TCRAP_Public/080826.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

            Tuesday, August 26, 2008, Vol. 11, No. 169

                            Headlines

A U S T R A L I A

CENTRO PROPERTIES: Seeks Extension of Debt Payment Deadline
CHALLENGER FINANCIAL: Posts AU$44 Mil. Net Loss, CEO Resigns
CHILBAR PTY: Final Meeting Set for September 2
EASY BEING: To Declare Dividend on September 3
FORD MOTOR: Australian Mfg. Unit Will Slash Up to 350 Jobs

IVAN HOMES: Placed Under Voluntary Liquidation
KOBYBOYN HOLDINGS: Members' Meeting Set for September 1
MILBET PTY: Members' Meeting Slated for September 1
SENSIBLE INVESTMENTS: Members' Final Meeting Set for September 1
UNITED UNDERWRITERS: Members' Meeting Slated for September 1

VTEL PRODUCTS: To Declare Dividend on September 5


C H I N A

CHINA CONSTRUCTION: To Issue CNY3 Bil. Worth of Financial Bonds
SHANGHAI PUDONG: 1H Net Profit Up 149.62% to CNY6.38 Billion


H O N G K O N G

ARTEK ELECTRICAL: Creditors & Contributories to Meet on Sept. 19
ARTEK ELECTRONIC: Creditors & Contributories to Meet on Sept. 19
CHUBB ADMINISTRATIVE: Placed Under Voluntary Liquidation
ELM BV: S&P Upgrades Series 99 CDO Obligation to BBB- From BB+
FLOWER SENSE: Members to Hear Wind-Up Report on September 16

MARUEM MATSUZAKI: Liquidator to Give Wind-Up Report on Sept. 16
MEXON (HONG KONG): Liquidator to Give Wind-Up Report on Sept. 16
NATIONAL PRINTED: Creditors & Contributories to Meet on Sept. 19
PARAFIELD HOLDINGS: Placed Under Voluntary Liquidation
PARKSON: Group Posts CNY411.8MM Net Profit for 6Mos Ended June

SELECT ACCESS: S&P Lifts Rating on AU$13.5 Million Notes to BBB-
SINO MEDIA: Members and Creditors to Meet on September 18
SINOPEC CORP: 1H Profit Falls 77.3% to CNY8.255 Billion
WINGO LIMITED: Appoints Yu and Sutton as Liquidators


I N D I A

CABLE CORP: Board Schedules Annual General Meeting on Sept. 23
JL MORISON: Closes Manufacturing Unit in Aurangabad
KANERIA GRANITO: CRISIL Rates Rs. 732 Mil. Facilities at 'BB+'
SABARI TEXTILES: CRISIL Rates Rs. 257.8 Mil. Facilities at 'BB-'


I N D O N E S I A

BANK DANAMON: Holds 7.99% Stake in Bumi Resources
PT PLN: To Complete IDR73BB Bahtera Adiguna Take Over in Sept.


J A P A N

HOKURIKU BANK: Moody's Drops D- Bank Financial Strength Rating
HOKKAIDO BANK: Moody's Withdraws D- Bank Fin'l Strength Rating
NAMIREI-SHOWA: Filed for Chapter 15 in Manhattan
NAMIREI-SHOWA: Chapter 15 Petition Summary
NISHI-NIPPON: Moody's Drops D- Bank Financial Strength Rating

NORTH PACIFIC: Moody's Withdraws D+ Bank Fin'l Strength Rating
* JAPAN: Steelmakers May Buy Overseas Iron Ore Mining Rights


K O R E A

HYUNDAI MOTOR: To Sell Hybrid Vehicle to Catch Up With Rivals


M A L A Y S I A

KOSMO TECHNOLOGY: Receives Summons and Claims from Lee Choon Wan
NIKKO ELECTRONICS: Defaults MYR166,914 Payment to Maybank
WONDERFUL WIRE: Gets Leasing Agreement Termination from CIMB


N E W  Z E A L A N D

AUTO PARTS: Proofs of Debt Due on September 1
BEAZLEY CONTRACTING: Wind-Up Petition Hearing Set for Sept. 5
BIRCHWOOD EQUITIES: Proofs of Debt Due on September 5
CER GROUP: First Half 2008 Sales Revenue Increases 13%
CITRUS BAR: Commences Liquidation Proceedings

COMMERCIAL GLASS: Proofs of Debt Due on September 1
FARM & TRAIL: Liquidators Set Aug. 1 as Claims Filing Deadline
MANIC SCREENPRINT: Wind-Up Petition Hearing Set for September 5
MR. BEAN: Liquidators Set September 3 as Claims Bar Date
NORTH HARBOUR: Wind-Up Petition Hearing Set for September 5

PROVINCIAL FINANCE: Returns 90.5c in the Dollar To Investors
ST KILDA FINANCE: Stops Taking New Investments
VERTEX HOLDINGS: Liquidators Set September 3 as Claims Bar Date


P H I L I P P I N E S

VULCAN INDUSTRIAL: Directors Approve 2007 Financial Report


S I N G A P O R E

CHARTERED SEMICONDUCTOR: S&P Cuts Corporate Credit Rating to BB+
GLOBAL A&T: Moody's Changes Ratings Outlook to Negative
MINEBEA ELECTRONICS: Placed Under Voluntary Liquidation
MUJEE PTE: Court Enters Wind-Up Order
NIPPON MINING: Creditors' Proofs of Debt Due on September 15

POH LIAN: Pays First and Final Dividend
SURGICAL SYSTEMS: Court to Hear Wind-Up Petition on August 29


X X X X X X X X

* BOND PRICING: For the Week August 18 - August 22, 2008


                         - - - - -


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

CENTRO PROPERTIES: Seeks Extension of Debt Payment Deadline
-----------------------------------------------------------
In a regulatory filing, Centro Properties Group provides an
update on its recapitalization effort:

Centro Properties said that as announced on June 2, 2008, the
group's current debt extension with the U.S. lending group
(which is owed in aggregate US$1.1 billion (AU$1.2 billion)
associated with Super LLC, the group's joint venture with Centro
Retail Trust) expires on Sept. 30, 2008.  The private placement
noteholders (which are owed US$450 million) expires on Dec. 15,
2008, subject to:

   -- the Australian lending group and U.S. private
      noteholders being satisfied by Sept. 30, 2008,
      with the Group's progress in implementing its
      strategic plan; and

   -- the U.S. lending group agreeing to further extend
      their facilities from Sept. 30, 2008, to a date
      not earlier than Dec. 15, 2008.

The Group is actively in discussions with all lenders for the
extension of all facilities from Sept. 30, 2008, to Dec. 15,
2008.

Centro Properties said the Group's recapitalization efforts to
date have included the sale of assets and the invitation of
proposals for raising new equity capital.  In terms of asset
sales, the progress made to date is as follows:

   -- in Australia, a sales process continues for selected
      assets from the Centro Australia Wholesale Fund
      portfolio and the Group is in discussions with a number
      of potential purchasers;

   -- in the United States, the Group has closed asset
      sales of (in aggregate) US$195 million and has
      previously announced entering into a conditional
      contract for the sale of the Centro American Fund
      portfolio for US$714 million.

While the asset sale program will provide the Group with
liquidity and some level of debt reduction, the Group considers
that asset sales alone will not provide a long-term
recapitalization solution.

The Group has also received and evaluated a number of proposals
for new equity.  The Group, in consultation with its lenders,
has concluded that no proposal received to date provides an
acceptable outcome which is in the best interests of all
relevant stakeholders.  The Group believes that, in particular
given current difficult capital market conditions, an acceptable
proposal capable of being implemented by Dec. 15, 2008, is
unlikely to be forthcoming.

In addition, Centro Properties said that in the absence of a
recapitalization solution in the short term, the Group's
objective therefore is to obtain longer term debt extensions
from the lender group beyond Dec. 15, 2008, to provide a more
stabilized environment for the recapitalization process to be
pursued over a longer time frame.  The Group has commenced
discussions with the lender groups on possible terms for longer
term debt extension and stabilization of the Group.  It is
likely that those terms would include a requirement for the
conversion of a portion of debt into some form of hybrid
security.

This may impact the value of the Group's existing ordinary
equity.  Discussions with the lenders on possible terms are at a
preliminary stage and no specific proposals has been formulated.
The Group can give no assurance that any further debt extensions
will be achieved beyond the expiry of the current extensions on
Sept. 30, 2008.

                   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.


CHALLENGER FINANCIAL: Posts AU$44 Mil. Net Loss, CEO Resigns
------------------------------------------------------------
Challenger Financial Services Group Limited disclosed a
normalized Net Profit After Tax (NPAT) of AU$218 million for the
year ended June 30, 2008, 20% above the previous financial year.
Statutory reported NPAT was (AU$44 million) reflecting negative
(mark-to-market) investment experience and significant items.

Stronger cash spread earnings in Asset Management and higher net
fee income from both Mortgage Management and Asset Management
drove a 12% increase in net income.  Normalized Earnings Before
Interest and Tax (EBIT) increased by 21% reflecting prudent cost
management. Normalized Earnings per Share increased by 12% to
37.1 cents per share.

During the year the Group strengthened its mortgage management
activities with the acquisition of interests in broker mortgage
aggregation platforms.  In the second half, the Group sold its
financial planning division to AXA for AU$150 million cash and
reached agreement to assume AXAs approximately AU$1.3 billion
annuity portfolio for AU$50 million.  At year-end, assets under
management and administration were AU$70 billion, an increase of
32%.

The Group closed the year in a strong capital and liquidity
position.  The Group has access to AU$350 million of undrawn
debt facilities and AU$241 million of available cash.
Challenger Life No. 2 Limited has surplus capital of
approximately AU$750 million over minimum regulatory
requirements.

A final dividend of 7.5 cents, 60% franked, has been declared
bringing the full year dividend to 12.5 cents, in line with
2007.

Commenting on the results, Chief Executive Officer Mike Tilley
said "This is a very credible result despite the adversity in
the market over the last twelve months.  That we were able to
generate a 21% increase in normalised EBIT in such conditions is
a reflection of the strength of our diversified financial
services business.

Each business line exceeded their hurdle returns, demonstrating
the depth and talent of the management team across Challenger.
"We also significantly increased our financial flexibility which
saw us close the year with a very robust balance sheet and a
strong cash position, an enviable situation in which to be,"
said Mr. Tilley.

Incoming Chief Executive Officer, Dominic Stevens said "We
believe that the current difficult market conditions will
continue to affect the sector for some time to come.

"From Challenger's perspective our business goals remain the
same.  The strategies we have put in place have put us in a very
good position in terms of liquidity and capital, providing some
insulation from the difficulties of the current environment.

"All our businesses are on solid footings. Together with an
intense focus on risk management, we are very well placed to
manage our way through the cycle and take advantage of
opportunities created by the current environment.

"We remain confident in our pursuit of generating double digit
EPS growth in the long term," Mr. Stevens said.

                        CEO to Step Down

Challenger Financial said that Chief Executive Officer and
Managing Director Mike Tilley would step down from these roles
effective Aug. 31, 2008.

Since his appointment in 2004 Mr Tilley has overseen a
significant change in the shape, financial strength and culture
of the Challenger business, and steps down at a time when the
company has a strong track record of normalised earnings growth
and minimal net debt.

Mr Dominic Stevens, who has been Deputy Managing Director, will
become Chief Executive Officer and Managing Director effective
1st September 2008. Mr Stevens joined Challenger in September
2003 and has been a key member of the leadership team over the
past five years.

Announcing the changes, Challenger's Chairman Mr Peter Polson
said "Mike Tilley came to Challenger with a clear mandate; he
has fulfilled that mandate and the board has been considering
the right structure for the next phase of the company's
development.

