TCRAP_Public/080822.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

            Friday, August 22, 2008, Vol. 11, No. 167

                            Headlines

A U S T R A L I A

BROKEN RIVER: Members' Final Meeting Slated for September 2
CENTRO PROPERTIES: U.S. Arm Posts US$299 Mil. 2nd Qtr Net Loss
FISHING CHIPS: Members and Creditors to Meet on August 25
FMRSCHEM PTY: Liquidator to Give Wind-Up Report on September 2
LAWFUL ALTERNATIVES: Joint Meeting Set for August 25

PANEL HOLDINGS: Members' Final Meeting Set for September 2
PAPERLESS PTY: Liquidator to Present Wind-Up Report on August 25
PFT CONTRACTING: To Declare Dividend on August 29
ROLLS AND ROLLS: Joint Meeting Slated for August 25
SIX WHEELER: Liquidator to Give Wind-up Report on September 2

SPINCTERED PTY: Joint Meeting Set for August 25
ST GEORGE: Investors May Change Stance On Westpac Merger Deal
WRENBAY PTY: Members' Final Meeting Slated for September 2


C H I N A

CITIC BANK: Holds US$1.18 Bil. of Fannie Mae & Freddie Mac Debts
CITIC BANK: First-Half Profit Up 162.6% to CNY8.42 Billion
ZTE CORP: Still on Track to Win China Telecom Deal


H O N G K O N G

AVENTIS CROPSCIENCE: Chiu and Diana Quit as Liquidators
CHINA STAR: Placed Under Voluntary Liquidation
COUNTRY FORD: Ying and Man Quit as Liquidators
FAR EASTERN: Placed Under Voluntary Liquidation
GOLDBOND HUALU: Commences Liquidation Proceedings

GTH (HK): Inability to Pay Debts Prompts Wind-Up
IMTEX COMPANY: Shareholders Agree on Voluntary Liquidation
KARTEK ENTERPRISES: Shareholders Agree on Voluntary Liquidation
RICON INTERNATIONAL: Members' Final Meeting Set for September 17
TEDDY BEAR: Creditors' Proofs of Debt Due on September 16


I N D I A

CITIGROUP INC: Won't Sell Stake in India's HDFC
SHREE SAI: CRISIL Rates Rs. 280 Mil. Facilities at 'BB+'
* INDIA: Nationwide Strike Disrupts Transpo and Bank Services


J A P A N

* JAPAN: Trade Surplus Down 86.6% as Import & Oil Price Hikes
* JAPAN: Moody's Affirms Stable Outlook on Automotive Sector


K O R E A

* KOREA: Korean Conglomerates Suffer From Mounting Debts


M A L A Y S I A

NIKKO ELECTRONICS: Defaults MYR245,007.43 Due August 20
TALAM: To Seek Shareholders' for Proposed Increase in Capital


N E W  Z E A L A N D

A-Z CONTRACTORS: Wind-Up Petition Hearing Set for August 27
ASTRAL MANAGEMENT: Liquidators Set August 28 as Claims Bar Date
BOTRY-ZEN: Admits Default on its Facility & May Sell Business
CANTERBURY FISH: Proofs of Debt Due on August 28
COMPASS CAPITAL: Stops Repaying Investors

CONNON'S BAKERY: Wind-Up Petition Hearing Set for August 27
JOSEPH PRODUCTIONS: Wind-Up Petition Hearing Set for August 27
JOSEPH PRODUCTIONS: Wind-Up Petition Hearing Set for August 27
KIWI COVING: Wind-Up Petition Hearing Set for August 27
LANDCO LTD: New Owner Reduces Staff

PERFORMANCE NUTRITION: Proofs of Debt Due on August 28
QA VILLAGES: Liquidators Set August 28 as Claims Bar Date
RENAISSANCE PROJECT: Proofs of Debt Due on August 28
* NEW ZEALAND: Electronic Card Spending Increases in July


P A K I S T A N

* PAKISTAN: Moody's Sees Challenges to Sovereign Ratings


P H I L I P P I N E S

G7 BANK: PDIC Begins Claims Servicing


S I N G A P O R E

CECILIA CONFECTIONERY: Creditors' Proofs of Debt Due on Sept. 15
HONG LAI: Creditors' Proofs of Debt Due on September 1
ORIENTAL ENERGY: Creditors' Proofs of Debt Due on Sept. 15
SK INTERNATIONAL: Court Enters Wind-Up Order


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -

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

BROKEN RIVER: Members' Final Meeting Slated for September 2
-----------------------------------------------------------
Richard Judson, Broken River Poultry Pty Ltd's appointed estate
liquidator, will meet with the company's members on Sept. 2,
2008, at 9:45 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham VIC 3192
          Australia


CENTRO PROPERTIES: U.S. Arm Posts US$299 Mil. 2nd Qtr Net Loss
--------------------------------------------------------------
Centro Properties Group's U.S. joint venture business Centro NP
LLC posted a net loss of US$299 million for the three months
ended June 30, 2008.

During the June quarter, the Centro NP had written off a
US$173.5 million impairment of goodwill and other intangibles.
It had also booked a US$95 million impairment on real estate.

In its quarterly report filed with the U.S. Securities and
Exchange Commission, Centro NP said "there is substantial doubt
about the company's ability to continue as a going concern given
that the company's liquidity is subject to, among other things,
its ability to negotiate extensions of credit facilities."

Centro NP is a subsidiary of Super LLC, a joint venture between
Centro Properties Group, Centro Retail Trust and Centro MCS 40.

According to the Herald Sun, Centro Properties has until
Sept. 30, 2008, to pay a first installment of AU$2.3 billion to
its creditors.

If it can meet the deadline, the company will then have to pay
another AU$4 billion by December 15 -- almost a year from the
date the company admitted to being in trouble with its bankers,
the Herald relates.

                    About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the
ownership, management and development of retail shopping
centres.  Centro manages both listed and unlisted retail
property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.

Centro owes its creditors as much as AU$6.6 billion and its
deadline to repay these debts has been extended four times since
December 2007, when the company's market value plunged.  The
recent deadline extension given to the Group is December 15,
2008.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Jan. 4,
2008, that Standard & Poor's Ratings Services lowered its issuer
credit, senior-unsecured debt and preferred stock ratings to
'CCC+' with negative implications reflecting the potential of
the group's assets to be sold in softening market conditions,
particularly in the U.S.


FISHING CHIPS: Members and Creditors to Meet on August 25
---------------------------------------------------------
Fishing Chips Pty ltd fka Michad Pty Ltd will hold a final
meeting for its members and creditors at 11:00 a.m. on Aug. 25,
2008.  During the meeting, the company's liquidator, Andrew
Fielding at BDO Kendalls Business Recovery & Insolvency, will
provide the attendees with property disposal and winding-up
reports.

The company's liquidator can be reached at:

          Andrew Fielding
          BDO Kendalls Business Recovery & Insolvency (QLD)
          Level 18, 300 Queen Street
          Brisbane QLD 4000
          Australia
          Telephone: (07) 3237 5999
          Facsimile: (07) 3221 9227


FMRSCHEM PTY: Liquidator to Give Wind-Up Report on September 2
--------------------------------------------------------------
Richard Judson, Fmrschem Pty Ltd's appointed estate liquidator,
will meet with the company's members on Sept. 2,  2008, at
9:30 a.m. to provide them with property disposal and winding-up
reports.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham VIC 3192
          Australia


LAWFUL ALTERNATIVES: Joint Meeting Set for August 25
----------------------------------------------------
Lawful Alternatives Pty Ltd fka Traffic Control (Metro) Pty ltd
will hold a final meeting for its members and creditors at 11:00
a.m. on Aug. 25, 2008.  During the meeting, the company's
liquidator, Andrew Fielding at BDO Kendalls Business Recovery &
Insolvency, will provide the attendees with property disposal
and winding-up reports.

The company's liquidator can be reached at:

          Andrew Fielding
          BDO Kendalls Business Recovery & Insolvency (QLD)
          Level 18, 300 Queen Street
          Brisbane QLD 4000
          Australia
          Telephone: (07) 3237 5999
          Facsimile: (07) 3221 9227


PANEL HOLDINGS: Members' Final Meeting Set for September 2
-------------------------------------------------------------
Richard Judson, Panel Holdings Pty Ltd's appointed estate
liquidator, will meet with the company's members on Sept. 2,
2008, at 10:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham VIC 3192
          Australia


PAPERLESS PTY: Liquidator to Present Wind-Up Report on August 25
----------------------------------------------------------------
Paperless Pty Ltd fka Nadebene Pty Ltd will hold a final meeting
for its members and creditors at 11:00 a.m. on Aug. 25, 2008.
During the meeting, the company's liquidator, Andrew Fielding at
BDO Kendalls Business Recovery & Insolvency, will provide the
attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

          Andrew Fielding
          BDO Kendalls Business Recovery & Insolvency (QLD)
          Level 18, 300 Queen Street
          Brisbane QLD 4000
          Australia
          Telephone: (07) 3237 5999
          Facsimile: (07) 3221 9227


PFT CONTRACTING: To Declare Dividend on August 29
-------------------------------------------------
PFT Contracting Pty Ltd will declare dividend on Aug. 29, 2008.

