TCRAP_Public/080818.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, August 18, 2008, Vol. 11, No. 163

                            Headlines

A U S T R A L I A

ALLCO FINANCE: Completes Sale of Singapore Real Estate Unit
ALLCO FINANCE: Secures Extension on Senior Debt Facility
AUSSIE ICE: Commences Liquidation Proceedings
AUSSIE VENTURES: Commences Liquidation Proceedings
AUTO DEUTSCHE: Member's Final Meeting Slated for August 20

BRUCE ROBERT: Liquidator to Present Wind-Up Report on August 19
CHALLENGER INFRA: Withdraws Application to the Takeovers Panel
CITY PACIFIC: Suspends Payments of Distributions to Unitholders
FUTURIS CORP: Posts AU$36.4 Million Profit for Fiscal-Year 2008
HEXCELLENT INVESTMENTS: Joint Meeting Set for August 19

J & A COOK: Liquidator to Present Wind-Up Report on August 19
J & D INVESTMENTS: Joint Meeting Set for August 19
JLM & ASSOCIATES: Commences Liquidation Proceedings
LEWINGTON INVESTMENTS: Member's Final Meeting Set for August 29
PENDARVES ESTATE: To Declare Dividend on August 28

RAKIFU PTY: Members and Creditors to Meet on August 19
STONETEX PTY:  Commences Liquidation Proceedings
THE POWER: Liquidator to Give Wind-Up Report on August 19
ZIRCON FINANCE: Fitch Affirms 'BB-' Rating on AU$13 Mil. Notes


C H I N A

SHIMAO PROPERTY: Achieves 1/3 of Full Year-Goal in First-Half 08
XINING SPECIAL: To Buy 20% Stake in Mining Development Company
* CHINA: Growth Exports to U.S. Slows in 1H, Customs Says
* CHINA: LehmanBrown Moves Guangzhou Office to China Shine Plaza
* CHINA: Fitch Says Government Must Act on Struggling IPPs


H O N G K O N G

ADVANCED ELASTOMER: Placed Under Voluntary Liquidation
BERYL FINANCE: Fitch Cuts US$12.6MM Notes Rating to 'B+'
HARADA INDUSTRIES: Members' General Meeting Set for Sept. 8
MEI FOO: Creditors' Proofs of Debt Due on September 8
MOW TAI: Creditors' Proofs of Debt Due on September 8

PO SANG: Commences Liquidation Proceedings
RAZORBACK INTERNATIONAL: Seng and Lo Cease to Act as Liquidators
RUSK (CHINA): Requires Creditors to File Claims by September 10
SUPER MISSION: Creditors to Meet on August 22
UOB REALTY: Placed Under Voluntary Liquidation

XIJIAO TECHNOLOGY: Placed Under Voluntary Liquidation


I N D I A

ADHUNIK ALLOYS: Fitch Puts 'BB+(ind)' Long-Term Issuer Rating
GINNI FILAMENTS: Fitch Assigns 'BB(ind)' Long-Term Issuer Rating
* CRISIL: Reconsidering Assigning Ratings on NPP-ELDs
* INDIA: Global Law Firms Eye Tie-Ups With Local Law Firms
* INDIA: Travel Agents' Air Ticket Commissions to End on Nov. 1


J A P A N

MITSUBISHI: Inks Electric Vehicles Pact With SouthCal Edison
SANYO ELECTRIC: To Invest US$95MM for Vietnam DVD-Pickup Plant
VITEC CO: Completes Repurchase of 92,200 Shares for JPY56.9MM


K O R E A

SSANGYONG MOTOR: Analysts Cut Stock Ratings on Bleaker Outlook


N E W  Z E A L A N D

BOTRY-ZEN: Seeks Shareholders OK on Proposed Capital Raising
DESMOND HOLDINGS: Nellies and Deuchrass Appointed as Liquidators
I BINGHAM: Nellies and Jenkins Appointed as Liquidators
LJO INVESTMENTS: Commences Liquidation Proceedings
NDR CO: Commences Liquidation Proceedings

NORTH ISLAND: Grant and Khov Appointed as Liquidators
RMG HOLDINGS: Commences Liquidation Proceedings
TASMAN ACTION: Commences Liquidation Proceedings
WILSON MILL: Nellies and Deuchrass Appointed as Liquidators
* NEW ZEALAND: Retail Sales Fall 0.2% to NZ$35MM in June Qtr.


N I G E R I A

* S&P Launches National Credit Rating Scale for Nigeria


P H I L I P P I N E S

DIGITAL TELECOMMUNICATIONS: Posts Php2.04BB Net Loss in 1H 2008
UNIVERSAL ROBINA: Net Sales Up by 17.9% From Oct. to June 2008
VULCAN INDUSTRIAL: Mulls Purchase of Copper Processing Plant


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Fitch Cuts ID and Debt Ratings to 'BB+'
FIRSTLINK INVESTMENTS: Incurs US$1.03 Mil. Net Loss in 1H 2008
* Fitch: Singapore Banks' Performance May Weaken Further in H208


T A I W A N

EVERLIGHT ELECTRONICS: Sees Mild Growth in July LED Sales


                         - - - - -


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

ALLCO FINANCE: Completes Sale of Singapore Real Estate Unit
-----------------------------------------------------------
Allco Finance Group completed the sale of part of its
Singaporean real estate arm to Frasers Centrepoint Limited.  The
completion follows confirmation of no objection from the
Monetary Authority of Singapore and the approval of the Foreign
Investment Review Board in Australia and finalization of other
closing conditions.

Allco said that the majority of Allco's Singapore employees will
transfer to Frasers Centrepoint now that the sale has closed.
In addition, the registered name of the Manager and the name
Allco REIT will be changed to Frasers Centrepoint Asset
Management (Commercial) Ltd and Frasers Commercial Trust,
respectively.

As reported in the Troubled Company Reporter-Asia Pacific on
July 9, 2008, Allco Finance sold part of its Singaporean
real estate arm for SG$180 million (approximately AU$138
million) to Frasers Centrepoint.

The sale, which comprises Allco's 17.7% interest (125,651,319
units) in the Allco Commercial REIT and 100% interest in the
Manager of Allco REIT, Allco (Singapore)Limited, will generate
proceeds in excess of AU$90 million, after repaying loans
associated with the investment.  The proceeds will be used to
further reduce Allco's senior debt as well as providing Allco
with further operating liquidity.

                   About Frasers Centrepoint

Based in Singapore, Frasers Centrepoint Limited --
http://www.fraserscentrepoint.com/--  a wholly owned subsidiary
of Fraser and Neave, Limited (F&N), is a property company with a
strong global foothold in property development, property
investment, serviced residences and investment funds.

                      About Allco Finance

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


                          *     *     *

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

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

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


ALLCO FINANCE: Secures Extension on Senior Debt Facility
--------------------------------------------------------
Allco Finance Group said that a further extension to the
existing senior debt facilities has been granted to Aug. 28,
2008, as the documentation is yet to be completed.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 4, 2008, Allco Finance said that its twelve syndicate banks
have all obtained their required internal approvals for the new
facility.  The facility remains subject to final documentation.

Allco stated that the new senior debt facility will replace the
company's existing senior debt facilities and match the
outstanding drawings at the time of financial close of the new
facility.

Allco also confirmed that it continues to reduce its borrowings,
with senior debt facilities now at AU$691 million following
further debt repayments in July.  This brings the total
reduction in senior debt and contingent commitments since April
to AU$363.6 million.

                      About Allco Finance

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


                          *     *     *

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

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

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


AUSSIE ICE: Commences Liquidation Proceedings
---------------------------------------------
Aussie Ice Pty. Ltd.'s members agreed on June 30, 2008, to
voluntarily liquidate the company's business.  Paul Gilbert
Harriman was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Paul Gilbert Harriman
          409/251 Oxford Street
          Bondi Junction NSW 2022
          Australia


AUSSIE VENTURES: Commences Liquidation Proceedings
--------------------------------------------------
Aussie Ventures Pty. Ltd.'s members agreed on June 30, 2008, to
voluntarily liquidate the company's business.  Paul Gilbert
Harriman was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Paul Gilbert Harriman
          409/251 Oxford Street
          Bondi Junction NSW 2022
          Australia


AUTO DEUTSCHE: Member's Final Meeting Slated for August 20
----------------------------------------------------------
Devendra Desai, Auto Deutsche 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:

          Devendra Desai
          Desai Popat & Associates Pty Ltd
          1053 Burwood Highway
          Ferntree Gully Vic 3156
          Australia


BRUCE ROBERT: Liquidator to Present Wind-Up Report on August 19
---------------------------------------------------------------
Bruce Robert Miller Pty Ltd will hold a final meeting for its
members and creditors at 11:30 a.m. on Aug. 19, 2008.  During
the meeting, the company's liquidator, Frank Lo Pilato, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          Level 1, 103-105 Northbourne Avenue
          Turner ACT 2612
          Australia
          Telephone: (02) 6247 5988


CHALLENGER INFRA: Withdraws Application to the Takeovers Panel
--------------------------------------------------------------
Challenger Listed Investments Limited, the responsible entity of
Challenger Infrastructure Fund (CIF), has withdrawn its
application to the Takeovers Panel.

The Panel stated that Challenger had sought a declaration of
unacceptable circumstances on a number of bases related to
Arkmile Limited having a relevant interest in hedge securities
held by counterparties to its equity derivative positions,
giving it a combined holding of more than 20% of CIF.

According to the Panel, Challenger has informed the Panel that
agreement has been reached with Arkmile which resolved their
disputes.  Under the agreement, Arkmile has warranted that it
"does not have any control over the voting rights of the CIF
securities underlying its equity derivative positions and has
also agreed that it will not (directly or indirectly) seek to
have any such CIF securities voted at any meeting of CIF".

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 7, 2008, the Panel disclosed that it has received an
application from Challenger Listed Investments Limited seeking
interim orders including that, subject to final orders:

   * Arkmile not increase its physical holding or
     equity derivative interests in CIF securities and

   * the hedge securities not be voted at the general
     meeting or otherwise.

Challenger seeks final orders including that:

   * the hedge securities be vested in ASIC and disposed
     of to parties not associated with Arkmile in accordance
     with a process approved by Challenger;

   * if necessary, the general meeting be postponed until
     the hedge securities have been sold; and

   * Arkmile pay compensation to any CIF security holder
     who has suffered loss as a result of the unacceptable
     circumstances.

TCR-AP related that Arkmile has commenced proceedings in the
Supreme Court of NSW against Challenger Listed Investments, as
responsible entity of the Challenger Infrastructure in relation
to the meeting of CIF securityholders scheduled to be held on
Aug. 28, 2008, to consider a resolution proposed by Arkmile for
the winding up of CIF.

The company said that Arkmile is seeking declarations and orders
from the Court which, if granted, would prevent CLIL, Challenger
Life No.2 Limited and Challenger Management Services Limited
from voting any securities they hold in CIF on the winding up
resolution.

                   About Challenger Infracture

Based in Sydney, Australia, The Challenger Infrastructure Fund
(ASX:CIF) -- http://www.challenger.com.au/-- is engaged in the
investment of funds in a diversified portfolio of global
infrastructure assets.  On June 1, 2007, CIF acquired a 66%
interest in LBC Holdings LLC.


CITY PACIFIC: Suspends Payments of Distributions to Unitholders
---------------------------------------------------------------
City Pacific Limited has taken the necessary steps to preserve
the value of the Fund's assets and protect unitholders
investments in light of the rapidly changing market conditions.

As a result of the significant market changes City Pacific made
the decision, in March 2008, to defer the payment of redemptions
from the Fund whilst continuing the payment of distributions to
unitholders.

City Pacific said that due to the continued market volatility
and the possible impact it may have on the value of the Fund's
assets, it is anticipated that certain adjustments will be
necessary.  Management's review, in consultation with the Fund's
auditors, indicates that an accounting provision of
approximately 5% of the Fund's mortgage loan portfolio may be
necessary.

City Pacific's Board will be in a position to inform members of
the outcome of the above assessment upon the completion of the
Fund's full year audit which will be completed by Sept. 30,
2008.

It is important for unitholders to understand that this
provision is an accounting treatment and management believe that
with the continued effective management of the loan portfolio
allowing for the orderly completion and sale or refinance of the
existing projects, the provision may not be utilised in full.

