---

        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, July 18, 2008, Vol. 11, No. 142

                            Headlines

A U S T R A L I A

A.C.N. 117 011 846: Members' Meeting Set for July 24
ACCLAIM REFRIGERATION: Final Meeting Slated for July 24
ALLCO FINANCE: Rubicon American Sells 14 Assets for US$515 Mil.
ALSET ELECTRICAL: Joint Meeting Set for July 25
AUSTRALIAN COMMERCIAL: Final Meeting Slated for July 24

BARADEEN PROPRIETARY: Members' Meeting Slated for July 24
JOH BAILEY: Liquidator to Present Wind-Up Report on July 24
HAWKINS ADVANCED: Joint Meeting Set for July 24
MOBIUS ELR-01: Fitch Keeps CCC/DR4-Rated Notes Under Neg. Watch
ROXBURY MINING: Joint Meeting Slated for July 24

SDR 1: Members and Creditors to Meet on July 24
SINTECH FIRE: To Declare Dividend on July 24
SORRITO PTY: Members' Meeting Set for July 24
SPECPIPE TECHNOLOGY: Final Meeting Slated for July 24


C H I N A

CHINA SOUTHERN: To Inject CNY28.685 Million in Southern Airlines
CHINA SOUTHERN: Launches Flights to Sendai City
SINO FOREST: Moody's Rates Proposed US$300 Mil. Notes at (P)Ba2

* China’s SAFE Working on Cutting US Dollar Exposure
* CHINA: Second Quarter Growth Continues to Moderate
* CHINA: Airlines Post 3.8% Drop in Passenger Traffic for June


H O N G K O N G

BEHRINGER CHINA: Placed Under Voluntary Liquidation
BRAWORKS HK: Members Agree on Voluntary Liquidation
COMFORT DEVELOPMENT: Brough and Middleton Quit as Liquidators
DRAGON FLY: Court to Hear Wind-Up Petition on August 20
HAYAMA LIMITED: Commences Liquidation Proceedings

LI TUNG: Members' Final General Meeting Set for August 11
RICH PROGRESS: Creditors' Proofs of Debt Due on August 18
TEAMS KNITTING: Faces Carvico's Wind-Up Petition
TOP ASIA: Yan and Haughey Quit as Liquidators
TYCO NETWORKS: Appoints Briscoe and Meng as Liquidators


I N D I A

JD ORGOCHEM: Sets Aug. 1 Record Date for Share Value Reduction
MAHARASHTRA POLYBUTENES: Board OKs Equity Shares Allotment
TATA MOTORS: New Unit to Handle Sales & Distribution Operations
TATA POWER: Looks Overseas for Additional Coal Supply


I N D O N E S I A

* INDONESIA: DPR and Govt. Decide to Reduce Tax Tariff by 50%
* INDONESIA: Moves Working Days to Weekends to Settle Blackouts


J A P A N

MEDCA JAPAN: JCR Puts Senior Debts Ratings Under Credit Monitor
ZEPHYR CO: JCR Lowers Senior Debts Ratings to B+
* JAPAN: Bank of Japan Lowers Growth Forecast to 1.2% for 2009
* Japan Securitizations Drop 50% in 2nd Quarter 2008, S&P Says


N E W  Z E A L A N D

ACCESSORY STREET: Liquidator Sets July 31 as Claims Bar Date
CENTRAL SURF: Commences Liquidation Proceedings
CONVERGENT TECH: Liquidator Sets July 25 as Claims Bar Date
MACKELVIE TRUSTEE: Liquidator Sets August 1 as Claims Bar Date
NICK LIEFTING: Commences Liquidation Proceedings

ONTRAC PUMPING: Wind-Up Petition Hearing Set for August 1
PROSPERITY BAY: Wind-Up Petition Hearing Set for August 5
SOVEREIGN INDUSTRIES: Liquidators Set July 31 as Claims Bar Date
STRATEGIC FINANCE: BOS and Allco-Lead Consortium to Buy Parent
VENTURE VISION: Elms Appointed as Liquidator

WELLINGTON CONSTRUCTION: Commences Liquidation Proceedings


P H I L I P P I N E S

GEOGRACE: Uses PHP306MM From Stock Sale for Development Costs
SULPICIO LINES: Forced to Terminate 136 Employees from 8 Vessels
* PHILIPPINES: OFW's Remittance Reaches US$6.8 Bil. in Jan-May


T A I W A N

SILICON PRECISION: To Pay NT$13.8BB Cash Dividend on July 30


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

A.C.N. 117 011 846: Members' Meeting Set for July 24
----------------------------------------------------
Robert Elliott, A.C.N. 117 011 846 Pty Limited fka Bronze
Corporation Australia Pty Limited appointed estate
liquidator, will meet with the company's members on July 24,
2008, to provide them 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
          Australia


ACCLAIM REFRIGERATION: Final Meeting Slated for July 24
-------------------------------------------------------
Acclaim Refrigeration Pty Limited will hold a final meeting for
its members and creditors at 12:15 p.m. on July 24, 2008, at
Bowlers Club, Level 2, 95-99 York Street in Sydney.

During the meeting, the company's liquidator Nick Malanos, will
provided attendees with property disposal and winding-up
reports.


ALLCO FINANCE: Rubicon American Sells 14 Assets for US$515 Mil.
---------------------------------------------------------------
http://www.rubiconasset.com.au/cmsdoc/news/2008-7-
16_151136_2273_080716_RAT_sale_of_GSA_I.pdf
(Matet/ASX)

Allco Finance Group-managed Rubicon American Trust has entered
into a purchase and sale agreement with Urban America to acquire
the GSA I portfolio, a 14 property portfolio covering
3.1 million square feet, for US$515.0 million.

The sale is conditional upon the completion of due diligence and
assumption of the US$389.0 million senior debt.  As part of the
completion of the transaction, Rubicon will subscribe for
US$30.0 million of preferred equity in Urban America’s dedicated
ownership vehicle.  The sale is projected to close on
September 15, 2008.

The sale price is approximately US$6.3 million higher than the
revaluation of the portfolio as at June 30, 2008, and is
projected to generate net sale proceeds of approximately
US$90.0 million:

                                             US$M
                                            -----
    Sale proceeds                           515.0 (1)
    Less:
    Property related secured debt           389.0
    Transaction costs
    (including sales commission)              6.0
                                            -----
    Gross sale proceeds                     120.0

    Less:
    Preferred equity contribution from RAT   30.0
                                            -----

    Net sale proceeds                        90.0

(1) Original purchase price was US482.0 million, excluding
acquisition costs.

It is anticipated that the net proceeds, after providing for
taxes payable, will be applied to reduce Rubicon’s overall
borrowing.

Key terms of the preferred equity are:

    ---------------------------------------------------
    Amount               US$30.0 million

    Return               10% current plus 2% accrued
                         (payable at end of term)

    Amortization         25% of cashflow in excess of
                         debt service and Return to
                         preferred equity

    Term                 3 years, but can be repaid
                         at anytime with 60 days notice

    Extension options    Two x 1 year extensions subject
                         to 1% fee
    ----------------------------------------------------

                  
                     Asset Revaluation

As reported in the Troubled Company Reporter-Asia Pacific on
July 2, 2008, Rubicon American reduced the value of its real
estate portfolio as of June 30, 2008, by approximately US$97.5
million (or 7%).

The Trust, citing continued dislocation of global credit markets
and the consequential negative impact on asset valuations,
anticipated breach of financial covenants as a consequence of
the revaluation.

                     About UrbanAmerica

UrbanAmerica was founded in 1998 to acquire Government tenanted
office and national urban retail centres. UrbanAmerica deployed
its first investment vehicle's equity in acquiring
28 assets or 3.7 million square feet, at a cost of $330 million.
The portfolio is characterized by strong credit, with state
government, medical and educational institutions comprising the
bulk of tenancy in the office half and grocery and national
retailers bolstering the retail half.  Additionally,
UrbanAmerica has a partnership with Fisher Brothers, which
consists of a value added strategy. UrbanAmerica is poised to
acquire over $1 billion in assets across product type (office,
retail and mixed use, including a residential component) and
life cycle(development, repositioning and stabilized).

                    About Allco Finance

Allco Finance Group Ltd. (ASX: AFG) -- http://www.allco.com.au/    
-- is an integrated global financial services business,
specializing in asset origination, funds creation and funds
management. The Company is a fund manager of alternative assets
in its core asset classes, which include aviation, rail,
shipping, infrastructure, property, private equity and financial
assets.  Its primary focus is on commercial property,
predominately completed office buildings and select development
opportunities. It also purchases new and existing commercial
passenger and cargo aircraft for lease to commercial airlines.  
In March 2007, Allco HIT Limited acquired Momentum Investment
Finance Pty Limited, Allco Financial Services and International
Mezzanine Funds Management (Australia) Limited.  The Company is
a vendor of Momentum Investment Finance Pty Limited and Allco
Financial Services.  In July 2007, it acquired Allco Equity
Partners Ltd.  In December 2007, it completed the acquisition of
the remaining 79.6% stake of Rubicon Holdings(Aust) Limited.

                          *     *     *

Published reports said that Allco is in the brink of insolvency
and is currently negotiating a new business plan that will avoid
putting its operations in the hands of administrators.

As reported in the Troubled Company Reporter-Asia Pacific, Allco
Finance Group has until July 31, 2008, to pay its AU$250 million
bridge facility.

The company has agreed to sell its Tehachapi wind project in the
U.S. for US$325 million to further debt repayments and releases
from contingent commitments.