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

The company's liquidator is:

          Leonard A. Milner
          Venn Milner & Co
          Suite 1, 43 Railway Road
          Blackburn VIC 3130


ROLLS AND ROLLS: Joint Meeting Slated for August 25
---------------------------------------------------
Rolls and Rolls Pty Ltd fka SMG Security Pty Ltd will hold a
final meeting for its members and creditors at 11:00 a.m. on
Aug. 25, 2008.  During the meeting, the company's liquidator,
Andrew Fielding at BDO Kendalls Business Recovery & Insolvency,
will provide the attendees with property disposal and winding-up
reports.

The company's liquidator can be reached at:

          Andrew Fielding
          BDO Kendalls Business Recovery & Insolvency (QLD)
          Level 18, 300 Queen Street
          Brisbane QLD 4000
          Australia
          Telephone: (07) 3237 5999
          Facsimile: (07) 3221 9227


SIX WHEELER: Liquidator to Give Wind-up Report on September 2
-------------------------------------------------------------
Richard Judson, Fmrschem Pty Ltd's appointed estate liquidator,
will meet with the company's members on Sept. 2,  2008, at 9:30
a.m. to provide them with property disposal and winding-up
reports.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham VIC 3192
          Australia


SPINCTERED PTY: Joint Meeting Set for August 25
-----------------------------------------------
Spinctered Pty Ltd fka Traffic Manpower Pty Ltd will hold a
final meeting for its members and creditors at 11:00 a.m. on
Aug. 25, 2008.  During the meeting, the company's liquidator,
Andrew Fielding at BDO Kendalls Business Recovery & Insolvency,
will provide the attendees with property disposal and winding-up
reports.

The company's liquidator can be reached at:

          Andrew Fielding
          BDO Kendalls Business Recovery & Insolvency (QLD)
          Level 18, 300 Queen Street
          Brisbane QLD 4000
          Australia
          Telephone: (07) 3237 5999
          Facsimile: (07) 3221 9227


ST GEORGE: Investors May Change Stance On Westpac Merger Deal
-------------------------------------------------------------
The Australian Business reports that there are signs St George
Bank Limited's shareholders are changing their view of Westpac
Banking Corporation's bid, with the Australian Shareholders
Association declaring that the changing "dynamics" now warrant a
higher offer.

"The dynamics of this merger have changed due to the strong
performance ... of St George ... in terms of its share price and
its results," ASA chief executive Stuart Wilson was quoted by
the report as saying.

Mr. Wilson added that some St George shareholders were saying
"the goal posts have moved somewhat and they would be more
inclined to accept a better deal" than Westpac's AU$20 billion
offer.

Last Week, the report notes, St George appeared to harden its
stance on the proposed merger after a stronger than expected
operational update to investors.

A source told the news agency that the robust operational
update, which reaffirmed the 2008 earnings per share forecast
and emphasizes the low risk profile and funding requirements,
was designed to coerce Westpac into increasing the bid.

The Australian Business relates that in its message to Westpac,
St George said the board intended to recommend the merger
proposal, subject to "it remaining in the best interests of St
George shareholders compared to the position when the proposed
merger was announced on May 13, 2008", and there being no
superior offer.

According to the Australian, the keenly awaited independent
expert's report, due out late next month, could become a key
issue if the St George board pushes for a higher price from
Westpac.  The report is being undertaken by Grant Samuel &
Associates, the Australian adds.

                    Westpac Merger Proposal

As reported in the Troubled Company Reporter-Asia Pacific
on May 12, 2008, Westpac's merger proposal states that:

   * All Westpac and St.George brands, including Bank SA, and
     branch/ATM networks would be retained.  The intention is
     that there will be no net reduction in branch or ATM
     numbers. The focus will be on investing more in front-line
     services;

   * The combined 10 million customers would benefit from an
     enhanced offering in terms of product range, expanded
     distribution and financial strength while preserving their
     relationships with employees, products, customer
     touchpoints and branding; and

   * Shareholders would own the premier AA rated financial
     institution in Australia, with leading market positions
     across key lines of business, and share in the benefits of
     substantial revenue synergies going forward.

Westpac also outlined that the combined business would be a
market leader in Australia.  Specifically, St George and Westpac
would be:

    * Australia's leading provider of home lending, with a
      market share of 25%

    * Australia's largest wealth platform provider with funds
      under administration of AU$108 billion

St George is being advised by UBS as financial adviser and
Allens Arthur Robinson as legal adviser.  Westpac has engaged
Caliburn Partnership as financial adviser and Gilbert + Tobin as
legal adviser.

                         About Westpac

Headquartered in Sydney, New South Wales, Australia --
http://www.westpac.com.au/-- Westpac Banking Corporation
provides a range of banking and financial services, including
retail, commercial, and institutional banking, as well as wealth
management services to individuals and business customers in
Australia, New Zealand, and the Pacific region.

                       About St George Bank

Headquartered in Kogarah, New South Wales, Australia --
http://www.stgeorge.com.au--  St. George Bank Limited is a
banking company.  The company operates in four business
segments: Retail Bank (RB), Institutional and Business Banking
(IBB), BankSA (BSA) and Wealth Management (WM).  RB is
responsible for residential and consumer lending, provision of
personal financial services including transaction services, call
and term deposits, small business banking and financial
planners.  This division manages retail branches, call centers,
agency networks and electronic channels, such as electronic
funds transfer at point of sale (EFTPOS) terminals, automated
teller machines (ATMs) and Internet banking.

On September 28, 2007, it disposed of its 100% interest in
Scottish Pacific Business Finance Holdings Pty. Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific
on May 13, 2008, Moody's Investors Service reviewed, with
direction uncertain, the ratings of St George Bank.  It is rated
Aa2 for deposits and senior debt, Prime-1 for short-term
obligations and carries a bank financial strength rating (BFSR)
of B.

In addition, Fitch Ratings placed St George Bank Limited's
'B' Individual Rating and 'BB+' Support Rating Floor on Rating
Watch Positive.


WRENBAY PTY: Members' Final Meeting Slated for September 2
----------------------------------------------------------
Richard Judson, Wrenbay Pty Ltd's appointed estate liquidator,
will meet with the company's members on Sept. 2,  2008, at 10:15
a.m. to provide them with property disposal and winding-up
reports.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham VIC 3192
          Australia



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

CITIC BANK: Holds US$1.18 Bil. of Fannie Mae & Freddie Mac Debts
----------------------------------------------------------------
Citic Bank Co. Limited said it held US$1.18 billion of home
mortgages secured by Fannie Mae and Freddie Mac, making up all
of its holdings backed by real-estate loans, Luo Jun of
Bloomberg News reports.

Citic Bank, the report relates, held a total of US$1.25 billion
of mortgage-backed securities, of which 98 percent are rated
AAA.  At the end of June, the company had set aside CNY15
million (US$2.2 million) of provisions for the overseas bonds
rated Alt-A and collateralized debt obligations.

According to the report, Citic Bank also owned an additional
US$403 million of institutional debt issued by the two U.S.
home-mortgage companies as of June 30.

The investment in mortgage-backed debt by Fannie and Freddie
makes up 3.25% of Citic Bank's total debt investment, the report
relates.

CITIC Bank Co Ltd, formerly China CITIC Bank, is a wholly owned
subsidiary of the state conglomerate Citic Group (S&P: BB+ long-
term and B short-term foreign currency counterparty credit
rating).  With 41 branches, CITIC Bank had total assets of
CNY689.5 billion at the end of September 2006.

                       *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
July 28, 2008, Fitch Ratings upgraded the Individual rating of
China CITIC Bank to 'C/D' from 'D'.


CITIC BANK: First-Half Profit Up 162.6% to CNY8.42 Billion
----------------------------------------------------------
Citic Bank Co. Limited's first-half net profit rose 162.6% from
a year ago to CNY8.42 billion, under Chinese accounting
standards, helped by strong growth in net interest and fee
income, XFN-ASIA News reports.

The report relates that the bank's operating revenue for the
first six months was at CNY20.25 billion, up 70.5% from a year
ago.

According to the report, net interest income rose 61.9% year-on-
year in the six months to June to CNY18.23 billion, while net
non-interest income totaled CNY2.02 billion, up 224.6%.

At the end of June, the report says, the bank had outstanding
loans of CNY551.76 billion, up 10.55% from the end of 2007,
while outstanding deposits rose 15.54% to CNY739.44 billion.

Earnings per share stood at CNY0.22 for the first half, against
CNY0.09 a year earlier.

XFN-ASIA News relates that under international accounting
standards, the bank's net profit rose to CNY8.429 billion in the
first half from CNY3.223 billion a year earlier, while its non-
performing loans at the end of June totaled CNY9.2 billion, with
the NPL ratio falling to 1.45% from 1.48%.

