TCRAP_Public/080814.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

           Thursday, August 14, 2008, Vol. 11, No. 161

                            Headlines

A U S T R A L I A

ABC LEARNING: Sells UK Business to Computershare for GBP90 Mil.
ALISCOURT PTY: Members and Creditors to Meet on August 15
BLOCKBUSTER INC: Posts US$41.9 Mil. Net Loss in Second Qtr 2008
CHS(4) PTY: Liquidators to Give Wind-Up Report on August 15
COATES FLEMINGTON: Member's Final Meeting Set for August 15

COATES FLEMINGTON NO. 2: Final Meeting Set for August 15
COUDERT BROTHERS: Panel Wants to Investigate 16 Former Partners
COUNTY & FEDERAL: Member's Final Meeting Slated for August 20
DD & T PTY: Liquidator to Give Wind-Up Report on August 20
D & M SHEETMETAL: Placed Under Voluntary Liquidation

I.F.S PTY: Liquidator to Present Wind-Up Report on August 20
KOBYBOYN PROPRIETARY: Member's Final Meeting Set for August 20
OCTAVIAR: Public Trustee of Queensland Voids Resignation Notice
ON CUE: Liquidators to Present Wind-Up Report on August 15
SHARNESS PTY: Members and Creditors to Meet on August 15

STEWART TERRACE: Liquidator to Give Wind-Up Report on August 25


C H I N A

CHINA EASTERN: Hikes Surcharge for Hong Kong & Taiwan Routes
CHINA SOUTHERN: Increases Surcharge for Hong Kong Route
CHINA SOUTHERN: Branch Makes Route & Flight Adjustments
LAS VEGAS From Home: Posts CDN$3.99MM Loss In FY Ended Dec. '07
MONITOR OIL: Files Chapter 11 Plan And Disclosure Statement

* CHINA: Growth in Clothing Exports Continues to Slow


H O N G K O N G

CONMAX INTERNATIONAL: Placed Under Voluntary Liquidation
HONG KONG FRANKLIN: Commences Liquidation Proceedings
LUEN KEE: Creditors' Proofs of Debt Due on
MAU LAM: Placed Under Voluntary Liquidation
MITSUI & CO: Placed Under Voluntary Liquidation

NEOMAX TRADING: Members to Hear Wind-Up Report on September 10
O & A LIMITED: Requires Creditors to Claims by August 31
ORGANISATION SEARCH: Commences Liquidation Proceedings
PAC-FUNG: Members' Final Meeting Slated for September 9
TAILOR PLUS: Members' Final Meeting Slated for September 5


I N D I A

TATA STEEL: Cote d'Ivoire Unit Sets Up Office at Abidjan
TATA STEEL: Inks JV Pact to Set Up Steel Complex in Vietnam
* CRISIL: RBI Rules Have Minimimal Impact on NBFCs-ND-SI Ratings
* INDIA: Economic Growth Projection for 08/09 Cools Down to 7.7%


I N D O N E S I A

BANK MANDIRI: To Extend IDR4 Trillion Loan to Semen Gresik
GLOBAL STEELWORKS: Ispat to Absorb Losses, May Register Profit


J A P A N

SKYLARK CO: Dismisses President at Major Shareholders' Request
* JAPAN: In Brink of Recession as Economy Contracts 2.4%
* JAPAN: Three Major Heavy Machinery Makers Post Low Earnings


N E W  Z E A L A N D

A & K BUILDING: Shareholders Appointed Managh as Liquidator
BLUE CHIP: Three Related Firms Owe Bridgecorp NZ$13.8 Million
BOTRY-ZEN: Shareholders to Vote on Capital Raising Proposal
CHEEKY MONKEYS: Shareholders Appointed Liquidators
KOPUKU FARMS: Commences Liquidation Proceedings

MIKE DOW: Shareholders Appointed Liquidators
PNZ LIMITED: High Court Appoints Managh as Liquidator
POSTIE PLUS: Sells 13 Arbuckle Stores, Discloses Trading Loss
RED PEPPER: Shareholders Appointed Liquidators
SOUTHERN CROSS: Shareholders Appointed Liquidators

STEELWORKS MANA: Shareholders Appointed Liquidators
TSD LIMITED: Commences Liquidation Proceedings
WESCOTT HOLDINGS: Petterson Appointed as Liquidator
* NEW ZEALAND: New System Set for Insolvency Practitioners


P H I L I P P I N E S

LIBERTY TELECOMS: Again Violated Rehabilitation Law, Says RCBC
* PHILIPPINES: Nets US$725MM Foreign Investments for First-Half
* PHILIPPINES: Profits of Listed Firms Drop 4.3% to Php67B in Q1


S I N G A P O R E

ATTOGENIX BIOSYSTEMS: Creditors' Proofs of Debt Due on Sept. 1
ORION'S BELT: Court Enters Wind-Up Order
TISCO INTERNATIONAL: Creditors' Proofs of Debt Due on Sept. 1
TTR TECHNOLOGIES: Creditors' Proofs of Debt Due on August 15


                         - - - - -


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

ABC LEARNING: Sells UK Business to Computershare for GBP90 Mil.
---------------------------------------------------------------
ABC Learning Centres Ltd said that it has agreed the principal
terms for the sale of Busy Bees Childcare Vouches Limited, its
UK voucher business, for GBP90 million to Computershare Limited,
the ASX listed provider of share and related services.

Eddy Groves, ABC's CEO, said "The sale price reflects the strong
growth of the voucher business since our 2006 acquisition and
will be a positive outcome for shareholders.  Completion of this
transaction will allow management to increase the focus on the
Australian/New Zealand childcare business.  The opportunities
for improvement in this key market are significant."

ABC said that proceeds from the transaction will be used to
reduce debt under the company's syndicated bank facility
agreement.  It is anticipated that the profit from the sale will
be in line with previous guidance.  The transaction is expected
to close on or before September 1, 2008/

The company has previously advised that it is also considering
its UK nurseries business as well as its UK property assets.
The sale process for these assets is ongoing.

                       About Computershare

Computershare Limited (ASX:CPU) --
http://www.computershare.com.au -- is engaged in the business
of Investor Services, Plan Services, Communication Services
(formerly Document Services), Shareholder Relationship
Management Services, Technology Services and Corporate Services.
The Investor Services operations comprise the provision of
registry and related services.  The Plan Services operations
comprise the provision and management of employee share and
option plans.  The Communication Services operations comprise
laser imaging, intelligent mailing, scanning and electronic
delivery. The Shareholder Relationship Management Services Group
provides investor analysis, investor communication and
management information services to companies.  Technology
Services include the provision of software specializing in share
registry and stock markets.  Corporate Services include trust
services and acting as trustee for clients' debt offerings in
certain markets.  In May 2008, the company acquired the
remaining interest in QM Technologies Limited.


                      About ABC Learning

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

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

                          *     *     *

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


ALISCOURT PTY: Members and Creditors to Meet on August 15
---------------------------------------------------------
Aliscourt Pty Ltd will hold a final meeting for its members and
creditors at 10:00 a.m. on Aug. 15, 2008.  During the meeting,
the company's liquidator, R. L. Duggan, will provide the
attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

          R. L. Duggan
          Ferrier Hodgson
          GPO Box 4114
          Sydney NSW 2001
          Australia


BLOCKBUSTER INC: Posts US$41.9 Mil. Net Loss in Second Qtr 2008
-------------------------------------------------------------
Blockbuster Inc. reported financial results for the second
quarter ended July 6, 2008.  Total revenues for the second
quarter of 2008 increased 3.3%, or US$41.3 million, to US$1.30
billion, as compared to the second quarter of 2007.  Net loss
for the second quarter of 2008 was US$41.9 million, as compared
with a net loss of US$31.4 million for the second quarter of
2007, which included an US$81.3 million gain on asset sale.

Net income improved US$70.8 million year-over-year, excluding
the prior year gain on asset sale.  Adjusted net loss for the
second quarter of 2008 totaled US$36.1 million, a significant
improvement as compared with adjusted net loss of US$96.5
million for the second quarter of 2007.

Adjusted EBITDA for the second quarter of 2008 improved
US$58.2 million to US$28.2 million, reflecting the positive
impact of the company's strategic initiatives, including the
increased availability of top new movies, improved store
merchandising, more effective pricing and a lower cost
structure.

"Our second quarter results mark Blockbuster's fourth
consecutive quarter of improved same-store sales," Jim Keyes,
Blockbuster Chairman and CEO, said.  "We are especially pleased
with the 14.2% increase in domestic same-store revenues, which
includes a 6.5% increase in rental revenues.  Also, we are
launching our movie downloading service, Movielink(R), on
blockbuster.com, giving customers the ability to rent, buy and
download thousands of movies online.  Our achievement of these
strategic milestones underscores that our efforts to transform
Blockbuster into a multi-channel provider of entertainment are
working and are contributing to our improved financial results."

Total revenues for the second quarter of 2008 increased 3.3%, or
US$41.3 million, to US$1.30 billion, as compared to the second
quarter of last year primarily reflecting a 54.4% growth in
domestic merchandise revenues driven by a significant increase
in game sales.

Domestic same-store revenues increased 14.2% as compared to the
second quarter of 2007, driven by a 6.5% growth in same-store
rental revenues and a 69.2% increase in same-store merchandise
sales demonstrating the underlying strength of company's
emerging retail business.  International same-store revenues
remained essentially flat as compared to the same period last
year, reflecting a 6.0% increase in same-store merchandise
sales, offset by a 4.3% decline in same-store rental revenues.
Worldwide same-store revenues grew 9.0% from the same period
last year.

Gross profit for the second quarter of 2008 increased
US$20.4 million to US$655.2 million as compared to the second
quarter of 2007 and gross margin remained essentially flat at
50.2%.  General and administrative expenses for the period
declined US$17.3 million as a result of a smaller company-
operated store base and the company's ongoing cost reduction
actions.  Advertising expense for the second quarter of 2008
totaled US$31.9 million as compared to US$54.8 million for the
second quarter of 2007.

Cash flow used for operating activities increased US$23.1
million to US$63.4 million for the second quarter of 2008 from
cash used of US$40.3 million for the second quarter of 2007.
Free cash flow (net cash flow used for operating activities less
capital expenditures) decreased US$24.3 million to a negative
US$84.1 million for the second quarter of 2008 from a negative
US$59.8 million for the second quarter of 2007.  Both changes
were primarily the result of changes in working capital pursuant
to the company's investment in additional game hardware,
software and accessories for all domestic stores during the
second quarter of 2008.

                   About Blockbuster Inc.

Based in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- is a leading global
provider of in-home movie and game entertainment, with over
7,800 stores throughout the Americas, Europe, Asia and
Australia.  The company maintains operations in Brazil, Mexico,
Denmark, Italy, Taiwan, and Australia.

At Jan. 6, 2008, the company's total debt, including capital
lease obligations was US$757.8 million compared with US$984.2
million in Dec. 31, 2006.