ALSET ELECTRICAL: Joint Meeting Set for July 25
-----------------------------------------------
Alset Electrical Solutions Pty Limited will hold a final meeting
for its members and creditors at 10:00 a.m. on July 25, 2008.  
During the meeting, the company's liquidator K. A. Strickland,
will provided attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Daniel I. Cvitanovic
          Shop 5, Old Potato Shed
          74-76 Hoddle Street
          (PO Box 55)
          Robertson NSW 2577
          Australia
          Telephone: (02) 4885 2500
          Facsimile: (02) 4885 2995


AUSTRALIAN COMMERCIAL: Final Meeting Slated for July 24
-------------------------------------------------------
Australian Commercial Projects Pty Limited will hold a final
meeting for its members and creditors at 12:45 p.m. on July 24,
2008, at Bowlers Club, Level 2, 95-99 York Street in Sydney.  

During the meeting, the company's liquidator Nick Malanos, will
provided attendees with property disposal and winding-up
reports.


BARADEEN PROPRIETARY: Members' Meeting Slated for July 24
---------------------------------------------------------
Mark W. Willock, Baradeen Proprietary Limited 's appointed
estate liquidator, will meet with the company's members on
July 24, 2008, at 10:00 a.m. to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

          Mark W. Willock
          LBW & Partners
          Level 3, 845 Pacific Highway
          Chatswood NSW 2067
          Australia


JOH BAILEY: Liquidator to Present Wind-Up Report on July 24
-----------------------------------------------------------
Joh Bailey Hairdressers Pty Limited will hold a final meeting
for its members and creditors at 12:30 p.m. on July 24, 2008, at
Bowlers Club, Level 2, 95-99 York Street in Sydney.  

During the meeting, the company's liquidator Nick Malanos, will
provided attendees with property disposal and winding-up
reports.


HAWKINS ADVANCED: Joint Meeting Set for July 24
-----------------------------------------------
Hawkins Advanced Technologies Pty Limited will hold a final
meeting for its members and creditors at 10:00 a.m. on July 24,
2008.  During the meeting, the company's liquidator R. M.
Sutherland, will provided attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

          R. M. Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Australia
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          Email: admin@jirschsutherland.com.au


MOBIUS ELR-01: Fitch Keeps CCC/DR4-Rated Notes Under Neg. Watch
---------------------------------------------------------------
Fitch Ratings has said that all classes of Mobius ELR-01 Trust
remain on Rating Watch Negative following the appointment of
administrators to Technology Business International Pty Ltd, one
of the underlying originators for the Trust.  The ratings are:

  -- AU$38.311 million Class A (ISIN AU300MOB3018): 'AAA',
     remain on RWN;

  -- AU$23.013 million Class B (ISIN AU300MOB3026): 'BB+',
     remain on RWN;

  -- AU$2.664 million Class C (ISIN AU300MOB3034): 'B/DR1',
     remain on RWN; and

  -- AU$2.786 million Class D (ISIN AU300MOB3042): 'CCC/DR4',
     remain on RWN.

On 8 July 2008, administrators were appointed to TBI, one of the
underlying originators, in the trust, and its subsidiary Bill
Express Limited.  The Mobius ELR-01 Trust portfolio currently
includes 2,269 TBI originated equipment leases amounting to
AU$15,680,029 which represent 23% of the outstanding ELR-01
Trust portfolio at 30 June 2008.  The equipment financed by TBI
originated leases comprised terminals used to access services
provided by Bill Express Limited.  Fitch understands that the
obligation of lessees to pay the full amount under the leases
continues to be legally binding, however the agency believes
lessees may seek to avoid payment as the services of Bill
Express are no longer being provided.  Any action by lessees to
avoid payment may disrupt the cash flows of the transaction and
could, in certain circumstances, result in losses to investors
in the transaction.

The ELR-01 transaction is collateralised by a pool of lease
receivables that, at the end of June 2008, comprised 9,521
individual lease receivables.  The transaction has paid down
from initial outstanding notes of AU$163.3 million to a current
stated amount of AU$67 million.  To date, principal receipts
have reduced the Class A notes to approximately 32% of their
initial amount.

Fitch continues to monitor this situation and evaluate any
potential shortfalls or disruptions in payments and will take
rating actions when more information becomes available as to the
performance of the underlying obligors.

The notes were originally placed on RWN on 16 May 2008 due to
Mobius providing notice of their intention to retire as trust
manager and master servicer for Mobius ELR-01 Trust.  Pepper
Australia Pty Limited and Perpetual Corporate Trust have been
named as replacement parties for the respective roles and formal
transfer of the roles is expected to occur by the end of August
2008.


ROXBURY MINING: Joint Meeting Slated for July 24
------------------------------------------------
Roxbury Mining Contractors Pty Limited will hold a final meeting
for its members and creditors at 10:30 a.m. on July 24, 2008.  
During the meeting, the company's liquidator K. A. Strickland,
will provided attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          K. A. Strickland
          SimsPartners
          Level 12, 40 St George's Terrace
          Perth WA 6000
          Australia


SDR 1: Members and Creditors to Meet on July 24
-----------------------------------------------
SDR 1 Pty Limited will hold a final meeting for its members and
creditors at 10:30 a.m. on July 24, 2008.  During the meeting,
the company's liquidator James Stewart, will provided attendees
with property disposal and winding-up reports.

The liquidator can be reached at:

          James Stewart
          Ferrier Hodgson
          Level 29, 600 Bourke Street
          Melbourne VIC 3000
          Australia
          Telephone: (03) 9600 4922
          Facsimile: (03) 9642 5887


SINTECH FIRE: To Declare Dividend on July 24
--------------------------------------------
Sintech Fire Systems (Aust) Pty Limited will declare dividend on
July 24, 2008.

Only creditors who were able to file their proofs of debt by
July 3, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          William Bernard Abeyratne
          Harrisons Insolvency
          Level 5, 150 Albert Road
          South Melbourne VIC 3205
          Australia
          Telephone: (03) 9696 2885


SORRITO PTY: Members' Meeting Set for July 24
---------------------------------------------
Sorrito Pty Limited will hold a final meeting for its members
and creditors at 11:00 a.m. on July 24, 2008.  During the
meeting, the company's liquidator Ozem Kassem, will provided
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Ozem Kassem
          Cor Cordis Chartered Accountants
          Level 10, 76-80 Clarence Street
          Sydney NSW 2000
          Australia


SPECPIPE TECHNOLOGY: Final Meeting Slated for July 24
-----------------------------------------------------
Specpipe Technology Pty Limited will hold a final meeting for
its members and creditors at 1:00 p.m. on July 24, 2008, at
Bowlers Club, Level 2, 95-99 York Street in Sydney.

During the meeting, the company's liquidator Nick Malanos, will
provided attendees with property disposal and winding-up
reports.



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

CHINA SOUTHERN: To Inject CNY28.685 Million in Southern Airlines
----------------------------------------------------------------
China Southern Airlines recently infused CNY28.685 million in
cash to Southern Airlines Culture and Media Co., Ltd., Info News
reports.

The airline, the report relates, holds a 50% stake in Southern
Airlines and previously contributed intangible assets to the
unit.

In 2006, the report recounts, China Southern had entered into
the capital contribution agreement with its controlling
shareholder, China Southern Air Holding Company, to reorganize
Southern Airlines into a joint venture company and increase the
registered capital of the unit from CNY10 million to
CNY65 million.

According to the report, China Southern had agreed to invest
into the venture company by making a capital contribution in the
sum of CNY32.5 million by way of injection of the 45%
shareholding in Southern Airlines Advertising and Media held by
the company and the right to use advertising resources into
Southern Airlines.

                     About China Southern

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of    
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2008, Fitch Ratings affirmed China Southern Airlines
Co. Ltd.'s "B+" Long-term Foreign Currency and Local Currency
Issuer Default Ratings.  The Outlook on the ratings is Stable.


CHINA SOUTHERN: Launches Flights to Sendai City
-----------------------------------------------
China Southern Airlines Co. Ltd. launched two weekly non-stop
flights from Guangzhou to Sendai City in Japan, Aviation Record
News reports.

The report cited James Liu, regional manager Australia for China
Southern Airlines, as saying, "Sendai is the 10th Japanese city
to be added to our growing network."

According to the report, China Southern also operates frequent
flights to other Japanese destinations including Tokyo, Osaka,
Fukuoka and Nagoya.   The airline also offers two weekly flights
from Melbourne to Guangzhou and four flights per week from
Sydney to Guangzhou, the report relates.

                     About China Southern

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of    
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2008, Fitch Ratings affirmed China Southern Airlines
Co. Ltd.'s "B+" Long-term Foreign Currency and Local Currency
Issuer Default Ratings.  The Outlook on the ratings is Stable.


SINO FOREST: Moody's Rates Proposed US$300 Mil. Notes at (P)Ba2
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba2
senior unsecured rating to Sino-Forest Corporation's (Sino-
Forest) proposed issuance of US$300 million in convertible
notes.  At the same time, Moody's has affirmed the company's Ba2
corporate family rating. The outlook for the ratings is stable.

Moody's expects to affirm the convertible note rating and remove
it from its provisional status upon a review of the final
offering documents and completion of the issuance.  The proceeds
will predominately be used to fund acquisitions of timber
plantations in China.

"The Ba2 rating reflects Sino Forest's continuing strong balance
sheet position, including pro forma Total Debt/EBITDA of 1.6x
and Total Debt/Capitalization of 40%, and which provides a
sufficient buffer for the additional debt," says Ken Chan, a
Moody's VP/Senior Analyst.

"At the same time, it reflects Sino-Forest's aggressive growth
strategy, which needs to be supported with heavy capex; as such,
the company is projected to continue generating negative free
cash flow over the next few years," says Chan.

The proposed convertible notes will have different terms and
conditions to the existing US$300 million senior notes due 2011
(the "2011 notes").  Notably, the convertible notes 1) do not
carry upstream guarantees from certain subsidiary guarantors of
the 2011 notes; 2) do not have a share pledge by the subsidiary
guarantors; 3) do not incorporate a negative pledge by
restricted subsidiaries.