"Mike has developed a strong senior team and there was no
question about succession. Dominic has a strong track record
with Challenger. He has been a key participant of the Challenger
management team, involved in all aspects of the business, and
contributed greatly to the company's turnaround over the past
four years. The board looks forward to working closely with
Dominic during the next phase of the company's development."
Mr Tilley said: "I came to Challenger in 2004 with a clear set
of objectives which have now been fulfilled. The company is in
strong shape and has many exciting opportunities before it. The
decision to bring forward succession to align with these
opportunities is absolutely the right decision for the company
and all of its stakeholders.

"Dominic and I have worked very closely together over the past
four years and I have every confidence that he will be an
outstanding Chief Executive," Mr Tilley said.

Mr Tilley has been asked by the Board to be available to the
company on a consultancy basis.

                  About Challenger Financial

Challenger Financial Services Group Limited (ASX: CGF) --
http://www.challenger.com.au -- is a financial services
company.  The company, along with its subsidiaries, is
principally engaged in the provision of financial services, in
particular mortgage management, which involves commercial and
residential lending and securitization business; funds
management, which funds management business; asset management,
which structures and manages assets to generate long term income
streams, and financial planning, which involves financial
planning and funds administration business.  In September 2007,
the company acquired Choice Aggregation Services, including
Choice Home Loans, a mortgage aggregator/broker in the
Australian market.  Challenger has also acquired a 19% stake in
FAST, a national mortgage aggregator headquartered in Western
Australia.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 26, 2007, Standard & Poor's Ratings Services assigned
ratings to the residential mortgage-backed securities (RMBS) to
be issued by Perpetual Trustee Victoria Ltd. as trustee for
Challenger Millennium Warehouse H Trust.

The complete ratings are as follows:

      Class   Rating
        A       AA-
        B       BBB
        C       BB
        D       Unrated

This transaction has four tranches of notes.  The Class A, Class
B and Class C notes have been rated.  The fourth tranche, Class
D, is unrated.

The ratings assigned largely reflect the:

   -- Credit quality of the underlying mortgage loans, and the
      credit support provided, including lenders mortgage
      insurance and subordinated notes.  It should be noted that
      the pool includes both mortgage insured and non-mortgage
      insured loans;

   -- Asset level liquidity support; and

   -- Yield sufficiency.

A full rating report for this transaction will not be published,
at the request of the issuer.


CHILBAR PTY: Final Meeting Set for September 2
----------------------------------------------
Michael Grose, Chilbar Pty Limited's appointed estate
liquidator, will meet with the company's members on Sept. 2,
2008, at 10:20 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

         Michael Grose
         Frank Clune & Son
         Level 7, 60 Carrington Street
         Sydney NSW 2000


EASY BEING: To Declare Dividend on September 3
----------------------------------------------
Easy Being Green Pty Ltd will declare dividend on Sept. 3, 2008.

Only creditors who were able to file their proofs of debt by
Aug. 12, 2008, will be included in the company's dividend
distribution.

The company's  deed administrator is:

          Janna Robertson
          KordaMentha
          Level 5, 2 Chifley Square
          Sydney NSW 2001


FORD MOTOR: Australian Mfg. Unit Will Slash Up to 350 Jobs
----------------------------------------------------------
Ford Motor Co.'s Australian unit, Ford Motor Company of
Australia Limited, said it will cut up to 350 jobs, or 15
percent of its Australian manufacturing work force, due to a
slump in sales of large cars, the Associated Press reports.

AP relates that the cuts, expected in mid-November, follow an
earlier announcement that 600 jobs would be lost when local six-
cylinder engine production ends in 2010.

According to AP, Ford spokeswoman Sinead McAlary said changing
consumer preferences, rising fuel prices and economic factors
had caused a decline in the large-car segment.

Ms. McAlary said the job losses would be voluntary and evenly
split between two plants in the state of Victoria.

Meanwhile, Bill Osborne, Ford Australia’s CEO resigned the day
the company announced job cuts at its Australian plants, various
reports say.

According to ABC News, Mr. Osborne is leaving the industry and
returning to the United States after six months in the job.

Mr. Osborne started as president of Ford Australia in February
this year, ABC News relates.

                       About Ford Motor Co

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

                         *     *     *

As reported by the Troubled Company Reporter-Latin America on
Aug. 6, 2008, Fitch Ratings downgraded the Issuer Default Rating
of Ford Motor Company and Ford Motor Credit Company LLC to 'B-'
from 'B'.  Fitch said the rating outlook remains negative.  The
downgrade reflects these: (i) the further deterioration in
Ford's U.S. sales as a result of economic conditions, an adverse
product mix and the most recent jump in gas prices; (ii)
portfolio deterioration at Ford Credit and heightened concern
regarding economic access to capital to support financing
requirements; and (iii) escalating commodity costs that will
remain a significant offset to cost reduction efforts.


IVAN HOMES: Placed Under Voluntary Liquidation
----------------------------------------------
Ivan Homes Pty Ltd's members agreed on July 15, 2008, to
voluntarily liquidate the company's business.  Henry Kazar,
Chartered Accountant of Kazar Slaven Chartered Accountants was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Henry Kazar
          Kazar Slaven
          Chartered Accountants
          Level 3, 11 National Circuit
          Barton ACT 2600
          Australia


KOBYBOYN HOLDINGS: Members' Meeting Set for September 1
-------------------------------------------------------
S. B. Humphrys, Kobyboyn Holdings Pty Limited's appointed estate
liquidator, will meet with the company's members on Sept. 1,
2008, at 10:00 a.m. to provide them with property disposal and
winding-up reports.  The meeting will be held at Level 7, 20
Hunter Street, in Sydney.


MILBET PTY: Members' Meeting Slated for September 1
---------------------------------------------------
S. B. Humphrys, Milbet Pty Limited's appointed estate
liquidator, will meet with the company's members on Sept. 1,
2008, at 10:10 a.m. to provide them with property disposal and
winding-up reports.  The meeting will be held at Level 7, 20
Hunter Street, in Sydney.


SENSIBLE INVESTMENTS: Members' Final Meeting Set for September 1
----------------------------------------------------------------
R. D. Ellinson, Sensible Investments Pty Ltd's appointed estate
liquidator, will meet with the company's members on Sept. 1,
2008, at 10:30 a.m. to provide them with property disposal and
winding-up reports.  The meeting will be held at 11th Floor, 155
Castlereagh Street, in Sydney.


UNITED UNDERWRITERS: Members' Meeting Slated for September 1
------------------------------------------------------------
S. B. Humphrys, United Underwriters Pty Limited's appointed
estate liquidator, will meet with the company's members on Sept.
1,  2008, at 10:20 a.m. to provide them with property disposal
and winding-up reports.  The meeting will be held at Level 7, 20
Hunter Street, in Sydney.


VTEL PRODUCTS: To Declare Dividend on September 5
---------------------------------------------------
VTEL Products Australia Pty Limited will declare dividend on
Sept. 5, 2008.

Only creditors who were able to file their proofs of debt by
Aug. 19, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ozem Kassem
          Cor Cordis Chartered Accountants
          Level 10, 76-80 Clarence Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 8221 8433
          Facsimile: (02) 8221 8422



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

CHINA CONSTRUCTION: To Issue CNY3 Bil. Worth of Financial Bonds
---------------------------------------------------------------
China Construction Bank will issue up to CNY3 billion (US$439
million) worth of "ordinary financial bonds" in Hong Kong,
Chia-Peck Wong of Bloomberg News reports.

The company's board, the report relates, also approved an
increase of US$800 million in capital to China Construction Bank
(Asia) Corp., wholly owned Hong Kong commercial banking unit.

In addition, the report says, the bank's board approved a
transfer of US$300 million to CCB International (Holdings) Ltd.,
another fully owned unit, which underwrites sales of shares and
bonds in Hong Kong.

The capital increases are subject to the approval by the
relevant regulators.

Meanwhile, Bloomberg News notes that the bank's first-half
profit surged 71% to CNY58.7 billion on more lucrative lending
and increased fee-based services.

The China Construction Bank -- http://www.ccb.cn/-- is one of
the "big four" banks in the People's Republic of China.  It was
founded on October 1, 1954, under the name of "People's
Construction Bank of China" and later changed to "China
Construction Bank" on March 26, 1996.

                          *     *     *

China Construction Bank continues to carry Moody's "D-" bank
financial strength rating.  Moody's Bank Financial Strength
Ratings (BFSRs) represent Moody's opinion of a bank's
intrinsic safety and soundness and, as such, exclude certain
external credit risks and credit support elements that are
addressed by Moody's Bank Deposit Ratings.


SHANGHAI PUDONG: 1H Net Profit Up 149.62% to CNY6.38 Billion
------------------------------------------------------------
Shanghai Pudong Development Bank Co.'s first-half net profit
increased 149.62% to CNY6.38 billion from the same period a year
earlier, on increasing loan, lower corporate income tax rate,
and greater fee income, Xinhua News reports.

In the January to June period, the report relates, the bank's
total business income hit CNY16.71 billion, representing an
increase of 43.86% over the same period a year earlier.

According to the report, the bank's net interests income was
CNY15.52 billion in the first half, an increase of 38.85% from a
year earlier, which accounted for 91.11% of the total business
income.

The lender's total assets stood at CNY1 trillion by June,
representing an increase of 9.58% from a year earlier, the
report notes.

Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial
bank involved in personal banking, corporate banking, and inter-
bank business.  The bank also offers Internet banking and
telephone banking.

                          *     *     *

The bank continues to carry Moody's Investors Service's "Ba1"
long-term bank deposit rating and "D" bank financial strength
rating.  It also carries Fitch Ratings' "D" individual rating.



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

ARTEK ELECTRICAL: Creditors & Contributories to Meet on Sept. 19
----------------------------------------------------------------
The creditors and contributories of Artek Electrical Appliances
Company Limited will meet on September 19, 2008, at 3:00 p.m.,
at the offices of Ferrier Hodgson Limited, 14th Floor of The
Hong Kong Club Building, 3A Chater Road in Central, Hong Kong.

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


ARTEK ELECTRONIC: Creditors & Contributories to Meet on Sept. 19
----------------------------------------------------------------
The creditors and contributories of Artek Electronic Company
Limited will meet on September 19, 2008, at 3:00 p.m., at the
offices of Ferrier Hodgson Limited, 14th Floor of The Hong Kong
Club Building, 3A Chater Road in Central, Hong Kong.

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


CHUBB ADMINISTRATIVE: Placed Under Voluntary Liquidation
--------------------------------------------------------
At an extraordinary general meeting held on August 1, 2008, the
members of Chubb Administrative Services (Hong Kong) Limited
resolved to voluntarily liquidate the company's business.

The company's liquidators are:

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


ELM BV: S&P Upgrades Series 99 CDO Obligation to BBB- From BB+
--------------------------------------------------------------
Standard & Poor's Ratings Services has raised the ratings on 16
Asia-Pacific synthetic collateralized debt obligations (CDOs).
The ratings on two others were taken off CreditWatch with
negative implications and affirmed.

These rating actions follow an earlier review, which resulted in
the affected CDOs being placed on Credit Watch (published on
Aug. 8, 2008 entitled: "Ratings On 24 Asia-Pacific Synthetic
CDOs Placed On CreditWatch").

For the transactions that had their ratings raised, their SROCs
have stayed above 100% at the higher rating level.  Transactions
that had their ratings removed from CreditWatch with negative
implications have synthetic rated overcollateralization levels
that are more than 100%  at the current rating, due to positive
rating migration in their portfolios.

Where the SROC is less than 100%, scenarios that project the
current portfolio 90 days into the future are run, assuming no
asset rating migration.  Where this projection indicates that
the SROC would return to a level above 100%, the rating is
maintained, but placed on CreditWatch with negative
implications.  If the projection indicates that the SROC would
remain below 100%, the rating is immediately lowered.

