TCRAP_Public/080915.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, September 15, 2008, Vol. 11, No. 183

                            Headlines

A U S T R A L I A

BRE STEEL: Members Opt to Liquidate Business
BROJAM PTY: Placed Under Voluntary Liquidation
EDWARD PARADE: To Declare Dividend on September 24
GLENPADDEN PTY: Liquidator Presents Wind-Up Report
GRAPHIC ELECTRONIC: To Declare Dividend on September 24

HARMONY MONTESSORI: To Declare Dividend on September 24
MILD INVESTMENTS: Placed Under Voluntary Liquidation
MURDWORDS TWO: Members Appoint Murdoch as Liquidator
OCTAVIAR LIMITED: Goes Into Voluntary Administration
ROSCOM PTY: To Declare Dividend on September 23


C H I N A

CHINA MERCHANTS: Extends Wing Lung Deal Deadline by Six Weeks
JIANGXI COPPER: Gets Regulatory OK to Issue CNY6.8 Billion Bonds
ZTE CORP: Establishes Joint Venture Company With JSC Sitronics
* CHINA: Annual Industrial Output Hits Six-Year Low in August


H O N G K O N G

APPLIED GOLD: Court to Hear Wind-Up Petition on October 22
COME ELEMENT: Court to Hear Wind-Up Petition on October 22
FRIGAID HK: Appoints Wong Tak Man Stephen as Liquidator
IPMA TECHNOLOGIES: Court to Hear Wind-Up Petition on October 8
KITIME INDUSTRIES: Court to Hear Wind-Up Petition on October 22

MHK GLOBAL: Wind-Up Petition Hearing Set for October 15
VILY STAR: Subject to Nan Fung's Wind-Up Petition
WING CHI: Subject to Nan Fung's Wind-Up Petition
WING CHUEN: Members' Final Meeting Slated for October 6


I N D I A

NIRU JEWELS: CARE Rates Rs. 33 Crore Bank Facilities at ‘BB+’
IFCI LTD: CARE Withdraws ‘CARE D’ Long & Medium Term Debt Rating
JASUBHAI JEWELLERS: CRISIL Rates Rs. 500 Mil. Facilities at ‘BB’


I N D O N E S I A

PT BANK: Fitch Holds 'BB' Foreign Currency Issuer Default Rating
J A P A N
* JAPAN: Economy Shrinks at 3% Annualized Pace in April-June Qtr.


K O R E A

MAGNACHIP SEMICONDUCTOR: Sees US185-190MM Revenue in the 3rd Qtr.
MIJU STEEL: Lowers Bond Swap Price to KRW720 Per Share


M A L A Y S I A

BSA INTERNATIONAL: Receives Writ of Summon From HSBC Bank
BSA INTERNATIONAL: Receives Demand of Payment From AmBank
NIKKO ELECTRONICS: GP Battery Demands US$61,616 Payment
TECHVENTURE BERHAD: Owes Maybank MYR32,058,524 of Debts
WONDERFUL WIRE: MDV Demands Payment of MYR1.29 Million


N E W  Z E A L A N D

A2 CORPORATION: Special Meeting Set on September 26
ALUMINIUM WINDOW: Shareholders Opt to Liquidate Business
BPS AUTOS: Proofs of Debt Due on September 30
BRIDGECORP LTD: Two Directors Face New Charges
CHOOK'S BAR: Proofs of Debt Due on September 20

DOMINION FINANCE: Under Securities Commission Inquiries
EVEREST FASHIONS: Shareholders Placed Company Under Liquidation
INDUSTRIAL SERVICES: Wind-Up Petition Hearing Set for September 26
JAPANESE PERFORMANCE: Proofs of Debt Due on September 23
LAND DEVELOPMENT: Wind-Up Petition Hearing Set for September 24

LANDMARK BUILDERS: Proofs of Debt Due on September 22
NATIONAL FINANCE: Liquidators Set September 19 as Claims Bar Date
* NEW ZEALAND: Motor Vehicles and Supermarkets Curb Retail Sales


P H I L I P P I N E S

* PHILIPPINES: Debt Up by 0.9% to Php3.964 Trillion as of End June


S I N G A P O R E

BEST MARINE: Commences Liquidation Proceedings
CETRAA PTE: Court Enters Wind-Up Order
FOREX SYSTEM: Court Enters Wind-Up Order
HOSPITALITYBEX PTE: Creditors' Proofs of Debt Due on October 6


                         - - - - -


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

BRE STEEL: Members Opt to Liquidate Business
--------------------------------------------
BRE Steel Sales and Hire Pty Ltd's members agreed on July 14,
2008, to voluntarily liquidate the company's business.  
Steven Nicols was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Steven Nicols
          Nicols + Brien
          Telephone: (02) 9299 2289
          Website: www.bankrupt.com.au


BROJAM PTY: Placed Under Voluntary Liquidation
----------------------------------------------
Brojam Pty Ltd's members agreed on July 28, 2008, to voluntarily
liquidate the company's business.  Nicholas David Cooper and Andre
Janis Strazdins were appointed to facilitate the sale of its
assets.

The liquidators can be reached at:

          BRI Partners
          Level 4
          12 Pirie Street
          Adelaide SA 5000


EDWARD PARADE: To Declare Dividend on September 24
--------------------------------------------------
Edward Parade Pty Ltd will declare dividend on Sept. 24, 2008.

Creditors who were unable to prove their debts on Sept. 2, 2008,
are excluded from the dividend distribution.

The company's liquidator is:

          Stephen J. Duncan
          KordaMentha
          Level 4, 70 Pirie Street
          Adelaide SA 5000


GLENPADDEN PTY: Liquidator Presents Wind-Up Report
--------------------------------------------------
Glenpadden Pty Ltd held a meeting for its members on Sept. 12,
2008.  At the meeting, the
company's liquidator, Robert Elliott at Hall Chadwick, provided
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Robert Elliott
          Hall Chadwick
          Level 29, 31 Market Street
          Sydney NSW 2000


GRAPHIC ELECTRONIC: To Declare Dividend on September 24
-------------------------------------------------------
Graphic Electronic Industries Pty Ltd will declare dividend on
Sept. 24, 2008.

Creditors who were unable to prove their debts on Sept. 2, 2008,
are excluded from the dividend distribution.

The company's liquidator is:

          Christopher R. Powell
          KordaMentha
          Level 4, 70 Pirie Street
          Adelaide SA 5000


HARMONY MONTESSORI: To Declare Dividend on September 24
-------------------------------------------------------
Harmony Montessori Children’s House Association Inc will declare
dividend on Sept. 24, 2008.

Creditors who were unable to prove their debts on Sept. 2, 2008,
are excluded from the dividend distribution.

The company's liquidator is:

          Ginette Muller
          KordaMentha (Qld)
          22 Market Street
          Brisbane QLD 4000
          Telephone: (07) 3225 4000
          Facsimile: (07) 3225 4999


MILD INVESTMENTS: Placed Under Voluntary Liquidation
----------------------------------------------------
Murdwords Two Pty Limited's members agreed on July 25, 2008, to
voluntarily liquidate the company's business.  Ian Baker was
appointed to facilitate the sale of its assets.