In order to preserve the capital value of the unitholders'
investments in the Fund, and until such time that the above
assessment and audit have been completed, the Board has
determined that the Fund will not pay distributions for the
months of July and August.

City Pacific said it understand that many of its unitholders,
staff and Directors are relying on these distribution payments
in what has been a challenging year, but the Board must ensure
that the value of the Fund's assets and unitholders investments
are preserved and this can only be done by ensuring the projects
financed by the Fund are completed in an orderly manner.

                       Liquidity Proposal
                   for Unitholders in the Fund

To protect the value of the assets in the Fund, City Pacific
said that its decision to suspend the payment of distributions
for July and August coupled with the deferral of redemptions has
a significant impact on those unitholders who require access to
their funds (liquidity).

City Pacific has considered, in conjunction with its advisers, a
number of options which will provide unitholders with an
opportunity for ongoing liquidity.

The Board of City Pacific said that it has finalised the terms
of the proposal which is to be offered to the unitholders of the
Fund.  The proposal will be an offer from City Pacific to
unitholders of the Fund and will be structured in the following
manner:

   * City Pacific will, subject to shareholder approval,
     offer up to AU$1 billion convertible preference
     shares (CPS);

   * Unitholders will have the option to exchange their
     units in the Fund on the basis of one $1 CPS for
     every unit held;

   * City Pacific will receive in exchange for the issuing
     of the CPS's a co-investment position with the Fund
     in all of the Fund's loan portfolio;

   * City Pacific's co-investment will be equal to the
     number of CPS's issued and will be evenly spread across
     the Fund's entire loan portfolio;

   * City Pacific and the Fund will rank equally in respect
     to the co-investment;

   * it is the intention of City Pacific to apply to list
     the CPS's on the ASX (subject to certain approvals)
     thus creating liquidity through the ability for the
     CPS's to be traded on the ASX platform;

   * the CPS's will have an issue price of $1;

   * the dividend rate for the CPS's will be determined
     by adding 3% to the Reserve Bank of Australia
     cash rate. At the current RBA cash rate this
     represents a return of 10.25% per annum on the issue
     price;

   * dividends will be paid quarterly in arrears and will
     be cumulative;

   * the dividend stream for the CPS's will be derived not
     only from City Pacific's coinvestment with the Fund
     in registered first mortgages but also City Pacific's
     property and finance related activities;

   * the CPS's will have a term of 9 years and 11 months
     and will be redeemable at the expiration of this term;
     and
   * during the term the Board of City Pacific may offer
     CPS holders the opportunity to convert their CPS's
     into ordinary shares.

City Pacific said it will be seeking the necessary regulatory
approvals in relation to the proposal prior to distributing the
documentation and relevant notices to unitholders and City
Pacific shareholders.  Subject to receiving these approvals we
anticipate the documents will be distributed in late September
in order that shareholder and unitholder meetings can be held on
the same day as City Pacific's AGM currently scheduled for
Oct.  28, 2008.

City Pacific's Board have considered the interests of all
stakeholders and believe that the terms of the proposal are
designed to protect the interests of all parties so that
unitholders will get full value for their investment yet there
will be no dilution of value to ordinary shareholders.

                     Reduction of the Fund's
                       finance facility

City Pacific said it has repaid the Fund's financier
approximately AU$110 million since January 2008 reducing the
Fund's finance facility to below AU$130 million.

As a direct result of the global credit crisis and its effect on
the Australian market, City Pacific said its management team
have and continue to proactively manage the Fund's borrowers in
pursuit of securing the timely repayment of loans to the Fund to
facilitate the reduction of its finance facility.

Loans scheduled to be repaid during September and October should
generate sufficient funds to fully repay the Fund's finance
facility leaving it debt free at the time the offer opens to
unitholders.

                 City Pacific First Mortgage Fund
                 Achieves Bank Facility Extension

In a separate disclosure, City Pacific Limited confirmed that it
had successfully negotiated an extension to the repayment date
for the Fund's bank facility to Oct. 31, 2008.

The First Mortgage Fund has repaid its financier AU$110 million
since January 2008 reducing the Fund's facility down to
AU$130 million.  The terms of the facility extension are in line
with the Fund's in-coming cash flows from scheduled property
settlements.

Despite the difficult market conditions City Pacific's
management team continue to balance the interests of investors,
commitments to borrowers and the Fund's obligation to reduce its
financier's facility.

City Pacific said it remains confident in the strength of the
loan portfolio for the Fund which comprises quality projects
primarily located in South East Queensland where the property
market and population growth figures remain strong.

                   About City Pacific

City Pacific Limited (ASX: CIY) -- http://www.citypac.com.au/
-- is a diversified financial services company, providing
finance and investment products.

City Pacific, a non-bank loan provider, has AU$5 billion
in mortgage assets under advice, comprising over AU$1 billion
funds under management in the City Pacific First Mortgage
Fund, City Pacific Income Fund, City Pacific Managed Fund
and City Pacific Private Fund, a residential loan book of
AU$3.3 billion and commercial mortgage assets under
management of approximately AU$800 million.  City Pacific
originates nearly AU$3 billion per annum in loans to fund
residential property, property development, commercial
property investment, plant & equipment and business
finance.


FUTURIS CORP: Posts AU$36.4 Million Profit for Fiscal-Year 2008
---------------------------------------------------------------
Futuris Corporation has disclosed an underlying net profit after
tax of AU$84.2 million, and a Reported Profit to shareholders of
AU$36.4 million following recognition of a number of non-
recurring items totaling AU$47.8 million after tax with the
release of its financial results for the 2008 financial year.

Futuris said a final dividend for the year ending June 30, 2008,
of 5.5 cents per share fully franked has been declared, taking
the total dividend to the year to 9.5 cents fully franked.
Futuris' dividend reinvestment plan (DRP) will be in operation
in respect of the final dividend.  The shortfall in respect of
the DRP will be fully underwritten by Citi.

The 2008 result compares to the record underlying profit to
shareholders of AU$106.4 million and reported profit of AU$105.4
million in the previous year.  The 2007 results incorporate
profit after tax of AU$21.5 million from Property operations
that were divested during the course of that year.  The 2007
profit, earnings and revenue numbers have also been restated
upwards by AU$4.7 million to recognize the impact of a change in
accounting policy on the Company's equity share of FEA's 2007
profit.

Underlying Earnings Before Interest and Tax (EBIT) was AU$171.7
million compared with AU$169.4 million in 2007.

The underlying profit result falls within the range of AU$80
million to AU$85 million advised in earlier earnings guidance
while the year-end net debt figure of AU$523.0 million is lower
than the forecast of approximately AU$600 million.  Non-
recurring items are as announced and detailed previously by an
earlier announcement and include charges arising from the
Federal Government's decision to cancel funding for the OPEL
rural and regional broadband network, loss on sale of the Rail
and Bus thermal operations, and restructuring, business closure
and writedown costs arising from the change and improvement
program being conducted by Elders Rural Services.

Futuris Chief Executive Les Wozniczka said that the key factors
in the movement in underlying profit to shareholders compared
with the previous year were a AU$16.9 million increase in
interest expense, a AU$9.3 million reduction in profit after tax
contributed by Aaco and the absence of the AU$21.5 million
contribution made to the 2007 result by the divested
property operations.

"Although higher interest and lower income from AACo impacted
our overall result, the year featured strong performances from
our Elders Rural Services, Elders Rural Bank and Automotive
operations.

"Elders Rural Services recorded the greatest improvement,
achieving its best ever result in lifting underlying EBIT from
AU$49.1 million to AU$60.7 million.

"Elders' strong result was driven by its core traditional
network operations. The Elders network and its associated joint
ventures had an outstanding year, lifting its EBIT by 43%,
after a lower, drought affected first half.

"With strong grain markets our agency operations have performed
well, with particularly good results from the sale of
merchandise, chemicals, our initiatives in grain and the HiFert
fertiliser business."

This momentum was also reflected in higher distribution fee
income from financial services and real estate activities.
"Elders has responded to the new management and initiatives
introduced during the year and we know Elders has the capacity
to deliver further gains as it progresses through the change
program now well underway" he said.

Changes made to date within Elders Rural Services include the
move from a state office based structure to a more focussed
regionally based management structure, the scaling back of
greasy wool trading to indent trading and the decision to exit
fruit packing operations.

The growth in earnings generation by the Elders network was
offset by lower income from its Agribusiness interests as
livestock and wool processing operations were affected by lower
volumes brought by tough drought conditions during calendar
2007.

"Earnings contribution from Elders Financial Services was in
line with our expectations with excellent banking results
offsetting softer insurance markets and the return of claims
ratios to customary levels.

"Elders Rural Bank showed the soundness of its business despite
the year's volatile financial markets. The Bank's profit after
tax rose by 14 % and credit quality improved as net
nonperforming loans fell to 0.33% from 0.36% the previous year.
Retail deposits continued to grow, which is impressive given the
challenges in global credit markets." Mr Wozniczka said.

Underlying EBIT generated by ITC of AU$61.3 million was broadly
in line with the 2007 result of AU$61.6 million despite
significantly lower MIS sales.  ITC was able to largely overcome
the impact of the reduction in MIS sales through earnings
increments generated across the balance of its operations
including higher woodchip prices, growth in harvest and accrued
income, increases to the value of plantation land holdings and
improved results from timber processing.

ITC's 2008 financial results include estimates of its equity
accounted earnings from Forest Enterprises Australia (FEA) of
AU$11.2 million (AU$11.0 million in 2007).  Subsequent to the
closing of Futuris' 2008 accounts FEA announced unaudited
financial results which suggest that Futuris' final equity
income from FEA for FY08 will be approximately AU$15 million.
Any
variation between the AU$11.2 million equity share recognised in
the Futuris 2008 accounts and that arising from FEA's audited
financial results will be recognised in FY09.

Futuris' Automotive operations lifted its underlying EBIT from
AU$9.5 million to AU$26.1 million as a result of its global
expansion strategy, efficiency and new product initiatives taken
in 2007.

Gearing and net debt rose compared to the previous year, largely
reflecting the higher opening debt and the cash redemption of
convertible notes maturing on December 31, 2007.

Gearing as at June 30 was 29% and net debt AU$523.0 million
compared with 24% and AU$364.9 million at the beginning of the
year.

Mr. Wozniczka said that Futuris was comfortably within its debt
facilities and covenants.  "As at June 30 we had roughly AU$550
million of spare capacity within our corporate debt and
finance sources, a position which will be enhanced by the
proceeds of the sale of non-core assets."

                      Comment by Chairman

Chairman Stephen Gerlach said: "Futuris' 2008 results affirm the
Company's renewed focus on paring back to core businesses,
divestment of under-performing and non-core assets and
further debt reduction.  They show that our core operations,
particularly Elders Rural Services, are strong and generating
good EBIT growth."

"It is disappointing that this growth, and our higher EBIT, did
not flow through to profit to shareholders this year due to
higher interest and lower contribution from non-core assets.
"The Board and senior management are also very cognisant of the
poor share price performance, particularly over the last twelve
months, notwithstanding the difficulties facing equity and debt
markets generally.

"We are intent on fully realizing the potential in the core
businesses, reducing interest and addressing unsatisfactory
returns on shareholder capital that is invested in under-
performing and non-core assets.  We expect to advance our
strategy during the current year through realisation of capital
from non-core assets.

"We will be looking to make further material advances with this
strategy over the balance of the year. The recruitment search
for a new Chief Executive to replace Les Wozniczka is also
progressing and we look forward to announcing an appointment in
due course."

                             Outlook

Conditions within rural and regional Australia remain generally
better than 12 months ago, and agricultural markets remain
strong.  The company's current expectations for FY09 profit
are unchanged from that advised previously of an underlying
profit to shareholders within the range of AU$85 million to
AU$90 million, subject to the customary qualifications
concerning
seasonal conditions and MIS sales.  This expectation does not
include additional equity earnings from FEA as a result of the
release of its audited accounts as discussed above.

                     About Futuris Corp.

