limited resolved that the
company be liquidated and appointed Grant Bruce Reynolds, as
liquidator.

Only creditors who were able to file their proofs of debt by
July 20, 2008, were included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

          Grant Reynolds
          Insolvency Practitioners
          PO Box 259059
          Greenmount, Auckland
          Telephone: (09) 526 0743
          Facsimile: (09) 526 0748


NATIONAL GOLF: Appointed Parsons and Kenealy as Liquidators
-----------------------------------------------------------    
Pursuant to Section 255(2)(a) of the Companies Act 1993, Dennis
Clifford Parsons and Katherine Louise Kenealy were appointed as
liquidators of The National Golf Club Limited on June 16, 2008.

The Liquidators can be reached at:

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


PASK INVESTMENTS: Placed Under Liquidation
------------------------------------------
Pursuant to Section 255(2) of the Companies Act 1993, the
shareholders of  Pask Investments Limited  resolved that the
company be liquidated and appointed Kevin John Gilligan, of
Auckland, as liquidator.

Only creditors who were able to file their proofs of debt by
July 18, 2008, were included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

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


PROPERTY VENTURES: Two Hotel Businesses Placed in Receivership
--------------------------------------------------------------
Two more companies of embattled entrepreneur Dave Henderson have
been placed in receivership at the request of its project
financiers, the Otago Daily Times reports.

According to the Daily, the Living Space hotels in Dunedin,
which operates under Mr. Henderson's company Castle St Ventures
and another in Invercargill, under Tay Ventures, were placed in
the hands of Auckland receivers from accountancy firm Grant
Thornton.

Auckland financiers Equitable Group placed the two hotel
companies in receivership, owing an undisclosed sum, for payment
defaults, the Daily cited receiver Tim Downes as saying.

Meanwhile, the report says Mr. Downes declined to give further
details until the receivers' first report next month.

                     About Property Ventures

New Zealand-based Property Ventures Limited --
http://www.propertyventures.co.nz/-- is real estate development   
and investment company.


RO'S CLEANERS: Commences Liquidation Proceedings
------------------------------------------------
The High Court at Wellington convened a hearing on July 7, 2008,
to consider an application putting Ro's Cleaners Limited into
liquidation.

The application was filed on June 5, 2008, by Steam Hire and
Service (2006) Limited.

The plaintiff's address for service is at:

          Peter C. Gilbert
          Dransfield House
          335 Willis Street (PO Box 2420)
          Wellington
          Telephone: (04) 385 2507
          Facsimile: (04) 385 2505

Peter C. Gilbert is the plaintiff's solicitor.


SECA LTD: Shareholders Appointed Merlo as Liquidator
----------------------------------------------------
Pursuant to Section 241 (2)(a) of the Companies Act 1993, the
shareholders of Seca Limited fka New Zealand Seniors Card
Limited has appointed  Robert Laurie Merlo, insolvency
practitioner of Auckland, as liquidator of the company.

Only creditors who were able to file their proofs of debt by
July 17, 2008, were included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

          Merlo Burgess & Co. Limited
          PO Box 51486
          Pakuranga, Auckland
          Telephone: (09) 520 7101
          Facsimile: (09) 529 1360
          Email: merloburgess@xtra.co.nz


* NEW ZEALAND: Demand for New Houses Falling Since June 2007
------------------------------------------------------------
Building consent statistics show the trend for the number of new
housing units has been declining since June 2007, Statistics New
Zealand said.

There were 1,362 new housing units authorized in June 2008, the
lowest monthly number since January 2001.

In 15 of New Zealand's 16 regions, fewer new housing units were
authorised in June 2008 compared with June 2007, while Tasman
authorised the same number.

Residential building consents issued in June 2008 were valued at
NZ$455 million, down NZ$236 million from June 2007. This month's
total is the lowest since April 2006.

Non-residential building consents issued in June 2008 were
valued at NZ$313 million, down NZ$69 million from June 2007.

For the year ended June 2008, the value of consents issued for
residential buildings fell NZ$458 million, while non-residential
buildings rose NZ$298 million.



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

EON BANK: Fitch Affirms 'BB+' Subordinated Debt Rating
------------------------------------------------------
Fitch Ratings has affirmed Malaysia-based EON Bank's Long-term
foreign currency Issuer Default Rating at 'BBB-', Short-term IDR
at 'F3', Individual rating at 'C/D', Support rating at '3',
Support Rating Floor at 'BB' and subordinated debt rating at
'BB+'.  The Outlook is Stable.