MURDWORDS TWO: Members Appoint Murdoch as Liquidator
----------------------------------------------------
Murdwords Two Pty Limited's members agreed on July 25, 2008, to
voluntarily liquidate the company's business.  Brian Murdoch was
appointed to facilitate the sale of its assets.


OCTAVIAR LIMITED: Goes Into Voluntary Administration
----------------------------------------------------
Octaviar Limited has appointed Messrs. John Greig and Nicholas
Harwood of Deloitte as Voluntary Administrators.  

The directors of three Octaviar subsidiaries, Octaviar Financial
Services Pty Ltd, Octaviar Investment Notes Limited and Octaviar
Investment Bonds Limited, have also appointed Messrs. Greig and
Harwood as Voluntary Administrators.

Octaviar said that as previously disclosed, the Octaviar Group
must reach an accommodation with its large secured creditors.  To
achieve that outcome the Group had made separate proposals to all
of its large creditors.  Some creditors had accepted the offer and
others were either in discussions with the company regarding those
proposals or were considering their position.

On Sept. 8, 2008, the majority of the holders of the listed Notes
voted at two meetings of Noteholders to adjourn those meetings to
Sept. 30, 2008, to allow those Noteholders further time to
consider their position.

The following day, Sept. 9, 2008, that same majority Noteholders
advised that they did not intend to accept the proposal put to
them.  Given these new circumstances the Directors considered an
accommodation with the Group's creditors would be best pursued by
the appointment of voluntary administrators.  

On Sept. 9, 2008, the Public Trustee of Queensland was granted an
interim injunction preventing the Directors from appointing
voluntary administrators.  That injunction was lifted on Saturday,
Sept. 13, 2008, by order of the Supreme Court of Queensland.

Octaviar said its directors, management and staff look forward to
working with the Voluntary Administrators to achieve an
accommodation with all creditors to produce a better outcome for
stakeholders than liquidation.

                     About Octaviar Limited

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


ROSCOM PTY: To Declare Dividend on September 23
-----------------------------------------------
Roscom Pty Ltd will declare dividend on Sept. 23, 2008.

Creditors who were unable to prove their debts on Sept. 2, 2008,
are excluded from the dividend distribution.

The company's liquidator is:

          Susan Carter
          Worrells Solvency & Forensic Accountants
          Level 6, 50 Cavill Avenue
          Surfers Paradise QLD 4217
          Telephone: (07) 5553 3407
          Facsimile: (07) 5570 1884



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

CHINA MERCHANTS: Extends Wing Lung Deal Deadline by Six Weeks
-------------------------------------------------------------
China Merchants Bank has extended the deadline for fulfilling the
conditions of acquiring Wing Lung Bank by about six weeks, Tony
Munroe of Reuters reports.

On August 15, 2008, the Troubled Company Reporter-Asia Pacific,
citing Bloomberg News, reported that China Merchants Bank is
confident it will secure regulatory approval for the acquisition
of Hong Kong's Wing Lung Bank.  According to that report, 91% of
China Merchants Bank's shareholders approved the plan to purchase
stakes in Hong Kong-based Wing Lung Bank for more than CNY17
billion (US$2.5 billion), providing the lender will have greater
access to the Hong Kong market.

Reuters relates China Merchants said it had extended a deadline
for fully satisfying conditions of the acquisition to Oct. 27 from
Sept 14.

According to Reuters, the bank did not say which conditions it was
unlikely to fulfill on time, but said it does not expect to face
any difficulty in meeting the conditions by the extended deadline.

China Merchants Bank -- http://www.cmbchina.com/-- is the  
second largest bank among China's 12 nationwide shareholding
commercial banks. It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002. The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26 percent stake (through various companies).
The bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

                          *     *     *

China Merchants Bank continues to carry Moody's "D+" bank
financial strength rating.  The outlook is stable.

On August 3, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings upgraded its Individual rating on
China Merchants Bank to 'D' from 'D/E'.  At the same time, the
bank's Support rating was affirmed at '3'.


JIANGXI COPPER: Gets Regulatory OK to Issue CNY6.8 Billion Bonds
----------------------------------------------------------------
Jiangxi Copper Company Limited had obtained approval from the
securities regulator to issue up to CNY6.8 billion of convertible
bonds with warrants, Reuters reports.

Jiangxi Copper, the report relates, originally disclosed plans for
the bond issue in January to fund acquisitions and repay debts.

According to the report, about CNY2.14 billion of funds raised
would be used to buy assets including copper, gold and molybdenum-
related businesses.

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.


ZTE CORP: Establishes Joint Venture Company With JSC Sitronics
--------------------------------------------------------------
ZTE Corporation has established Sitronics-ZTE Ltd., a joint
venture, with JSC Sitronics.

Sitronics-ZTE will focus on the development and production of
telecommunications equipment, CDMA terminals and specialized
electronic products.  The joint venture expects to launch a
research and development centre.

The joint venture company will be established in the city of
Hangzhou in the East of China.  Sitronicsholds a 51% stake in the
joint venture, with ZTE Corporation owning the remaining 49%.  The
Company's Board of Directors will comprise three representatives
from Sitronicsand two from ZTE Corporation.  Hurem Nihad, a member
of SITRONICS' Board of Directors, has been appointed as Chairman
of the joint venture company's Board of Directors.  ZTE
Corporation's representative will be appointed as CEO, and
SITRONICS' representative will be appointed as CFO.

Sergey Aslanian, President and Chief Executive Officer of
SITRONICS, commented: "This joint venture is one of our key
projects and is in line with our strategic development plan.  It
will enable us to migrate our mass manufacturing and production
capacity from Europe to South-East Asia, thereby improving
efficiency levels and reducing costs."

                         About Sitronics

Sitronics is a leading provider of telecommunication solutions,
including software, equipment and systems integration, IT
solutions and microelectronic solutions in Russia and the
Commonwealth of Independent States with a strong presence in
Central and Eastern Europe and a growing presence in the Middle
East and Africa.

Sitronics serves over 3,500 clients, maintains offices in 32
countries and exports its products and services to more than 60
countries.  Sitronics has over 11,000 employees of whom
approximately 4,500 are involved in research and development.

Sitronics' key Telecommunication Solutions operations are based in
Prague, Czech Republic and Athens, Greece, while the company's IT
Solutions and Microelectronic Solutions divisions are based in
Kiev, Ukraine and Zelenograd, Russia respectively.

Sitronics generated revenues of US$ 926.8 million for the six
months ended June 30, 2008 and had total assets of US$ 2.2 billion
at the end of the period.  Sitronicsis majority owned by Sistema,
the largest public diversified corporation in Russia and the CIS,
which manages fast growing companies operating in the consumer
services sector.