                          *     *     *

In December 2007, Fitch Ratings affirmed Blockbuster Inc.'s
long-term Issuer Default Rating at 'CCC' and the senior
subordinated notes at 'CC/RR6'.  The rating outlook is stable.


CHS(4) PTY: Liquidators to Give Wind-Up Report on August 15
-----------------------------------------------------------
Keiran William Hutchison and John Raymond Gibbons, CHS (3) Pty
Ltd's state liquidators, will meet with the company's members on
Aug. 15, 2008, to provide them with property disposal and
winding-up reports.

The liquidators can be reached at:

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


COATES FLEMINGTON: Member's Final Meeting Set for August 15
-----------------------------------------------------------
Keiran William Hutchison and John Raymond Gibbons,
Coates Flemington No. 1 Pty Ltd's state liquidators, will
meet with the company's members on Aug. 15, 2008, to provide
them with property disposal and winding-up reports.

The liquidators can be reached at:

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


COATES FLEMINGTON NO. 2: Final Meeting Set for August 15
--------------------------------------------------------
Keiran William Hutchison and John Raymond Gibbons, Coates
Flemington No. 2 Pty Ltd's state liquidators, will meet with the
company's members on Aug. 15, 2008, to provide them with
property disposal and winding-up reports.

The liquidators can be reached at:

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


COUDERT BROTHERS: Panel Wants to Investigate 16 Former Partners
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in the chapter 11
case of Coudert Brothers LLP asks the United States Bankruptcy
Court for the Southern District of New York for permission to
probe 16 former partners of Coudert Brothers for alleged breach
of fiduciary duties, Bloomberg News reports.

According to Bloomberg, the Debtor's partners decided out of a
March 2008 agreement, which gave certain attorneys legal
protection in turn for financial contribution to the Debtor's
reorganization.

The Committee's assertion did not contain specific allegations,
the report says.  The Committee is seeking documents related to
the Debtor's case including documents that were transfered from
the Debtor to the former partners' new law firm, the report
relates.

Accordingly, former partners of the Debtors will be called to
testify as part of the investigation, the report says.

As the Debtor liquidated its assets in 2005, nine of the 16
former partners transfered to DLA Piper LLP and the remaining
went to Dechert LLP, the report notes.

                      About Coudert Brothers

Coudert Brothers LLP was an international law firm specializing
in complex cross-border transactions and dispute resolution.
The firm had operations in Australia and China.  The Debtor
filed for Chapter 11 protection on Sept. 22, 2006 (Bankr.
S.D.N.Y. Case No. 06-12226).  John E. Jureller, Jr., Esq., and
Tracy L. Klestadt, Esq., at Klestadt & Winters, LLP, represent
the Debtor in its restructuring efforts.  The U.S. Trustee for
Region 2 appointed five creditors to serve on an Official
Committee of Unsecured Creditors.  Brian F. Moore, Esq., and
David J. Adler, Esq., at McCarter & English, LLP, represent the
Official Committee of Unsecured Creditors.

In its schedules of assets and debts, Coudert listed total
assets of US$29,968,033 and total debts of US$18,261,380.


COUNTY & FEDERAL: Member's Final Meeting Slated for August 20
-------------------------------------------------------------
S. B. Humphrys, County & Federal Holdings Limited's state
liquidator, will meet with the company's members on Aug. 20,
2008, at 10:10 a.m. to provide them with property disposal and
winding-up reports.

The meeting will be held at Level 7, 20 Hunter Street in Sydney.


DD & T PTY: Liquidator to Give Wind-Up Report on August 20
----------------------------------------------------------
Daren Colin Cardow, DD & T Pty Ltd's state liquidator, will meet
with the company's members on Aug. 20, 2008,  at 10:00 a.m. to
provide them with property disposal and winding-up reports.

The liquidator can be reached at:

          Daren Colin Cardow
          Suite 2
          47-51 Sixth Avenue
          Maroochydore Qld 4558
          Australia


D & M SHEETMETAL: Placed Under Voluntary Liquidation
----------------------------------------------------
D & M Sheetmetal (NSW) Pty. Ltd.'s members agreed on June 30,
2008, to voluntarily liquidate the company's business.
S. J. Hundy and E. M. Senatore were appointed to facilitate the
sale of its assets.

The liquidators can be reached at:

          SBR Insolvency + Reconstruction
          Level 7, 28 University Avenue
          Canberra ACT 2601
          Australia


I.F.S PTY: Liquidator to Present Wind-Up Report on August 20
------------------------------------------------------------
I.F.S Pty Ltd will convene a final meeting for its members and
creditors at 11:00 a.m. on Aug. 20, 2008.  During the meeting,
the company's liquidator, Gerald T. Collins, will provide the
attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

          Gerald T. Collins
          PKF Chartered Accountants & Business Advisers
          Level 6, 10 Eagle Street
          Brisbane QLD 4000
          Australia


KOBYBOYN PROPRIETARY: Member's Final Meeting Set for August 20
--------------------------------------------------------------
S. B. Humphrys, Kobyboyn Proprietary Limited's state liquidator,
will meet with the company's members on Aug. 20, 2008, at 10:00
a.m. to provide them with property disposal and winding-up
reports.

The meeting will be held at Level 7, 20 Hunter Street in Sydney.


OCTAVIAR: Public Trustee of Queensland Voids Resignation Notice
---------------------------------------------------------------
Octaviar Limited disclosed in a regulatory filing that on
Aug. 1, 2008, solicitors for the Public Trustee of Queensland
wrote to Octaviar Investment Notes Limited stating that the
Public Trustee of Queensland no longer intended to resign as
trustee of the listed notes, and withdrew its resignation notice
of the year before.

Octaviar Investment does not accept that it is open to the
Public Trustee of Queensland to withdraw its resignation notice
in that way.

As reported in the Troubled Company Reporter-Asia Pacific on
July 28, 2008, Octaviar disclosed that PTQ had resigned as
trustee last year, however, the PTQ has continued in that role
pending the appointment of a suitable replacement.  A suitable
replacement had been identified in January 2008, however, the
change in trustee did not occur at that time.

The PTQ advised the company that it did not wish to act as
trustee if a proposal along the lines suggested by the
company was implemented.  Given this advice the company has
organized for a subsidiary of Trust Company Limited to act as
trustee.  It was a Trust Company Limited subsidiary which was to
have become the trustee in January.  This matter was also
brought to the attention of the court on July 24, 2008.  It is
anticipated that Trust Company Fiduciary Services Limited will
become the trustee in the next few days.

Octaviar has called a meeting of Noteholders on Sept. 3, 2008,
at 2:00 p.m.  The meeting will be held at the Queens Ballroom,
Level 5, Hilton Hotel, 190 Elizabeth Street in Brisbane.

The resolutions to be considered at the meeting are:

   1. That Noteholders agree to implement the proposal
      put to them in the Offer Booklet of July 17, 2008,
      thereby amending the terms of the notes.

   2. That Noteholders direct the Trustee to further
      adjourn the application to wind up Octaviar Limited
      and other group companies listed for hearing on
      September 9 & 10, 2008.

   3. That the Public Trustee of Queensland be removed
      as trustee of the notes and that Trust Company
      Fiduciary Services Limited be appointed in its
      place, together with consequential changes to the
      trust deed.

                   Extension of Time for Offer

The company confirms that the closing deadline for the
acceptance of voting forms in relation to the offer of July 17
regarding the change in the terms of the notes has been amended
and that at the request of Noteholders the revised deadline is
on Aug. 29, 2008, at 4:00 p.m.

Octaviar said that Bondholders have sought an extension of the
original Aug. 11 deadline and the company has agreed with them
that the timetable will be consistent with that set for the
holders of the listed notes.

The responsible entity of Premium Income Fund has advised that
the cash offer is likely to be accepted, subject to the
acceptance by other creditors of offers put to them.

Octaviar also added that it has sought a meeting this week with
Officers of the ATO to fully explain the offer being made.

                       Payout Offer

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2008, Octaviar Limited said that it has forwarded a
proposal to the holders of listed notes under which the terms of
issue of those notes would be amended allowing for either an
immediate cash payment to cancel the notes or Noteholders
continuing to hold the notes until June 2011 and enjoy the
benefits of security over the Group's available assets.

According to the company, should the proposal proceed it is
expected that 200 smaller Noteholders will receive AU$100 pre
note held, being the full face value.

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

   - the holders of the unlisted bonds;

   - the Australian Taxation Office; and

   - the Responsible Entity of the Premium Income Fund.

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

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

                     About Octaviar Limited

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


ON CUE: Liquidators to Present Wind-Up Report on August 15
----------------------------------------------------------
On Cue Corporation Pty Ltd will convene a final meeting for its
members and creditors at 10:45 a.m. on Aug. 15, 2008.  During
the meeting, the company's liquidator, R. L. Duggan, will
provide the attendees with property disposal and winding-up
reports.

The company's liquidator can be reached at:

          R. L. Duggan
          Ferrier Hodgson
          GPO Box 4114
          Sydney NSW 2001
          Australia


SHARNESS PTY: Members and Creditors to Meet on August 15
--------------------------------------------------------
Sharness Pty Ltd will hold a final meeting for its members and
creditors at 11:00 a.m. on Aug. 15, 2008.  During the meeting,
the company's liquidator, R. L. Duggan, will provide the
attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

          R. L. Duggan
          Ferrier Hodgson
          GPO Box 4114
          Sydney NSW 2001
          Australia


STEWART TERRACE: Liquidator to Give Wind-Up Report on August 25
---------------------------------------------------------------
Peter David Kane, Stewart Terrace Investments Pty Ltd's state
liquidator, will meet with the company's members on Aug. 25,
2008,  at 10:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Peter David Kane
          Schuh & Company Pty Ltd
          58-62 Mary Street Gympie



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

CHINA EASTERN: Hikes Surcharge for Hong Kong & Taiwan Routes
------------------------------------------------------------
China Eastern Airlines Corporation Limited has increased its
surcharges for the routes from mainland China to Hong Kong and
Taiwan, China Hospitality News reports.

From August 1, the report relates, the airline increased the
surcharge of a single flight from mainland China to Hong Kong
from the original CNY154 to CNY175, while that for roundtrip
flight was up from CNY308 to CNY350.

According to the report, for the flight from Hong Kong to
mainland China, the surcharges went up from the original HK$171
of a single trip and HK$342 for roundtrip to HK$231 and HK$462
respectively.

The surcharge for a single flight from mainland China to Taiwan
was up from CNY175 to CNY225, the report says.

                    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.


CHINA SOUTHERN: Increases Surcharge for Hong Kong Route
-------------------------------------------------------
China Southern Airlines has increased its surcharges for the
routes from mainland China to Hong Kong and Taiwan, China
Hospitality News reports.