Capital adequacy ratio was 14.28% at the end of June, down from
15.27% at the end of 2007, with core CAR at 12.34%, down from
13.14%, the report adds.

CITIC Bank Co Ltd, formerly China CITIC Bank, is a wholly owned
subsidiary of the state conglomerate Citic Group (S&P: BB+ long-
term and B short-term foreign currency counterparty credit
rating).  With 41 branches, CITIC Bank had total assets of
CNY689.5 billion at the end of September 2006.

                       *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
July 28, 2008, Fitch Ratings upgraded the Individual rating of
China CITIC Bank to 'C/D' from 'D'.


ZTE CORP: Still on Track to Win China Telecom Deal
--------------------------------------------------
ZTE Corp. surged Wednesday to end seven consecutive days of
decline after the firm said it was still in the race to compete
for an order from China Telecom, Zhu Shenshen of Shanghai Daily
News reports.

ZTE shares, the report relates, closed 6.68% higher at
CNY35.59 (US$5.23) while the Shenzhen stock market climbed
7.13%.

According to the report, ZTE's share price had dropped about 20%
in the past 10 days on speculation that it didn't win the major
share of China Telecom's CNY10 billion order for mobile base
stations and handsets based on CDMA (code division multiple
access) technology.

Analysts told Shanghai Daily that Huawei Technologies won 70%
of China Telecom's contract through an ultra-low bidding price.

"The outcome of the tender has yet to be announced and any
speculation on the outcome of the tender is unfounded," ZTE Corp
was cited by Shanghai Daily as saying.

ZTE is set to keep its market share of 32%, the report says.

                         About ZTE Corp.

Headquartered in Shenzhen, China, ZTE Corp. has established
close partnerships with over 500 operators in more than 120
countries, and has completed several large-scale backbone
transmission network projects in different countries.  Its
optical networking products have been widely deployed by several
countries and regions globally, such as Europe, Latin America,
South Asia, Commonwealth of Independent States, Africa and
Middle East.   According to the latest statistics released by
Ovum RHK, ZTE is ranked second in terms of global market share
for LH Dense Wavelength Division Multiplexing (DWDM), with high
potential of maintaining its positive growth in the market.

                          *    *     *

The Troubled Company Reporter-Asia Pacific reported on April 24,
2008, that Fitch Ratings affirmed ZTE Corporation's Long-term
foreign currency and local currency Issuer Default Ratings at
'BB+'.  The rating Outlook remains Stable.

In December 2006, Fitch Ratings assigned ZTE Corp. Long-term
foreign and local currency Issuer Default ratings of 'BB+'.  The
rating Outlook is Stable.



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

AVENTIS CROPSCIENCE: Chiu and Diana Quit as Liquidators
-------------------------------------------------------
On August 11, 2008, Ying Hing Chiu and Chung Miu Yin, Diana
ceased to act as liquidators of Aventis Cropscience China
Limited.

The former Liquidators can be reached at:

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


CHINA STAR: Placed Under Voluntary Liquidation
----------------------------------------------
At an extraordinary general meeting held on July 24, 2008, the
members of China Star Engineering Limited resolved to
voluntarily liquidate the company's business.

The company's liquidators are:

          Fok Hei Yu
          Desmond Chung Seng Chiong
          Ferrier Hodgson Limited
          The Hong Kong Club Building, 14th Floor
          3A Chater Road, Central
          Hong Kong


COUNTRY FORD: Ying and Man Quit as Liquidators
----------------------------------------------
Alison Wong Lee Fung Ying and Wong Kwok Man quit as liquidators
of Country Ford Limited on July 28, 2008.

The former Liquidators can be reached at:

          Alison Wong Lee Fung Ying
          Wong Kwok Man
          Gloucester Tower, 13th Floor
          The Landmark
          15 Queen's Road Central
          Hong Kong


FAR EASTERN: Placed Under Voluntary Liquidation
-----------------------------------------------
The members of Far Eastern International Finance Limited met on
August 1, 2008, and resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt by Aug. 29,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

         Lin Jiann-Jong
         Lee Chi Tai
         c/o 20th Floor
         8 Queen's Road Central
         Central, Hong Kong


GOLDBOND HUALU: Commences Liquidation Proceedings
-------------------------------------------------
The members of Goldbond Hualu Investment Consultants Limited met
on August 8, 2008, and agreed to voluntarily wind up the
company's operations.

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:

          Lee Siu Yin
          Henan Building, Room 1102, 11th Floor
          90 Jaffe Road, Wanchai
          Hong Kong


GTH (HK): Inability to Pay Debts Prompts Wind-Up
------------------------------------------------
GTH (HK) Holding Limited met on August 5, 2008, and agreed to
voluntarily wind up the company's operations.

Creditors will hold a meeting on August 28, 2008, at 11:30 a.m.
at Unit 2803A, 28th Floor of Wu Chung House, 231 Queen's Road
East in Wanchai, Hong Kong.

The company's liquidators are:

         Robert Osborne Lee
         c/o Robert Lee Law Offices
         Wu Chung House
         Unit 2803A, 28th Floor
         231 Queen's Road East
         Wanchai, Hong Kong


IMTEX COMPANY: Shareholders Agree on Voluntary Liquidation
----------------------------------------------------------
At an extraordinary general meeting held on August 11, 2008, the
shareholders of Imtex Company (Hong Kong) Limited agreed to
voluntarily wind up the company's operations.


KARTEK ENTERPRISES: Shareholders Agree on Voluntary Liquidation
---------------------------------------------------------------
The shareholders of Kartek Enterprises Corp. Limited met on
August 8, 2008, and agreed to voluntarily wind up the company's
operations.

Creditors are required to file their proofs of debt by Sept. 16,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

          Puen Wing Fai
          Lo Yeuk Ki, Alice
          Kwan Chart Tower, 6th Floor
          6 Tonnochy Road
          Wanchai, Hong Kong


RICON INTERNATIONAL: Members' Final Meeting Set for September 17
----------------------------------------------------------------
The members of Ricon International Limited will meet on
Sept. 17, 2008, at 2:30 p.m., at the 13th Floor of Wing On
Centre, 111 Connaught Road in Central, Hong Kong.

At the meeting, Kong Chi How, Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


TEDDY BEAR: Creditors' Proofs of Debt Due on September 16
---------------------------------------------------------
The creditors of Teddy Bear Kingdom (HK) Limited are required to
file their proofs of debt by September 16, 2008, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on August 8, 2008.

The company's liquidator is:

         Yiu Yee Yan
         West Wing Office Building, 4th Floor
         New World Centre
         20 Salisbury Road, Tsimshatsui
         Kowloon, Hong Kong



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

CITIGROUP INC: Won't Sell Stake in India's HDFC
-----------------------------------------------
The Economic Times, citing the Mint paper, reports that
Citigroup Inc. has no intention of selling its stake in India's
Housing Development Finance Corp and is refining its strategic
vision for the country.

"We have no intention to do that," Citigroup Asia-Pacific CEO
Ajay Banga said. "HDFC is an outstanding institution and we have
no plan whatsoever to divest our stake.  It has been a great
investment for our shareholders."

"India is a very critical growth market for Citi," Mr. Banga
added.  "We have been retaining profits locally and investing in
India.  We have also moved capital to India when necessary."

According to The Times, HDFC chairman Deepak Parekh said last
month Citi was not selling its 11.74 percent stake in HDFC,
worth about Rs. 55-60 billion (US$1.3-$1.4 billion).

Meanwhile, the report says Mr. Banga would not comment on a
report that said Tata Consultancy Services was close to buying
Citi's captive back-office unit in India for about US$500-US$550
million.

As reported in the Troubled Company Reporter-Asia Pacific on
July 11, 2008, real estate market sources told The Times of
India that Citigroup is believed to be actively considering sale
of its eight-storey tower Citigroup Centre in India as the
finance holding firm continues to be hit hard by the subprime
mortgage market collapse.

Citigroup's building in the Bandra Kurla Complex, with close to
2 lakh sq ft of built up area, could fetch anywhere between
Rs 500 crore to Rs 800 crore, according to a market estimate
cited by The India Times.

The India Times report noted that the holding company has been
shedding its real estate all over the country, including more
than half a dozen flats in Mumbai in the past one year.

Separately, on Aug. 19, 2008, the TCR-Asia Pacific, citing Tony
Munroe of Reuters, reported that Citigroup has reorganized its
Asia-Pacific business into four regions and seven product
groupings.

Citigroup's Asia business, that report said, will be split
geographically into Japan, North Asia, South Asia and Southeast
Asia Pacific.

According to that report, the regional groupings will be
supported by seven business groups:

   -- consumer banking and global cards;
   -- corporate and commercial bank;
   -- global transaction services;
   -- investment banking; markets;
   -- wealth management; and
   -- alternative investments.

"These changes to the Asia Pacific organization will strengthen
partnership between geographies and businesses.   It will
leverage local expertise and thinking, eliminate management
layers and provide growth opportunities for our best people,"
Mr. Banga was cited by Reuters as saying.

                       About Citigroup Inc.