Sitronics has developed strategic alliances in its home markets
with Cisco Systems, STMicroelectronics, Infineon and Giesecke &
Devrient in relation to certain products and services.  Sitronics
has vendor relationships with Siemens, Ericsson, Motorola, ORACLE,
Intel, Sun Microsystems and Microsoft.  Key customers include
Sistema group companies, such as MTS, Comstar UTS and MTT, and
also OTE, Cosmote, Vodafone, Ericsson, Arcelor Mittal (formerly
Mittal Steel) and TCL.

                           About ZTE

ZTE Corporation -- http://www.zte.com.cn --is a leading global  
provider of telecommunications equipment and network solutions.
The ZTE product range is the most complete in the world - covering
virtually every sector of the wireline, wireless, service and
terminals markets.  The company delivers innovative, custom-made
products and services to customers in more than 135 countries,
helping them to achieve continued revenue growth and to shape the
future of the world's communications.  ZTE commits around 10% of
annual turnover to research and development and takes a leading
role in a wide range of international bodies developing emerging
telecoms standards.  It is the fastest growing telecoms equipment
company in the world, and is China's only listed telecoms
manufacturer, with shares publicly traded on both the Hong Kong
and Shenzhen Stock Exchanges.

                          *     *     *

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

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


* CHINA: Annual Industrial Output Hits Six-Year Low in August
-------------------------------------------------------------
China's annual industrial output grew 12.8% in the year to August,
the lowest in six years, from July's reading of 14.7% and market
forecasts of a 14.5% rise, dented by the temporary closure of
hundreds of factories for the Olympics, Reuters reports.

Economists, the report relates, blamed the government's clean air
drive that ordered polluting factories to close temporarily,
halting construction in the capital and imposing transport curbs.

"The substantial deceleration in August industrial production
growth was mainly the result of Olympic-related production
restrictions, and we expect growth to rebound to more normal
levels after these restrictions are lifted in late September,"
Reuters cited economists at Goldman Sachs as saying.

According to the report, statistics office's data said output of
cement, steel, iron and chemicals -- all industries that belch out
a lot of pollution -- slowed markedly last month.

However, economists said that the low foreign demands, and the
country's tight monetary policy and weak asset markets are also
attributable to the output decline, the report says.

"Overall, the economy will continue to decelerate in the next one
to two years, and exports and real estate investment will be the
main sources of weakness," Jun Ma, chief China economist at
Deutsche Bank in Hong Kong, was quoted by Reuters as saying.

Reuters says Deutsche is forecasting economic growth of 9% next
year, down from 10.4% in the first half of this year and 11.9% in
all of 2007, the fifth straight year of double-digit expansion.

Meanwhile, Reuters notes that retail sales grew 23.2% in the year
to August, just off July's record pace of 23.3% even though
inflation fell sharply last month and so should have dragged down
the headline figure.

Rising incomes, the report points out, are fuelling consumption.  
Urban incomes rose 14.4% in the first half from a year earlier, or
6.3% after inflation; rural cash incomes jumped 19.8%, or 10.3% in
real terms, Reuters adds.



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

APPLIED GOLD: Court to Hear Wind-Up Petition on October 22
----------------------------------------------------------
The High Court of Hong Kong will hear on October 22, 2008, at
9:30 a.m., a petition to have Applied Gold Corporation Limited's
operations wound up.

Chinese Estates (Harcourt House) Limited filed the petition
against the company on August 26, 2008.

Chinese Estates' solicitors are:

          S.Y. Wong & Co.
          The Center, Room 3108, 31st Floor
          99 Queen's Road Central
          Hong Kong


COME ELEMENT: Court to Hear Wind-Up Petition on October 22
----------------------------------------------------------
A petition to have Come Element Limited's operations wound up will
be heard before the High Court of Hong Kong on October 22, 2008,
at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on August 25, 2008.

Bank of China's solicitors are:

          Anthony Chiang & Partners
          Lippo Centre, 3903 Tower 2
          89 Queensway, Central
          Hong Kong


FRIGAID HK: Appoints Wong Tak Man Stephen as Liquidator
-------------------------------------------------------
On August 11, 2008, Wong Tak Man Stephen was appointed as
liquidator of Frigaid HK & Traders Limited in place of Stephen
Briscoe.

The company's Liquidator can be reached at:

          Wong Tak Man Stephen
          RSM Nelson Wheeler Corporate Advisory Limited
          Caroline Centre, 29th Floor
          Lee Gardens Two
          28 Yun Ping Road
          Hong Kong


IPMA TECHNOLOGIES: Court to Hear Wind-Up Petition on October 8
--------------------------------------------------------------
A petition to have IPMA Technologies International Limited's
operations wound up will be heard before the High Court of
Hong Kong on October 8, 2008, at 9:30 a.m.

Fang Xiu Zhu filed the petition against the company on July 28,
2008.


KITIME INDUSTRIES: Court to Hear Wind-Up Petition on October 22
---------------------------------------------------------------
A petition to have Kitime Industries Limited's operations wound up
will be heard before the High Court of Hong Kong on October 22,
2008, at 9:30 a.m.

The petitioner's solicitors are:

         Chris H.M. Yuen & Co.
         Wold-Wide House, Room 804B
         18 Des Voeux Road Central
         Hong Kong


MHK GLOBAL: Wind-Up Petition Hearing Set for October 15
-------------------------------------------------------
A petition to have MHK Global Resources Company Limited's
operations wound up will be heard before the High Court of Hong
Kong on October 15, 2008, at 9:30 a.m.

Lai Mei Lin filed the petition against the company on August 11,
2008.

Lai Mei's solicitors are:

          Messrs. C.W. Lau & Co.
          Tung Ning Building, Room 705B, 7th Floor
          249-253 Des Voeux Road Central
          Hong Kong


VILY STAR: Subject to Nan Fung's Wind-Up Petition
-------------------------------------------------
On August 15, 2008, Nan Fung Finance Limited filed a petition to
have Vily Star Investment Limited's operations wound up.

The petition will be heard before the High Court of Hong Kong on
October 22, 2008, at 9:30 a.m.

Nan Fung's solicitors are:

          Messrs. Peter C. Wong, Chow & Chow
          Admiralty Centre, Tower 1
          Room 2204, 22nd Floor
          No. 18 Harcourt Road
          Hong Kong
          Telephone: 2520 0383
          Facsimile: 2810 0280


WING CHI: Subject to Nan Fung's Wind-Up Petition
------------------------------------------------
On August 15, 2008, Nan Fung Finance Limited filed a petition to
have Wing Chi Engineering Limited's operations wound up.

The petition will be heard before the High Court of Hong Kong on
October 22, 2008, at 9:30 a.m.

Nan Fung's solicitors are:

         Messrs. Peter C. Wong, Chow & Chow
         Admiralty Centre, Tower 1
         Room 2204, 22nd Floor
         No. 18 Harcourt Road
         Hong Kong
         Telephone: 2520 0383
         Facsimile: 2810 0280


WING CHUEN: Members' Final Meeting Slated for October 6
-------------------------------------------------------
The members of Wing Chuen (Hong Kong) Company Limited will hold
their final meeting on October 6, 2008, at 10:00 a.m., at 30th
Floor, 99 Hennessy Road, in Wanchai, Hong Kong.

