TCRAP_Public/080828.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Thursday, August 28, 2008, Vol. 11, No. 171

                            Headlines

A U S T R A L I A

ABC LEARNING: Analysts See Commonwealth's Risk Exposure to Firm
AUSTRALIAN EXECUTOR: Fitch Cuts AU$19MM Class D Rating to BB+
CDE CONSTRUCTIONS: Members' Final Meeting Set for September 2
COM TECH: Placed Under Voluntary Liquidation
CRAIGIELEA PASTORAL: Members' Final Meeting Set for September 8

DAHMS ENGINEERING: Members and Creditors to Meet on September 5
DATACRAFT AMERICAS: Placed Under Voluntary Liquidation
JK DARK: Liquidator to Present Wind-Up Report on September 4
JK GREEN: Liquidator to Present Wind-Up Report on September 4
MONIER FRESH: Joint Meeting Slate for September 5

N. J. MARGINSON: Members' Final Meeting Set for September 1
NORTH ADELAIDE: To Declare Dividend on September 10
SNOOKER TIMES: Members and Creditors to Meet on September 2


C H I N A

BANK OF BEIJING: Fitch Holds D Individual Rating
HUA XIA: Fitch Ratings Holds D Individual & Support 4 Ratings
CHINA MINSHENG: First-Half Profit Up 114.92% to CNY6.046 Billion
JIANGXI COPPER: First-Half Profit Up 35% to CNY2.78 Billion
SHANGHAI PUDONG: Fitch Holds D Individual Rating


H O N G K O N G

ASK GLOBAL: Wind-Up Petition Hearing Set for September 17
CHINA AMPLE: Subject to Bank of China's Wind-Up Petition
CSX ASIA: Members' General Meeting Set for Sept. 19
CSX ORIENT: Members to Hear Wind-Up Report on September 19
GODI ENTERPRISES: Commences Liquidation Proceedings

GOLDON ENTERPRISES: Court to Hear Wind-Up Petition on Sept. 10
HABER WONG: Wind-Up Petition Hearing Set for September 24
LIK HANG: Subject to Shanghai Commercial's Wind-Up Petition
MIND FULL: Wind-Up Petition Hearing Set for October 8
P. & M. PROPERTIES: Placed Under Voluntary Liquidation


I N D I A

ASANSOL MUNICIPAL: CRISIL Puts Corporate Credit Rating at 'BB'
BODHGAYA NAGAR: CRISIL Assigns 'B' Corporate Credit Rating
HARIDWAR NAGAR: CRISIL Assigns 'B+' Corporate Credit Rating
HOWRAH MUNICIPAL: CRISIL Puts Corporate Credit Rating at 'BB-'
TATA POWER: Senoko Bid Puts Downgrade Pressure on S&P's BB- Rtng


I N D O N E S I A

BANK NEGARA: To Develop Joint-Venture Sharia Bank w/ ICD in 2009
PT INDOSAT: Appoints Mohammad bin Saud Al Thani as Chairman


J A P A N

JLOC XXXIII: Fitch Trims Class D Trust Interest to BB from BBB
HYUNDAI MOTOR: To Start Czech Plant Production Ahead of Plan
MORGAN: Fitch Drops BB- Ratings on ACES SPC Series 2006-32
SOHKEN HOMES: Seeks Bankruptcy Protection, Facing JPY33.8BB Debt


N E W  Z E A L A N D

A2 CORPORATION: Raises NZ$11.3 Mil. in Public Offering
DIRECT SYSTEMS: Commences Liquidation Proceedings
GROOME AGRICONTRACTS: Commences Liquidation Proceedings
JUN YING: Commences Liquidation Proceedings
PROPERTY PROJECTS: Commences Liquidation Proceedings

PROPERTY PROJECTS 9: Commences Liquidation Proceedings
SCOTT'S SHOT: Tubbs and Gower Appointed as Liquidators
STRATEGIC: Write-Downs Won't Yet Affect Preference Shareholders
TARANAKI 264: Commences Liquidation Proceedings
TRIKEWORKS LTD: Commences Liquidation Proceedings


S I N G A P O R E

ANTAH INDUSTRIES: Creditors' Proofs of Debt Due on September 22
AT & J COMPANY: Creditors to Meet on September 2
AVAGO TECHNOLOGIES: US$400 Mil. IPO Cues S&P's Positive Outlook
GEIC.COM PTE: Requires Creditors to File Claims by September 22
KIAN SENG: Court to Hear Wind-Up Petition on August 29


S U L T A N A T E  O M A N

* Oman Insurance Market Strong Despite Cyclone Gonu, S&P Says


T A I W A N

TAIWAN INT'L: Fitch Affirms BB IDR & Revises Outlook to Stable
* Fitch Ratings Says Consumer Debt Clearance Law Is for Taiwan


                         - - - - -


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

ABC LEARNING: Analysts See Commonwealth's Risk Exposure to Firm
---------------------------------------------------------------
The Herald Sun reports that analysts have sought clarification
from the Commonwealth Bank of Australia on the extent of its
exposure to troubled childcare services provider, ABC Learning
Centres.

According to the report, CBA has moved in recent weeks to secure
loans and other assets it has at risk to ABC by registering
formal charges with the Australian Securities and Investments
Commission.  However, apparent discrepancies were found in the
wording of one of the charge documents lodged with ASIC on
July 10.  Charges are formal agreements between borrowers and
lenders which establish priority rights to the specific assets
in the event of default.

The report notes that in clause 2.6 of the document that was
signed by ABC founder Eddy Groves and CBA risk management
executive Clyde Davies, the bank asserts that it may be able to
claim assets of up to AU$1.25 billion from ABC.  However, in
clause 2.8, the charge document asserts that CBA can only
recover AU$125 million from its client.

CBA has been known to be the most at risk to ABC, and analysts
have speculated that the CBA exposure is AU$500 million.

                     About ABC Learning

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

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

                          *     *     *

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


AUSTRALIAN EXECUTOR: Fitch Cuts AU$19MM Class D Rating to BB+
-------------------------------------------------------------
Fitch Ratings affirmed three classes, downgraded one class of
notes issued by Australian Executor Trustees Limited as trustee
of the Seiza Augustus Series 2007-1 Trust, and assigned Rating
Outlooks as:

  -- AU$321.1 million Class A (AU3FN0002440) affirmed at 'AAA',
     Outlook Stable;
  -- AU$20.22 million Class B (AU3FN0002457) affirmed at 'AA',
     Outlook Stable;
  -- AU$21.85 million Class C (AU3FN0002465) affirmed at 'A',
     Outlook Negative; and
  -- AU$19,020,000 Class D (AU3FN0002463) downgraded to 'BB+'
     from 'BBB', Outlook Negative.

The rating actions follow a review of the transaction's
performance.  While no charge-offs of rated notes have occurred
to date, the unrated class G note has experienced significant
charge-offs, reducing the outstanding balance to AU$6.5 million
from the original balance of AU$10.34 million.  The majority of
losses to date relate to residential properties located in NSW.
After the redemption of notes, credit enhancement, including
subordination provided by the loss provision and excess spread
reserves, for the class A, B, C and D notes have increased to
33.24%, 24.81%, 15.70% and 7.77%, respectively, according to the
July 2008 investor report. At the same time, 30-89 day
delinquencies made up 3.2% of the portfolio and mortgages in
arrears by 90 days or more account for 7.7% of the remaining
pool.  These arrears are expected to materialize into losses and
negatively impact the transaction in the next few months.

Negative Outlooks have been assigned to the class C and D notes
in light of the uncertainty surrounding economic conditions
including interest rates and the effect they are having on the
class of borrowers within this trust.  In its forward looking
analysis, Fitch assumed a base loss given default rate of 30%.

