TCRAP_Public/080811.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Monday, August 11, 2008, Vol. 11, No. 156

                            Headlines

A U S T R A L I A

A.W. & C. DAY: To Declare Dividend on August 28
AGE OLD: To Declare Dividend on August 22
BEWICK HOLDINGS: To Declare Dividend on August 21
BILL EXPRESS: 7-Eleven Eyes Buying Part of Company's Business
CATROW PTY: Members' Final Meeting Set for August 12

CEMEX SAB: To Sell 16 Australian Pipe Manufacturing Facilities
CONTAINER DEVELOPMENTS: Members' Final Meeting Set for August 12
DRYBURGH DOHERTY: Placed Under Voluntary Liquidation
FULSON PTY: To Declare Dividend on August 29
KALLENA BOND: Members and Creditors to Meet on August 12

LANE COVE: S&P Cuts Underlying Rating on AU$1.14BB Bonds to B-
MERCHANT PACIFIC: Members and Creditors to Meet on August 12
ROSEBUD KITCHENS: To Declare Dividend on August 22


C H I N A

CHINA EASTERN: Has No Immediate Plans to Restart Singapore Talks
GREENTOWN CHINA: Sells CNY3BB Worth of Properties in 10 Days


H O N G K O N G

CONDO CURTIN: Creditors' Proofs of Debt Due on August 11
DOUBLE C.: Subject to Chu Kit Tsee's Wind-Up Petition
EVER LINKAGE: Wind-Up Petition Hearing Set for September 3
GROUP CORN: Wind-Up Petition Hearing Set for September 3
INCORPORATED OWNERS: Court to Hear Wind-Up Petition on August 27

LINK CONCEPT: Wind-Up Petition Hearing Set for August 27
SANE LAW: Wind-Up Petition Hearing Set for September 17
TOP EASE: Appoints Jacqueline Walsh as Liquidator
WINSON HANDTAPS: Court to Hear Wind-Up Petition on August 27
WINSON TRADING: Wind-Up Petition Hearing Set for August 27


I N D I A

BINANI ZINC: CARE Rates Long-Term Facilities at “BB+”
LANCO ENERGY: CRISIL Rates Rs. 24000 Mil. Long Term Loan at BB+
* CRISIL: Mobile Market to Benefit Virtual Network Operators


J A P A N

MITSHUBISHI MOTORS: JCR Affirms BB- Senior Debts Rating
SOJITZ CORP: To Open Two New Branches in India
* JAPAN: Corporate Bankruptcies Up 23.6% in July


M A L A Y S I A

NIKKO ELECTRONICS: T.T.A. Demands MYR118,900 Payment for Goods
PANGLOBAL: Insurance Business Transfer to TMIM Approved by BNM
UBG BERHAD: SC Approves PPB and Loh&Loh Offers
* MALAYSIA: MARC Forecasts Inflation Rate at 5.8% in 2008


N E W  Z E A L A N D

ACTION REOFIX: Commences Liquidation Proceedings
AMERICAN CONNECT: Commences Liquidation Proceedings
BAKERSFIELD PROPERTY: Commences Liquidation Proceedings
BRIDGECORP: Court Declares Founder Bankrupt
CANTERBURY FISH: Commences Liquidation Proceedings

JAYING CONSTRUCTION: High Court Appoints Liquidators
KADAN INVESTMENTS: Liquidators Set Aug. 22 as Claims Bar Date
MAKETXT.COM LTD: Commences Liquidation Proceedings
MANAWATU SECURITY: Commences Liquidation Proceedings
NORTH CITY: Commences Liquidation Proceedings

PROPERTYFINANCE: Late Filing Prompts NZX to Suspend Trading
URBAN REFORM: Commences Liquidation Proceedings


P H I L I P P I N E S

GEOGRACE: Inks Agreement to Explore Gold Property in Negros
PICOP RESOURCES: Atty. Mamauag Resigns from Board of Directors
UNITED PARAGON: Discloses Terms of Corporate Restructuring
UNITED PARAGON: Unveils Shareholders' Increase in Capital Stock


S I N G A P O R E

CYMBIS FINANCE: Fitch Cuts Issuer Default Rating to 'D'


                         - - - - -


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

A.W. & C. DAY: To Declare Dividend on August 28
-----------------------------------------------
A.W. & C. Day Contractors Pty Ltd will declare dividend on Aug.
28, 2008.

Only creditors who were able to file their proofs of claim by
July 29, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          I. C. Francis
          Taylor Woodings
          Chartered Accountants
          Level 6, 30 The Esplanade
          Perth WA 6000
          Australia


AGE OLD: To Declare Dividend on August 22
-----------------------------------------
Age Old Builders Pty Ltd will declare dividend on Aug. 22, 2008.

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

The company's liquidator is:

          Brooke Bird Insolvency Practitioners
          471 Riversdale Road
          Hawthorn East VIC 3123
          Australia
          Telephone: (03) 9882 6666
          Facsimile: (03) 9882 8855


BEWICK HOLDINGS: To Declare Dividend on August 21
-------------------------------------------------
Bewick Holdings Pty Ltd will declare dividend on Aug. 21, 2008.

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

The company's liquidator is:

          K. E. Judge
          Judge Constable
          67 Burswood Road
          Burswood WA 6100
          Australia
          Telephone (08) 9470 4100


BILL EXPRESS: 7-Eleven Eyes Buying Part of Company's Business
-------------------------------------------------------------
7-Eleven Stores Pty Ltd is looking at acquiring part of Bill
Express electronic payments network, various reports say.

According to Mark Hawthorne of the Age, 7-Eleven is eyeing two
parts of the Bill Express business — selling pre-paid mobile
phone and international call vouchers, and the electronic
processing of bills.

"As a company, we had existing plans to expand into electronic
payment processing, which we see as a tremendous growth area.
We see the Bill Express network as an opportunity to enter into
that business," 7-Eleven chief financial officer Andrew Manning
was quoted by the Age as saying.

However, the Age says, the stumbling block is the disputed
ownership of the Bill Express system, terminals and intellectual
property.

The Age relates that six finance companies, including National
Australia Bank and Bank of Queensland, are claiming ownership of
Bill Express' terminals and none can identify which of the
14,000 terminals are theirs.

According to the Age, Bill Express' listed holding company, On Q
Group, which is also in administration, claims a perpetual
income stream from Bill Express for using its intellectual
property.

Meanwhile, the Age relates, TB Group, a private company that
subcontracted work from Bill Express and is also in
administration, claims ownership of servers, software and
equipment that form the bill payment company's electronic
network.

Despite the convoluted ownership structure, and having to deal
with three teams of administrators, 7-Eleven says it will be in
a position to make a final decision on the Bill Express purchase
by the end of this month, the Age adds.

                        About 7-Eleven

7-Eleven Stores Pty Ltd -- http://www.7eleven.com.au/--
operates chain of convenience stores in Australia.  The
company’s products include beverages, frozen refreshments,
fountain and energy drinks, nutritional and diet drinks, hot
dogs, packaged soft drinks, juices and tea, bottled water, baked
goods, deli items, brewed coffee, dairy products, wine, and
beer.  It has stores in Victoria, New South Wales, and
Queensland. 7-Eleven Stores Pty, Ltd. was founded in 1976 and is
based in Mount Waverley, Australia.

                     About Bill Express

Bill Express Ltd. (ASX:BXP) -- http://www.billexpressltd.com/--
is engaged in the management and development of an electronic
distribution system for pre-paid products and services across in
excess of 14,000 locations around Australia, automated ordering,
delivery and inventory control for pre-paid services including
mobile, landline and Internet services.  It also processes
payments for bills and services, including bills that are
presented for payment to its outlets across Australia.  The
company has an in-store media, which is a network that promotes
Bill Express Limited's and other products at the point of sale
and in-store aisles.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 10, 2008, Bill Express went into administration with
AU$180 million in debts after a subsidiary of Saudi-based Al
Othman Group withdrew its proposal for the recapitalization and
restructuring of the company.  The proposal was to include a
substantial capital injection and new bank guarantees combined
with a restructuring of the existing liabilities of the company.
In addition, the Board and management of the company were to be
substantially restructured.

The company then initiated talks with its financiers and major
suppliers, whom it has standstill agreements until Aug. 22,
2008.  The suppliers and financiers indicated that they are not
willing to continue the standstill arrangements or otherwise
support the company's continued trading.


