TCRAP_Public/080916.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, September 16, 2008, Vol. 11, No. 184

                            Headlines

A U S T R A L I A

ASSET LOANS: Collapse Exposes Financial Services Licensing Flaws
AUSTRALON ENTERPRISES: Members' Final Meeting Set for September 30
BABCOCK & BROWN: Former CEO Phil Green Resigns as Director
CENTRO PROPERTIES: Buyer Abandons Pact to Buy U.S. Assets
FIRST MERCHANT: Members and Creditors to Meet on September 26

HIH INSURANCE: Former Tax Counsel's Disqualification Overturned
HIH INSURANCE: Liquidator to Launch Legal Bid in U.S. Court
MEMA DEVELOPMENTS: To Declare Dividend on September 26
MERRYVILLE ESTATES: Joint Meeting Set for September 23
MILKIRK INVESTMENT: Members' Final Meeting Set for September 22

NEW SIMBIOSI: Members and Creditors to Meet on September 25
PURCHASE INVESTMENT: Members' Final Meeting Set for September 22
SNOWGUM CONSTRUCTIONS: Members' Meeting Slated for September 29
SST & B PTY: To Declare Dividend on September 26
WINDSOR MOTORS: Members Opt to Liquidate Business


C H I N A

GREENTOWN CHINA: S&P Revises Outlook, Lowers Bond Ratings to B+
* CHINA: Textile Sector Investment Slows Down in First 7 Months


H O N G K O N G

BROADSPECTRUM ASIA: Appoints Yan and Haughey as Liquidators
E-FORCE: Guey and Bun Cease to Act as Liquidators
EVERTRADE INTERNATIONAL: Subject to Wan Shing's Wind-Up Petition
GOLDSCHMIDT PACIFIC: Members' Final Meeting Slated for October 13
GREAT CHINA: Court to Hear Wind-Up Petition on October 29

H2 HONG KONG: Seng and Lo Cease to Act as Liquidators
HIH UNDERWRITING: Annual Meetings Slated for October 15
INFINITE LOGISTICS: Wind-Up Petition Hearing Set for October 8
LONG WINNER: Placed Under Voluntary Liquidation
WEALTHY TIME: Court to Hear Wind-Up Petition on October 15


I N D I A

DYANOPASAK URBAN: Insolvency Prompts RBI to Cancel License
SAHARA INDIA: Voluntarily Exits Non-banking Finance Business
VEDANTA RESOURCES: S&P Shifts Outlook to Stable, Holds BB Ratings
* INDIA: High Loan Rates Spur Car Sales Decline


I N D O N E S I A

BANK MANDIRI: Swelling Fund Costs Cue 75% Raise in Lending Rate
PERUSAHAAN LISTRIK: Won't Raise Electricity Tariffs Until 2009
PT INDOSAT: Fitch Holds 'BB-' LT Foreign & Local Currency Ratings
* INDONESIA: Domestic Garment Sales Down 27% in 1st Half of 2008


J A P A N

ELPIDA MEMORY: S&P Shifts BB- Corp. Credit Rating Outlook to Neg.
* S&P Issues Japan Housing Finance RMBS Notes Performance Report


M A L A Y S I A

SUNWAY INFRASTRUCTURE: Bourse Grants Until Jan. 27 to Submit Plan


N E W  Z E A L A N D

BEST COMPANIES: Proofs of Debt Due September 30
BNR FOUNDATION: Proofs of Debt Due September 30
CUTWELL CONCRETE: Commences Liquidation Proceedings
E & R TRADING: Liquidator Sets September 25 as Claims Bar Date
EASTERN HIFI: Posts NZ$569,091 Net Loss in 2008 First Half

HAMILTON TRANSPORT: Liquidator Sets Sept. 26 as Claims Bar Date
INVESTOR CENTRE: Proofs of Debt Due September 30
KENSINGTON PARK: Placed In Receivership
LUDLOW INVESTMENTS: Wind-Up Petition Hearing Set for September 22
MONZA-ZEN: Proofs of Debt Due September 25

NFS GROUP: Proofs of Debt Due September 30
SAI CONSTRUCTION: Liquidators Set September 24 as Claims Bar Date
* NEW ZEALAND: Service Sector Activity Continues to Contract
* NEW ZEALAND: Meat and Dairy Pull Manufacturing Sales Down


P H I L I P P I N E S

G7 BANK: Claims to be Paid by PDIC Through Php3BB Loan from BSP
ISLAND INFORMATION: To Raise Money to Buy Depot Business Stake


S I N G A P O R E

CHESO INTERNATIONAL: Requires Creditors to File Claims by Oct. 6
TONG HUP: Creditors' Proofs of Debt Due September 19
XIN XIANG: Court to Hear Wind-Up Petition on September 19
YEN KEE: Court Enters Wind-Up Order

                         - - - - -

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

ASSET LOANS: Collapse Exposes Financial Services Licensing Flaws
-----------------------------------------------------------------
Anthony Klan of The Australian reports that Asset Loans Limited's
collapse has exposed huge flaws in the procedures used by  
corporate regulator Australian Securities and Investments
Commission in issuing financial services licenses.

According to the report, ASIC in October last year issued Asset
Life, a subsidiary of Asset Loans, with a fund raising license,
just weeks after the group's auditor, KPMG, raised concerns that
the group could collapse.

Asset Life, the report relates, was provided that license despite
KPMG warning there was "inherent uncertainty" about Asset Loans'
ability to continue as a going concern.

According to the Australian, when reviewing a company applying for
a financial services license, ASIC only examines the financial
position of the individual company applying for the license -- not
the solvency of any parent companies behind it.

The flaw in ASIC's licensing procedures raises major concerns
because it allows struggling companies to continue to raise funds
from investors under newly created subsidiaries, the report notes.

"What's the point of requiring fund raising companies to obtain
licenses if ASIC just simply hands them out to companies that are
in financial difficulty?" the report quotes consumer advocate
Denise Brailey as saying.

As report in the Troubled Company Reporter-Asia Pacific on
Sept. 11, 2008, Asset Loans has appointed John Greig and Richard
Hughes of Deloitte Touche Tohmatsu as voluntary administrators of
the company.

The company said it will be unable to meet requests for redemption
of notes due later this week as a result of delays in the
completion of the contractual arrangements relating to the Bowen
marine development and other sales not completing when expected
because of the purchasers financing difficulties.

                       About Asset Loans

Based in Australia, Asset Loans Limited (ASX:ASQ) --
http://www.assetloanco.com -- provides short-term, high-interest
mortgage loans.  The company's subsidiaries include Asset Loan
Investments Pty Ltd, Asset Life Pty Ltd (formerly Huntington
Mercantile Pty Ltd), Instant Business Loans Pty Ltd, Gallipoli
Developments Pty Ltd, Hervey Bay Marina Motel Pty Ltd and Asset
Loan Developments Pty Ltd.


AUSTRALON ENTERPRISES: Members' Final Meeting Set for September 30
------------------------------------------------------------------
John W. Woods, Australon Enterprises Pty Ltd's appointed estate
liquidator, will meet with the company's members on Sept. 30,
2008, at 12:00 p.m. to provide them with property disposal and
winding-up reports.  The meeting will be held at Davey Street,
Hobart, in Tasmania.


BABCOCK & BROWN: Former CEO Phil Green Resigns as Director
----------------------------------------------------------
Phil Green, former CEO of Babcock & Brown Ltd, has resigned as
director of the company effective Sept. 13, 2008.

Chairman, Elizabeth Nosworthy said, "After stepping down as CEO
and Managing Director of the company, [Mr. Green] has decided that
the transition from Chief Executive and Managing Director to a
Director role was a difficult move for him to make and not in the
best interests of the company from a corporate governance
perspective or his own personal position.  He has therefore chosen
to resign from the Board."

"The Board and Senior Management team are focusing on the
strategic review and the execution on the initiatives announced on
Aug. 21, 2008, with the company's interim result.  [Mr. Green]
will be available to assist with this process if required" Ms.
Nosworthy said.