From August 6, the report relates, the airline increased the
surcharge of a single flight from mainland China to Hong Kong
from the original CNY154 to CNY175, while that for roundtrip
flight was up from CNY308 to CNY350.

According to the report, from August 1, the airline increased
the surcharge on the Shanghai-Taipei route to CNY225 for a
single flight and CNY450 for roundtrip.

The report says that an insurance surcharge will be also added
on this route.

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2008, Fitch Ratings affirmed China Southern Airlines
Co. Ltd.'s "B+" Long-term Foreign Currency and Local Currency
Issuer Default Ratings.  The Outlook on the ratings is Stable.


CHINA SOUTHERN: Branch Makes Route & Flight Adjustments
-------------------------------------------------------
China Southern Airlines Co. Limited's Xinjiang Branch has made
some route and flight adjustments, China Hospital News reports.

From August 1, the report relates, the airline added a round-
trip Urumqi-Kashi-Yining route operated using Boeing 737
aircraft.  The flight starts from Urumqi at 09:40, stopping at
Kashi and departs from Kashi at 12:05; the return flight leaves
from Yining at 14:10, and arrives at Urumqi at 15:10, the report
notes.

Meanwhile, according to the report, China Southern will suspend
the Urumqi-Sharjah-Jedda and the Urumqi-Islamabad routes.

China Southern also plans to increase the number of flights on
the Changchun-Tokyo route from the original one to two a week at
the beginning of September, the report says.

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2008, Fitch Ratings affirmed China Southern Airlines
Co. Ltd.'s "B+" Long-term Foreign Currency and Local Currency
Issuer Default Ratings.  The Outlook on the ratings is Stable.


LAS VEGAS From Home: Posts CDN$3.99MM Loss In FY Ended Dec. '07
---------------------------------------------------------------
Las Vegas from Home.com Entertainment, Inc., reported a net loss
of CDN$3,988,276 during the year ended Dec. 31, 2007, as
compared with a net loss of CDN$4,593,428 in the same period of
2006.  During the year ended Dec. 31, 2007, the company’s
weighted average number of common shares was 101,428,720 as
compared with 97,236,825 for the same period in 2006.  The
company recorded a loss from discontinued operations, net of
tax, of CDN$78,708 as compared with an income from discontinued
operations, net of tax, of CDN $255,121 in 2006.

As at Dec. 31, 2007, the company’s total assets were
CDN$7,160,671 as compared with CDN$9,617,355 for the correspond
ing period in 2006.  The company’s total liabilities were
CDN$258,170 as compared with CDN$478,642 at December 31, 2006.
The company has not paid any cash dividends and does not plan to
pay any cash dividends in the future.  As at Dec. 31, 2007, the
company has no long-term debt.

As at December 31, 2007, the Company’s cash and cash equivalents
were CDN$6,166,076 as compared with CDN$8,273,201 at Dec. 31,
2006.  At Dec. 31, 2007, the company’s accounts receivable was
CDN$115,737 as compared with CDN$425,611 at Dec. 31, 2006.  The
due from related parties at Dec. 31, 2007, was CDN$17,512 as
compared with CDN$60 at Dec. 31, 2006.  Prepaids and lease de
posits at Dec. 31, 2007, were CDN$13,234 as compared with
CDN$15,000 at Dec. 31, 2006.

During the period ended Dec. 31, 2007, the company used
CDN$2,434,822 of cash from operating activities as compared with
CDN$2,771,107 of cash from operating activities in the corre
sponding period of 2006.  Cash provided by financing activities
was CDN$1,074,261 in 2007, which included funds received by the
company in the amount of CDN$850,000 pursuant to a Private
Placement Subscription Agreement from an investor for 5,000,000
units of the securities of the company, which were issued on
Feb. 19, 2008.  Cash provided by financing activities during
2006 was CDN$170,956.

The company used cash in investing activities of CDN$183,852 in
2007 as compared with receiving CDN$2,500,865 from investing ac
tivities in 2006.  The company received CDN$2,751,774 from the
sale of its Action Poker Network in 2006.  Proceeds from the
sale of marketable securities were CDN$0 in 2007 as compared
with CDN$310,317 in 2006.  Additions to software development
were CDN$0 in 2007 as compared with CDN$(511,126) in 2006.  Pur
chase of marketable securities were CDN$0 in 2007 as compared
with CDN$(50,100) in 2006.

For the year ended Dec. 31, 2007, the company had a working cap
ital of CDN$6,054,389 as compared with a working capital of
CDN$8,235,230 in the same period in 2006.

A full-text copy of the company's 2007 annual report is
available for free at http://ResearchArchives.com/t/s?30a8

             About Las Vegas from Home.com

Las Vegas From Home.com Entertainment, Inc. (CDNX: LVH.V) --
www.lvfh.com/ --  is a Canadian publicly traded and forward-
looking software company in one of the fastest growing
industries.  It utilizes extensive experience in the e-gaming
field in combination with the quickly developing Asian market,
LVFH is at the forefront of the online gaming revolution in
Asia.  As a result of the rapid expansion of Asian gaming, shown
by Macao’s prolific 20% growth per year since 2002, the company
is continuously working to keep up with the ever-changing
demands of the online marketplace.


MONITOR OIL: Files Chapter 11 Plan And Disclosure Statement
-----------------------------------------------------------
Monitor Oil PLC and its debtor-affiliates delivered  to the
United States Bankruptcy Court for the Southern District of
New York on Aug. 8, 2008, a joint Chapter 11 plan of
reorganization and a disclosure statement explaining that plan.

A hearing is set for Sept. 3, 2008, at 10:00 a.m., to consider
the adequacy of the Debtors' disclosure statement.  Objections,
if any, are due Aug. 27, 2008.

The Court has set Aug. 27, 2008, at 4:30 p.m., as deadline for
creditors and governmental units to file proof of claims.

Upon emergence from Chapter 11 Bankruptcy, the Debtors will
raise at least US$15 million in exit funding that will be used
to pay:

   -- all amounts due under the Cash Collateral Order,
      including the initial US$3.5 million cash
      collateral amount;

   -- at least US$1,700,000 of additional cash collateral
      funding as provided for in the Budget attached
      hereto as Exhibit C, and

   -- at least US$10 million for working capital to
      fund reorganized Debtors' operations and to
      fund any additional costs associated with the
      adoption of the plan.

Furthermore, the Debtors will raise equity financing by (i)
private placement to institutional investors of shares of common
stock of Reorganized Debtors, and (ii) rights offering to the
current shareholders of the Debtors.  Under the rights offering,
for each share of common stock of the Debtors outstanding on
the record date, the Debtors' stockholders will be entitled to
purchase one additional Reorganized Debtors common share at
US$1.00 per share.  The proceeds from the equity financing will
be allocated through:

   -- the first US$10 million will be used to fund the
      working capital amount;

   -- the next US$5 million will be used to repay the
      cash collateral amount; and

   -- any and all amounts raised above the exit funding
      amount will be used (i) 50% for the repayment of
      the Debtors Notes on a pro rata basis, and
      (ii) 50% to fund the acceleration of Reorganized
      Debtors' business plan and for general corporate
      purposes.

If the Debtors raised less than US$10 million in the equity
financing, the second lien lenders will receive a senior secured
note of Reorganized Debtors in an amount equal to the entire
cash collateral amount on the plan's the effective date.  On the
one hand, if the Debtors raised between US$10 million and US$15
million in the equity financing, the second lien lenders will
get a senior secured note of Reorganized Debtor in an amount
equal to the remaining portion of the cash collateral amount
that is not repaid by Reorganized Debtors on the plan's
effective date.

                 Treatment of Interests and Claims

A. Monitor Oil PLC (PLC)

                 Type                              Estimated
     Class       of Claims          Treatment      Recovery
     -----       ---------          ---------      ---------
     1           priority claims    unimpaired     100%
     2           secured claims     none
     3           general unsecured  impaired       100%
                  claims
     4           equity interest    impaired

B. Monitor Single Lift I Ltd. (MSL) and Monitor US FinCo
   Inc. (FinCo)

                 Type                              Estimated
     Class       of Claims          Treatment      Recovery
     -----       ---------          ---------      ---------
     1           priority claims    unimpaired     100%
     2           secured claims     unimpaired
     3           general unsecured  impaired       0%
                  claims
     4           equity interest    impaired       0%

Administrative claims will be paid in cash equal to the amount
of the allowed administrative expense claims in full
satisfaction.

General unsecured creditors of PLC will receive their allocable
share of one or more PLC notes which shall be considered debt
issued by the reorganized PLC in an aggregate principal amount
equal to the aggregate amount of all allowed unsecured claims
secured by a lien on all of the present assets of the
reorganized Debtors subordinate to the liens of second lien
lenders.  The PLC notes shall have a term of 2 years, which is
subject to a 1-year extension, if 50% of the notes are repaid
before maturity.  The PLC notes will be paid after payment in
full of the senior secured notes and the subsidiary secured
notes, if any.

The general unsecured claims include guarantee claims of the
second lien enders and bondholder Claims.  Since MSL's value is
less than the claims of the second lien lenders, the holders of
general unsecured claims of MSL will not receive any
distribution under the plan.

Second Lien Lenders will be paid in cash in full on the plan's
effective date.  If the cash collateral amount is not paid in
full, the second lien lenders will receive a senior secured note
issued by Reorganized PLC in an amount equal to the unpaid cash
collateral amount secured by first priority liens on all of the
assets of Reorganized PLC.  The second lien lenders will also
receive the subsidiary secured note with first priority liens on
all of the assets of MSL and FinCo.  Each second lien lender's
allocable share of the PLC notes will be reduced by the
aggregate amount received by the second lien lender pursuant to
the subsidiary secured note.

As of their bankruptcy filing, the Debtors owe at least
US$80 million to the second lien lenders plus US$1.45 million in
accrued interest and fees under the second lien credit agreement
dated Jan. 11, 2007.

Holders of common stock in PLC will continue to hold one share
of common stock in Reorganized PLC on account of each share of
common stock owned in PLC as of the Effective Date.  In
addition, each holder of common stock of PLC will receive a
right to purchase one new share of common stock in Reorganized
PLC for each share of common stock held on the record date under
the terms of the rights offering.

Holders of priority claims -- including priority tax claims --
will be paid in cash in full of their allowed priority claims.

On the plan's effective date, all equity interests will be
canceled.  Holders will not receive any distribution under the
plan.

A full-text copy of the Debtors' disclosure statement is
available for free at:

               http://ResearchArchives.com/t/s?30aa

A full-text copy of the Debtors' joint Chapter 11 plan of
reorganization is available for free at:

               http://ResearchArchives.com/t/s?30ab

                        About Monitor Oil

Headquartered in the Cayman Islands, Monitor Oil, Plc --
htpp://www.monitoroil.com/ -- an oil and gas service company
that provides oil and gas production solutions, offshore
services and engineering services.  The Monitor Group has
operations in London, England; Aberdeen, Scotland; Stavanger,
Norway; Caldicot, Wales; Shanghai, China and New York, United
States.