Adelaide, Australia-based Futuris Corporation Limited --
http://www.futuris.com.au/-- generates the major share of its
income from the Australian primary production and rural sector,
where it owns or has shareholdings in leading businesses.  The
company's interests include Elders – a rural service company and
Integrated Tree Cropping -- manager of a hardwood plantation
estate.  The company also holds a 27% interest in Webster
Limited which owns 28% of Australia's largest salmon aquaculture
operation.  Telecommunications is a growing contributor to the
company's income through Amcom, which owns 22% stake in iinet,
an independent service provider and Elders telecommunications, a
specialist retailer of voice and data services to rural and
regional Australia.  Futuris is also engaged in automotive
component manufacturing through Futuris (Air International), a
supplier of seating and interior systems for passenger vehicles.
Futuris has approximately 6,000 employees.  The company is
traded on the Australian Stock Exchange under the ticker code
FCL.

                          *     *     *

On Nov. 20, 2007, the Troubled Company Reporter-Asia Pacific's
distressed bonds column listed Futuris Corporation's bond with a
7.000% coupon, a December 31, 2007 maturity date, and a trading
price of AU$2.46.


HEXCELLENT INVESTMENTS: Joint Meeting Set for August 19
-------------------------------------------------------
Hexcellent Investments Pty Ltd will hold a final meeting for its
members and creditors at 10:15 a.m. on Aug. 19, 2008.  During
the meeting, the company's liquidator, Frank Lo Pilato, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          Level 1, 103-105 Northbourne Avenue
          Turner ACT 2612
          Australia
          Telephone: (02) 6247 5988


J & A COOK: Liquidator to Present Wind-Up Report on August 19
-------------------------------------------------------------
J & A Cook Pty Ltd will hold a final meeting for its members and
creditors at 10:15 a.m. on Aug. 19, 2008.  During the meeting,
the company's liquidator, Frank Lo Pilato, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          Level 1, 103-105 Northbourne Avenue
          Turner ACT 2612
          Australia
          Telephone: (02) 6247 5988


J & D INVESTMENTS: Joint Meeting Set for August 19
--------------------------------------------------
J & D Investments Pty Ltd will hold a final meeting for its
members and creditors at 10:30 a.m. on Aug. 19, 2008.  During
the meeting, the company's liquidator, Frank Lo Pilato, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          Level 1, 103-105 Northbourne Avenue
          Turner ACT 2612
          Australia
          Telephone: (02) 6247 5988


JLM & ASSOCIATES: Commences Liquidation Proceedings
---------------------------------------------------
JLM & Associates Pty. Ltd.'s members agreed on July 1, 2008, to
voluntarily liquidate the company's business.  Michael Edward
Slaven was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Michael Edward Slaven
          Kazar Slaven
          Unit 12, Level 3,
          Engineering House
          11 National Circuit
          Barton ACT


LEWINGTON INVESTMENTS: Member's Final Meeting Set for August 29
---------------------------------------------------------------
David Friedlieb, Lewington Investments Pty Ltd's state
liquidator, will meet with the company's members on Aug. 29,
2008,  at 9:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          David Friedlieb
          WDF Professional
          135-137 Peter Street
          Wagga Wagga NSW 2650
          Australia


PENDARVES ESTATE: To Declare Dividend on August 28
--------------------------------------------------
Pendarves Estate Pty Limited, which is in liquidation, will
declare dividend to ordinary unsecured creditors on Aug. 28,
2008.

Only creditors who were able to file their proofs of debt by
July 31, 2008, will be included in the company's dividend
distribution.

The company's liquidators are:

          Manfred Holzman
          Holzman Associates
          GPO Box 3667
          Sydney NSW 2001
          Australia
          Telephone: (02) 9222 9070
          Facsimile: (02) 9222 9071


RAKIFU PTY: Members and Creditors to Meet on August 19
------------------------------------------------------
Rakifu Pty Ltd will hold a final meeting for its members and
creditors at 11:15 a.m. on
Aug. 19, 2008.  During the meeting, the company's liquidator,
Frank Lo Pilato, will provide the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          Level 1, 103-105 Northbourne Avenue
          Turner ACT 2612
          Australia
          Telephone: (02) 6247 5988


STONETEX PTY:  Commences Liquidation Proceedings
------------------------------------------------
Stonetex Pty. Ltd.'s members agreed on July 1, 2008, to
voluntarily liquidate the company's business.  Michael Edward
Slaven was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Michael Edward Slaven
          Kazar Slaven
          Unit 12, Level 3,
          Engineering House
          11 National Circuit
          Barton ACT


THE POWER: Liquidator to Give Wind-Up Report on August 19
---------------------------------------------------------
The Power of US Pty Ltd will hold a final meeting for its
members and creditors at 11:00 a.m. on Aug. 19, 2008.  During
the meeting, the company's liquidator, Frank Lo Pilato, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          Level 1, 103-105 Northbourne Avenue
          Turner ACT 2612
          Australia
          Telephone: (02) 6247 5988


ZIRCON FINANCE: Fitch Affirms 'BB-' Rating on AU$13 Mil. Notes
--------------------------------------------------------------
Fitch Ratings has affirmed the managed synthetic CDO notes
issued by Zircon Finance Limited series 2007-3 after the partial
termination of the outstanding principal, as:

-- AU$13 million notes due March 2017 (ISIN AU3FN0002325):
    affirmed at 'BB-'.

The transaction is a managed synthetic CDO referencing a
portfolio of primarily investment grade corporate obligations
and managed by Lion Global Investors (formerly Lion Capital
Management Limited).  The portfolio current maximum notional
amount has been reduced to AU$878 million from AU$1,000 million
in proportion to the reduction in the notes.

The outstanding principal amount of the notes has been reduced
to AUD13m from AU$14.8 million following the execution of the
partial termination deed agreed between Zircon, the trustee,
noteholders and the swap counterparty, Lehman Brothers Special
Financing Inc. ("LBSF", guaranteed by Lehman Brothers Holding
Inc., 'A+'/'F1'/Negative Outlook).  Under this agreement, Zircon
purchased from noteholders AU$1.8 million in principal amount of
series 2007-3 notes for cancellation.  Also as part of the
agreement, noteholders purchased from the issuer AUD1.8 million
in principal amount of the charged asset, and the CDS
counterparty and the issuer agreed to terminate in part in
respect of the notional amount of AU$1.8 million of the Swap
Agreement.

At close, proceeds from the issuance of the notes were used to
purchase the charged asset to collateralize CDS between the
issuer and LBSF.  The charged asset of this transaction was an
investment of AU$14.8 million in principal amounts of fixed rate
notes due 13 February 2017 issued by Citigroup Inc.
('AA-'/Negative Outlook).  After the partial termination of the
notes, this charged asset is reduced to AU$13 million in
principal amounts.

Following series 2007-3's downgrade to 'BB-' from 'AA' on 18
July 2008, the portfolio weighted average rating of 'BBB-' has
remained broadly stable.  The affirmation reflects the fact that
the partial termination deed has not caused the credit quality
of the portfolio or the credit enhancement level to change.



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

SHIMAO PROPERTY: Achieves 1/3 of Full Year-Goal in First-Half 08
----------------------------------------------------------------
Shimao Property Holdings Limited achieved one-third of its
CNY17 billion full-year goal as it reaped sales income of more
than CNY5 billion in the first half of this year, SinoCast News
reports, citing Chairman Xu Rongmao.

Mr. Rongmao, the report relates, is  confident that the company
can realize the full-year goal as most properties would be
launched in the second half.  The company has no intent to cut
house prices and slow down construction as many peers do, he
said.

According to the report, the company is restructuring its hotel
business and will spin it off at an appropriate time for listing
in the capital market.

China Securities Regulatory Commission has approved of its
injection of 11 retail and commercial properties into the sister
company Shanghai Shimao for CNY7.665 billion, the report says.

SinoCast relates that the deal can bring CNY1.212 billion
returns.

                   About Shimao Property

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

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 29, 2008, Moody's Investors Service downgraded to 'Ba1'
from 'Baa3' Shimao Property Holdings Limited's issuer rating and
senior unsecured bond rating.

At the same time, Moody's withdrew the issuer rating and
assigned the company a 'Ba1' corporate family rating.  The
outlook for the unsecured bond rating and corporate family
rating is negative.


XINING SPECIAL: To Buy 20% Stake in Mining Development Company
--------------------------------------------------------------
Xining Special Steel Co. Ltd will purchase a 20% stake in a
Qinghai-based mining development company from a Qinghai-based
group at a price of CNY20 million, Reuters reports.

According to the report, Xining Steel will then hold a 100%
stake in the new entity.

Based in Xining, Qinghai Province, Xining Special Steel Co.,
Ltd. is principally engaged in the smelting and processing of
special steel products and offers alloy structural steel, alloy
tool steel, carbon structural steel, bearing steel, spring
steel, carbon tool steel, stainless steel, high-temperature
steel and other steel products.

The company continues to carry a "BB" issuer credit rating
placed by Xinhua Far East China Ratings on August 25, 2006.


* CHINA: Growth Exports to U.S. Slows in 1H, Customs Says
---------------------------------------------------------
The growth of China exports to the United States slowed in the
first half, amid the U.S. subprime mortgage disaster and a
stronger Chinese currency (the renminbi (RMB)), Xinhua News
reports, citing the General Administration of Customs.

The report relates that China exports stateside in the first six
months totaled US$116.79 billion, up 8.9% from the same period
last year.  The growth rate was 9 percentage points lower than a
year earlier.

According to the report, the appreciation of the Renmibi had
made the country's goods more expensive in world market, and had
slackened Chinese products' competitiveness.

China's processing trade industry saw its U.S. exports stand at
US$70.68 billion the first half, up 5.7% over the same period
last year, with growth rate percentage points of 3.2 lower year
on year, the report notes.

Xinhua News says that exports of mechanical and electrical
products hit US$71.9 billion, up 8.6% over the same period last
year, and the growth rate declined 8.4 percentage points year on
year.

Moreover, the report adds, China's export volume stood at
US$666.25 billion in the first half, representing an increase of
21.8% over the same period last year.


* CHINA: LehmanBrown Moves Guangzhou Office to China Shine Plaza
----------------------------------------------------------------
As a result of business expansion, LehmanBrown's Guangzhou
office has moved to a new and better resourced building.  The
new building offers state-of-the-art technology, from high-speed
Internet access to conference rooms with high tech projection
capabilities to accommodate cutting edge business presentations,
conferencing and training sessions for clients and staff.

China Shine Plaza is in the central business district of
Guangzhou City, just off Lin He Xi Road.

New Guangzhou Office:

Room 3317, China Shine Plaza,
9 Lin He Xi Road,
Guangzhou 510610
Tel: +86 20 2205 7883
Fax: +86 20 2205 7880
E-mail: guangzhou@lehmanbrown.com>
        guangzhou@lehmanbrown.com

                      About LehmanBrown

LehmanBrown is a China-focused accounting, taxation and business
advisory firm, combining years of international expertise with
practical China experience and knowledge, offering expert advice
and support to both local and international clients. We
currently operate through offices in Beijing, Shanghai,
Shenzhen, Tianjin, Guangzhou, Hong Kong, Macao and affiliates in
a number of other Chinese regions and cities, which are staffed
by a combination of China and expatriate professionals. We also
have international liaison offices in the UK and Mongolia.

LehmanBrown was the first China-wide accredited Platinum
Employer and is accredited as a Professional Development Partner
for ACCA, is one of only eight companies in China to be approved
as Training Quality Partner for Chartered Institute of
Management Accountants, and is approved as an Authorized
Training Organization for Institute of Chartered Accountants of
England and Wales (UK). Through offering "whole of life"
services, LehmanBrown offers clients assistance throughout every
step of their China business life cycle, from pre-conception to
after life.


* CHINA: Fitch Says Government Must Act on Struggling IPPs
----------------------------------------------------------
Fitch Ratings has commented that the Chinese government may have
to consider implementing additional measures to alleviate coal-
fired Independent Power Producers' fast-deteriorating financial
profiles.

"The recent subsidy lobbied by the Chinese power producers and
the China Electricity Council is one possibility to aid the
deteriorating financial profiles of the IPPs," notes Simon Wong,
Director in the agency's Asia-Pacific energy and utilities team.
The Chinese government could consider adopting short-term
measures such as granting subsidies to power producers, through
exemption from, or rebates, of the value-added tax.  "Such
subsidies are not expected to have a direct inflationary effect
and could be implemented as an interim measure," added Mr. Wong.