Headquartered on New York City, Citigroup Inc. (NYSE: C) --
http://www.citigroup.com/citigroup/-- a global financial
services company, has some 200 million customer accounts and
does business in more than 100 countries, providing consumers,
corporations, governments and institutions with a broad range of
financial products and services, including consumer banking and
credit, corporate and investment banking, securities brokerage,
and wealth management.  The company's major brand names include
Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and
Nikko.

                         *     *     *

The company has reported three consecutive quarters of net
losses beginning the fourth quarter of 2007.  Aggregate net
losses for the last three quarters totaled US$17.4 billion.

For the 2008 second quarter, the company reported a net loss of
US$2.5 billion.  Revenues for the same quarter were US$18.7
billion, down 29% from the second quarter of 2007.  Total assets
declined in the 2008 second quarter by US$99 billion since first
quarter 2008; approximately two-thirds from legacy assets.
Headcount reduced by approximately 6,000 in the second quarter
and approximately 11,000 in the first half of 2008.


SHREE SAI: CRISIL Rates Rs. 280 Mil. Facilities at 'BB+'
--------------------------------------------------------
CRISIL has assigned its bank loan ratings of ‘BB+/Stable’ to the
various bank facilities of Shree Sai Rolling Mills (India) Ltd,
a part of the Saiji group of industries.

  Rs.200 Million Cash Credit*  BB+/Stable (Assigned)
  Rs.80 Million Term Loan   BB+/Stable (Assigned)
  * Includes proposed facility of Rs 15 million

The ratings reflect the liquidity constraints faced by the group
because of rising raw material prices and uncertain business
conditions in Meghalaya, and the cyclicality inherent to the
steel business.  These weaknesses are mitigated by the
increasing integration in the group’s operations, which has
strengthened the group’s market position.

For arriving at the ratings, CRISIL combined the financials of
Shree Sai Rolling Mills (India) Ltd, Shree Sai Smelters (India)
Ltd, Shree Sai Prakash Alloys Pvt Ltd and Shree Sai Megha Alloys
Ltd.  All ingots produced by Shree Sai Smelters (India) Ltd and
Shree Prakash Alloys Pvt Ltd are used by Shree Sai Rolling Mills
(India) Ltd, and Shree Sai Megha Alloys Ltd has guaranteed all
the loans of Shree Sai Smelters (India) Pvt Ltd and Shree
Prakash Alloys Pvt Ltd.  All these entities are based in
Meghalaya.

Outlook:Stable

CRISIL expects the group to maintain its credit profile, backed
by increase in revenues as a result of increase in capacities.
The outlook may be revised to ‘Positive’ if the group’s
liquidity position improves.  Conversely, the outlook may be
revised to ‘Negative’ in case the group undertakes large debt-
funded capital expenditure, or in case the group’s profitability
deteriorates further.

                        About the Group

Shree Sai Rolling Mills (India) Ltd, based in Byrnihat,
Meghalaya, is part of the Saiji group of industries, promoted by
Mr. J P Jaiswal and Mr. Sandeep Bhagat.  The group has a
manufacturing presence in Assam, Meghalaya, West Bengal, and
Arunachal Pradesh.  The group’s facilities have an installed
capacity to produce 48,000 metric tonnes per annum (mtpa) of
rolling materials in Shree Sai Rolling Mills (India) Ltd; 32,000
mtpa of ingots, and 7500 mtpa of ferro-alloys in Shree Sai
Smelters (India) Ltd; and 28,000 mtpa of ingots in Shree Sai
Prakash Alloys Pvt Ltd.

For 2006-07 (refers to financial year, April 1 to March 31), the
group entities posted an operating income of Rs.457 million
(Rs.496 million in the previous year) and profit after tax of
Rs.27 million (Rs.29 million).


* INDIA: Nationwide Strike Disrupts Transpo and Bank Services
-------------------------------------------------------------
A 12-hour strike yesterday in many parts of India, particularly
in communist-ruled states of West Bengal, Tripura and Kerala,
has affected bank, insurance, railway, telecommunications and
airport services, various reports say.

The strike was called by 48 unions, and an estimated 10 million
government workers participated, Madhukar Kashinath Pandhe,
president of the Centre of Indian Trade Unions, told The Wall
Street Journal.

According to reports, about 900,000 public sector bank employees
and nearly 15,000 workers — baggage handlers, cleaners and
ground staff — at 127 government-run airports walked off their
jobs.

Business Standard relates that the strike by the Airports
Authority of India (AAI) employees led to the cancellation of
close to 200 flight movements (arrivals and departures), mostly
from and to Kolkata.

Bloomberg News says Jet Airways (India) Ltd. canceled as many as
23 flights to and from Kolkata yesterday because of the strike
while Jet's low-cost affiliate Jet Lite (India) Ltd. canceled 16
flights.

Kingfisher Airlines Ltd. and its affiliate Deccan Aviation Ltd.
have also canceled at least 15 flights to and from Kolkata
because of the strike, Prakash Mirpuri, a spokesman of the
carriers, said in an e-mail cited by Bloomberg News.

As a contingency measure, Business Standard says about 250
Indian Air Force (IAF) personnel were deployed at 21 airports in
the country to maintain safety and fire services.

The Wall Street Journal relates that India's unions remain
powerful even though the economy has been liberalizing for 17
years with the Wednesday strike being backed by the Leftist
parties that withdrew support from the ruling United Progressive
Alliance government.

According to WSJ, the Leftist parties quit the coalition to
protest a deal between the U.S. and India that will give India
civilian nuclear technology.  Since their departure, WSJ says
the government has put privatizations back on the agenda ahead
of national elections that must be held before May.



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

* JAPAN: Trade Surplus Down 86.6% as Import & Oil Price Hikes
-------------------------------------------------------------
The Japanese government said that the country's trade surplus in
July fell 86.6% from a year earlier as imports grew amid higher
prices for oil and other commodities, Mainichi Daily News
reports.

The report, citing the Finance Ministry, said the surplus shrank
to JPY91.1 billion (US$830.6 million), marking the fifth
straight month of decline.

According to the report, overall imports grew 18.2% to
JPY7.54 trillion (US$68.7 billion) in July, while exports rose
8.1% to JPY7.63 trillion (US69.6 billion).

Japan's politically sensitive trade surplus with the United
States fell 19.0%, down for the 11th straight month on slower
exports of cars, auto parts, machinery and electronics, the
report relates.

The Daily says that Japan's trade surplus with Asia, however,
jumped 42.3%, rebounded after a fall in June due to stronger
exports of mineral fuels and raw materials.  The trade surplus
with China fell 63.3%.


* JAPAN: Moody's Affirms Stable Outlook on Automotive Sector
------------------------------------------------------------
The outlook for the Japanese automotive parts manufacturing
sector is stable, according to a new report by Moody's Investors
Services, and expresses Moody's expectations for the fundamental
credit conditions in the industry over the next 12 to 18 months.

According to Junichi Yamaki, Moody's analyst and author of the
report, geographic diversification as well as the product
breadth and strength of the Japanese OEMs should partially
offset the decline in new vehicle sales in developed markets,
although sales in developing countries, as well as total
vehicles in use globally, should grow.

"Pricing pressure to increase, but close and efficient working
relationships with OEMs should mitigate somewhat the effects of
rising raw material prices," writes Mr. Yamaki.

Japanese parts suppliers currently rated by Moody's have long
had strong and efficient -- and mutually beneficial --
relationships with manufacturers.  As a result, they all have
strong track records on cost cutting, thus decreasing their
vulnerability to economic and industrial downturns.

Nonetheless, Moody's expects margins to decline as raw materials
prices and OEM pricing pressures continue to rise.

"Given the high capital expenditures required to respond to the
Japanese auto manufacturers' rapidly expanding production
capacity in developing markets, profitability and cash flow will
also likely decline," according to Mr. Yamaki, "although
liquidity should remain strong, as suppliers to have solid cash
positions, as well as marketable securities and investment
securities.  Suppliers' ability to maintain high capital
expenditures without either reducing cash positions or
increasing leverage will be important in maintaining current
rating levels."



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

* KOREA: Korean Conglomerates Suffer From Mounting Debts
--------------------------------------------------------
Korean conglomerates (chaebol), are suffering from mounting
financial burdens, with a surge in short-term debt-load
coinciding with continuing increases in market interest rates,
Kim Jae-kyoung of The Korean Times reports.

The Times says a latest survey of the top 100 listed firms in
terms of sales, conducted by chaebul.com, an online information
provider on conglomerates, found that their current liabilities
amounted to 199.18 trillion won in June, up 32.3 percent from a
year ago while snowballing short-term debts jacked up their
total debts to 320.69 trillion won in June, up 27.6 percent from
a year before.

As a result, the report notes, the average debt ratio for the
100 firms jumped to 101% in the first half of this year from
89% at the end of last year.

According to the report, STX Shipbuilding saw its debt ratio
skyrocket to 1,478% t in June from 326% a year ago, as its long-
term debts soared in tandem with rising current liabilities.
The sharp increase was due to a large amount of advances
received on contracts.