The company and two of its affiliates,  Monitor Single Lift 1,
Ltd., and Monitor US FinCo, Inc., filed for Chapter 11
Protection on Nov. 21, 2007 (Bankr. S.D.N.Y. Case No. 07-13709).
Eric Lopez Schnabel, Esq., at Dorsey & Whitney, L.L.P.,
represents the Debtor.  The U.S. Trustee for Region 2 appointed
five creditors to serve on an Official Committee of Unsecured
Creditors in the Debtors' cases.  Ira L. Herman, Esq., at
Thompson & Knight, LLP, represents the Committee.  As of Dec.
31, 2007, the company disclosed total assets of US$98,340,000
and total debts of US$56,125,000.



* CHINA: Growth in Clothing Exports Continues to Slow
-----------------------------------------------------
China's foreign sales of textiles and garments grew a single-
digit pace in the first seven months, from the year-on-year
growth rate of 24.4% last year, Xinhua News reports, citing the
General Administration of Customs.

Industry observers, the report relates, attributed the slow
export growth to mounting production costs and weak demand
abroad combined to account for the slowdown.

According to the report, between January and July, China
exported US$100.36 billion worth of textiles and garments, up
7.67%, but well down from the 24.4% growth rate for the same
period last year.

The growth rates were 19.6 percentage points and 4.3 percentages
points lower, respectively, than the year-earlier level, the
report notes.

Meanwhile, Xinhua says that China recently increased the tax
rebate to 13 percent for textile and clothing exports to bail
out its more than 60,000 struggling smaller textile enterprises.

Zhang Bin, a Guojin Securities analyst, told the news agency
that the effects of the new tax rebate policy would likely take
hold in October.  It was expected to help reduce costs and
increase the profit margins of textile and clothing exporters,
he said.



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

CONMAX INTERNATIONAL: Placed Under Voluntary Liquidation
--------------------------------------------------------
At an extraordinary general meeting held on August 4, 2008, the
members of Conmax International Holdings Limited resolved to
voluntarily wind up the company's operations.

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

The company's liquidators are:

          Wan Yiu Chung, Paul
          Lin Lai Har, Wendy
          1301 Eton Tower
          8 Hysan Avenue
          Causeaway Bay
          Hong Kong


HONG KONG FRANKLIN: Commences Liquidation Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on July 16, 2008, the
members of Hong Kong Franklin Graham Festival Limited agreed to
voluntarily wind up the company's operations.

The company's liquidators are:

          Dr. Chan Shu on Cecil
          Wong Kai Man
          Administration Building, 5th Floor
          23 Waterloo Road
          Kowloon


LUEN KEE: Creditors' Proofs of Debt Due on
------------------------------------------
Luen Kee Catering Development Limited requires its creditors to
file their proofs of debt by Sept. 10, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on August 4, 2008.

The company's liquidators are:

          Wan Yiu Chung, Paul
          Lin Lai Har, Wendy
          1301 Eton Tower
          8 Hysan Avenue
          Causeaway Bay
          Hong Kong


MAU LAM: Placed Under Voluntary Liquidation
-------------------------------------------
At an extraordinary general meeting held on August 4, 2008, the
members of Mau Lam Industrial Company Limited resolved to
voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt by Sept. 7,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Wong Sun Keung
          Far East Consortium Building, 20th Floor
          121 Des Voex Road Central
          Hong Kong


MITSUI & CO: Placed Under Voluntary Liquidation
-----------------------------------------------
At an extraordinary general meeting held on August 1, 2008, the
members of Mitsui & Co. (China) Auto Investment Limited agreed
to voluntarily liquidate the company's business.

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

The company's liquidators are:

          Chan Kim Chee
          Chiu Fan Wa
          1001 Admiralty Centre Tower I
          18 Harcourt Road
          Hong Kong


NEOMAX TRADING: Members to Hear Wind-Up Report on September 10
--------------------------------------------------------------
The members of Neomax Trading (Hong Kong) Limited will meet on
September 10, 2008, at 10:30 a.m., to hear the liquidators'
report on the company's wind-up proceedings and property
disposal.

The meeting will be held at the 35th Floor of One Pacific Place,
in 88 Queensway, Hong Kong.


O & A LIMITED: Requires Creditors to Claims by August 31
--------------------------------------------------------
The creditors of O & A Limited are required to file their proofs
of debt by August 31, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 28, 2008.

The company's liquidator is:

          Hans Schmitz
          Thomas-Mann-Str
          17 D-42579 Heiligen Haus
          Germany


ORGANISATION SEARCH: Commences Liquidation Proceedings
------------------------------------------------------
Organisation Search Limited commenced liquidation proceedings on
July 30, 2008.

Stephen Wong Tak Man and Kenneth Chen Yung Ngai were appointed
as liquidators.

The Liquidators can be reached at:

          Stephen Wong Tak Man
          Kenneth Chen Yung Ngai
          Caroline Centre, 29th Floor
          Lee Gardens Two
          28 Yun Ping Road
          Hong Kong


PAC-FUNG: Members' Final Meeting Slated for September 9
-------------------------------------------------------
A final general meeting will be held for the members of Pac-Fung
Minardi Limited on September 9, 2008, at 10:00 a.m. At Unit 6,
9th Floor of Tower B, Hoi Luen Industrial Centre, 55 Hoi Yuen
Road, in Kwun Tong, Kowloon.

At the meeting, Fan Shi Hoo, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


TAILOR PLUS: Members' Final Meeting Slated for September 5
----------------------------------------------------------
The creditors of Tailor Plus Company Limited will meet on
September 5, 2008, at 11:00 a.m., at Shop 101-102, 1st Floor of
Regal Kowloon Hotel, 71 Mody Road, in Tsim Sha Tsui, Kowloon.

At the meeting, Ng Kwok Cheung Bernard, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.



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

TATA STEEL: Cote d'Ivoire Unit Sets Up Office at Abidjan
--------------------------------------------------------
Tata Steel Cote d'Ivoire SA (TSCI) has taken a step forward with
its plans for development of Iron ore projects in Cote d'Ivoire
with its new head office being inaugurated by Mr. Monnet Leon
Emmanuel, Minister of Mines and Energy, Republic of Cote
d'Ivoire, represented by Madam Francoise Kadio Morokro, Director
of Cabinet and Dy Minister of Mines and Energy, Republic of Cote
d'Ivoire.

TSCI was formed in May 2008 after a joint venture agreement
signed between Tata Steel Limited and SODEMI in December 2007.
The program was attended by key officials from Ministry of
Mines, Environment and Chief Executives of SODEMI and many other
companies.

Mr. Monnet Leon Emmanuel, Minister of Mines and Energy said,
"The Government of Cote d'Ivoire is very happy that a Company
like Tata Steel which has the technical and financial capability
along with the experience to undertake large Mining projects
will be working with us".  He also appreciated the progress made
by TSCI in setting up a good office in Abidjan and put in place
a technical team to start work.  He assured that necessary
permits for start of work will be issued to the company shortly.

TSCI spokesperson commented that the company is fully geared for
exploration and feasibility study as soon as the permits are
granted and expressed confidence that the work will start
quickly.  "It is Tata's philosophy to participate in the
country's development process and Tata Steel, through its well
known social initiatives will make a very positive impact on
improving the quality of life of the people of Ivory Coast.  We
value our partnership with SODEMI and the Government of Ivory
Coast", he added.

The Tata Steel – SODEMI Joint Venture is now awaiting for the
Government of Ivory Coast to award the exploration license with
the permission to start work.  The initial phase will involve
exploration and detailed feasibility assessments followed by
construction of the mine and beneficiation facilities.  The iron
ore from this project will be supplied to Tata Steel Group
facilities in Europe.  Tata Steel had indicated its plans for
investing over a billion USD if the project is found feasible.

                     About Tata Steel Limited

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/--  is a diversified steel producer.
It has operations in 24 countries and commercial presence in
over 50 countries.  Its operations predominantly relate to
manufacture of steel and ferro alloys and minerals business.
Other business segments comprises of tubes and bearings.  Tata
Metaliks Limited, which is engaged in the business of
manufacturing and selling pig iron, became a subsidiary of the
Company with effect from February 1, 2008.

                          *     *     *

Tata Steel Limited continues to carry a "BB" Standard & Poor's
rating on its of US$750 million and US$500 million senior
unsecured bank loans.

The company also carries a "Ba1" corporate family rating from
Moody's.


TATA STEEL: Inks JV Pact to Set Up Steel Complex in Vietnam
-----------------------------------------------------------
Tata Steel Limited has signed a joint venture agreement with
Vietnam Steel Corporation and Vietnam Cement Industries
Corporation (Vicem) for a proposed steel complex in Vietnam.
The 4.5 million ton per year steel complex will be set up in the
Vung Ang Economic Zone in Ha Tinh Province.  Mr. Dau Van Hung,
President of Vietnam Steel Corporation, Mr. Nguyen Ngoc Anh of
Vietnam Cement Industries Corporation and Mr. B Muthuraman,
Managing Director of Tata Steel signed the JVA at a ceremony
held in the Head Office of Vietnam Steel Corporation in Hanoi in
the presence of H E Lal T Muana, Indian Ambassador to Vietnam,
Antonio Berenguer, Trade Counsellor, Delegation of the European
Commission to Vietnam, Mai Van Tinh, Chairman, Vietnam Steel
Corporation, Indronil Sengupta, Chief Executive – South East
Asia Projects, Tata Steel and officials of Vietnam Steel
Corporation (Vnsteel), Vietnam Cement Industries Corporation
(Vicem), Tata Steel and Vietnam Steel Association.

The Integrated Steel Plant will be built in three phases at a
total estimated cost of US$5 billion.  While the ultimate
capacity of the steel complex will be 4.5 million tonnes per
year, the first phase of the complex will be a Cold Rolling Mill
to be commissioned by end 2010.

Tata Steel will have a stake of 65%, Vnsteel will have a stake
of 30% and Vicem will hold 5% in the Steel project.

It may be recalled that the MOU for this steel project was
signed on May 29, 2007.
Subsequently, definitive agreements were signed after completion
of detailed feasibility studies.

Commenting on the occasion, Mr. B Muthuraman, Managing Director,
Tata Steel said, "We are delighted to enter into the joint
venture with VNSteel and Vicem, and believe that this
partnership is well placed to make the most of the tremendous
growth potential Vietnam possesses. Together, we look forward to
seeing this country grow and prosper. We are excited to be a
part of this landmark project that is slated to bring
sustainable and long-term value to our companies and customers,
and accelerate the development of Vietnam. On our part, we
remain committed to bring high standards of corporate
governance, environment protection, and a strong culture of
striving for excellence. We also highly appreciate the support
we have got from the Government of Vietnam & the leaders of Ha
Tinh Province proving once again that Vietnam is a cherished
destination for serious foreign investors".