In addition, relaxing credit quotas of state banks to grant
additional working capital loans to the IPPs would also improve
liquidity and allow IPPs to replenish their coal inventory
levels.

The recent electricity tariff adjustment implemented in July was
limited, as China was combating high inflation (H108: 7.9%), and
inadequate in relieving the tremendous margin pressure and cash
flow squeeze faced by the IPPs.  Although the National
Development and Reform Commission has reiterated the enforcement
of the coal price cap, the widening operating losses, lack of
working capital and coal supply shortage have caused an
increasing number of coal-fired power producers to shut down
their operations, while increasingly sub-standard coal quality
has also led to higher instances of unplanned maintenance.

Fitch notes increasing reports of severe power shortages in
various provinces since the start of Summer partly reflects the
effect of the suspension of the 'coal-electricity price linkage
mechanism' and the inadequate one-off tariff adjustment in July.
By 25 July, coal-fired generators with capacity totaling 185GW
or about 25% of the national generation capacity had
insufficient coal stocks to support seven days of normal coal-
fired operation, while plants with less than three days coal
inventory amounted to 53.43GW, while a further 16.35GW had to
shut down their operations.

In Fitch's view, the Chinese government will continue to provide
support to the Chinese IPPs.  In the near term, this would mean
implementing tariff adjustments as and when inflation eases;
medium term goals should include removing coal transportation
bottlenecks, setting up a national trading platform to enhance
transparency of coal prices, and most importantly resolving the
conflict between 'market priced' coal and the capped electricity
tariff.  A prolonged suspension of the tariff mechanism during
periods of substantial coal price increases could adversely
affect the IPPs' financial profiles and could have a flow-on
effect to the rest of the economy including to its creditors; it
could also lead to widespread power shortages as well as reduced
power generating investments.

Fitch hopes the recent official opening of the Bureau of Energy
on 8 August 2008 will help China consolidate its efforts in
accelerating the necessary reforms.

In recent Fitch rating action commentaries issued 11 August 2008
for Huaneng Power International ('BBB'/Stable), Datang
International Power Generation Co. ('BBB-'/Stable), Huadian
Power International Corporation Limited ('BBB-'/Negative) and
China Power International Development Limited ('BBB-'/Rating
Watch Negative), Fitch applied a one-notch uplift to the
respective standalone ratings, noting the moderate-to-strong
support expected from the Chinese government.  A reduction in
the level of implied government support could result in the
removal of these one-notch uplifts.



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

ADVANCED ELASTOMER: Placed Under Voluntary Liquidation
------------------------------------------------------
On August 2, 2008, the sole shareholder of Advanced Elastomer
Systems Hong Kong Limited resolved to liquidate the company's
business.

Creditors are required to file their proofs of debt by Sept. 8,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

         Wong Lung Tak, Patrick
         China Insurance Group Building, Room 1101, 11th Floor
         141 Des Voeux Road Central
         Hong Kong


BERYL FINANCE: Fitch Cuts US$12.6MM Notes Rating to 'B+'
-------------------------------------------------------
Fitch Ratings has downgraded the notes issued by Beryl Finance
Limited Series 2006-12 and removed them from Rating Watch
Negative, as:

  -- US$12.6 million notes due January 2013 (ISIN XS0272788927):
     downgraded to 'B+' from 'A'; removed from RWN.

The transaction is a funded static synthetic corporate CDO
referencing a portfolio of primarily investment grade corporate
obligations.

The transaction was placed on RWN on 29 May 2008, and since then
the portfolio has experienced further negative rating migration
mainly due to the downgrading of some reference entities in the
Banking & Finance sector as well as in the Buildings & Materials
sector - a reflection of the challenges afflicting the mortgage
insurers and the US homebuilders.  The downgraded reference
mortgage insurers include XL Capital Assurance Inc., PMI Group
and MGIC Investment Corporation; with the exception of XLCA, the
other two, together with Genworth Financial Inc., are currently
on RWN.

The three downgraded entities in the Buildings and Materials
sector are Centex Corp., Lennar Corporation, and Pulte Homes,
Inc., and together with two other reference entities in the same
sector - Masco Corporation and Toll Brothers Inc. - are
currently on Negative Outlook.

The key drivers of the transaction's credit risk are:

  -- Portfolio credit risk deteriorating to an average portfolio
     quality of 'BBB'/'BBB-'(BBB minus) from 'A-'/'BBB+' at last
     review in October 2007 and 'A'/'A-' at closing in October
     2006;

  -- Currently 12% of the portfolio is rated below investment
     grade, an increase from 4% in October 2007 and 0% at
     closing.  The 12% sub-investment grade assets comprise of
     1% in the 'CCC' rating category, 3% in the 'B' rating
     category and 8% in the 'BB' rating category;

  -- Portfolio migration risk, with 9% of the portfolio on RWN
     and 26% of the portfolio on Negative Outlook;

  -- Industry concentration is 52% in the three largest
     industries, made up of 32% in Banking and Finance, 14% in
     Telecommunications and 6% in Utilities; and

  -- The portfolio is concentrated in the US, which represents
     50% of the portfolio.

Given Fitch's view of concentration and the current credit
quality of the portfolio, the credit enhancement level of 3.15%
of the transaction is not sufficient to justify the current
rating of the notes.

At close, note proceeds were used to purchase the charged asset
to collateralize credit default swaps between the issuer and
Lehman Bother Special Financing Inc. (the CDS swap
counterparty), guaranteed by Lehman Brothers Holdings Inc.,
('A+'/'F1'/ Negative Outlook).  The charged asset of the
transaction is an investment of US$12.6m in principal amounts of
General Electric Capital Corporation MTN due January 2013.

Fitch released updated criteria on 30 April 2008 for Corporate
CDOs and, at that time, noted it would be reviewing its ratings
accordingly to establish consistency for existing and new
transactions.  As part of this review, Fitch makes standard
adjustments for any names on RWN or Negative Outlook, reducing
such ratings for default analysis purposes by two and one notch,
respectively.

Fitch has previously noted that its review will be focused first
on ratings most exposed to risks it has highlighted in its
updated criteria; as such, the transaction was placed on RWN on
29 May 2008.  As previously indicated, resolution of the Rating
Watch status depends on any plans managers/arrangers may choose
to modify either the structure or the portfolio.  In this case,
the arranger has confirmed that it does not intend to make any
modifications.


HARADA INDUSTRIES: Members' General Meeting Set for Sept. 8
-----------------------------------------------------------
The members of Harada Industries (Hong Kong) Limited will meet
on September 8, 2008, at 5:45 p.m., at the Level 28 of Three
Pacific Place, 1 Queen's Road East, Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


MEI FOO: Creditors' Proofs of Debt Due on September 8
-----------------------------------------------------
The creditors of Mei Foo Oil Limited are required to file their
proofs of debt by September 8, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 2, 2008.

The company's liquidator is:

         Wong Lung Tak, Patrick
         China Insurance Group, Room 1101, 11th Floor
         141 Des Voeux Road Central
         Hong Kong


MOW TAI: Creditors' Proofs of Debt Due on September 8
-----------------------------------------------------
The creditors of Mow Tai Hong Limited requires its creditors to
file their proofs of debt by September 8, 2008, to be included
in the company's dividend distribution.

The company's liquidator is:

         Yiu Kwong Man
         Far East Consortium Building, Rooms 1501-3
         121 Des Voeux Road Central
         Hong Kong


PO SANG: Commences Liquidation Proceedings
------------------------------------------
On July 27, 2008, the members of Po Sang (Nominees) Limited
passed a resolution to voluntarily liquidate the company's
business.

The company's liquidator is:

         Leung Fung Yee Alice
         Jardine House, 5th Floor
         1 Connaught Place
         Central, Hong Kong


RAZORBACK INTERNATIONAL: Seng and Lo Cease to Act as Liquidators
----------------------------------------------------------------
On July 25, 2008, Natalia K M Seng and Susan Y H Lo ceased to
act as liquidators.

The company's former Liquidators can be reached at:

         Natalia K M Seng
         Susan Y H Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


RUSK (CHINA): Requires Creditors to File Claims by September 10
---------------------------------------------------------------
The creditors of Rusk (China) Limited requires its creditors to
file their proofs of debt by September 10, 2008, to be included
in the company's dividend distribution.

The company's liquidator is:

         Lin Lai Har Wendy
         1301 Eton Tower
         8 Hysan Avenue
         Causeway Bay
         Hong Kong


SUPER MISSION: Creditors to Meet on August 22
---------------------------------------------
The creditors of Super Mission Development Limited will meet on
August 22, 2008, at 10:30 a.m., for the purposes provided for in
Sections 241, 242, 243, 251 and 255A of the Companies Ordinance.


UOB REALTY: Placed Under Voluntary Liquidation
----------------------------------------------
At an extraordinary general meeting held on July 29, 2008, the
members of UOB Realty (HK) Limited resolved to voluntarily wind
up the company's operations.

Creditors are required to file their proofs of debt by
August 31, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lee, Ho Yiu Thomas
          Catic Plaza, 21st Floor
          8 Causeway Road, Causeway Bay
          Hong Kong


XIJIAO TECHNOLOGY: Placed Under Voluntary Liquidation
-----------------------------------------------------
At an extraordinary general meeting held on August 4, 2008, the
members of Xijiao Technology Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Chok-man Yik
         Manulife Tower, 15th Floor
         169 Electric Road
         North Point, Hong Kong



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

ADHUNIK ALLOYS: Fitch Puts 'BB+(ind)' Long-Term Issuer Rating
-------------------------------------------------------------
Fitch Ratings assigned a National Long-term issuer rating of
'BB+(ind)' and National Short-term rating of 'F4(ind)' to
India's Adhunik Alloys and Power Limited.  The Outlook on the
rating is Stable.  Fitch has also assigned the following ratings
to AAPL's bank loans:

  -- Outstanding/Sanctioned long-term loans aggregating
    INR2600.0 million: 'BB+(ind)';

  -- Cash Credit Limits aggregating INR350m: National Long-term
     rating of 'BB+(ind)'; and

  -- Sanctioned non-fund based limits aggregating INR250
     million: National Short-term rating of 'F4 (ind)'.

The ratings assigned to APPL reflect the single product nature
of its operations, which exposes it to risks of key inputs on
one side and volatility of end-product prices on the other.  The
agency notes AAPL is presently implementing a capex programme
envisaging value-added products; however, the benefits of these
would start accruing from FY09E and will entail an outlay of
INR5239.3 million.  The capex plan, in Fitch's opinion, is
significantly large in relation to the existing asset base and
exposes the company to execution and delay risks typically
associated with such projects.  While the risks are partially
mitigated by the experience of the group in implementing
projects, the scale of operations would continue to keep the
company exposed to cash flow risks in the event of cost
overruns.

The financial leverage, on account of this capex, would continue
to remain high before benefits start accruing and the balance
sheets starts deleveraging.  Fitch also remains concerned on the
lack of raw material availability and while the company has a
coal allocation in place, availability of captive iron-ore would
remain a key rating sensitivity.

The rating reflects AAPL's limited but favourable track record
of implementing projects, continuous improvement in its
profitability, locational advantage which provides it freight
advantage and financial leverage driven by higher utilization of
capacities.  Fitch expects demand for steel to remain favourable
in the short term, however, the medium term outlook remains
uncertain driven by high raw material prices and the softening
of global steel demand from USA and Europe.

AAPL presently operates sponge iron facility with a capacity of
210,000 MTPA.  The company has a single unit with all the
facilities located at Jamshedpur in Jharkhand.  AAPL is setting
up a Integrated Steel Plant for production of high value-added
steel products to be utilized by the Power and Telecommunication
industries and their ancillaries.  The proposed plan includes
captive co-generation of power, pelletization plant, Rolling
Mill, Steel Melting Shops, private railway siding and coal
mining rights.  The project which is expected to be completed by
FY09E and will involve a total project cost of INR5239.3
million.  Fitch expects leverage to peak in FY09 and deleverage
thereafter once the benefits of the capex start accruing.

Successful completion of expansion projects resulting in
improvement in the margins and debt/EBIDTA ratio less than 5.5x
could potentially act as a positive rating trigger.  Overruns in
expansion plans or a major debt-funded investment impacting
Debt/EBIDTA ratio to move in the range of 7x after FY2009 may be
downgrade triggers.