Meanwhile, the comparable ratio for Asiana Airlines, SK
Networks, Dongbu Corporation, Korean Air and STX Engine rose
above 300% between January and June, the report says.

The Times notes that Taihan Electric Wire witnessed its debt
ratio soar to 257% in June, with current liabilities jumping by
176% to KRW1.49 trillion.

The current liabilities for Hanwha Chemical Corp. also surged to
KRW1.24 trillion in June from KRW452.3 billion a year ago, while
Korea Line Corp. and Hyundai Corp. saw their current liabilities
double during the same period, the same report relates.

The report says that adding insult to injury is an upward trend
in market interest rates, which are throwing additional
financial burden on these conglomerates.

"Many firms have seen seeing their debt ratio soar over the past
few years due to aggressive M&As. Chances are that some of them
will experience a cash shortage problem due to rising interest
rates," a market analyst told The Times.



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

NIKKO ELECTRONICS: Defaults MYR245,007.43 Due August 20
-------------------------------------------------------
In accordance with PN 1/2001, Nikko Electronics Bhd. disclosed
that in addition to the defaults in payment announced earlier,
the company also defaulted on bankers' acceptance facilities for
the MYR245,007.43 due on August 20, 2008, granted by Maybank
Islamic Berhad.

Nikko was unable to repay the liability to the bank due to the
difficult cash flow position as a result of the contraction in
the remote control toys industry.  The company had been
lossmaking and its ventures to manufacture new products had also
failed to make a profitable contribution to the company

The company will review various debt restructuring options to
address its financial condition.  The company had also ceased
its manufacturing operations on June 30, 2008, to prevent
incurring further losses.

The financial implications on the company include the inability
to sufficiently meet its ongoing expenses, such as payment of
salaries and wages to employees.  While legal implications from
the defaults are that banks may institute foreclosure and/or
legal proceedings against the company in the event that the
outstanding debts are not settled in full.

                        About Nikko

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

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

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


TALAM: To Seek Shareholders' for Proposed Increase in Capital
-------------------------------------------------------------
At the forthcoming extraordinary general meeting, Talam
Corporation Berhad will seek the approval of its shareholders
for these proposals:

   * Proposed Increase in Authorised Share Capital; and
   * Proposed Amendments to the Memorandum and Articles of
     Association.

The Proposed Increase is to enable Talam to increase its
authorised share capital and to accommodate the increase in the
number of new shares to be issued pursuant to the Proposed
Regularization Plan and any future issuance of new shares.

The Proposed Amendments is to facilitate the issuance of the
zero dividend 5-year redeemable convertible preference shares
(RCPS) pursuant to the proposed issuance of MYR257,402,000
nominal value of RCPS at MYR0.20 each.  Moreover, it will also
help to facialitate the proposed share split involving the
subdivision of every one ordinary share of MYR0.60 each in Talam
after the proposed reduction in the share capital of the company
by the cancellation of MYR0.40 of the par value of each existing
issued and fully paid-up ordinary share of MYR1.00 each in
Talam.

A circular containing the details of the Proposed Increase and
Proposed Amendments will be dispatched to the shareholders in
due course.

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

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



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

A-Z CONTRACTORS: Wind-Up Petition Hearing Set for August 27
-----------------------------------------------------------
The High Court at Auckland will hold a hearing on Aug. 27, 2008,
at 10:00 a.m., to consider putting A-Z Contractors 2006 Limited
into liquidation.

The application was filed on April 3, 2008, by D K Putt Plumbing
(2006) Limited.

The plaintiff's address for service is at:

          Amy Marie Hutton
          Receivables Management (NZ) Limited
          Level 8, 7 City Road
          Auckland
          Facsimile: (09) 919 3697

Amy Marie Hutton is the plaintiff's solicitor.


ASTRAL MANAGEMENT: Liquidators Set August 28 as Claims Bar Date
---------------------------------------------------------------
The High Court has appointed Malcolm Grant Hollis, chartered
accountant, and Rhys James Cain, insolvency practitioner, both
of Christchurch, as liquidators of Astral Management Ltd.

Creditors are required to file their proofs of debt by Aug. 28,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Attn: Rebecca Almond
          PricewaterhouseCoopers
          119 Armagh Street (PO Box 13244)
          Christchurch
          Telephone: (03) 374 3000
          Facsimile: (03) 374 3001


BOTRY-ZEN: Admits Default on its Facility & May Sell Business
-------------------------------------------------------------
Botry-Zen Limited said that following consultation with Bank of
New Zealand, it has engaged PricewaterhouseCoopers as an
independent adviser to prepare a report as to the company's
financial position and options.  That report is expected to be
received within a relatively short time frame.  It will then be
discussed with Bank of New Zealand.

As a consequence of the company's proposed capital raising not
being approved at the recent meeting, the company said it is
currently operating in excess of its approved overdraft limit
with Bank of New Zealand and is therefore in default of its
facility and security arrangements.

In the absence of an early commitment from a third party to
provide additional capital to the company (in respect of which
the company has no current ongoing discussions), the board
expects that a likely course of action will be a sale of the
company's business.

The directors' view is that the company has substantial and
valuable intellectual property which they anticipate would
generate interest from a wide variety of potential purchasers
both from within New Zealand and potentially overseas.

The company said it has received some early expressions of
interest and this provides some confidence for believing that a
sale could be concluded within a reasonable timeframe.  It would
be premature, however, to speculate what the timing and outcome
of a sales process might be.

                       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.


CANTERBURY FISH: Proofs of Debt Due on August 28
------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of Canterbury Fish Contractors Ltd appointed David
Donald Crichton and Keiran Anne Horne, chartered accountants of
Crichton Horne & Associates Limited as liquidators on July 28,
2008.

The liquidators set Aug. 28, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Marie Inch
          Crichton Horne & Associates Limited
          Old Library Chambers
          109 Cambridge Terrace
          PO Box 3978
          Christchurch
          Telephone: (03) 379 7929
          Website:  www.cha.co.nz


COMPASS CAPITAL: Stops Repaying Investors
-----------------------------------------
Compass Capital Limited has stopped repaying its investors,
blaming the deteriorating credit and property markets in recent
months, the Dominion Post reports.

In a letter dated Aug. 13, 2008, cited by the Post, the company
told investors that borrowers had struggled to repay their loans
which, in turn, impacted on Compass' ability to repay bond
holders.

Executive director Ian Gladwell said repayment of principal and
interest had been suspended and directors were preparing a
proposal to repay all existing bondholders.

The directors were "hopeful that all existing bond-holders will
be repaid in full over time," the report relates.

According to the report, Compass was set up in May 2006 to buy
some of Bridgecorp Limited's best loans and provide the now
doomed company with liquidity.

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

Compass, the Dominion Post notes, stopped taking new investments
on August 17 last year and withdrew its prospectus to raise up
to NZ$100 million.


CONNON'S BAKERY: Wind-Up Petition Hearing Set for August 27
-----------------------------------------------------------
The High Court at Auckland will hold a hearing on Aug. 27, 2008,
at 10:45 a.m., to consider putting Connon's Bakery 2004 Limited
into liquidation.

The application was filed on May 8, 2008, by the Commissioner of
Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          17 Putney Way (PO Box 76198)
          Manukau, Auckland 2241
          Telephone: (09) 985 7274
          Facsimile: (09) 985 9473

Sandra Joy North is the plaintiff's solicitor.


JOSEPH PRODUCTIONS: Wind-Up Petition Hearing Set for August 27
--------------------------------------------------------------
The High Court at Auckland will hold a hearing on Aug. 27, 2008,
at 10:00 a.m., to consider putting Joseph Productions No. 17
Limited into liquidation.

The application was filed on April 2, 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.


JOSEPH PRODUCTIONS: Wind-Up Petition Hearing Set for August 27
-----------------------------------------------------------
The High Court at Auckland will hold a hearing on Aug. 27, 2008,
at 10:00 a.m., to consider putting Joseph Productions No. 27
Limited into liquidation.

The application was filed on April 2, 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.


KIWI COVING: Wind-Up Petition Hearing Set for August 27
-------------------------------------------------------
The High Court at Auckland will hold a hearing on Aug. 27, 2008,
at 10:00 a.m., to consider putting Kiwi Coving (2005) Limited
into liquidation.

The application was filed on April 28, 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.


LANDCO LTD: New Owner Reduces Staff
-----------------------------------
Landco Limited has shed staff following its full takeover by the
Todd Capital, with chief executive Evan Davies confirming the
company has restructured to meet the new business environment,
Ben Thomas of The National Business Review reports.

The report says 19 project management staff were made redundant
after Todd Capital bought the remaining stake from Landco's
founder Greg Olliverin.

Mr. Davies would not comment on exact numbers, the report says.

On Aug. 1, 2008, the Troubled Company Reporter-Asia Pacific,
citing the National Business Review, reported that Todd Capital
bought the rest of Landco after the company holding the
remaining 50.5 percent, associated with Auckland property
developer Greg Olliver, was placed in receivership.