Seiza Augustus Series 2007-1 Trust was originally issued in
April 2007 and is collateralised by a pool of small balance
commercial and residential mortgages originated by Seiza
Mortgage Company Pty Limited. The transaction has been paid down
from initial liabilities of AU$404.1 million to current
liabilities of approximately AU$243.7 million.  To date, all
principal receipts have paid down the class A notes to
approximately 50% of their initial amount.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to
June 2008.  Unlike a Rating Watch which notifies investors there
is a reasonable probability of a rating change, rating Outlooks
provide forward-looking information to the market and indicate
the likely direction of any rating change over a one-to-two-year
period.


CDE CONSTRUCTIONS: Members' Final Meeting Set for September 2
-------------------------------------------------------------
G. J. Keith, CDE Constructions Pty Ltd's appointed estate
liquidator, will meet with the company's members on Sept. 2,
2008, at 11:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          G. J. Keith
          Grant Thornton
          Level 2
          215 Spring Street
          Melbourne, VIC 3000


COM TECH: Placed Under Voluntary Liquidation
--------------------------------------------
Com Tech Communications Pty. Limited's members agreed on July
16, 2008, to voluntarily liquidate the company's business.
Simon J. Cathro and David J. Flombe were appointed to facilitate
the sale of its assets.

The liquidators can be reached at:

          Simon J. Cathro
          David J. Flombe
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney NSW 2000
          Telephone (02) 9322 7000


CRAIGIELEA PASTORAL: Members' Final Meeting Set for September 8
---------------------------------------------------------------
Robert Henry Wald, Craigielea Pastoral Pty Limited's appointed
estate liquidator, will meet with the company's members on
Sept. 8,  2008, at 10:00 a.m. to provide them with property
disposal and winding-up reports.  The meeting will be held at
565 Stratford Road, in Maffra.



DAHMS ENGINEERING: Members and Creditors to Meet on September 5
---------------------------------------------------------------
Dahms Engineering Pty Limited will hold a final meeting for its
members and creditors at 10:00 a.m. on  Sept. 1, 2008.  During
the meeting, the company's liquidator, Julie Williams at
Insolvency and Turnaround Solutions, will provide the attendees
with property disposal and winding-up reports.

The company's liquidator can be reached at:

          Julie Williams
          Insolvency and Turnaround Solutions
          Level 4, 360 Queen Street
          Brisbane QLD 4000
          Telephone (07) 3221 7433
          Facsimile (07) 3221 7437


DATACRAFT AMERICAS: Placed Under Voluntary Liquidation
------------------------------------------------------
Datacraft Americas Pty Limited's members agreed on July 16,
2008, to voluntarily liquidate the company's business.  Simon J.
Cathro and David J. Flombe were appointed to facilitate the sale
of its assets.

The liquidators can be reached at:

          Simon J. Cathro
          David J. Flombe
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney NSW 2000
          Telephone (02) 9322 7000


JK DARK: Liquidator to Present Wind-Up Report on September 4
------------------------------------------------------------
Geoff Ridgeway, JK Dark Blue Pty Ltd's appointed estate
liquidator, will meet with the company's members on Sept. 4,
2008, at 11:20 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Geoff Ridgeway
          for Sule Arnautovic
          Jenkins Peake Chartered Accountants
          PO Box 1570
          Geelong VIC 3220
          Telephone: (03) 5223 1000
          Facsimile: (03) 5221 4938


JK GREEN: Liquidator to Present Wind-Up Report on September 4
-------------------------------------------------------------
Geoff Ridgeway, JK Green Pty Ltd's appointed estate liquidator,
will meet with the company's members on Sept. 4,  2008, at 11:00
a.m. to provide them with property disposal and winding-up
reports.

The liquidator can be reached at:

          Geoff Ridgeway
          for Sule Arnautovic
          Jenkins Peake Chartered Accountants
          PO Box 1570
          Geelong VIC 3220
          Telephone: (03) 5223 1000
          Facsimile: (03) 5221 4938


MONIER FRESH: Joint Meeting Slate for September 5
-------------------------------------------------
Monier Fresh Pty Limited will hold a final meeting for its
members and creditors at 10:00 a.m. on  Sept. 5, 2008.  During
the meeting, the company's liquidator, Julie Williams at
Insolvency and Turnaround Solutions, will provide the attendees
with property disposal and winding-up reports.

The company's liquidator can be reached at:

          Julie Williams
          Insolvency and Turnaround Solutions
          Level 4, 360 Queen Street
          Brisbane QLD 4000
          Telephone (07) 3221 7433
          Facsimile (07) 3221 7437


N. J. MARGINSON: Members' Final Meeting Set for September 1
-----------------------------------------------------------
Dennis Donovan, N. J. Marginson Medical Pty Ltd's appointed
estate liquidator, will meet with the company's members on Sept.
1,  2008, at 9:30 a.m. to provide them with property disposal
and winding-up reports.

The liquidator can be reached at:

          Dennis Donovan
          25 Farnwyn Court
          Buderim QLD 4556
          Telephone: (07) 5445 1837
          Facsimile: (07) 5450 1672


NORTH ADELAIDE: To Declare Dividend on September 10
---------------------------------------------------
North Adelaide Finance Pty Ltd will declare dividend on
Sept. 10, 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:

          Stephen J. Duncan
          KordaMentha
          Level 4, 70 Pirie Street
          GPO Box 518
          Adelaide SA 5001


SNOOKER TIMES: Members and Creditors to Meet on September 2
-----------------------------------------------------------
Snooker Times Pty Ltd will hold a final meeting for its members
and creditors at 9:00 a.m. on  Sept. 2, 2008.  During the
meeting, the company's liquidator, Chris Cook at Worrells
Solvency & Forensic Accountants, will provide the attendees with
property disposal and winding-up reports.

The company's liquidator can be reached at:

          Chris Cook
          Worrells Solvency & Forensic Accountants
          8th Floor, 102 Adelaide Street
          Brisbane QLD 4000
          Telephone (07) 3225 4300
          Facsimile (07) 3225 4311
          Website: www.worrells.net.au



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

BANK OF BEIJING: Fitch Holds D Individual Rating
------------------------------------------------
Fitch Ratings affirmed the Individual and Support ratings of
Bank of Beijing as:

BoB: Individual 'D' and Support '3';

BoB's 'D' Individual rating reflects its substantially
strengthened capitalisation post-IPO, and improved asset quality
and credit risk management.  However, modest net interest
margin, rising exposure to market risk, and growing liquidity
strains are concerns.  After raising CNY15 billion in an A-share
IPO in September 2007, BoB now stands as China's best
capitalised bank, with a Tier 1 CAR and Total CAR of 17.5% and
20.1%, respectively.  The bank focused a great deal of attention
on strengthening asset quality ahead of last year's IPO and as a
result, its end-2007 ratios of NPLs/total loans and Special
Mention loans/total loans fell to 2.1% and 2.9%, respectively,
while loan loss reserve coverage rose to 120%.  Although BoB's
2007 RoAA was in line with listed peers, this was driven more by
lower operating costs stemming from its smaller, more
geographically concentrated network and comparatively lower tax
expense, rather than its strong revenue-generating capability.
Meanwhile, BoB's exposure to market and liquidity risk has
escalated amid rising interest rate volatility and repeated
hikes in reserve requirements, which have particularly tightened
liquidity at city commercial banks.  In 2007, BoB posted a 5%
negative fair value adjustment to equity for its holdings of
available-for-sale securities.


HUA XIA: Fitch Ratings Holds D Individual & Support 4 Ratings
-------------------------------------------------------------
Fitch Ratings affirmed the Individual and Support ratings of
Hua Xia Bank as:

HXB: Individual 'D/E' and Support '4'.