On the occasion of signing of the Definitive Agreements, Mr Dau
Van Hung, President VNSTEEL said, "The JV will enable VnSteel to
expand and create a substantial knowledge and technical base,
while building a long term relationship with Tata Steel. In Tata
Steel, we have a strong partner to help us exploit the
opportunities within our country, and make the most of our
market potential. Setting up of an integrated steel plant will
enhance Vietnam's status in the steel industry, and maximize the
value of Vietnam's natural resources while strengthening our
national economy and increasing job opportunities. We look
forward to an enduring partnership with our JV partners to meet
the challenges of the future".

Echoing the same sentiments, Mr Nguyen Ngoc Anh, General
Director VICEM opined, "Vicem is honoured to have this unique
opportunity to establish a JV with Tata Steel & VnSteel and
trust that this venture will add momentum to the economic
progress of our country, and go a long way in addressing the
country's demand for self- sufficiency in steel. Vietnam is a
very attractive market, with a growing population and demand for
steel products, and this joint venture will be a strong platform
to pursue growth opportunities".

                    About Vietnam Steel Corporation

Vietnam Steel Corporation was established in 1995 by a merger of
Vietnam Metal Corporation and Steel Corporation.  Vnsteel is
Vietnam's largest company having various manufacturing plants
and a distribution system across the country.  Vnsteel is a
pioneer in partnering with foreign companies in steel
manufacturing.  Vnsteel has foreign joint ventures and joint
stock companies in which Vnsteel holds large stakes.  Total
capacity of Vnsteel, including that of its joint ventures, is
around 5 million tons with wide range of product mix from crude
steel, high quality construction steel to sheet and plate
products serving other economic sectors.  In addition, Vnsteel
also has businesses in other areas such as mining, real state,
sea ports etc.

                     About Tata Steel Limited

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/--  is a diversified steel producer.
It has operations in 24 countries and commercial presence in
over 50 countries.  Its operations predominantly relate to
manufacture of steel and ferro alloys and minerals business.
Other business segments comprises of tubes and bearings.  Tata
Metaliks Limited, which is engaged in the business of
manufacturing and selling pig iron, became a subsidiary of the
Company with effect from February 1, 2008.

                          *     *     *

Tata Steel Limited continues to carry a "BB" Standard & Poor's
rating on its of US$750 million and US$500 million senior
unsecured bank loans.

The company also carries a "Ba1" corporate family rating from
Moody's.


* CRISIL: RBI Rules Have Minimimal Impact on NBFCs-ND-SI Ratings
----------------------------------------------------------------
CRISIL believes that the Reserve Bank of India's latest
guidelines for systematically-important non-deposit-taking, non-
banking financial companies (NBFCs-ND-SI) will have minimal
impact on CRISIL's ratings of such NBFCs.

The guidelines address RBI's concerns about the systemic risks
inherent to the NBFCs-ND-SI segment, and aim to align their
regulatory framework with that of deposit-taking NBFCs (NBFCs-D)
and banks.  The RBI guidelines stipulate higher than existing
capital adequacy ratio norms, specify prudential limits for
asset-liability mismatches, and outline additional balance sheet
disclosures for
NBFCs-ND-SI.

According to Mr. Pawan Agrawal, Director, Corporate and
Government Ratings, CRISIL, "Most of CRISIL-rated NBFCs-ND-SI
will comply with the guidelines due to their adequate
capitalization.  The entities operating at higher levels of
gearing will be able to raise additional capital (owing to their
strong parentage), or may need to reduce their book size.
CRISIL, therefore, expects no immediate impact on the ratings of
CRISIL-rated NBFCs-ND-SI."

CRISIL believes that while the guidelines would negatively
impact the business and earnings profile of NBFCs-ND-SI in the
short-term, it will lead to strengthening of the financial
system in the long term and will provide greater transparency.


* INDIA: Economic Growth Projection for 08/09 Cools Down to 7.7%
----------------------------------------------------------------
India's Economic Advisory Council to the Prime Minister said in
its economic outlook for the 2008/09 financial year that the
Indian economy grew by 9.0 per cent in 2007/08, an average of
8.8 per cent over the past five years (2003/04 through 2007/08)
which was a clear break from the previous spurts in growth.
However,
the Council said a number of factors inimical to growth have
intensified in 2008 such as a sharp elevation in global
inflation rates specially crude oil, tightening in credit and
equity markets and global slowdown in growth.

According to the Council, India may not emerge unscathed and the
increase in the Oil Import bill is bound to widen the Current
Account Deficit (CAD) in the Balance of Payments (BoP).  The
pressure on the fiscal system will intensify on account of key
subsidy elements.  Overall, economic growth will slow down.

The Council projects that the Indian economy will grow by 7.7
per cent during 2008/09.  Considering the magnitude of the
adverse economic developments in 2008, the projected drop from
9.0 per cent last year to 7.7 per cent this year is in fact
modest.  The Council expects that farm sector incomes will
expand by 2.0 per cent, industrial GDP growth by 7.5 per cent
and services sector growth by 9.6 per cent. Overall, non-farm
sector GDP is projected to increase by 8.9 per cent in 2008/09,
compared to 10.0 per cent last year and 11.0 per cent in
2006/07.

The Council said however that the downside risk to its growth
expectations in 2008/09 is primarily from a further
deterioration in global conditions with its attendant impact on
India – be it in the sphere of oil prices or capital markets.
Domestically, aside from the plethora of challenges already on
the table, there is also some danger on the food price inflation
front.

                   International Economic Conditions

The Council said the global economy has been subjected to the
twin onslaught of a financial crisis that has gripped capital
markets, and a sharp increase in the prices of primary goods,
particularly those of crude petroleum and food.  Though the US
economy had contracted by 0.2 per cent in the last quarter of
2007, in 2008 the world's major economies have continued to grow
more strongly than might have been expected.  There is a measure
of slowing, but this is as yet modest.  On the one hand this
points to the resilience of the world's economies in the
globalized era; on the other hand this also suggests that across
the world resource utilisation pressures continue to tighten,
with negative implications for inflationary outcomes.

While expected losses from US sub prime exposures have by now
been mostly acknowledged, but it is too early to assess whether
the worst of the turmoil and loss of asset values is over.
There may be further setbacks in the months to come, but broadly
financial conditions are not likely to stabilise before early
2009.

The main global shocks important for India are from elevated
commodity (oil, food, and base metals) prices, a significant
slowdown in the global growth momentum, turbulence in
International financial markets, and a possible reversal of the
USD towards an appreciation path over the next 2-4 quarters.
The achievement of a reasonable rate of growth in the Indian
economy is built on the presumption of a slow return to normalcy
in global financial market conditions.

                   Structural & Sectoral Factors in
                   Sustaining High Rates of Growth

According to the Council, the economy continues to be supply
constrained, most acutely in the areas of physical and social
infrastructure, which require focused policy attention.  In the
area of economic infrastructure the constraints are patent in
electricity, irrigation and drinking water, road and rail
transportation, urban and rural economic infrastructure, and in
extending the benefits of technology to aid farmers in raising
productivity.

In 2008/09, the Council expects the investment rate to be
similar to 2007/08, although savings are projected to decline.
Public sector savings will be adversely affected by the increase
in the subsidy burden.  Erosion of corporate margins would also
contribute to a relative decline in private corporate savings.
Consequently, the overall savings rate will for the first time
in recent years be significantly lower than the investment rate
– reflecting an expansion in the rate of net absorption of
foreign savings (that is, the current account deficit).
However, the savings rate is expected to recover next year
(2009/10) on the presumption that the subsidy burden would be
lower.

The contribution of investment to growth has actually been as
great as, if not greater than, that of consumption until
2005/06.  The contribution of domestic consumption expenditure
to overall GDP growth has been fairly steady since 2005/06,
while its relative share in growth has risen over the past two
years.  This trend is projected to continue in 2008/09 also.  In
2008/09 we expect to see both investment and consumption
expenditure growth to slow down a bit.

                  Trade and Balance of Payments

The Council expects that for 2008/09 as whole, non-oil
merchandise exports will increase by 22.5 per cent.  Import of
equipment and industrial intermediates is expected to continue
growing at a brisk pace.  Non-oil, non-bullion imports are
projected to grow at 22.5 per cent, slightly lower than in the
previous year. Bullion imports, after surging in the first
quarter of 2007/08, had a negative growth rate in the second
half of the year.  The Council projects a modest expansion in
bullion imports of 10 per cent during 2008/09.  The Council also
expects that the value of crude oil and product imports would
rise by 80 per cent to $138.2 billion, while the value of
product exports would rise similarly to $47.1 billion.  The
projected value of merchandise exports and imports is $208 and
$342 billion respectively, leaving a BoP merchandise trade
deficit of $134 billion, equivalent to 10.4 per cent of GDP, a
sizeable increase from 7.7 and 7.1 per cent in the last two
years.

In the fiscal year 2008/09, the Council expects aggregate net
software & business service earnings and remittances to expand
by 28 per cent and net investment income is projected to
increase.  Total net invisibles are expected to increase by 27.5
per cent (compared to 31.4 per cent last year) to $92.7 billion.
As a result, the Current Account Deficit (CAD) is likely to
expand to $41.5 billion, equivalent to 3.2 per cent of GDP - a
major increase from 1.5 per cent of GDP in 2007/08.  The Council
estimates that the CAD/GDP ratio may be above 4.5 per cent in
the first and second quarters of 2008/09 and subsequently
decline in the last two quarters.

Aggregate FDI inflows are estimated at $19.7 billion.  Portfolio
inflows are estimated to be $4.1 billion in 2008/09, which is
very large reduction from 2007/08.  Net inflows on account of
loans are expected to be $34 billion, about 19 per cent lower
than in the previous year primarily due lower ECB/FCCB inflows.
Net banking capital inflow and inflows under "other capital" are
expected to be 50 percent lower than the previous year.

The Council said its estimate of total capital inflows in
2008/09 is $70.9 billion, which is 34 per cent less than in the
previous year.  This will however be more than adequate to
finance the enlarged CAD, leaving about $29 billion to accrue in
the foreign exchange reserves of the RBI.  Policy makers may
however have to be prepared to face a situation of greater
volatility in capital inflows on account of the uncertain
external environment.

                              Prices

The rate of inflation as measured by the Wholesale Price Index
(WPI) showed a declining trend through the first three quarters
of 2007/08.  But, according to the Council, the surging
international prices of commodities and the underlying resource
tightness at home generated enormous inflationary pressure in
the last quarter of 2007/08.  WPI inflation soared from 3.8 per
cent at the end of December 2007 to 7.8 per cent by the end of
March 2008, coming mainly from oil, food and commodities.
International price conditions turned particularly negative in
the first two quarters of the calendar year 2008.  Over the past
month, some cooling of the temperature is in evidence and the
Council expects this process of stabilisation to continue into
the balance part of 2008/09 at more-or-less present price
levels.