EON Bank's ratings reflect its below-average profitability and
less diversified business profile compared with higher-rated and
better-performing Malaysian banks, but also take into account
its satisfactory balance sheet strength.  Although the bank's
asset quality and/or profitability may be affected due to weaker
economic outlook and increased uncertainty in the domestic
political environment, the Outlook on balance remains Stable and
the prospects of a rating downgrade are low at this stage.

Given higher loan loss provisions since 2006, EON Bank's ROA
stayed low at 0.6% in 2007 (2005: 0.8%), and considerably below
the system average of 1.1%.  However, loan loss reserve coverage
for NPLs has improved to 62% at end-Q108 (end-2005: 45%), albeit
still below the industry average of 77%.  The bank's NPLs were
relatively unchanged at MYR1.9 billion at end-2007 compared with
end-2006, but the net NPL formation rate increased from 0.6% to
1.1% in 2007 and is likely to increase in 2008 as the credit
environment has become less benign although it is less
vulnerable to lumpy NPLs given the high proportion of retail
loans.  At end-Q108, its gross NPL ratio stood at 6.5% (end-
2007: 6.3%; end-2006: 6.8%), higher than the industry's 5.3%.  
Capital is satisfactory with Tier 1 and total CARs of 11.7% and
12.9%, respectively, at end-2007.

Established in 1963, EON Bank has 135 branches and 192 ATMs in
Malaysia.  Through its bank holding company, EON Capital, the
key shareholders are a private equity fund, Primus Pacific
Partner (20.2% stake acquired from DRB-HICOM earlier this year),
government-owned institutions (17% through Khazanah Nasional
Berhad and Employees Provident Fund) and directors Mr Rin Kin
Mei (15.4%) and Dr Tiong Ik King (17.1%).


HANOVER FINANCE: Fitch Lowers FC Issuer Default Ratings at D
------------------------------------------------------------
Fitch Ratings has downgraded New Zealand-based Hanover Finance
Limited's Long- and Short-term foreign currency Issuer Default
Ratings to 'D' from 'C', Individual rating to 'F' from 'E', and
simultaneously removed them from Rating Watch Negative.  At the
same time, Fitch has affirmed HFL's Support rating at '5' and
the Support Rating Floor at 'NF'.

A Long-term foreign currency IDR of 'D' indicates that HFL has
defaulted on its financial obligations.

This rating action reflects confirmation from HFL management
that it failed to meet financial obligations by 5pm on Friday 25
July 2008 (the end of the applicable grace period), which
resulted in an event of default as defined in its debenture
trust deed.

Furthermore, the company has suspended all future payments of
interest and principal repayments with effect from Wednesday 23
July 2008, and intends to propose a restructuring plan to its
trustee and its investors in a bid to allow itself time to work
through its problems "in an orderly way" and to "realize value
from all borrowers".

Prior to the recent downgrades, Fitch had assigned a Long-term
foreign currency IDR of 'BB+' which it defines as 'Speculative'.
HFL's ratings reflected its small size and exposure to
relatively high-risk property development loans in New Zealand
and, to a lesser extent, Australia.


STATS CHIPPAC: Ng Tiong Gee Tenders Resignation
-----------------------------------------------
In a disclosure with the Singapore Stock Exchange, STATS ChipPAC
Ltd. said that Ng Tiong Gee has tendered his resignation as the
company's Chief Information Officer and Senior Vice President of
Human Resources.  Mr. Ng will pursue other career opportunities.

"Tiong Gee has made significant contributions to our company
over the years.  It has truly been a pleasure to work with Tiong
Gee and we appreciate the important contributions he has made to
our company.  I would like to personally thank him for his
dedication and wish him every success in his future endeavors,"
said STATS ChipPAC's President and Chief Executive Officer.

Justin Lim will be appointed as Chief Information Officer.  Tan
Lay Koon continued, "Justin has been with our company since 2001
and I am confident that with his 25 years of IT experience in
the semiconductor industry, and his intimate familiarity with
our business requirements, Justin is well qualified to lead our
IT organization worldwide to the next level of leadership."

                     About STATS ChipPAC Ltd.