CATROW PTY: Members' Final Meeting Set for August 12
----------------------------------------------------
Samuel Charles Davies and Theodora Alice Eszenyi, Catrow Pty
Ltd's state liquidator, will meet with the company's members at
10:00 a.m. on Aug. 12, 2008, to provide them with property
disposal and winding-up reports.

The liquidators can be reached at:

          Samuel Charles Davies
          Theodora Alice Eszenyi
          McGrathNicol
          Level 13, 99 Gawler Place
          Adelaide SA 5000
          Austraia
          Telephone:  +61 8 8468 3700
          Website: www.mcgrathnicol.com


CEMEX SAB: To Sell 16 Australian Pipe Manufacturing Facilities
--------------------------------------------------------------
CEMEX, S.A.B. de C.V. disclosed that it is exploring the sale of
certain assets in Australia.  The proceeds from the potential
asset sale will be used for debt reduction.

The assets being considered for sale operate under the Humes
brand name and consist of 16 concrete pipes and products
manufacturing facilities located throughout Australia.  Humes
sold over 580,000 tonnes of product in 2007, generating revenues
of approximately AU$255 million (US$234 million).

CEMEX said it has mandated Merrill Lynch as its financial
advisor in connection with the sales process.

Headquartered in Mexico, CEMEX S.A.B. de C.V. --
http://www.cemex.com/-- is a growing global building solutions
company that provides high quality products and reliable service
to customers and communities in more than 50 countries
throughout the world, including Argentina, Colombia and
Venezuela.  Commemorating its 100th anniversary in 2006, CEMEX
has a rich history of improving the well-being of those it
serves through its efforts to pursue innovative industry
solutions and efficiency advancements and to promote a
sustainable future.

                        *     *     *

On May 30, 2005, Moody's Investors Service revised the
ratings outlook on Cemex S.A. de C.V.'s Ba1 ratings to positive
from stable.  Ratings affected include the company's Ba1 ratings
on approximately US$110 million in senior unsecured Euro notes
and its senior implied rating.


CONTAINER DEVELOPMENTS: Members' Final Meeting Set for August 12
----------------------------------------------------------------
Christopher James Fawcett, Container Developments Pty Ltd's
state liquidator, will meet with the company's members at
10:00 a.m. on Aug. 12, 2008, to provide them with property
disposal and winding-up reports.

The meeting will be at 445 Raymond Street in Sale, Victoria.


DRYBURGH DOHERTY: Placed Under Voluntary Liquidation
----------------------------------------------------
Dryburgh Doherty Pty Ltd.'s members agreed on June 25, 2008, to
voluntarily liquidate the company's business.  David Raj
Vasudevan and Andrew Reginald Yeo were appointed to facilitate
the sale of its assets.

The liquidators can be reached at:

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


FULSON PTY: To Declare Dividend on August 29
--------------------------------------------
Fulson Pty Ltd fka Fluid Nightclub will declare dividend on Aug.
29, 2008.

Only creditors who were able to file their proofs of claim by
Aug. 5, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Ian Jessup
          Jessup & Partners
          1st Floor, 488 Mulgrave Road
          Earlville QLD 4870
          Australia


KALLENA BOND: Members and Creditors to Meet on August 12
--------------------------------------------------------
Kallena Bond Pty Ltd will hold a joint meeting for its members
and creditors at 10:00 a.m. on Aug. 12, 2008.  During the
meeting, the company's liquidator, Rod Slattery, will provide
the attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

          Rod Slattery
          PPB Chartered Accountants
          Level 10, 90 Collins Street
          Melbourne VIC 3000
          Australia


LANE COVE: S&P Cuts Underlying Rating on AU$1.14BB Bonds to B-
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its Standard &
Poor's underlying rating (SPUR) on the AU$1.14 billion senior
secured bonds issued by Lane Cove Tunnel Finance Co. Pty Ltd. to
'B-', from 'BB-'.  The SPUR remains on CreditWatch with negative
implications, where it was initially placed on May 1, 2008.
This follows S&P's concerns of increased pressure on the
company's project liquidity, driven by systemic underperformance
of the Lane Cove toll road and the increased administrative and
funding costs incurred.  The 'AA/Watch Neg/--' insured rating on
Lane Cove is unchanged, reflecting the fact that bondholders
continue to have the benefit of bond insurance provided by MBIA
Insurance Corp. (MBIA; AA/Watch Neg/--).

"Based on the toll road's current financial performance, unless
recapitalized, we believe that the project will default some
time over the next 10-to-16 months," S&P's credit analyst Philip
Grundy said.  "The timing of default will depend on a number of
factors, in particular traffic performance over the intervening
period."

The 'B-' SPUR reflects the prospect that external support will
be available through recapitalization under a plan being
developed by Connector Motorways Pty Ltd., while the CreditWatch
reflects the importance of timing.  "We expect greater certainty
around the recapitalization program by late September 2008 and
implementation of the proposal by the end of the year," Mr.
Grundy said. "But because liquidity is being progressively
utilized, any delay in the progress of the proposal or any event
that affects liquidity support is likely to result in the rating
lowered further, possibly by more than one notch again.
Depending on the nature and degree of the recapitalization,
there may be some capacity to lift the SPUR once it is
implemented."

The obligors and MBIA have entered into a standstill agreement
that expires on Aug. 13, 2008. If the standstill is not
extended, MBIA, as the controlling party, may exercise its
rights under the project documents, which include step-in
rights.  S&P is aware that MBIA is working closely with the
stakeholders on a solution to the financial issues of Lane Cove,
and while the recapitalization plan is progressing, it would
expect that standstill agreement to be rolled or extended.


MERCHANT PACIFIC: Members and Creditors to Meet on August 12
------------------------------------------------------------
Merchant Pacific Pty Ltd will hold a joint meeting for its
members and creditors at 10:00 a.m. on Aug. 12, 2008.  During
the meeting, the company's liquidator, Rod Slattery, will
provide the attendees with property disposal and winding-up
reports.

The company's liquidator can be reached at:

          Rod Slattery
          PPB Chartered Accountants
          Level 10, 90 Collins Street
          Melbourne VIC 3000
          Australia


ROSEBUD KITCHENS: To Declare Dividend on August 22
--------------------------------------------------
Rosebud Kitchens Pty Ltd will declare dividend on Aug. 22, 2008.

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

The company's liquidator is:

          Dean R. Mcveigh
          Foremans Business Advisors (Southern) Pty Ltd
          Suite 8, 56-60 Bay Road
          Sandringham VIC 3191
          Australia



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

CHINA EASTERN: Has No Immediate Plans to Restart Singapore Talks
----------------------------------------------------------------
China Eastern Airlines Corp. said it had no immediate plans to
restart its stake-sale talks with Singapore Airlines Ltd., Irene
Shen of Bloomberg News reports.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 10, 2008, nearly 78% of China Eastern shareholders
disapproved a bid by Singapore Airlines and Temasek Holding Pte
Limited to buy a minority stake in China Eastern after rival Air
China and its parent, China National Aviation Corp., pledged a
higher offer.  However, on Feb. 25, China Eastern rejected Air
China's proposal and pledged to instead continue seeking another
strategic investor.

China Eastern Board Secretary Luo Zhuping told Bloomberg News
that "There's no timetable for resuming the talks now."

"We maintain a dialogue with China Eastern," Singapore Air
spokesman Stephen Forshaw was cited by Bloomberg News as saying.

                      About China Eastern

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

                          *     *     *

As of August 5, 2008, China Eastern continues to carry Fitch
Ratings' B+ foreign currency and local currency issuer default
ratings, and Xinhua Far East China Ratings' BB+ issuer credit
rating with a stable outlook.


GREENTOWN CHINA: Sells CNY3BB Worth of Properties in 10 Days
------------------------------------------------------------
Greentown China Holdings has sold CNY3 billion worth of
properties in 10 days,  The China Perspective News reports.

Sales of 118 apartments in the Lucheng Plaza project,  the
report relates, contributed 60%, or CNY2.3 billion, to the
total.

According to the report, the remaining CNY70 million was
collected from a project in Hangzhou and a project in Qingdao.

Combined with its first half turnover of CNY7.29 billion, sales
over the ten days has taken Greentown to half of its year-round
sales target of CNY20 billion, the report says.