Moody's understands the majority of Sino-Forest's assets are
vested in the subsidiary guarantors of the proposed convertible
notes.  The rating on the proposed convertible notes assumes
this situation will continue.

Comfort is also drawn from the proposed indenture provision
which restricts cash holdings at any non-subsidiary guarantor at
10% or below of consolidated total cash balances.  However, any
material growth in asset holdings in non-subsidiary guarantors
could potentially pressure the convertible note rating.

Moody's also considers that with upstream guarantees from a
majority of the subsidiary guarantors of the 2011 notes, absence
of a share pledge or negative pledge is not expected to
meaningfully differentiate recovery values between the proposed
convertible notes and the 2011 notes.

                       About Sino-Forest

Sino-Forest is a holding company listed in Toronto, Canada. It
is engaged in forestry ownership and plantation management in
China as well as the sale of timber, wood logs and other wood
products in that country.


* China’s SAFE Working on Cutting US Dollar Exposure
----------------------------------------------------
China’s State Administration of Foreign Exchange (SAFE) has been
looking to strike deals with private equity firms in Europe as a
part of a strategy to scale back its exposure to the US dollar
in a sign of global concern about the currency, Henny Sender of
The Financial Times reports.

According to the FT, sovereign wealth funds like China's SAFE
have played a leading role in helping to recapitalise faltering
US banks, but have lost money so far on such investments, and
the continuing market turbulence has further shaken their faith
in US policy and policymakers.

The Wall Street Journal relates that Asian central banks and
financial institutions are major holders of U.S. debt and are
believed to own substantial portions of debt for Fannie Mae and
Freddie Mac.

According to U.S. Treasury Department data cited by WSJ,
foreigners owned 21.4%, or US$1.3 trillion, of the total
outstanding long-term debt issued by U.S. government agencies as
of June 2007, with China and Japan being the largest investors
in such securities, holding US$376 billion and US$229 billion,
respectively.

The FT says the shift at China’s SAFE is significant because it
holds the majority of the country’s US$1,600 billion in foreign
currency reserves in dollar instruments and has lagged behind
other governments, such as Singapore, in diversifying its
currency exposure.

SAFE has been holding talks with Europe-based private equity
firms about putting billions of dollars into their latest funds,
precisely because these funds are not dollar-denominated, people
familiar with the matter told the FT.

In addition, the FT says SAFE is encouraging the private equity
firms with which it has relationships to make investments in
natural resources companies in markets outside the US – in part,
to hedge its exposure to the dollar.

A SAFE spokesman contacted by the FT declined to comment.


* CHINA: Second Quarter Growth Continues to Moderate
----------------------------------------------------
China's rapid growth continued to moderate in the second quarter
as exporters felt the effects of the global economic slowdown,
Andrew Batson of The Wall Street Journal reports.

With the continued U.S. financial-market turmoil raising the
prospect of an extended period of global weakness, Mr. Batson of
WSJ writes, Chinese authorities are pressured to move to boost
growth.

According to the report, citing the National Bureau of
Statistics, China's gross domestic product for the quarter was
10.1% higher than in the same period of 2007, slowing from the
first quarter's 10.6% growth rate and from the 11.9% gain for
2007.   The slowdown was widely expected, given the disruption
caused by the earthquake in Sichuan province, yet continued high
inflation and energy shortages are limiting authorities' room to
take action, the report notes.

China's inflation, WSJ says, did ease over the course of the
quarter: The consumer price index in June was up 7.1% from a
year earlier but the level of inflation remains high by recent
standards, and a government target of 4.8% average inflation for
the year looks unattainable.  Inflation averaged 7.8% in the
second quarter and 8.0% in the first.

WSJ relates that China lifted government-set prices for gasoline
and diesel in June to avoid fuel shortages, but with caps on
coal prices now contributing to electricity shortages, further
price increases are also considered likely.

The policies officials put in place six months ago to combat
inflation are proving increasingly unpopular, WSJ notes.

Meanwhile, the report says exporters are lobbying the government
to slow or stop the appreciation of the Chinese yuan, while
real-estate developers are begging for a relaxation of curbs on
bank lending.

Kevin Hamlin and Li Yanping of Bloomberg News report that
China's slow growth is sending the yuan to its biggest decline
in seven weeks on speculation the government will slow its
advance to protect jobs at exporters.

Nicholas Lardy, a senior fellow at the Washington-based Peter G.
Peterson Institute for International Economics, told Bloomberg
News that “The Chinese currency issue is a ticking time bomb.”

Kevin Hamlin and Li Yanping of Bloomberg News report that
besides using the currency to cool inflation, China has imposed
lending quotas and ordered banks to set aside a record 17.5
percent of deposits as reserves to soak up cash flooding the
economy from trade, foreign direct investment and investors
betting on gains by the yuan.   The central bank hasn't raised
interest rates this year to avoid attracting more money.

Yet, China is still doing extraordinarily well by the standards
of other countries, with an expansion rate of 10% or more every
year since 2003.  Even with the current global weakness several
forecasters think 2008 could end up being another 10% year, the
report adds.


* CHINA: Airlines Post 3.8% Drop in Passenger Traffic for June
--------------------------------------------------------------
Chinese airlines posted a 3.8% fall in combined passenger
traffic last month, as economic slowdown lowered demand for
air travel, Irene Shen of Bloomberg News reports.

According to the Civil Aviation Administration of China journal,
the report relates, Chinese carriers flew a total 14.2 million
passengers in June.  Passenger volume rose 5.4% to 91.8 million
in the first half.

The report notes that China Southern's passenger volume fell
3.3% to 4.2 million on July 11,  while Air China Ltd. and China
Eastern Airlines posted a 5% and 11.6% drop in
passenger figures in June.

Bloomberg News says that inflation, falling stock market, and
the recent earthquake tragedy has cut Chinese spending on
leisure and hampered demand for tours.

Li Lei, an analyst at China Securities Co. in Beijing. told the
news agency that "Air traffic demand is unlikely to recover
before September.  The economic slowdown, especially the falling
stock market, has curbed people's interest in traveling."

Cargo traffic for the country's carriers fell 0.8% to 321,000
tons in June, Bloomberg News says.



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

BEHRINGER CHINA: Placed Under Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on July 2, 2008, the
members of Behringer China Limited resolved to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt by Aug. 11,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         The Landmark, Gloucester Tower, 8th Floor
         15 Queen's Road Central
         Hong Kong


BRAWORKS HK: Members Agree on Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on July 3, 2008, the
members of Braworks HK Limited resolved to voluntarily liquidate
the company's business.

The company's liquidators are:

         Stephen Briscoe
         Wong Teck Meng
         Briscoe & Wong Limited, 18th Floor
         1801 Wing On House
         71 Des Voeux Road
         Central, Hong Kong


COMFORT DEVELOPMENT: Brough and Middleton Quit as Liquidators
-------------------------------------------------------------
On June 30, 2008, Paul Jeremy Brough and Edward Simon Middleton
quit as liquidators of Comfort Development Limited.

The company's former Liquidators can be reached at:

          Paul Jeremy Brough
          Edward Simon Middleton
          KPMG
          Prince's Building, 8th Floor
          10 Chater Road
          Central, Hong Kong


DRAGON FLY: Court to Hear Wind-Up Petition on August 20
-------------------------------------------------------
A petition to have Dragon Fly International Development Services
Centre Company Limited's operations wound up will be heard
before the High Court of Hong Kong on August 20, 2008, at
9:30 a.m.

Cheung Man Kwong Steven filed the petition against the company
on June 16, 2008.


HAYAMA LIMITED: Commences Liquidation Proceedings
-------------------------------------------------
On June 30, 2008, the shareholders of Hayama Limited passed a
resolution to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt by Aug. 11,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

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


LI TUNG: Members' Final General Meeting Set for August 11
---------------------------------------------------------
The members of Li Tung Book Co. Limited will hold their final
general meeting on August 11, 2008, at 11:00 a.m., to receive
the report of So Kai Chung, the company's liquidator, on the
company's wind-up proceedings and property disposal.


RICH PROGRESS: Creditors' Proofs of Debt Due on August 18
---------------------------------------------------------
The creditors of Rich Progress Enterprise Limited are required
to file their proofs of debt by August 18, 2008, to be included
in the company's dividend distribution.

The company's liquidator is:

          Ng Kam Chiu
          Tak Lee Commercial Building, 13A
          113-117 Wanchai Road, Wanchai
          Hong Kong


TEAMS KNITTING: Faces Carvico's Wind-Up Petition
------------------------------------------------
On June 16, 2008, Carvico S.p.A filed a petition to have Teams
Knitting Factory (Hong Kong) Limited's operations wound up.

The petition will be heard before the High Court of Hong Kong on
August 20, 2008, at 9:30 a.m.

Carvico's solicitors are:

          Clyde & Co.
          CITIC Power, 18th Floor
          1 Tim Mei Avenue, Central
          Hong Kong


TOP ASIA: Yan and Haughey Quit as Liquidators
---------------------------------------------
On July 3, 2008, Lai Kar Yan (Derek) and Darach E. Haughey quit
as liquidators of Top Asia Garment Limited.

The company's former Liquidators can be reached at:

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


TYCO NETWORKS: Appoints Briscoe and Meng as Liquidators
-------------------------------------------------------
On June 30, 2008, the shareholders of Tyco Networks (Hong Kong)
Limited passed a resolution to voluntarily liquidate the
company's business.  Stephen Briscoe and Wong Teck Meng were
appointed as the company's liquidators.

The Liquidators can be reached at:

         Stephen Briscoe
         Wong Teck Meng
         Briscoe & Wong Limited, 18th Floor
         1801 Wing On House
         71 Des Voeux Road
         Central, Hong Kong



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

JD ORGOCHEM: Sets Aug. 1 Record Date for Share Value Reduction
--------------------------------------------------------------
JD Orgochem Limited has fixed August 1, 2008 as the record date
for the purpose of reduction of face value of equity shares from
Rs 10/- to Rs 1/-.