AAPL recorded revenues of INR1332.7 million in FY07 with EBIDTA
of 15.5%.  AAPL had total debt of INR683.5 million at FY07.  The
debt/equity ratio stood at 1.0 at FY07, compared to 1.62 in FY06
and is expected to increase to 1.34 in FY2009.  AAPL has been
reporting negative free cash flow because of huge capex over the
last two years and is expected to be negative till FY2010.  The
company debt protection measures indicated by Total Adjusted
Debt/Op.  EBITDAR improved to 3.3x in FY07 from 6.0x in FY06,
and total adjusted debt/total adjusted capital to 50.0% in FY07
from 62.0% in FY06 mainly because of increase in capacity
utilization.


GINNI FILAMENTS: Fitch Assigns 'BB(ind)' Long-Term Issuer Rating
----------------------------------------------------------------
Fitch Ratings assigned a National Long-term Issuer rating of
'BB(ind)' to India's Ginni Filaments Limited.  The Outlook is
Stable.  Fitch has also assigned ratings to Ginni's bank loans,
as:

  -- Fund-based working capital lines aggregating INR1,050
     million: National Long-term rating of 'BB(ind)' and
     National Short-term rating of 'F4(ind)';

  -- Non-fund-based working capital bank lines of INR220
     million: National Short-term rating of 'F4(ind)'; and

  -- Outstanding term loans from banks aggregating INR2,554
     million: National Long-term rating of 'BB(ind)'.

The ratings take into account Ginni's integrated operations and
long-standing experience in the textile industry, albeit
constrained by its relatively large exposure to yarn and ongoing
debt-funded capital expenditure leading to extremely high
leverage.  The ratings are also affected by the size of the
company and its weakened profitability led by rising cotton
prices, increasing power costs and appreciation of the Indian
rupee during the financial year ended March 2008.  As an export-
oriented player, 65%-70% of Ginni's revenues are generated from
exports, c. 90% of which are denominated in USD; owing to the
appreciation of the INR against the USD, this led to significant
foreign exchange risk for the company, thus negatively impacting
its margins during the financial year ended March 2008.

However, Fitch notes that the INR has depreciated against USD in
FY09 to date, which is likely to benefit Ginni's profitability
in the short term.  The agency also draws comfort from the
company's diversification into higher margin non-wovens, which
coupled with its new capacity on-stream since January 2008, are
likely to improve both revenues and profitability.  These
factors, in Fitch's view, could act as positive rating triggers
in the medium to long term, while further erosion of profit
margins and continuing high capex would be viewed negatively for
its ratings.  Nonetheless, the agency notes that Ginni enjoys
good customer diversification, with its top 10 customers
accounting for c. 27% of its total sales and the top five
customers accounting for c.15% of its total sales.

Key risks for Ginni in the future are anticipated to revolve
around the volatility in cotton prices, rising power costs and
capex execution risks.  The recent scrapping of import duties of
14% on raw cotton by the government is, however, not expected to
have a significant impact on Ginni's input costs, as the
majority of the company's raw cotton is procured from the
domestic market.

Ginni registered group revenues of INR3,018m, increasing by
34.4% yoy, during the financial year ended 31 March 2008,
primarily driven by the expansion of capacities and commencement
of commercial operations in the non-wovens business.  Despite
this, the company's operating EBITDAR profitability reduced to
7.5% in FY08 from 15% in FY07 as a result of higher cotton
prices, rising power costs and INR appreciation, while the
prices of yarn, fabric and garments have not moved in tandem
with rising input costs.  As such, the company recorded a net
loss of INR176.3 million in FY08 against a net profit of INR26.7
million in FY07.  The net loss of FY08 included INR134.8 million
on account of foreign exchange losses which are marked to
market.

The company had total debt of INR3,438 million, which is
expected to rise further given its continued expansion capex in
2009.  Its total adjusted debt net of cash /Operating EBITDAR
ratio for the financial year ended 31 March 2008 deteriorated to
14.9x from 8.8x in the previous financial year, while its total
adjusted debt/total adjusted capitalization also deteriorated
over the years from 52.5% as on March 31,  2006 to 70.6% and
75.7% during the same period in 2007 and 2008, respectively.
Owing to the working-capital-intensive nature of the textile
industry, the utilization of limits has been high, peaking to
85%-90%.  Free cash flow generation is expected to remain
negative until the financial year ending March 2010 on account
of the continuing capex.

Ginni was set up as a 100% Export-Oriented Unit in 1990 with a
production capacity of 26,208 spindles to produce ultra fine
combed cotton yarn.  Ginni is a vertically integrated textile
manufacturer present across the value chain from yarn to knit
fabrics to apparel; although the major revenue source comes from
its yarn segment.  Recently, the company has opted for
debonding, i.e. exiting from the EOU scheme to expand its
presence into the domestic market.


* CRISIL: Reconsidering Assigning Ratings on NPP-ELDs
-----------------------------------------------------
CRISL said it was reconsidering assigning ratings to non-
principal-protected equity-linked debentures.  CRISIL has so far
noted non-principal-protected equity-linked debentures issued by
three entities; all these debentures carry "AAA" ratings.  Since
there are prominent non-credit risks that can impact returns on
these instruments, CRISIL distinguishes the ratings by using an
"r" suffix to alert investors to such risks.  However, it has
come to CRISIL's notice that some investors, specially
individual investors, are not adequately educated about the non-
credit risks in these relatively new and complex financial
products.  In this context, CRISIL has decided to reconsider
assigning ratings to non-principal-protected equity-linked
debentures.

Equity-linked debentures (ELDs) are a relatively new debt
instrument in India.  The returns on an ELD are linked to the
equity markets, and could be based on the performance of an
external variable such as an index, a basket of shares, or even
an individual share.   ELDs have two variants, principal-
protected and non-principal-protected.  In a principal-protected
instrument, the principal obligation is fixed and only the
interest component is variable and linked to equity market
movements.  In a non-principal-protected instrument, even the
principal payment is not fixed and could vary based on movement
in the linked external variable.  CRISIL has so far rated non-
principal-protected ELDs aggregating Rs. 4.92 billion,
representing a small proportion (7 percent) of the total value
of ELDs rated by CRISIL.  All CRISIL ratings on non-principal-
protected ELDs remain unchanged, reflecting that the promise to
pay on the instruments is backed by the creditworthiness of the
issuing entities, which is in the "Highest Safety" category.

CRISIL highlights the fact that the "r" suffix indicates that
payments on the rated instruments have significant risks other
than credit risk.  These risks could result in variability in
payments – including possible material loss of principal –
because of adverse movements in the values of the external
variables.  The risk of such adverse movements in price or value
is not factored into the rating.  Further, CRISIL has classified
these instruments as "highly complex."

Non-credit risks exist in both principal-protected and non-
principal-protected ELDs.  However, the impact of such risk can
be materially higher in non-principal-protected ELDs.  In
CRISIL's opinion, if investors are not adequately informed and
educated about these market risks, there is a risk of a serious
loss of market confidence, particularly if investors do not
recover their principal in a situation of adverse market
movements.  CRISIL is therefore reconsidering whether it should
continue to rate these instruments; it will also consider
measures such as different or modified rating symbols for these
instruments to further highlight the embedded non-credit risks.

Ms. Roopa Kudva, Managing Director and Chief Executive Officer,
CRISIL, says, "We are committed to supporting market development
with our analytics and rating products.  However, for highly
complex products, adequate investor education is a key pillar of
successful market development.  The lack of investor awareness
can hurt long-term market growth and confidence.  We propose to
have a further dialogue with market participants including
issuers, investors, and distributors, to better understand how
non-principal-protected ELDs are being sold, and the investor
education efforts for this product, before arriving at a final
decision."

CRISIL will continue to assign ratings for principal-protected
ELDs.  All currently outstanding ratings of non-principal-
protected ELDs will continue to remain under surveillance.


* INDIA: Global Law Firms Eye Tie-Ups With Local Law Firms
----------------------------------------------------------
Global law majors, including Ropes & Gray LLP, are scouting for
tie-ups with domestic law firms as a first step for a footprint
in India, the Economic Times reports.  They have already
initiated talks with a host of law firms in the country for
possible alliances.

Ropes & Gray has over 850 lawyers and professionals with offices
in Boston, Chicago, Hong Kong, New York, Palo Alto, San
Francisco, Tokyo, and Washington, DC and a conference center in
London.  The firm offers, among others, bankruptcy and business
restructuring services.  It has represented clients in big
chapter 11 cases including the independent directors of Trump
Hotels and Casino Resorts Inc. and Fleet in the Enron Megabank
litigation.

The Times relates that since the Bar Council of India (BCI)
prohibits the entry of foreign law firms in India, these tie-ups
will be in the form of client referral arrangements where both
parties will refer work to each other when there is a demand for
India-related advice from international clients.

According to industry experts cited by the Times, foreign law
firms are increasingly seeking to position themselves ahead of
any possible future liberalisation of the Indian legal market.
"There is building pressure on BCI, and India may soon have to
open its doors, especially when reforms are on its way in other
sectors," said a legal expert.

Meanwhile, the Times says other foreign majors, like Allen &
Overy, Jones Day and Linklaters have already set afoot in India
through client referral tie-ups while Clifford Chance and Baker
& McKenzie are stocking up Indian talent by recruiting local
lawyers.


* INDIA: Travel Agents' Air Ticket Commissions to End on Nov. 1
---------------------------------------------------------------
The Business Standard reports that Indian carriers did not give
in to travel agents' requests to defer the date of non-payment
of commission on air tickets from November 1 this year to April
1 next year.

According to the report, executives of Air India, Kingfisher and
Jet Airways said they would stop paying commission from November
1 this year and would not defer the date to April 1 next year.

There are a total of 2,900 travel agents in India, 2,200 of
which are represented by three travel agent federations:

   -- Travel Agents Association of India (TAAI),
   -- Travel Association Federation India (TAFI), and
   -- IATA Agents Association of India (IAAI).

"The airline executives told us that deferring the commission
dates is completely out of the question even after we explained
to them that this would make our tickets costlier for the
customers," Ajay Prakash, General Secretary, TAFI told the
Business Standard.

Last month, the Business Standard reported that major travel
agents have threatened to stop selling domestic and
international air tickets until airlines agreed to restore
commissions that they had said they would scrap, citing higher
costs and slower growth.

The Business Standard relates that airlines have been giving
agents 5 per cent of their base fare on the tickets as
commission, a recent reduction from the earlier 9 per cent.
Domestic airlines Jet Airways, Kingfisher and Air India
unilaterally sent letters to travel agents saying no commissions
would be given from October 1.  Foreign carriers like Lufthansa,
Singapore Airlines and British Airways, among others, did the
same.  Airlines say they will save over Rs 1,000 crore from the
move.  However, after repeated requests from the agents, the
carriers had agreed to defer the date to November 1.

A full-service carrier executive told the Business Standard that
it is an established norm worldwide that travel agents don't get
commission.

Travel agents however said that the non-payment of commission
would impact 70 per cent of their revenues, the report relates.

As passing on the commission plus service tax to customers would
drive them away,
a committee of experts will meet on August 21 to consider the
agents' request to have airlines include a transaction fee in
their ticket charges.

India's airlines are forced to find ways to cut costs amid
soaring fuel prices.
The Troubled Company Reporter-Asia Pacific reported on July 11,
2008, that the country's civil aviation ministry received
government approval to set up a committee to examine various
issues related to the financial woes of domestic airlines.

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

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

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



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

MITSUBISHI: Inks Electric Vehicles Pact With SouthCal Edison
------------------------------------------------------------
Mitsubishi Motors Corporation has signed a letter of intent with
Southern California Edison to forge a unique collaboration for
testing and evaluation of the new i MiEV electric vehicle.

According to Tohru Hashimoto, Corporate General Manager of the i
MiEV Business Promotion Office of Mitsubishi Motors Corporation,
"The small, four-passenger Mitsubishi i MiEVs will enter into
SCE's nationally-recognized prototype testing and evaluation
program.  This collaboration with one of the nation's leading
utility supporters of electric vehicles will provide us
technical feedback on i MiEV vehicle and battery performance, as
well as vehicle connection and integration into the electrical
system."

Extensive testing with the i MiEV has been occurring over the
past two years with seven major utility companies in Japan.  The
success of these programs quickened the pace and prompted
Mitsubishi Motors to begin selling the electric vehicle in the
Japan market in summer of 2009.