                   About Babcock & Brown Ltd

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- creates, syndicates  
and manages investment products for itself, as a principal, and
its investor clients; management of specialised listed and
unlisted funds, and advising and arranging leasing, project
financing and structured finance transactions.  It has five
segments: real estate, which engages in principal investment and
investment management activities in the real estate sector;
infrastructure, which engages in financial advisory, principal
finance and funds management activities in the infrastructure and
project finance sector; corporate and structured finance, which is
engaged in the origination, structuring and participation in and
management of equity and debt investments, and operating leasing,
which is engaged in asset acquisition and syndication, and ongoing
management of portfolios of aircraft, railcars and semi-
conductor equipment.  In October 2007, it acquired Bluewater.
In November 2007, it acquired Coinmach Service Corp.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 25, 2008, Standard & Poor's Ratings Services affirmed its
'BB+/B' ratings on Babcock & Brown International Pty Ltd.
(BBIPL) following the announcements by the company's parent',
Babcock & Brown Limited (B&B Ltd., not rated), of a 30% fall in
group net profit for the half-year to June 30, 2008, against
half-year to June 30, 2007, and replacement of selected senior
management.  The rating outlook is stable.


CENTRO PROPERTIES: Buyer Abandons Pact to Buy U.S. Assets
---------------------------------------------------------
Centro Properties Group disclosed that a due diligence period
relating to an agreement to sell its 29 properties in the Centro
America Fund has expired.  The purchaser has elected to terminate
the agreement.

Notwithstanding termination of the agreement, discussions between
Centro and the purchaser are continuing.  No assurance can be
given that those discussions will result in the parties entering
into a further agreement for sale or as to the terms of any
further agreement.

As reported in the Troubled Company Reporter-Asia Pacific on
July 16, 2008, Centro Properties Group said that it has entered
into an agreement to sell 29 of the 31 properties in the Centro
America Fund, a wholesale fund managed by the Centro group, to a
private real estate investment advisor.  Centro's direct interest
in Centro America Fund is 46.65%, excluding Centro's holding in
the Centro Direct Property Funds.

The 29 properties aggregate 5.1 million square feet and span 15
states.  The agreement excludes Centro America Fund's partial
share of Independence Mall, located in Wilmington, North
Carolina, and Elk Park Center, located in Elk River, Minnesota,
which will continue to be held by the fund.  In connection with
the sale, Centro will provide management and leasing services
for the 29 assets for a minimum of one year in exchange for
market fees.

The contract price of US$714 million represents a 10% discount
to previous book value.  Centro had expected to use the net
proceeds to pay down outstanding indebtedness.  The agreement has
been approved by Centro America Fund's investors and was subject
to certain closing conditions, including a due diligence period
and lender consent.

Settlement was originally scheduled to occur in late September to
October 2008.

                   About Centro Properties

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

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

                          *     *     *

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


FIRST MERCHANT: Members and Creditors to Meet on September 26
-------------------------------------------------------------
First Merchant Group (Australia) Pty Limited will hold a meeting
with its members and creditors at 10:00 a.m., on Sept. 26, 2008.  
During the meeting, the company's liquidator, P. Ngan, will
provide the attendees with property disposal and winding-up
reports.  

The liquidator can be reached at:

          P. Ngan  
          Ngan & Co
          Level 5, 49 Market Street
          Sydney NSW 2000


HIH INSURANCE: Former Tax Counsel's Disqualification Overturned
---------------------------------------------------------------
The Administrative Appeals Tribunal (AAT)has overturned the
disqualification of Paul Mario Abela, former group tax counsel of
HIH Insurance Limited, from being or acting as the holder of a
senior insurance role, the industry reports.

The report recounts that in April 2006, the Australian Prudential
Regulation Authority (APRA) found that Mr. Abela was responsible
for reviewing HIH returns to APRA and did not follow the
requirements set out in the Insurance Act 1973.

According to the report, the AAT accepted the opinion of Mr. Abela
that he has no intention of acting as a senior manager in an
insurance company and therefore should not bear the stigma
associated with such a disqualification.

The Australian Prudential Regulation Authority (APRA) is the
prudential regulator of the financial services industry.

                      About HIH Insurance

HIH Insurance Limited was a publicly listed company in
Australia.  Prior to its collapse in 2001, the HIH Group was the
second largest general insurer in Australia and had operations
in many other countries.

On March 15, 2001, HIH Insurance Limited and a number of its
subsidiaries were placed into provisional liquidation.
Subsequently, on Aug. 27, 2001, the companies that were in
provisional liquidation were placed into liquidation.

Schemes of Arrangement are now in place for eight of those
companies.  The eight licensed insurance companies within the
group were placed into Schemes of Arrangement in Australia  on
May 30, 2006.  Four of these companies were also placed into
Schemes of Arrangement in the UK on June 13, 2006.

The Scheme Administrators have made initial payments to certain
creditors and will make further payments over the coming years,
HIH said on its Web site.


HIH INSURANCE: Liquidator to Launch Legal Bid in U.S. Court
-----------------------------------------------------------
HIH Insurance liquidator Tony McGrath will this week launch a
legal bid in the New York Bankruptcy court to obtain an injunction
aimed at bringing back to Australia about AU$40 million of the
money owed to the company's creditors, most of whom are in
Australia, Andrew Main of The Australian reports.

According to the report, this week's bid is an attempt to make
permanent an injunction preventing US-based creditors of the
failed insurer from grabbing assets that should be divided more
equally, but the overall intention is to have US courts approve a
scheme of arrangement similar to the ones already operating in
Australia and in the Britain, to enable orderly repayment of
creditors.

The Australian relates that the judge who will preside the case is
Hon. Arthur Gonzales.  Hon. Gonzales has been involved in billions
of dollars' worth of creditor claims against Enron, which failed
in December 2001, the report notes.

Creditors of HIH, which had an estimated deficiency of AU$5.2
billion when it collapsed in March 2001, have been paid
approximately 10c in the dollar, the report says.

                       About HIH Insurance

HIH Insurance Limited was a publicly listed company in
Australia.  Prior to its collapse in 2001, the HIH Group was the
second largest general insurer in Australia and had operations
in many other countries.

On March 15, 2001, HIH Insurance Limited and a number of its
subsidiaries were placed into provisional liquidation.
Subsequently, on Aug. 27, 2001, the companies that were in
provisional liquidation were placed into liquidation.

Schemes of Arrangement are now in place for eight of those
companies.  The eight licensed insurance companies within the
group were placed into Schemes of Arrangement in Australia  on
May 30, 2006.  Four of these companies were also placed into
Schemes of Arrangement in the UK on June 13, 2006.

The Scheme Administrators have made initial payments to certain
creditors and will make further payments over the coming years,
HIH said on its Web site.


MEMA DEVELOPMENTS: To Declare Dividend on September 26
-----------------------------------------------------
Mema Developments Pty Limited will declare dividend on Sept. 26,
2008.

Creditors who were unable to prove their debts on Sept. 9, 2008,
are excluded from the dividend distribution.

The company's liquidator is:

          Bruce Gleeson
          Jones Partners
          Insolvency & Business Recovery
          Telephone: (02) 9251 5222


MERRYVILLE ESTATES: Joint Meeting Set for September 23
------------------------------------------------------
Merryville Estates (No. 1) Pty Ltd will hold a meeting with its
members and creditors at 9:00 a.m. on Sept. 23, 2008.  During the
meeting, the company's liquidator, James Bain, will provide the
attendees with property disposal and winding-up reports.  

The liquidator can be reached at:

          James Bain
          Kellaway Cridland Pty Ltd
          Level 4
          48 Hunter Street
          Sydney NSW 2000


MILKIRK INVESTMENT: Members' Final Meeting Set for September 22
---------------------------------------------------------------
S. B. Humphrys, Milkirk Investment Pty Ltd's appointed estate
liquidator, will meet with the company's members on Sept. 22,
2008, at 10:00 a.m., to provide them with property disposal and
winding-up reports.

The meeting will be held at Level 7, 20 Hunter Street, in Sydney.


NEW SIMBIOSI: Members and Creditors to Meet on September 25
-----------------------------------------------------------
New Simbiosi Pty Limited will hold a meeting with its members and
creditors at 10:00 a.m. on Sept. 25, 2008.  During the meeting,
the company's liquidator, Blair Pleash, will provide the attendees
with property disposal and winding-up reports.