On July 16, JD Orgochem disclosed in a regulatory filing that
the company's share capital will be reduced by 90% pursuant to a
scheme of compromise/arrangement approved by the High Court in
Bombay.  The number of share will remain the same as at present
i.e. 1,32,50,000, but the face value of the shares is reduced
from Rs 10/- each to Rs 1/- each.

   * Present issued capital: 1,32,50,000 Equity shares of
     Rs 10/- each = Rs 13,25,00,000/-

   * Reduced Issued Capital: 1,32,50,000 Equity Shares of
     Rs 1/- each = Rs 1,32,50,000/-

The company said it will not issue fresh share certificates of
Re 1/- each, but M/s. Sharepro Services (India) Pvt Ltd, the
registrars and share transfer agent of the company will send the
stickers of face value of Rs 1/- each with covering letters to
all the shareholders holding shares in physical form in
accordance of number of share certificate they are holding.

Early this month, the Bombay High Court, pursuant to its order
dated June 20, 2008,
approved the Scheme of Compromise/Arrangement of the company
with its secured creditors (1st and 2nd Charge Holders) and
equity shareholders.

Based in Mumbai, India, JD Orgochem Limited engages in the
production and sale of dyes and pigments, fungicides, dye
intermediates, and auxiliaries in India.  The company, formerly
Jaysynth Dyechem, Ltd., was incorporated in 1973.


MAHARASHTRA POLYBUTENES: Board OKs Equity Shares Allotment
----------------------------------------------------------
Maharashtra Polybutenes Ltd's Board of Directors has approved
the allotment of equity shares of Rs 10 each amounting to Rs
14,77,00,000 at par, to the incoming promoters of the company
and their associates.

On July 2, ISG Traders Limited and Duncans Industries Limited
acquired 20,23,800 or 12.33% of shares in the company.

The shares were sold off market pursuant to an order from the
Board for Industrial and Financial Reconstruction (BIFR).

On June, 30 2004, Maharashtra Polybutenes disclosed in a
regulatory filing that it received an order dated May 11, 2004
from the BIFR sanctioning the Rehabilitation Scheme of the
company granting various relief and concessions by Operating
Agency viz. IDBI.

In that disclosure, Maharashtra Polybutenes said that consequent
to the non-renewal of a conversion contract by M/S IPCL/RIL
negotiations were made with potential parties to enter into
contract in order to restart the operations of the company.

For the year ended March 31, 2008, the company reported net
profit of Rs.28.68 million on net sales of Rs.455.20 million
compared to a net loss of Rs.143.66 million on net sales of
Rs.75.16 million for the year ended March 31, 2007.

                  About Maharashtra Polybutenes

Maharashtra Polybutenes Ltd, fka Herdillia Polymers Ltd, --
http://www.maharashtrapolybutenes.com/-- manufactures
polybutenes through its plant in Navi Mumbai.  The company's
polybutenes are marketed under brand name of “HERMAVIS”.


TATA MOTORS: New Unit to Handle Sales & Distribution Operations
---------------------------------------------------------------
Tata Motors Limited is hiving off its sales and distribution
operations into a separate entity, as part of a restructuring
exercise, the Times of India reports.

The report says the new entity, TML Distribution Company Limited
(TDCL), a wholly owned subsidiary of Tata Motors formed with a
capital of Rs 25 crore, will now take on the operations of
sales, logistics and distribution of both commercial vehicles
and passenger vehicles to its 200 odd dealers across the
country.

According to the Times, Tata Motors is transferring
approximately 100 people to TDCL, which is expected to start
operations shortly.

A source told the Times that many factors have led Tata Motors
to realign its business structure, including curtailing costs.  

A Tata Motors spokesperson contacted by the Times said Tata
Motors' product portfolio, which already includes large volume
vehicles, is being further expanded. Simultaneously new plants
are being set up at Pant Nagar, Singur, and Dharwad, while
capacities are being added at Pune, Jamshedpur and Lucknow, the
spokesperson added.

In a separate report, the Times of India said Tata Motors
obtained shareholders'
approval to raise US$1 billion through debt or equity from
overseas market as well as to increase the company's borrowing
limit to Rs 20,000 crore (about US$5 billion).

According to the Times, as part of Tata Motors' long-term
funding plans,
it would raise Rs 7,200 crore through three simultaneous but
separate rights issues to part-finance its US$2.3 billion buyout
of British luxury brands Jaguar and Land Rover.

The Times related that the company also received approval for
increasing the authorised share capital to Rs 3,900 crore,
comprising of ordinary shares
aggregating to Rs 700 crore, and 'A' ordinary shares worth Rs
200 crore and convertible cumulative preference shares of Rs
3,000 crore.

According to the report, under its rights issue, Tata Motors
would issue 'A' ordinary shares carrying differential voting
rights for up to Rs 2,000 crore on rights basis.  'A' shares
would have voting rights at rate of one vote for every 10 'A'
ordinary shares.

Shares would rank same as ordinary shares of company and would
be entitled for dividend, bonus issue among others, the report
noted.

Meanwhile, Tata Motors said a meeting of its Board of Directors
will be held on Wednesday, July 30, 2008, at the registered
office of the company to consider, inter alia, the audited
results for the first quarter ended June 30, 2008 of the
accounting year 2008-09.

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on  
July 9, 2008, Standard & Poor's Ratings Services kept its 'BB'
corporate credit rating on India's Tata Motors Ltd. on
CreditWatch with negative implications, pending finalization of
the long-term financing plans for funding the company's purchase
of Jaguar and Land Rover from Ford Motor Co. (B/Watch Neg/--).  
At the same time, Standard & Poor's ratings on all Tata Motors'
rated debt remain on CreditWatch with negative implications.

The rating on Tata Motors was lowered on April 4, 2008, to 'BB',
from 'BB+', after the announcement of the agreement with Ford
Motor Co. for the purchase of Jaguar and Land Rover.  Tata
Motors has paid about US$2.3 billion in cash for Jaguar and Land
Rover (comprising brands, plants, and intellectual property
rights).  Ford has contributed US$600 million to the Jaguar-Land
Rover (JLR) pension plans.

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2008, Moody's Investors Service downgraded the
corporate family rating of Tata Motors Ltd to Ba2 from Ba1
following the completion of its acquisition of Ford's Jaguar
Land Rover.  The rating outlook is negative.


TATA POWER: Looks Overseas for Additional Coal Supply
-----------------------------------------------------
Tata Power Limited may invest in two coal mines overseas to
supply as much as 4 million metric tons of the fuel as record
prices curb expansion, Bloomberg News reports.

According to the report, thermal coal prices at Australia's
Newcastle port, a benchmark for Asia, have more than doubled
this year on increased demand and supply curbs after railroad
and port bottlenecks.

Current coal contract prices is at US$125 a ton and is expected
to rise to a record US$180 a ton next year, Bloomberg News says.

Mines in Australia, Indonesia or Mozambique would meet half the
additional 8 million tons of coal that Tata Power needs by 2013
to fuel a fivefold increase in generating capacity, Tata Power
Executive Director S. Ramakrishnan told Bloomberg News.

Tata Power will import 12 million tons from Indonesia to fire
its planned 4,000-megawatt project at Mundra in the western
state of Gujarat and a 25--megawatt unit in Mumbai and has also
signed long-term contracts with Indonesian suppliers for buying
another 2 million tons, Bloomberg News says.

“With coal prices flaring up no trader, even we as owners of two
coal mines, wants to make long-term commitments,” Ramakrishnan
told Bloomberg News.  “If such a situation prevails, we may be
forced to take equity positions to secure supplies.”

                         Expansion Plans

As reported in the Troubled Company Reporter-Asia Pacific on
June 25, 2008,
Tata Power said it plans to increase its electric generation
capacity by 10,000 MW in the next five years.

The company has signed financing agreements for its 4000 MW
Mundra Ultra Mega Power Project, with an estimated cost of
INR17,000 Crores (US$4.2 billion) with the first of the five
units to be commissioned in September 2011.

Financing for the 1050 MW Maithon Joint Venture Project has also
been completed.  The project, estimated at a cost of Rs.4,450
Crores is being funded on a debt-equity ratio of 70:30.  The
promoters, Tata Power abd DVC, would bring in equity in a ratio
of 74% and 26% respectively.  The debt for the project is
Rs.3,115 Crores and is being financed by various banks led by
State Bank of India.

The company said its 250 MW (Unit 8) expansion project at
Trombay is progressing ahead of schedule and will be
commissioned by October 2008, while its 50.4 MW Khandke Wind
Farm Project has been completed.  Two additional wind projects
of 50.4 MW each are being developed in Jamnagar district at
Gujarat and Gadag district at Kartakana.

As to its Captive Power Projects for Tata Steel, the 120 MW
Power House #6 at Tata Steel Works, Jamshedpur will be
commissioned this financial year while the 120 MW Unit #5 at
Jojobera will be commissioned in the next financial year.

The Unit 1 of 2x45 MW Phase of Haldia Power Plant Project was
synchronized with the grid in April 2008, and the second unit is
scheduled to commission later this year.

Tata Power said it is actively pursuing setting up mega power
project in coastal Maharashtra and is in discussions with the
Government of Maharashtra for getting required assistance in
land acquisition.

The company completed the refinancing of its bridge loan taken
for the acquisition of 30% equity stakes in major Indonesian
thermal coal producers, PT Kaltim Prima Coal and PT Arutmin
Indonesia, as well as related trading companies owned by PT Bumi
Resources Tbk.  The company successfully refinanced US$860
million out of a total of US$950 million bridge loan taken at
the time of acquisition.