According that report, the Todd family who owned half the
company, bought the remainder from The Phoenix Trust, of which
Mr. Olliver was director.  The Phoenix Trust was placed in
receivership on July 7, the report said citing the Companies
Office.

                       About Landco

New Zealand-based Landco Limited -- http://www.landco.com/--
invests in and actively manages a portfolio of prime
residentialland, agribusiness and vineyard properties in
selected locations across New Zealand.


PERFORMANCE NUTRITION: Proofs of Debt Due on August 28
------------------------------------------------------
In accordance with section 122 of the Companies Act 1993, the
shareholders of Performance Nutrition (NZ) Limited appointed
Douglas Kim Fisher, chartered accountant of Auckland, as
liquidator on Aug. 1, 2008.

The liquidator sets Aug. 28, 2008, as the last day for creditors
to file their proofs of debt.

The company's liquidator can be reached at:

          Douglas Kim Fisher
          Private Bag MBE M215
          Auckland
          Telephone: (09) 630 0491
          Facsimile: (09) 638 6283


QA VILLAGES: Liquidators Set August 28 as Claims Bar Date
---------------------------------------------------------
The High Court has appointed Malcolm Grant Hollis, chartered
accountant, and Rhys James Cain, insolvency practitioner, both
of Christchurch, as liquidators of QA Villages Limited.

Creditors are required to file their proofs of debt by Aug. 28,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Attn: Wendy Somerville
          PricewaterhouseCoopers
          119 Armagh Street (PO Box 13244)
          Christchurch
          Telephone: (03) 374 3000
          Facsimile: (03) 374 3001


RENAISSANCE PROJECT: Proofs of Debt Due on August 28
----------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of Renaissance Project Management Limited appointed
David Donald Crichton and Keiran Anne Horne, chartered
accountants of Crichton Horne & Associates Limited as
liquidators on July 28, 2008.

The liquidators set Aug. 28, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Marie Inch
          Crichton Horne & Associates Limited
          Old Library Chambers
          109 Cambridge Terrace
          PO Box 3978
          Christchurch
          Telephone: (03) 379 7929
          Website:  www.cha.co.nz


* NEW ZEALAND: Electronic Card Spending Increases in July
---------------------------------------------------------
After adjusting for seasonal effects, the total Electronic Card
Transaction (ECT) series increased 0.4 percent in July 2008
compared with June 2008, Statistics New Zealand said.  The
durables, fuel retailing and consumables industries were the
main contributors to this increase, which was partly offset by
decreases in the non-retail and hospitality industries.

The trend for the total ECT series has flattened since March
2008. Prior to this the trend generally increased between 0.5
and 1.0 percent per month.

After adjusting for seasonal effects, the retail ECT series was
0.8 percent higher in July 2008 than in June 2008. The core
retail ECT series (which excludes the motor vehicle-related
industries) increased 1.2 percent in July following a 1.5
percent decrease in June.  Both series have been variable since
March 2008, in particular the core series, with alternating
monthly decreases and increases.

The trend in the core ECT series has been flat since September
2007.  By contrast, the trend series for retail ECT has
generally been stronger over the same period, mainly because of
higher spending on fuel due to increasing fuel prices.

There were 84 million electronic transactions in July 2008 with
a value of NZ$4.6 billion.



===============
P A K I S T A N
===============

* PAKISTAN: Moody's Sees Challenges to Sovereign Ratings
--------------------------------------------------------
Moody's Investors Service says that while many of the credit
stresses which led to the downgrade of Pakistan to B2 from B1 in
May 2008 are still present, the rapid depletion of the country's
foreign exchange reserves has now emerged as the most imminent
risk facing its sovereign ratings and country ceiling.

"At the same time, delays in the ability of its fiscal
authorities to wean themselves away from central bank financing
of the budget deficit also represent a formidable obstacle for
improving inflationary expectations and reducing pressure on the
Pakistani Rupee," says Aninda Mitra, a VP/Senior Analyst with
Moody's Sovereign Risk Unit.

"Accordingly if, in coming months, Moody's concludes that a
deterioration in Pakistan's credit fundamentals is becoming
irreversible, then negative rating actions may follow," says
Mitra.

Mitra's remarks coincided with the release of a Moody's special
comment -- which he authored - on Pakistan, entitled,
"Pakistan's government faces pressing challenges."

The report highlights the political environment as crucial to
the country overcoming its current challenges.

"The critical ingredient for ensuring the success of ongoing
policy adjustments and structural reforms as well as
negotiations for external assistance and assuaging foreign
investor sentiment is an improvement in domestic political
stability," said Mitra.

"If the government remains unable to govern effectively, then
discordant policies and their weak implementation could further
set back investor confidence," says Mitra.

"In turn, such a development may damage Pakistan's balance of
payments stability as well as the government's fiscal financing
prospects and raise the likelihood of sovereign payment arrears
or enforcement of deposit controls," the author added.

The report also says that Musharraf's resignation may help in
limiting domestic political polarization and policy uncertainty
and the Pakistani authorities now have a narrow window of
opportunity for strengthening policy implementation.



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

G7 BANK: PDIC Begins Claims Servicing
-------------------------------------
To provide immediate relief to depositors of the closed G7 Bank,
the Philippine Deposit Insurance Corporation (PDC) started the
claims servicing operations on August 18, 2008, although it was
holiday.

In the light of extraordinarily large number of accounts, PCID
devised a schedule for the orderly servicing of claims.  The
schedule involves three phases and includes August 25, 2008,
another holiday.  The phases are initial claims servicing,
resumption of servicing and servicing at PDIC office.

During the initial claims servicing operations, PDIC staff will
distribute claim forms indicating the respective schedules when
the depositor will return to the bank to submit the accomplished
forms together with the documentary requirements.  For claim
forms without dates, depositors shall be adviced of the schedule
of resumption (through posting of notices in the respective
branches) and when to submit the accomplished claim forms with
the documentary requirements.

Initial servicing of claims in the bank's Head Office located at
Panganiban Drive corner Conception Pequena, Naga City, Camarines
Sur, and Naga and Nabua branches will be conducted during office
hours from Mondays thru Fridays including holidays from Aug. 18
to September 12, 2008.  Claims will be serviced in Daraga,
Ligao, Polangui and Pasig branches from August 18 to Sept. 5,
2008, during office hours from Mondays thru Fridays including
holidays.

PDIC will resume claims servicing on October 1 to 28, 2008,
during office hours, Mondays thru Fridays.  These will be done
at the Head Office for depositors of the Head Office and Naga
and Nabua branches; at Polangui for depositors of Polangui,
Daraga and Ligao branches; and at the PDIC Ayala Office for
depositors of Pasig Branch.

Thereafter, for the third phase, all G& Bank depositors are
advised to mail their claim forms and documentary requirements
to the PDIC – Claims Processing Department, 6th Floor of SSS
Building, in Ayala Avenue corner Rufino Street, Makati City.

In a statement, PDIC assured depositors that all valid deposit
insurance claims shall be paid, and that is why PDIC staff shall
be working even through holidays during the initial claims
servicing operations.  A resumption of payout was scheduled for
the same reason.

Depositors will be informed of additional requirements for
claims that need further verification.

G7 Bank, a seven-unit bank was ordered closed by the Monetary
Board of the Bangko Sentral ng Pilipinas by virtue of MB
Resolution No. 961 dated July 31, 2008.  The PDIC was designated
as receiver of the bank.  It took over the bank on August 1,
2008.  Depositors have two years from date of takeover to file
claims for deposit insurance.

PDIC advised depositors to proceed to the banking premises where
they maintained their accounts for further information.



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

CECILIA CONFECTIONERY: Creditors' Proofs of Debt Due on Sept. 15
----------------------------------------------------------------
Cecilia Confectionery Pte Ltd, which is in voluntary
liquidation, requires its creditors to file their proofs of debt
by September 15, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


HONG LAI: Creditors' Proofs of Debt Due on September 1
------------------------------------------------------
Hong Lai Construction Pte Ltd, which is in liquidation, requires
its creditors to file their proofs of debt by September 1, 2008,
to be included in the company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o Stone Forest Corporate Advisory Pte Ltd
          18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423


ORIENTAL ENERGY: Creditors' Proofs of Debt Due on Sept. 15
----------------------------------------------------------
Oriental Energy Trading Co. Pte. Ltd., which is in voluntary
wind-up, requires its creditors to file their proofs of debt by
September 15, 2008, to be included in the company's dividend
distribution.

The company's liquidators are:

          Kon Yin Tong
          Wong Kian Kok
          Aw Eng Hai
          c/o 47 Hill Street
          #05-01 Singapore Chinese Chamber of Commerce &
          Industry Building
          Singapore 179365


SK INTERNATIONAL: Court Enters Wind-Up Order
--------------------------------------------
On August 8, 2008, the High Court of Singapore entered an order
to have SK International Pte Ltd's operations wound up.