The rating actions are taken on these affected transactions:

Name                   Rating To   Rating From          SROC
--------------------------------------------------------------
Corsair (Jersey) No.2
   Ltd. Series 89         AA+       AA/Watch Pos      100.3845%
Corsair (Jersey) No.2
   Ltd. Series 91         AA+       AA/Watch Pos      100.3866%
Corsair (Jersey) No.2
   Ltd. Series 97         BBB+      BBB/Watch Pos     100.1315%
Echo Funding Pty. Ltd.
   Series 18              BBB+      BBB/Watch Pos     100.5577%
ELM B.V. Series 99       BBB-      BB+/Watch Pos     100.2007%
Hercules Global
   CDO Trust I            AA-       A-/Watch Pos      104.9903%
HY-FI Securities
   Ltd. Series 4          BBB+      BBB-/Watch Pos    100.6779%
Morgan Stanley Managed
   ACES SPC Series
   2006-12 Class IIA      A         A-/Watch Pos      100.2473%
Morgan Stanley Managed
   ACES SPC Series
   2006-12 Class IIIA     BBB+      BBB/Watch Pos     100.4033%
Morgan Stanley Managed
   ACES SPC Series
   2006-7 Class IIA       BBB+      BBB/Watch Pos     100.0205%
Motif Finance (Ireland)
   PLC Series 2007-1      A-        BBB+/Watch Pos    124.8126%
Motif Finance (Ireland)
   PLC Series 2007-5      BBB       BBB-/Watch Pos    121.1322%
Obelisk Trust 2005-1     AA        AA/Watch Neg      109.9195%
Obelisk Trust
   2005-3 Mica            AA-       A+/Watch Pos      100.2407%
Saphir Finance PLC
   Series 2004-11         A-        BBB+/Watch Pos    100.2825%
SELECT ACCESS
   Investments Ltd.
   Series 2004-5          AA+       AA/Watch Pos      101.0369%
SHIELD Series 19         AAA       AA+/Watch Pos     101.1769%
Signum Platinum I
    Ltd. Series 2006-1     A-       A-/Watch Neg      100.0310%


FLOWER SENSE: Members to Hear Wind-Up Report on September 16
------------------------------------------------------------
The members of Flower Sense Limited will meet on September 16,
2008, at 10:00 a.m., at Room 1005 of Allied Kajima Building, 138
Gloucester Road in Wanchai, Hong Kong.

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


MARUEM MATSUZAKI: Liquidator to Give Wind-Up Report on Sept. 16
---------------------------------------------------------------
The members of Maruem Matsuzaki International Co., Limited and
Maruem Matsuzaki Industry (H.K) Co., Limited will meet on Sept.
16, 2008, at 10:00 a.m., at Room 1005 of Allied Kajima Building,
138 Gloucester Road in Wanchai, Hong Kong.

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


MEXON (HONG KONG): Liquidator to Give Wind-Up Report on Sept. 16
----------------------------------------------------------------
The members of Mexon (Hong Kong) Limited will meet on Sept. 16,
2008, at 10:00 a.m., at Room 1005 of Allied Kajima Building, 138
Gloucester Road in Wanchai, Hong Kong.

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


NATIONAL PRINTED: Creditors & Contributories to Meet on Sept. 19
----------------------------------------------------------------
The creditors and contributories of National Printed Circuit
Limited will meet on September 19, 2008, at 3:00 p.m., at the
offices of Ferrier Hodgson Limited, 14th Floor of The Hong Kong
Club Building, 3A Chater Road in Central, Hong Kong.

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


PARAFIELD HOLDINGS: Placed Under Voluntary Liquidation
------------------------------------------------------
At an extraordinary general meeting held on August 5, 2008, the
shareholders of Parafield Holdings Limited agreed to voluntarily
wind up the company's operations.

The company's liquidator is:

          Lo Cheng Shu Chin
          Fortune Well Height
          1st Floor, Flat A
          152 Boundary Street
          Kowloon, Hong Kong


PARKSON: Group Posts CNY411.8MM Net Profit for 6Mos Ended June
--------------------------------------------------------------
Parkson Retail Group Limited and its subsidiaries disclosed
interim results for the six months ended June 30, 2008.

Parkson produced yet another strong set of results with steady
and solid sales and profit growth.  Total gross sales proceeds
rose 21.0% to CNY5,217.7 million.  Total operating revenues
increased by 18% to CNY1,75 million.  Net profit attributable to
the Group improved to CNY411.8 million, an increase of 35.7%.

Basic earnings per share was CNY0.148, grew by 34.5% over the
same period of last year.

The board of directors recommended an interim dividend for the
six months ended June 30, 2008 of CNY0.0 (2007: CNY0.044) in
cash per share.

                       Business Review

Commenting on the interim results, Alfred Cheng Yoong Choong,
managing director of Parkson said, "The group executed its
business plans and strategies to capitalize on the growing
retail market with satisfactory successes despite having to face
challenges brought along by the macro economic headwinds and the
unfortunate event of natural disasters.   We continued our solid
growth in the first half of the year 2008 with a steady same
store sales growth of approximately 14.4%.   Thanks to the solid
top line growth and our efforts on controlling the operating
cost, the net profit margin improved to 24.r% and the net profit
attributable to our shareholders improved by 35.7% to CNY411.8
million."

"In line with the maturity of our stores profile, we continued
to reinvent and remodel our stores to enhance its image and
performance.  We also made a solid progress in rationalizing our
Group structure and consolidating our leadership position
through opening new store and M&A transactions at an earning
accretive pricing to our shareholders.  Mr. Cheng said "
The Group now operates and manages a total of 40 stores, 30
self-owned department stores, 10 managed department stores.

                         Prospects

"The PRC economy has been one of the most resilient and fastest
growing economies in the world over the last two decades.
Looking forward, we believe that the slowing demand from the
main export markets and the persistently high inflation driven
by the surge in food and commodity prices will continue to post
challenges to the healthy growth of the PRC economy.  However,
we remain cautiously optimistic about the long term prospect of
the PRC economy and retail industry.  We believe that strong
foreign reserve, solid economic foundation and carefully
designed macro-economic policies should enable the PRC to
promote a sound and yet strong economic growth.  We will
continue to execute our expansion strategies to roll out more
stores in the coming years.  We will also actively explore the
M&A opportunities and make acquisitions that meet our strategic
initiatives and return on capital requirements.  Mr. Cheng
said".

                About Parkson Retail Group

Parkson is one of the leading department store chains in China,
focusing on four categories of merchandise: Fashion & Apparel;
Cosmetics & Accessories; Household & Electrical; and Groceries &
Perishables, targeting the middle to upper middle-income
consumers.  Parkson was established in Malaysia in 1987 and
started the China operation in 1994 thus making it one of the
foreign pioneers in China department store industry.

                          *     *     *

As of July 10, 2008, Parkson Retail Group Limited continues to
carry Moody's "Ba1" Long-Term Corporate Family Ratings with a
Stable outlook.

In May 2008, Moody's said Parkson's Ba1 rating reflects the
retailer's well-recognized brand name and national coverage,
based on its over-14 years' operating track record in China.

According to Moody's, Parkson maps to a borderline Ba1/Baa3.
The rating assumes no need for Parkson to render support to its
53.6% parent Parkson Holdings Berhad and group companies.

Moody's added that Parkson has low inventory exposure in regard
to concessionaire sales and has strong liquidity -- given the
cash generative nature of the business, Parkson does not
maintain standby credit facilities.

On July 3, 2008, Moody's said it has a stable rating outlook for
Asia Pacific's retailing and consumer-product sectors over the
next 12-18 months despite rising economic uncertainty in the
region and worldwide.


SELECT ACCESS: S&P Lifts Rating on AU$13.5 Million Notes to BBB-
----------------------------------------------------------------
Standard & Poor's Ratings Services has upgraded the rating on
the AU$13.5 million Series 2004-15 notes issued by SELECT ACCESS
Investments Ltd. to 'BBB-' from 'BB+/Watch Pos'.

The rating on the Series 2004-15 notes was upgraded because the
synthetic rate overcollateralization (SROC) level for these
notes rose above 100% at the higher rating level in the mid-
month SROC analysis for August 2008.  This occurred following
positive rating migration in the underlying portfolio.

Transaction                   Rating to  Rating from    SROC
---------------------------------------------------------------
SELECT ACCESS Investments Ltd.
   Series 2004-15                BBB-   BB+/Watch Pos  100.1050%


SINO MEDIA: Members and Creditors to Meet on September 18
---------------------------------------------------------
The members and creditors of Sino Media Group (SMG) Limited will
meet on September 18, 2008, at 2:30 p.m. and 2:45 p.m.,
respectively, to receive the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Lai Kar Yan (Derek)
          Darach E. Haughey
          One Pacific Place, Room 3505, 35th Floor
          88 Queensway
          Hong Kong


SINOPEC CORP: 1H Profit Falls 77.3% to CNY8.255 Billion
-------------------------------------------------------
China Petroleum & Chemical Corporation disclosed its interim
results for the six months ended June 30, 2008.

Under PRC accounting standards for business enterprises, the
company's operating income increased by 30.3% to CNY734.783
billion in the first half of 2008.  Net profit attributable to
the equity shareholders of the parent company decreased 73.4%
year on year to CNY 9.339 billion.

Under International Financial Reporting Standards (IFRS), the
Company's turnover with other operating revenues and income
increased by 36.2% year on year to CNY768.185 billion in the
first half of 2008.  Profit attributable to shareholders of the
company decreased 77.3% year on year to CNY8.255 billion.

The Board of Directors proposed an interim dividend of CNY0.03
per share.

In the first half of 2008, confronted with complicated and
severe conditions resulting from  soaring crude oil prices,
tight price controls on oil products in the domestic market and
rising prices of chemical products driven by increased raw
materials cost, the company managed to increase oil and gas
production, speed up structural adjustments, took a variety of
measures to increase the supply of oil products and made efforts
to guarantee the domestic market supply of oil products through
optimized production and operation activities, improved
management,  conserving energy and reducing emissions, and
realized steady growth in oil and gas production, refinery
throughput, sales volume of oil products and the production of
major chemical products. I n coping with the exceptional snow
storms in South China as well as the magnitude 8 earthquake in
Wenchuan County in Sichuan Province on May 12, 2008, the company
promptly activated its contingency plan to guarantee the supply
of refined oil products in the disaster-stricken areas.  The
company fully honored its social responsibility by actively
donating goods and money to support the rescue work and
reconstruction of the disaster-stricken areas.

           Market Environment and Business Review

In the first half of 2008, the Chinese economy continued to grow
steadily and rapidly, with a GDP growth rate of 10.4%.  Apparent
domestic consumption of oil products (inclusive of gasoline,
diesel and kerosene) and ethylene equivalent consumption
increased by 13.9% and 2.5% respectively over the same period of
last year.

In the first half of 2008, confronted with complicated and
severe conditions resulting from  soaring crude oil prices,
tight price controls on oil products in the domestic market and
rising prices of chemical products driven by increased raw
materials cost, the company managed to increase oil and gas
production, speed up structural adjustments, took a variety of
measures to increase the supply of oil products and made efforts
to guarantee the domestic market supply of oil products through
optimized production and operation activities, improved
management,  conserving energy and reducing emissions, and
realized steady growth in oil and gas production, refinery
throughput, sales volume of oil products and the production of
major chemical products.

                     Business Review

Production and Operation

(1) Exploration and Production

In the first half of 2008, international crude oil prices
soared, and the average Platt's Brent spot price was
US$ 109.14/barrel, up by 72.53% over the same period of last
year.

The company made new progress in petroleum exploration in Tahe
oil field, in natural gas exploration in the surrounding areas
of Puguang gas field in northeastern Sichuan, western Sichuan
and the southern area in Songlao basin, and in the exploration
of concealed oil and natural gas reserves in the matured fields
in the east of China.

With respect to development, through such measures as
strengthening the comprehensive adjustments in the matured
fields, optimizing the construction process of production
capacity in the new blocks and enhancing the development of low-
grade reserves and speeding up the pace of increasing recovery
rate, the Company has yielded marked achievements in increasing
both oil and gas reserves and production.  Moreover, the
construction of the Sichuan-East China Gas project has been
progressing smoothly. In the first half of this year, the
Company produced 147.38 million barrels of crude oil, up by
2.4%, and produced 144.2 billion cubic feet of natural gas, up
by 3.3% over the same period of last year.