The Council is of the view that co-ordinated policy action,
coupled with some reinforcement of the recent cooling evident in
world commodity prices and monetary actions by other central
bankers can help bring the rate of inflation down by the end of
March 2009 to 8 to 9 per cent.  However, in view of the large
backlog of fuel price adjustments achieving a reduction to 7 per
cent will take considerable effort and a confluence of
favourable factors.

                            Employment

According to the National Sample Survey Organization (NSSO)
data, the period covered by the 61st Round (1999/2000 to
2004/2005) was one of strong employment growth.  The workforce
growth rate of 2.9 per cent was almost twice the population
growth rate, and there was a threefold increase in the
employment elasticity to 0.48.  Agriculture accounted for a
large share in incremental employment, but in terms of growth
rate, it turned in a relatively weak performance at 1.54 per
cent. The other two sectors delivered robust employment numbers,
with the industrial workforce growing at 5.86 per cent and
services at 4.01 percent.  In industry, workforce growth rate
outstripped the SDP growth rate in 11 states implying declining
productivity growth per worker.  The service sector performance
was good with 12 states achieving workforce growth rates above 3
per cent.

The state wise employment numbers also showed strong growth
rates.  Employment elasticity was very high, with twelve states
showing elasticity above 0.38. However, across states there were
wide variations in workforce growth rates, ranging from 5.61 per
cent to 1.29 per cent.  The wide interstate variations in SDP
and workforce growth rates make generalizations difficult.
However the data does indicate that in the non-agriculture
sector a positive growth in output is a necessary condition for
a positive growth in employment, while this is not necessarily
the case with agriculture.

                     Monetary Conditions and
                      the Financial Sector

Monetary expansion (M3) at 21.0 per cent in 2007/08 was
comparable to that of previous years.  This reflected the strong
pace of economic activity that resulted in strong demand for
funds and the base money expansion due to a surge in capital
flows that were not fully sterilized.  During the current
financial year the Reserve Bank of India has repeatedly
intervened to rein in excess liquidity, increasing the Cash
Reserve Ratio (CRR) by a total of 150 basis points to 9.0 per
cent, and the repo rate by 100 basis points to 9.0 per cent.
Notwithstanding the sustained increase in the broad money
aggregate, the growth in bank credit to the commercial sector
showed some signs of deceleration.

Despite tightening of liquidity, credit growth in the first
quarter of 2008/09 was stronger than what it was in the
corresponding period of 2006/07.  Up to the fortnight ended July
6, 2008, non-food credit increased by Rs 40,344 crore (1.7 per
cent) and total accommodation by Rs 33,218 crore (1.4 per cent)
over the end of March 2008.  This was due to an increase in
credit default swap (CDS) rates reducing access to external debt
and low equity prices making it difficult to raise money
domestically.

In its Outlook in July 2007, the Council had suggested some
temporary restrictions on ECB.  However in view of the altered
circumstances this year with respect to capital flows and
accretion to reserves, it may be time to review the temporary
restraints placed last year.  The Council also suggests that in
view of the pressure of domestic aggregate demand interacting
with exceptionally high international commodity prices, a tight
monetary stance has to be maintained for the balance part of
2008/09 in order to contain and reduce the inflation rate.

                       Government Finances

The Council noted that there has been a perceptible improvement
in the fiscal situation in India in recent years at both Central
and State levels.  The consolidated gross fiscal deficit
relative to GDP declined steadily from 9.9 percent in 2001/02 to
7.5 per cent in 2004/05 and is budgeted at 4.6 percent in
2008/09.  The aggregate revenue deficit declined from 7 percent
of GDP in 2001/02 to 2 percent in 2006/07 and is budgeted at 0.5
percent in 2008-09.  The progress in fiscal consolidation shows
that both the Central and the State governments are likely to
overreach the fiscal deficit target while the persisting revenue
deficit would remain a matter of concern.  The improvement in
the fiscal situation is mainly attributable to a significant
increase in tax revenues.  There are however serious fiscal
risks arising from growing off-budget liabilities on account of
fertiliser, food and oil, along with unbudgeted liabilities
arising out of the farm loan waiver and NREGA schemes and the
implementation of the Sixth central Pay Commission.  These
liabilities could amount to 5 per cent of the GDP in 2008/09,
over and above the budgeted central fiscal deficit of 2.5 per
cent.



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

BANK MANDIRI: To Extend IDR4 Trillion Loan to Semen Gresik
----------------------------------------------------------
Bank Mandiri has expressed interest in channeling IDR4 trillion
in loans to cement maker PT Semen Gresik to build two cement
factories and ten power plants, Antara News reports citing Bank
Mandiri President Director Agus Martowardojo.

According to the report, Semen Gresik plans to build two cement
plants in Central Java and South Sulawesi and ten electric power
plants at a combined cost of US$1.6 billion until 2012.

Nearly US$1.2 billion of the funds will come from foreign
sources and the rest from domestic sources, the report adds.

                       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.


GLOBAL STEELWORKS: Ispat to Absorb Losses, May Register Profit
--------------------------------------------------------------
After incurring four years of losses, Global Steelworks
Philippines Inc.'s (GSPI) prospect for a profitable year is now
possible after parent company, the Ispat Group of Companies
based in India, agreed to absorb all the losses the company
incurred, the Daily Tribune reports.

GSPI managing director Lalit Kuma Sehgal told the Daily Tribune
that the company's operations in Iligan may register a positive
growth this year after Ispat Group's decision to absorb all its
liabilities during the entire years of its operations in the
former National Steel Corp. (NSC) plant.

As reported by the Troubled Company Reporter-Asia Pacific on
February 7, 2006, the Department of Trade and Industry was
asking Ispat Group to infuse more cash into Global Steelworks
instead of seeking for an extension of a sovereign guarantee for
GSI's AU$20-million loan from international creditor banks.

DTI Secretary Peter B. Favila, has opposed the granting of a
sovereign guarantee for GSI's loans by the Philippine Export-
Import Credit Agency because the loan would become an obligation
to the Philippine Government should GSI default on the loan.

The Daily Tribune relates that the company was reportedly
seeking a sovereign guarantee from the government through
Philexim for its over US$20 million worth of loans from a
Singaporean bank.

The report adds that GSPI confirmed that it has fulfilled its
other financial obligations to Philippine National Bank as per
the Asset Purchase Agreement pertaining to NSC's creditors.

Headquartered in Iligan City, Philippines, Global Steelworks
International Inc. (formerly National Steel Corporation) is one
of the largest steel manufacturers in the ASEAN.  Global
SteelWorks closed down in 1999 after suffering heavy financial
losses.  It was fully privatized and reopened in 2005 after the
India-based Ispat Group acquired the facility.  At present, it
has four main operating mills, Hot Mill, Billet Plant and the
Thinning Line.  Its products include billet, round and square
steel, flat steel like hot and cold rolled coils and hot rolled
plates.  The Company employs more than 3,800.



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

SKYLARK CO: Dismisses President at Major Shareholders' Request
--------------------------------------------------------------
Skylark Co. Limited, at an extraordinary shareholders' meeting,
approved a proposal from major shareholders to dismiss President
Kiwamu Yokokawa, Jiji Press reports.

On Aug. 1, 2008, the Troubled Company Reporter-Asia Pacific,
citing Jiji Press, reported that Skylark's major shareholders,
Nomura Principal Finance Co. and  European investment fund CVC
Capital Partners, urged President Kiwamu Yokokawa to step down
to take responsibility for the company's sluggish business
performance.

The two shareholders, the report related, were increasingly
frustrated at the company's tardy earnings recovery after the
company went private through a management buyout scheme in 2006
with the support from the two investment firms.

According to the report, the investment firms and Yokokawa, a
member of Skylark's founding family, are also at odds over the
timing of the company's envisioned stock market comeback.

The company, Jiji Press relates, plans to reconstruct its
business under new management approved by shareholders.  Senior
Managing Director Makoto Tani will be promoted to the presidency
to succeed Mr. Yokokawa.

Although Mr. Yokokawa sought financial assistance from Suntory
Ltd. and wanted to remain in office and lead turnaround efforts,
he was forced to leave the company without having fulfilled his
goal, Jiji Press says.

                        About Skylark Co

Headquartered in Tokyo, Japan, Skylark Co. Ltd. --
http://www.skylark.co.jp/-- operates a chain of family
restaurants in Japan through the following divisions:
Restaurants and food; Construction and maintenance and Other.
The Restaurants and food division engages in restaurant chain
operations, sale of food materials and prepared foods, food
transportation and cleaning.  The Construction division deals
with design, construction and repairs of restaurants and
maintenance of building facilities.  The Other business division
deals with wallpaper, manufacture and sale of automobile goods,
real estate buying and selling and hotels and condominium
operations.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
July 26, 2006, that Standard & Poor's Ratings Services lowered
its long-term corporate credit and senior unsecured debt
ratings on Skylark Co. Ltd. by two notches to 'BB' from 'BBB-',
on expectations of weakening profitability and a deterioration
in he company's debt structure over the next one to two years,
due to an increase in bank borrowings to carry out a management
buyout and to enhance the profitability of its existing
restaurants.


* JAPAN: In Brink of Recession as Economy Contracts 2.4%
--------------------------------------------------------
Japan's economy contracted by 0.6% in the three months to June
from the previous quarter, official figures showed mid growing
fears of a recession, Agence France-Presse reports.

The report relates that the Cabinet Office said the country's
gross domestic product shrank by 2.4 percent on an annualised
basis, the first contraction in one year.

According to the report, economic growth for the first quarter
of 2008 was also revised down to 0.8% quarter-on-quarter from
1.0 percent previously.

The slowing global economy took a heavy toll on Japanese
exports, which tumbled 2.3% in the second quarter, AFP says.

Household spending fell 0.5% as soaring commodity and food
prices, coupled with sluggish wages, prompted consumers to
tighten their purse strings, the report notes.

According to AFP, Japan has enjoyed a gradual recovery in recent
years from a slump stretching back more than a decade, but there
are concerns that the export-led recovery has now stalled.

The government, AFP relates, said the country's longest period
of economic expansion in postwar times appeared to have come to
an end.

Given the fragile health of the economy, analysts do not expect
the Bank of Japan to raise its super-low interest rates from the
current level of 0.5% any time soon, despite the highest
inflation in a decade, the report adds.


* JAPAN: Three Major Heavy Machinery Makers Post Low Earnings
-------------------------------------------------------------
Three of Japan's five major heavy machinery makers logged poor
earnings for April-June, hit by higher material prices and a
slowdown in the U.S. economy, Jiji Press reports.

The report relates that Industry leader Mitsubishi Heavy
Industries Ltd. and Kawasaki Heavy Industries Ltd. incurred
steep consolidated profit falls, while Mitsui Engineering &
Shipbuilding Co. fell into the red.