The liquidator can be reached at:

          Blair Pleash
          Hall Chadwick,
          Chartered Accountants
          Level 29, 31 Market Street
          Sydney


PURCHASE INVESTMENT: Members' Final Meeting Set for September 22
----------------------------------------------------------------
Roderick Thyer, Purchase Investment Co Pty Ltd's appointed estate
liquidator, will meet with the company's members on Sept. 22,
2008, at 10:00 a.m. to provide them with property disposal and
winding-up reports.  

The meeting will be held at First Floor, 15-17 Forest Road,  in
Hurstville, New South Wales.


SNOWGUM CONSTRUCTIONS: Members' Meeting Slated for September 29
---------------------------------------------------------------
David Friedlieb, Snowgum Constructions Pty Limited's appointed
estate liquidator, will meet with the company's members on
Sept. 29, 2008, at 9:00 a.m. to provide them with property
disposal and winding-up reports.  

The liquidator can be reached at:

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


SST & B PTY: To Declare Dividend on September 26
------------------------------------------------
SST & B Pty Ltd will declare dividend on Sept. 26, 2008.

Creditors who were unable to prove their debts on Sept. 10, 2008,
are excluded from the dividend distribution.

The company's deed administrator is:

          M. J. M. Smith
          Smith Hancock
          Level 4, 88 Phillip Street
          Parramatta NSW 2150


WINDSOR MOTORS: Members Opt to Liquidate Business
-------------------------------------------------
Windsor Motors Smash Repairs (Australia) Pty Limited.'s members
agreed on Aug. 5, 2008, to voluntarily liquidate the company's
business.  M. F. Cooper was  appointed to facilitate the sale of
its assets.

The liquidator can be reached at:

          M. F. Cooper
          Frasers Insolvency Advisory
          Level 5, 99 Elizabeth Street
          Sydney NSW 2000



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C H I N A
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GREENTOWN CHINA: S&P Revises Outlook, Lowers Bond Ratings to B+
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Greentown China Holdings Ltd. to negative from stable.  It also
lowered the issue ratings on the company's Chinese renminbi
(RMB) 2.3 billion convertible bond due 2012 and US$400 million
senior unsecured notes due 2013 to 'B+' from 'BB-'.  At the same
time, S&P affirmed the 'BB-' long-term corporate credit rating on
Greentown.
     
"The outlook revision reflects our expectation that Greentown's
credit metrics may not improve within the next 12 months to
support levels appropriate for a 'BB–' category," said S&P's
credit analyst Christopher Lee.
     
In the first half of 2008, Greentown recorded slower-than-expected
cash generation and higher-than-expected financial leverage.  
Total reported borrowings increased to RMB14.4 billion, compared
with RMB11.8 billion at the end of 2007.  Cash on hand dropped to
RMB2.9 billion against RMB3.4 billion six months earlier, even
though gross contract sales rose 44% year-on-year to
RMB7.8 billion because of an increase in construction costs and
land premiums.
     
Financial leverage will likely increase further in the second half
of 2008 because of the acquisition of four plots of land between
July and August for more than RMB1.9 billion in total.  Greentown
continues to be aggressive in its expansion and land bank
acquisitions despite a deteriorating market.  The company's
contract sales could likely be affected by intensifying price
competition, following slow sales take-up, which appears to have
spread to key cities across China from Guangdong in the beginning
of this year.  Greentown's accelerated development schedule will
more than double the saleable area that hits the market in 2009
and 2010.
     
"The revision to the issue rating reflects an unlikely recovery of
priority debt as a percentage of total assets below the threshold
level of 15% in the medium term as onshore borrowings construction
loan and loans due to joint ventures) continued to increase
because of limited credit availability in the offshore market,"
said Mr. Lee.
     
The affirmed rating on Greentown reflects the company's rapid
expansion despite a weaker short-term outlook for the highly
competitive and cyclical China real estate sector, its aggressive
debt-funded land acquisitions, high leverage, and low cash flow
protection.  These weaknesses are supported by Greentown's strong
contract sales year-to-date in 2008, the company's good presence
in Hangzhou and Zhejiang provinces, its diverse products, and its
well-located land bank.


* CHINA: Textile Sector Investment Slows Down in First 7 Months
---------------------------------------------------------------
For the first seven months of 2008, China saw a slowdown in
investment growth for textile industry, due partly to export
slowdown and enthusiasm dampened by low profitability among
manufacturers, China Daily Online reports citing sources from
China National Textile and Apparel Council.

According to data provided by the council, the textile sector
realized 153.41 billion yuan (US$22.4 billion) in fixed-assets
investment, a growth of 13.14% on the same period of last year,
the report says.

The report notes that new projects started for the sector totaled
3,796 in the first seven months, down by 10.47% from the same
period of last year.

In breakdown, the total fixed-assets investment included
86.5 billion yuan in textile manufacturers, up by 6.81%,
47.23 billion yuan in garments, footwear and headwear companies,
up by 20.03%, and 16.23 billion yuan in chemical fiber makers, up
by 31.24%, the report relates.



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


BROADSPECTRUM ASIA: Appoints Yan and Haughey as Liquidators
-----------------------------------------------------------
The shareholders of Broadspectrum Asia Pacific Limited on Sept. 4,
2008, appointed Lai Kar Yan (Derek) and Darach E. Haughey as the
company's liquidators.

The Liquidators can be reached at:

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


E-FORCE: Guey and Bun Cease to Act as Liquidators
-------------------------------------------------
Lim Shyang Guey and Chan Yee Bun ceased to act as liquidators of
E-Force Global Limited effective Sept. 3, 2008.


EVERTRADE INTERNATIONAL: Subject to Wan Shing's Wind-Up Petition
----------------------------------------------------------------
Wan Shing Kwan filed on Aug. 11, 2008, a petition to have
Evertrade International Investment Enterprise Limited's operations
wound up.

The petition will be heard before the High Court of Hong Kong on
Oct. 15, 2008, at 9:30 a.m.


GOLDSCHMIDT PACIFIC: Members' Final Meeting Slated for October 13
-----------------------------------------------------------------
The members of Goldschmidt Pacific Limited will hold their final
meeting on Oct. 13, 2008, at 10:00 a.m., at the 8th Floor of
Gloucester Tower, The Landmark, in 15 Queen's Road Central,
Hong Kong.

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


GREAT CHINA: Court to Hear Wind-Up Petition on October 29
---------------------------------------------------------
The High Court of Hong Kong will hear on Oct. 29, 2008, at
9:30 a.m., a petition to have Great China Limited's operations
wound up.

The petition was filed by eBizal (Holdings) Limited on Aug. 11,
2008.

eBizal's solicitor is:

          Kennedys
          Hong Kong Club Building, 11th Floor
          3A Chater Road
          Central, Hong Kong


H2 HONG KONG: Seng and Lo Cease to Act as Liquidators
-----------------------------------------------------
Natalia K. M. Seng and Susan Y.H. Lo on Sept. 1, 2008, quit as
liquidators of H2 Hong Kong Limited.

The company's former Liquidators can be reached at:

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


HIH UNDERWRITING: Annual Meetings Slated for October 15
-------------------------------------------------------
The members and creditors of HIH Underwriting (Asia) Limited will
hold their annual meetings on Oct. 15, 2008, at 9:00 a.m. and
10:00 a.m., respectively, at the 22nd Floor of Prince's Building,
10 Chater Road, in Central, Hong Kong.

At the meeting, Jan G. W. Blaauw, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


INFINITE LOGISTICS: Wind-Up Petition Hearing Set for October 8
--------------------------------------------------------------
The High Court of Hong Kong will hear on Oct. 8, 2008, at
9:30 a.m., a petition to have Infinite Logistics Service Limited's
operations wound up.

The petition was filed by Lee Wai Ling on July 30, 2008.


LONG WINNER: Placed Under Voluntary Liquidation
-----------------------------------------------
At an extraordinary general meeting held on Sept. 1, 2008, the
members of Long Winner Trading Limited resolved to voluntarily
liquidate the company's business, due to its inability to pay
debts when they fall due.


WEALTHY TIME: Court to Hear Wind-Up Petition on October 15
----------------------------------------------------------
A petition to have Wealthy Time Investment Limited's operations
wound up will be heard before the High Court of Hong Kong on
Oct. 15, 2008, at 9:30 a.m.

Tsoi Man Yin filed the petition against the company on Aug. 11,
2008.