(2)  Refining

In the first half of 2008, in order to meet market demand, the
company kept refinery facilities running safely and at full
capacity and increased the output of oil products.  It also
optimized crude oil resources and tried to reduce the purchasing
cost of crude oil, reinforced structural adjustment of products
mix and increased the production of high value- added products
such as high-grade gasoline, vigorously promoted the sales of
other petroleum products rather than gasoline, diesel or
kerosene, produced clean oil products meeting the national IV
standard.  As a cooperation partner of the 2008 Beijing Olympic
Games, the company provides oil products in major hosting
cities.  In the first half of the year, the refinery throughput
increased by 6.7% over the same period of last year, and the
output of oil products increased by 10.1%, among which, gasoline
increased by 7.7% and diesel by 13.0% over the same period of
last year.


(3) Marketing and Distribution

In the first half of 2008, the company constantly optimized its
sales networks, intensified service awareness and improved
service quality, collected resources through various channels
and timely arranged the imports of oil products, optimized the
allocation and transport of oil products, reduced transportation
cost and managed to guarantee sufficient supply of oil products
in the domestic market and actively promoted sales of oil
products with high octane number.  The total sale volume of
refined oil reached 63 million tonnes, increased by 8.8%
compared with that of the same period last year, among which
retail increased 19.2% over the same period of last year.  In
its coping with the exceptional snow storms in South China as
well as the earthquake in Wenchuan, the company promptly
activated its contingency plan to guarantee the supply of
refined oil products, and adopted such methods as movable gas-
filling and manual delivery of oil products, thus ensuring the
supply of refined oil products in the disaster-stricken areas.

(4) Chemicals

In the first half of 2008, the company took advantage of
concentrated sales and made great effort to expand the chemical
market, coped with the market changes in a flexible way and
organized the production and sales of products in high demand,
endeavored to increase profits, improved management,
consolidated raw material and product structure optimization,
vigorously promoted new technologies and tried hard to increase
the output of high added-value products.  Ethylene output
reached 3.307 million tonnes, a 1.0% increase year-on-year, and
the production of synthetic resin reached 4.923 million tonnes,
an increase of 3.1% over the same period of last year.
Synthetic rubber production reached 0.46 million tonnes, up by
27.8% over the same period of last year.

                         Cost Saving

In the first half of 2008, the company took various measures to
reduce costs, including: fully leveraging the modern logistics
system to optimize resources allocation and reduce
transportation costs, tapping the potentials of refining
capacities for lower quality crude, reducing purchasing costs of
crude oil, optimizing operation of facilities and reducing
energy and material consumption.  In the first half of 2008, the
company saved CNY1.703 billion in cost with the Exploration and
Production, Refining, Marketing and Distribution and Chemicals
achieving cost savings of CNY577 million, CNY341 million,
CNY315 million and CNY470 million respectively.

            Energy Savings and Emission Reductions

In the first half of 2008, the company made remarkable
achievements in energy savings and emission reductions.  It
established SINOPEC Energy-saving Monitoring Center and Energy-
saving Technical Service Center, introduced a reporting system
on energy-saving activities, initiated benchmarking activities
for assessing energy efficiencies within the industry, continued
to conduct the publicizing and education work of energy-saving
and emission reduction, vigorously promoted such advanced
energy-saving technologies as pulsed electric desalting, and
aromatics extraction of pygas.  In the first half of this year,
the Company's energy intensity, industrial water consumption and
COD in discharged waste water dropped by 6.6%, 11.8% and 15.0%,
respectively over the same period of last year.

                       Capital Expenditure

In the first half of 2008, the company's total capital
expenditure was CNY36.536 billion.  Among which, capital
expenditure for Exploration and Development was CNY20.981
billion.  The newly-built production capacity of crude oil and
natural gas was 2.79 million tonnes and 480 million cubic-meters
per year respectively.  The capital expenditure for Refining was
CNY3.849 billion as the green-field and expansion refinery
projects in Qingdao, Gaoqiao, Wuhan and Luoyang have been put
into production.  The Caofeidian crude oil jetty project
achieved mechanical completion.  Capital expenditure in
Chemicals was CNY5.907 billion.  The Yangzi Petrochemicals
Butadiene project with a capacity of 100,000 tonnes per year was
put into operation, and the Tianjin, Zhenhai ethylene and
Jinling PX projects were underway as scheduled.  Capital
expenditure in Marketing and Distribution was CNY4.548 billion.
The sales network of oil products was furthered optimized and
195 new service stations were added.  Capital expenditure for
Corporate and Others amounted to CNY1.251 billion.

                       Business Prospects

Looking into the second half of 2008, the company believes that
China's economy will maintain growth momentum and that
international prices of crude oil will remain high.  It also
believes that the domestic refining business will still be under
pressure and that the demand growth for chemical products may
slow down.

In the second half of this year, the company shall continue to
apply flexible operational strategies, intensity management and
make optimal arrangement for various production and operation
activities.

In Exploration and Development, the company will speed up
exploration in such key regions as Tahe and northeastern
Sichuan, actively tap the potential of existing oil fields, and
further improve its recovery rate. In the second half of 2008,
the Company plans to produce 21.24 million tonnes of crude oil
and 4.2 billion cubic meters of natural gas.

In Refining, the company shall continue to operate at its full
capacity on the basis of ensuring safe and stable production to
ensure market supplies, optimize the purchase and allocation of
crude oil resources, make efforts to reduce the costs of crude
oil, further adjust product structure and increase the output of
high value-added products.  In the second half of 2008, the
Company plans to refine 89.75 million tonnes of crude oil.

In Marketing and Distribution, the company will continue to
meticulously organize the allocation and transport of refined
oil, make efforts to guarantee the market supplies of refined
oil products and ensure the oil supplies for the Olympic Games
and the reconstruction of disaster-stricken areas and key
industries.  Meanwhile, the company shall intensify the
arrangement of resources, optimize the flow and storage and
transportation of resources and improve profitability from the
sales.  In the second half of 2008, the company plans to a total
domestic sales volume of oil products at 64 million tonnes.

In Chemicals, the company shall optimize raw materials, product
structure and unit operation, intensify the implementation of
saving energy and materials, consolidate the linkage of
production, sales and research, promote developments of new
products, and increase the production of high value-added
products.  In the second half of 2008, the company plans to
produce 3.26 million tonnes of ethylene.

In the second half of 2008, we shall continue to optimize our
production and operation activities, improve management,
increase profit through taping potentials, reduce energy
consumption and emissions, and strive to fulfill the production
and business goals of the whole year.

                    About Sinopec Corp.

Sinopec Corp. is the first Chinese company that has been listed
in Hong Kong, New York, London and Shanghai.  The company is an
integrated energy and chemical company with upstream, midstream
and downstream operations.  The principal operations of Sinopec
Corp. and its subsidiaries include: exploring, developing,
producing and trading crude oil and natural gas; processing
crude oil into refined oil products; producing, trading,
transporting, distributing and marketing refined oil products;
and producing and distributing chemical products.

Based on 2007 turnover, Sinopec Corp. is the largest listed
company in China.  The company is one of the largest crude oil
and petrochemical companies in China and Asia.  It is also one
of the largest gasoline, diesel and jet fuel and other major
chemical products producers and distributors in China and Asia.

                        *     *     *
The working capital deficit of China Petroleum & Chemical Corp.
rose by 15%, or CNY10.357 billion, from CNY69.882 billion at
Dec. 31, 2006 to CNY80.239 billion at Dec. 31, 2007.

The Company had RMB185.116 billion in current assets and
CNY265.355 billion in current liabilities at Dec. 31, 2007,
compared to CNY146.490 billion in current assets and
CNY216.372 billion in current liabilities at Dec. 31, 2006.


WINGO LIMITED: Appoints Yu and Sutton as Liquidators
----------------------------------------------------
The creditors of Wingo Limited met on August 1, 2008, and
appointed Fok Hei Yu and Roderick John Sutton as the company's
liquidators.

The Liquidators can be reached at:

          Fok Hei Yu
          Roderick John Sutton
          Ferrier Hodgson Limited
          The Hong Kong Club Building, 14th Floor
          3A Chater Road
          Central, Hong Kong



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

CABLE CORP: Board Schedules Annual General Meeting on Sept. 23
--------------------------------------------------------------
Cable Corporation of India Ltd's Board of Directors has
considered the issuance of 20,00,000 equity shares on
preferential basis to the promoters of the company.

The Board also scheduled the 51st annual general meeting of the
company's members on September 23, 2008.

At the annual meeting, the company's members will decide on the
approval of
the equity share issuance.

Cable Corporation of India Limited manufactures, exports, and
sells power cables and control cables in India.  Its products
include PVC cables, FRLS/FS cables, XLPE cables, EHV XLPE
cables, elastomeric cables, paper cables, cable accessories,
transformers, and cables for specialized applications, such as
seismic, mine sweeping, degaussing, and spreader cables for
container cranes. The company also offers specialty cables, such
as HVDC cables, mining cables, aerial bunched cables (33 kV),
and winding wires. It sells power/control cables ranging from
250 volts to 230 kilovolts under Tropodur, Tropothen, Tropothen-
S, Tropoflex, Tropoplast and Tropotherm cables name.  Cable
Corporation of India exports its products to South Africa, Sri
Lanka, Bangladesh, Mauritius, Kuwait, and Singapore.  The
company was founded in 1957 and is headquartered in Mumbai,
India.

                          *     *     *

Cable Corporation of India Limited reported consecutive net
losses for the last three years.  For the year ended March 31,
2008, the company incurred a net loss of
Rs. 18.50 million compared to Rs. 73.30 million in the year
ended March 31, 2007.
For the year ended March 31, 2006, the company's net loss was
Rs. 168.80 million.


JL MORISON: Closes Manufacturing Unit in Aurangabad
---------------------------------------------------
JL Morison India Ltd closed its manufacturing unit situated at
Waluj, Aurangabad on August 23, 2008.

Reasons for the closure were not provided.

J L Morison (India) Limited manufactures and markets cosmetics,
toiletry and personal healthcare products like skincare creams
and lotions, men's shaving toiletries, deodorants, soaps, talcum
powder, medicated toothpaste, foot care products, besides the
baby care feeding bottles and accessories.  It operates in two
segments; Personal Healthcare, Footcare Products and Oil &
Trade.  It operates only in India.


KANERIA GRANITO: CRISIL Rates Rs. 732 Mil. Facilities at 'BB+'
--------------------------------------------------------------
CRISIL assigned its rating of 'BB+/Stable/P4'to the various bank
facilities of Kaneria Granito Ltd (KGL).

Rs.570 Million Rupee Term Loan  BB+/Stable (Assigned)
Rs.162 Million Cash Credit        BB+/Stable (Assigned)
Rs.105 Million Letter of
    Credit /Bank Guarantee        P4 (Assigned)

The rating reflects KGL's weak financial risk profile and
liquidity and its exposure to risks relating to cyclicality in
demand from end-user industries, and competition from
established domestic and Chinese players.  These rating
weaknesses are, however, partly offset by KGL's favourable
business risk profile, backed by presence in the high-margin
vitrified tiles segment, and low power costs.

Outlook: Stable

CRISIL believes that KGL will maintain its favourable business
risk profile, supported by its presence in the high-growth
vitrified tiles segment.  The outlook may be revised to
'Positive'if KGL's capital structure and liquidity improve
considerably from current levels.  Conversely, a significant
weakening in financial risk profile may drive a revision in
outlook to 'Negative'.

                            About KGL

Kaneria Granito Ltd (KGL) is a closely-held, Surat-based public
limited company promoted by Mr. Anil Kaneria.  It was
incorporated in January 2000 as a private limited company, Grow
More Glass and Ceramics Private Ltd; the name was changed to
Kaneria Granito Private Ltd in February 2005.  It became a
public limited company in May 2005.