HXB's Individual rating reflects its historically low
profitability, weak capitalisation, and modest asset quality.
Thin capital has been a long-standing issue for HXB, which
posted an equity/asset ratio and a Tier-1 CAR of just 2.2% and
4.3%, respectively, at end 2007.  Although a forthcoming equity
private placement of CNY11.6 billion in 2H08 must significantly
strengthen the bank's capital adequacy, the staying power of
such an improvement is a question given its low internal capital
generation amid ongoing rapid growth and rising asset quality
pressures.  Meanwhile, HXB's assets increased by a strong 33% in
2007, driven by a three-fold increase in interbank lending and a
17.6% increase in loans.  Corporate lending continues to
dominate the loan book, accounting for 87% of total loans.
However, while RoAA increased slightly to 0.40% from 0.37% in
2006, the bank's profitability is still by far the lowest among
listed peers, due to below-average net interest margin, low non-
interest income, and high credit costs.  Although HXB's 5-tier
NPL ratio declined to 2.3% at end-2007, this was largely driven
by the denominator effect of strong loan growth as the nominal
amount of NPLs adjusted for charge-offs actually rose by 18%.
Underscoring rising asset quality pressures, Special Mention
loans increased to 7% of total loans from 5.3% at end-2006.


CHINA MINSHENG: First-Half Profit Up 114.92% to CNY6.046 Billion
----------------------------------------------------------------
China Minsheng Banking Corp. Limited's first-half net profits up
by 114.29% to CNY6.046 billion over the same period last year on
strong commission charges and fee income, Xinhua News reports.

The bank's commission charges and fees income, the report
relates, surged to CNY3.072 billion, representing an increase of
211.88% over the same period last year.

According to the report, the business income stood at
CNY17.67 billion, up 56.52% to CNY6.38 billion.

Minsheng Banking's total assets increased by 15.48%, or CNY142.4
billion, from the end of last year, to top CNY1 trillion in the
first half, the report notes.

Xinhua News relates that outstanding loans stood at
CNY612.05 billion, up 10.29% from the end of last year, while
outstanding deposits increased by 13.29% to CNY760.4 billion.

Non-performing loans, the report says, in the first half reached
CNY7.39 billion, and the non-performing loan ratio was 1.21%,
down 0.01 percentage point from the end of last year.

The bank also said the value of debt it held involving U.S.
mortgage groups Fannie Mae and Freddie Mac totaled US$226.95
million by the end of June, the report adds.

                     About Minsheng Banking

China Minsheng Banking Corporation Ltd.'s principal activity is
the provision of commercial banking services that include
absorbing public deposits, providing short term, medium term,
and long term loans, making domestic and international
settlement, discounting bills and issuing financial bonds.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that on
July 13, 2007, Fitch Ratings upgraded China Minsheng Banking
Corp.'s individual rating to "D" from "D/E" while it affirmed
its support rating at "4".


JIANGXI COPPER: First-Half Profit Up 35% to CNY2.78 Billion
-----------------------------------------------------------
Jiangxi Copper Company Limited's first half net profit rose 35%
year-on-year to CNY2.78 billion under Chinese accounting
standards, mainly due to higher selling prices, which offset the
impact of weak global demand, XFN-ASIA News reports.

The company, the report relates, said the implementation of
tighter monetary policy in China, as well as a slower global
economy and rising inflationary pressures, resulted in a
slowdown in demand growth for copper.

However, with production at newly acquired mines falling behind
schedule, supply of copper concentrate tightened, leading to a
rise in prices, the report notes.

According to XFN- ASIA, in the first half, the average copper
price for three month contracts as quoted on the London Metal
Exchange was 8,030 usd per ton, up 18.73% year-on-year.

The company's operating revenue in the first half rose 55.05%
year-on-year to CNY26.83 bilion, while earnings per share also
increased to CNY0.92 from CNY0.70 a year earlier, the report
says.

Meanwhile, XFN-ASIA says under international accounting
standards, operating revenue rose 54.65% to CNY26.71 billion,
while Net profit rose 31.98% to CNY2.767 billion.

The company will seek to complete the issue of up CNY6.8 billion
worth of eight-year bonds with warrants, which won approval from
the securities regulator last month, the report adds.

                      About Jiangxi Copper

Jiangxi Copper Company Limited -- http://www.jxcc.com/-- is an
integrated producer of copper in the People's Republic of China.
The company's operations consist of copper mining, milling,
smelting and refining to produce copper cathode and other
related products, including pyrite concentrates, sulphuric acid
and electrolytic gold and silver. It also provides smelting and
refining services pursuant to tolling arrangements for
customers.

                           *     *     *

The company continues to carry Xinhua Far East China Ratings'
"BB+" issuer credit rating.


SHANGHAI PUDONG: Fitch Holds D Individual Rating
------------------------------------------------
Fitch Ratings affirmed the Individual and Support ratings of
Shanghai Pudong Development Bank as:

SPDB: Individual 'D' and Support '3';

SPDB's Individual rating of 'D' reflects the bank's thin capital
and modest profitability, along with comparatively sound asset
quality.  Historically, SPDB has posted better asset quality
versus its peers, and is one of the few banks in China to report
ratios of NPLs/total loans and Special Mention loans/total loans
of under 2% each.  Moreover, SPDB's loan loss reserve coverage
of 191% is the highest of all Chinese banks under Fitch's
coverage, reflecting the bank's more conservative provisioning
policy.  However, capitalisation is a concern and continues to
fall well below its peers, pressured by rapid growth, modest
earnings, and a 6.5% negative fair value adjustment to equity
for its holdings of available-for-sale securities.  At end-2007,
SPDB's ratios of equity/assets and Total CAR stood at just 3.1%
and 9.2%, respectively, versus peer averages of 6.1% and 13.4%.
One of the few banks to have exhausted the bulk of its capacity
for Tier 2 issuance, SPDB had planned to issue additional equity
in 1H08, but has yet to receive regulatory approval. Regulators
have been cutting back issuance amid the slumping equity market.
SPDB's RoAA remains modest at just 0.7% in 2007 compared to 1%
for listed banks, stemming from higher tax charges and low non-
interest income.



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

ASK GLOBAL: Wind-Up Petition Hearing Set for September 17
---------------------------------------------------------
The High Court of Hong Kong will hear on September 17, 2008, at
9:30 p.m., a petition to have Ask Global Enterprises Limited's
operations wound up.

The petition was filed by New Hall Construction Limited on
July 14, 2008.

New Hall's solicitors are:

          Messrs. Quan & Co.
          Hang Shing Building
          Rooms 1601-2, 16th Floor
          Nos. 363-373 Nathan Road
          Kowloon, Hong Kong
          Telephone: 2384-4222
          Facsimile: 2384-4522


CHINA AMPLE: Subject to Bank of China's Wind-Up Petition
--------------------------------------------------------
On July 28, 2008, Bank of China (Hong Kong) Limited filed a
petition to have China Ample Development Limited's operations
wound up.

The petition will be heard before the High Court of Hong Kong on
October 8, 2008, at 9:30 a.m.

Bank of China's solicitors are:

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


CSX ASIA: Members' General Meeting Set for Sept. 19
---------------------------------------------------
The members of CSX Asia Limited will meet on September 19, 2008,
at 1:35 p.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Natalia K. M. Seng
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


CSX ORIENT: Members to Hear Wind-Up Report on September 19
----------------------------------------------------------
The members of CSX Orient Limited will meet on September 19,
2008, at 1:45 p.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Natalia K. M. Seng
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


GODI ENTERPRISES: Commences Liquidation Proceedings
---------------------------------------------------
Godi Enterprises Limited commenced liquidation proceedings on
August 7, 2008.  Wong Tak Man Stephen and Chen Yung Ngai Kenneth
were appointed as liquidators.

The Liquidators can be reached at:

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


GOLDON ENTERPRISES: Court to Hear Wind-Up Petition on Sept. 10
--------------------------------------------------------------
A petition to have Goldon Enterprises Limited's operations wound
up will be heard before the High Court of Hong Kong on Sept. 10,
2008, at 9:30 a.m.