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

DYANOPASAK URBAN: Insolvency Prompts RBI to Cancel License
----------------------------------------------------------
The Reserve Bank of India has canceled the license of Dyanopasak
Urban Co-operative Bank Ltd., Parbhani, Maharashtra.  The bank had
ceased to be solvent and all efforts to revive it in close
consultation with the Government of Maharashtra, had failed and
the depositors were being inconvenienced by continued uncertainty.  

The Commissioner for Co-operation and Registrar of Co-operative
Societies, Maharashtra, has also been requisitioned to issue an
order for winding up the bank and appoint a liquidator for the
bank.  It may be highlighted that on liquidation every depositor
is entitled to repayment of his deposits up to a monetary ceiling
of Rs.1,00,000/-(Rupees one lakh only) from the Deposit Insurance
and Credit Guarantee Corporation (DICGC) subject to the usual
terms and conditions.

The decision to cancel the license of Dyanopasak Urban Co-
operative Bank Ltd. was taken as a final step after examining all
the options for revival of the bank and in order to protect the
interest of the depositors.  The inspection of the bank with
reference to its position as on March 31, 2007, indicated that its
financial position was impaired.  In view of the precarious
financial position of the bank, to protect the interests of the
depositors, directions under Section 35A of the Banking Regulation
Act, 1949 (As Applicable to Cooperative Societies) were issued to
the bank vide directive dated March 13, 2008, restricting its
operations.

The Reserve Bank of India also issued a notice to the bank on
April 4, 2008, asking it to show cause as to why the license
granted to it to conduct banking business should not be canceled.  
The reply to the show cause notice was examined.  In the absence
of any viable proposal for turn around and achievement of the
required regulatory prescriptions the possibility of revival of
the bank was remote.  Therefore, the Reserve Bank of India took
the extreme measure of canceling license of the bank in the
interest of the bank's depositors.

Consequent to the cancellation of its license, Dyanopasak Urban
Co-operative Bank Ltd. is prohibited from carrying on ‘banking
business' as defined in Section 5(b) of the Banking Regulation
Act, 1949 (As Applicable to Cooperative Societies) including
acceptance and repayment of deposits.

For any clarifications, depositors may approach:

          Shri Shreedhar Behera
          Deputy General Manager
          Reserve Bank of India
          Urban Banks Department, Nagpur

          Postal Address:
          Reserve Bank of India
          Urban Banks Department
          Nagpur Regional Office
          Telephone Number: 0712 – 2538696
          Fax Number: 0712 – 2552896


SAHARA INDIA: Voluntarily Exits Non-banking Finance Business
------------------------------------------------------------
Sahara India Investment Corporation Limited has voluntarily exited
non-banking financial business.  The Reserve Bank of India has
canceled the certificate of registration of Sahara India
Investment Corporation Limited for carrying on the business of a
non-banking financial institution in terms of Section 45-IA (6) of
the Reserve Bank of India Act, 1934.

Sahara India Investment Corporation Ltd., which is one of the
group companies belonging to Sahara Group, cannot transact the
business of a non-banking financial institution as defined in
clause (a) of Section 45-IA of the Reserve Bank of India Act,
1934.

Separately, the Troubled Company Reporter-Asia Pacific reported on
June 18, 2008, that the Reserve Bank of India had, by its order
dated June 4, 2008, prohibited Sahara India Financial Corporation
Ltd from accepting deposits from the public and  directed SIFCL,
inter alia, to repay the depositors on maturity and comply with
the directions of RBI.  

SIFCL filed a Writ Petition before the Honourable Lucknow Bench
of the High Court of Judicature at Allahabad and obtained on
June 5, 2008, an order staying the operation of the order dated
June 4, 2008 issued by RBI.  

In the Special Leave Petition filed by RBI on June 6, 2008, the
Honourable Supreme Court by its order dated June 9, 2008,
observed that RBI had complied with the rules of natural justice
while passing the order dated June 4, 2008, but felt that it was
appropriate to provide a personal hearing to SIFCL and pass a
fresh order.

Pursuant to the directions of the Honourable Supreme Court,
personal hearing was given to the officials of SIFCL on June 12,
2008 and June 16, 2008.  After taking into consideration all the
oral and written submissions made by SIFCL, on being satisfied
that to protect the interests of depositors and in public
interest, it is necessary and expedient so to do, RBI  passed a
fresh  order containing these directions:

   (i) SIFCL is directed not to accept any new  deposit
       which matures beyond June 30, 2011, and to stop
       accepting  installments of existing deposit
       accounts also with effect from that date.  The
       Aggregate Liability to Depositors (ALD) will
       not exceed Rs.15,000 crore (rounded off) as of
       June 30, 2009, Rs.12,600 crore (rounded off)  
       as of June  30, 2010 and Rs.9,000 crore
       (rounded off) as of June 30, 2011.

  (ii) SIFCL shall repay the deposits as and when
       they mature and bring the ALD to zero on or
       before June 30, 2015.

(iii) SIFCL shall not treat non-payment of installments
       under any running daily deposit or other
       recurring deposit schemes by depositors after
       June 30, 2011, as a default by depositor and
       SIFCL shall be liable to pay the agreed rate
       of interest on the amounts actually held by it
       for the entire term of the deposit as if there
       was no default.

  (iv) SIFCL shall continue to comply with the
       requirements of directed investments under
       paragraph 6 of RNBC Directions with respect to
       its ALD.

   (v) SIFCL shall ensure 100% compliance with KYC
       norms for all new deposits.

  (vi) SIFCL shall strictly comply with the requirements
       of all the applicable provisions of the RBI Act,
       the directions, guidelines, instructions and
       circulars issued by RBI from time to time until
       such time as all the deposits are repaid with
       interest in full.  For repaying the depositors,
       SIFCL shall first apply its income and
       investments other than the investments it
       is required to maintain under paragraph 6
       of RNBC Directions.

(vii) SIFCL shall be entitled to carry on its
       other business activities in accordance
       with law.

(viii) SIFCL shall submit a comprehensive business
       plan before the close of business on
       Aug. 16, 2008.

RBI has incorporated in its order, the offer made during the
personal hearing by the Managing Worker & Chairman of SIFCL and
the senior executives of SIFCL.  Keeping in view quality
corporate governance, they offered to:

   (a) reconstitute the Board of Directors of SIFCL
       within a period of thirty days from June 16, 2008
       so that the Board shall consist of 50% of such
       independent directors as are acceptable to      
       Reserve Bank of India;

   (b) get the appointment of these independent directors  
       ratified at the ensuing Annual General Meeting
       of the company and to continue the said
       arrangement until such time as all depositors are
       repaid in full; and

   (c) appoint  statutory auditors from the panel of
       auditors suggested by Reserve Bank of India at
       the ensuing Annual General Meeting of the
       company envisaged by August 31, 2008 and to  
       continue to appoint statutory auditors each year
       from the panel suggested by Reserve Bank of India
       until all depositors are repaid in full.  

Sahara India Financial Corporation Ltd., part of the Sahara Group,
is a residuary non-banking company.  Its registered office is at
1, Sahara Bhavan, Kapoorthala Complex, in Aliganj, Lucknow-226024.


VEDANTA RESOURCES: S&P Shifts Outlook to Stable, Holds BB Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Vedanta Resources PLC to stable from positive and affirmed its
'BB' long-term foreign currency corporate credit rating.  At the
same, the 'BB' rating on Vedanta's senior unsecured debt has also
been affirmed.
     
This outlook revision stems from the significant increase in
Vedanta's capital commitments and the potentially softening price
and demand environment for base metals.  This would necessitate
substantial additional borrowing and may erode the improvements in
the credit metrics in 2005-2008.  While the expanded and fully
integrated aluminum capacity is expected to reinforce cost-based
efficiencies, its cash flow contribution would materialize after
three to four years.
     
On Sept. 9, 2008, Vedanta announced a US$9.8 billion investment to
increase its aluminum smelting capacities.  In addition, Vedanta's
other commitments include the ongoing US$4 billion capital
expenditure plans, the US$2.4 billion earmarked for consolidating
its holdings in its operating entities (Hindustan Zinc and Bharat
Aluminium Co. Ltd.), and the US$2.6 billion all-cash bid made for
acquisition of Asarco LLC.
     