                   About Tata Power Company Ltd

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                          *     *     *

Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered
its corporate credit rating on India's Tata Power Co. Ltd. to
'BB-' from 'BB+'.  S&P said the outlook is stable.  At the same
time, the rating on Tata Power's US$300 million senior unsecured
bonds have been lowered to 'BB-' from 'BB+'.

Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.
At the same time, Moody's downgraded its senior unsecured
bond rating to B1 from Ba2.  Moody's said the ratings outlook is
negative.

All ratings still hold to date.



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

* INDONESIA: DPR and Govt. Decide to Reduce Tax Tariff by 50%
-------------------------------------------------------------
The Indonesian House of Representatives (DPR) and the government
have agreed to reduce income tax tariff by 50 percent of normal
tariffs for small and medium micro businesses which have legal
entities, Antara news reports.

Drajat Wibowo, member of the House's working committee on income
tax bill was cited by the report as saying that the reduced
income tax tariff was given to taxpayers with a business
turnover of IDR4.8 billion (US$528,000) to IDR50 billion per
annum.

Mr. Wibowo also told Antara that under the new agreement, the
bigger the business turnover of small and medium macro
entrepreneurs, the smaller the proportion of incentives or
facilities to income tax without incentives.

The report further cited Mr. Wibowo as saying that the House and
the government also agreed to reduce income tax tariff by
5 percent of normal tariffs for publicly-listed companies which
sell at least 48 percent of their shares in the Indonesia Stock
Exchange.

             
* INDONESIA: Moves Working Days to Weekends to Settle Blackouts
---------------------------------------------------------------
Starting July 21, 2008, companies in Java and Bali will shift
working hours to weekends as Indonesia's five ministers issued a
decree ordering factories to shift working hours to weekends in
a bid to avoid prolonged rolling blackouts, The Jakarta Post
reports.

But the companies have criticised the government for this kind
of move, according to the Financial Times.  

"Nobody is happy with this change but we have little choice as
the lack of electricity is a national issue" the Financial Times
cited Indonesian Employers Association Executive Director Indra
Kesuma, as saying.

The rule, according to Mr. Kesuma, might be used to favour some
companies over others.

Financial Times noted that companies that do not comply will
face temporary power cuts.

The FT recounts that the government has tried to reassure the
companies that they will not have to pay higher wages for those
working on the weekend as a result of shifting production.

As reported by the Troubled Company Reporter-Asia Pacific on
July 11, 2008, the country's power cuts were due to the
maintenance work, that has interrupted the gas supplies to two
state-owned generating stations in North Jakarta, but analysts
have blamed the country's crumbling infrastructure.



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

MEDCA JAPAN: JCR Puts Senior Debts Ratings Under Credit Monitor
---------------------------------------------------------------
JCR has placed its rating on senior debts of the issuer under
Credit Monitor with Negative direction as #BB-/Negative.

Medca Japan disclosed its downward earnings forecast for the
financial results for fiscal year ended May 31, 2008 on July 15,
2008.  It will incur a net loss of JPY11.3 billion (a net profit
of JPY300 million in the previous forecast).  The loss is due to
the write-downs of the unredeemed bonds amounting JPY3.5
billion, which were announced on May 9, 2008, write-downs of
investment securities amounting JPY1.5 billion, provision for
doubtful account amounting JPY2.1 billion and reversal of
deferred tax assets amounting JPY1.9 billion.  The company has
revised downwards the forecast for the operating profit from a
profit of JPY1.4 billion to JPY0.78 billion due to the
increasing personnel expenses and other expenses in the nursing
care business, lowered occupancy rate as well as the increased
expenses in business segment "Others" including operation of
hot-spring cure hotels.

JCR placed the rating on the company under Credit Monitor with
Negative direction in order to confirm the impact of the loss on
the financial base (net assets totaling JPY24.3 billion  as of
the end of the third quarter of the fiscal year ended May 31,
2008) and on the cash management and that additional loss will
not occur in addition to screening pace of the earnings recovery
of the nursing care business and other segments.  The company
issued new shares through third-party allocation amounting
JPY3.8 billion  to Unimat Holdings and Unimat Life on April 30,
2008.  The Unimat Group now has a 40.56% stake in the Company.
JCR will also ascertain the position of the Company in this
Group and the business relationships.

                     About Medca Japan

Medca Japan Co., Limited is a Japan-based company mainly engaged
in the medical business.  The company operates in four business
segments.  The Nursing Care segment provides home care services,
as well as operates and maintains care centers and long-stay
centers.  The Clinical Examination segment is engaged in the
provision of clinical examinations, as well as the collection
and distribution of blood and urinal examination materials.  The
Product Sales segment offers medical equipment and consumable
medical supplies to nursing care and medical institutions.  The
Others segment is involved in the leasing of real estate; the
provision of medical waste transportation from medical
institutions; the operation and management of hotels and hot
springs, as well as the operation and management of condominiums
for elderly people.  Headquartered in Saitama Prefecture, the
Company has nine subsidiaries and six associated companies.


ZEPHYR CO: JCR Lowers Senior Debts Ratings to B+
------------------------------------------------
JCR has downgraded the ratings on senior debts and bonds of the
issuer from BB- to B+ and from B+ to B, and has decided to
continue placing them under Credit Monitor with Negative
direction as #B+/Negative and #B/Negative, respectively.

Senior Debts #B+/Negative

Issues      (BB)     Issue Date   Due Date  Coupon     Rating
bonds no.2  JPY12     8/22/06    8/22/08     2.47%   #B/Negative
bonds no.3  JPYY8     6/21/07    6/21/10     2.94%   #B/Negative

JCR downgraded the rating for Zephyr and placed its senior debts
and bonds under Credit Monitor in association with the filing of
bankruptcy proceedings by Kondo Sangyo, its subsidiary, on
May 30, 2008.  A business model of the company is sale and
securitization of real property and the Company develops its CM
business.  Those two businesses are a cyclical business and the
Company has to repeat the cycle, that is, from purchase of real
property to sell to sale of it in order to maintain its
profitability.  However, the company cannot purchase such new
real property and it is focusing on sale of existing real
property held in order to get back the funds.  However, the
rigorous business environments will continue and it is not
expected that progress of the sale of such real property can be
proceeded.  In addition to the continuance of the above
situation, it becomes difficult for the company to assume a
scenario for improvement in medium-term earnings power as it
will take time to establish a new business model.

JCR incorporated the financial support from SBI Holdings
appropriately into the rating for the company.  The financial
support has been sustaining the cash management of the company
even when the sale of real property held was not proceeding
smoothly in the previous fiscal year when the business
environment worsened.  The assets of the company have been
collateralized, when the company borrowed the funds. JCR can not
incorporate the support from SBI Holdings into the rating
hereafter.  There have been no signs of recovery of business
environments since JCR placed the ratings on the company for the
first time.  In general, the severity of business environments
surrounding the Company have been increasing.  In addition, the
medium-term earnings power of the company has lowered under the
situation where it is difficult for the Company to sustain the
conventional business model.  JCR changed the ratings on the
company based on the above.  JCR also can not take an optimistic
view of the current cash management.  Therefore, JCR will
continue to place the ratings on the company under Credit
Monitor with the Negative direction being left unchanged and
will examine carefully the progress of the sales of the real
property.  Concerning the ratings on the outstanding unsecured
corporate bonds issued by the company, JCR incorporated their
subordinated natures into the ratings on the bonds, given that
the almost all of the company's bank borrowings are secured
debts.

                     About Zephyr Co.

Zephyr Co. Ltd. -- http://www.zephyr.co.jp/-- is a Japan-based    
real estate company.  The company has four business segments.
The Real Estate Property Sale segment is engaged in the
planning, development and sale of condominiums and detached
housing.  The Real Estate Liquidation segment sells investment
real estate properties.  The Construction Management (CM)
segment is engaged in the construction business, utilizing CM
method, and the planning and construction of commercial
buildings.  Through its subsidiaries, the Others segment is
involved in the general management of condominiums and buildings
for leasing, as well as the sale, leasing, and the provision of
agency businesses of real estate properties. Headquartered in
Tokyo, the company has 19 subsidiaries and five associated
companies.


* JAPAN: Bank of Japan Lowers Growth Forecast to 1.2% for 2009
--------------------------------------------------------------
The Bank of Japan acknowledged the increasing impact of global
problems on the economy, downgrading its growth forecast and
raising its prediction for headline inflation, David Pilling of   
the Financial Times reports.

The report relates that the bank, which left interest rates
unchanged at 0.5% after a two-day policy meeting, said growth
for the year ending March 2009, would be 1.2%, below its April
forecast of 1.5%.

According to the report, the bank's expectations for headline
inflation, fuelled by higher oil and food prices, moved even
more sharply, from 1.1% to 1.8%.  Japan's headline inflation
rate includes energy prices.

However, Masaaki Shirakawa, BoJ governor, told the news agency
that the combination of lower growth and higher inflation did
not mean the economy was in stagflation.  "We believe the
possibility is relatively high that the economy will remain on a
sustainable growth path with price stability," he said, arguing
that inflation would eventually subside as the impact of higher
energy and food prices waned.

"Economic growth is slowing further, reflecting weaker growth in
business fixed investment and private consumption against the
backdrop of high energy and materials prices," the bank was
cited by the FT as saying.  It also warned that global financial
markets remained unstable, posing further downside risks to
Japan's economy, the FT notes.

Meanwhile, Robert Feldman, chief economist at Morgan Stanley in
Tokyo, told the FT that the growth and inflation forecasts
needed to be interpreted differently in Japan than they would in
the US or Europe.

The Times says the bank's forecast of 1.2% growth for the fiscal
year implied there would be no growth at all for the rest of the
year, economists said, the report says.  Even so, most
economists remain vigilant to downside risks, particularly if
continuing bad news from the US housing market further damages
the real economy and global demand, the Times relates.