The rise in interest for electric vehicles and other
alternative-fuel propulsion systems is dramatically shaping the
way automakers and utility companies are approaching the
opportunity.  Through this program, SCE hopes to help Mitsubishi
Motors gauge how electric vehicles will most effectively connect
to the smart grid of the future and the next generation Edison
SmartConnectTM advanced meters.  In addition, the collaboration
may explore future requirements for vehicle communication and
connection, helping enable new customer values associated with
home energy management and control.

"Southern California Edison has more than 20 years and 16
million EV miles of experience operating the nation's largest
private fleet of electric vehicles," said Edward Kjaer, SCE's
director of electric transportation.  "This new EV collaboration
with Mitsubishi complements SCE's existing work on plug-in
hybrids and next-generation advanced batteries and their
effective connection and control by Edison's next-generation
meters"

The i MiEV electric vehicle, which is based on Mitsubishi's "i"
gasoline-powered mini car on sale in Japan, adapts a zero-
emissions state-of-the-art electric drivetrain.  A durable 330-
volt lithium-ion battery system is located under the floor deck
and powers a permanent magnet electric motor.  With this
packaging, the i MiEV is able to offer the same level of
interior utility and space as the gasoline version while
lowering the center of gravity for more stable handling.  The 47
kW electric motor offers improved performance and quicker
acceleration over the 64-hp gasoline version.

The advanced lithium-ion battery is developed by the Mitsubishi
Motors Corporation / Mitsubishi Corporation / GS Yuasa joint
venture company, Lithium Energy Japan.  LEJ represents the
leading edge in battery technology and promises up to 100 miles
of zero-emissions, economical driving on a single charge when
packaged in the i MiEV.

                     About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
August 11, 2008, JCR has affirmed the BB/Stable, J-3 and BB-
ratings on senior debts, CP program and Euro Medium Term Note
Programme of the issuer, respectively.

On May 29, 2008, Moody's Investors Service upgraded the senior
unsecured ratings of Mitsubishi Motors Corporation (MMC) and its
supported subsidiaries, Mitsubishi Motors Credit of America,
Inc., and MMC International Finance (Netherlands) B.V., to Ba2
from Ba3.  The rating outlook is positive.  The action concludes
the review initiated on February 22, 2008.


SANYO ELECTRIC: To Invest US$95MM for Vietnam DVD-Pickup Plant
--------------------------------------------------------------
Sanyo Electric Co. Ltd. will invest US$95 million to build a new
plant in Vietnam for optical pickups, Reuters reports, citing
Dow Jones Newswires.

According to the report, the plant, to be built in Bac Giang
province, will start operations in April 2009.

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

                          *     *     *

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


VITEC CO: Completes Repurchase of 92,200 Shares for JPY56.9MM
-------------------------------------------------------------
Vitec Co. Ltd. has completed the repurchase of 92,200 shares of
its common stock in total for JPY56,906,800 on the Tokyo Stock
Exchange during the period from February 12, 2008 to August 11,
2008, Reuters reports.

According to the report, this closes the share repurchase plan
announced on February 8, 2008.

Headquartered in Tokyo, Japan, Vitec Co., Ltd. --
http://www.vitec.co.jp/-- is primarily engaged in the
electronic products business.  Along with its subsidiaries, the
Company has three business segments. The Electronic Device
segment sells electronic components to electronic equipment
makers in the domestic market, as well as the overseas market.
It is the sole agent of electronic components for Sony
Corporation, Hynix Semiconductor Japan Inc. and Philips
Electronics Japan.  The Composite Business segment is engaged in
the component procurement business, as well as the strategic
planning, sale and production of mount assembly business. The
Support segment encompasses the development of digital versatile
disc (DVD) software, the design of audio-visual (AV) equipment
systems, the design of hardware, as well as the development and
design of composite modules.  The company has 14 subsidiaries in
Japan, Taiwan, China, Singapore and the United States.

                        *     *     *

The company continues to carry Makuni Credit Ratings' "B" senior
debt mortgage debt ratings.



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

SSANGYONG MOTOR: Analysts Cut Stock Ratings on Bleaker Outlook
--------------------------------------------------------------
Yonhap News reports that the troubles of Ssangyong Motor Co. has
deepened as analysts cut the company's stock ratings last week.

The report says the downgrades will further drag down Ssangyong
Motor's stock price, which has already lost 52 percent this
year.

Yonhap News reported earlier that Ssangyong Motor posted a loss
of KRW35.7 billion (US$34.5 million) in the second quarter of
2008 compared with a profit of
KRW6.3 billion in the same period last year due to a drop in
sales of its sport-utility vehicles.

The automaker also posted an operating loss of KRW32.4 billion
in the current period, shifting from an operating profit of
KRW12.7 billion, the report said.

Yonhap News added that Ssangyong Motor's sales fell 19 percent
to KRW651 billion over the second quarter.  Vehicles sales in
the first half fell 26 percent from a year earlier to 49,802
units.  Domestic sales dropped 32.5 percent to 21,047 units in
the first six months,and overseas sales also sank percent to
28,755 units over the cited period.

Separately, a Troubled Company Reporter-Asia Pacific report on
Aug. 7, 2008, citing Yonhap News, said Ssangyong Motor shut down
its sole plant in Korea for 18-days from July 31 until Aug. 17.

The shutdown, Yonhap News said, will cost the company KRW2.2
trillion (US$2.16 billion) in lost production.

According to that report, Ssangyong shut its auto assembly plant
in Pyeongtaek, about 65 kilometers south of Seoul, to adjust
production in reaction to slowing sales.

Yonhap News also reported that the plant shutdown will be the
first for Ssangyong since it idled some of its production lines
in May because of sluggish demand.

During the shutdown period, the report said workers will receive
70 percent of their monthly salary.

Analysts told Yonhap News that higher diesel prices in South
Korea and a stagnant economy have led Ssangyong to curtail
production.

Last month, Yonhap News said Ssangyong saw its domestic sales
plunge 67 percent on-year to 1,902 units, and during the first
six months of this year, the company sold 26 percent fewer
vehicles as consumers shunned its gas-guzzling sport-utility
vehicles.

However, Kevin Lee, a Ssangyong spokesman, told Yonhap News that
the shutdown was aimed at retooling its painting equipment at
the plant, rather than cutting production to reduce its
inventory.

"In the first 20 days of July, our sales rose 120 percent from a
year earlier," Mr. Lee said declining to say how many vehicles
the company sold during the period.

Yonhap News noted that Ssangyong was the only automaker among
the country's five players to post a decline in vehicle sales
last month, and, as local brokerage Shinyoung Securities said,
would find it difficult "to recover its sales under current
business conditions."

Meanwhile, Yonhap News said workers at Ssangyong recently voted
to approve a new wage agreement, putting an end to a series of
partial strikes.

According to Yonhap News, 64% of some 5,200 union members
approved a 4.6 percent increase in monthly basic salary and a
bonus payment of KRW2 million (US$2,000) to encourage them to
"overcome a management crisis."

                  About Ssangyong Motor Co. Ltd.

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/kr/index.jsp/-- is a manufacturer
of automobiles primarily engaged in production of sports utility
vehicles (SUVs) and recreational vehicles (RVs).  The Company's
production is grouped into four lines: SUVs under brand names
REXTON, KYRON and ACTYON; sports utility trucks (SUTs) under the
brand name ACTYON Sports; passenger cars under brand name
Chairman, and multi-purpose vehicles (MPVs) under the brand name
Rodius.  It also provides automobile parts such as coolers,
engine oil filters, headlamp bulb and others. During the year
ended December 31, 2007, the Company had a production capacity
of 219,220 units of vehicles and its actual production output
was 122,857 units of vehicles.  The Company has two
manufacturing factories in Pyeongtaek and Changwon.



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

BOTRY-ZEN: Seeks Shareholders OK on Proposed Capital Raising
------------------------------------------------------------
Botry-Zen Limited disclosed results of the Special Meeting of
Shareholders held on Friday, Aug. 15, 2008, to seek approval for
proposed capital raising by way of the private placement of
Convertible Notes and Options.

Four resolutions seeking approval for the issue of the
Convertible Notes and Options for the purposes of the NZSX
Listing Rules and Companies Act 1993 were put to shareholders at
the Special Meeting.

All four resolutions were required to be passed by the requisite
majorities for the proposed capital raising to proceed.  Botry-
Zen said, at the Special Meeting, resolutions one to three were
passed by the requisite majorities but resolution four, which
sought approval under the 'major transaction' provisions of the
NZSX Listing Rules and Companies Act 1993, was not passed by
shareholders by the requisite majority and on this basis the
company cannot proceed to undertake the proposed capital
raising.

The capital raising was proposed after directors and management
recently assessed the company's capital requirements in
consultation with Bank of New Zealand which provides ongoing
credit facilities to the company to meet its operating
commitments.  The company's position has been further
complicated by the announced recent production difficulties
encountered in connection with the manufacture of its products
'BOTRY-ZEN' and 'ARMOUR-Zen'.

The anticipated effect of these production difficulties is such
that the company will require more than the NZ$1.3 million of
capital which would have been immediately available through the
proposed capital raising (had it been approved by shareholders)
if the company was to stay within its existing credit facilities
with Bank of New Zealand.

In these circumstances, the company said unless the Board is
able to secure new capital the future ability of the company to
trade must be considered uncertain.  The company has advised
Bank of New Zealand of the outcome of the Special Meeting and is
in discussions with the bank regarding the company's future.  A
possible outcome is that the directors conduct a sale of the
business.

                       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.


DESMOND HOLDINGS: Nellies and Deuchrass Appointed as Liquidators
----------------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, Iain
Andrew Nellies and Wayne John Deuchrass, were appointed
liquidators of Desmond Holdings Limited on July 11, 2008.

The liquidators can be reached at:

          Insolvency Management Limited
          Level 1
          148 Victoria Street
          PO Box 13401
          Christchurch


I BINGHAM: Nellies and Jenkins Appointed as Liquidators
-------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, Iain
Andrew Nellies and Paul William Gerrard Jenkins, were appointed
liquidators of I Bingham & Co. on July 7, 2008.

The liquidators can be reached at:

          Insolvency Management Limited
          Level 3
          Burns House
          10 George Street
          PO Box 1058
          Dunedin


LJO INVESTMENTS: Commences Liquidation Proceedings
--------------------------------------------------
The High Court at Auckland held a hearing on Aug. 6, 2008, to
consider an application putting Tasman Action Group Inc. into
liquidation.

The application was filed on May 12 2008, by the Commissioner of
Inland Revenue.

The plaintiff's address for service is at:

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

Michael Kinlim Yan is the plaintiff's solicitor.


NDR CO: Commences Liquidation Proceedings
-----------------------------------------
The High Court at Auckland convened a hearing on Aug. 8, 2008,
to consider an application putting NDR Co Limited into
liquidation.

The application was filed on April 17, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

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

Julie Newton is the plaintiff's solicitor.


NORTH ISLAND: Grant and Khov Appointed as Liquidators
-----------------------------------------------------
Pursuant to Section 241(2)(d) of the Companies Act 1993, Damien
Grant and Steven Khov, insolvency practitioners, were appointed
liquidators of North Island Metals Limited on July 9, 2008.

The liquidators can be reached at:

          Waterstone Insolvency
          PO Box 352
          Auckland
          Freephone: 0800CLOSED
          Facsimile: 0800FAXWSI


RMG HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------
The High Court at Wellington convend a hearing on July 28, 2008,
to consider an application putting RMG Holdings Ltd into
liquidation.

The application was filed on April 15, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          7-27 Waterloo Quay
          PO Box 1462
          Wellington
          Telephone: (04) 890 1045
          Facsimile: (04) 890 0009

Kerri Ann Doherty is the plaintiff's solicitor.


TASMAN ACTION: Commences Liquidation Proceedings
------------------------------------------------
The High Court at  Nelson held a hearing on Aug. 6, 2008, to
consider an application putting Tasman Action Group Inc. into
liquidation.

The application was filed on June 20, 2008, by Inglis
Horticulture Limited.

The plaintiff's address for service is at:

          Hamish Fletcher Lawyers
          Level 2
          190 Trafalger Street
          PO Box 1673)
          Nelson

Alistair Bowers is the plaintiff's solicitor.