Reserve Cash Limited filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         The Insolvency Service
         Insolvency & Public Trustee's Office
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118



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

* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
  Company                       Ticker    (US$MM)    (US$MM)
  -------                       ------     ------   ------------

AUSTRALIA

ALLSTATE EXPLORA                  ALX      19.48      -55.70
ALLSTATE EXPL-PP                ALXCC      19.48      -55.70
ARC EXPLORATION                   ARX      62.79      -15.89
AUSTAR UNITED                     AUN     525.79     -234.92
ANTARES ENERGY L                  AZZ      16.21       -4.36
BIRON APPAREL LT                  BIC      19.71       -2.22
CROESUS MINING                    CRS      16.00      -13.81
ETW CORP LTD                      ETW     103.80      -50.24
FULCRUM EQUITY L                  FUL      40.08       -8.01
IRONCLAD MINING                   IFE      20.07       -0.12
INTELLECT HLDGS                   IHG      18.25      -15.49
KH FOODS LTD                      KHF      38.40       -6.79
KH FOODS LTD-PRF                KHFPA      38.40       -6.79
LAFAYETTE MIN                     LAF     105.24     -190.87
METAL STORM LTD                   MST      16.48       -2.90
RESIDUAL ASSC-EE                RAGXF     597.81     -127.07
TOOTH & CO LTD                    TTH     127.96      -90.23
VERTICON GROUP                    VGP      48.50       -2.67


CHINA

SHENZ SEG DASH-A               000007     101.02       -1.14
SHENZ CHINA BI-A               000017      29.38     -244.53
SHENZHEN SHENXIN               000034      44.99     -113.37
CHINA KEJIAN-A                 000035      65.12     -167.31
SHENZHEN KONDA-A               000048     155.01      -24.45
HUNAN ANPLAS CO                000156      84.00      -81.35
ZHANGJIAJIE TO-A               000430      51.01       -8.25
DANDONG CHEM F-A               000498     115.94      -91.60
SUCCESS INFORMAT               000517      30.12      -14.83
GUANGDONG MEIYA                000529      66.44      -62.41
GUANGXIA YINCH-A               000557      53.46      -61.33
CHANG LING GROUP               000561      49.68     -115.81
QINGHAI SALT L-A               000578     105.64       -4.91
GUANGMING GRP FU               000587      62.37      -12.08
FUJIAN CFC IND-A               000592      24.20      -19.62
YUEYANG HENGLI-A               000622      40.27      -14.34
LAN BAO TECH INF               000631      29.44      -22.70
CHINA LIAONING-A               000638      15.43       -5.70
CHENGDU UNION-A                000693      59.53       -0.19
JIAOZUO XIN'AN-A               000719      50.82      -25.45
FUJIAN SANNONG-A               000732      64.42      -90.24
CHONGWING INTL-A               000736      24.75      -13.38
SICHUAN DIRECT-A               000757     128.55     -102.62
CHINESE.COM LOGI               000805      12.72      -20.57
SHENZHEN DAWNC-A               000863      36.85     -142.58
STELLAR MEGAUNIO               000892      64.93     -162.46
HUNAN AVA HOLDIN               000918     176.94      -11.26
GUANGDONG KEL-A                000921     604.98      -86.30
ANHUI KOYO GROUP               000979      64.28      -30.78
SHENZ CHINA BI-B               200017      29.38     -244.53
AMOI ELECTRONICS               600057     414.93      -30.40
SUNTIME INTERN-A               600084     372.80      -50.59
SHANG WORLDBES-A               600094     327.98     -175.17
MIANYANG GAO-A                 600139      30.66      -12.44
HEBEI BAOSHUO CO               600155     313.38     -212.29
HUATONG TIANXI-A               600225      73.84      -41.14
TAIYUAN TIANLON                600234      12.69      -51.58
TIBET SUMMIT IND               600338      73.50      -16.42
CHONGQING CHANG                600369      98.87       -0.06
QINGHAI SUNSHI-A               600381      47.31      -49.66
WINOWNER GROUP C               600681      21.50      -81.28
HEBEI JINNIU C-A               600722     379.30       -2.89
SUNTEK TECHNOLOG               600728      44.69      -22.95
FUJIAN START-A                 600734     105.66      -14.34
TIANJIN MARINE                 600751      75.44      -26.60
TOPSUN SCIENCE-A               600771     232.68     -131.98
XIAMEN OVERSEAS                600870     433.19      -13.78
HUDA TECHNOLOG-A               600892      18.46       -1.90
NINGBO YIDONG-H                  8249      86.83       -0.19
TIANJIN MARINE-B               900938      75.44      -26.60
SHANG WORLDBES-B               900940     327.98     -175.17


HONG KONG

SUNCORP TECH LTD                 1063      31.94      -35.07
FE GOLDEN RES                    1188      52.49       -9.92
CHIA TAI ENTERPR                  121     316.11      -40.95
CHINA BEST GROUP                  370      55.54       -1.84
ASIA TELEMEDIA L                  376      16.97       -7.53
WELLING HOLDING                   382     303.95      -44.65
NEW CITY CHINA                    456     110.83       -6.78
PALADIN LTD                       495     167.43       -6.23
CHINA GRAND PHAR                  512      25.48       -5.36
PALADIN LTD -PRE                  642     167.43       -6.23
CHINA HEALTHCARE                  673      25.44       -3.37
WAH SANG GAS                     8035      61.51     -106.48
TAKSON HLDGS                      918      11.35       -2.11


INDIA

ANDREW YULE & CO                  ANY      81.41      -30.90
ARTSON ENGR                       ART      10.31       -0.71
ASHIMA LTD                       ASHM      96.57      -42.59
BHAGHEERATHA ENG                 BGEL      22.65      -28.20
BALAJI DISTILLER                  BLD      45.66      -74.20
BELLARY STEELS                   BSAL     438.80      -67.01
CFL CAPITAL FIN                 CEATF      20.64      -48.88
CORE HEALTHCARE                  CPAR     185.36     -241.91
DIGJAM LTD                       DGJM      98.77      -14.62
DISH TV INDIA                    DITV     228.93       -9.08
ELQUE POLYESTERS                 ELQP      13.80      -25.63
FACOR ALLOYS LTD                 FACA      17.34       -1.39
GANESH BENZOPLST                  GBP      82.16      -38.25
SURAT TEXTILE MI                 GCTY      15.97       -8.85
GUJARAT SIDHEE                   GSCL      59.44       -0.66
GUJARAT STATE FI                  GSF      43.60     -195.24
HIMACHAL FUTURIS                 HMFC     603.36      -13.34
HMT LTD                           HMT     316.41     -175.33
HINDUSTAN PHOTO                  HPHT      95.12     -953.35
IFB INDS LTD                     IFBI      50.67      -65.49
INDIA STEEL WORK                  ISI      56.76       -1.47
JCT ELECTRONICS                  JCTE     117.60      -50.17
JK SYNTHETICS                     JKS      20.21       -2.17
JENSON & NIC LTD                   JN      14.81      -81.79
KALYANPUR CEMENT                 KCEM      38.11      -48.48
LML LTD                           LML      86.80      -27.97
LLOYDS METALS                    LYDM      76.63       -0.41
LLOYDS STEEL IND                 LYDS     392.56     -102.16
MODI RUBBER LTD                   MDR      39.76      -24.30
MAFATLAL INDS                     MFI     123.63      -83.84
MILLENNIUM BEER                   MLB      38.26       -3.52
NATH PULP & PAP                  NPPM      11.60      -34.77
PAREKH PLATINUM                  PKPL      59.66      -75.55
PANCHMAHAL STEEL                  PMS      51.02       -0.33
PSI DATA SYSTEMS                  PSI      11.68       -2.48
PTL ENTERPRIESES                 PTLE      54.29       -0.40
PANYAM CEMENTS                    PYC      30.24        9.40
ROLLATAINERS LTD                  RLT      22.97      -22.24
REMI METALS GUJA                  RMM      45.06      -51.10
RPG CABLES LTD                    RPG      51.43      -20.19
SIL BUSINESS ENT                 SILB      12.46      -19.96
SANDUR MANGANESE                 SMIO      32.57       -2.61
SPICE COMMUNICAT                 SPCM     263.69      -19.68
SHREE RAMA MULTI                 SRMT      71.22      -29.91
TATA TELESERVICE                 TTLS     857.96      -50.01
USHA INDIA LTD                   USHA      12.06      -54.51
JOG ENGINEERING                   VMJ      50.08      -10.08
VXL INSTRUMENT                   VXLI      12.20       -0.62
WIRE AND WIRELES                  WNW     106.98      -23.62
YASHRAJ CONTAINE                 YRCT      17.49       -2.09