The bank also lowered its growth prediction for the year ending
March 2010 from 1.7% to 1.5%, and left its forecast for
inflation for that year almost unchanged at 1.1%, implying that
it sees little underlying inflationary strength, the report
adds.


* Japan Securitizations Drop 50% in 2nd Quarter 2008, S&P Says
--------------------------------------------------------------
Standard & Poor's Ratings Services said in a Japanese-language
report released that it had assigned ratings to securitization
transactions worth JPY664.5 billion in Japan in the second
quarter of 2008 (April to June), marking a 51.6% decrease from
the previous year.  The transactions exclude credit derivative
products without issuances of bonds or trust certificates.  

Also, the number of securitized transactions rated by S&P during
the second quarter fell to 24, down about 50% from the previous
year.
   
From April to June 2008, United States and European
securitization markets remained in a slump as financial
institutions struggled to get back on their feet after the
subprime crisis hurt earnings in the financial sector.  Amid
debate on new securitization frameworks, investors have also
adopted a cautious posture toward Japanese securitization
products, even though securitization transactions in Japan have
generally enjoyed stable performance.  Arrangers are trying to
limit their warehousing capability before securitization, and
S&P does not expect the situation to change soon.  As a result,
issuances in the Japanese securitization market stayed at a low
level, dragging down the number of new ratings assigned to
securitization deals in the second quarter of 2008.
   
On the other hand, some progress was made in terms of improving
practices in the securitization industry.  For instance, the
Japan Securities Dealers Association established a working group
on the distribution of securitization products.  The group
focused on the standardization of a disclosure format for
structured finance products, aiming to enhance transparency and
boost the securitization market.
   
S&P is seeking comments on the proposed addition of an
identifier to differentiate ratings assigned to securities
issued under securitization transactions, and the rating agency
will accept feedback until July 31, 2008.


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

ACCESSORY STREET: Liquidator Sets July 31 as Claims Bar Date
------------------------------------------------------------
The High Court at Auckland has appointed John Michael Gilbert as
liquidator of Accessory Street Limited.

The Liquidator sets July 31, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          J. M. Gilbert
          C & C Strategic Limited
          Private Bag 47927
          Ponsonby, Auckland
          Telephone: (09) 376 7506
          Facsimile: (09) 376 6441


CENTRAL SURF: Commences Liquidation Proceedings
-----------------------------------------------
The High Court at Christchurch convened a hearing on June 30,
2008, to consider an application putting Central Surf Limited
into liquidation.

The application was filed on May 9, 2008, by Coastlines (CSG)
New Zealand Limited.

The plaintiff's address for service is at:

          Anthony Harper
          Level 5, Anthony Harper Building,
          47 Cathedral Square (PO Box 2646)
          Christchurch
          Facsimile: (03) 366 9277

Crispin Ross Vinnell is the plaintiff's solicitor.


CONVERGENT TECH: Liquidator Sets July 25 as Claims Bar Date
-----------------------------------------------------------
Pursuant to Section 241 (2) (a) of the Companies Act 1993, the
shareholders of Convergent Technologies Limited has appointed
Curtis John Mountfort, chartered accountant of Auckland, as the
company's liquidator.

The Liquidator sets July 25, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Curtis J. Mountfort
          Mountfort & Associates
          Chartered Accountants
          PO Box 82161
          Auckland
          Telephone: (09) 272 2241
          Facsimile: (09) 272 2251


MACKELVIE TRUSTEE: Liquidator Sets August 1 as Claims Bar Date
--------------------------------------------------------------
Pursuant to Section 241 (2) (a) of the Companies Act 1993, the
shareholders of Mackelvie Trustee Limited has appointed David
Ross Petterson, forensic accountant of Levin, as the company's
liquidator.

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

Creditors and shareholders may direct their inquiries to:

          Attn: David Petterson
          Forensic Accounting Services Limited
          PO Box 1003, Levin 5540
          Telephone: (06) 367 8044


NICK LIEFTING: Commences Liquidation Proceedings
------------------------------------------------
The High Court at Auckland convened a hearing on July 2, 2008,
to consider an application putting Nick Liefting Contractors
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:

         Simon John Eisdell Moore
         Meredith Connell
         Level 17, Forsyth Barr Tower
         55-65 Shortland Street
         Auckland

S. J. Eisdell moore, is the plaintiff's solicitor.


ONTRAC PUMPING: Wind-Up Petition Hearing Set for August 1
---------------------------------------------------------
The High Court at Auckland will convene a hearing on Aug. 1,
2008, to consider an application putting Ontrac Pumping Limited
into liquidation.

The application was filed on April 28, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street (PO Box 432)
          Hamilton
          Telephone: (07) 959 0373
          Facsimile: (07) 959 7614

Kay S. Morgan, is the plaintiff's solicitor.


PROSPERITY BAY: Wind-Up Petition Hearing Set for August 5
---------------------------------------------------------
The High Court at Gisborne will convene a hearing on Aug. 5,
2008, to consider an application putting Prosperity Bay Realty
Limited into liquidation.

The application was filed on May 15, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street (PO Box 432)
          Hamilton
          Telephone: (07) 959 0373
          Facsimile: (07) 959 7614

Kay S. Morgan, is the plaintiff's solicitor.


SOVEREIGN INDUSTRIES: Liquidators Set July 31 as Claims Bar Date
----------------------------------------------------------------
Pursuant to Section 241 (2) (a) of the Companies Act 1993, the
shareholders of Sovereign Industries Limited has appointed Peri
Micaela Finnigan and John Trevor Whittfield, insolvency
practitioners of Auckland, as the company's liquidators.

The Liquidators set July 31, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:


       Peri Micaela Finnigan
       McDonald Vague
       PO Box 6092
       Wellesley Street Post Office
       Auckland
       Telephone: (09) 303 0506
       Facsimile: (09) 303 0508
       Website: www.mvp.co.nz


STRATEGIC FINANCE: BOS and Allco-Lead Consortium to Buy Parent
--------------------------------------------------------------
A consortium consisting of Strategic Finance Limited’s original
owners, senior management and BOS International, part of the
HBOS Australia group, has agreed indicative non-binding terms
with Allco HIT Limited to buy Strategic Investment Group
Limited, the immediate parent of Strategic Finance.

BOS International will have an initial 19.9% cornerstone
shareholding, with the ability to increase to 49% to reflect its
financial contribution to the consortium.  The original owners
and senior management will hold the balance of the shares in the
consortium.

The consortium team includes amongst others Graham Jackson,
Jock Hobbs and Marc Lindale who are all executive directors of
Strategic Finance as well as CEO Kerry Finnigan.

Mr. Finnigan said despite the difficulties facing the New
Zealand finance company sector, the proposed ownership change of
Strategic Finance should ensure its long-term future.

“We have always remained fully engaged with the business and
firmly believe in its future prospects.  Despite current market
conditions, history has shown that the need for strong
finance companies in New Zealand will not disappear.  We have
every confidence that the change of ownership will ensure that
Strategic Finance will be one of the companies servicing
this need.  Partnering with BOS International and involving
management is a major boost for Strategic Finance and should be
viewed positively in this market.” Mr. Finnigan said.

Key to the consortium acquisition is that BOS International will
also increase its existing wholesale facility in Strategic
Finance to NZ$150 million.  This further diversifies Strategic
Finance’s reliance on debenture funding and the consortium’s
intention is for Strategic Finance to look to offer new products
to the market.

Mr. Finnigan said it was critical to have the backing of HBOS.  
Strategic Finance and other consortium members have enjoyed a
very strong relationship with HBOS and could not ask for
a better partner.

“HBOS has been around for well over 300 years and its
willingness to support us in this transaction is reflective of
its ability to stand by its clients even during extremely tough
market conditions.  The value that the Bank’s involvement brings
to the consortium and to Strategic Finance will be immense”.

Jack Dykes, CEO of BOS International said “We've had a strong
relationship with Strategic for several years.  They have
quality management which we believe can take advantage of
opportunities emerging from the current market turmoil in this
sector and are pleased to strengthen our relationship".

The acquisition is subject to due diligence and entering into
binding legal agreements, which the consortium is looking to
complete by the end of the month.  The sale process may take up
to two months, and would require various shareholder consents
and regulatory approvals prior to the acquisition being
finalised.

                  About Strategic Finance

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


VENTURE VISION: Elms Appointed as Liquidator
--------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, Robert
Anthony Elms, chartered accountant of Martin Jarvie PKF, was
appointed liquidator of Venture Vision Video Limited.

Creditors who were not able to file their proof of debts by
July 16, 2008, were excluded from any dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Robert Anthony Elms
          3rd Floor, 85 The Terrace
          Wellington
          Telephone: (04) 472 7919


WELLINGTON CONSTRUCTION: Commences Liquidation Proceedings
----------------------------------------------------------
The High Court at Wellington convened a hearing on July 14,
2008, to consider an application putting Wellington Construction
Ltd. into liquidation.

The application was filed on  May 29, 2008, by Turnyee Limited
fka Advanced Mechanical Systems Limited.

The plaintiff's address for service is at:

          Collins & May Law Office
          4th Floor, 44 Queens Drive
          PO Box 30614
          Lower Hutt
         Telephone: (04) 566 5775

Eugene Collins is the plaintiff's solicitor.



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

GEOGRACE: Uses PHP306MM From Stock Sale for Development Costs
-------------------------------------------------------------
GEOGRACE Resources Philippines Inc. disclosed with the
Philippine Stock Exchange that it has spent PHP305.56 million  
for -- exploration costs, project development costs and
additional working capital -- from the 1:3:5 Stock Rights
Offering in the second quarter ending June 30, 2008.

Out of the PHP305.56 million proceeds, the company has spent
PHP161.49 million for explorations costs, PHP51.99 million for
project development costs and PHP92.08 million for additional
working capital.