KGL's main income, until 2007, was by way of rent collected on
assets leased to associate/group companies.  In April 2006, it
undertook construction of a plant to manufacture polished
vitrified tiles at Dahej Port, Bharuch District.  The plant, set
up with an initial installed capacity of 19.80 lakh square
metres per annum at a cost of Rs.376.7 million, began commercial
operations in February 2007.  KGL is currently increasing its
installed capacity to 43.82 lakh square metres, with the help of
SACMI, Italy.  SACMI is part of the SACMI group, and specialises
in the production and sale of turnkey plants for the ceramics
and packaging industries.


SABARI TEXTILES: CRISIL Rates Rs. 257.8 Mil. Facilities at 'BB-'
----------------------------------------------------------------
CRISIL assigned its bank loan ratings of 'BB-/Stable/P4'to the
various bank facilities of Sabari Textiles Pvt Ltd (Sabari
Textiles).

Rs.215.8 Million Long Term
      Loan Facility          BB-/Stable(Assigned)
Rs.42.0 Million Cash
      Credit Limits          BB-/Stable(Assigned)
Rs.7.0 Million Bank
      Guarantee Facility    P4(Assigned)

The ratings reflect Sabari Textiles'exposure to risks relating
to setting up of its plant, below-average financial profile,
small scale of operations as a manufacturer of low-count hosiery
yarn, and susceptibility to volatile cotton prices.  These
weaknesses are, however, partially offset by the cost efficiency
of Sabari Textiles'manufacturing facility.

Outlook:Stable:

CRISIL expects Sabari Textiles'financial risk profile to remain
constrained over the medium term by its small scale of
operations and low net worth.  The outlook may be revised to
'Positive'if the company's financial profile improves
substantially, backed by improvement in gearing levels and
margins.  Conversely, any additional time or cost overrun in the
project, under utilisation of capacity, inability to pass on
increases in costs leading to a fall in operating margins, or
any higher-than-expected debt-funded capital expenditure may
result in a revision in outlook to 'Negative'.

                      About Sabari Textiles

Incorporated in November 2006, Sabari Textiles is setting up a
cotton spinning mill with a capacity of 22,320 spindles in
Coimbatore, Tamil Nadu; the unit will manufacture combed hosiery
yarn suitable for knitted fabrics.  The first phase of the
project is expected to start commercial operations by August
2008 after a delay of eight months from the scheduled date, and
the second phase by November 2008.



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

BANK DANAMON: Holds 7.99% Stake in Bumi Resources
-------------------------------------------------
PT Bank Danamon Indonesia Tbk has a 7.99% stake in PT Bumi
Resources, a share registry statement cited by Reuters showed.

According to Reuters, the statement said PT Bakrie & Brothers
Tbk, the holding company of the Bakrie family, had reduced its
holdings of Bumi to 7.44% from 15.55 percent.

Bumi Resources' senior vice-president for investor relations,
Dileep Srivastava, told Reuters the change was "a normal
custodial arrangement against refinancing for right issue loans
that Bakrie & Brothers have taken".

"There's no Bumi shares that have been sold by Bakrie &
Brothers, on the contrary Bakrie & Brothers might have increased
their share holding," Srivastava, who is also a director at
Bakrie & Brothers, added.

Bakrie & Brothers is controlled by the family of chief social
welfare minister Aburizal Bakrie.

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income.  Bank Danamon is
supported by 86 domestic branch offices, 325 domestic supporting
branch offices, 25 domestic cash office, 739 supporting branches
for DSP, six personal banking branch offices, 10 syariah branch
offices and one overseas branch.

                         *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
July 28, 2008, Fitch Ratings has affirmed the ratings of PT Bank
Danamon Indonesia Tbk as: Long-term foreign currency Issuer
Default Rating at 'BB' with a Stable Outlook, Short-term foreign
currency IDR at 'B', National Long-term Rating at 'AA(idn)' with
a Stable Outlook, Individual Rating at 'C/D', Support Rating at
'3', Support Rating Floor at 'BB-'.


PT PLN: To Complete IDR73BB Bahtera Adiguna Take Over in Sept.
--------------------------------------------------------------
PT Perusahaan Listrik Negara (PT PLN) will complete its IDR73
billion (US$7.9 million) take-over of the shipping company PT
Bahtera Adiguna in September 2008, Antara News reports.

Antara relates that President Director of PT PLN Fahmi Mochtar
said the company PLN has completed a due diligence on the price
of Bahtera's assets.  "According to an estimate of
PricewaterhouseCoopers (PwC), Bahtera's assets are worth IDR73
billion, which we will use.  PLN will use its own coffers to buy
Bahtera. " he said.

Mr. Mochtar told the news agency that by taking over Bahtera,
the problems of coal supply for PLN's coal-fired power plants
due to transportation problems could be overcome.

Besides Bahtera, PLN has also formed a coal subsidiary, PT PLN
Batubara, including its boards of directors and commissioners,
the report notes.

Some time in the future, PLN Batubara will also take over a
number of coal mining companies mostly of low capacity of around
five million tons per year, Antara relates.

Mr. Mochtar said his side has projected that 25% of coal
consumption would be secured by way of PLN Batubara, while chief
commissioner of PLN Al Hilal Hamdi said the efforts at securing
coal supplies will be made under an operational cooperation with
coal mining companies, the report notes.

Antara adds that PLN is also considering the building of a
large-scale coal terminal, guaranteeing the shipment of 60,000-
120,000 tons of coal.

                  About Perusahaan Listrik

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

                          *     *     *

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



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

HOKURIKU BANK: Moody's Drops D- Bank Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings for Hokuriku
Bank, Ltd. for business reasons.  This bank has no rated debts
outstanding.  This action does not reflect a change in its
creditworthiness.

The following ratings were withdrawn:

Hokuriku Bank, Ltd.

Long-term/short-term bank deposit rating: Baa1/Prime-2

Bank financial strength rating: D-

Hokuriku International Cayman Limited

Subordinated MTN Programs: Baa2

Headquartered in Toyama, Toyama- Hokuriku Bank, Ltd., --
http://www.hokuhoku-fg.co.jp/english.html -- deals with non-
performing loans. Hokoriku refers to a greater region in Japan
that encompasses Fukui, Ishikawa, and Toyoma prefectures. In
addition to the Hokuriku region, the bank has branches in Kyoto,
Osaka, Niigata, Nagano, Tokyo, Kanagawa, Gifu, Aichi, and
Hokkaido. The bank also operates overseas representative offices
in Shanghai, Singapore, and New York City.The Hokuriku Bank is a
subsidiary of the Hokuhoku Financial Group.


HOKKAIDO BANK: Moody's Withdraws D- Bank Fin'l Strength Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings for Hokkaido
Bank, Ltd. for business reasons.  This bank has no rated debts
outstanding.  This action does not reflect a change in its
creditworthiness.

The following ratings were withdrawn:

Hokkaido Bank, Ltd.

Long-term/short-term bank deposit rating: Baa1/Prime-2

Bank financial strength rating: D-

The Hokkaido Bank, Ltd. is a Japan-based financial institution
engaged in the provision of banking services.  Along with its
consolidated subsidiaries, the Bank operates in two business
segments.  The Banking segment provides banking services and
related services, with focus on deposits and loans, through 125
branches and nine sub-branches.  The Others segment is involved
in the cash arrangement and checking, credit card, credit
guarantee and other businesses, through its subsidiaries.  The
Bank has two consolidated subsidiaries.


NAMIREI-SHOWA: Filed for Chapter 15 in Manhattan
------------------------------------------------
Namirei-Showa Co., Ltd. filed for bankruptcy protection under
Chapter 15 of the U.S. Bankruptcy Code before the U.S.
Bankruptcy Court for the Southern District of New York.

The petition was filed by Michiyoshi Kiuchi, who has been
appointed receiver for the Debtor by the District Court of Osaka
in Japan.

Mr. Kiuchi disclosed that the Debtor is facing a lawsuit
commenced by Intermare Transport GmbH, a German company, in
March 2008.  The lawsuit, which was filed before the U.S.
District Court for the Southern District of New York seeks
$35,455,068 from the Debtor and other defendants of an alleged
certain maritime and admiralty claims.

In May 2008, JPMorgan Chase Bank restrained property belonging
to the Debtor in the District. The property amounted to
US$27,200.

Mr. Kiuchi says Intermare is the only party that has asserted
claims against Namirei in the U.S.

The Debtor continues to do business.  Mr. Kiuchi says the Debtor
may be exposed to other claims in the U.S. during its
rehabilitation in Japan.

Given that Intermare has utilized provisional remedies to attach
any and all property in the United States in furtherance of the
Maritime Litigation, Mr. Kiuchi says temporary and preliminary
relief under Chapter 15 pending the U.S. Court's determination
with respect to the Chapter 15 petition, will potentially
prevent irreparable harm to the Debtor should Intermare attempt
to attach any additional funds wired to the U.S.

The Japanese Proceeding is a collective judicial proceeding
under Japanese law relating to insolvency of the Debtor in which
the Debtor's assets are subject to the control and supervision
of the Japanese court for the purpose of reorganization,
according to Mr. Kiuchi.

The receiver notes that the Debtor has US$252 million in assets
and US$347 million in debts as of April 30, 2008.

According to Mr. Kiuchi, the Debtor's principal assets in the
United States consists of a JP Morgan Chase Bank account.

                       About Namirei-Showa

Based in Osaka, Japan, Namirei_Showa Co., Ltd. --
http://www.namirei-showa.co.jp-- designs and manufactures air
conditioning equipment for ships.


NAMIREI-SHOWA: Chapter 15 Petition Summary
------------------------------------------
Petitioner: Michiyoshi Kiuchi

Debtor: Namirei-Showa Co., Ltd.

Case No.: 08-13256

Type of Business: The Debtor designs and manufacture air
                  conditioning equipment for ships.
                  See http://www.namirei-showa.co.jp

Chapter 15 Petition Date: August 21, 2008

Court: Southern District of New York (Manhattan)

Judge: Burton R. Lifland

Petitioner's Counsel: Jeffrey S. Margolin, Esq.
                      Hughes Hubbard & Reed
                      1 Battery Park Plaza
                      New York, NY 10004
                      Tel: (212) 837-6375
                      Fax: (212) 422-4726
                      Email: margolin@hugheshubbard.com

Estimated Assets: US$100 million to US$500 million

Estimated Debts: US$100 million to US$500 million


NISHI-NIPPON: Moody's Drops D- Bank Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings for Nishi-
Nippon City Bank, Ltd for business reasons.  This bank has no
rated debts outstanding.  This action does not reflect a change
in its creditworthiness.

The following ratings were withdrawn:

Nishi-Nippon City Bank, Ltd

Long-term/short-term bank deposit rating: Baa1/Prime-2

Bank financial strength rating: D-


The Nishi-Nippon City Bank, Ltd is a Japan-based regional bank.
The Bank primarily provides banking services, such as the
provision of deposit, loan, domestic and foreign exchange
services, the purchase and sale of commodities, the securities
investment, the registration of bonds, as well as the trust and
related agency businesses.  Through its subsidiaries, the
Company is also involved in businesses related to credit
management, revitalization support, investment and financing,
manpower dispatching, real-estate collateral research and
assessment, management consultation, credit card and credit
guarantee, as well as the provision of information system
service.  The Nishi-Nippon City Bank, Ltd has 11 subsidiaries
and one associated company.


NORTH PACIFIC: Moody's Withdraws D+ Bank Fin'l Strength Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings for North
Pacific Bank, Ltd. for business reasons.  This bank has no rated
debts outstanding.  This action does not reflect a change in its
creditworthiness.

The following ratings were withdrawn:

North Pacific Bank, Ltd.

Long-term/short-term bank deposit rating: A3/Prime-2

Bank financial strength rating: D+

The North Pacific Bank, Ltd., is headquartered in Sapporo.  Its
total asset size was approximately JPY6.0 trillion on a stand-
alone basis as of September 2006.


