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

                     A S I A   P A C I F I C

            Thursday, October 10, 2008, Vol. 11, No. 202

                            Headlines

A U S T R A L I A

A.C.N 003 951 362: To Declare Dividend on October 27
A.C.N. 050 139 127: To Declare Dividend on October 31
A.C.N 078 391 456: To Declare Dividend on October 30
A.C.N. 107 235 423: Proofs of Debt Due on October 28
COWARAMUP EARTH: To Declare Dividend on October 17

HALINKA PTY: Members' Final Meeting Set for October 31
LANE COVE: Moody's Junks Rating to Caa1; Outlook Negative
MATILDA FRESH: Goes Into Receivership
OCTAVIAR LIMITED: Administrators Appointed to Another Unit
ORGANICA BIOTECH: To Declare Dividend on October 14

SANCTUARY PARK: Members and Creditors to Meet on October 13
STONE & ASSOCIATES: Shareholders' Meeting Slated for October 27
TRONOX INC: Jonathan Gallenn Discloses 10.9% Stake
TOMORROW TECHNOLOGIES: Joint Meeting Set for October 21
ZINIFEX LIMITED: Fitch Withdraws 'BB+' LT Issuer Default Rating

* AUSTRALIA: Unemployment Rate Jumped to 4.3% in September 2008
* AUSTRALIA: Home-Loan Approvals Fell 2.2% in July
* AUSTRALIA: Considered Riskier for Mining Investment, Survey Says


C H I N A

CHINA EASTERN: Aug. Passenger Volume Drops 23% on Visa Regulations
CHINA MERCHANTS: Opens New Branch in New York
NEONODE INC: Registration of 6,400,000 Shares Takes Effect
* CHINA: Experts Say Milk Scandal to Cost Billions


H O N G K O N G

AMERICAN INTERNATIONAL: Gov't to Lend Firm Additional US$37.8BB
CHEUNG YUEN: Wind-Up Petition Hearing Set for November 12
HUGE CHINA: Faces Cho Kwing Shui Mickey's Wind-Up Petition
LEAD YOUNG: Court to Hear Wind-Up Petition on October 22
MERIC FOOTWEAR: Court to Hear Wind-Up Petition on November 12

ROCK WAH: Court to Hear Wind-Up Petition on October 22
S.O.E. INTERNATIONAL: Faces Bank of China's Wind-Up Petition
THE KING FISHING: Court to Hear Wind-Up Petition on October 29


I N D I A

CHEROKEE INTERNATIONAL: To Merge with Lineage Power Holdings
GANGA ACROWOOLS: CRISIL Junks Ratings on Rs.435.6 Mil. Loans
GOODWILL HOUSING: RBI Cancels Certificate of Registration
HASTAH FINANCES: Reserve Bank Cancels Certificate of Registration
OMYA INDIA: CRISIL Rates Rs.350 Million Term Loan at 'BB'

RANBAXY LABORATORIES: U.S. DOJ Withdraws Legal Action
SPENTEX IND: CARE Cuts Rating on Rs. 38.1 Crore NCD to "D"
VARDHMAN TEXTILES: Transfers Threads Business to Vardhman Yarns


I N D O N E S I A

BAKRIE GROUP: Dispels Investors' Fears Over Loan Defaults
BANK MANDIRI: Withdraws Proposal to Acquire Shares in Indover


J A P A N

FORD MOTOR: Volvo Unit Will Lay Off 13% of Work Force
NOMURA: Unit Hires Premier Pensions to Oversee GBP80MM Fund
* JAPAN: Bankruptcy Debts Soar After Lehman Downfall


N E W  Z E A L A N D

ABEL RECOVERIES: Commences Liquidation Proceedings
AJ COULL: Wind-Up Petition Hearing Set for October 20
HARRIS ROAD: Wind-Up Petition Hearing Set for October 17
LINDUP HOLDINGS: Wind-Up Petition Hearing Set for October 15
MANARD DEVELOPMENTS: Wind-Up Petition Hearing Set for October 15

PAUANUI PROPERTIES: Wind-Up Petition Hearing Set for October 31
REAL ESTATE: Liquidators Set October 20 as Claims Bar Date
ROTORUA TYRES: Proofs of Debt Due on October 17
SAPPHIRE DEVELOPMENTS: Proofs of Debt Due on October 17
TOVIN NZ: Proofs of Debt Due on October 17