Headquartered in Makati City, Philippines, Geograce Resources --
fka Global Equities, Inc. -- was originally incorporated as La
Suerte Gold Mining Corporation on April 20, 1970, primarily to
engage in the exploration, exploitation, and development of
mineral resources; to purchase, lease and otherwise acquire
mining claims and concessions anywhere in the Philippines; and
to carry on the business of mining, extracting, smelting,
treating, and otherwise producing and dealing in metals and
minerals of all kinds including all its products and by-

                          *     *     *

According to Geograce Resources' independent auditor, Sycip
Gorres Velayo and Co., the company's previous real estate
operations were affected by the downturn in the real estate
industry resulting in continuous losses and inability to pay
maturing loans.  The auditor says that there exists a material
uncertainty about the company’s ability to continue as a going
concern.  Geograce posted a net loss of PHP102,364,952 in the
fiscal year 2007.


SULPICIO LINES: Forced to Terminate 136 Employees from 8 Vessels
----------------------------------------------------------------
The Sunstar Daily reports that Sulpicio Lines Inc. was forced to
terminate 136 regular officers and crew members from its eight
passenger vessels, because of the heavy losses it incurred from
its suspension of operation since last month.

Manuel Espina, Sulpicio Lines lawyer, told the Sunstar Daily
that the shipping firm did not have an option because the
vessels that were served by the terminated employees were still
not operating and paying workers salaries will deplete the
firm’s resources.

Mr. Espina also told the Sunstar that there is no legal obstacle
in laying off the company's officers and crew because this was
reported to the Department of Labor and Employment (Dole).

Associated Labor Unions-Trade Union Congress of the Philippines
(ALU-TUCP) Spokesperson, Joy Lim, was cited by the news agency
as saying that the 136 workers that were laid off were just the
initial batch since Sulpicio informed them that will lay off 600
workers if Maritime Industry Authority (Marina) will not allow
the vessels to sail again.

According to the Business World, the company had not realized
net profits for several years now.  The company posted a net
loss of PHO211.46 million in 2007, slightly less than its net
loss of PHp229.1 million a year earlier.


* PHILIPPINES: OFW's Remittance Reaches US$6.8 Bil. in Jan-May
--------------------------------------------------------------
Remittances from overseas Filipinos (OFs) coursed through banks
climbed anew by 15.6 percent year-on-year to reach
US$1.4 billion for the third consecutive month since March 2008.               
This brought the five-month remittance level to US$6.8 billion,
14.7 percent higher than the year-ago level, a data from the
Bangko Sentral ng Pilipinas shows.

Behind the continued expansion in remittances for the period    
January–May 2008 was the steady growth in the number of deployed
Filipino workers and enhanced financial services offered by the
banks to OFs.  Preliminary data from the Philippine Overseas
Employment Administration (POEA) showed that for the first five
months of 2008, the number of deployed Filipino workers
worldwide rose by 39.5 percent from 382,777 to 533,945.  This
reflected the distinct preference for the skills quality and
competence of Filipino workers.  Moreover, remittances are
expected to get a further boost from more work opportunities
awaiting qualified Filipino workers with the current expansion
of a giant oil processing complex in the Middle East to service
the rising global demand for crude oil.

Meanwhile, banks and non-bank remittance centers continued to
exert aggressive marketing efforts to provide expanded financial
services to OFs and their beneficiaries.  The establishment of
more remittance centers, correspondent banks, and
branches/representative offices abroad, together with the
existing tie-ups with foreign financial counterparts, is
expected to further facilitate the flow of remittances.

The bulk of remittances continued to come from the U.S.A, Saudi
Arabia, Canada, the U.K., Italy, the United Arab Emirates,
Singapore, Japan, and Hong Kong.



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

SILICON PRECISION: To Pay NT$13.8BB Cash Dividend on July 30
------------------------------------------------------------
Siliconware Precision Industries Co., Limited will pay a cash
dividend of NT$13,836,138,906 and a stock dividend of
NT$307,469,750 to the shareholders of record on July 30, 2008,
Reuters reports.

According to the report, the company's shares will trade ex-
right and ex-dividend on July 24, 2008.

Siliconware Precision Industries Ltd. -- http://www.spil.com.tw  
-- is a leading provider of comprehensive semiconductor assembly
and test services.

The company's long-term foreign and local issuer credit carries
Standard and Poors' BB+ rating since Dec. 5, 2006.



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

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

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

AUSTRALIA      

ADVANCE HEALTHCA                  AHG      15.65       -6.78
ALLSTATE EXPLORA                  ALX      18.20      -42.78
AUSTINDO RES                      ARX      62.77      -15.88
AUSTAR UNITED                     AUN     525.67     -234.87
ANTARES ENERGY L                  AZZ      16.20       -4.36
BIRON APPAREL LT                  BIC      19.71       -2.22
CROESUS MINING                    CRS      16.00      -13.81
ETW CORP LTD                      ETW     103.76      -50.22
INTELLECT HLDGS                   IHG      15.25      -10.88
KH FOODS LTD                      KHF      38.40       -6.79
LAFAYETTE MIN                     LAF     105.24     -190.86
METAL STORM LTD                   MST      16.47       -2.9
RENISON CONSOLID                  RSN      38.83       -3.94
TOOTH & CO LTD                    TTH     120.47      -87.64


CHINA

HISENSE ELEC-H                    921     604.98      -86.30
NINGBO YIDONG-H                  8249      86.83       -0.19
SHENZ SEG DASH-A               000007     101.02       -1.14
SHENZ CHINA BI-A               000017      29.38     -244.53
SHENZHEN SHENXIN               000034      44.99     -113.37
CHINA KEJIAN-A                 000035      65.12     -167.31
SHENZHEN KONDA-A               000048     155.01      -24.45
HUNAN ANPLAS CO                000156      84.00      -81.35
ZHANGJIAJIE TO-A               000430      51.01       -8.25
DANDONG CHEM F-A               000498     115.94      -91.60
SUCCESS INFORMAT               000517      30.12      -14.83
GUANGDONG MEIYA                000529      66.44      -62.41
GUANGXIA YINCH-A               000557      53.46      -61.33
CHANG LING GROUP               000561      49.68     -115.81
QINGHAI SALT L-A               000578     105.64       -4.91
GUANGMING GRP FU               000587      62.37      -12.08
FUJIAN CFC IND-A               000592      24.20      -19.62
YUEYANG HENGLI-A               000622      40.27      -14.34
LAN BAO TECH INF               000631      29.44      -22.70
CHINA LIAONING-A               000638      15.43       -5.70
CHENGDU UNION-A                000693      59.53       -0.19
JIAOZUO XIN'AN-A               000719      50.82      -25.45
FUJIAN SANNONG-A               000732      64.42      -90.24
CHONGWING INTL-A               000736      24.75      -13.38
SICHUAN DIRECT-A               000757     128.55     -102.62
CHINESE.COM LOGI               000805      12.72      -20.57
SHENZHEN DAWNC-A               000863      36.85     -142.58
STELLAR MEGAUNIO               000892      64.93     -162.46
HUNAN AVA HOLDIN               000918     176.94      -11.26
GUANGDONG KEL-A                000921     604.98      -86.30
ANHUI KOYO GROUP               000979      64.28      -30.78
SHENZ CHINA BI-B               200017      29.38      -244.53
AMOI ELECTRONICS               600057     414.93       -30.40
SUNTIME INTERN-A               600084     372.80       -50.59
SHANG WORLDBES-A               600094     327.98      -175.17
MIANYANG GAO-A                 600139      30.66       -12.44
HEBEI BAOSHUO CO               600155     313.38      -212.29
HUATONG TIANXI-A               600225      73.84       -41.14
TAIYUAN TIANLON                600234      12.69       -51.58
TIBET SUMMIT IND               600338      73.50       -16.42
CHONGQING CHANG                600369      98.87        -0.06
QINGHAI SUNSHI-A               600381      47.31       -49.66
WINOWNER GROUP C               600681      21.50       -81.28
HEBEI JINNIU C-A               600722     379.30        -2.89
SUNTEK TECHNOLOG               600728      44.69       -22.95
FUJIAN START-A                 600734     105.66       -14.34
TIANJIN MARINE                 600751      75.44       -26.60
TOPSUN SCIENCE-A               600771     232.68      -131.98
XIAMEN OVERSEAS                600870     433.19       -13.78
HUDA TECHNOLOG-A               600892      18.46        -1.90
TIANJIN MARINE-B               900938      75.44       -26.60
SHANG WORLDBES-B               900940     327.98      -175.17


HONG KONG      

CHIA TAI ENTERPR                  121     316.11      -40.95
CHINA BEST GROUP                  370      55.54       -1.84
ASIA TELEMEDIA L                  376      16.97       -7.53
WELLING HOLDING                   382     303.95      -44.65
NEW CITY CHINA                    456     110.83       -6.78
PALADIN LTD                       495     167.43       -6.23
MAXX BIOSCIENCE                   512      25.48       -5.36
CHINA HEALTHCARE                  673      25.44       -3.37
PLUS HOLDINGS LT                 1013      10.40      -10.21
SUNCORP TECH LTD                 1063      31.94      -35.07
FE GOLDEN RES                    1188      52.49       -9.92
WAH SANG GAS                     8035      61.51     -106.48