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



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

NIRU JEWELS: CARE Rates Rs. 33 Crore Bank Facilities at ‘BB+’
-------------------------------------------------------------
CARE assigned ‘CARE BB+’ (Double B Plus) rating to the long-term
bank facilities of Niru Jewels Private Limited aggregating Rs. 33
crore.  Instruments with this rating are considered to offer
moderate safety for timely servicing of debt obligations and carry
moderate credit risk.

The rating considers the track record of promoters and generation
of export revenues.  However, the rating is constrained by small
size of business which is closely held and family managed, high
dependence on few customers, uninsured receivables and
concentration of exports to few destinations.  The rating is
further constrained by high correlation of prospects of the
business with industry performance, declining trend in
profitability margins and long working capital cycle.

Further, strong competition from large number of players in
organized and unorganized sectors and economic slowdown in key
consumer markets are the key rating sensitivities.

Niru Jewels Private Limited (NJPL) was incorporated on Sep. 10,
2003 as a manufacturer of diamond studded jewellery.  Soon after
its incorporation, there was a labour strike in the factory which
totally halted the production.  Despite having orders in hand, due
to disruption on account of the strike, the company could not
commence production till FY06. It was in FY07 that the company
utilized its entire capacity.  The company is headed primarily by
Mr. Govardhan Vanani and his son Mr. Amit Vanani.  Both of them
have vast experience and in depth knowledge of diamond industry.  
As on March 31 2008, the company had two associate firms namely –
M/s Niru Impex which is into manufacturing of cut and polished
diamonds and M/s Niru Creations which is into manufacturing of
high end diamond studded jewellery. NJPL sources its diamond
requirements from its associate company, M/s. Niru Impex and also
from outside markets.  Since the jewellery is manufactured based
on order, the gold requirement is met backed by the orders.

The jewellery is exported predominantly to select few customers in
Hong Kong and USA.  During FY07, majority of sales were to USA
which contributed 93% of total sales.  Whereas in FY08 the
proportion of sales to USA declined considerably to 38% on account
of ongoing recession, however, sales to Hong Kong increased, which
contributed 55% of total revenues.  At present, the company has
negligible presence in other international markets.

During FY08, despite increase in total income by 8% to Rs. 126
crore, PBILDT declined by 33% to Rs.17crore. This was on account
of many factors viz. lower demand of jewellery in US markets due
to the recession, additional duty imposed by US government for
import on jewellery from India (w.e.f July1, 2007), rupee
appreciation and lower realizations from Hong Kong market.  
Interest cost increased by 24% and 20% Y-O-Y during FY07 and FY08
respectively on account of higher dependence on working capital
borrowings coupled with increase in interest rates of foreign
currency loans.  PAT witnessed a dip in FY08 by 47 % to Rs. 12
crore, on account of lower PBILDT along with increase in interest
cost.

As on March 31 2008, debt to equity and overall gearing ratios
improved marginally and stood at 0.02 times and 0.83 times
respectively on account of increase in tangible networth.  

Current ratio was 1.52x as on March 31 2008 as compared to 1.33x
as on March 31, 2007, on account of increase in receivables and
inventories. As on March 31 2008, receivables and inventories
comprised of 64% and 28% of total current assets whereas bank
borrowings formed 48% of total current liabilities.

As on March 31 2008, the receivables as percentage to sales
increased to 53% as compared to 26% as during the corresponding
previous year.  This resulted in increase in working capital cycle
and increase in credit terms due to recession in USA.  Thus, the
scenario of uninsured receivables, recession in global markets
coupled with small customer base of NJPL, increases the risk of
impact of bad debts on its business.


IFCI LTD: CARE Withdraws ‘CARE D’ Long & Medium Term Debt Rating
----------------------------------------------------------------
Credit Analysis & Research Ltd. has withdrawn ‘CARE D’ rating,
assigned to the Long & Medium Term Debt of IFCI Ltd with immediate
effect.  The withdrawal of the rating takes into account the
restructuring of the rated instruments at terms substantially
different from the original terms of the issue.

As reported in the Troubled Company Reporter-Asia Pacific on
April 3, 2007, CARE retained a CARE D rating to the Long & Medium
Term Debt aggregating INR91.36 crore.  The amount represents the
outstanding non-restructured amount under the Bonds series which
have been rated by CARE.

Instruments carrying this rating are judged to be of the lowest
category.  They are either in default or likely to be in default
soon.  IFCI has informed CARE that they have offered prepayment to
the investors who have non-restructured bonds.

IFCI Limited -- http://www.ifciltd.com/-- is established to   
cater the long-term finance needs of the industrial sector.  The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.  Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.
Non-project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project.  Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.


JASUBHAI JEWELLERS: CRISIL Rates Rs. 500 Mil. Facilities at ‘BB’
----------------------------------------------------------------
CRISIL has assigned its bank loan ratings of ‘BB/Stable/P4’ to the
various bank facilities of Jasubhai Jewellers Private Limited
(JJPL).

Rs.450.0 Million Cash Credit Limit   BB/Stable(Assigned)
Rs.72.5 Million Term Loan            BB/Stable(Assigned)
Rs.100.0 Million Proposed
    Short Term Bank Facility          P4(Assigned)

The ratings reflect JJPL’s weak financial risk profile and the
highly-competitive nature of the Ahmedabad jewellery market,
resulting in low operating margins.  These weaknesses are,
however, partly offset by the promoters’ long-standing experience
in the jewellery segment.

Outlook: Stable

JJPL has a weak financial risk profile, marked by high gearing
levels and low cash accruals.  The outlook may be revised to
‘Positive’ if improvements in margins and gearing result in an
improvement in JJPL’s financial risk profile.  Conversely,
deterioration in capital structure due to debt-funded capital
expenditure may result in a revision in outlook to ‘Negative’.

                          About JJPL

Incorporated in 2002 as CG Jewellers Pvt Ltd by Mr. Jasubhai Soni,
the company is engaged in export, and wholesale and retail of
jewellery.  Currently, the company has one showroom in the
Vastrapur area of Ahmedabad, and is in the process of setting up
another showroom in the city.  The company has its own
manufacturing set-up in Ahmedabad and Sachin SEZ, Gujarat.

For 2006-07 (refers to financial year, April 1 to March 31), JJPL
reported a profit after tax (PAT) of Rs.4.02 million on sales of
Rs.1223 million, as against a PAT of Rs.1.93 million on sales of
Rs. 1050 million for 2005-06.



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

PT BANK: Fitch Holds 'BB' Foreign Currency Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed PT Bank Internasional Indonesia Tbk's
Long-term foreign currency Issuer Default Rating at 'BB', Short-
term IDR at 'B', Individual rating at 'C/D', Support rating at '3'
and National Long-term rating at 'AA-(idn)'.  At the same time,
the rating on its US$ surbordinated debt has been affirmed at
'BB-'.  The Outlook for the long-term ratings remains Stable.