* JAPAN: Steelmakers May Buy Overseas Iron Ore Mining Rights
------------------------------------------------------------
Major Japanese steelmakers including Nippon Steel Corp. and JFE
Steel Corp. are considering joining forces to purchase overseas
iron ore mining rights to cope with the raw material's soaring
prices, Jiji Press reports.

The report relates that also seen to join the move are
steelmakers Sumitomo Metal Industries Ltd. and Kobe Steel Ltd.
and major Japanese trader Itochu Corp..

According to the report, Japanese government plans to support
the effort by having the government-affiliated Japan Bank for
International Cooperation offer low-interest loans.

Mines in Brazil and on the west coast of Africa are now
considered as targets.

Sources told the news agency that the consortium is considering
participating in competitive bidding for Brazilian steelmaker
CSN's Namisa iron ore unit.

With mine acquisition prices rising in line with surging natural
resources price, however, the Japanese companies may face tough
talks on the planned purchases, the report notes.

The Press relates that Rio Tinto Group, BHP Billiton and
Brazil's Vale together dominate over 70% of global iron ore
output. Japan fully depends on imports to procure some 140
million tons of iron ore it consumes annually, the report says.



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

HYUNDAI MOTOR: To Sell Hybrid Vehicle to Catch Up With Rivals
-------------------------------------------------------------
Hyundai Motor Co. plans to begin selling a battery-powered
hybrid vehicle that can be recharged at standard outlets by
2013, hoping to catch up to its Japanese rivals in the race for
plug-in hybrids, Yonhap News reports.

Chief Technology Officer Lee Hyun-soon told the news agency that
it would be "possible after 2013" the vehicle will be launched.

According to the report, Hyundai does not currently offer
commercial hybrid vehicles.
Hyundai did say recently it would begin selling a gas-electric
hybrid version of its Sonanta sedan in the United States by
2010, the report notes.

Headquartered in Seoul, South Korea, Hyundai Motor Company
-- http://www.hyundai-motor.com/-- has been selling cars in the
US since 1986, but it only started selling its heavy trucks
stateside in 1998.  Hyundai produces 14 models of cars, SUVs,
and minivans, as well as trucks, buses, and other commercial
vehicles.  The company reestablished itself as South Korea's
leading carmaker in 1998 by acquiring a 51% stake in Kia Motors
(since reduced to about 43%).  Hyundai's models for the North
American market include the Accent and Sonata; models sold
elsewhere include the GRD and Equus.  The company also
manufactures machine tools for factory automation and material-
handling equipment.

The Troubled Company Reporter-Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the falling United States dollar, high oil prices and union
demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion of
Hyundai's bad debts written off.

Chairman Chung was indicted early in May 2006 for fraud charges.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.

On Feb. 5, 2007, a South Korean court handed down the sentence
to Mr. Chung for illegally raising US$110 million in slush funds
and bribing government officials.  Mr. Chung was released on
bond and continues to run the auto conglomerate.

In May 2008, Yonhap News reported that a group of the company's
shareholders filed a civil case against Mr. Chung to claim
damages for heavy losses allegedly suffered through his
mismanagement and other corporate shenanigans.

According to the report, the shareholders, led by a civic group
called Solidarity for Economic Reform, filed the lawsuit with
the Seoul Central District Court, asking Mr. Chung to pay
KRW563 billion (US$537 million) in damages to Hyundai Motor.

The lawsuit came a day after prosecutors again demanded a six-
year jail term for Mr. Chung for embezzlement and breach of
trust, Yonhap said.



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

KOSMO TECHNOLOGY: Receives Summons and Claims from Lee Choon Wan
----------------------------------------------------------------
In a regulatory filing with the Kuala Lumpur Stock Exchange,
Kosmo Technology Industrial Berhad disclosed that it was served
with a sealed copy of the Summons and Statement of Claims on
August 21, 2008 by Messrs. Lee Choon Wan & Co.

The Plaintiff sought Kosmo:

   a) a sum of MYR4,800;
   b) interest of 8% per annum on MYR4,800 from April 15, 2008,
       till the date of settlement in accordance with Paragraph
       5 of the Solicitors' Remuneration Order 2005;
   c) a sum of MYR4,200;
   d) interest of 8% per annum of MYR4,200 from April 24, 2006,
      till the date of settlement in accordance with Paragraph 5
      of the Solicitors' Remuneration Order 2005;
   e) a sum of MYR12,300;
   f) interest of 8% per annum of MYR12,300 from July 3, 2006,
      till the date of settlement in accordance with Paragraph 5
      of the Solicitors' Remuneration Order 2005;
   g) cost of this legal action; and
   h) other reliefs as may be determined by the Court.

Messrs. Lee Choon Wan & Co. was engaged by KOSMO to provide
legal advisory on the advisory, preparation and review of the
information circular to KOSMO's shareholders in regard to the
proposed acquisition of 1.8 million ordinary shares,
representing 30% equity of M. Dot Mobile Sdn Bhd for a purchase
consideration of MYR11 million.

The claims had been accrued in Kosmo's Financial Statements and
hence, no further losses apart from interest and legal costs, if
any.

The suit will have no impact on the financial position and
operations of the Group as Kosmo had already been served with
wind-up petition pursuant to Section 218 of the Companies Act,
1965.

The Board will refer the matter to its solicitors and/or
financial advisor who shall be appointed to advise on its
Regularization Plan which shall be announced upon finalization.

                      About Kosmo Technology

Kosmo Technology Industrial Bhd., formerly known as Orion Unggul
Sdn. Bhd., is a Malaysia-based investment holding company.  The
company operates through two business segments: investment
holding and car accessories, which is engaged in the manufacture
and sale of plastic injection mould car accessories.  The
company operates through its subsidiaries Kosmo Motor Company
Sdn. Bhd. and Hexariang Sdn. Bhd. Kosmo Motor Company Sdn. Bhd.
is engaged in importing, assembling, distributing and
maintaining commercial vehicles.  Hexariang Sdn. Bhd. is an
investment holding company.  Nagatrend Sdn. Bhd., which is a
subsidiary of Hexariang Sdn. Bhd. is engaged in the manufacture
and sale of car accessories.  The company also has a 30% equity
interest in M Dot Mobile Sdn. Bhd.

                         *     *      *

As reported by the Troubled Company Reporter-Asia Pacific on
May 14, 2008, Kosmo Technology Industrial Berhad has been
considered as an Affected Listed Issuer under Practice Note No.
17/2005 of the Bursa Malaysia Securities Berhad as the company
was unable to provide a solvency declaration.

The company is currently encountering cash flow problems and has
been unable to meet its obligations in payment of loans and to
creditors.  A notice of demand has been issued to Kosmo by Zul
Rafique & Partners for and on behalf of CapOne Berhad and
Malaysian Trustees Berhad for the repayment of the whole loan
facility together with all interest payable amounting to
MYR52,029,322.


NIKKO ELECTRONICS: Defaults MYR166,914 Payment to Maybank
---------------------------------------------------------
Pursuant to Practice Note 1/2001 of the listing requirements of
Bursa Malaysia Securities Berhad, Nikko Electronics Bhd.
disclosed that it defaulted on bankers' acceptance facilities
for the amount of MYR166,914.14 due on August 22, 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.

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

                        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.


WONDERFUL WIRE: Gets Leasing Agreement Termination from CIMB
------------------------------------------------------------
Wonderful Wire & Cable Berhad disclosed with the Kuala Lumpur
Stock Exchange that it received Notices of Termination of the
Leasing Agreements from CIMB Factorlease Berhad (CIMB) for
equipment financed with outstanding amount including overdue
interest of MYR4,224,893.77.  The equipment consists of
extrusion machines and components for the production of certain
automotive wire products together with accessories.

WWC was served with a writ of summons and statement of claim on
July 21, 2008, by CIMB for the repossession of the equipment.
Subsequently, the machineries were returned to the officers of
CIMB.

The company said that the production of these wire product range
utilizing the above machineries have ceased since May 2007 after
the streamlining of the company's operation activities.  The
company had also previously informed CIMB that WWC was willing
to voluntarily surrender these machineries, so that it can be
disposed by CIMB accordingly.  The company has been pending the
decision from CIMB for the repossession of the assets since last
year.

Premised to the above, the repossession of the machineries will
not have any material impact on the operations and the
financials of the company.  However, there will be expected
losses from the above repossession in the event the machineries
are disposed at a value lower than their respective net book
values.

WWC also disclosed that the outstanding owing to CIMB will be
settled pursuant to the regularization plan of the WWC Group.

                      About Wonderful Wire

Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables.  The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors.  Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable.  In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd.  The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.

On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.



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

AUTO PARTS: Proofs of Debt Due on September 1
---------------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of Auto Parts Xpress Ltd have appointed Paul Graham
Sargison and Gerald Stanley Rea, chartered accountants of
Auckland, as liquidators.

The liquidators sets Sept. 1, 2008, as the last day for
creditors to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

           Gerry Rea Partners
           PO Box 3015
           Auckland
           Telephone: (09) 377 3099
           Facsimile: (09) 377 3098


BEAZLEY CONTRACTING: Wind-Up Petition Hearing Set for Sept. 5
-------------------------------------------------------------
The High Court at Auckland will hold a hearing on Sept. 5, 2008,
at 10:00 a.m., to consider putting Beazley Contracting Limited
into liquidation.

The application was filed on May 5, 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.


BIRCHWOOD EQUITIES: Proofs of Debt Due on September 5
-----------------------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of Birchwood Equities Limited have appointed
Peri Micaela Finnigan and Boris van Delden, insolvency
practitioners of Auckland, as liquidators.

The liquidators sets Sept. 5, 2008, as the last day for
creditors to file their proofs of debt.

The company's liquidators can be reached at:

           McDonald Vague
           PO Box 6092
           Wellesley Street
           Auckland 1141
           Telephone: (09) 303 0506
           Facsimile: (09) 303 0508
           Website: http://www.mvp.co.nz


CER GROUP: First Half 2008 Sales Revenue Increases 13%
------------------------------------------------------
CER Group Ltd said that for the first half of its 2008 financial
year, sales revenues grew 13% over the first half of 2007.

The Group's multi-channel marketing operation - New Zealand
Nature - delivered an encouraging 10% growth in sales in the
period to just over NZ$2 million.  Growth was led by NZ domestic
sales, up 18%.  Overseas sales remained static as weakness in US
sales enquiries and 10% adverse exchange rate movement negated
the good growth in all other core overseas markets.

The Group continues to invest in this business and is currently
nearing completion of new and improved systems and web site
capability, which will allow the business to grow its well-
established lines and serve new market sectors.  These systems
will be live before the critical Christmas sales period.

In addition to the sales growth, New Zealand Nature is
delivering enhanced gross trading margins as a result of
improved marketing and the accelerated product refreshment
strategy.

Revenues from the Group's biological control and remediation
businesses (VRM and Certified Organics) grew by 19% to NZ$1.1
million, of which some NZ$0.5 million was contributed by VRM,
acquired in August last year.

Despite the sales from biological control and remediation, the
Group has recently developed concerns about the sustainability
of VRM's income base, particularly its key dependence upon sales
of its bio-fertilisers to Queensland sugar growers.

Following a prolonged period of higher than expected rainfall in
the major growing area, Northern Queensland, and this year's
pronounced squeeze between low sugar prices and rocketing fuel
and chemical costs, the sugar market has become significantly
depressed; prospects for sales in the critical forthcoming
spring season are now significantly in doubt.

In view of these concerns, the company said its Board has
reviewed the carrying value of the goodwill arising from the
acquisition of the VRM Group and, particularly in light of the
prospects for the sugar sector and current equity market
conditions world wide, has elected to take a very prudent
approach and establish a full provision against this investment
in the June 2008 Interim Result.

The Group is now of the view that the lack of sales revenue
development will mean that the profits in this business will
fall significantly short of the AU$1 million contemplated at the
time of acquisition.  The CER Board is currently reviewing the
situation and its impact on the future sustainability
of VRM with the vendor.