INDIA      

ANDREW YULE & CO                  ANY      81.41      -30.90
ARTSON ENGR                       ART      10.31       -0.71
ASHIMA LTD                        ASHM     96.57      -42.59
BHAGHEERATHA ENG                  BGEL     22.65      -28.20
BALAJI DISTILLER                  BLD      45.66      -74.20
BELLARY STEELS                    BSAL    395.36      -41.25
CFL CAPITAL FIN                   CEATF    24.03      -43.80
CORE HEALTHCARE                   CPAR    185.37     -241.91
DIGJAM LTD                        DGJM     98.77      -14.62
DISH TV INDIA                     DITV    239.48      -12.62
ELQUE POLYESTERS                  ELQP     13.80      -25.63
GANESH BENZOPLST                  GBP      82.16      -38.25
SURAT TEXTILE MI                  GCTY     15.97       -8.85
GUJARAT SIDHEE                    GSCL     59.44       -0.66
GUJARAT STATE FI                  GSF      43.60     -195.24
HIMACHAL FUTURIS                  HMFC    603.36      -13.34
HMT LTD                           HMT     316.41     -175.33
HINDUSTAN PHOTO                   HPHT     95.12     -953.35
IFB INDS LTD                      IFBI     40.50      -70.82
INDIA STEEL WORK                  ISI      56.76       -1.47
JCT ELECTRONICS                   JCTE    117.60      -50.17
JK SYNTHETICS                     JKS      20.21       -2.17
JENSON & NIC LTD                  JN       14.81      -81.79
KALYANPUR CEMENT                  KCEM     38.11      -48.48
LKP MERCHANT FIN                  LKP      29.99       -0.47
LML LTD                           LML      86.80      -27.97
LLOYDS METALS                     LYDM     76.63       -0.41
LLOYDS STEEL IND                  LYDS    392.56     -102.16
MODI RUBBER LTD                   MDR      39.76      -24.30
MAFATLAL INDS                     MFI      95.67      -85.81
MILLENNIUM BEER                   MLB      38.26       -3.52
PAREKH PLATINUM                   PKPL     59.66      -75.55
PANCHMAHAL STEEL                  PMS      51.02       -0.33
PSI DATA SYSTEMS                  PSI      11.68       -2.48
PTL ENTERPRIESES                  PTLE     54.29       -0.40
PANYAM CEMENTS                    PYC      30.24       -9.40
ROLLATAINERS LTD                  RLT      22.97      -22.24
REMI METALS GUJA                  RMM      45.06      -51.10
RPG CABLES LTD                    RPG      51.43      -20.19
SIL BUSINESS ENT                  SILB     12.46      -19.96
SANDUR MANGANESE                  SMIO     32.57       -2.61
SIMPLEX REALTY                    SPLX     16.49       -0.44
SHREE RAMA MULTI                  SRMT     71.22      -29.91
TATA TELESERVICE                  TTLS    657.28      -73.89
TVS ELECTRONICS                   TVSEL    30.73       -1.57
UB ENGINEERING                    UBE      31.43       -2.86
USHA INDIA LTD                    USHA     12.06      -54.51
JOG ENGINEERING                   VMJ      50.08      -10.08
VXL INSTRUMENT                    VXLI     12.20       -0.62
YASHRAJ CONTAINE                  YRCT     17.49       -2.09


INDONESIA      

PRIMARINDO ASIA                  BIMA      10.35      -20.51
BUKAKA TEKNIK UT                 BUKK      64.09      -99.37
DAYA SAKTI UNGGU                 DSUC      30.76       -6.51
ERATEX DJAJA                     ERTX      31.06       -2.42
TITAN KIMIA NUST                 FPNI      25.81       -0.72
JAKARTA KYOEI ST                 JKSW      30.89      -41.37
KARWELL INDONESI                 KARW      32.21       -2.26
PANCA WIRATAMA                   PWSI      31.46      -31.94
STEADY SAFE TBK                  SAFE      22.30       -8.31
SURABAYA AGUNG                   SAIP     283.40      -75.78
SEKAR BUMI TBK                   SKBM      19.7 0        0
TEIJIN INDONESIA                 TFCO     266.23      -27.64
UNITEX TBK                       UNTX      16.04      -10.83


JAPAN      

HEIWA OKUDA CO L                 1790      82.68       -6.66
LINK ONE                         2403      16.60       -3.12
LINK CONSULTING                  4798      50.71      -10.14
CASIO MICRONICS                  6760     184.29      -31.13
AIREX INC                        6944      44.25       -7.05
SUMIYA CO                        9939      70.82      -10.21


MALAYSIA      

CNLT FAR EAST                    CNLT      42.36       -6.34
FOREMOST HLDGS                   FMST      11.04       -0.11
HARVEST COURT                    HAR       10.68       -5.71
LITYAN HLDGS BHD                 LIT       23.33      -26.71
MANGIUM INDUSTRI                 MANG      14.36      -18.65
PUTERA CAP BHD                   PCAP      10.56       -4.70
PANGLOBAL BHD                    PGL      179.11     -170.79
SUNWAY INFRASTRU                 SIB      399.84      -10.80
TECHVENTURE BHD                  TECH      37.23      -11.29
WEMBLEY INDS                     WMY      125.94     -283.62
WONDERFUL WIRE                   WW        22.80       -2.47


PHILIPPINES      

APEX MINING-A                     APX      55.27       -1.97
APEX MINING 'B'                   APXB     55.27       -1.97
BENGUET CORP-A                    BC       83.36      -30.59
BENGUET CORP 'B'                  BCB      83.36      -30.59
CENTRAL AZUC TAR                  CAT      35.74       -1.80
CYBER BAY CORP                    CYBR     14.85      -74.30
FIL ESTATE CORP                   FC       43.03      -10.93
"FILSYN CORP ""A"""               FYN      24.84      -11.37
"FILSYN CORP. ""B"""              FYNB     24.84      -11.37
GOTESCO LAND-A                    GO       18.68      -10.86
GOTESCO LAND-B                    GOB      18.68      -10.86
MRC ALLIED                        MRC      14.95       -0.75
PICOP RESOURCES                   PCP     105.66      -23.33
PRIME ORION PHIL                  POPI     99.69      -82.12
EAST ASIA POWER                   PWR      72.74     -136.68
UNIVERSAL RIGHTF                  UP       45.12      -13.48
UNITED PARAGON                    UPM      27.11      -36.05
UNIWIDE HOLDINGS                  UW       65.66      -57.31
VICTORIAS MILL                    VMC     175.01      -38.64


SINGAPORE      

ADV SYSTEMS AUTO                  ASA      21.96       -7.54
CHUAN SOON HUAT                   CSH      42.09       -3.64
FALMAC LTD                        FAL      10.57       -4.70
GUL TECHNOLOGIES                  GUL     172.80       -3.04
HL GLOBAL ENTERP                  HLGE    123.41       -7.36
INFORMATICS EDU                   INFO     29.09       -3.48
LINDETEVES-JACOB                  LJ      198.91      -66.97
L&M GROUP INV                     LNM      56.91      -10.59
PACIFIC CENTURY                   PAC      80.01      -10.54


SOUTH KOREA      

ORICOM INC                        010470   82.65      -40.04
UNICK CORP                        011320   36.54       -4.45
STARMAX CO LTD                    017050   73.13       -5.54
DAISHIN INFO                      020180  740.5       -158.45
TONG YANG MAGIC                   023020  355.15      -25.77
NANO MINING CO L                  036270   26.64      -29.46
COSMOS PLC                        053170   19.31       -4.95
SEJI CO LTD                       053330   37.25       -0.31
MEDIACORP INC                     053890   53.31      -32.22
DAHUI CO LTD                      055250  186.00       -1.50


TAIWAN    

CHIEN TAI CEMENT                 1107     213.25       -8.62
PROTOP TECHNOLOG                 2410      55.69      -13.46
YEU TYAN MACHINE                 8702      39.57     -271.07


THAILAND      

BANGKOK RUBBER                    BRC      89.62      -81.26
BANGKOK RUBBER-F                  BRC/F    89.62      -81.26
BANGKOK STEEL IN                  BSI     458.73     -136.44
BANGKOK STEEL-F                   BSI/F   458.73     -136.44
CIRCUIT ELEC PCL                  CIRKIT   24.60      -94.26
CIRCUIT ELEC-FRN                  CIRKIT/F 24.60      -94.26
CENTRAL PAPER IN                  CPICO    13.25     -241.78
CENTRAL PAPER-F                   CPICO/F  13.25     -241.78
THAI-DENMARK PCL                  DMARK    19.57       -3.20
THAI-DENMARK-F                    DMARK/F  19.57       -3.20
DATAMAT PCL                       DTM      17.55       -1.72
DATAMAT PLC-F                     DTM/F    17.55       -1.72
ITV PCL                           ITV      44.70      -73.07
ITV PCL-FOREIGN                   ITV/F    44.70      -73.07
K-TECH CONSTRUCT                  KTECH/F  83.20       -5.69
NEW PLUS KNITT                    NPK      10.08       -2.03
NEW PLUS KNITT-F                  NPK/F    10.08       -2.03
KUANG PEI SAN                     POMPUI   18.78      -14.07
KUANG PEI SAN-F                   POMPUI/F 18.78      -14.07
QUALITY CONSTRUC                  QCON     76.13     -293.83
QUALITY CONSTR-F                  QCON/F   76.13     -293.83
SAFARI WORLD PUB                  SAFARI  128.58      -13.64
SAFARI WORLD-FOR                  SAFARI/F128.58      -13.64
SIAM GEN FACTOR                   SGF      30.18       -6.79
SIAM GEN FACT-F                   SGF/F    30.18       -6.79
SAHAMITR PRESSUR                  SMPC     27.26      -34.59
SAHAMITR PRESS-F                  SMPC/F   27.26      -34.59
SRI THAI FOOD &                   SRI      18.29      -43.37
SRI THAI FOOD -F                  SRI/F    18.29      -43.37
TUNTEX THAILAND                   TUNTEX  252.49      -41.58
TUNTEX THAILAN-F                  TUNTEX/F252.49      -41.58
UNIVERSAL STARCH                  USC     103.61      -48.62
UNIVERSAL STAR-F                  USC/F   103.61      -48.62



                         *********

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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