INDONESIA

PRIMARINDO ASIA                  BIMA      10.35      -20.51
BUKAKA TEKNIK UT                 BUKK      64.09      -99.37
DAYA SAKTI UNGGU                 DSUC      30.29       -7.12
ERATEX DJAJA                     ERTX      30.29       -1.65
JAKARTA KYOEI ST                 JKSW      37.34      -40.93
KARWELL INDONESI                 KARW      29.56       -2.03
KERAMIKA INDO AS                 KIAS      87.06     -202.18
MULIA INDUSTRIND                 MLIA     403.05     -444.83
POLYSINDO EKA PE                 POLY     585.34     -764.29
PANCA WIRATAMA                   PWSI      32.08      -33.33
STEADY SAFE TBK                  SAFE      16.61       -3.31
SURABAYA AGUNG                   SAIP     285.50      -73.67
TEXMACO JAYA TBK                 TEJA      42.85     -181.04
TEIJIN INDONESIA                 TFCO     259.68      -37.29
UNITEX TBK                       UNTX      16.90      -11.29


JAPAN

TSUCHIYA TWOBY                   1753      24.22       -2.24
LINK ONE                         2403      16.60       -3.12
NEXUS                            2799      25.00      -18.58
NEXTECH CORP                     3767      30.59      -10.12
LINK CONSULTING                  4798      50.71      -10.14
YOZAN INC                        6830      28.63      -94.74
AIREX INC                        6944      44.25       -7.05
SUMIYA CO                        9939      70.82      -10.21
COWBOY CO LTD                    9971      21.32       -5.68


MALAYSIA

CNLT FAR EAST                    CNLT      44.97       -8.46
FOREMOST HLDGS                   FMST      11.26       -0.08
HARVEST COURT                     HAR      10.81       -5.62
LITYAN HLDGS BHD                  LIT      21.18      -28.65
PECD BHD                         PECD     377.12     -295.36
PANGLOBAL BHD                     PGL     185.95     -185.09
SUNWAY INFRASTRU                  SIB     399.84      -10.80
TECHVENTURE BHD                  TECH      37.38      -11.21
WEMBLEY INDS                      WMY     125.94     -283.62
WONDERFUL WIRE                     WW      22.72       -1.94


PHILIPPINES

APEX MINING-A                     APX      55.27       -1.97
APEX MINING 'B'                  APXB      55.27       -1.97
BENGUET CORP-A                     BC      82.27      -32.34
BENGUET CORP 'B'                  BCB      82.27      -32.34
CENTRAL AZUC TAR                  CAT      35.74       -1.80
CYBER BAY CORP                   CYBR      14.85      -74.30
FIL ESTATE CORP                    FC      43.03      -10.93
FILSYN CORP A                     FYN      24.84      -11.37
FILSYN CORP. B                   FYNB      24.84      -11.37
GOTESCO LAND-A                     GO      18.68      -10.86
GOTESCO LAND-B                    GOB      18.68      -10.86
MRC ALLIED                        MRC      14.95       -0.75
PICOP RESOURCES                   PCP     105.66      -23.33
PRIME ORION PHIL                 POPI      99.69      -82.12
EAST ASIA POWER                   PWR      72.74     -136.68
UNIVERSAL RIGHTF                   UP      45.12      -13.48
UNITED PARAGON                    UPM      26.81      -36.74
UNIWIDE HOLDINGS                   UW      65.66      -57.31
VICTORIAS MILL                    VMC     175.01      -38.64


SINGAPORE

ADV SYSTEMS AUTO                  ASA      23.57       -8.97
CHUAN SOON HUAT                   CSH      42.77       -6.42
FALMAC LTD                        FAL      10.57       -4.70
GUL TECHNOLOGIES                  GUL     172.80       -3.04
HL GLOBAL ENTERP                 HLGE     107.39       -9.85
INFORMATICS EDU                  INFO      29.27       -3.48
LINDETEVES-JACOB                   LJ     212.82      -71.25
L&M GROUP INV                     LNM     56.91        -10.59
PACIFIC CENTURY                   PAC     51.84        -20.37


SOUTH KOREA

FIRST FIRE & MAR               000610    2044.03       -1.78
ORICOM INC                     010470      82.65      -40.04
UNICK CORP                     011320      36.54       -4.45
STARMAX CO LTD                 017050      73.13       -5.54
DAISHIN INFO                   020180     740.50     -158.45
TONG YANG MAGIC                023020     355.15      -25.77
FATOMENT                       025460      28.43      -13.92
NANO MINING CO L               036270      18.22      -32.17
COSMOS PLC                     053170      19.31       -4.95
SEJI CO LTD                    053330      37.25       -0.31
MEDIACORP INC                  053890      53.31      -32.22
DAHUI CO LTD                   055250     186.00       -1.50
INNO METAL IZIRO               070080      28.56       -0.33
SINJISOFT CORP                 078700      12.76      -21.01


TAIWAN

CHIEN TAI CEMENT                 1107     213.25       -8.62
DAHIN-ENTL CERT                 1320V     276.48     -230.27
PROTOP TECHNOLOG                 2410      36.41      -22.41
HELIX TECHNOL-EC                2479S      29.01      -18.18
HELIX TECH-EC                   2479T      29.01      -18.18
HELIX TECH-EC IS                2479U      29.01      -18.18
CHIEF CONST-ENT                 2522R     215.18      -21.15
CHIEF CONST-ENTL                2522S     215.18      -21.15
CHIEF CONST-ENTL                2522T     215.18      -21.15
OPTODISC TECHNOL                 3142      70.41     -139.97
UNICAP ELECT-EC                 5307R     133.88      -19.06
UNICAP ELECT-EC                 5307S     133.88      -19.06
UNICAP ELECT-ENT                5307T     133.88      -19.06
PACCO TECH CO                    5501      16.01       -7.00
YEU TYAN MACHINE                 8702      39.57     -271.07


THAILAND

ABICO HOLDINGS                  ABICO      16.69       -9.85
ABICO HOLD-NVDR               ABICO-R      16.69       -9.85
ABICO HLDGS-F                 ABICO/F      16.69       -9.85
BANGKOK RUBBER                    BRC      87.67      -76.10
BANGKOK RUB-NVDR                BRC-R      87.67      -76.10
BANGKOK RUBBER-F                BRC/F      87.67      -76.10
BANGKOK STEEL IN                  BSI     458.73     -136.44
BANGKOK STE-NVDR                BSI-R     458.73     -136.44
BANGKOK STEEL-F                 BSI/F     458.73     -136.44
CIRCUIT ELEC PCL               CIRKIT      61.30      -25.89
CIRCUIT ELE-NVDR             CIRKIT-R      61.30      -25.89
CIRCUIT ELEC-FRN             CIRKIT/F      61.30      -25.89
CENTRAL PAPER IN                CPICO      13.25     -241.78
CENTRAL PAPER-NV              CPICO-R      13.25     -241.78
CENTRAL PAPER-F               CPICO/F      13.25     -241.78
DATAMAT PCL                       DTM      12.69       -6.13
DATAMAT PCL-NVDR                DTM-R      12.69       -6.13
DATAMAT PLC-F                   DTM/F      12.69   -6.13
ITV PCL                           ITV      42.10      -72.43
ITV PCL-NVDR                    ITV-R      42.10      -72.43
ITV PCL-FOREIGN                 ITV/F      42.10      -72.43
K-TECH CONSTRUCT                KTECH      83.20       -5.69
K-TECH CONTRU-R               KTECH-R      83.20       -5.69
K-TECH CONSTRUCT              KTECH/F      83.20       -5.69
NEW PLUS KNITT                    NPK      10.08       -2.03
NEW PLUS KN-NVDR                NPK-R      10.08       -2.03
NEW PLUS KNITT-F                NPK/F      10.08       -2.03
PREMIER MARKET                     PM      41.96       -2.35
PREMIER MAR-NVDR                 PM-R      41.96       -2.35
PREMIER MARK-FOR                 PM/F      41.96       -2.35
KUANG PEI SAN                  POMPUI      18.78      -14.07
KUANG PEI-NVDR               POMPUI-R      18.78      -14.07
KUANG PEI SAN-F              POMPUI/F      18.78      -14.07
SAFARI WORLD PUB               SAFARI     113.06      -12.05
SAFARI WORL-NVDR             SAFARI-R     113.06      -12.05
SAFARI WORLD-FOR             SAFARI/F     113.06      -12.05
SIAM GEN FACTOR                   SGF      14.93      -18.64
SIAM GENERA-NVDR                SGF-R      14.93      -18.64
SIAM GEN FACT-F                 SGF/F      14.93      -18.64
SIAM GENERAL-PFD               SGF/P1      14.93      -18.64
SIAM GENERAL-PNV             SGF/P1-R      14.93      -18.64
SAHAMITR PRESSUR                 SMPC      27.26       34.59
SAHAMITR PR-NVDR               SMPC-R      27.26      -34.59
SAHAMITR PRESS-F               SMPC/F      27.26      -34.59
TUNTEX THAILAND                TUNTEX     249.51      -15.17
TUNTEX THAI-NVDR             TUNTEX-R     249.51      -15.17
TUNTEX THAILAN-F             TUNTEX/F     249.51      -15.17
UNIVERSAL STARCH                  USC     104.16      -34.15
UNIVERSAL S-NVDR                USC-R     104.16      -34.15
UNIVERSAL STAR-F                USC/F     104.16       34.15



                         *********

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

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

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


                            *********


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

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

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

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

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





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