The report adds that the company's sales volume is expected to
surge 54% next year.

                     About Greentown China

Greentown China Holdings Limited is a residential property
developer in China.  The company has operations in Shanghai,
Beijing and other selected cities across the country, including
Hefei in Anhui Province, Changsha in Hunan Province and Urumqi
in Xinjiang Uygur Autonomous Region.  It develops residential
properties targeting middle- to higher-income residents in
China. The company has three main product series: villas, which
are typically independent houses with one or two storeys; low-
rise apartment buildings, which are typically 3 to 5 storeys,
and high-rise apartment buildings, which are typically higher
than six storeys.  Many of its residential developments are
integrated residential complexes, which typically have a total
site area over 150,000 square meters, and offer a combination of
different product series with ancillary facilities, such as
clubhouses, kindergartens and grocery stores.

                          *     *     *

The TCR-AP reported on May 9, 2008, that Moody's Investors
Service changed to negative from stable its outlook for
Greentown China Holdings Ltd's (Greentown) Ba3 corporate family
rating and senior unsecured bond rating.

On Dec. 5, 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Greentown China Holdings
Ltd. to 'BB-' from 'BB'.  The outlook is stable.  At the same
time, Standard & Poor's lowered the long-term debt ratings on
the company's US$400 million senior unsecured notes and its
CNY2.31 billion convertible notes to 'BB-' from 'BB'.



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

CONDO CURTIN: Creditors' Proofs of Debt Due on August 11
--------------------------------------------------------
The creditors of Condo Curtin Wall Company Limited requires its
creditors to file their proofs of debt by August 11, 2008, to be
included in the company's dividend distribution.

The company's liquidators are:

          Desmond Chung Seng Chiong
          Roderick John Sutton
          c/o Ferrier Hodgson Limited
          Hong Kong Club Building, 14th Floor
          3A Chater Road
          Hong Kong


DOUBLE C.: Subject to Chu Kit Tsee's Wind-Up Petition
-----------------------------------------------------
On July 18, 2008, Chiu Kit See filed a petition to have Double
C. Limited's operations wound up.

The High Court of Hong Kong will hear the petition on August 20,
2008, at 9:30 a.m.

Chiu Kit See's solicitors are:

          Messrs. Leung Kin & Co.
          Hang Seng Yuen Long Building
          6th Floor & 9th Building
          Nos. 91-93 Castle Peak Road
          Yuen Long, New Territories
          Hong Kong


EVER LINKAGE: Wind-Up Petition Hearing Set for September 3
----------------------------------------------------------
The High Court of Hong Kong will hear on September 3, 2008, at
9:30 a.m., a petition to have Ever Linkage Logistics Limited's
operations wound up.

GLS Logistics (Hong Kong) Limited filed the petition against the
company on June 27, 2008.

GLS Logistics' solicitors are:

          V. Hau & Chow
          702 Aon China Building
          29 Queen's Road Central
          Hong Kong


GROUP CORN: Wind-Up Petition Hearing Set for September 3
--------------------------------------------------------
A petition to have Group Corn Limited's operations wound up will
be heard before the High Court of Hong Kong on September 3,
2008, at 9:30 a.m.

Hui Po Thai filed the petition against the company on June 27,
2008.

Hui Po Thai's solicitors are:

          George Y.C. Mok & Co.
          Yuen Long Trade Centre, 5th Floor
          99-100 Castle Peak Road
          Yuen Long, New Territories
          Hong Kong


INCORPORATED OWNERS: Court to Hear Wind-Up Petition on August 27
----------------------------------------------------------------
The High Court of Hong Kong will hear on August 27, 2008, at
9:30 a.m., a petition to have The Incorporated Owners of Kai Tak
Mansion's operations wound up.

The petition was filed by Po Fat Construction Co. Ltd. on
June 17, 2008.

Po Fat's solicitors are:

          Y.C. Lee, Pang, Kwok & Ip
          Wing On House, 2803
          71 Des Voeux Road Central
          Hong Kong


LINK CONCEPT: Wind-Up Petition Hearing Set for August 27
--------------------------------------------------------
The High Court of Hong Kong will hear on August 27, 2008, at
9:30 a.m., a petition to have Link Concept Technology Limited's
operations wound up.

Koninklijke Philips Electronics N.V. filed the petition against
the company on June 20, 2008.

Koninklijke's solicitors are:

          Baker & McKenzie
          Hutchison House, 14th Floor
          Hong Kong


SANE LAW: 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 Sane Law Company Limited's
operations wound up.

The petition was filed by Bank of China (Hong Kong) Limited on
July 10, 2008.

Bank of China's solicitors are:

           Arthur K.H. Chan & Co.
           United Centre, Unit C1, 15th Floor
           No. 95 Queensway
           Hong Kong


TOP EASE: Appoints Jacqueline Walsh as Liquidator
-------------------------------------------------
On May 23, 2008, G Jacqueline Fangonil Walsh was appointed
liquidator of Top Ease Limited.

The Liquidator can be reached at:

          G Jacqueline Fangonil Walsh
          Admiralty Centre
          1401, Level 14, Tower 1
          18 Harcourt Road
          Admiralty, Hong Kong


WINSON HANDTAPS: Court to Hear Wind-Up Petition on August 27
------------------------------------------------------------
A petition to have Winson Handtaps Company Limited's operations
wound up will be heard before the High Court of Hong Kong on
August 27, 2008, at 9:30 a.m.

Yeung Shu Kin filed the petition against the company on June 19,
2008.

Yeung Shu's solicitors are:

          K.C. Ho & Fong
          Yeung Shu Kin
          Henley Building, 18th Floor
          No. 5 Queen's Road Central
          Hong Kong


WINSON TRADING: Wind-Up Petition Hearing Set for August 27
----------------------------------------------------------
The High Court of Hong Kong will hear on August 27, 2007, at
9:30 a.m., a petition to have Winson Trading (H.K.) Company
Limited's operations wound up.

Yeung Shu Kin filed the petition against the company on June 19,
2008.

Yeung Shu's solicitors are:

          K.C. Ho & Fong
          Yeung Shu Kin
          Henley Building, 18th Floor
          No. 5 Queen's Road Central
          Hong Kong



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

BINANI ZINC: CARE Rates Long-Term Facilities at “BB+”
-----------------------------------------------------
CARE assigned ‘CARE BB+’ (Double B Plus) rating to the long-term
facilities of Binani Zinc Ltd (BZL).  This rating is applicable
for facilities having a tenure of more than one year.
Instruments with this rating are considered to offer inadequate
safety for timely servicing of debt obligations.  Such
instruments carry high credit risk.

Also, CARE has assigned ‘PR 4’ (PR Four) rating to the short-
term bank facilities of BZL.  This rating is applicable for
facilities having a tenure up to one year. 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 are assigned to the short-term and long-term bank
facilities of BZL
aggregating Rs. 202.07 crore.

The ratings derive strength from four decades of experience of
the promoters in the
business, current favourable scenario of zinc industry backed by
positive outlook for the steel sector and forward integration of
the company into value added zinc alloy manufacturing.

The ratings are, however, constrained by absence of captive
sources of key cost
components-zinc and power, fluctuating sales and profitability
margins due to volatile nature of the zinc industry, significant
contingent liabilities compared to net worth as at the end of
FY07 and past debt servicing record.

Achieving financial closure for and subsequent successful
commissioning of the mining project for sourcing of raw material
is the key rating sensitivity.

Binani Zinc Limited (BZL), formerly a division of Binani
Industries Ltd (BIL) and in operation since 1967, was hived off
into a separate company pursuant to a Scheme of Arrangement with
effect from April 1, 2002.  Mr. Braj Binani, promoter and
Chairman of BZL, is instrumental in the expansion of the group’s
zinc smelter capacity and its modernization.

In December 2003, the holding company, Binani Industries Limited
(BIL), entered into Corporate Debt Restructuring (CDR), as a
result of which some of BIL’s and group companies’ loans were
transferred to BZL by October 1, 2004.  By FY07,
BZL repaid all the CDR-related debts that had been transferred
to its books.