BII's Long-term foreign currency IDR is driven mainly by its
standalone financial profile as reflected in its Individual rating
of 'C/D', which in turn takes into account its satisfactory
profitability and balance sheet position.  This is notwithstanding
the current uncertainty over the outcome of the sale of Sorak
Financial Holdings' majority interest in BII to Malayan Banking
Berhad (Maybank, 'A-'/Rating Watch Evolving); although Fitch
believes that the current Support rating of '3', which reflects a
moderate probability of support, has factored in some level of
uncertainty about its ownership.  Beyond this, the agency believes
that there is also a likelihood of moderate state support for the
bank as BII is the eighth largest bank in Indonesia by assets.  
However, the situation will continue to be monitored and the
ratings may be reviewed again if necessary, taking note that the
sale agreement between Sorak and Maybank is due to expire on 26
September 2008.

BII's profitability as measured by ROA recovered to 1.2% of
average assets in H108 partly on account of lower provisions.  
Although income was bolstered by some one-off non-operating gains
in H108, there was also modest improvement in core operating
income due to stronger loan growth and higher interest margin -
some of which were offset by trading and revaluation losses on its
securities portfolio.  Total CAR declined to 18.6% at end-June
2008 but remained in line with internal CAR targets of 15-18%.  
According to Fitch calculations, consolidated provision cover
improved to 70.3% of consolidated NPLs at end-June 2008 while the
NPL ratio declined to 3.4% at end-June 2008 (2007: 3.6%).



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

* JAPAN: Economy Shrinks at 3% Annualized Pace in April-June Qtr.
-----------------------------------------------------------------
Japan's economy shrank at an annualized pace of 3% during the
April-June quarter, revising down an earlier estimate, Yuka
Hayashi of The Wall Street Journal reports.

The government, the report relates, had revised down its second-
quarter data for gross domestic product, the widest measure of the
nation's economic activity.  Japan said the most recent data
reflects a bigger-than expected decline in corporate capital
spending, the report notes.

On August 14, 2008, the Troubled Company Reporter - Asia Pacific,
citing  Agence France-Presse, reported that Japan's economy
contracted by 0.6% in the three months to June from the previous
quarter.  The Cabinet Office said the country's gross domestic
product shrank by 2.4 percent on an annualised basis, the first
contraction in one year.

WSJ says the contraction was the largest in nearly seven years and
follows two quarters of above-average growth.

According to TCR-AP, the slowing global economy took a heavy toll
on Japanese exports, which tumbled 2.3% in the second quarter.
Household spending fell 0.5% as soaring commodity and food
prices, coupled with sluggish wages, prompted consumers to
tighten their purse strings, the report said.

Economists, WSJ points out, say the economy could shrink again in
the third quarter, albeit at a more modest pace.  That would put
Japan in a recession, which is defined widely as two consecutive
quarters of GDP declines.

However, many economists also say they expect Japan will bounce
back from the current slowdown much more easily than in the past,
as many companies, particularly large corporations, are learner
and more efficient after years of restructuring, the report adds.



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

MAGNACHIP SEMICONDUCTOR: Sees US185-190MM Revenue in the 3rd Qtr.
-----------------------------------------------------------------
MagnaChip Semiconductor Ltd. updated its financial guidance for
the second half of 2008.

Based on customer forecasts and the status of design wins, the
company expects revenue for the third quarter of 2008 to be in the
range of US$185 million to US$190 million.

EBITDA for the third quarter of 2008 is expected to be in the
range of US$11 million to US$13 million.

The Company currently expects revenue for the fourth quarter of
2008 to be in the range of US$210 million to US$220 million.

Sang Park, Chairman and CEO of MagnaChip Semiconductor, commented,
"We have updated our guidance to reflect lower than expected
demand, as our customers continue to tighten their inventory
control due to the current uncertain economic environment.  In
spite of the challenging external markets, we are confident we can
meet our updated revenue ranges.  We continue to add new accounts
and to offer new products and services which we expect to
contribute to our revenue performance in future quarters."

Robert Krakauer, President and CFO of MagnaChip Semiconductor,
said, "In spite of the tough environment, our new product
development and operational execution continue to improve.  We
remain focused on improving profitability as a corporate priority.
Overall, we believe we are well-positioned for strong performance
throughout 2009."

                   About MagnaChip Semiconductor

Based in Korea, MagnaChip Semiconductor Limited--
http://www.magnachip.com/-- is a leading, Asia-based designer   
and manufacturer of analog and mixed-signal semiconductor
products for high volume consumer applications, such as mobile
phones, digital televisions, flat panel displays, notebook
computers, mobile multimedia devices and digital cameras.  The
Company has a broad range of analog and mixed-signal
semiconductor technology, supported by its 28-year operating
history, large portfolio of registered and pending patents and
extensive engineering and manufacturing process expertise.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Oct. 10,
2007, that Moody's Investors Service confirmed the B2 corporate
family rating of MagnaChip Semiconductor LLC.  At the same time,
Moody's confirmed the ratings of the debt issued by MagnaChip
Semiconductor Finance Co and MagnaChip Semiconductor S.A.,
including:

  1) B1 rating of the US$100 million five-year senior secured
     credit revolver

  2) B2 rating of the US$500 million aggregate floating and
     fixed-rate second-priority senior secured notes due 2011

  3) Caa1 rating of the US$250 million senior subordinated notes
     due 2014

On Feb. 13, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on MagnaChip to 'B' from 'B+'.  At the
same time, S&P lowered the rating on MagnaChip's senior
unsecured debt to 'B' from 'B+' and rating on its senior
subordinated notes due 2014 to 'CCC+' from 'B-'.


MIJU STEEL: Lowers Bond Swap Price to KRW720 Per Share
------------------------------------------------------
Miju Steel Co. Limited has adjusted the conversion price of its
21st convertible bonds to KRW720 from KRW855 per share, Reuters
reports.

Miju Steel Mfg Co. Ltd. -- http://www.mijusteel.com/-- is a   
Korea-based company engaged in the provision of steel pipes.  
The company produces under three products categories: electric
resistance welded (ERW) carbon steel pipes which are used for
water supply facilities, buildings, bridges, bicycles, telegraph
poles and hand rails; stainless steel pipes, which are used for
textile, chemical, paper, pharmaceutical, food and semiconductor
factories, and spirally-welded steel pipes, which are used for
foundation of buildings, bridges and harbors.  During the year
ended December 31, 2007, the company had a production capacity
of 301,200 tons of steel pipes and its actual output was 178,369
tons of steel pipes.  In 2007, stainless steel pipes, spirally-
welded steel pipes and ERW pipes accounted for approximately
39%, 33% and 25% of the Company’s total revenue, respectively.

                          *     *     *

The company continues to carry a B+ (Stable) rating placed by
Korea Ratings on June 10, 2008.