WILSON MILL: Nellies and Deuchrass Appointed as Liquidators
-----------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, Iain
Andrew Nellies and Wayne John Deuchrass, were appointed
liquidators of Wilson Mill Holdings Limited on July 11, 2008.

The liquidators can be reached at:

          Insolvency Management Limited
          Level 1
          148 Victoria Street
          PO Box 13401
          Christchurch


* NEW ZEALAND: Retail Sales Fall 0.2% to NZ$35MM in June Qtr.
--------------------------------------------------------------
The value of seasonally adjusted total retail sales fell 0.2
percent (NZ$35 million) in the June 2008 quarter while sales
volumes fell 1.5 percent, Statistics New Zealand said.

The biggest single contributor to this quarter's result was
motor vehicle retailing, where sales decreased 5.1 percent
(NZ$102 million) and sales volumes decreased 4.8 percent.

Core retailing (which excludes the vehicle-related industries)
recorded no change in the value of sales. Lower sales in
supermarket and grocery stores (down 1.4 percent or NZ$51
million), and in recreational goods retailing (down 3.2 percent
or NZ$19 million) were offset by gains in several of the smaller
industries. However, core retailing sales volumes were down 0.7
percent, led by falls in supermarket and grocery stores (down
3.7 percent) and recreational goods retailing (down 3.9
percent).

The quarterly trend in the value of total retail sales has been
rising since June 1998 but has flattened in recent quarters.
The trend in retail volumes has been falling for the last year
and in the June 2008 quarter was 2.7 percent lower than in the
June 2007 quarter.

In June 2008, seasonally adjusted total retail sales increased
0.9 percent (NZ$50 million).  The core retailing group recorded
no change in sales in June 2008.  Thirteen of the 24 retail
industries recorded sales increases while 11 recorded sales
decreases.  The trends for both total retail sales and core
retail sales have been flat in recent months.



=============
N I G E R I A
=============

* S&P Launches National Credit Rating Scale for Nigeria
-------------------------------------------------------
In a new initiative to support the growth and transparency of
the domestic bond market and improve the availability of long-
term funding for the public and emerging private sector,
Standard & Poor's Ratings Services announced the launch of a
national credit rating scale for the Federal Republic of Nigeria
(BB/Stable/B local currency; BB-/Stable/B foreign currency).

The Nigeria national scale is designed to appeal to a wide range
of companies and institutions seeking to raise capital in
Africa's most populous state, as it enables S&P to offer a much
finer distinction in the credit quality of local debt issuers
than is allowed by its global ratings scale.  It will provide
issuers, counterparties, intermediaries, and investors in the
country's financial markets with both debt ratings, which apply
to a specific debt instrument, and issuer credit ratings, which
apply to a specific obligor.

"High global oil prices, strong macroeconomic growth, and
increased involvement by international investors in the
country's maturing financial markets have created a boom period
for Nigeria, already firmly established as the financial hub of
West Africa," S&P's Managing Director for South & Sub-Saharan
Africa, Konrad Reuss said.  "Although the Nigerian domestic debt
market is still relatively small by international standards,
private sector interest in naira-denominated assets is rising.
Standard & Poor's believes the market will grow rapidly in the
coming years as local and federal governments, banks, and
infrastructure projects seek to fund long-term projects."

Recognizing the importance of developing the domestic Nigerian
bond market on the African continent, the African Development
Bank issued its first Nigerian naira bond in 2007, with Naira-
denominated bond market capitalization reaching approximately
US$45 billion by the beginning of 2007.  The Pension Reform Act
of 2004 has also been instrumental in creating a local investor
base that is now looking to credit ratings to provide an
objective and rigorous assessment of credit quality.

"Standard & Poor's new Nigerian national scale is a unique
instrument for measuring the credit risk associated with issuers
and debt instruments operating in the Nigerian market, launched
in response to specific demand from local market participants,"
said S&P's Managing Director, Rob Richards.  "Standard & Poor's
extensive experience in national scales will positively
contribute to a better informed, more liquid, and more efficient
capital market in Nigeria."

Standard & Poor's Ratings Services has contributed to the
development of credit markets in important emerging economies
around the world through the use of national rating scales.
These markets include the Republic of Argentina, the Federative
Republic of Brazil, the United Mexican States, Taiwan (Republic
of China), The Russian Federation, Ukraine, Republic of
Kazakhstan, Republic of South Africa, and Republic of Turkey.



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

DIGITAL TELECOMMUNICATIONS: Posts Php2.04BB Net Loss in 1H 2008
---------------------------------------------------------------
Digital Telecommunications Phils., Inc. (Digitel) filed with the
Philippine Stock Exchange its financial report for the first
half of 2008.   For the six months ended June 30, 2008, the
company posted Php2.04 billion net loss, seven times increase
from the reported Php297.52 million net loss in the same period
in 2007.  The huge increase in the company's loss was largely
due to net foreign exchange loss and market valuation loss
recognized in 2008 amounting to Php1,621.1 million as against
the net foreign exchange gain and market valuation gain
amounting to Php1,705.4 million reported for the same period in
2007.

Digitel’s consolidated service and non-service revenues for the
first half of 2008 registered a 23.7% growth over same period
last year to Php4,924.9 million driven primarily by the
remarkable improvement in the wireless segment of 67.9%.

Consolidated operating expenses also increased to
Php3.6 billion, higher by Php668 million than the consolidated
figure of Php2,932.3 million for the same period in 2007.  This
was due to a 24.1% or Php272.5 million increase in network-
related expenses due largely to the aggressive roll out
activities undertaken in the wireless business during the period
and 21.6% or Php283.0 million increase in general and
administrative expenses on account of higher marketing and
selling expenses, utilities and outside services.

As of June 30, 2008, the company's balance sheet showed
Php67.88 billion in total assets and Php66.85 billion of total
liabilities resulting in a shareholders' equity of
Php1.02 billion.

                          About Digitel

Established on August 31, 1987, Digital Telecommunications
Philippines, Inc. (DGTL) is majority-owned by JG Summit
Holdings, Inc.  DGTL is a provider of wirelines in the country.
The company's telephones are available in 281 towns and cities
throughout Luzon through 694 regional and local exchanges.  As
of December 31, 2006, DGTL had a total of 656,656 installed
lines and 446,530 working lines.

DGTL's voice products and services include the provisioning of
local call, national and international toll services, enhanced
through DGTL's suite of value added services, payphones and
prepaid phone cards via Digikard & DGMax brands.  Existing
foreign and domestic carrier interconnection agreements enable
sufficient transmission capacities for efficient and cost-
effective routing.  In addition to wireline voice services,
DGTL's data division, DigitelOne, offers corporate customers and
consumers access to high-speed data transmission and Internet
services through domestic and international leased line
services, frame relay and dedicated Internet service.

DGTL began development of its cellular network in 2001 and
commercially launched its wireless service SUN Cellular on March
29, 2003.  It offered the latest in GSM technology, provisioning
voice services (local, national, international calling),
messaging services (short text or multi-media messaging),
outbound and inbound international roaming, and value added
services using SUN Cellular's navigational menu called The Mall.

                          *     *     *

The company incurred two consecutive annual net losses of
Php962.91 million and Php1.59 billion for the years ended
December 31, 2006 and 2005, respectively.


UNIVERSAL ROBINA: Net Sales Up by 17.9% From Oct. to June 2008
--------------------------------------------------------------
Universal Robina Corporation's unaudited consolidated net sales
and services for the three quarters of fiscal 2008 (October 2007
to June 2008) amounted to Php32.39 billion, growing 17.9% from
the Php27.48 billion recorded in the same period last year.

Net sales and services in URC's BCFG domestic and international
(excluding packaging) increased by Php3.84 billion, or 19.0%, to
Php24.09 billion in the three quarters of fiscal 2008.  BCFG's
domestic operations posted an 18.5% increase in net sales from
the same period last year, largely driven by the strong
performance of its snackfoods business which posted a 20.8%
growth in sales value.  The beverage business was up 11.8%, with
strong coffee sales underpinning its growth.  The domestic
business continued to benefit from the consumer spending
recovery and price increases implemented in some categories.
URC implemented price increases during the period, mostly in
snacks, biscuits, candies and beverages, to temper the impact of
higher raw material prices.  BCFG International's sales
increased by 20.4%, to Php6.60 billion, buoyed by revenue growth
in all the countries except Indonesia.  International sales in
US dollar terms amounted to US$155.89 million, registering a
hefty increase of 37.6% versus the same period last year.
International sales have already surged past last year's full-
year sales figure.

Net sales in URC's packaging division went up to Phpl.13 billion
for the nine months of fiscal 2008 or 54.8% from the
Php730 million posted in the same period last year due to an
increase in sales volume.

Net sales in URC's Agro-Industrial Group (AIG) amounted to
Php3.91 billion for the nine months of fiscal 2008, flat versus
the Php3.91 billion recorded in the same period last year.  The
feeds business was down slightly by 4.9% at Php1.80 billion, due
to weaker volumes as hog and poultry raisers nationwide
contended with rising feed costs.  This was offset by the farms
business which grew 4.2% to Php2.11 billion on the back of the
high prices of hogs.

Net sales in URC's Commodities Food Group (CFG) amounted to
Php3.26 billion for the nine months of fiscal 2008 or up 26.2%
from Php2.58 billion reported in the same period last year.
Flour has been implementing numerous price increases since the
start of the year to offset higher wheat costs experienced
worldwide earlier this year.  Sugar gross sales are also up by
24.1% in the period as our PASSI acquisition has already begun
milling sugar earlier this fiscal year.  The company has also
increased production volume in their two Negros mills, after
earlier delays caused by rainy weather at the start of the
milling season.

URC's operating profit improved to Php2.71 billion, a
significant increase of 12.0% compared to the same period last
year.  This was due to resilient revenue growth and price
increases for some key products, which offset the increase in
the cost of certain raw and packaging materials, higher freight
expenses arising from the increase in the cost of fuel and
increasing product volumes, and higher depreciation.  Operating
EBITDA likewise improved by 10.4%to Php4.73 billion.

URC's unaudited core earnings, which is operating profit after
equity earnings, net of finance costs and other revenues-net for
the nine months of fiscal 2008 reached Php2.71 billion from
Php2.50 billion reported in the same period last year.  URC's
unaudited net income for the period declined by 77.5% to Php1.05
billion because of the absence of the non-recurring gain from
sale of RLC skares last year and due to mark to market losses in
our bond holdings resulting from the general drop in bond prices
worldwide.

As of the period, the company has a net debt of about Php5.05
billion as it have already paid its matured US$125 million URC
2008 Notes in February and acquired the snackfood manufacturing
assets of General Milling Corporation in June.  In addition, URC
has bought back a total of 60.65 million shares for the buy back
program as of August 12,2008.

Headquartered in Pasig City, Philippines, Universal Robina
Corporation -- http://www.urc.com.ph/-- is a branded food
product company with presence in other Asian markets.  It was
founded in 1954 when Mr. John Gokongwei, Jr. established
Universal Corn Products, a cornstarch manufacturing plant, in
Pasig.  The Company has since expanded and is now involved in a
wide range of food businesses including the manufacture and
distribution of branded consumer foods, flour milling, as well
as, sugar milling and refining.  In addition, the Company
produces hogs and day-old chicks and manufactures animal and
fish feeds, glucose and veterinary compounds. These businesses
are operated through divisions and wholly or majority-owned
subsidiaries that are organized into three core business
segments, namely, branded consumer foods, agro-industrial
products and commodity food products.

The company is a core subsidiary of JG Summit Holdings, Inc.
(JGSHI), one of the largest business conglomerates listed in the
Philippine Stock Exchange.  JGSHI has substantial interests in
property development, hotel management, textiles, banking and
financial services, telecommunications, petrochemicals, air
transportation and power generation.  In addition, JGSHI has
significant interests in other sectors, including printing, and
packaging.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 15, 2008, Standard & Poor's Ratings Services placed its 'BB'
corporate credit rating on Philippines' Universal Robina Corp.
(URC) on CreditWatch with negative implications.  Standard &
Poor's also placed its 'BB' rating on the US$200 million senior
unsecured notes issued by URC's wholly owned subsidiary, URC
Philippines Ltd., on CreditWatch with negative implications.
This action follows the CreditWatch placement on the 'B+'
ratings of JG Summit Holdings Inc., the majority shareholder of
the company.