The Certified Organics operation has struggled to develop
business outside its core contract with the Government of South
Australia.  Significant recent raw material and manufacturing
cost increases imposed upon the business put its viability at
risk, while the market opportunity remains unpredictable due
to the drought conditions that continue to persist in many of
Australia's key agricultural areas.

Accordingly, and following their prudent approach, the Board has
also established provisions against the value of its investment
in this business.  Rather than continue to finance the further
development of this business, operations will be wound back in
line with current revenues, to create an immediately, if
modestly, profitable position.

The provisions established amount to some $5.8 million. The
appropriate level of provision in each business will remain
under review as the selling season develops and will be
recalculated at the end of the 2008 financial year.

At June 30, Group cash reserves stood at NZ$0.7 million, with a
further NZ$0.9 million of lines of credit in place.  The
Directors believe that the Group has sufficient cash on hand and
capacity to meet its trading requirements.

The Group is currently undertaking a comprehensive review of its
strategy and the potential contribution from each of its
businesses.  The outcome from this review will be released as
soon as it has been completed and decisions taken.

In the meantime, the company said it is continuing to maintain
strict cost controls to safeguard the Group's future and
continues to build on the excellent growth in New Zealand
Nature.

                     About CER Group

Auckland, New Zealand-based CER Group Ltd. --
http://www.certified-organics.com/-- formerly Certified
Organics Limited, is engaged in the development, manufacture and
marketing of naturally based biological control, hygiene and
health products for use in agriculture, industry and
domestically, both within New Zealand and for export.  The
company is also involved in the sale of Internet catalogue goods
both within New Zealand and for export.  The company's
subsidiaries include New Zealand Nature Company Limited, Organic
Interceptor Products Limited, Certified Organics (Aust) Pty
Limited and Certified Organics Inc.

                       *     *     *

In a statement to the New Zealand Stock Exchange on Feb. 29,
2008, the Group posted a pre-tax loss of NZ$225,000 as
preliminary results for the 2007 financial year.  This loss was
calculated after charging NZ$30,000 for the time apportioned
imputed cost of untraded share options issued during the year.

Following a further review, the Audit Committee deemed it
appropriate to charge the full imputed, non-cash, cost of these
options to the 2007 trading result, increasing the pre-tax loss
for the year to NZ$903,000.

The Troubled Company Reporter-Asia Pacific, citing a report
from ShareChat News, said on March 5, 2007, that CER Group's
December 2006 full-year loss narrowed to NZ$53,000 from
NZ$327,000 in 2005.


CITRUS BAR: Commences Liquidation Proceedings
---------------------------------------------
The High Court at Auckland held a hearing on Aug. 20, 2008, to
consider an application putting Citrus Bar Ltd. into
liquidation.

The application was filed on July 3, 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.


COMMERCIAL GLASS: Proofs of Debt Due on September 1
---------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993,
Damien Grant and Steven Khov, insolvency practitioners, were
appointed joint and several liquidators of Commercial Glass &
Glazing Limited on July 31, 2008.

The liquidators sets Sept. 1, 2008, as the last day for
creditors to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

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


FARM & TRAIL: Liquidators Set Aug. 1 as Claims Filing Deadline
--------------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Farm & Trail Motorcycles Limited resolved that
the company be liquidated and that Kim S. Thompson, insolvency
practitioner of Hamilton, be appointed as liquidator.

Creditors are required to file their proofs of debt by Sept. 3,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Kim S. Thompson
          PO Box 1027, Hamilton
          Telephone: (07) 834 6813
          Facsimile: (07) 834 6104
          Email: kim@kstca.co.nz


MANIC SCREENPRINT: Wind-Up Petition Hearing Set for September 5
---------------------------------------------------------------
The High Court at Auckland will hold a hearing on Sept. 5, 2008,
at 10:45 a.m., to consider putting Manic Screenprint Design
Limited 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

MR. BEAN: Liquidators Set September 3 as Claims Bar Date
--------------------------------------------------------
The High Court at Auckland has appointed Henry David Levin,
insolvency specialist, and David Stuart Vance, chartered
accountant, as liquidators of Mr. Bean Coffee & Vending NZ
Limited.

The liquidators set Sept. 3, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Jennifer Ji
          Deloitte
          Level 7, Deloitte House
          8 Nelson Street, Auckland
          Telephone: (09) 309 4944
          Facsimile: (09) 309 4947


NORTH HARBOUR: Wind-Up Petition Hearing Set for September 5
-----------------------------------------------------------
The High Court at Auckland will hold a hearing on Sept. 5, 2008,
at 10:00 a.m., to consider putting North Harbour Homes (2001)
Ltd. into liquidation.

The application was filed on May 5, 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.


PROVINCIAL FINANCE: Returns 90.5c in the Dollar To Investors
------------------------------------------------------------
The Receivers of Provincial Finance Limited and its wholly owned
subsidiary Consumer Credit Limited, John Waller and Maurice
Noone, partners of PricewaterhouseCoopers, said in a press
release that Provincial had sold their remaining finance
receivable ledgers to an entity managed by the Bluestone Group,
an Australasian financial services business.

Receiver Maurice Noone said "We are pleased to announce that we
have concluded this sale with Bluestone.  Doing so allows us to
make a further distribution to debenture holders of 8.0 cents in
the dollar scheduled for Friday, Sept. 12, 2008.  This brings
total distributions to NZ$268 million or 90.5 cents in the
dollar, which is in line with the original forecast recoveries
from the receivership.

Mr. Noone went on to say that "the sale was a great outcome, one
that is in the best interests of debenture holders as it repays
debenture holders early compared with collecting the remaining
finance receivables ourselves over the next 2 to 3 years.

Perpetual Trust chief executive Louise Edwards says, "The
earlier than anticipated return of funds is a good result for
Provincial Finance debenture holders in the circumstances, and
demonstrates that a positive outcome can be achieved through an
orderly wind down of a loan book.  The sale shows there are
willing buyers in the market for loan books with quality assets.
PricewaterhouseCoopers have done an excellent job in securing
the best possible outcome for debenture holders."

Mr. Noone went on to state that "Completing the sale de-risks
the collection process and simplifies the receivership down to
one primary issue, the litigation against Veda Advantage.

Mr. Noone also stated that "it also has the additional benefit
of providing for ongoing employment to nearly all the remaining
Provincial employees with Bluestone.

Receiver John Waller says, "It is likely there will be one more
distribution to debenture holders but the timing and quantum of
any payment is dependent on the outcome of ongoing litigation.
Legal action against Veda Advantage is continuing and we will be
holding a portion of the sale proceeds back to fund the
litigation.

Mr. Noone noted that a number of parties had contributed to the
successful sale.  "The staff and management of Provincial
deserve special thanks for their dedication, ongoing hard work
and support in achieving this outcome.  We would also like to
thank the debenture holders for their patience over the last two
years."

                        About Bluestone

Bluestone Group was established in 2000 in Australia and
expanded to New Zealand in 2003 as a specialist financial
services lender and portfolio manager.  Bluestone has provided
over $5 billion of loans to over 20,000 Australians and New
Zealanders, and currently manages a portfolio of approx.
$2.5 billion in Australia and $450 million in New Zealand.
Bluestone is owned by a number of private and institutional
shareholders including Bank of Scotland International, UK fund
manager, Cambridge Place and Crescent Capital and management.

                      About Provincial Finance

Provincial Finance Limited --
http://www.provincialfinance.co.nz/-- is a New Zealand finance
company that provides consumer and commercial finance to
individuals and businesses across New Zealand, and promote a
range of investment opportunities.

As reported in the Troubled Company Reporter-Asia Pacific,
Provincial Finance was put into receivership on June 2, 2006,
due to breach of covenants and ratios in its Trust Deed, as well
as a multi-million write-down for bad debts.  The company owes
NZ$300 million to 14,000 small investors.


ST KILDA FINANCE: Stops Taking New Investments
----------------------------------------------
St Kilda Finance has stopped taking new investments after
reinvestment levels plummeted from 65% to 15%, but says it
intends paying all investors as debentures come due, the Otago
Daily Times reports.

The report, citing Chairman John Farry, says the company "was
not at present" considering placing a moratorium on payments and
with NZ$5 million in paid-up shareholder capital, debenture
payments could be met.

St Kilda Finance was winding down its mortgage book and repaying
debentures as they fell due, the report relates.

At August 1, the company owed NZ$9.7 million to 553 investors,
while there were 24 loans worth a combined NZ$10.3 million, Mr.
Farry said.

Apart from poor reinvestment rates, the Daily Times says a
deterioration in the property development area meant St Kilda
had written off loans worth NZ$399,833 and made provision for
NZ$780,889 of doubtful debts.

Established in Dunedin in 2003, St Kilda Finance --
http://www.stkilda.co.nz/-- provides second mortgage finance
for individual borrowers or commercial entities whose principal
borrowings are fixed, or fall outside their existing lenders’
criteria.


VERTEX HOLDINGS: Liquidators Set September 3 as Claims Bar Date
---------------------------------------------------------------
The High Court at Auckland has appointed Henry David Levin,
insolvency specialist, and David Stuart Vance, chartered
accountant, as liquidators of Vertex Holdings Limited.

The liquidators set Sept. 3, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Liubov Medvedeva
          Deloitte
          Level 7, Deloitte House
          8 Nelson Street, Auckland
          Telephone: (09) 309 4944
          Facsimile: (09) 309 4947



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

VULCAN INDUSTRIAL: Directors Approve 2007 Financial Report
----------------------------------------------------------
During the directors' meeting held on August 20, 2008, the
Board of  Directors of Vulcan Industrial & Mining Corporation
Board approved the:

   * the company's 2007 Audited Financial Statements that was
     audited by SGV that would be presented at the Stockholders'
     Meeting scheduled for September 29, 2008;

   * the resolution, subject to stockholders' ratification at
     the Stockholders' Meeting giving shareholders who have made
     advances to the company the option to convert such advances
     into shares arising from the Rights Offer;

   * the resolution, subject to stockholders' ratification at
     the Stockholders' Meeting amending the company's the
     Articles of Incorporation, to wit:

   -- Article 2 (Primary Purpose); to more accurately depict
      that the company's major operational activities are now
      more focused in Oil and Mining (presently under its
      Secondary Purposes) than Manufacturing; and

   -- Denial of the Right of Pre-emption; to allow the company
      more flexibility in respect of corporate finance.

   * the resolution changing the payment schedule for
     Subscriptions to the Rights Offer from 40%-30%-30% on fixed
     dates over a period of three years to 50%-50% on a fixed
     date over a period of only one year;

   * All the disclosures that are to be made in the Prospectus
     for the Rights Offer including the vesting of the
     appropriate authority to the respective officers to sign
     and execute all the necessary documents necessary to
     complete the requirements therefore such as but not limited
     to the Underwriting Agreement, the Receiving Agent's
     Agreement, the Escrow Agreement including all the pertinent
     forms of regulatory bodies and agencies;

   * the incorporation of the "Fit and Proper" Rule pertinent to
     the selection of Directors and Officers;

   * the nomination and nomination of Carmelito Zapanta as
     independent director to fill in the vacancy; and

   * the confirmation of the appointment of Joel D. Muyco as the
     company's new General Manager.  Previously Patrick V.
     Caoile is both the Executive Vice President and General
     Manager of the 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: S&P Cuts Corporate Credit Rating to BB+
----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered the corporate
credit rating on Chartered Semiconductor Manufacturing Ltd. to
'BB+' from 'BBB-'.  The outlook is negative.  At the same time,
S&P lowered the issue ratings on all Chartered's senior
unsecured notes to 'BB+' from 'BBB-'.

The downgrade reflects the weakening in Chartered's financial
metrics with the increase in capital expenditure to US$750
million from the previous guidance of US$590 million, amid a
challenging environment of higher input cost, margin erosion,
and further slowdown of the foundry business.

"Financial metrics started to weaken in 2007 and the improvement
we expected previously for 2008 does not look likely," said
S&P's credit analyst Wee Khim Loy.  "We expect the weakening
trend to continue as 2009 may also be a challenging year, with
greater uncertainties in the macroeconomic environment."