"The Asarco bid is still pending final approvals," said S&P's
credit analyst Anshukant Taneja.  "These commitments total nearly
US$18 billion, which is well outside our expectations for the
earlier positive outlook assigned on the rating."
     
This clearly takes away the positive momentum in the rating.  
There is now some likelihood that lower-than-anticipated base
metal prices, higher-than-budgeted capital outlays, and delays in
commissioning and stabilization of the new production facilities
may cause Vedanta's credit profile to decline.
     
Nonetheless, the near-term pressure on the ratings is limited,
given the staggered timing of these investments (scheduled over
four years), adequate liquidity, favorable debt-maturity profile,
and expectations of Vedanta sustaining its access to financial
resources, even under relatively challenging capital market
conditions.
     
"Vedanta has also announced a corporate restructuring plan," Mr.
Taneja said.  "We understand from the company that this does not
involve any re-allocation of assets or liabilities and is
cash-neutral.  This, by itself, does not have any impact on the
ratings."


* INDIA: High Loan Rates Spur Car Sales Decline
-----------------------------------------------
India's vehicle sales in August fell 4.4% to 94,584 cars from
98,893 cars a year earlier, The Wall Street Journal reports,
citing data released by the Society of Indian Automobile
Manufacturers.

Based on the report, this is the second consecutive monthly
decline in sales which analysts say serves as another warning sign
for the global auto industry.  In July, the report relates, car
sales in the country declined 1.7%, their first monthly drop since
November 2005.

According to the Journal, India is among the fast-growing emerging
markets that have kept worldwide auto sales afloat and provided
needed profits for established auto makers facing crisis in the
U.S.  However, loan rates at a six-year high and stricter lending
standards caused potential customers to shelf plans of acquiring
new vehicles in Asia's third-biggest automobile market, the
Journal adds.



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

BANK MANDIRI: Swelling Fund Costs Cue 75% Raise in Lending Rate
---------------------------------------------------------------
Antara News reports that Bank Mandiri has raised its lending rate
by 75% due to a rise in its cost of funds.

According to the report, the benchmark interest rate or BI Rate
currently stands at 9.25%.  Consequently, the annual retail and
micro interest rates would increase to 12% to 18.75%, the report
adds.

                       About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 7,
2007, that Fitch Ratings upgraded the Individual Rating of PT
Bank Mandiri (Persero) Tbk (Mandiri) to 'C/D' from 'D', and its
National Long-term rating to 'AA+ (idn)' from 'AA (idn)'.  The
outlook on the national rating remains stable.  At the same
time, Fitch affirmed the company's Long-term foreign
and local currency Issuer Default ratings at 'BB-' with a
Positive Outlook, Short-term IDR at 'B' and Support Floor at
'B+'.

On Oct. 19, 2007, Moody's Investors Service raised Bank
Mandiri's foreign currency senior/subordinated debt ratings
to Ba2/Ba2 from Ba3/Ba3 and foreign currency long- term deposit
rating to B1 from B2.


PERUSAHAAN LISTRIK: Won't Raise Electricity Tariffs Until 2009
--------------------------------------------------------------
PT Perusahaan Listrik Negara (PLN) has given the assurance that it
will not raise its basic electricity tariffs until 2009, Antara
News reports.

In a get-together of PLN employees and journalists, PLN Planning
and Technology Director, Bambang Praptono, was cited by Antara as
saying that the company decided not to raise the tariffs until
2009 pending a new policy.

"Raising electricity tariffs is a very sensitive issue," Antara
quoted Mr. Praptono as saying.

For the meantime, PLN relies on the IDR60 trillion government
subsidy to cover the company's operating and other expenses, the
report says.

Antara notes that PLN is in the process of building power plants  
that is expected to be completed in 2010 -- to meet rising demand
for electrical power.

                     About Perusahaan Listrik

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

                          *     *     *

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


PT INDOSAT: Fitch Holds 'BB-' LT Foreign & Local Currency Ratings
-----------------------------------------------------------------
Fitch Ratings has affirmed PT Indosat Tbk's Long-term foreign and
local currency Issuer Default Ratings at 'BB-'.  The Outlook on
the ratings is Stable.  At the same time, Fitch has affirmed the
'BB-' ratings on Indosat's senior unsecured notes program.

Indosat's ratings reflect its position as the second-largest
integrated and diversified operator in the Indonesian
telecommunications sector, with operations spanning cellular,
fixed-wireless, international direct dialing, and fixed-data
services.  However, cellular services are the mainstay of its
consolidated profile, accounting for around three quarters of
group revenue in H108.  Indosat's cellular customer base grew
strongly through FY07, with net subscriber additions of
7.8 million underpinning cellular revenue growth of 27.3% for the
period.  Yet, although reported subscriber additions in H108 were
almost equal to net additions for full year 2007, cellular revenue
growth in H108 was modest at 3.7% on an annualized basis,
suggesting that multiple ownership of SIM cards could be on the
rise.

"Medium-term growth prospects for Indonesia's wireless industry
remain robust, with estimated penetration still low at 35% by
Q108," said Priya Gupta, Director with Fitch's telecommunications,
media and technology team.  "However, industry risks are on the
rise, in view of increased fragmentation, aggressive tariff
competition and tower-sharing initiatives that effectively benefit
new entrants."

In Q108, Qatar Telecom acquired Temasek's 30.6% beneficial
interest in Indosat, thereby raising its stake to 40.8% from 10.2%
earlier.  Nonetheless, there remain regulatory and legal issues
surrounding the acquisition, such as the lack of clarity on the
general offer guidelines and reservations as to whether or not STT
Telemedia had the legal right to sell more than a 10% stake to any
one party.  Consequently, Fitch believes that more clarity needs
to emerge on the sustainability of Qtel's current 40.8% ownership
level, as well as any potential changes to the company's existing
business and financial policies, which could then impact its
credit rating.  Fitch will continue to monitor any developments in
this regard, and comment further on the potential impact on
Indosat's ratings or Outlook.

The increase in Qatar Telecom's stake in Indosat to 40.8% has
effectively triggered the 'change of control' clause on Indosat's
USD250m Guaranteed Notes due 2010 and its USD300m Guaranteed Notes
due 2012.  Accordingly, the company has commenced an offer to
purchase these notes at a price equivalent to 101% of the purchase
amount, which is expected to close by 16 September 2008.  Indosat
plans to meet payment on the accelerated bonds from cash reserves,
which have been shored up substantially in FY07 and H108 through
new debt issuances.

As at H108, Indosat's net adjusted leverage stood at 1.5x with FFO
net interest cover of 5.1x and total adjusted debt to
capitalization of 57.4%.  Indosat is expected to generate
substantial negative free cash flow in FY08 on account of its
large capex budget of US$1.4 billion for the year, which the
company plans to cover through cash flow from operations, as well
as US$450 million in syndicated loans arranged by ING Bank N.V.
and DBS Bank Ltd in June 2008.  Consequently, key credit metrics
are anticipated to deteriorate moderately, but to remain at levels
consistent with current ratings.  The company's liquidity position
remains pressured by sustained heavy capex and high dividend
payouts, but this is mitigated by its strong access to bank and
capital market funding.

The Stable Outlook is based on Fitch's expectation that Indosat's
key credit metrics will remain comfortable for its ratings through
FY08.  Upward rating pressure would be dependent on material debt
reduction and evidence of the company approaching a positive FCF
position.  Conversely, downward pressure would arise with material
declines in GSM revenue market share or in the event of a material
deterioration in the operating environment that leads to a
weakening of the company's credit profile.


* INDONESIA: Domestic Garment Sales Down 27% in 1st Half of 2008
----------------------------------------------------------------
Indonesia's domestic garment sales fell 27% to US$1.2 billion in
the first half of 2008, due to a decline in the people's
purchasing power and the low competitiveness of local garment
producers, Antara News reports citing Chief of the Indonesian
Textile Producers Association (API) Benny Sutrisno.

"The people's weak purchasing power coupled with low-priced
alternative goods such as imported secondhand clothings and
rampant smuggling activities have contributed to the drop in
domestic garment and textile sales as a whole," Mr. Sutrisno was
quoted by Antara as saying.