VULCAN INDUSTRIAL: Mulls Purchase of Copper Processing Plant
------------------------------------------------------------
In a disclosure with the Philippine Stock Exchange, Vulcan
Industrial & Mining Corporation said that it optioned the
purchase of a copper processing plant for its Negros Copper
project.  It also hired Geotechs Philippines, Inc., an affiliate
of FF Cruz to complete the exploration program for its Masgad
Malimono mineral dredging project.

Meanwhile, its wholly owned subsidiary, Vulcan Materials
Corporation allowed the entry of Angat Rockbase Concrete
Aggregates, Inc. so it can set up a crushing plant in its
Montalban aggregates site.  This will double the existing output
of its Montalban quarry.  Angat Rockbase has the Vista Land &
Lifescapes group as its main customer; another publicly listed
company.

Headquartered in Mandaluyong, Vulcan Industrial & Mining
Corporation is engaged mainly in oil and mineral exploration
projects.  One of its successful ventures is the concrete
aggregate project in Rodriguez, Rizal, which was spun-off into a
joint venture company called Vulcan Materials Corporation.  VMC
is on its tenth year of rock aggregate quarrying, crushing and
marketing.

VMC has an edge over the other rock aggregates companies due to
its captive market in D.M. Consunji, Inc., one of the giants in
the construction industry, which owns 49% of VMC, the remaining
51% is owned by Vulcan Industrial.

As of December 31, 2001, the company is still in the exploration
stage and no discovery of oil and gas in commercial quantities
has been made.  The full recovery of deferred petroleum
exploration costs is dependent on the discovery of oil and gas
in commercial quantities.

                        *     *     *

Sycip Gorres Velayo raised significant doubt on Vulcan
Industrial & Mining Corporation's ability to continue as a going
concern after auditing the company's financials for the fiscal
year ended Dec. 31, 2007.  The auditors cited that the group has
a deficit of Php83.3 million and Php97 million as of
December 31, 2007 and 2006, respectively.  The Group’s current
liabilities exceeded its current assets by Php260.7 million and
Php205.4 million, respectively.



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

CHARTERED SEMICONDUCTOR: Fitch Cuts ID and Debt Ratings to 'BB+'
----------------------------------------------------------------
Fitch Ratings downgraded Chartered Semiconductor Manufacturing
Ltd's Long-term foreign currency Issuer Default rating and its
outstanding senior unsecured debt to 'BB+' from 'BBB-'.  The
Outlook is Stable.

The downgrade reflects the weakening of CSM's credit metrics
through FY07, and Fitch's expectation that debt levels will
continue to remain high through FY08.  The company's level of
negative free cash flow generation was substantial at 20% of its
revenue for FY07, owing to heavy cash capex of US$767 million.
With higher indebtedness to cover negative FCF, CSM's net
adjusted leverage climbed to 2.8x in FY07 from 1.6x the previous
year.  The ratings factor in a further moderate weakening in net
adjusted leverage during FY08, arising from CSM's acquisition of
Hitachi Semiconductor Singapore Pte Ltd for US$240 million, as
well as increased indebtedness to fund capex of around US$757
million during the year.

The company's operating and financial performance has been
lacklustre in FY07 and H108, reflecting sustained margin
pressures and a sharp deterioration in break-even levels.  CSM's
revenues fell 4.2% in FY07 to US$1355.5 million, on account of a
slower-than-expected ramp in advanced technologies and a
challenging pricing environment, while its operating margin
contracted to 36.5% from 41.8% in the previous period.  Although
H108 revenue growth was robust at 25%, this was more than offset
by continued margin declines on account of higher prototyping
costs and an unfavourable work-in-progress build-up.  Looking
out to H208, better prospects for the 65 nanometer process node
are expected to be offset by declines at the mature nodes,
implying a subdued revenue outlook, and at the same time,
operating margins are likely to decline further on account of
inflation-led cost pressures.

Fitch expects the global semiconductor industry to register low
single-digit growth in 2008, and dedicated integrated circuit
foundry sector growth is expected to remain broadly in line with
the overall industry.  "A downward correction could occur in
H208 and possibly through H109, in view of elevated inventory
levels at several foundry customers, industry-wide price
erosions at both the leading and trailing edge, and worsening
macro-conditions in key end-markets," said Priya Gupta, Director
in Fitch's Asia-Pacific telecommunications, media and technology
team.  "However, the magnitude of the potential correction is
expected to be far less severe than the tech downturn of 2001,
owing to tighter inventory management within the electronics
supply chain and better capex discipline at some of the larger
foundries," she added.

CSM's rating considers the government's majority beneficial
ownership in CSM through Singapore Technologies Semiconductors
Pte Ltd; itself a wholly-owned subsidiary of Temasek Holdings,
the investment arm of the Singapore Government.  The agency's
support argument is based on the company's strategic importance
within Singapore's electronics and technology sector, and prior
track record of financial support from controlling shareholder,
Temasek.

Notwithstanding the deterioration in industry fundamentals and
substantial macroeconomic risks, Fitch continues to maintain a
Stable Outlook on CSM's ratings, based on the view that some
form of financial support would be available from Temasek should
it be required.  Upward rating pressure would be dependent on
the company approaching sustainable positive FCF generation and
reduction of net adjusted leverage to below 2.0x on a
sustainable basis.  Conversely, further downward pressure could
arise in the event of a protracted downturn that precipitates
further weakening in CSM's financial profile.

Incorporated in 1987, CSM is a leading pure-play IC foundry
which provides comprehensive wafer fabrication services and
technologies to semiconductor suppliers and electronics systems
manufacturers. As at FYE07, the company held a revenue market
share of 6% amongst global DICFs.


FIRSTLINK INVESTMENTS: Incurs US$1.03 Mil. Net Loss in 1H 2008
--------------------------------------------------------------
In a disclosure with the Singapore Stock Exchange, Firstlink
Investments Corporation Limited disclosed that it incurred
US$1.03 million net loss in the first half of 2008, compared
with the US$1.46 million net loss posted in the same period of
2007.

The company did not record any gross profit and revenue in the
first half of 2008 due to to the cessation of operations
relating to the design and sale of industrial and consumer
electrical devices in the second half of 2007.

   Other Operating Income

The decrease in other operating income of US$110,000 was mainly
due to a fee income of US$270,000 generated in first half of
2008 from arranging a loan as compared to a gain of US$386,000
registered in first half of 2007 from the sale of quoted equity
investments.

   Administrative Expenses

Administrative expenses decreased by US$637,000 to US$999,000
primarily due to a reduced legal and financial advisory fees
incurred as well as lower depreciation charges and share-based
payment expense.

   Other Operating Expenses

Other operating expenses reduced by US$382,000 to US$138,000.
This was mainly due to the cessation of business activities
relating to the design and sale of industrial and consumer
electrical devices.

   Finance Income

Finance income of US$285,000 comprised mainly interest
receivable on the US$3.5 million loan advanced to GSGL and the
non-convertible bonds of US$1.6 million.

   Finance Costs

Finance costs of US$418,000 comprised exchange loss arising from
the revaluation of the US$3.5 million loan (including the
interest) advanced to GSGL.

As of June 30, 2008, the company's balance sheet showed
US$79.78 million of total assets and US$1.45 million of total
liabilities resulting in a shareholders' equity of
US$78.34 million.

FirstLink Investments Corporation Limited is a Singapore-based
investment holding company.  The company operates through its
subsidiaries.  Its major subsidiaries include Hinode (Singapore)
Pte Ltd, which is engaged in the packaging and distribution of
salt and food products; Glopeak Land Pte Ltd, which is engaged
in lease of office space; Glopeak NZ Hotels Pte Ltd, Glopeak
Properties & Hotels Pte Ltd and Singatronics Investment Pte Ltd,
which are engaged in investment holding; Golden Concept
Enterprise Ltd, which is engaged in retail business in cosmetics
and toiletries in the People’s Republic of China; Green Salt
International Ltd, which is engaged in the trading of salt, and
Green Salt Management Ltd, which is engaged in the provision of
management services.

                          *     *     *

The company incurred two consecutive annual net losses of
SGD3.2 million and SGD7.04 million for the years ended
December 31, 2007 and 2006, respectively.


* Fitch: Singapore Banks' Performance May Weaken Further in H208
----------------------------------------------------------------
Fitch Ratings has said that while the performance of Singapore
banks moderated in H108, and may weaken further in H208 and
possibly beyond in a tougher operating environment, their
financial profiles still remain sufficiently strong to maintain
their high credit ratings.  However, in the event of an extended
recession in the US and other major global economies which may
impair consumer confidence globally, and also dramatically
affect the property sector in Singapore and the rest of Asia,
the consequences on Singapore banks' risk profiles may be more
serious.  At present, this is still a low probability event, and
therefore, the agency maintains a Stable Outlook on its ratings
on local banks.

In a forthcoming report, "Singapore Banks' Annual Review and
Outlook", Fitch notes that as a consequence of stronger
headwinds from slowing Western economies, and due to extremely
high inflation rates in several Asian countries as a result of
high oil and food prices, the economic sentiment in Asia has
weakened considerably over the past six months.  A tougher
global environment and weaker prospects in several Asian
economies may have more pronounced knock-on effects on small and
predominantly export-oriented countries such as Singapore, and
as a consequence on the performance of Singapore banks.

Some such signs are already evident in the Singapore banks' H1
results ended June 2008. While core net profit barely grew for
DBS and UOB in H108 (compared with H107), it declined by 18% for
OCBC in the same period.  Both the moderation and the decline
was due to weaker non-interest income and higher credit costs,
although loan growth and net interest income were still strong.
That said, loan demand and growth in net interest income too
will likely slow down in H208 and in 2009.

All banks' asset quality however has so far held up very well
with non-performing assets ratio at historically low levels.
This is despite the fact that banks have increasingly been
classifying a large part of their asset-backed CDO portfolios as
non-performing.  In any case, all banks have been quite prudent
in writing down their exposure to ABS CDOs, with both UOB and
OCBC charging the entire exposure through the income statement
in H108, while DBS too has taken a provision charge of 91%.
Although Fitch expects the banks' asset quality to slightly
deteriorate into H208 and 2009, such risks are mitigated by the
banks' high NPA coverage, which was greater than 100% for all
banks as at H108.

Furthermore, the capital ratios of Singapore banks continue to
be strong, which is one of the important factors underpinning
their high credit ratings.  The Tier-1 ratio and Eligible
Capital to Regulatory Weighted Risks ratio is currently more
than 10% for all Singapore banks, which is amongst the highest
for well-rated banks.  The net NPA to equity ratio was negative
for all banks underscoring their strong solvency position.  The
banks' exposure to CDOs and other structured investments was
modest, with the net exposure ranging between 0.5% and 4.8% of
their respective equity base as at June 2008, and such exposure
per se is unlikely to impact their credit ratings.

Finally, in the current challenging environment, in Fitch's
opinion, Singapore banks may also pursue regional expansion more
cautiously, and may also be less active in shedding 'excess
capital' - a strategy they have pursued over the years.  Indeed,
some banks have raised Singapore dollar denominated equity-like
capital instruments in H108 in order to capitalize on market
opportunities, which, in turn, has further raised their loss
absorption abilities.  Fitch will continue to closely monitor
the economic environment and its attendant consequences on
Singapore banks' financial profiles, and reflect those in their
credit ratings as and when necessary.



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

EVERLIGHT ELECTRONICS: Sees Mild Growth in July LED Sales
---------------------------------------------------------
Everlight Electronics Co. Ltd. has reported a single-digit
sequential increases in revenues for July to NT$925.7 million,
DigiTimes News reports.

According to the report, Everlight's sales for July represent a
2.2% sequential rise and a 6.5% on-year increase.

Everlight saw limited growth for notebook-use LED applications,
and slow growth for handset applications, the report relates.

Headquartered in Taipei, Taiwan, Everlight Electronics Co., Ltd.
-- http://www.everlight.com/cht/index.asp-- is engaged in the
manufacture of light emitting diode devices.  The company
distributes its products mainly in Asia, Europe and the
Americas.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on Aug. 15,
2007, that Standard & Poor's Ratings Services assigned its BB
long-term corporate credit rating to Everlight Electronics.  The
outlook is stable

                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***