Kwan Chung Ming filed the petition against the company on
July 2, 2008.


HABER WONG: Wind-Up Petition Hearing Set for September 24
---------------------------------------------------------
The High Court of Hong Kong will hear on September 24, 2008, at
9:30 a.m., a petition to have Haber Wong & Company Limited's
operations wound up.

Nan Fung Finance Limited filed the petition against the company
on July 14, 2008.

Nan Fung's solicitors are:

          F. Zimmern & Co.
          Gloucester Tower
          Suites 1501-1503, 15th Floor
          The Landmark
          No. 15 Queen's Road Central
          Hong Kong


LIK HANG: Subject to Shanghai Commercial's Wind-Up Petition
-----------------------------------------------------------
On August 4, 2008, Shanghai Commercial Bank Limited filed a
petition to have Lik Hang Electronic Components Limited's
operations wound up.

The petition will be heard before the High Court of Hong Kong on
October 8, 2008, at 9:30 a.m.

Shanghai Commercial's solicitors are:

          Chow, Griffiths & Chan
          South China Building, 6th Floor
          No. 1 Wyndham Street
          Central, Hong Kong


MIND FULL: Wind-Up Petition Hearing Set for October 8
-----------------------------------------------------
A petition to have Mind Full Limited's operations wound up will
be heard before the High Court of Hong Kong on October 8, 2008,
at 9:30 a.m.

Kwan Chun Biu filed the petition against the company on Aug. 7,
2008.

Kwan Chun's solicitors are:

          Messrs. Chak & Associates
          HK Diamond Exchange Building, 11th Floor
          8-10 Duddell Street
          Central, Hong Kong


P. & M. PROPERTIES: Placed Under Voluntary Liquidation
------------------------------------------------------
At an extraordinary general meeting held on August 4, 2008, the
members of P. & M. Properties Limited resolved to voluntarily
liquidate the company's business.

The company's liquidators are:

          Paul Jeremy Brough
          Patrick Cowley
          KPMG
          Prince's Building, 8th Floor
          10 Chater Road
          Central, Hong Kong



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

ASANSOL MUNICIPAL: CRISIL Puts Corporate Credit Rating at 'BB'
--------------------------------------------------------------
CRISIL has assigned its corporate credit rating of 'CCR BB' to
Asansol Municipal Corporation (AsMC).

  * Corporate Credit Rating  CCR BB[Assigned]

The rating exercise has been carried out under a mandate from
the Ministry of Urban Development, Government of India, as part
of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM).

The rating reflects AsMC's favourable legal framework and
buoyant non-tax revenues. Growth in non-tax revenues is
attributed to AsMC's identification of new revenue sources from
municipal properties, its concerted effort to regularise
buildings, and the growing real estate activity within Asansol
city.  The rating also factors in AsMC's sub-optimal economic
base, reflected in low per capita income, low credit risk
profile leading to low debt-raising capacity, inadequate service
arrangements, inadequate project management capacity, and high
dependence on grants from the state government.

                           About AsMC

AsMC, formed in 1994, is governed by the Asansol Municipal
Corporation Act, 1990. AsMC covers an area of 127 square
kilometres and provides a range of civic services to around 0.48
million residents.  The major services provided by AsMC are
water supply and drainage, public roads and bridges, solid waste
management, public health, and street lighting.  For the purpose
of administration, the service area is divided into five
boroughs; each borough is subdivided into 10 wards.  In 2006-07
(refers to financial year, April 1 to March 31), AsMC generated
revenue receipts of Rs.219.5 million and a revenue surplus of
Rs.82.6 million.


BODHGAYA NAGAR: CRISIL Assigns 'B' Corporate Credit Rating
----------------------------------------------------------
CRISIL has assigned its corporate credit rating of 'CCR B' to
Bodhgaya Nagar Panchayat (BGNP).

   * Corporate Credit Rating   CCR B[Assigned]

The rating exercise has been carried out under a mandate from
the Ministry of Urban Development, Government of India, as part
of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM).

The rating reflects BGNP's high social and economic importance,
driven by its status as a pilgrimage centre and World Heritage
City, which is expected to provide continued access to
government grants.  The rating also factors in BGNP's adverse
expenditure profile, marked by high establishment costs, leading
to low revenue surpluses and weakening the panchayat's financial
risk profile.  Also, BGNP's inadequate technical capacity has
led to poor service delivery and arrangements. Further, it has a
poor socio-economic base, marked by low income levels, poor
managerial capacity, leading to lack of reforms and high project
risk.

                           About AsMC

BGNP, formed in 1982, is governed by the Bihar Municipal Act of
2007. BGNP covers an area of 17 square kilometres and provides a
range of civic services to around 38,000 residents.  The major
civic services provided by BGNP are water supply, storm water
drains, solid waste management, sewerage, sanitation, road
maintenance, street lighting, and public transport.  In 2006-07
(refers to financial year, April 1 to March 31), BGNP generated
revenue receipts of Rs.4.42 million and a revenue deficit of
Rs.4000.


HARIDWAR NAGAR: CRISIL Assigns 'B+' Corporate Credit Rating
-----------------------------------------------------------
CRISIL has assigned its corporate credit rating of 'CCR B+' to
Haridwar Nagar Palika Parishad (HNPP).

   * Corporate Credit Rating  CCR B+ [Assigned]

The rating exercise has been carried out under a mandate from
the Ministry of Urban Development, Government of India, as part
of the Jawaharlal Nehru National Urban Renewal Mission.

CRISIL's rating on HNPP reflects the urban local body's sound
economic growth potential, supported by Haridwar's status as a
pilgrimage destination.  The rating also factors in HNPP's
inadequate, volatile, and state government grant-dependent
revenue receipts; adverse expenditure profile with high
committed expenditure; weak financial risk profile, marked by
low surpluses and debt-raising capacity; low reform orientation;
inadequate service arrangements; and low project execution
capability.

                           About HNPP

HNPP is governed by the Uttar Pradesh Municipality Act, 1916,
and has an elected board of 25 members.  HNPP covers an area
11.9 square kilometres and provides civic services to around
175,000 residents. Unlike other municipalities, HNPP is
responsible for a few functions.  Apart from solid waste
management, its other services include provisioning and
maintenance of street lighting.  Other municipal functions, such
as water supply, are in the hands of either para-statals or
state agencies.  In 2006-07 (refers to financial year, April 1
to March 31), HNPP generated revenue receipts of Rs.105 million
and incurred a revenue deficit of Rs.25 million.


HOWRAH MUNICIPAL: CRISIL Puts Corporate Credit Rating at 'BB-'
--------------------------------------------------------------
CRISIL has assigned its corporate credit rating of 'CCR BB-' to
Howrah Municipal Corporation (HMC).

   * Corporate Credit Rating  CCR BB- [Assigned]

The rating exercise has been carried out under a mandate from
the Ministry of Urban Development, Government of India, as part
of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM).

The rating reflects HMC's favourable legal and administrative
framework and moderate economic base, and the advantages it
derives from the proximity of its area of coverage to Kolkata
city.  The rating also factors in HMC's inadequate own revenue
generation, which, coupled with high establishment expenditure,
has led to low financial flexibility and high dependence on the
state government.  Further, the corporation has a weak financial
profile with high deficit levels, low debt capacity, and
inadequate financial management.  Its service arrangements too
are inadequate, leading to low tax payments.

                         About HMC

HMC, formed in 1980, is governed by the Howrah Municipal
Corporation Act, 1980.  The corporation, which is the final
decision-making body, consists of an elected body of 50
councillors.  HMC covers an area of 52 square kilometres and
provides a range of civic services to around one million
residents.  The major service provided by HMC is water supply.
In 2006-07 (refers to financial year, April 1 to March 31), HMC
generated revenue receipts of Rs.401 million, but incurred a
revenue deficit of Rs.134 million.