Mr. Sutrisno further told Antara that the Directorate General of
Customs and Excise had taken a number of steps to deal with the
rampant smuggling activities but to no avail, considering the high
number of ports it must supervise.

The news agency notes that the country's domestic garment and
textile sales throughout last year reached US$3.3 billion.



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

ELPIDA MEMORY: S&P Shifts BB- Corp. Credit Rating Outlook to Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services has revised the outlook on its
long-term corporate credit rating on Elpida Memory Inc. to
negative from stable.  The downward revision is based on the
increasing uncertainty over prospects for a future earnings
recovery, as well as the company's ability to maintain its
financial soundness over the next two to three years, amid further
stagnation in the Dynamic Random Access Memory (DRAM) market.  At
the same time, S&P affirmed its 'BB-' long-term corporate credit
rating and long-term senior unsecured debt ratings on the company.
     
Elpida has announced that it will likely post operating losses for
the second quarter of fiscal 2008 (ending March 31, 2009) which
will equal or even exceed operating losses recorded in the first
quarter of JPY15.6 billion.  This is due to further deterioration
in the DRAM market over the last two to three months against a
backdrop of slackening demand for PCs and sluggish growth in
mobile phone sales.  The company is actively bolstering its market
position and earnings base by refining the circuit line width of
its chips to improve its production efficiency and by expressing
its intention to enter the foundry business in an attempt to
stabilize earnings.  While S&P believes that Elpida's position in
the DRAM market is strengthening, it also believes it will be
difficult for the company to turn around its performance in the
near term given the global economic slowdown, as well as the
severe competition in the DRAM industry.
     
Elpida's ratio of net debt to net capital worsened significantly
to 39.3% at the end of June 2008 from 14.2% at the end of fiscal
2006 due to lagging performance and a higher investment burden.
Although the company has indicated that it may restrain
investments in fiscal 2008 to secure liquidity at hand, the
company will still need to make timely investments to further
refine the circuit line width of its chips in order to maintain
and enhance its competitiveness in the DRAM business.  S&P will
carefully observe the direction of Elpida's financial policy over
the next few years to assess whether the company can maintain
financial soundness while pursuing strategic investments.
     
S&P will consider lowering its rating on Elpida if concerns over
further deterioration in the company's financial profile arise due
to increasing losses or if concerns mount over whether the company
can maintain its financial soundness over the next two to three
years due to rising capital investment burdens.  Conversely, if
S&P determines that the company has stronger prospects for an
earnings improvement in the near term due to a recovery in market
conditions and an improvement in its market position, S&P will
consider revising upward its outlook on the company to stable.     

This unsolicited rating(s) was initiated by S&P.  It may be based
solely on publicly available information and may or may not
involve the participation of the issuer's management.  S&P has
used information from sources believed to be reliable, but does
not guarantee the accuracy, adequacy, or completeness of any
information used.

Elpida Memory Inc. (Unsolicited Ratings)

Ratings Affirmed:

  -- Senior Unsecured (6 issues)            BB-                

Ratings Affirmed; CreditWatch/Outlook Action:

                                  To                 From
--------------------------------------------------------------    
Corporate Credit Rating       BB-/Negative/--    BB-/Stable/--


* S&P Issues Japan Housing Finance RMBS Notes Performance Report
----------------------------------------------------------------
Standard & Poor's Ratings Services has released a Japanese-
language Performance Watch report on Japan Housing Finance
Agency's (JHF) series 1 to series 16 residential mortgage-secured
pass-through notes and Government Housing Loan Corp.'s (GHLC;
JHF's predecessor) series 1 to series 53 residential mortgage-
secured pass-through notes.  The report mainly describes the
performance trends of the pools of entrusted receivables backing
the aforementioned structured notes in a breakdown by year of
issuance, and provides an analysis of those performance trends.  
The release of the aforementioned report is part of the
surveillance process carried out after rating assignments.
     
S&P has conducted a range of surveillance activities during the
transaction terms, using collection and revenues/expenditures
balance reports submitted regularly by relevant parties.  Through
the surveillance process, S&P has checked the performance of the
underlying asset pools, the redemption of the rated notes, and the
status of the beneficiary certificate triggers.
     
S&P's plans to periodically publish reports in which it outlines
and discusses the performance of these transactions.



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

SUNWAY INFRASTRUCTURE: Bourse Grants Until Jan. 27 to Submit Plan
-----------------------------------------------------------------
In a letter dated Sept. 12, 2008, Bursa Malaysia Securities Berhad
informed Sunway Infrastructure Berhad (SunInfra) that it has
rejected the company's application for upliftment of status as an
affected listed issuer under amended PN17.  However, the Bourse
granted the company further extension of time or until Jan. 27,
2009, to submit its regularization plan to the Securities
Commission and other relevant authorities for approval.

Bursa Securities further decided that:

   -- in the event SunInfra submits its regularization plan to the
      Approving Authorities for approval within the Extended
      Timeframe, Bursa Securities will await the outcome of the      
      SunInfra’s submission; and

   -- SunInfra must proceed to implement its regularization plan
      expeditiously within the timeframes or extended timeframes
      stipulated by the Approving Authorities in the event it
      obtains all Approving Authorities’ approval necessary for
      the implementation of its regularization plan.

Bursa Securities' decision is without prejudice to its right to
proceed to suspend the trading of the securities of SunInfra and
to commence de-listing procedures against the company in the
event:

   -- SunInfra fails to submit the regularization plan to the
      Approving Authorities for approval on or before the expiry
      of the Extended Timeframe;

   -- SunInfra fails to obtain the approval from any of the
      Approving Authorities necessary for the implementation of
      its regularization plan and does not appeal to the Approving
      Authorities within the timeframe (or extended timeframe as
      the case may be) prescribed to lodge an appeal;

   -- SunInfra does not succeed in its appeal against the decision
      of the Approving Authorities; or

   -- SunInfra fails to implement its regularization plan within
      the timeframe of extended timeframe stipulated by the
      Approving Authorities.

Upon occurrence of above the events, a suspension shall be imposed
on the trading of the listed securities of SunInfra upon the
expiry of five market days from the date the company is notified
by Bursa Securities or such other date as may be specified by
Bursa Securities and delisting procedures shall be commenced
against the company.

                    About Sunway Infrastructure

Headquartered in Petaling Jaya, Malaysia, Sunway Infrastructure
Berhad -- http://www.sunway.com.my/-- is an investment holding
company in Malaysia.  The Company's wholly owned subsidiary,
Sistem Lingkaran-Lebuhraya Kajang Sdn. Bhd. (SILK), is
responsible for the construction of the Kajang Traffic Dispersal
Ring Road.  Silk's activities are the upgrading and widening of
existing roads; the design and construction of a new alignment,
and the operation of the Kajang Traffic Dispersal Ring Road,
including toll operations and maintenance.  Through SILK, the
Company owned Salient Million Sdn. Bhd. Salient Million Sdn. Bhd
mainly focuses on undertaking housing development for residents
whose dwellings are located on the land, on which the Kajang
Traffic Dispersal Ring Road is constructed or who are affected
by the construction of the Kajang Traffic Dispersal ring road.
On Nov. 22, 2005, SILK disposed of Salient Million Sdn. Bhd.

                          *     *     *

The company is an affected listed issuer pursuant to the Amended
PN17 since its auditors have expressed a modified opinion with
emphasis on the company's going concern in the company's audited
financial statements for the year ended June 30, 2006, and since
the unaudited shareholders' equity of approximately MYR26.702
million based on its quarterly results for the period ended
September 30, 2006, is less than 50% of its issued and paid up
capital of MYR90 million.

In addition, the Troubled Company Reporter - Asia Pacific
reported on March 20, 2007, that its shareholders' equity on a
consolidated basis based on the unaudited results for the
quarter ended Dec. 31, 2006 of MYR7.173 million, is less than
25% of the issued and paid-up capital of the Company of MYR90
million and such shareholders' equity is less than the minimum
issued and paid-up capital as required under Paragraph 8.16A(1)
of the Listing Requirements of RM60 million, triggering another
listing criteria under Amended PN17 listing requirements.



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

BEST COMPANIES: Proofs of Debt Due September 30
-----------------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of Best Companies South Limited placed the company
under liquidation and appointed Andrew John McKay and John Joseph
Cregten, of Auckland, as liquidators.