BZL manufactures zinc at Binanipuram, Kerala, with an installed
capacity of 38,000
tonnes per annum (TPA).  The company also produces 53,063 TPA of
Sulphuric Acid and
80.29 TPA of Cadmium as by products.  In FY07 the company took a
step forward and
diversified into the value-added activity of alloy
manufacturing, to improve margins.  BZL also entered into 50:50
joint venture with Mazak International Ltd, UK, for marketing of
its zinc alloy products.

BZL does not have access to captive sources of key cost
constituents, viz. zinc
concentrate and power.  Given the volatility in zinc concentrate
prices and rising power costs, this puts BZL at a relatively
disadvantageous position.

BZL is in the process of setting up mining facilities at three
locations. Accordingly the company has formed a Joint Venture
named RBG Minerals Industries Ltd with Gujarat and Rajasthan
Government for development of three mines viz. Ambaji in Gujarat
and Deri & Basantgarh in Rajasthan. RSMML (Rajasthan State Mines
and Minerals Ltd) and GMDC (Gujarat Mining Development
Corporation) would have 10% and 25% stake respectively in RBG
Minerals. Mining lease has been granted for Basantgarh and the
Mining lease execution for Deri is expected to be done shortly.
The company is yet to tie up funds for the projects.

Sales have been range-bound during FY04-FY07.  Sales more than
trebled in FY07 vis-àvis FY06 since capacity utilization in FY06
had been adversely impacted by a shutdown of the plant for 131
days.  PBILDT grew at a CAGR of 83% during FY04-FY07. BZL has
not undergone any major capital expansions over the period under
consideration.  Hence the gearing levels are moderate.  The
company defaulted in FY06 on its dues to two banks as its L/Cs
got devolved.  The contingent liability of the company in FY07
is substantial at Rs.29.70 crore compared to net worth of Rs.79
crore.  Contingent liability is primarily on account of disputed
electricity tariff.

During the nine months ended Dec 07 net sales decreased to
Rs.351 crore, a decline of 30% with respect to corresponding
previous period due to reduced zinc prices. PBDILT margin
accordingly dipped to 4.9% compared to 10.3% in the previous
corresponding period.  The company’s hedging policy enabled it
to gain Rs.37 crore, stemming losses related to zinc prices, to
an extent.


LANCO ENERGY: CRISIL Rates Rs. 24000 Mil. Long Term Loan at BB+
---------------------------------------------------------------
CRISIL has assigned its bank loan rating of ‘BB+/Stable’ to the
bank facility of Lanco Energy Pvt Ltd (LEPL).

  Rs. 24000 Million Long Term Loan  BB+/Stable(Assigned)

The rating reflects LEPL’s exposure to project risks on account
of the large scale and long commissioning period involved, weak
financial risk profile and risks relating to hydrology, single-
site concentration and weak counterparty, with Maharashtra State
Electricity Distribution Company Ltd (MSEDCL) being its sole
off-taker.  These weaknesses are, however, partly offset by the
support that LEPL receives from its parent, Lanco Infratech Ltd
(LITL), and the long-term, fixed-price nature of its power
purchase agreement (PPA) with MSEDCL, coupled with free water
supply, which lend stability to LEPL’s revenue profile.

Outlook:Stable

The outlook reflects the significant project risk involved in
the 500 megawatt (MW) hydroelectric (hydel) project, Teesta VI
that LEPL is currently in the process of commissioning.  The
outlook may be revised to ‘Positive’ if LEPL commissions the
project on time, and without additional debt funding.
Conversely, the outlook may be revised to ‘Negative’ if there is
significant delay in plant commissioning, or if LEPL takes on
more debt to fund cost overruns of the project, if any.

                          About LEPL

LEPL was incorporated in 2000.  The company is in the process of
commissioning a 500-MW (4X125 MW) hydel project, Teesta VI, on
the Teesta River in Sikkim.  The plant is likely to be
commissioned in 2012-13 (refers to financial year, April 1 to
March 31).  The project, which is expected to cost Rs.30
billion, is to be funded in a debt-to-equity ratio of 80:20; the
debt component has already been tied up. LEPL has entered into a
25-year PPA with MSEDCL for sale of electricity at the rate of
Rs.2.32 per unit.


* CRISIL: Mobile Market to Benefit Virtual Network Operators
------------------------------------------------------------
The Telecom Regulatory Authority of India (TRAI) has recommended
the entry of Mobile Virtual Network Operators (MVNOs) in the
Indian mobile services market. Although very few mobile
operators currently have surplus capacity to lease to MVNOs,
CRISIL Research believes that the Indian mobile services market
is moving towards one that will be conducive for the entry of
MVNOs.

CRISIL Research expects some mobile operators to have
significant excess capacity available on their networks after
the new 2G licensees begin operations and the rollout of 3G
networks.  The availability of excess capacity, lack of service
differentiation across operators, and implementation of Mobile
Number Portability would make the market conducive for MVNO
entry over the medium-term.

According to Mr. Manoj Mohta, Head, CRISIL Research, “Although
the market is growing rapidly, we do not believe there is space
for so many operators.  Some operators feeling the pinch of
declining ARPUs (Average Revenue Per User) and high competition
would look at aligning with MVNOs to increase their network
utilisation and alleviate financial pressures.”

Elaborating on the number of MVNOs that are likely to enter the
market if the government approves TRAI’s recommendation, Mr.
Mohta stated, “It would vary across circles, depending upon the
size of the potential market, number of operators present, and
quantum of 3G spectrum auctioned.  For example, in circles such
as Mumbai and Delhi where only 2-3 blocks of 3G spectrum are
slated to be auctioned, the likelihood of MVNOs entering is low
if large existing operators manage to bag the 3G spectrum
auctioned. On the other hand, if any of the new licensees get 3G
spectrum, the possibility of MVNOs entering would be higher.”

The potential size of the MVNO market, CRISIL Research believes,
would depend significantly on the nature of mobile operators
that manage to obtain 3G spectrum. If the new licensees bag a
large chunk of available spectrum, the size of opportunity for
MVNOs is expected to be large.  On the other hand, if large
existing operators obtain 3G spectrum, the opportunity for MVNOs
would be commensurately lower.



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

MITSHUBISHI MOTORS: JCR Affirms BB- Senior Debts Rating
-------------------------------------------------------
JCR has affirmed the BB/Stable, J-3 and BB- ratings on senior
debts, CP program and Euro Medium Term Note Programme of the
issuer, respectively.

CP:
Maximum: Y250 billion
Backup Line: 0%

Issuers:

-- Mitsubishi Motors Corporation,
-- Mitsubishi Motors Credit of America, Inc.
-- MMC International Finance (Netherlands) B.V.

Program: Euro Medium Term Note Programme
Maximum: equivalent of US$4 billion
Maturities: 1 month - 30 years
Note: Keep Well Agreement was entered into between each of the
subsidiaries and the parent company.

Mitsubishi Motors Corporation has been establishing its
financial framework in which the company can generate a positive
net income by implementation of measures listed in the
Mitsubishi Motors Revitalization Plan under the support of the
Mitsubishi Group and its financial structure has become stable.

Although its excess production capacity in the US, Australia and
Europe under the global production system was one of the issues,
as the company has closed plants in Australia and is planning to
shift production of global strategic models for the European
market to plants in the Netherlands, JCR considers that they
will bring certain effects to the company financially.

The company is making efforts to shrink losses by improvement in
a line-up of its products and integrating and merging widespread
domestic sales companies, aiming at a turnaround in operating
earnings by FY 2010 in its domestic business.  Although the
Company is trying to maintain capacity utilization rates in the
North America business by exporting vehicles to areas outside
the region in addition to a reduction of fixed costs due to the
impairment accounting treatment for the fixed assets, there is a
concern about additional posting of impairment losses in the
slowing economy.  Scope of the business alliance with the PSA
Peugeot Citroen group is expanding into the OEM supply of SUVs,
a joint venture with respect to production of vehicles in Russia
and a collaboration in the field of electric vehicles, and JCR
considers that such relationship will be a factor to strengthen
the competitiveness of the company.

JCR considers that the company can maintain an appropriate level
of earnings power hereafter and will watch further optimization
of its production system, progress in sales of electric vehicles
and exit strategies for preferred shares.