TATA POWER: Senoko Bid Puts Downgrade Pressure on S&P's BB- Rtng
----------------------------------------------------------------
Standard & Poor's Ratings Services said that while the selection
process is not over, Tata Power Ltd.'s (BB-/Stable/--) bid for
Senoko Power Ltd.'s generation facilities from its current owner
Temasek Holdings Pte. Ltd. (AAA/Stable/--) is likely to put
downward pressure on the 'BB-' rating.

S&P considers that while acquisition of operating generation
assets in a well-regulated market may be beneficial for Tata
Power's overall business profile, the current rating is
substantially weighed down by its ambitious plans to add about
5,900 MW of power in India, with a total outlay of about Indian
rupees (INR) 285 billion (approximately US$7 billion), along
with significant exposure to project-completion and
stabilization risks.  In this scenario, the company's ability to
bear additional debt, which may well be required in case its bid
for Senoko Power is accepted, will likely push its financial
profile outside of the expectations for the current rating.



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

BANK NEGARA: To Develop Joint-Venture Sharia Bank w/ ICD in 2009
----------------------------------------------------------------
Bank Negara Indonesia (BNI) plans to spin off its sharia unit
and expand it into a joint-venture sharia bank with Saudi
Arabia-based Islamic Corporation for the Development of the
Private Sector (ICD) next year, Jakarta Post reports.

According to the report, BNI and ICD signed a memorandum of
understanding last October and agreed to provide initial capital
worth US$500 million for the planned venture.

BNI president director Gatot M. Suwondo told The Post that both
parties are still negotiating the amount of shares in the
venture.

"BNI will probably have between a 20 percent and 30 percent
stake, while ICD will hold the remainder," Mr. Suwondo was
quoted by The Post as saying.

Citing Mr. Suwondo, the report said BNI had already completed
evaluating its sharia unit performance, while ICD had yet to
conclude its examination on its unit.

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

                        *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 25, 2008, Fitch Ratings upgraded PT Bank Negara Indonesia
(Persero) Tbk's LTFC/LTLC IDRs to 'BB' from 'BB-' with outlook
revised to Stable from Positive.  Fitch also upgraded the
company's Support Rating Floor to 'BB-' from 'B+' and FC
subordinated debt to 'BB-' from 'B+'.  In addition, Fitch
affirmed the company's 'D' individual rating and 'B' ST IDR.

On Oct. 19, 2007, Moody's Investors Service raised PT Bank
Negara Indonesia (Persero) Tbk.'s foreign currency long-term
debt rating to Ba2 from Ba3 and foreign currency long-term
deposit rating to B1 from B2.

On April 20, 2007, Standard & Poor's Ratings Services raised
Bank Negara's long-term counterparty credit ratings to 'BB-'
from 'B+'.


PT INDOSAT: Appoints Mohammad bin Saud Al Thani as Chairman
-----------------------------------------------------------
During a meeting held August 25, 2008, the shareholders of PT
Indosat appointed Qatar Telecom's (QTel) Chairman Mohammad bin
Saud Al Thani as the company's new president commissioner,
Jakarta Post reports.

According to the report, the company also appointed new
commissioners namely: Rachmat Gobel of PT Gobel Indonesia, Dr.
Nasser Marafih (QTel CEO) and Michael Latimer as an independent
commissioner.

President Director Johnny Swandi Sjam said the reshuffle in the
board of commissioners is in line with the recent shares
acquisition, in which Qtel acquired 40.8 percent in Indosat, the
report relates.

                          About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a
telecommunication and information service provider in Indonesia
that provides cellular services (Mentari, Matrix and IM3), fixed
telecommunication services or fixed voice (IDD 001, IDD 008 and
FlatCall 01016, fixed wireless service StarOne and I-Phone).
Indosat also provides Multimedia, Internet & Data Communication
Services (MIDI) through its subsidiary company, Indosat
Mega Media (IM2) and Lintasarta.  Indosat also provides 3.5 G
with HSDPA technology.  Indosat's shares are listed in the
Indonesia Stock Exchange (IDX:ISAT) and its American Depository
Shares are listed in the New York Stock Exchange (NYSE:IIT).

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 11, 2008, Moody's Investors Service placed on review for
possible downgrade the Ba1 local currency corporate family
rating of PT Indosat Tbk (Indosat), and the Ba2 foreign currency
senior unsecured bond rating of Indosat Finance Company B.V. and
Indosat International Finance Company B.V., which are guaranteed
by Indosat.

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2008, Fitch Ratings assigned a stable outlook on PT
Indosat Tbk's BB- rating.  EBITDA margins are likely to be
stable overall.  Fitch Ratings said that its overall outlook
for the Asia Pacific telecommunication sector in 2008 is stable,
with 24 out of its total 28 rated telecommunications issuers
bearing a Stable Outlook.  Highlighting its newly published
"Asia-Pacific Telecoms Credit Outlook 2008" 20 page report, the
agency outlines its expectations on how key financial metrics
will move for 26 operators across Asia-Pacific in 2008,
concluding that while revenue growth is likely to slow, cash
flow from operations and free cash flow after dividends are
likely to rise on aggregate.  Nevertheless the agency cautioned
that it expects FCF to actually fall for half of its rated
operators across Asia Pacific.



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

JLOC XXXIII: Fitch Trims Class D Trust Interest to BB from BBB
--------------------------------------------------------------
Fitch Ratings has downgraded JLOC XXXIII Trust's class D trust
beneficiary interests due July 2013 to 'BB' from 'BBB' and
placed this class on Rating Watch Negative (RWN).  The remaining
class A through C and X TBIs have been affirmed and Outlooks
assigned as follows:

JPY33.57 billion class A TBIs affirmed at 'AAA', Outlook Stable;
JPY7.4 billion class B TBIs affirmed at 'AA', Outlook Stable;
JPY7.3 billion class C TBIs affirmed at 'A', Outlook Stable;
JPY6.7 billion class D TBIs downgraded to 'BB' from 'BBB',
placed on RWN; and
Dividend-only class X TBIs affirmed at 'AAA', Outlook Stable.
*as of 19 August 2008

The rating action on the class D TBIs follows the agency's
review of the underlying assets. One of the assets, a specified
bond (bond), is backed by multiple properties located in regions
where the conditions of the real estate market for the property
types involved are not considered favourable.  Other issues
considered include the property disposition activities to date,
which have not proceeded as expected.

As the initial bond maturity date approaches, the agency
considers it likely that the pace of property disposition will
fall below levels assumed in Fitch's initial analysis, and the
issuer may not be able to exercise the bond maturity date
extension option if it fails to meet the liquidation target.
Fitch considers this an increased risk regarding the redemption
of the bond.

The RWN will remain in place while the agency further assesses
the real estate markets in the particular regions and the
property types concerned, reviews the portfolio on a property-
by-property basis, including cash flow analyses and value re-
assessment if necessary, and continues to closely monitor the
asset manager's liquidation plans and disposition activity.

Since the remaining eight underlying assets are generally
performing in line with expectations, ratings on the class A
through C and dividend-only class X TBIs are affirmed and
assigned a stable Outlook.

This transaction is a securitisation of five specified bonds,
four non-recourse loans, and one senior TBI backed by a non-
recourse loan which closed in November 2006 and was originally
backed by 110 real estate properties and/or property TBIs
(properties).  One specified bond has been fully repaid and the
transaction is currently secured by nine underlying assets
backed by 92 properties.  Additionally, another specified bond
approaching maturity is expected to pay down in full at maturity
next month, with property sale proceeds already held in the
issuer's collection account.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to
June 2008. Unlike a Rating Watch which notifies investors that
there is a reasonable probability of a rating change, rating
Outlooks provide forward-looking information to the market and
indicate the likely direction of any rating change over a one-
to-two-year period.