Creditors are required to file their proofs of debt by Sept. 30,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

            Sri Maxwell
            Level 15, AMP Centre
            29 Customs Street West (PO Box 532)
            Auckland
            Telephone: (09) 358 1230
            Facsimile: (09) 358 3646


BNR FOUNDATION: Proofs of Debt Due September 30
-----------------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of BNR Foundation Group Limited placed the company
under liquidation and appointed Andrew John McKay and John Joseph
Cregten, of Auckland, as liquidators.

Creditors are required to file their proofs of debt by Sept. 30,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

            Sri Maxwell
            Level 15, AMP Centre
            29 Customs Street West (PO Box 532)
            Auckland
            Telephone: (09) 358 1230
            Facsimile: (09) 358 3646


CUTWELL CONCRETE: Commences Liquidation Proceedings
---------------------------------------------------
The High Court at Auckland held a hearing on Sept. 11, 2008, to
consider an application putting Cutwell Concrete Cutting &
Drilling Limited into liquidation.

The application was filed on May 20, 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.


E & R TRADING: Liquidator Sets September 25 as Claims Bar Date
--------------------------------------------------------------
Pursuant to section 241(2)(a) of the Companies Act 1993,  the
shareholders of  E & R Trading Co Limited placed the company under
liquidation and appointed Robert Foster, chartered accountant of
Auckland, as liquidator.

Creditors are required to file their proofs of debt by Sept. 25,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Robert Foster
          BDO Spicers
          Chartered Accountants
          29 Northcroft Street
          Takapuna, Auckland
          Telephone: (09) 486 2125
          Facsimile: (09) 486 4026


EASTERN HIFI: Posts NZ$569,091 Net Loss in 2008 First Half
----------------------------------------------------------
Eastern HiFi Group Ltd reported a net loss of NZ$569,091 on
revenues of NZ$5,408,357 for the six months ended June 30, 2008.

The company said that the continued restructuring of the retail
side of the business to reduce the number of loss making stores
has incurred one off costs of NZ$97,163 which are included in the
result.

The major cause of the disappointing result is the drop in revenue
and gross profit which has, so far, exceeded the cost
savings many of which show not through until the second half.

Eastern HiFi said its directors have accordingly resolved not to
pay an interim dividend.

                         About Eastern HiFi

Eastern HiFi Group Limited (NZX: EHF) --
http://www.easternhifigroup.com -- is engaged in importation,  
wholesaling and retailing of audio visual equipment.  It operates
retail outlets in New Zealand, in Greater Auckland area and in
Tauranga, Napier and Wellington.  The company operates through its
subsidiaries Pacific Audio Limited, Eastern Hi Fi Ltd, Avalon
Pacific Marketing Ltd and Avalon Audio Corporation Limited.  
Avalon Pacific Marketing Ltd has sole New Zealand distribution
rights for a select portfolio of brands.  This portfolio includes
KEF, Polk Audio, Audioquest, Dynaudio, Goldring and Hitachi.  
These brands are marketed throughout the country.  Approximately
60% of the product imported by Avalon Pacific Marketing Ltd is
sold at retail by the company.  Eastern HiFi Ltd operates six
stores with outlets in Auckland (North Shore, Mt Eden, Newmarket
and Howick), Tauranga and Napier. Eastern HiFi Ltd markets brands,
such as Denon, Loewe, Bose, Rotel, Perreaux and Image.

                             *     *     *

The company incurred two consecutive net losses of NZ$971,283 and
NZ$995,305 for the years ended Dec. 31, 2007, and 2006,
respectively.


HAMILTON TRANSPORT: Liquidator Sets Sept. 26 as Claims Bar Date
---------------------------------------------------------------
Pursuant to section 241(2)(a) of the Companies Act 1993,  the
shareholders of  Hamilton Transport Limited placed the company
under liquidation and appointed Kim S. Thompson, insolvency
practitioner of Hamilton, as liquidator.

Creditors are required to file their proofs of debt by Sept. 26,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

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


INVESTOR CENTRE: Proofs of Debt Due September 30
------------------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of Investor Centre Limited placed the company under
liquidation and appointed Andrew John McKay and John Joseph
Cregten, of Auckland, as liquidators.

Creditors are required to file their proofs of debt by Sept. 30,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

            Sri Maxwell
            Level 15, AMP Centre
            29 Customs Street West (PO Box 532)
            Auckland
            Telephone: (09) 358 1230
            Facsimile: (09) 358 3646


KENSINGTON PARK: Placed In Receivership
---------------------------------------
Kensington Park Properties has been placed into receivership, the
National Business Review reports.

According to the Business Review, Kordamentha is handing the
receivership and it's not yet known whether other companies in the
Kensington Properties group, such as Kensington Construction, will
go under too.

The report relates that Kensington Park Properties, the company
behind a NZ$560 million Orewa property development and headed by
developer Patrick Fontein, was developing the 800 house Kensington
Park subdivision.

Kensington Park was financed by Bank of New Zealand, Fidelity
Finance and NZ Funds Management's Super Yield Fund, the report
says.

The Business Review notes that Kensington Park Properties is owned
by Titmotu Investments (29%), a company associated with South
Island businessman Ken Cummings; Tesla Securities (27%); Mr.
Fontein's Kensington Properties (26%); and Allee Holdings (18%),
which is part-owned and directed by Allan Clarke.

Meanwhile, the report says, another Kensington Park's sub-
contractor, Sunrise Earthmovers, is also in receivership.  
Receiver Malcolm Innes-Jones from BDO Spicers confirmed that
Sunrise's receivership was due to Kensington defaulting on a
"large sum" of money, the report adds.


LUDLOW INVESTMENTS: Wind-Up Petition Hearing Set for September 22
-----------------------------------------------------------------
The High Court at Hamilton will hold a hearing on Sept. 22, 2008,
at 10:45 a.m., to consider putting Ludlow Investments Limited into
liquidation.

The application was filed on Aug. 7, 2008, by  APR Architects
Limited.

The plaintiff's address for service is at:

          Victoria Whitfield
          Barrister and Solicitor
          Suite 4, 5 Hill Street
          Hamilton 3204
         Facsimile: (09) 839 0300

V. A. Whitfield is the plaintiff's solicitor.


MONZA-ZEN: Proofs of Debt Due September 25
------------------------------------------
Pursuant to section 241(2)(a) of the Companies Act 1993, Michael
John Turner and Stephen Alan Dunbar, chartered accountants of
Polson Higgs, were appointed liquidators of Monza-Zen Limited on
Aug. 22, 2008.

The liquidators set Sept. 25, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

         Su Jiahua
         139 Moray Place
         Dunedin
         Telephone: (03) 479 4823


NFS GROUP: Proofs of Debt Due September 30
------------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of NFS Group Limited placed the company under
liquidation and appointed Andrew John McKay and John Joseph
Cregten, of Auckland, as liquidators.

Creditors are required to file their proofs of debt by Sept. 30,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

            Sri Maxwell
            Level 15, AMP Centre
            29 Customs Street West (PO Box 532)
            Auckland
            Telephone: (09) 358 1230
            Facsimile: (09) 358 3646


SAI CONSTRUCTION: Liquidators Set September 24 as Claims Bar Date
-----------------------------------------------------------------
The High Court at Auckland has appointed Paul Graham Sargison and
John Maurice Leonard, chartered accountants of Auckland, as
liquidators of SAI Construction Limited.

Creditors are required to file their proofs of debt by Sept. 24,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

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

* NEW ZEALAND: Service Sector Activity Continues to Contract
------------------------------------------------------------
Service sector activity is still contracting amidst tough
operating conditions, according to the Bank of New Zealand -
Business NZ Performance of Services Index (PSI).

The PSI for August stood at 47.9, down 1 point from July and the
second lowest result since the survey began in April 2007.  In
addition, it was 11.5 points lower than the same month last year.
A PSI reading above 50 indicates that the service sector is
generally expanding; below 50 that it is declining. The average
PSI value since the survey began is 54.2.

Business NZ Chief Executive Phil O'Reilly said comments from
respondents highlight the key challenges facing the sector.

"A general lack of consumer confidence is keeping hands firmly in
pockets when it comes to spending decisions.  Also, businesses are
keeping a closer watch on what they spend with some contracts
ending up being cancelled.  Others have found operations
particularly difficult, with sales turnover at their lowest levels
for some years and certainly nowhere near previous business
activity.