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

BSA INTERNATIONAL: Receives Writ of Summon From HSBC Bank
---------------------------------------------------------
Pursuant to Practice Note No. 1/2001 of the Listing Requirements
of Bursa Malaysia Securities Berhad, BSA International Berhad
disclosed that the company was served with a writ of summon by
HSBC Bank Malaysia Berhad in relation to the Term Loan facilities
granted to BSA Manufacturing Sdn Bhd (BSAM) and CAM Component
Alloy Manufacturing Sdn Bhd (CAM), the wholly owned subsidiaries
of the company on the basis that it has provided Letters of
Awareness to the Bank for the facilities granted:

   -- MYR5,095,330.54 being the principal and interest overdue
      under the Term Loan Facility and MYR73,184.71 being the
      accrued interest on various past due bills under the
      Combined Import/Export Line Facility granted to BSAM; and

   -- MYR5,100,847.01 being the principal and interest overdue
      under the Term Loan Facility and MYR84,750.34 being the
      accrued interest on various past due bills under the
      Combined Import/Export Line Facility granted to CAM.

BSAM and CAM constitute the major subsidiaries of the company due
to its 100% ownership.

There is no additional financial and operational impact of the
writ of summon on BSA Group as the company has announced that it
has defaulted in payments under Practice Note No. 1/2001 of the
Listing Requirements of Bursa Malaysia Securities Berhad on
June 2, 2008, and triggered the requirement under Practice Note
No. 17/2005 of the Listing Requirements of Bursa Malaysia on
June 9, 2008.  The Company has until February 8, 2009, to submit a
Regularization Plan to the relevant authorities for approval.

BSA International Berhad is a Malaysia-based investment holding
company.  The company operates in two business segments:
manufacturing, which is engaged in manufacturing of alloy wheels
and related accessories, and trading, which is engaged in
trading of alloy wheels, tires and related accessories.  Other
business segments include investment holding, provision of
services and promotion of motor sport events.  The company's
subsidiaries include BSA International (Labuan) Plc., CAM
International Limited, BS Automotive (M) Sdn. Bhd., BSA
Motorsports Sdn. Bhd., CAM Automotive Inc., PT CAM Automotive
and BSA Racing Team Sdn. Bhd.


BSA INTERNATIONAL: Receives Demand of Payment From AmBank
---------------------------------------------------------
In a filing with the Bursa Stock Exchange, BSA International
Berhad disclosed it has been served with Notices by AmBank (M)
Berhad, pursuant to Section 218 of the Companies Act, 1965, which
were served against BSA Manufacturing Sdn Bhd (BSAM), BS
Automotive (M) Sdn Bhd (BS Auto) and Silver Dove Sdn Bhd (SD), the
wholly owned subsidiaries of the company for claims in relation to
banking facilities granted by AmBank to its subsidiaries:

   -- total sum of MYR8,919,618.58 utilized by BSAM under the
      Banker Acceptance, Packing Credit Advance and Overdraft
      facilities together with interest accruing thereon;

   -- total sum of MYR2,298,451.71 utilized by BS Auto under the
      Banker Acceptance, Trust Receipt and Overdraft facilities
      together with interest accruing thereon; and

   -- total sum of MYR3,152,476.02 utilized by SD under the Banker
      Acceptance and Overdraft facilities together with interest
      accruing thereon.

BSAM, BS Auto and SD constitute the major subsidiaries of the
company due to its 100% ownership.

There is no additional financial and operational impact of the
writ of summon on BSA Group as the company has announced that it
has defaulted in payments under Practice Note No. 1/2001 of the
Listing Requirements of Bursa Malaysia Securities Berhad on
June 2, 2008 and triggered the requirement under the Amended
Practice Note No. 17/2005 of the Listing Requirements of Bursa
Malaysia on June 9, 2008.  The company has until February 8, 2009,
to submit a Regularization Plan to the relevant authorities for
approval.

BSA International Berhad is a Malaysia-based investment holding
company.  The company operates in two business segments:
manufacturing, which is engaged in manufacturing of alloy wheels
and related accessories, and trading, which is engaged in
trading of alloy wheels, tires and related accessories.  Other
business segments include investment holding, provision of
services and promotion of motor sport events.  The company's
subsidiaries include BSA International (Labuan) Plc., CAM
International Limited, BS Automotive (M) Sdn. Bhd., BSA
Motorsports Sdn. Bhd., CAM Automotive Inc., PT CAM Automotive
and BSA Racing Team Sdn. Bhd.


NIKKO ELECTRONICS: GP Battery Demands US$61,616 Payment
-------------------------------------------------------
Nikko Electronics Bhd. disclosed that on September 11, 2008, a
notice pursuant to Section 218 of the Companies Act 1965 has been
served on Nikko by Christina Chia Ng & Partners, Advocates &
Solicitors acting for GP Battery Marketing (S) Pte Ltd, demanding
the payment of US$61,616.53 being monies due and owing to them as
at July 31, 2008.

Nikko is given 21 days from the date of receipt of the notice to
settle the said outstanding debts, failing which, winding up
proceedings will be taken against the company.

Nikko is seeking the necessary legal advice to resolve this
matter.

                          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.


TECHVENTURE BERHAD: Owes Maybank MYR32,058,524 of Debts
-------------------------------------------------------
In a filing with the Bursa Stock Exchange, Techventure Bhd
disclosed that Malayan Banking Berhad has served a summons and a
statement of claim on the company for an amount of MYR32,058,524
in respect of a loan owed by the company to Maybank.

The loan from Maybank is part of the total debts owed by the
company and its subsidiaries that are being restructured under a
proposed restructuring scheme submitted to the Securities
Commission whose decision is being awaited.

The company has referred the summons and claim to its solicitors
who are considering the matter in consultation and will approach
Maybank to resolve the matter.

                     About Techventure Berhad

Techventure Berhad is based in Selangor, Malaysia. Apart from
being a corrugated cartons manufacturer, the Group is also
involved in the production of rubber insulation materials and
roto-molded plastic products like septic tanks, playground
equipment, traffic barriers, and water tanks. It markets its
entire corrugated cartons and plastic products locally while
about 80% of the rubber insulation materials are exported. In
addition, the Group also manufactures ice cream.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on May 10,
2006, that Bursa Malaysia Securities Berhad identified
Techventure Berhad as an affected listed issuer having triggered
two of the criteria of the Amended Practice Note 17 category.

The company fell under the category because:

-- the auditors have expressed a modified opinion with
    emphasis on Techven's going concern status in the latest
    audited accounts for the financial year ended Dec. 31, 2005,
    and

-- there are defaults in payment by Techven and its major
    subsidiaries as announced pursuant to Practice Note
    No. 1 and Techven is unable to provide a solvency
    declaration to Bursa Malaysia Securities Berhad.


WONDERFUL WIRE: MDV Demands Payment of MYR1.29 Million
------------------------------------------------------
Wonderful Wire & Cable Berhad disclosed that it has been served
with a notice by Messrs. Cheah Teh & Su acting for Malaysia Debt
Ventures Bhd (MDV), demanding the payment of MYR1,292,216.86 being
the principal sum, accrued and default interests, and costs owed
to MDV as at September 3, 2008.

WWC is given 21 days from the receipt of the Notice to settle the
outstanding debts, failing which, a wind-up petition may be filed
against the company.

WWC is seeking the necessary legal advice to resolve this matter.