Mitsubishi Motors Corporation-- http://www.mitsubishi-
motors.co.jp  -- is a Japan-based automobile manufacturer.  The
company, along with its subsidiaries and associated companies,
is engaged in the development, production, purchase, sale,
import and export of general and small-sized passenger vehicles,
mini-vehicles, sport utility vehicles, vans, trucks and
automobile parts, as well as industrial machines.  It is also
engaged in the checking and maintenance of new vehicles, as well
as the provision of automobile sales financing and leasing
services.

As of March 31, 2008, the company had 54 subsidiaries and 21
associated companies located in both domestic and overseas
markets.


SOJITZ CORP: To Open Two New Branches in India
----------------------------------------------
Sojitz Corp will open two new branches in India late this month,
Steel Guru News reports, citing Jiji Press.

Sojitz Corp, the report relates, hopes that the new branches,
one in Kolkata and the other in Chennai, will boost its presence
in the fast growing emerging economy.  It has already branches
in Delhi and Mumbai.  In addition, it opened a representative
office in Pune, the report says.

The report recounts that Sojitz opened an Indian unit in 2005,
so far focusing on automobiles, machinery, telecommunications
and chemical products.  The company sees growth potentials in
such sectors as steel, distribution and food, the report adds.

Headquartered in Tokyo, Japan, Sojitz Corporation --
http://www.sojitz.com/en/index.html-- is a trading company with
eight offices across the U.S.  Sojitz operates in approximately
50 countries around the world through roughly 500 subsidiaries
and affiliated companies.  Sojitz's business activities are
wide-ranging, from machinery and aerospace to textiles and food.

                        *     *     *

Sojitz Corporation still carries Makuni Credit Ratings' "B"
Mortage Debt Rating and "B" Senior Debt Rating.


* JAPAN: Corporate Bankruptcies Up 23.6% in July
------------------------------------------------
The number of corporate bankruptcies in Japan in July grew 23.6%
from a year before to 1,131, the highest since April 2005, Jiji
press reports, citing Teikoku Databank Ltd.

The research agency, the report relates, said the total amount
of debts left by the failed firms jumped 109.0% to JPY640,232
million, up for the fourth straight month.

According to the report, Tokyo Shoko Research Ltd., another
private credit research firm, separately said the number of
corporate bankruptcies in the same month increased 12.9% to
1,372, topping 1,350 for the first time since October 2003.
Liabilities surged 90.2% to JPY665,333 million, the fourth
straight rise, the report says.

Jiji Press adds that both surveys covered bankruptcies involving
debts of JPY10 million or more, but Teikoku Data covered only
court-administered cases.



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

NIKKO ELECTRONICS: T.T.A. Demands MYR118,900 Payment for Goods
--------------------------------------------------------------
Nikko Electronics Bhd. disclosed that it has been served a
Summons dated from Cheong Wai Meng & Van Buerle, Advocates and
Solicitors acting for T.T.A. Polymers (M) Sdn Bhd claiming
MYR118,900.00 purportedly being monies due and owing to T.T.A.
Polymers for the supply of products.

The company is seeking the necessary legal advice to resolve and
defend against this matter.

Previous reports by the Troubled Company Reporter-Asia Pacific
stated that the company has also received summons from
Wictronics Sdn Bhd and Cepco Electronics (M) Sdn Bhd asking for
the payments of goods delivered to the company.

The company's board of directors believe that the company is
unable to pay all its outstanding debts in full within 12 months
from June 30, 2008.

                            About Nikko

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.


PANGLOBAL: Insurance Business Transfer to TMIM Approved by BNM
--------------------------------------------------------------
PanGlobal Berhad (PGI) said in its regulatory filing with the
Kuala Lumpur Stock Exchange that Bank Negara Malaysia (BNM)
approved the:

   * scheme of transfer of the company's general insurance
     business to Tokio Marine Insurans (Malaysia) Berhad (TMIM)
     pursuant to Section 130 of the Insurance Act 1996;

   * publication of the notice in The Star and Utusan Malaysia
     of PGI's intention to apply to the Court for confirmation
     of the Scheme pursuant to Section 131(1) of the Act;

   * an exemption to PGI from having to comply with Section
     131(2) of the Act subject to the condition that a copy of
     the notice and summary of the Scheme is displayed at each
     of PGI's branch offices and PGI's website for a period of
     30 days from the date of the publication of the notice.  A
     copy of the Scheme is also to be made available at each of
     PGI's branch offices to enable any policy owner or a member
     of the public to examine the Scheme, pursuant to Section
     131(3) of the Act;

   * appointment of Encik Jun Hemmi as a director of PGI
     following the execution of the Business Portfolio Transfer
     Agreement pursuant to Section 70(1) of the Act; and

   * acquisition of all of the branch offices of PGI by TMIM and
     the relocation of the ten existing branches of PGI pursuant
     to Section 36(2) of the Act (except Petaling Jaya branch
     office) to Butterworth, Sungai Petani, Setiawan, Kajang,
     Port Dickson, Muar, Kluang, Segamat, Mersing and Lahad
     Datu, subject to TMIM:

   (a) relocating the branches indicated above within two years
       from the effective date of the business transfer; and

   (b) informing BNM on the dates of the relocation of each
       branch not less than two weeks prior to the relocation of
       the branches.

The approval by BNM is subject to TMIM complying with the margin
of solvency requirement under Section 46(1) of the Act.

Headquartered in Kuala Lumpur, Malaysia, PanGlobal Berhad --
http://home.panglobal.com.my/-- is engaged in underwriting all
classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.

PanGlobal is listed under Practice Note 4/2001.  The Bursa
Malaysia Securities has required the company to regularize its
financial condition, curb huge losses and settle debts in order
to continue operating.  The company has already submitted a
Proposed Restructuring Scheme to the Securities Commission on
Sept. 9, 2005.  On April 6, 2006, the Securities Commission
approved PanGlobal Berhad's proposed restructuring scheme for
implementation.


UBG BERHAD: SC Approves PPB and Loh&Loh Offers
----------------------------------------------
UBG Berhad disclosed that the Equity Compliance Unit of the
Securities Commission (SC), via its letter dated August 6, 2008,
approved the:

   * Conditional take-over offer by Aminvestment Bank Berhad on
     behalf of UBG to acquire all the remaining ordinary shares
     of MYR0.50 each in Putrajaya Perdana Berhad (PPB)
     (including PPB shares that may be issued pursuant to the
     exercise of PPB's existing employees' share option scheme
     (ESOS) options) which are not already held by UBG for a
     cash consideration of MYR4.85 per share (PPB offer); and

   * conditional take-over offer by Aminvestment Bank Berhad on
     behalf of UBG to acquire all the remaining 42,459,569
     ordinary shares of MYR1.00 each in Loh & Loh Corporation
     Berhad (Loh&Loh) which are not already held by UBG for a
     cash consideration of MYR4.85 per share (Loh&Loh Offer)

The approval is subject to:

   -- AmInvestment Bank to submit the list of acceptances and
      the effective equity structures of PPB and Loh&Loh before
      and after the take-over offers, wherein additional equity
      conditions may be imposed on PPB and Loh&Loh;

   -- AmInvestment Bank/UBG to inform the SC upon completion of
      the take-over offers; and

   -- UBG to comply with the equity condition imposed by the SC
      via its letter dated May 22, 2008, in relation to UBG's
      regularization scheme; i.e. UBG should increase its
      Bumiputera equity by 3.44% (or 21,000,000 shares) of the
      new enlarged issued and paid-up share capital of UBG
      within two years from the date of implementation of the
      proposed regularisation scheme.  The shares to be offered
      to Bumiputera investors for the purpose of complying with
      the condition should be approved by the Ministry Of
      International Trade And Industry.

The SC has also granted its consent to the contents of the offer
documents in relation to the PPB Offer and the Loh&Loh Offer.

Formerly known as Utama Banking Group Berhad, UBG Berhad's
principal activities are banking and related financial services.
Other activities include investment holding and provision of
nominees services.  Operations of the Group are carried out in
Malaysia.

                          *     *     *

The company is classified under Amended Practice Note 17 of the
Bursa Malaysia Securities Bhd's Listing Requirements after it
completed the disposal of its entire investment in Rashid
Hussain Berhad, leaving UBG with no significant business
operations.