HYUNDAI MOTOR: To Start Czech Plant Production Ahead of Plan
------------------------------------------------------------
Hyundai Motor Co plans to start mass production at its new
factory in the Czech Republic three months earlier than
initially planned, Cheon Jong-woo of Reuters reports.

The company, the report relates, had previously said it planned
to start mass production of the plant from February next year.

According to the report, the company will make the i30 hatchback
initially and later produce a minivan or a sport utility vehicle
(SUV) at the EUR1.1 billion (US$1.61 billion) factory.

Hyundai plans an initial capacity of 200,000 units, increasing
later to annual production of 300,000, the report notes.

Analysts cited by Reuters said overseas units are a key to
Hyundai's future growth because they can help the company
weather the impact from sharp movements in the won currency and
possible conflicts with its unionized workers at home.

                     About Hyundai Motor

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.


MORGAN: Fitch Drops BB- Ratings on ACES SPC Series 2006-32
----------------------------------------------------------
Fitch Ratings has withdrawn the ratings on Morgan Stanley ACES
SPC series 2006-32 (ACES 2006-32) notes, as:

  -- US$10,771,000 Class I notes due May 2012: 'BB-' rating
     withdrawn; and

  -- US$16,920,000 Class II notes due May 2012: 'BB-' rating
     withdrawn.

The agency's policy on withdrawing ratings is to take into
consideration whether it has access to sufficient information in
assessing the credit quality of the notes.  In this case, Fitch
has decided to withdraw the ratings on the notes following the
withdrawal of its 'AA' IFS rating on MBIA Insurance Corp and
other related entities on 26 June 2008, and on confirmation
there will be no substitution of charged assets for ACES 2006-
32.

ACES 2006-32 is a static synthetic CDO referencing a portfolio
of primarily investment grade corporate obligations.  At close,
proceeds from the issuance of the notes were used to purchase
charged assets to collateralise credit default swaps between the
issuer and Morgan Stanley Capital Services Inc. (guaranteed by
Morgan Stanley, 'AA-' (AA minus)/'F1+'/Outlook Negative).  The
charged asset of the transaction is an investment of
US$27,691,000 in principal amounts of floating rate notes issued
by MBIA Global Funding Corp LLC and guaranteed by MBIA.

The transaction was downgraded on 20 June 2008. For details,
please refer to the press release 'Fitch downgrades Morgan
Stanley ACES SPC Series 2006-32; Removes RWN'.  Since then, the
portfolio credit quality has remained broadly unchanged.

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

Morgan Stanley is a global financial services firm that, through
its subsidiaries and affiliates, provides its products and
services to a group of clients and customers, including
corporations, governments, financial institutions and
individuals.  Morgan Stanley's business segments include
Institutional Securities, Global Wealth Management Group and
Asset Management. conducts its business from its headquarters in
and around New York City, its regional offices and branches
throughout the United States and its principal offices in
London, Tokyo, Hong Kong and other world financial centers.  On
June 30, 2007, it completed the spin-off of Discover Financial
Services.  In October 2007, it dissolved its India joint
ventures with JM Financial.  On December 21, 2006, it acquired
CityMortgage Bank.  On December 15, 2006, the Company acquired a
60% equity stake in Olco Petroleum Group Inc.  On December 4,
2006, it acquired Saxon Capital, Inc.  On December 4, 2006, it
acquired FrontPoint Partners.


SOHKEN HOMES: Seeks Bankruptcy Protection, Facing JPY33.8BB Debt
----------------------------------------------------------------
Sohken Homes Co sought court protection from creditors with
JPY33.8 billion (US$309 million) in debt due to tighter credit
and a weak property market, Mariko Katsumura of Reuters reports.

The company, Jiji Press relates, filed for court protection from
creditors under the Civil Rehabilitation Law in the Tokyo
District Court.

According to the Press, Tokyo Stock Exchange will delist the
company on Sept. 27, till then, the stock will be traded on the
liquidation post.

The company's consolidated operating profit peaked at
JPY2.6 billion in the year to February 2007, however, the
business environment has since soured as banks tightened lending
to the real estate and construction industries, the Press says.

According to Reuters, a string of midsize Japanese real estate
companies have folded in the past few months as banks, reeling
from the subprime loan crisis, rein in lending to a sector hit
by higher costs and sluggish demand as Japan's economy slows.

Sohken Homes, Reuters relates, said it started to have
difficulty getting fresh loans from last summer while consumers
have become reluctant to buy new homes due to high land prices
and with the slide in global stock markets cutting into their
wealth.  "A further deterioration in the global equities market
decreased our target buyers' financial assets, making our sales
activities even more difficult," the company said.

Sohken's failure comes a day after unlisted apartment developer
Sebon Co folded with JPY62 billion (US$567 million) in debt, and
two weeks after developer Urban Corp failed with about US$2.4
billion in debt in the biggest collapse by a listed company in
six years, Reuters says.

Reuters adds that Tokyo Shoko Research's data showed a total of
12 listed Japanese companies have failed so far in 2008, nine of
which have been in the real estate or construction sectors.

         Japan Stocks Fall on Sohken Homes' Bankruptcy

Japan's stocks declined for a second day after Sohken Homes
filed for bankruptcy, sparking concern consumers are holding
back on purchases as the economy slows, Bloomberg News reports.

Bloomberg News relates that Sumitomo Realty & Development Co.
dropped 2.9%, while Nissan Motor Co. decreased 4.7% after Morgan
Stanley cut its price target.

According to the report, Nippon Paper Group Inc. led a gauge of
papermakers to the biggest gain in three weeks as investors
flocked to companies whose earnings are relatively resilient
against an economic slowdown.

"If consumers were confident their salaries would remain secure,
they'd buy condos and homes even with 30-year loans.  With
rising prices and stagnant income growth, that isn't the case
now," Bloomberg cited Yoshihiro Ito, senior strategist at Okasan
Asset Management Co. in Tokyo, which oversees about US$9.3
billion, as saying.

The Nikkei 225 Stock Average decreased 25.75, or 0.2%, to close
at 12,752.96 in Tokyo, while the broader Topix index retreated
5.66, or 0.5%, to 1,223.69, Bloomberg News notes.

More than two stocks declined for each that rose on the Topix.

The trading value on the Tokyo Stock Exchange fell to the lowest
for a full day since July 2005, Bloomberg News adds.

                   About Sohken Homes Co

Sohken Homes Co -- http://www.sohken-homes.co.jp --- is a
Japan-based company mainly engaged in the subdivision
contracting and real estate leasing businesses in western Tokyo,
southern Tokyo, Yokohama and Saitama areas.  The company
operates in two business segments: Subdivision Contracting and
Real Estate Leasing.  The Subdivision Contracting segment is
comprised of two business divisions.  The Completion
Construction division is engaged in the planning, design,
construction and renovation of custom-built houses.  The Real
Estate division is engaged in the detached house development
business, encompassing the purchase of commercial land, in
addition to the planning, design and construction of detached
house; the bulging lots sale business, which purchases and sell
building lots, and the condominiums sale business, which
purchases and plans commercial land, and outsources the design,
construction and sale of condominiums.  The Real Estate Leasing
segment purchases and leases buildings and partly owned
properties.



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

A2 CORPORATION: Raises NZ$11.3 Mil. in Public Offering
------------------------------------------------------
A2 Corporation Limited said that its offer of ordinary shares
pursuant to the combined prospectus and investment statement
dated July 22, 2008, has raised NZ$11.3 million from investors.

Total subscriptions received amounted to NZ$7.4 million under
the Offer.

Mountain Road Investments Limited, as Underwriter, in
conjunction with a group sub-underwriters, has arranged to take
up the balance of 38.9 million ordinary shares amounting to
NZ$3.9 million.

After the issue of all shares has been recorded, A2 Corporation
Limited will have a total of 264,403,278 shares on issue.