                      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
====================

A2 CORPORATION: Special Meeting Set on September 26
---------------------------------------------------
A2 Corporation Limited has sent to shareholders a Notice of
Special Meeting to be held at 3:00 p.m. on Sept. 26, immediately
following the company's Annual Meeting on the same day.

The Special Meeting has been called to consider and if appropriate
ratify the recent placements of new shares to Child Health
Research Foundation (CHRF) and AMP Capital Investors.

Shareholders have also been asked to approve a placement of
50,000,000 new shares in the company at an issue price of 10 cents
per share to an investment fund associated with the Chicago-based
Equity Group Investments, LLC.  The placement to EGI-Fund (08-10)
Investors, LLC (EGI) will raise gross proceeds of NZ$5.0 million.

Cliff Cook, Chairman of A2 Corporation said "We are delighted to
be in a position to put to shareholders these resolutions relating
to the commitments being made by various leading organizations.  
As a result of the recently completed rights issue, the placement
to AMP Capital Investors and other NZ based institutional
investors, and the proposed placement to EGI, A2 will be in a very
strong financial position to take the business forward.  The funds
raised will ensure the company can take advantage of the
opportunities in front of it without a requirement to return to
minority shareholders for further capital."

Mountain Road Investments Limited(48.08% shareholder in the
company)is entitled to vote and has indicated it will vote in
favour of the resolutions.  None of AMP Capital Investors, CHRF or
EGI is associated with Mountain Road.

                       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 incurred three consecutive net losses of NZ$6.3
million, NZ$5.08 million and NZ$448,800 for the years ended
March 31, 2008, 2007 and 2006, respectively.


ALUMINIUM WINDOW: Shareholders Opt to Liquidate Business
--------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Aluminium Window Solutions Limited resolved that
the company be liquidated and that Stephen Mark Lawrence and
Anthony John McCullagh, insolvency practitioners of Horwath
Corporate (Auckland) Limited, be appointed as liquidators.

Creditors are required to file their proofs of debt by Sept. 22,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

         Attn: Chris McCullagh
         Horwath Corporate (Auckland) Limited
         PO Box 3678, Auckland 1140
         Telephone: (09) 306 7424
         Facsimile: (09) 302 0536


BPS AUTOS: Proofs of Debt Due on September 30
---------------------------------------------
In accordance with section 241 of the Companies Act 1993, the
shareholder of BPS Autos Limited, fka Wholesale Autos Limited,
appointed Iain McLennan, insolvency practitioner of Auckland, as
liquidator on Aug. 18, 2008.

The liquidator sets Sept. 30, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          McLennan Associates
          Insolvency Advisers
          Level 4
          143 Nelson Street, Auckland 1010
          Telephone: (09) 303 9512
          Facsimile: (09) 303 0508


BRIDGECORP LTD: Two Directors Face New Charges
----------------------------------------------
New and more serious Securities Act charges have been laid against
Bridgecorp Ltd executive directors Rodney Petricevic and Robert
Roest, the Securities Commission said in a statement.

These additional charges arise from claims in the Bridgecorp
prospectus about the company's record of making payments to
investors.  They carry a maximum penalty of 5 years imprisonment
or fines of up to NZ$300,000.

The charges have been laid by the Companies Office at the request
of the Securities Commission, following further investigations
into statements in the prospectus.

The charges are laid under section 58 of the Securities Act.  This
makes it an offence to distribute a prospectus containing an
untrue statement. The prosecution relates to claims in the
company's prospectus that it had never missed an interest or
principal payment.  The charges allege that the company missed
many payments from February 2007 until it was placed in
receivership in July 2007, but continued to claim to the contrary
in its prospectus. Those claims are also the subject of other
Securities Act charges relating to the allotment of securities
laid in June this year.

The Commission, the Companies Office and the Serious Fraud Office
are continuing their enquiries into Bridgecorp and other finance
companies.

As reported in the Troubled Company Reporter-Asia Pacific on
June 25, 2008, citing New Zealand Herald, the Registrar of
Companies' National Enforcement Unit is carrying out the
prosecution of Messrs. Petricevic and Roest, who are
facing charges under the Securities Act and the Companies Act.

Particularly, the report said, they are charged with making a
false statement to the trustee for the debenture holders when
they signed a directors' certificate on April 30, 2007.

                  About Bridgecorp Ltd

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


CHOOK'S BAR: Proofs of Debt Due on September 20
-----------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Chook’s Bar Ltd resolved that the company be
liquidated and that Grant Bruce Reynolds, be appointed as
liquidator.

Creditors are required to file their proofs of debt by Sept. 20,
2008, to be included in the company's dividend distribution.

The Liquidator can be reached at:

          Grant Bruce Reynolds
          Reynolds and Associates Limited
          PO Box 259059
          Greenmount, Auckland
          Telephone: (09) 526 0743
          Facsimile: (09) 526 0748


DOMINION FINANCE: Under Securities Commission Inquiries
-------------------------------------------------------
Dominion Finance Holdings Limited disclosed in a regulatory filing
that in June 2008, in response to media inquiries, NZX Regulation
commented publicly that it was undertaking a review of Dominion
Finance Holdings Limited's compliance with its continuous
disclosure obligations.  

This was not unexpected, the company said, given the decline in
DFH's share price over the last few months, in particular
following DFH's announcement it wished to pro actively explore a
moratorium for its two operating subsidiaries.

DFH said the NZX Regulation closed its file on July 14, 2008, and
has referred the matter to the Securities Commission.  DFH intends
to fully co-operate with any inquiries the Securities Commission
chooses to undertake.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 11, 2008, the company's trustee Perpetual Trust Limited has
appointed Rodney Gane Pardington and Barry Phillip Jordan, both
Chartered Accountants of Deloitte, as receivers and managers of
Dominion Finance Group, rather than allow DFG to put its
moratorium proposal to DFG stockholders for approval.

Covenant Trustee Company Limited, the trustee for North South
Finance Limited (NSF), has not appointed a receiver at this time
and the directors' expectation is that Covenant will not do so.
NSF has provided Covenant with all terms of the moratorium for
NSF, and are working constructively with Covenant with a view to
finalising disclosure documents and holding a stockholder meeting
in late September/early October.

                    About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited (DFH:NZX) -- http://www.dominionfinance.co.nz/--engages
in the provision of financial services through the raising of
debenture stock.  The company operates through its wholly owned
subsidiaries Dominion Finance Group Limited and North South
Finance Limited, and investment vehicle Dominion Investment Fund
Limited.  Both Dominion Finance Group Limited and North South
Finance Limited accept debenture stock investments and apply
them (in conjunction with its own funds) towards the provision
of certain loans and other financial accommodation.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 25, 2008, the company's Board entered into discussions with
bankers, auditors, and Trustee's of DFG and NSFL respectively,
with a view to exploring the prospect of those two companies
entering into a Moratorium with their respective debentureholders.

Under the prospective moratorium, DFG and NSFL would seek the
suspension of the obligation to make payments to debentureholders
for a yet to be determined period of time with a view to enabling
those companies the opportunity to restructure in order to
alleviate the liquidity pressures and ensure the maximum
realization of investor's investment in DFG and NSFL.