"Also, the recent, persistent bad spells of weather throughout the
country have made for a stronger than usual adverse seasonal
impact.  Hopefully, spring's arrival will ease concerns for many
businesses that are dependent on weather conditions."

Bank of New Zealand Head of Research, Stephen Toplis, said the
service sector was facing the burden of ongoing financing costs.

"Hopefully, the Reserve Bank's recent surprise slashing of the
overnight cash rate will provide some respite.  While ongoing
credit-crunch problems will continue to raise the cost of funds to
the banking sector –- and this will be passed on -– there is at
least some hope that borrowing costs may now be approaching a
peak."

Although three of the five diffusion indices that make up the PSI
showed expansion during August, the overall result was dragged
down by a sharp drop in activity/sales (41.2).  The previous
lowest result for this index was June (44.9).  Employment (48.1)
also experienced contraction, but the August result was still the
highest since March.  Of the remaining indices, stocks/inventories
(53.2) and supplier deliveries (51.3) went into positive territory
for the first time since February and March respectively, while
new orders/business (50.2) was largely unchanged during August.

Across the country, most regions remained in contraction.  The
North Island regions did not experience any significant change in
activity from the previous month, with the Northern region (47.3)
down 0.9 points from July, while the Central region (55.4) was up
0.5 points from July (largely due to strong sales/activity,
employment and new orders/business).  In the South Island, the
Canterbury/Westland region (47.7) fell back into contraction after
three months of slight expansion.  Lastly, activity in the
Otago/Southland region (39.3) remained similar to July, showing
the lowest overall regional result for the fifth consecutive
month.


* NEW ZEALAND: Meat and Dairy Pull Manufacturing Sales Down
-----------------------------------------------------------
The seasonally adjusted total manufacturing sales volume decreased
1.0% in the June 2008 quarter, mostly due to a fall in the meat
and dairy product manufacturing industry, Statistics New Zealand
said.  The fall in the meat and dairy volume was 9.4%
(NZ$355 million), and followed two quarters of rises.

For total manufacturing, excluding meat and dairy product
manufacturing, the sales volume in the June 2008 quarter rose
1.8%, with basic metal manufacturing contributing half of this
rise, up 22% (NZ$103 million).  The other main increases were for
the transport equipment manufacturing industry, up 11%
(NZ$59 million), and the petroleum and industrial chemical
manufacturing industry, up 10% (NZ$56 million).  The main decrease
was for the wood product manufacturing industry, down 3.8%
(NZ$37 million).

Seasonally adjusted total manufacturing sales were relatively flat
in the June 2008 quarter, down 0.6 percent, following an increase
of 3.0% in the March 2008 quarter.  These are higher movements
than for sales volumes and reflect the impact of price increases.  
Excluding the meat and dairy manufacturing industry, sales
increased 3.1 percent in the June 2008 quarter, and decreased 0.2%
in the March 2008 quarter.

The manufacturing sales trend continues to rise.  However, the
rate of increase appears to have eased in the June 2008 quarter,
following relatively strong increases in the September 2007 to
March 2008 quarters.



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

G7 BANK: Claims to be Paid by PDIC Through Php3BB Loan from BSP
---------------------------------------------------------------
Manila Standard reports that Philippine Deposit Insurance Corp.
(PDIC) is borrowing Php3 billion from the Bangko Sentral ng
Pilipinas to pay the deposit insurance claims of G7 Bank, which
was closed down on Aug. 1.

According to the report, PDIC president and chief executive Jose
Nograles Jr. said it is more economical to fund the deposit
insurance claims through borrowings rather than liquidating the
investments of PDIC.  "...The BSP and PDIC are co-regulators and
it's our joint responsibility", Mr. Nograles said.

The report states that the ten-year loan of PDIC, which was
approved by the Monetary Board, will be drawn in tranches of
Php1 billion, or as the deposit claims are properly processed.

Manila Standard also cited Mr. Nograles as saying that PDIC might
pay Php3.1 billion in insurance from G7 Bank's closure.  

The report notes that as of Sept. 10, 2008, PDIC has paid
Php944.3 million to G7 Bank's depositors.

The Troubled Company Reporter-Asia Pacific reported on Aug. 7,
2008, that the Monetary Board ordered the closure of G7 Bank and
placed it under the receivership of the PDIC by virtue of MB
Resolution No. 961 dated July 31, 2008.

G7 Bank Inc. is a seven-unit bank with branches mostly in the
Bicol Region.  Its head office is in Naga City and its branches
are in Daraga, Albay; Ligao, Albay; Naga-E. Angeles-Panganiban
Streets; Polangui, Albay; Nabua, Camarines Sur; and Pasig City
in Metro Manila.


ISLAND INFORMATION: To Raise Money to Buy Depot Business Stake
--------------------------------------------------------------
Island Information & Technology Inc. plans to raise more than
Php100 million from existing shareholders so that it can shift to
the container depot business, Business World reports.

According to the report, Island Information wants to buy a stake
in Admiral Container Depot Inc and has already sought a regulatory
approval to sell its 12.2 billion common shares at one centavo
each.

In a phone interview, Island Information Corporate Secretary,
Serafin Linda told Business World that once the transaction is
completed, the company will become Admiral Container's biggest
shareholder.  Documents showed that Island Information will buy
four-fifths or 116.7 million shares at a peso each, the report
adds.

The proceeds of the sale will be used to acquire more equipment,
as well as lease and develop more areas, Business World notes.

Mr. Linda also told Business World that for the meantime, Island
Information will concentrate on the container depot business but
is also looking at other industries.

                    About Island Information

Based in the Philippines, Island Information & Technology, Inc.
(IS) was originally incorporated on Dec. 10, 1959, as Island Oil
Company to primarily engage in oil exploration and mineral
development projects.  Due to losses incurred, the management
decided to shift its oil exploration activities to metal mining in
the province of Isabela, thus changing its name from Island Oil
Company to Island Mining & Industrial Corporation on Jan. 20,
1965.  In 2000, the Securities and Exchange Commission approved
another change in the company's corporate name to its present
name, and the change in its primary purpose to that of an Internet
technology and telecommunications company.

IS is concentrating on the development of computer hardware,
software and other related business activities.

                         *     *     *

Alba Romeo & Co. raised substantial doubt about the ability of
Island Information & Technology, Inc. to continue as a going
concern after it audited the company's financial statements for
the year ended Oct. 31, 2007.  The auditor stated that the company
incurred substantial loss of Php9.77 million and Php6.87 million
during the years ended Oct. 31, 2007, and 2006 and as those dates,
the company has accumulated deficits of Php110.06 million and
Php100.29 million respectively resulting to a net liability
position or capital deficiency of Php61.20 million and
Php51.43 million as of Oct. 31, 2007 and 2006, respectively.



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

CHESO INTERNATIONAL: Requires Creditors to File Claims by Oct. 6
----------------------------------------------------------------
The creditors of Cheso International Pte Ltd are required to file
their proofs of debt by Oct. 6, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423


TONG HUP: Creditors' Proofs of Debt Due September 19
----------------------------------------------------
Tong Hup Seng Construction Co. Pte Ltd, which is in compulsory
liquidation, requires its creditors to file their proofs of debt
by Sept. 19, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

          Tay Swee Sze
          c/o Tay Swee Sze & Associates
          137 Telok Ayer Street #04-01
          Singapore 068602


XIN XIANG: Court to Hear Wind-Up Petition on September 19
---------------------------------------------------------
A petition to have Xin Xiang Enterprises Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
Sept. 19, 2008, at 10:00 a.m.

Bank of China Limited filed the petition against the company on
Aug. 28, 2008.

Bank of China's solicitors are:

          Messrs Rajah & Tann LLP
          4 Battery Road
          #15-01 Bank of China Building
          Singapore 049908


YEN KEE: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered on Sept. 5, 2007, an order to
have Yen Kee Pte. Ltd.'s operations wound up.

Singapore Food Industries Limited filed the petition against the
company.

Yen Kee's liquidator is:

          The Official Receiver
          45 Maxwell Road #06-11
          The URA Centre (East Wing)
          Singapore 069118

                         *********

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, Melanie C. Pador, 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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