* MALAYSIA: MARC Forecasts Inflation Rate at 5.8% in 2008
---------------------------------------------------------
Following a sustained increase in global and regional inflation
as well as a spike in June's consumer price index (CPI) in
Malaysia due to a significant removal in fuel subsidy that
triggered a 41% and 63% hike in petrol and diesel prices
respectively, MARC foresees higher average inflation rate of
5.8% in 2008, up from its previous estimate of a 5%.

Sharp increases in the sub-indices of transport and food &
non-alcoholic beverages by 19.6% and 10% on a year-on-year basis
are expected to persist in the remaining part of the year as the
impact of rising cost of food and fuel continues to filter
through the economy.

While the CPI has risen by an average rate of 3.7% in the
1H2008, the index is expected to climb at a faster pace of 7.9%
in the 2H2008, giving an average of 5.8% for the whole year.
The two major sub-indices which will likely put upward pressures
on the overall CPI in the near term are food & non-alcoholic
beverages and transport.

Due to higher-than-expected inflation in Malaysia and in the
region as well as major developed countries in recent months,
MARC sees an increasing risk of higher Overnight Policy Rate
(OPR) despite maintaining its expectation of a 3.5% rate for the
rest of the year at this juncture.  The caveat, however, lies in
the details of the second quarter GDP growth statistics.  Should
the economy continue to post a higher-than-expected growth which
would lead to a continuous rise in capacity utilization of the
manufacturing sector as well as emergence of demand-pull factors
in the economy, a monetary policy response is expected in the
near future.



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

ACTION REOFIX: Commences Liquidation Proceedings
------------------------------------------------
The High Court at Auckland convened a hearing on Aug. 1, 2008,
to consider an application putting Action Reofix Limited into
liquidation.

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

The plaintiffs' address for service is at:

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

Michael Kinlim Yan is the plaintiff's solicitor.


AMERICAN CONNECT: Commences Liquidation Proceedings
---------------------------------------------------
The High Court at Auckland convened a hearing on July 30, 2008,
to consider an application putting  American Connect Ltd into
liquidation.

The application was filed on April 15, 2008, by Margot Shona
Mirbach.

The plaintiffs' address for service is at:

          Gilbert Walker
          Level 35
          Vero Centre
          48 Shortland Street
          Auckland

Stephen Hunter is the plaintiff's solicitor.


BAKERSFIELD PROPERTY: Commences Liquidation Proceedings
-------------------------------------------------------
The High Court at Auckland convened a hearing on Aug. 1, 2008,
to consider an application putting  Bakersfield Property Limited
into liquidation.

The application was filed on April 23, 2008, by the Commissioner
of Inland Revenue.

The plaintiffs' address for service is at:

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

Michael Kinlim Yan is the plaintiff's solicitor.


BRIDGECORP: Court Declares Founder Bankrupt
-------------------------------------------
Justice Jeremy Doogue in the High Court at Auckland has declared
former Bridgecorp chief executive Rod Petricevic bankrupt,
ending two months of legal actions as Mr. Petricevic tried to
stave off bankruptcy proceedings, Maria Slade writes for The New
Zealand Herald.

As reported in the Troubled Company Reporter – Asia Pacific on
July 29, 2008, the Herald said that the company's receiver,
PricewaterhouseCoopers, begun bankruptcy proceedings against Mr.
Petricevic after it failed to collect NZ$661,000 -- the sum of
NZ$576,100 plus interest that Mr. Petricevic owes them for a
personal tax bill paid on his behalf in September 2006.

Bridgecorp's receivers, the Herald relates, are also pursuing
him for NZ$2.7 million in what they say are excessive earnings
paid between July 2004 and Bridgecorp's collapse on July 2 last
year.

According to the Herald, Mr. Petricevic also owes troubled
Hanover Finance NZ$4 million in relation to a loan Hanover made
to Bridgecorp, which he personally guaranteed.

Meanwhile, the Herald says, the office of the Official Assignee,
which is part of the government's Insolvency and Trustee
Service, now has control of Mr. Petricevic's affairs.

                     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.


CANTERBURY FISH: Commences Liquidation Proceedings
--------------------------------------------------
The High Court at Christchurch held a hearing on July 28, 2008,
to consider an application putting Canterbury Fish Contractors
Ltd into liquidation.

The application was filed on June 10, 2008, by  the Commissioner
of Inland Revenue.

The plaintiffs' address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          1st Floor Reception
          224 Cashel Street (PO Box 1782)
          Christchurch 8140
          Telephone: (03) 968 0807
          Facsimile: (03) 977 9853

Julie Newton is the plaintiff's solicitor.


JAYING CONSTRUCTION: High Court Appoints Liquidators
----------------------------------------------------
The High Court has appointed Stephen Mark Lawrence and
Anthony John McCullagh of Horwath Corporate (Auckland) Limited,
as liquidators of Jaying Construction Ltd.

Only Creditors who were able to file their proofs of debt by
Aug. 1, 2008, were included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

          Attn: Stephen Lawrence
          Horwath Corporate (Auckland) Limited
          PO Box 3678, Auckland 1140
          Telephone: (09) 306 7421
          Facsimile: (09) 302 0536


KADAN INVESTMENTS: Liquidators Set Aug. 22 as Claims Bar Date
-------------------------------------------------------------
Pursuant to Section 255(2) of the Companies Act 1993, the
shareholders of Kadan Investments Limited, appointed
James Stewart Murray, chartered accountant of Auckland as
liquidator on June 27, 2008.

Creditors are required to file their proofs of debt by Aug. 22,
2008, to be included in the company's dividend distribution.

The liquidator can be reached at:

          James Stewart Murray
          PO Box 46, Orewa
          Auckland 0946
          Telephone: (09) 426 8488
          Facsimile: (09) 426 8486


MAKETXT.COM LTD: Commences Liquidation Proceedings
--------------------------------------------------
The High Court at Christchurch convened a hearing on July 28,
2008, to consider an application putting Maketxt.com Ltd into
liquidation.

The application was filed on June 10, 2008, by  the Commissioner
of Inland Revenue.

The plaintiffs' address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          1st Floor Reception
          224 Cashel Street (PO Box 1782)
          Christchurch 8140
          Telephone: (03) 968 0807
          Facsimile: (03) 977 9853

Julie Newton is the plaintiff's solicitor.


MANAWATU SECURITY: Commences Liquidation Proceedings
----------------------------------------------------
The High Court at Palmerston North held a hearing on July 21,
2008, to consider an application putting  Manawatu Security
Services (2005) Ltd into liquidation.

The application was filed on June 11, 2008, by John Howard Ross
Fisk and Richard Agnew.

The plaintiffs' address for service is at:

          Credit Consultants Debt Services NZ Limited
          Level 3, 3-9 Church Street
          PO Box 213 or DX SX 10069
          Wellington
          Telephone: (04) 470 5972

Dianne S. Lester is the plaintiff's solicitor.


NORTH CITY: Commences Liquidation Proceedings
---------------------------------------------
The High Court at Auckland convened a hearing on July 30, 2008,
to consider an application putting  North City Joinery Limited
into liquidation.

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

The plaintiffs' address for service is at:

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

Michael Kinlim Yan is the plaintiff's solicitor.


PROPERTYFINANCE: Late Filing Prompts NZX to Suspend Trading
-----------------------------------------------------------
Propertyfinance Group Ltd shares were suspended Friday, Aug. 8,
after the company failed to file an annual report for the year
ending March 31, 2008, the National Business Review reports.

According to the report, the company had to have the report in
by July 30 and then had five more days to file.  It had advised
of a delay in finalizing the audit requirement of the report.

Propertyfinance, the report says, reported a NZ$6.7 million loss
for the March year, twice as bad as a preliminary report for the
period in April.

Propertyfinance explained that the deterioration from the April
report was due to the increase in its bad loan provisioning by
NZ$1.1 million on account of "current (property) market
conditions".

                  About Propertyfinance Group

Based in Christchurch, New Zealand (NZE:PFG) --
http://www.propertyfinance.co.nz/-- Propertyfinance Group
Limited is engaged in lending on first mortgage.  The Company is
also involved in property related financial services. Some of
the Company’s subsidiaries include Property Finance Securities
Limited, Property Finance Holdings Limited, Property Finance
Operations CM-2006 Ltd, Property Finance Operations LS-2005 Ltd,
Property Finance Operations RML-2005 Ltd, Property Finance
Operations CM-2005 Ltd, Property Finance Operations RM-2005 Ltd,
Avon Number One Investments Limited and Avon Indemnity Company
Limited.