According to the report, at Mitsubishi Heavy, the higher
material prices pushed down its operating profit by
JPY6 billion, and it obtained a special loss of JPY33.4 billion
due to a change in accounting practices, causing its net profit
to drop 98.9% from a year before.

Kawasaki Heavy, Jiji Press says, enjoyed brisk sales at its
rolling stock division, but it was not enough to offset weak
sales of motorcycles in Europe and the United States and
sluggish results at the industrial robot division.

Mitsui Engineering recorded a net loss of some JPY900 million on
deteriorating profitability of plant engineering projects and
heavy costs stemming from a crane accident in April, the report
notes.

However, Sumitomo Heavy Industries Ltd. posted growth in both
sales and profits caused by positive impact of cost cuts at its
shipbuilding operations, while IHI Corp. swung back to the
black, as losses at its energy and plant operations shrank, the
Jiji Press adds.



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

A & K BUILDING: Shareholders Appointed Managh as Liquidator
-----------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993,  the
shareholders of A & K Building Ltd have appointed
John Francis Managh, insolvency specialist of Napier, as
liquidator of the company.

The liquidator can be reached at:

          John Francis Managh
          50 Tennyson Street
          PO Box 1022
          Napier
          Telephone/Facsimile: (06) 835 6280


BLUE CHIP: Three Related Firms Owe Bridgecorp NZ$13.8 Million
-------------------------------------------------------------
Three companies connected to Blue Chip founder Mark Bryers owe
Bridgecorp Ltd nearly NZ$14 million, Maria Slade writes for The
New Zealand Herald.

According to The Herald, Akau Ltd, BRB Ltd, and Dhuez Ltd were
placed in receivership on May 26 by Bridgecorp and another
creditor, Guardian Asset Securities.

The receivers have prepared a joint first report because the
operations of the three companies were so intricately related,
the Herald says citing Colin McCloy and John Waller of
PriceWaterhouseCoopers.

The receivers said the companies have ceased repayment of
secured advances due to Bridgecorp, Guardian Asset Securities,
and Martelli McKadam Nominees Ltd, the report relates.

According the report, the companies collectively owe NZ$13.8
million to Bridgecorp and NZ$4.1 million to Guardian Asset
Securities while Akau owes Lombard Finance NZ$4.7 million, and
BRB owes Martelli McKadam Nominees Ltd NZ$1.9 million.

In total, the report relates, the companies owe NZ$24.6 million
to secured creditors, and a further NZ$1.9 million to unsecured
creditors and Inland Revenue.

                     About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions:
financial services and leasing services.  The financial services
division is engaged in the provision of financial structuring
services and investment product to a variety of clients.  The
leasing activities division is engaged in rental of residential
property.

                         *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.  Blue Chip New Zealand is a subsidiary of the
company formerly known as Blue Chip Financial Solutions.


BOTRY-ZEN: Shareholders to Vote on Capital Raising Proposal
-----------------------------------------------------------
Botry-Zen Ltd said in regulatory filing that the discussions
with Bank of New Zealand and the subscribers are continuing.
The proposed issue of convertible notes and options is required
to be approved by shareholders and a special meeting of
shareholders has been convened for this purpose on Friday,
Aug. 15, 2008.

The company said it will be proceeding with the special meeting
but advises that the proposed capital raising by way of
convertible note and options must be considered to be uncertain
at this time.

                     Business of the Meeting

Botry-Zen said that the company requires additional capital to
enable it to continue to trade and to assist it in its efforts
to access the commercial potential of its products BOTRY-Zen and
ARMOUR-Zen for the benefit of shareholders.  The company's Board
said it has carefully considered all available means of raising
the required capital, including requirements as to timing and
certainty of funds.

In the circumstances, the Board said it considered that it was
in the best interests of the company to develop a proposal for
the private placement of NZ$1.8 million worth of Convertible
Notes and stapled Options. This proposal is critical to the
commercial future of the company.

The business of the meeting will be to consider the Board's
proposal to raise the required capital by offering to select
"non-public" investors up to 1.8 million Convertible Notes at an
issue price of NZ$1.00 per Convertible Note along with stapled
Options in the ratio of 20 Options for every Convertible
Note subscribed for (the Offer).

The company said it has currently received commitments to invest
under the Offer totalling NZ$1.3 million, these commitments
being contingent on shareholder approval.  The investors who
have provided commitments to invest and those who will be
targeted for the placement of the remaining amount do not
require disclosure by way of prospectus or investment statement
under the Securities Act 1978.

Those who have given commitments to invest include directors of
the company, existing shareholders, entities associated with
existing shareholders and an entity associated with an
individual who is standing for election as a director at the
company's annual meeting.  Some of these parties are considered
to be Related Parties of the company for the purposes of the
Listing Rules.

There is also the prospect that some of the parties who have
provided commitments to invest, being existing shareholders of
the company or associated with existing shareholders, will
materially increase their effective control of the company on
conversion of the Convertible Notes and the exercise of the
Options.

The company said if the Offer is approved by shareholders, the
Convertible Notes will pay quarterly interest at a fixed rate of
11.25 % per annum and have a term of four years. They will
convert at any time at the election of the holder into ordinary
shares in the company ranking equally with all other ordinary
shares on issue in relation to dividends and voting rights.  The
conversion price for the Convertible Notes will be 4 cents per
ordinary share.

Convertible Notes not converted at maturity will be converted
mandatorily into ordinary shares.

Each Option will be to acquire one ordinary share in the
company.  The Options will be exercisable during the period
commencing 2 years from issue and ending 6 years from issue at
an exercise price of 4 cents per ordinary share.  On expiry
those Options not exercised by the holder will lapse.

The company said it will use the capital raised to reduce its
bank debt, enable it to continue to trade and to fund its
working capital requirements through to the end of the 2008/09
financial year. The capital raised will enable the company to
pursue the commercialization and sale of its products BOTRY-Zen
and ARMOUR-Zen in New Zealand and in key wine producing markets
internationally.

The Board emphasizes that there is substantial risk associated
with investment in the company at this time and it considers
that the terms of the Offer were in every respect necessary to
secure the level of investment required from the parties
concerned in the necessary timeframe.

If shareholders do not approve the Offer the Board said it
considers that there is a significant likelihood that the
company will not be able to continue to trade.

                    Production Difficulties
                      May Affect Cash Flow

As reported in the Troubled Company Reporter-Asia Pacific on
Aug.  7, 2008, Botry-Zen said it has encountered some production
difficulties for "BOTRY-Zen" and "ARMOUR-Zen" which, if
unresolved, would have significant implications for the
company's production targets.

The combined effect of these production hurdles is such that the
directors have re-assessed the company's ability to meet the
production targets upon which the forecasts provided to Bank of
New Zealand and the proposed subscribers to convertible notes
and options were based.

The conclusion of that reassessment has been that if the
production issues are not able to be resolved, then those
targets would not be met, with a consequential adverse effect on
the company's cashflow.

The company said that the directors and management will be
discussing with Bank of New Zealand and the subscribers to the
proposed convertible notes and option issue their respective
responses to these production difficulties over the next few
days.

                      About Botry-Zen

Headquartered in Dunedin, New Zealand, Botry-Zen Limited --
http://www.botryzen.co.nz/-- is engaged in the research,
development and commercialization of biological control agents
for use in the agriculture and horticulture industry.  The
company operates in New Zealand, and is engaged in the
production and marketing for sale of the BOTRY-Zen product.
BOTRY-Zen is a live spore preparation of a non-pathogenic
saprophytic fungus.

                       *     *    *

The company incurred three consecutive annual net losses of
NZ$1.22 million, NZ$1.67 million and NZ$1.58 million for the
years ended March 31, 2008, 2007 and 2006, respectively.


CHEEKY MONKEYS: Shareholders Appointed Liquidators
--------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993,  the
shareholders of Cheeky Monkeys Limited have appointed Iain Bruce
Shephard and Christine Margaret Dunphy, as liquidators of the
company.

The liquidators can be reached at:


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


KOPUKU FARMS: Commences Liquidation Proceedings
-----------------------------------------------
The High Court at Auckland convened a hearing on Aug. 6, 2008,
to consider an application putting Kopuku Farms Limited.

The application was filed on May 12, 2008, by Accident
Compensation Corporation.

The plaintiff's address for service is at:

          Maude & Miller
          2nd Floor
          McDonald's Building
          Cobham Court
          Porirua City

Dianne S. Lester is the plaintiff's solicitor.


MIKE DOW: Shareholders Appointed Liquidators
--------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993,  the
shareholders of Mike Dow Builders Limited have appointed Iain
Bruce Shephard and Christine Margaret Dunphy, as liquidators of
the company.

The liquidators can be reached at:

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


PNZ LIMITED: High Court Appoints Managh as Liquidator
-----------------------------------------------------
The High Court at Auckland has appointed John Francis Managh,
insolvency specialist of Napier, as liquidator of PNZ Limited.

The liquidator can be reached at:

          John Francis Managh
          50 Tennyson Street
          PO Box 1022
          Napier
          Telephone/Facsimile: (06) 835 6280


POSTIE PLUS: Sells 13 Arbuckle Stores, Discloses Trading Loss
-------------------------------------------------------------
The longstanding Arbuckles brand is about to fade into oblivion
as the new owner, Jan Cameron, liquidates stock in preparation
to close the stores, Tina Law writes for The Dominion Post.

According to the report, Ms. Cameron bought Arbuckles two weeks
ago for NZ$4 million from Postie Plus Group Limited.

The Post relates that Ms. Cameron took over 13 stores throughout
New Zealand, bought all the stock and re-employed most of the
staff.  Those stores were now advertising closing down
liquidation sales, the report adds.

In a press statement, Postie Plus stated that the aggressive
restructuring and extremely difficult trading conditions in the
second half this year will result in a full year trading loss of
between NZ$6.5 million to NZ$7.5 million.

In addition with the sale of Arbuckles, there is an
extraordinary one-off write-off loss of NZ$2.4 – NZ$2.6 million
relating primarily to goodwill.

The trading loss included one - off costs relating to
initiatives announced in November which will improve financial
performance in future years. These include:

   - The relocation of the Westport distribution
     centre to Christchurch which is now delivering
     significant benefits.

   - An internal review of all cost centres, resulting
     in costs savings at head office.

   - Closure of non-performing brands.

   - Aggressive reduction of stock levels by NZ$14 million.

   - Sale of the loss making Arbuckles chain.

Chairman Peter van Rij noted that the company has had to take
some hard decisions to reposition the Postie brand for future
success into the rapidly changing retail environment.

Despite the poor result the company has retained market share
and also maintained good cash flows which is important in
difficult trading conditions.