The above factors are offset by Chartered's improving business
profile, with better customer and product diversity and
strengthening of its position in leading-edge technologies.

The sustained weakening trend in 2008 has prevented the
improvement in Chartered's capital structure anticipated
earlier, causing a deviation from the financial parameters
expected of a 'BBB-' rating.

Total debt of US$2 billion as at June 30, 2008, would increase
further with the higher capital expenditure.  Hence, Chartered's
debt to EBITDA (annualized using first-half 2008 results) would
again exceed S&P's rating trigger of 4x.  This level was already
exceeded in fiscal 2007.

"With the declining trend in average selling price of its
wafers, deteriorating cost structure, even after factoring in
Chartered deferring its capital expenditure program if the
challenging business environment continues into 2009, the
improvement in capital structure may not be adequate to bring
Chartered back to a 'BBB-' rating," Ms. Loy said.


GLOBAL A&T: Moody's Changes Ratings Outlook to Negative
-------------------------------------------------------
Moody's Investors Service has announced various rating actions
for Global A&T Electronics Ltd (GATE).

First, Moody's has changed to negative from stable the outlook
for the Ba3 ratings of GATE's US$625 million first-lien term
loan facility and US$150 million first-lien revolving facility.

Second, Moody's has affirmed both Ba3 ratings and removed them
from their provisional status, given completion of the
issuances.

Third, Moody's has withdrawn the (P)B2 rating of GATE's US$475
million second-lien notes as the notes have not been issued.

Fourth, Moody's has assigned a B2 rating with a negative outlook
to GATE's US$475 million 1-year second-lien bridge loan, which
is expected to term out in October.

Fifth, Moody's has assigned a B1 corporate family rating to GATE
with a negative outlook.

Sixth and finally, it has withdrawn the B1 corporate family
rating of United Test and Assembly Center Ltd (UTAC), a wholly-
owned GATE subsidiary, as UTAC is no longer an issuing entity.

"The outlook change reflects GATE's weaker-than-expected
operating performance due to continued weakness in the memory
segment -- which accounted for about a quarter of its 1H08
revenue -- and slow end-market demand," says Wonnie Chu, a
Moody's Analyst.  "Margins were also affected by a less
favorable product mix and high raw materials costs."

"The deteriorating operating results highlight GATE's high level
of operating leverage -- when compared to the larger players --
owing to its test-weighted business model and exposure to the
memory sector," says Chu.

The company's financial profile -- adjusted Debt/EBITDA of 4.8x
and EBITDA/int of 2.3x in for YTD July 2008 -- is weak relative
to its B1-rated peers. Nonetheless, Moody's draws certain
comfort from its strong balance sheet liquidity (with
approximately US$150 million in cash on hand) and back-up
liquidity in the form of a US$150-million undrawn committed
revolving facility.

The ratings also consider the maturity of GATE's US$475 million
bridge loan in October. Moody's expects it to successfully
exercise its option to term out the loan under the original
bridge loan agreement, but its ratings could be negatively
affected, should it fail to do so.

GATE's ratings could also be downgraded if 1) evidence emerges
that it is unable to continue expanding its high margin MSLP
business, undermining its competitiveness against its global
peers; and/or 2) industry trends and memory prices continue to
decline, leading to further deterioration in GATE's financial
profile, such that adjusted debt/EBITDA exceeds 5x and EBITDA to
interest coverage falls below 1.5x over the cycle.

On the other hand, the rating outlook could return to stable if
GATE improves its operating performance, such that adjusted
debt/EBITDA falls below 4x and EBITDA to interest coverage
exceeds 2.5x on a sustained basis.

Global A&T Electronics Ltd was formed in October 2007 as a
special purpose vehicle (SPV) for the privatization of UTAC.
The leveraged buyout (LBO) was led by TPG Capital and Affinity
Equity Partners.

United Test and Assembly Center Ltd is a provider of test and
assembly services for semiconductor devices, including memory,
mixed-signal and logic integrated circuits.  The company has
manufacturing facilities in Singapore, China, Taiwan and
Thailand. It ranked fifth in the global outsourced semiconductor
assembly and test industry (OSAT) in 2007.


MINEBEA ELECTRONICS: Placed Under Voluntary Liquidation
-------------------------------------------------------
At an extraordinary general meeting held on August 8, 2008, the
members if Minebea Electronics Motor (Singapore) Pte Ltd
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt by Sept. 15,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

         Lau Chin Huat
         c/o Lau Chin Huat & Co.
         50 Havelock Road #02-767
         Singapore 160050


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

HL Timber Pte. Ltd. filed the petition against the company.

The company's liquidator s:

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


NIPPON MINING: Creditors' Proofs of Debt Due on September 15
------------------------------------------------------------
Nippon Mining Singapore 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:

          Mitani Masatoshi
          89 Short Street
          #08-11 Golden Wall Centre
          Singapore 188216


POH LIAN: Pays First and Final Dividend
---------------------------------------
Poh Lian Shipping Pte Ltd, which is in compulsory liquidation,
paid the first and final dividend to its creditors on Aug. 15,
2008.

The company paid 100% of dividend to all its preferential
creditors while it paid 61.56% to all its unsecured creditors.

The company's liquidator is:

          Goh Boon Kok
          1 Claymore Drive #08-11
          Orchard Towers (Rear Block)
          Singapore 229594


SURGICAL SYSTEMS: Court to Hear Wind-Up Petition on August 29
-------------------------------------------------------------
A petition to have Surgical Systems Singapore Pte Ltd's
operations wound up will be heard before the High Court of
Singapore on August 29, 2008, at 10:00 a.m.

Zimmer GMBH filed the petition against the company on August 4,
2008.

Zimmer's solicitor is:

          Tan Peng Chin LLC
          30 Raffles Place
          #11-00 Chevron House
          Singapore 048622



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

* BOND PRICING: For the Week August 18 - August 22, 2008
--------------------------------------------------------


   Issuer                      Coupon  Maturity  Currency  Price
   ------                      ------  --------  --------  -----

   AUSTRALIA &
   NEW ZEALAND
   -----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.70
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.95
Allco Hit Ltd                  9.000%  08/17/09     AUD    12.00
Antares Energy                10.000%  10/31/13     AUD     0.66
Babcock & Brown Pty Ltd        9.010%  09/15/16     NZD    34.00
BBI Ntwrks NZ Limited          8.000%  11/30/12     NZD    18.00
Becton Property Group          9.500%  06/30/10     AUD     0.51
Bounty Industries Limited     10.000%  06/30/10     AUD     0.16
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    13.50
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    15.00
Carpal Aluminum               10.000%  03/29/12     AUD    70.10
China Century                 12.000%  09/30/10     AUD     0.73
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.09
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.50
Fletcher Building Ltd          7.800%  03/15/09     NZD    11.00
Heemskirk Consolidated
  Limited                      8.000%  04/29/11     AUD     2.80
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    13.55
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    15.00
Infrastructure & Utilities     8.500%  09/15/13     NZD    10.50
Jem Warehouse                  3.000%  08/01/14     AUD    74.99
Jpm Au Enf Nom 1               3.500%  06/30/10     AUD    10.50
LongReach Group Limited       10.000%  10/31/08     AUD     0.36
Nylex Ltd.                    10.000%  12/08/09     AUD     1.66
Marac Finance                 10.500%  07/15/13     NZD     0.99
Metal Storm Ltd               10.000%  09/01/09     AUD     0.10
Minerals Corp                 10.500%  09/30/08     AUD     0.82
Publ & Broad Fin               6.280%  05/06/11     AUD     8.64
Salomon SB Aust                4.250%  02/01/09     AUD     9.66
Speirs Group Ltd.             13.160%  06/30/49     NZD    38.00
South Canterbury              10.430%  12/15/12     NZD     1.00
St. Laurence Prop              9.250%  07/15/01     NZD    70.64
Sun Resources NL              12.000%  06/30/11     AUD     0.35
TrustPower Ltd                 8.500%  09/15/12     NZD     8.45
TrustPower Ltd                 8.500%  03/15/14     NZD     8.80

   CHINA
   -----

China Govt Bond                4.860%  08/10/14    CNY      0.00
Cosco Shipping                 0.800%  01/28/14    CNY     73.06
GD Power Develop               1.000%  05/07/14    CNY     73.85
Gezhouba                       0.600%  06/26/14    CNY     70.98
Kangmei Pharm                  0.800%  05/08/14    CNY     71.96

   INDIA
   -----

India Gov't                    5.870%  08/28/22    INR     71.36
India Gov't                    5.970%  09/25/25    INR     68.75
India Gov't                    6.010%  03/25/28    INR     67.35
India Gov't                    6.130%  06/04/28    INR     68.29
India Gov't                    6.170%  06/12/23    INR     72.40
India Gov't                    6.300%  04/09/23    INR     73.71
Pyramid Saimira                1.750%  07/04/12    USD     73.12
Subix Azure                    2.000%  03/09/12    USD     69.75

   JAPAN
   -----

Shinsei Bank Ltd.              5.625%  12/29/49     GBP    70.06

   KOREA
   -----
Korea Dev. Bank                7.310%  11/08/21     KRW    42.56
Korea Dev. Bank                7.350%  10/27/21     KRW    42.65
Korea Dev. Bank                7.400%  11/02/21     KRW    42.60
Korea Dev. Bank                7.450%  10/31/21     KRW    42.62
Korea Dev. Bank                8.450%  12/15/26     KRW    68.96
Hynix Semi Inc.                7.875%  06/27/17     USD    74.75

   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.50
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.84
Berjaya Land Bhd               5.000%  12/30/09     MYR     4.34
Eastern & Orient               8.000%  07/25/11     MYR     1.02
EG Industries Berhad           5.000%  06/16/10     MYR     0.22
Equine Capital                 3.000%  08/26/08     MYR     1.63
Greatpac Holdings              2.000%  12/11/08     MYR     0.13
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.37
Insas Berhad                   8.000%  04/19/09     MYR     0.40
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.25
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.00
Kumpulan Jetson Berhad         5.000%  11/27/12     MYR     0.45
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.29
Mithril Bhd                    3.000%  04/05/12     MYR     0.57
Mithril Bhd                    8.000%  04/05/09     MYR     0.11
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.35
Pelikan International          3.000%  04/08/10     MYR     1.31
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.10
Plus Spv Bhd                   2.000%  06/27/17     MYR    68.90
Plus Spv Bhd                   2.000%  06/27/18     MYR    66.03
Plus Spv Bhd                   2.000%  06/27/19     MYR    63.27
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.79
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.09
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.62
Silver Bird Group              1.000%  02/15/09     MYR     1.10
Syabas                         3.000%  05/18/18     MYR    71.97
Syabas                         3.000%  05/17/19     MYR    69.14
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     0.90
Tradewinds Corp.               2.000%  02/08/12     MYR     0.60
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.20
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.21
Wah Seong Corp.                3.000%  05/21/12     MYR     5.30
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.50
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.40

   SINGAPORE
   ---------

Capitaland Ltd.                2.950%  06/20/22     SGD    72.81
Sengkang Mall                  8.000%  11/20/12     SGD     1.55

   SRI LANKA
   ---------
Sri Lanka Govt                7.500%  08/01/13     LKR     68.62
Sri Lanka Govt                7.500%  11/01/13     LKR     67.84
Sri Lanka Govt                6.850%  04/15/12     LKR     71.26
Sri Lanka Govt                6.850%  10/15/12     LKR     69.04
Sri Lanka Govt                7.000%  10/15/11     LKR     74.24
Sri Lanka Govt                7.000%  10/01/23     LKR     52.62
Sri Lanka Govt                8.500%  01/15/13     LKR     72.08
Sri Lanka Govt                8.500%  07/15/13     LKR     71.93
Sri Lanka Govt                7.500%  08/15/18     LKR     59.76
Sri Lanka Govt                8.500%  02/01/18     LKR     65.28
Sri Lanka Govt                8.500%  07/15/18     LKR     64.68




                         *********

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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