                          *     *     *

Propertyfinance Group Limited reported two consecutive annual
net losses of NZ$134,000 and NZ$935,000 for the years ended
March 31, 2007 and 2006, respectively.

The company's primary subsidiary, Propertyfinance Securities
Limited (PFSL), went into receivership last August 2007, owing
about 4000 retail investors $79 million in debentures.  The
parent company managed to pull its subsidiary out of
receivership in February 2008.


URBAN REFORM: Commences Liquidation Proceedings
-----------------------------------------------
The High Court at Hamilton convened a hearing on July 28, 2008,
to consider an application putting Urban Reform Limited into
liquidation.

The application was filed on May 27, 2008, by  Zane Roderick
Edlin and Robert Craig Edlin.

The plaintiffs' address for service is at:

          Harris Tate
          29 Brown Street
          Tauranga

Ross Peter Harris is the plaintiff's solicitor.



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

GEOGRACE: Inks Agreement to Explore Gold Property in Negros
-----------------------------------------------------------
Geograce Resources Philippines, Inc. executed on August 6, 2008,
an Operating Agreement with Alfredo F. San Miguel, Jr.
Dolores Z. Hassall, Ma. Cristina Z. Cuenca, Ma. Trinidad Z. Tan,
Heirs of Jose Marino A Zayco, Heirs of Arturo A. Zayco, Jr. and
Josephine Marie Z. Lizares, to explore, develop and operate the
latter's gold and copper property represented by a Mineral
Production Sharing Aggrement (MPSA) denominated as MPSA-218-
2005-VII, which covers an area of approximately five hundred
five and 4626/10000 hectares (505.4626 has) situated at Ayungon,
Negros Oriental.

Headquartered in Makati City, Philippines, Geograce Resources --
fka Global Equities, Inc. -- was originally incorporated as La
Suerte Gold Mining Corporation on April 20, 1970, primarily to
engage in the exploration, exploitation, and development of
mineral resources; to purchase, lease and otherwise acquire
mining claims and concessions anywhere in the Philippines; and
to carry on the business of mining, extracting, smelting,
treating, and otherwise producing and dealing in metals and
minerals of all kinds including all its products and by-

                          *     *     *

According to Geograce Resources' independent auditor, Sycip
Gorres Velayo and Co., the company's previous real estate
operations were affected by the downturn in the real estate
industry resulting in continuous losses and inability to pay
maturing loans.  The auditor says that there exists a material
uncertainty about the company's ability to continue as a going
concern.  Geograce posted a net loss of PHP102,364,952 in the
fiscal year 2007.


PICOP RESOURCES: Atty. Mamauag Resigns from Board of Directors
--------------------------------------------------------------
During a special meeting held on August 5, 2008, Atty. Melissa
S. Mamauag tendered his resignation from Picop Resources Inc.'s
board of directors.   She resigned to give way for the Land Bank
of the Philippines nominee, Alex J. Macapagal who was elected as
her replacement.  Mr. Macapagal will serve the remainder of the
term of Atty. Mamauag.

At the same meeting, former Congressman Prospero Pichay, was
elected as Director and Chairman of the Board in replacement of
outgoing chairman Leonardo Siguion-Reyna, who resigned
effective July 31, 2008.

The updated composition of the seven-man board of PICOP
Resources, Inc. now composes of:

   * Prospero Pichay – Chairman;
   * Roberto A. Atendido - Vice Chairman;
   * Teodoro G. Bernardino;
   * Pedrito M. Aragon;
   * Ramon E. Montano - Independent Director;
   * Alex J. Macapagal - Land Bank Nominee; and
   * Pantaleon G. Dumlao - Independent Director

PICOP Resources Inc. was incorporated in 1952 as Bislig
Industries Inc.  It was renamed Paper Industries Corporation of
the Philippines in 1963 and to Picop Resources, Inc. in 1994.
The company was privatized in March 1994 through a public
bidding that covered 183.1 million shares representing 90% of
the government's stakes.  Since 1994, control of the company
changed hands three more times.  At present, the company is
under the control of TP Holdings, Inc.

The company has two wholly owned subsidiaries, namely New Paper
Industries Corporation and Hinatuan Forest Plantations, Inc.
The financial reports of these subsidiaries are consolidated
with the financial report of the parent company Picop Resources,
Inc.  NPIC was incorporated in the Philippines to buy and sell
pulp, paper, and paper boards of every kind and description, and
the supplies used in the manufacture of thereof.  In 2003, the
parent company and NPIC entered into a Deed of Exchange whereby
the parent company will transfer and unto NPIC all titles,
rights and interests to certain assets and equipment as payment
for the parent company's subscription to the latter's shares of
stock.  This resulted to parent company gaining control of NPIC
by owning 99% of the total voting stocks effective upon issuance
of the shares of stock.  Hinatuan, on the other hand, was formed
to engage in the production of plywood material sourced from its
plantation.  Hinatuan temporarily suspended operations in
January 1997 and management is currently evaluating the status
and prospects of the company.

                          *     *     *

PICOP Resources Inc. posted a net loss of PHP1.72 billion for
the year ending December 31, 2007, against PHP31.385 million
net loss for the year ending December 31, 2006.  For the years
ending 2005 and 2004, the company also incurred
PHP366.574 million and PHP237.609 million net losses,
respectively.


UNITED PARAGON: Discloses Terms of Corporate Restructuring
----------------------------------------------------------
United Paragon Mining Corporation disclosed with the Philippines
Stock Exchange the terms of its corporate restructuring.  The
capital re-structuring is being implemented in order to reduce
company deficit and bring its stockholders' equity from negative
to positive.

The company's re-structuring includes these changes in its
capital stock:

   * Decrease of the company's outstanding capital stock by 50%
     or Php460,477,615.50 million for the purpose of reducing
     its current deficit by reducing the par value of common and
     Preferred "A"shares from Php1.00 to Php0.50 and Preferred
     "B"shares from Php100.00 to Php50.00, and accordingly
     decrease of its authorized capital stock from
     Php1,903,500,000 to Php1,441,750,000;

   * decrease of the par value of common shares from Php0.50 per
     share to Php0.01 per share.  The total peso value of the
     common shares will not change, as there will be a
     proportionate increase in the number of shares
     corresponding to the decrease in the par value per share.
     For each common share with par value of Php0.50 per share,
     a stockholder will get 50 common shares with a par value of
     Php0.01 per share.

     The reason for the decrease of the par value per share of
     the company's common shares as mentioned is to increase
     their liquidity or market participation.  It will not
     affect the existing rights of the stockholders since with
     the resulting common shares with par value of the Php0.01
     per share, their percentage of equity interest in the
     company remain the same.  Likewise, the amount of
     stockholder's investment in the company will remain the
     same, except that a stockholder will have more shares for
     the same amount at a lower par value; and

   * increase of its authorized capital stock from
     Php1,441,750,000 (as decreased) to Php4 billion by
     converting Php2,179,420,355.30 worth of debts to
     217,942,035,530 common shares with a par value of Php0.01
     per share.

The new common shares issued out of the capital increase will be
registered and listed on the PSE subject to the approval of the
Listing Application of the company.

These procedures will be adopted for the replacement of old
stock certificates with the new ones bearing the new par value:


1.Old stock certificates will be replaced with new stock
2.certificates as the UPMC shares are traded or transacted through:
   -- Settlement of an over-the-counter trade;
   -- An upliftment request by an investor having position in
      the PCD;
   -- A direct transfer request; or
   -- other similar situation that would require cancellation of
      old stock certificates and issuance of replacements
      thereof:

   2) Stockholders who wish to replace their old stock
      certificates without trading them, without any change in
      the beneficial ownership thereof, may surrender their old
      certificates to the stock transfer agent of UPMC, as
      follows:

          Rizal Commercial Banking Corporation
          Stock Transfer Department
          Ground Floor, Grepalife Building
          No. 221 Sen. Gil Puyat Avenue,
          Makati City
          Attention: Mr. Felix T. Timonera
          Telephone: 892-1461;
          Facsimile: 892-3139

   3) Old stock certificates representing outstanding and issued
      UPMC shares shall continue to be valid and honored as
      evidence of ownership of the UPMC shares represented
      therein, subject yo adjustments in the number of shares on
      account of UPMC's decrease of capital stock and the new
      oar value per share.