                      About Postie Plus

Postie Plus Group Limited (NZE:PPG) -- http://www.ppgl.co.nz/--
comprises the retail businesses of Postie+, Baby City and
Arbuckles.  The company offers a range of products for all age
groups.  Postie+ sells casual family clothing through a chain of
75 stores.  During the fiscal year ended July 31, 2007, Postie+
focused on fashionable womenswear.  Baby City caters for the
needs of babies through a chain of retail stores; and the
Arbuckle's business operates a chain of 36 manchester and
homeware stores.  Postie Plus Group Limited has a total of over
117 stores.  Baby City operates a chain of approximately 15
nursery retail stores throughout New Zealand.  The range of
products Baby City sells includes clothing, toys, books, cots,
prams, high chairs, car seats, bedding, aids for nursing
mothers, health and safety products, and a range of accessories.
Most stores features include information panels and interactive
touch screens and access to the Baby City Website.


RED PEPPER: Shareholders Appointed Liquidators
----------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993,  the
shareholders of Red Pepper Recruitment Limited have appointed
Iain Bruce Shephard and Christine Margaret Dunphy, as
liquidators of the company.

The liquidators can be reached at:

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


SOUTHERN CROSS: Shareholders Appointed Liquidators
--------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993,  the
shareholders of Southern Cross Apartments Limited have appointed
Iain Bruce Shephard and Christine Margaret Dunphy, as
liquidators of the company.

The liquidators can be reached at:

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


STEELWORKS MANA: Shareholders Appointed Liquidators
---------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Steelworks Mana Limited have appointed
Iain Bruce Shephard and Christine Margaret Dunphy, as
liquidators of the company.

The liquidators can be reached at:

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


TSD LIMITED: Commences Liquidation Proceedings
-----------------------------------------------
The High Court at Auckland convened a hearing on July 25, 2008,
to consider an application putting TSD Limited.

The application was filed on April 22, 2008, by Meta NZ Limited.

The plaintiff's address for service is at:

         Attn: Olly Peers
         Buddle Findlay
         Solicitors
         Clarendon Tower
         78 Worcester Street
         Christchurch

R. M. Dunningham is the plaintiff's solicitor.


WESCOTT HOLDINGS: Petterson Appointed as Liquidator
---------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993,
David Ross Petterson, forensic accountant of Levin, was
appointed liquidator of Wescott Holdings Limited on July 2,
2008.

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

Creditors and shareholders may direct their inquiries to:

          Attn: David Petterson
          Forensic Accounting Services Limited
          PO Box 1003, Levin 5540
          Telephone: (06) 367 8044)
          Email: liquidator@fasl.co.nz


* NEW ZEALAND: New System Set for Insolvency Practitioners
----------------------------------------------------------
The Government has decided to bring in new rules for the
insolvency profession so that creditors can be sure
practitioners are competent, The National Business Review
reports citing Commerce Minister Lianne Dalziel.

According to the Review, the new system will apply to
liquidators, administrators and receivers.

Ms. Dalziel said it was known as negative licensing, which she
described as "a light-handed regulatory framework that simply
precludes or suspends incompetent or delinquent practitioners,
as demonstrated by their prior action or current performance,
from operating in the insolvency industry".

The report says that supporting it will be a tighter statutory
disqualification criteria, and wider court powers to replace a
practitioner who has a conflict of interest and lacks
independence in a particular insolvency case.

Investigation and enforcement will be handled by the Registrar
of Companies and the new system is expected to be in force late
this year or early next year, the report adds.



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

LIBERTY TELECOMS: Again Violated Rehabilitation Law, Says RCBC
--------------------------------------------------------------
The Philippine Star reports that creditor Rizal Commercial
Banking Corp. (RCBC) said in a supplemental motion filed with
the Makati Regional Trial Court that Liberty Telecoms Holdings
Inc. violated the law anew when it failed to get receiver's
clearance as required by the rehabilitation court when the
company amended its articles of incorporation to reclassify
around 550 million common shares into voting redeemable and
participating shares.

In a reply, Liberty stated that the transactions need not be
cleared with the rehabilitation receiver, Philippine Star
relates.

RCBC also pointed out that Liberty likewise violated the
rehabilitation court's resolution dated December 2006 when it
authorized its board of directors to negotiate and convert its
debt into equity, the report says.

                      Rehabilitation Dispute

On May 26, 2008, the Troubled Company Reporter-Asia Pacific,
citing Anna Barbara L. Lorenzo of Business World, reported
that Liberty Telecoms asked a Makati regional trial court to
reject RCBC's motion to terminate the company's rehabilitation
and have it liquidated, saying it goes against the purpose of
corporate rehabilitation.

According to Business World, RCBC filed the motion arguing that
the company has lost the opportunity to revive its operations.

In 2005, Business World said Liberty Telecoms promised the court
that it could resuscitate itself by operating a nationwide voice
and data network or with an assigned 700-Mhz frequency from the
National Telecommunications Commission.

RCBC said in the report that the frequency supposedly assigned
to Liberty Telecoms had been assigned to Smart Broadband Inc.
and asked the court to summon the NTC to clarify the issues
hounding the telco's case.

Business World relates that Liberty Telecoms owes its creditors
Php1.7 billion while RCBC holds a Php33 million claim.

Meanwhile, the Business Mirror reported on May 22, 2008, that
Commissioner Ruel Canobas of the NTC and three other department
heads were subpoenaed by a Makati court in connection with
RCBC's motion.

                     About Liberty Telecoms

Manila-based Liberty Telecoms Holdings Inc. (LIB) was
incorporated on January 14, 1994, and designed primarily to be
the holding company for Liberty Broadcasting Network Inc. (LBNI)
and Skyphone Logistics Inc.  LIB was listed as a public company
at the Philippine Stock Exchange on October 17, 1994.

In April 2005, the management of LIB decided to suspend its
business operations due to lack of capital required to operate
and grow the business.  In August 2005, the group of companies
filed with a Regional Trial Court in Makati City a petition for
corporate rehabilitation as part of LIB's plan to resolve and to
continue normal operations.  The Court issued a stay order of
all the outstanding liabilities of LIB and its affiliates and
prevented creditors from foreclosing its assets.

At present, the management of LIB is looking for a prospective
investor who will invest resources to bring back the company to
its normal operations and earn money with its planned services
of the affiliated company, LBNI.


* PHILIPPINES: Nets US$725MM Foreign Investments for First-Half
---------------------------------------------------------------
Foreign direct investments (FDIs) for the first five months of
2008 amounted to a net inflow of US$725 million with all
components of FDI continuing to post surpluses, data from Bangko
Sentral ng Pilipinas shows.

This level, however, was lower than the net inflow of US$2.3
billion recorded in the comparable period a year ago.  This
developed as the investment environment turned more cautious due
to concerns about global financial market fragilities and the
downturn in many advanced economies including the U.S.  In May,
FDI posted a US$95 million net outflow, the first in eleven
months, mainly as a result of intercompany loan repayments to
foreign direct investors amounting to US$152 million.

Net inflows of FDI for the period January – May 2008 came
largely in the form of equity capital amounting to
US$322 million.  Gross equity capital placements for the first
five months of the year summed up to US$461 million and were
channeled mainly to manufacturing (shipbuilding and repair, auto
electronics parts & components), services
(recreational/cultural), mining, construction (hotel/resort
development, power plant facility), real estate, and financial
institutions.  Investments came primarily from Japan, the U.S.,
Singapore, Germany, Malaysia, and South Korea.  Meanwhile,
outflows in equity capital—mainly capital repatriation by non-
resident investors from holding companies in the Philippines—
amounted to US$139 million.

Reinvested earnings for the period January – May 2008 amounted
to US$161 million, lower by 4.7 percent compared to the level
posted in the same period in 2007 due to the repatriation of
profits by local firms to their foreign investors.

Other capital consisting mainly of intercompany
borrowing/lending between foreign direct investors and their
subsidiaries/affiliates in the Philippines recorded net inflows
of US$242 million.  This, however, was lower compared to the net
inflow of US$586 million in the same period last year due to the
combined effects of loan repayments and lower loan availments by
local subsidiaries to/from their parent companies.


* PHILIPPINES: Profits of Listed Firms Drop 4.3% to Php67B in Q1
----------------------------------------------------------------
The combined profits of local companies listed at the Philippine
Stock Exchange (PSE) fell 4.3 percent to Php66.68 billion in the
first quarter from Php69.67 billion a year ago as companies in
three of the six sectors suffered a double-digit drop in their
combined income, the Daily Tribune reports citing a PSE study
that was based on the unaudited financial statements of 221
listed companies that were received by the PSE as of June 11,
2008.

The report, citing the PSE study, said the combined revenues of
the listed companies expanded by 10.4 percent to Php589.71
billion in the first quarter from Php534.05 billion a year ago.

The Daily Tribune notes that for the firms belonging to the Main
Board, the Holding Firms Sector recorded the worst drop in
combined net income, which fell by 41.2 percent to Php10.22
billion in the first quarter of the year from Php17.40 billion
for the same period last year.  During the comparative period,
the combined earnings of the financial sector fell 33 percent to
Php9.39 billion from Php14.01 billion a year earlier; mining and
oil sector, by 25.1 percent to Php1 billion from Php1.34
billion; and property sector, by seven percent to Php8.26
billion from Php8.88 billion.

According to the report, the lower income was noted amidst a
sharp jump in the country's inflation rate, which is being
induced by the dizzying hike in fuel prices.  The drop in
earnings also coincided with revised forecasts indicating lower
economic growth for the country this year.

PSE president Francis Lim was also cited by the report as saying
that the lower net income levels were also caused by losses
booked by companies with investments in the equities market.
Stock prices, as tracked by the PSEi dropped by 17.6 percent in
the first quarter of the year from their level at the end of
2007.



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

ATTOGENIX BIOSYSTEMS: Creditors' Proofs of Debt Due on Sept. 1
--------------------------------------------------------------
Attogenix Biosystems Pte. Ltd., which is in voluntary
liquidation, requires its creditors to file their proofs of debt
by September 1, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

          Timothy James Reid
          8 Robinson Road
          #12-00 ASO Building
          Singapore 048544


ORION'S BELT: Court Enters Wind-Up Order
----------------------------------------
On June 20, 2008, the High Court of Singapore entered an order
to have Orion's Belt Network Pte Ltd's operations wound up.

Wong Phui Lun Joseph of M/s JPL Wong & Co was appointed as
liquidator.


TISCO INTERNATIONAL: Creditors' Proofs of Debt Due on Sept. 1
-------------------------------------------------------------
Tisco International Pte Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by Sept. 1,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

         Lim Boon Cheng
         Abuthahir Abdul Gafoor
         c/o 1 Raffles Place
         #20-02 OUB Centre
         Singapore 048616


TTR TECHNOLOGIES: Creditors' Proofs of Debt Due on August 15
------------------------------------------------------------
The creditors of TTR Technologies Pte Ltd. are required to file
their proofs of debt by August 15, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118



                         *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Marites M. Claro, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Marie Therese V. Profetana, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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