As reported in the Troubled Company Reporter Asia Pacific on
July 7, 2008, A2 Corporation said it will raised net proceeds of
rights issue of ordinary shares to all shareholders, at an offer
price of 10 cents per share.

The company said that the net proceeds of the offer will be used
to reduce its bank debt and provide for working capital.
Waivers have been granted by NZX and The Takeovers Panel to
permit this sub-underwriting.

                      About A2 Corporation

New Zealand-based A2 Corporation Ltd. (NZAX: ATM)  --
http://www.a2corporation.com/-- is engaged in the sale and
production of beta-casein A2 milk products.  The company owns
and licenses intellectual property that enables the
identification of cattle for the production and subsequent
marketing of A2 Milk.  a2 milk is naturally produced to contain
maximum amounts of a milk protein variant that is associated by
a number of studies with potential benefits in some individuals.
A2 Corporation Ltd receives royalty income from sales of A2 Milk
products and testing for A2 cattle, and shares in the profits or
losses of associates and subsidiaries formed for those purposes.

                           *     *     *

The company suffered consecutive net losses of NZ$6.3 million
and NZ$5.08 million for the years ended March 31, 2008 and 2007,
respectively.


DIRECT SYSTEMS: Commences Liquidation Proceedings
-------------------------------------------------
The High Court at Auckland held a hearing on Aug. 20, 2008, to
consider an application putting Direct Systems International
Limited 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.


GROOME AGRICONTRACTS: Commences Liquidation Proceedings
--------------------------------------------------------
The High Court at Napier convened a hearing on Aug. 21, 2008, to
consider an application putting Groome Agricontracts Ltd. into
liquidation.

The application was filed on May 13, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

          Elvidge & Partners
          Corner of Raffles and Bower Streets
          Napier

R. J. Collins is the plaintiff's solicitor.


JUN YING: Commences Liquidation Proceedings
-------------------------------------------
The High Court at Auckland convened a hearing on Aug. 20, 2008,
to consider an application putting Jun Ying Limited 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.


PROPERTY PROJECTS: Commences Liquidation Proceedings
----------------------------------------------------
The High Court at Christchurch convened a hearing on Aug. 18,
2008, to consider an application putting Property Projects 11
Limited into liquidation.

The application was filed on July 4, 2008, by Kensington Swan.

The plaintiff's address for service is at:

          Kensington Swan
          Level 9
          89 The Terrace
          Wellington

Andrew Cunningham Skelton is the plaintiff's solicitor.


PROPERTY PROJECTS 9: Commences Liquidation Proceedings
------------------------------------------------------
The High Court at Christchurch convened a hearing on Aug. 18,
2008, to consider an application putting Property Projects 9
Limited into liquidation.

The application was filed on July 4, 2008, by Kensington Swan.

The plaintiff's address for service is at:

          Kensington Swan
          Level 9
          89 The Terrace
          Wellington

Andrew Cunningham Skelton is the plaintiff's solicitor.


SCOTT'S SHOT: Tubbs and Gower Appointed as Liquidators
------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993 , the
High Court has appointed Stephen John Tubbs, chartered
accountant, and Colin Anthony Gower, insolvency practitioner,
both of Christchurch, as liquidators of  Scott's Shot
Productions Ltd.

The liquidators can be reached at:

          BDO Spicers
          Level 6
          Spicer House
          148 Victoria Street
          Christchurch
          Telephone: (03) 379 5155
          Facsimile: (03) 353 5526
          Email: colin.prentice@chc.bdospicers.com


STRATEGIC: Write-Downs Won't Yet Affect Preference Shareholders
---------------------------------------------------------------
Equity write-downs won't yet affect preference shareholders in
Strategic Finance Limited, the National Business Review reports,
citing Financial Focus director Murray Weatherston.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 21, 2008, Strategic Finance said it expects to make
significantly higher levels of impairment and provisioning in
Strategic Finance's financial statements for the year ended
June 30, 2008, in comparison to the previous financial year.

These additional provisions, bad debt write offs and one off
adjustments are expected to result in a net operating loss for
the year ended June 30, 2008, in the vicinity of
NZ$15.5 million.  The final amount will be known once KPMG has
completed its audit work.

After making allowance for these bad debts and provisions, Total
Shareholders Funds as at June 30, 2008, are expected to be
reported in the vicinity of NZ$73 million.

The Business Review says Strategic Finance raised NZ$50 million
last year from a preference share issue run by Forsyth Barr that
was oversubscribed by 25 per cent.  The shares pay a 10.52 per
cent interest rate, the report says.

According to the Business Review, Mr. Weatherston said the
result would not affect the absolute value of preference shares
noting that "It reduces the cover that ordinary equity provides
to preference equity."

Mr. Weatherston added the result was no surprise as the current
conditions meant directors would be inclined to be conservative
in provisioning for bad loans.

                     About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  It has four main
business activities: Lending within the property sector; Non-
property lending and investments; Corporate advisory and
management services, and Underwriting services. Lending within
the property sector is its primary activity with a focus on
providing finance for property development and property
investment activities.  It was offering motor vehicle lending
under non-property lending and investments.  The Company, and in
some circumstances through its wholly owned subsidiary Strategic
Advisory Limited, provides specialist advisory and management
services to the property and corporate sectors for which it
receives fee income.  It may provide underwriting services.
These services include the underwriting of property related
share or debt securities offered by a promoter through a
registered prospectus.  It receives fees for such services.

Strategic Finance's parent company, Strategic Investment Group,
is wholly owned by an Australian-based finance company Allco HIT
Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 18, 2008, a consortium consisting of Strategic Finance's
original owners, senior management and BOS International, part
of the HBOS Australia group, agreed to indicative non-binding
terms with Allco HIT Limited to buy Strategic Investment Group
Limited, the immediate parent of Strategic Finance.

Strategic Finance's parent company, Strategic Investment Group,
is wholly owned by an Australian-based finance company Allco HIT
Limited.

On Aug. 8, 2008, the TCR-AP reported that Strategic Finance
suspended redemptions of its secured debenture stock and
subordinated notes.  It also ceased accepting subscriptions for
debenture stock and subordinated notes under its current
prospectus and investment statement.


TARANAKI 264: Commences Liquidation Proceedings
-----------------------------------------------
The High Court at Christchurch convened a hearing on Aug. 18,
2008, to consider an application putting Taranaki 264  Limited
into liquidation.

The application was filed on July 4, 2008, by Kensington Swan.

The plaintiff's address for service is at:

          Kensington Swan
          Level 9
          89 The Terrace
          Wellington

Andrew Cunningham Skelton is the plaintiff's solicitor.


TRIKEWORKS LTD: Commences Liquidation Proceedings
-------------------------------------------------
The High Court at Rotorua held a hearing on Aug. 18, 2008, to
consider an application putting Trikeworks Limited into
liquidation.

The application was filed on May 16, 2008, by Glenn Bayly
Motorcycles Limited (trading as MotoGB).

The plaintiff's address for service is at:

          Sharp Tudhope
          Lawyers
          35 Grey Street
          Tauranga

Mark Brandon Beech  is the plaintiff's solicitor.



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

ANTAH INDUSTRIES: Creditors' Proofs of Debt Due on September 22
---------------------------------------------------------------
Antah Industries Pte Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by Sept. 22,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

          Chia Soo Hien
          Leow Quek Shiong
          c/o BDO Raffles
          19 Keppel Road
          #02-01 Jit Poh Building
          Singapore 089058


AT & J COMPANY: Creditors to Meet on September 2
------------------------------------------------
The creditors of AT & J Company Pte Ltd, which is in voluntary
liquidation, will meet on September 2, 2008, at 10:30 a.m. At
1 Raffles Place, in #20-02 OUB Centre, Singapore 048616.