   4) The new stock certificates will be available with the
      above mentioned stock transfer agent beginning
      September 30, 2008.

      The Adjusted Outstanding Shares (AOS) is computed as:

      Adjusted Outstanding Shares =
      Previous Outstanding Shares x Old Par/ New Par

Hence the Adjusted Issued and Outstanding Common Shares is equal
to 261,314,797,080 and the Adjusted Listed Common shares is
equal to 43,372,761,550.

United Paragon Mining Corporation (UPMC) is a Philippine
corporation whose main business is the exploration, development,
exploitation, recovery and sale of gold.  UPMC was the result of
a merger in 1989 between United Asia and Geothermal Resources
(UAR) and Abcar Paragon Mining Corporation, in which UAR became
the surviving corporation.  UAR was then renamed United Paragon
Mining Corporation in 1990.

UPMC's principal mining operation is the Longos Mine at
Paracale, Camarines Norte.  The company operated an open pit
area in the mine from August 1988 to June 1994, and by April
1994, UPM began the commercial operations of the underground
mine at the same site.  However, it was placed under care and
maintenance in December 1998 because of serious depletion of
economic reserves, high operating costs and low metal prices.
In November 2003, the company decided to suspend further
drilling in Longos.  There were no gold and silver recovered in
the years 2004 to 2006 since UPM's mining and milling operations
are still suspended.

Another prospective area for exploration of UPM is San Mauricio
located in Jose Panganiban.  The company has plans of continuing
exploration drilling in San Mauricio once the necessary
clearance from the Department of Environment and Natural
Resources (DENR) is secured.  UPMC is in the process of finding
a strategic partner/investor to help finance the amount required
for the rehabilitation and further development of Longos Mine.

                         *     *     *

Manabat Sanagustin & Co. expressed substantial doubt about
United Paragon's ability to continue as a going concern after
auditing the company's 2007 Annual Report.

The auditors cited that:

   * The company has suffered recurring losses from operations
     and as of December 31, 2007, has a negative working capital
     of Php2,598.3 million (2006-Php2,471.9 million), an
     accumulated deficit of Php2,426.8 million (2006-
     Php2,298.2 million) and a capital deficiency of
     Php1,539.9 million (2006-Php1,411.3 million), despite the
     capital restructuring made in 1999; and

   * The company's Board of Directors authorized the suspension
     of the Main Shaft rehabilitation and development in the
     last quarter of 1998 until appropriate financing for its
     further development becomes available.  Likewise, the
     underground Shaft 4 mining operations were discontinued to
     avoid further losses and to preserve the remaining reserves
     for future extraction from the Main Shaft at a profitable
     level and a retrenchment program for its employees was
     commenced.


UNITED PARAGON: Unveils Shareholders' Increase in Capital Stock
---------------------------------------------------------------
United Paragon Mining Corporation disclosed the
companies/entities that subscribed to the increase in the
company's authorized capital and paid their corresponding
subscriptions by way of assignment of receivables due from the
company.

Subscribed and Fully Paid Common Shares:

                                  No. of Shares
                                 (Par value: P0.01
Name of Subscriber   Nationality  per share)         Amount(PHP)
------------------   -----------  ----------------   -----------
Abacus Book and Card
  Corporation          Filipino   9,868,250,792    98,682,507.92
Alakor Corporation     Filipino  50,605,138,981   506,051,389.81
Anglo Philippine
  Holdings Corporation Filipino  66,954,873,395   669,548,733.95
Atlas Publishing Group
  of Companies, Inc.   Filipino     674,142,466     6,741,424.66
National Book
  Store, Inc.          Filipino  76,874,286,342   768,742,863.42
The Philodrill
  Corporation          Filipino   6,460,389,754    64,603,897.54
Vulcan Industrial
  & Mining Corporation Filipino   6,390,022,500    63,900,225.00
Edmundo M. Tolentino   Filipino     114,931,300     1,149,313.00
                                --------------- ----------------
Total:                          217,942,035,530 2,179,420,355.30

   Benefits expected to accrue to UPMC

The increase in authorized capital stock by way of conversion of
debts to equity will improve the stockholders' equity from a
negative balance of Php1.5 billion to a positive balance of
approximately Php700 million and improve significantly the
current and debt-to equity ratios.  Likewise, the company will
save an annual interest cost of approximately Php238 million due
to the conversion to equity of the interest bearing debts of
Php2,179,420,355.30.

   Change in ownership structure (before and after the
   issuance).

The top five stockholders before the issuance of additional
shares were:

Name of Stockholder           No. of Shares      % of Ownership
-------------------           --------------     --------------
PCD Nominee Corporation       15,709,741,300           36
National Book Store, Inc.     10,381,672,700           24
Lancaster Holdings Corp.       5,235,537,900           12
Alakor Corporation             4,980,248,300           11
Alakor Securities Corporation  1,689,444,800            4

The top five stockholders after the issuance of additional
shares are:

Name of Stockholder            No. of Shares     % of Ownership
-------------------            -------------     --------------
National Book Store, Inc.     87,255,959,042            33
Anglo Philippine Holdings
  Corp.                       66,954,873,395            26
Alakor Corporation            55,585,387,281            21
PCD Nominee Corporation       15,709,741,300             6
Abacus Book and Card
  Corporation                  9,868,250,792             4

United Paragon Mining Corporation (UPMC) is a Philippine
corporation whose main business is the exploration, development,
exploitation, recovery and sale of gold.  UPMC was the result of
a merger in 1989 between United Asia and Geothermal Resources
(UAR) and Abcar Paragon Mining Corporation, in which UAR became
the surviving corporation.  UAR was then renamed United Paragon
Mining Corporation in 1990.

UPMC's principal mining operation is the Longos Mine at
Paracale, Camarines Norte.  The company operated an open pit
area in the mine from August 1988 to June 1994, and by April
1994, UPM began the commercial operations of the underground
mine at the same site.  However, it was placed under care and
maintenance in December 1998 because of serious depletion of
economic reserves, high operating costs and low metal prices.
In November 2003, the company decided to suspend further
drilling in Longos.  There were no gold and silver recovered in
the years 2004 to 2006 since UPM's mining and milling operations
are still suspended.

Another prospective area for exploration of UPM is San Mauricio
located in Jose Panganiban.  The company has plans of continuing
exploration drilling in San Mauricio once the necessary
clearance from the Department of Environment and Natural
Resources (DENR) is secured.  UPMC is in the process of finding
a strategic partner/investor to help finance the amount required
for the rehabilitation and further development of Longos Mine.

                         *     *     *

Manabat Sanagustin & Co. expressed substantial doubt about
United Paragon's ability to continue as a going concern after
auditing the company's 2007 Annual Report.

The auditors cited that:

   * The company has suffered recurring losses from operations
     and as of December 31, 2007, has a negative working capital
     of Php2,598.3 million (2006-Php2,471.9 million), an
     accumulated deficit of Php2,426.8 million (2006-
     Php2,298.2 million) and a capital deficiency of
     Php1,539.9 million (2006-Php1,411.3 million), despite the
     capital restructuring made in 1999; and

   * The company's Board of Directors authorized the suspension
     of the Main Shaft rehabilitation and development in the
     last quarter of 1998 until appropriate financing for its
     further development becomes available.  Likewise, the
     underground Shaft 4 mining operations were discontinued to
     avoid further losses and to preserve the remaining reserves
     for future extraction from the Main Shaft at a profitable
     level and a retrenchment program for its employees was
     commenced.



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

CYMBIS FINANCE: Fitch Cuts Issuer Default Rating to 'D'
-------------------------------------------------------
Fitch Ratings has downgraded Cymbis Finance Australia Limited's
Long-term foreign currency Issuer Default Rating to 'D' from
'RD' (Restricted Default), Short-term foreign currency IDR to
'D' from 'C' and Individual to 'F' from 'D'.  At the same time,
Fitch has affirmed CFAL's Support rating at '5' and the Support
Rating Floor at 'NF'.

A Long-term foreign currency IDR of 'D' indicates that an entity
that has failed to meet its financial obligations.

This rating action reflects advice from CFAL that it has been
placed into receivership.

CFAL's ratings were placed on Restricted Default on 25 July
2008.


                         *********

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
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