EVEREST FASHIONS: Shareholders Placed Company Under Liquidation
---------------------------------------------------------------
Pursuant to Section 255 (2)(a) of the Companies Act 1993, the
shareholders of Everest Fashions Limited placed the company under
liquidation and appointed Roderick T. McKenzie and Lyn M. Carey,
of McKenzie & Partners Limited, Chartered Accountants, Palmerston
North, as liquidators.

Creditors are required to file their proofs of debt by Sept. 20,
2008, to be included in the company's dividend distribution.

The liquidators can be reached at:

          McKenzie & Partners Limited
          Level 1
          484 Main Street (PO Box 12014)
          Palmerston North
          Telephone: (06) 354 9639
          Facsimile: (06) 356 2028


INDUSTRIAL SERVICES: Wind-Up Petition Hearing Set for September 26
------------------------------------------------------------------
The High Court at Auckland will hold a hearing on Sept. 26, 2008,
at 10:05 a.m., to consider putting Industrial Services
Christchurch Limited into liquidation.

The application was filed on May 23, 2008, by Kelford Engineering
Services Limited.  

The plaintiff's address for service is at:

          Lane Neave
          Lawyers
          Level 15
          PricewaterhouseCoopers Centre
          119 Armagh Street (PO Box 13149)
          Christchurch

S. W. Rollo is the plaintiff’s solicitor.


JAPANESE PERFORMANCE: Proofs of Debt Due on September 23
--------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Japanese Performance Limited resolved that the
company be liquidated and that Gregory John Sherriff, insolvency
specialist, and David Stuart Vance, chartered accountant, be
appointed as liquidators.

Creditors are required to file their proofs of debt by Sept. 23,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Logan Nicholls
          Levels 11-16
          Deloitte House
          10 Brandon Street,Wellington
          Telephone: (04) 472 1677
          Facsimile: (04) 472 8023


LAND DEVELOPMENT: Wind-Up Petition Hearing Set for September 24
---------------------------------------------------------------
The High Court at Auckland will hold a hearing on Sept. 24, 2008,
at 10:45 a.m., to consider putting Land Development Solutions
Limited into liquidation.

The application was filed on June 5, 2008, by  The 3 Fellaz
Company Limited.

The plaintiff's address for service is at:

          c/o Thomson Wilson
          PO Box 1042 or DX AP 24512
          Whangarei

G. J. Mathias is the plaintiff’s solicitor.


LANDMARK BUILDERS: Proofs of Debt Due on September 22
-----------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of  Landmark Builders Limited resolved that the
company be liquidated and that Gregory John Sherriff, insolvency
specialist, and David Stuart Vance, chartered accountant, be
appointed as liquidators.

Creditors are required to file their proofs of debt by Sept. 22,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Logan Nicholls
          Levels 11-16
          Deloitte House
          10 Brandon Street,Wellington
          Telephone: (04) 472 1677
          Facsimile: (04) 472 8023


NATIONAL FINANCE: Liquidators Set September 19 as Claims Bar Date
-----------------------------------------------------------------
The High Court has appointed Bernard Spencer Montgomerie and
Stuart James Cunningham, insolvency practitioners of Auckland, as
liquidators of National Finance 2000 Limited.

Creditors are required to file their proofs of debt by Sept. 19,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Montgomerie & Associates
          Insolvency Practitioners
          PO Box 65
          Auckland 1140
          Telephone: (09) 368 7672
          Facsimile: (09) 307 0174
          Email: bsm@montgomerie.co.nz


* NEW ZEALAND: Motor Vehicles and Supermarkets Curb Retail Sales
----------------------------------------------------------------
Seasonally adjusted total retail sales fell 0.8 percent (NZ$44
million) in July 2008 following a rise of 1.0 percent in June
2008, Statistics New Zealand said.  Core retailing (which excludes
the four vehicle-related industries) fell 0.2 percent (NZ$8
million).

Leading the decrease in July's sales were motor vehicle retailing,
down 5.3 percent (NZ$32 million) and supermarket and grocery
stores, down 2.0 percent (NZ$24 million).

Industries that had the largest sales increases were clothing and
softgoods retailing, up 9.0 percent (NZ$18 million), and
department stores, up 5.9 percent (NZ$18 million).

Half of the 24 retail industries had modest sales movements,
increasing or decreasing by no more than $4 million.

The total retail sales trend has been flat since December 2007.

Among the regions, decreases were recorded in Auckland, Waikato,
Wellington, and the remainder of the North Island. Canterbury and
the remainder of the South Island had increased sales.



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

* PHILIPPINES: Debt Up by 0.9% to Php3.964 Trillion as of End June
------------------------------------------------------------------
As of June 2008, the National Government debt increased by 0.9 %
from the May 2008 level.  Total outstanding debt stood at Php3.964
trillion of which, Php1.661 trillion or 42% is owed to foreign
creditors and PhpP2.303 trillion or 58% to domestic creditors,
data from Bureau of the Treasury shows.

The increase in domestic debt of Php6 billion or 0.3% from the
recorded end May 2008 level was due to the net issues incurred by
the government.  The increase in the government's foreign debt of
Php31 billion or 1.9% from the level as of end May 2008 was due to
the Php2 billion depreciation of the third currencies against the
US dollar and Php32 billion depreciation of the peso against the
US dollar.  However, this was partially offset by the Php3 billion
net repayments.

On the other hand, the contingent debt of the government, composed
mainly of guarantees issued by the government, decreased to
Php524 billion, lower by Php2 billion or 0.4% from end May 2008
level of Php526 billion.  The decline was attributed to the
foreign contingent debt due to the combined effects of the
Php8 billion prepayment of NPC JBIC loans, Php3 billion net
repayments and Php9 billion depreciation of the peso against the
US dollar.



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


BEST MARINE: Commences Liquidation Proceedings
----------------------------------------------
Best Marine Shipping Management Pte Ltd commenced liquidation
proceedings on August 29, 2008.

Singapore Food Industries Limited filed the petition against the
company.

The company's liquidator is:

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


CETRAA PTE: Court Enters Wind-Up Order
--------------------------------------
On August 22, 2008, the High Court of Singapore entered an order
to have Cetraa Pte Ltd.'s operations wound up.

Thu Mmel, Schu Tze & Partners LLP filed the petition against the
company.

Cetraa's liquidator is:

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


FOREX SYSTEM: Court Enters Wind-Up Order
----------------------------------------
On August 22, 2008, the High Court of Singapore entered an order
to have Forex System Selector Pte Ltd's operations wound up.

EQ Management (Singapore) Pte Ltd filed the petition against the
company on August 22, 2008.

Forex System's liquidator is:

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


HOSPITALITYBEX PTE: Creditors' Proofs of Debt Due on October 6
--------------------------------------------------------------
Hospitalitybex Pte Ltd, which is in voluntary wind-up, requires
its creditors to file their proofs of debt by October 6, 2008, to
be included in the company's dividend distribution.

The company's liquidators are:

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

                         *********

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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