At the meeting, the creditors will be asked to:

   * to receive an update on the progress of the liquidation;
   * to seek approval for the remuneration of the liquidators;
     and
   * to consider any other matters which may properly be brought
     before the meeting.

The company's liquidator is:

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


AVAGO TECHNOLOGIES: US$400 Mil. IPO Cues S&P's Positive Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Singapore-based Avago Technologies Finance Pte. Ltd to positive
from stable, following the announcement that parent Avago
Technologies Ltd. has filed for a US$400 million IPO.  The
company will use a portion of the proceeds, estimated at US$240
million, to redeem debt at Avago Technologies Finance.

If the IPO is completed, the financial profile of the company
will be stronger, with pro forma leverage of under 2x from the
current level of 2.4x and replenished liquidity.  S&P would
consider a higher rating if the IPO is completed and the
company's growth strategies and financial policies can sustain
the financial profile.  The corporate credit and other ratings
are affirmed.

The ratings on the company reflect its niche market positions
and small target markets available to it, given its existing
portfolio, growth challenges, and a relatively short operating
track record, both at the current financial profile and as an
independent company.  The company's product line (which produces
stable revenues and earnings with minimal product, market, or
customer concentration) and moderate leverage for the rating
offset these factors.

Avago supplies analog semiconductor components to an addressable
market of about US$9 billion.  Its products range from
optoelectronics, light-emitting diodes (LEDs), infrared, and
others, to components and application-specific integrated
circuit (ASIC) solutions.  Markets served include wireless
communications, industrial and automotive, wired infrastructure,
and consumer and peripherals.

The outlook on Avago is positive.  The company's light leverage
offsets its portfolio of niche products and small markets.

"If the proposed US$400 million IPO is completed as planned, we
would consider a ratings upgrade, provided that the stronger
financial profile is sustained as the company invests for
growth," said S&P's credit analyst Lucy Patricola. If Avago
withdraws the IPO, there are two potential outcomes.  If
operating trends are challenging, with declining revenue trends
and increasing leverage, S&P would likely revise the outlook to
stable.

"However, if its recent operating trajectory continues, and the
company has delevered to about 2x and could sustain that
leverage, we would retain the positive outlook," she continued.


GEIC.COM PTE: Requires Creditors to File Claims by September 22
---------------------------------------------------------------
The creditors of GEIC.com Pte Ltd are required to file their
proofs of debt by September 22, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Chan Kuen Yuee
          c/o 19 Keppel Road
          #03-10 Jit Poh Building
          Singapore 089058


KIAN SENG: Court to Hear Wind-Up Petition on August 29
------------------------------------------------------
A petition to have Kian Seng Lee (1488) Food Manufacturers Pte
Ltd's operations wound up will be heard before the High Court of
Singapore on August 29, 2008, at 10:00 a.m.

Teck Shin Food Manufacturers Pte Ltd filed the petition against
the company on August 6, 2008.

Teck Shin's solicitors are:

          Khattarwong
          No. 80 Raffles Place
          #25-01 UOB Plaza 1
          Singapore 048624



==========================
S U L T A N A T E  O M A N
==========================

* Oman Insurance Market Strong Despite Cyclone Gonu, S&P Says
-------------------------------------------------------------
In its latest report on the insurance market in the Sultanate of
Oman, Standard & Poor's Ratings Services says that despite the
heavy losses from Cyclone Gonu in 2007, the sector has much to
commend it.

"Oman has developed a thriving domestic retail and commercial
insurance sector.  A buoyant economy and supportive regulatory
regime are particular factors in this growth," says S&P's credit
analyst David Anthony.

The report, titled "Growing Opportunities For Insurance And
Reinsurance In The Sultanate of Oman," also looks at the details
of the changing regulatory environment and how these will affect
the market.

"The Capital Markets Authority as Oman's regulator is one of the
most respected in the region.  We expect the CMA to continue its
pragmatic approach to market regulation, moving increasingly to
a risk-based capital assessment of insurers' solvency, while
avoiding unnecessarily restrictive regulations, thereby allowing
the market to continue its positive development," said Mr.
Anthony.



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

TAIWAN INT'L: Fitch Affirms BB IDR & Revises Outlook to Stable
--------------------------------------------------------------
Fitch Ratings revised the Outlook on Taiwan International
Securities Corporation to Stable from Negative, given the
company's improved liquidity position and the diminished adverse
effect from its overseas reinvestments post the clean-up
exercises.  At the same time, the agency has affirmed TISC's
Long-term foreign currency Issuer Default Rating at 'BB', Short-
term IDR at 'B', National Long-term 'BBB+(twn)', National Short-
term 'F3(twn)', Individual 'D', Support '5' and Support Rating
Floor 'NF'.

TISC's TWD5.8bn investments in bonds with re-sell agreement (as
of end-Q108) had an adverse impact to its liquidity position
because the underlying assets of such investment are illiquid
inverse floating-rate structured bonds issued by its affiliate
company, Taiwan International Investment Management.  However,
Fitch notes that the liquidity concern is likely to be reduced,
in view of its plan to dispose a portion of these structured
bonds by end-2008, with the remaining to be matured before end-
Q309.

The company's profitability turned around in 2007 with an ROE of
14.4%, with the improvement in earnings most notable in its
proprietary trading and brokerage businesses.  Meanwhile,
unfavourable earnings impact from its overseas operations, TISC
Securities (HK) Limited and Taiwan International Futures
Corporation have diminished.  TISHK has already made substantial
provisions in response to its earlier loss-making underwriting
take-up, while TIF has set aside adequate reserves for the
ongoing lawsuits filed by its former clients.

TISC incurred a net loss in H108, with annualized ROE (un-
audited) of negative 7.5% due mainly to trading losses amid a
sharp market correction.  Given the company's reliance on
proprietary trading for profits, the heightened market
volatility will, in Fitch's view, pose challenges to TISC's 2008
earnings. Nevertheless, the agency considers TISC's financial
resources adequate enough to help it weather through likely
adverse market disruptions, in view of its relatively small
equity investment portfolio and conservatively managed fixed-
income portfolio.  TISC's statutory capital adequacy ratio was
315% at end-H108, up from 283% at end-2007.


* Fitch Ratings Says Consumer Debt Clearance Law Is for Taiwan
--------------------------------------------------------------
Fitch Ratings said that the implemented Consumer Debt Clearance
Law is positive for the consumer debt market in Taiwan in the
long term and will be able to prevent abusive application by
borrowers to rid themselves of debt obligations by filing for
bankruptcy.

"The new bankruptcy law strikes a delicate balance between the
interests of creditors and debtors while being able to prevent
inappropriate moral hazard among borrowers," said Jonathan Lee,
Senior Director in Fitch's Financial Institutions team.  "In the
wake of the unsecured consumer credit crisis in late 2005, the
legislation is a response from the government to offer a legal
platform for debt-ridden borrowers, presenting them with an
opportunity for a fresh economic start and to rebuild their
creditworthiness."

Since the inception of the new law in April 2008, the data of
bankruptcy filing from the Judicial Yuan to date has shown
little signs of abuse from debt-ridden borrowers, a trend which
the agency views positively.  This can be attributable to moral
preventive measures in the new law that include prerequisite
counseling with bank creditors before proceeding to file for
bankruptcy, retention of creditors' right to property
foreclosure in case of mortgage default, punitive and
restrictive living conditions imposed on those in debt
rehabilitation or liquidation plan, as well as tougher consumer
delinquency record-keeping offered by the credit bureau so that
borrower delinquency information remains available for a
sufficiently long time period for banks to do credit
surveillance.

Offering as a reference guide on Taiwanese banking regulations,
Fitch's latest published prudential regulations report on
Taiwanese banks covers five key aspects: capital adequacy (and
considerations in its determination and Basel II-related
issues); liquidity; asset quality supervision; accounting
disclosures; and deposit insurance scheme.


                         *********

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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