Headquartered in Singapore, STATS ChipPAC Ltd. --
http://www.statschippac.com.-- is a service provider of  
semiconductor packaging design, assembly, test and distribution
solutions in diverse end market applications including
communications, digital consumer and computing.  With global
headquarters in Singapore, STATS ChipPAC has design, research
and development, manufacturing or customer support offices in
ten different countries.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on  
June 24, 2008, Standard & Poor's Ratings Services assigned its
'BB+' issue rating to the proposed issue of medium-term
benchmark-sized senior unsecured notes by STATS ChipPAC Ltd.  
(BB+/Stable/--).



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

QUANTA COMPUTER: Turns Cautious on Laptop PC Demand
---------------------------------------------------
Quanta Computer Inc. turned cautious on laptop PC demand for the
second half of the year due to a global economic slowdown, Baker
Li of Reuters reports, citing Economic Daily News.

According to the report, Quanta Computer Inc. Vice Chairman C.C.
Leung had expressed concerns over the laptop market if the
global economy deteriorates.

However, Reuters says, Quanta's shipment target of a 15% rise in
the third quarter from the second quarter remained unchanged and
Quanta still expects to ship 40 million units this year.

Headquartered in Taoyuan, Taiwan, Quanta Computer Inc. --
http://www.quantatw.com/-- is principally engaged in the  
manufacture, research, development and sale of laptop computers
and components.  The company offers laptops, cellular
telephones, liquid crystal display televisions, servers, LCD
monitors, computer peripherals, computer components, wireless
local area network (WLAN) bridges and communications products.
It serves overseas markets, predominantly the Americas, Asia and
Europe.

                          *     *     *

The company continues to carry Fitch Ratings's BB long-term
foreign currency issuer default rating.


QUANTA COMPUTER: Bags Budget-PC Orders from Sony Corp
------------------------------------------------------
Quanta Computer Inc. has secured contracts for 10-inch budget
personal computers from Sony Corp, XFN-ASIA News reports, citing
the Commercial Times.

Sony laptops, the report relates, will adopt the C7-M
microprocessor from VIA Technologies Inc and liquid crystal
display panels from AU Optronics Corp.

The PCs will be launched in the fourth quarter.

Headquartered in Taoyuan, Taiwan, Quanta Computer Inc. --
http://www.quantatw.com/-- is principally engaged in the  
manufacture, research, development and sale of laptop computers
and components.  The company offers laptops, cellular
telephones, liquid crystal display televisions, servers, LCD
monitors, computer peripherals, computer components, wireless
local area network (WLAN) bridges and communications products.
It serves overseas markets, predominantly the Americas, Asia and
Europe.

                          *     *     *

The company continues to carry Fitch Ratings's BB long-term
foreign currency issuer default rating.


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

* Asia Remains Resilient Amidst US & European Woes, S&P Reports
---------------------------------------------------------------
To date, Asia has largely avoided the doom and gloom enveloping
its counterparts in the United States and, increasingly, Europe,
said an article published by Standard & Poor's Ratings Services.  
The article, which is titled "Asia Credit Comment: Can It Stay
Above The Fray? (Premium)" says that macroeconomic fundamentals
in the region still appear sound, and although pressure is
undoubtedly increasing in light of global frailties, there
appear to be no major threats to macroeconomic stability.  
Exports continue to be resilient, in part benefiting from
reduced dependence on the U.S. compared with a decade ago.  In
addition, regional domestic demand is accelerating -- notably in
large markets such as China and India -- and the region's net
creditor profile and cumulative foreign reserve position are
peerless.
      
"However, the outlook for regional credit markets is not
cloudless," said head of S&P's Global Fixed Income Research
Group, Diane Vazza.  "It would be inappropriate to gloss over
the emerging risks."  Even though Asia will continue to benefit
from higher economic growth rates vis-a-vis its global
counterparts, regional credit markets face headwinds from
domestic and external factors.  These include:

   -- Inflationary concerns.
   -- Unfavorable interest rate dynamics.
   -- Financial exposure.
   -- Rising import bill.
     
Indeed, evidence from S&P's proprietary ratings-based indicators
suggests that the negative tone in regional corporate credit
quality is slightly more elevated in comparison with prior
quarters, even though it is still below the levels observed in
the U.S. or Europe.





                         *********

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

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

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


                            *********


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

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





                 *** End of Transmission ***