* NEW ZEALAND: Median Weekly Wage & Salary Income Up 2.7& in June


P A K I S T A N

ORASCOM TELECOM: Mobilink's Downgrade Cues S&P's Negative Outlook


P H I L I P P I N E S

* PHILIPPINES: PDIC Approves Bill to Increase MDIC to Php500,000
* PHILIPPINES: September Inflation Drops to 11.9 Percent
* PHILIPPINES: Posts US$36.69 Bil. GIR as at End-September
* PHILIPPINES: CARs Stands at 14.49% as of end-March


S I N G A P O R E

ASIAN NITTAN: Creditors' Proofs of Debt Due on November 9
CONTINENTAL: Moody's Places B1 Rating for Possible Downgrade
REGALINDO RESOURCES: Court to Hear Wind-Up Petition on October 31
RELACOM (SINGAPORE): Creditors' Proofs of Debt Due on Nov. 10
YRC WORLDWIDE: Reaffirms Financial Forecast for Second Half 2008

YRC WORLDWIDE: Warns of Likely Impairment of Goodwill, Trade Names


X X X X X X X X

* Asia-Pacific Sovereigns Face Major Uncertainties, S&P Reports
* Large Companies with Insolvent Balance Sheets


                         - - - - -

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

A.C.N 003 951 362: To Declare Dividend on October 27
----------------------------------------------------
A.C.N 003 951 362 Pty Ltd, which is subject to Deed of Company
Arrangement, will declared dividend on October 27, 2008.

Creditors who were unable to file their proof of debts  on
September 30, 2008, are excluded from the dividend distribution.

The company's deed administrator is:

           Angus Gordon
           Macquarie Gordon & Co
           Level 11, 179 Elizabeth Street
           Sydney NSW 2000


A.C.N. 050 139 127: To Declare Dividend on October 31
-----------------------------------------------------
A.C.N. 050 139 127 Pty Ltd fka Frontier Carpet Mills Pty Ltd will
declared dividend on October 31, 2008.

Creditors who were unable to file their proof of debts  on
September 26, 2008, are excluded from the dividend distribution.

The company's Receiver and Manager is:

          Stephen R. Dixon
          BDO Kendalls
          Chartered Accountants
          Level 30, 525 Collins Street
          Melbourne VIC 3000


A.C.N 078 391 456: To Declare Dividend on October 30
----------------------------------------------------
A.C.N 078 391 456 Pty Ltd fka Carlile Solar Pool Heating Pty Ltd
will declared dividend on October 30, 2008.

Creditors who were unable to file their proof of debts  on
September 30, 2008,  are excluded from the dividend distribution.

The company's liquidator is:

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


A.C.N. 107 235 423: Proofs of Debt Due on October 28
----------------------------------------------------
During a general meeting held on August 28, 2008, the members of
ACN 107 235 423 Pty Ltd fka Dtecht Pty Limited resolved to
voluntarily liquidate the company's business.  Bradd Morelli was
appointed as liquidator.

Creditors are required to file their proofs of debt by October 28,
2008, to be included in the company's dividend distribution.

The liquidator can be reached at:

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


COWARAMUP EARTH: To Declare Dividend on October 17
--------------------------------------------------
Cowaramup Earth Movers Pty Ltd trading as Cowaramup Earth Movers
and Cem Contractors, which is subject to Deed of Company
Arrangement, will declared dividend on October 17, 2008.

Creditors who were unable to file their proof of debts  on October
1, 2008,  are excluded from the dividend distribution.

The company's deed administrator is:

          D. Hurt
          WA Insolvency Solutions Pty Ltd
          Level 12, 40 St George's Terrace
          Perth WA 6000


HALINKA PTY: Members' Final Meeting Set for October 31
------------------------------------------------------
R. A. Sutcliffe, Halinka Pty Ltd's appointed estate liquidator,
will meet with the company's members on October 31, 2008, at 9:00
p.m. to provide them with property disposal and winding-up
reports.  The meeting will be held at Ground Floor, 192-198 High
Street, in Northcote, Victoria.


LANE COVE: Moody's Junks Rating to Caa1; Outlook Negative
---------------------------------------------------------
Moody's Investors Service has downgraded the underlying senior
secured rating of Lane Cove Tunnel Finance Company to Caa1 from
B2.  Outlook on the rating is negative.

The wrapped rating on the senior bonds remains A2, on review for
possible downgrade, reflecting the claims paying ability of MBIA
Insurance Corporation (MBIA) (rated A2, on review for possible
downgrade).

"The downgrade of the underlying rating to Caa1 reflects delays in
the implementation of a recapitalization plan, which appears
highly uncertain at this point", says Ian ChanChong, lead analyst
for the company.  "Such delays raise credit risk for Lane Cove
Tunnel, considering the significant shortfall in traffic numbers
relative to the original forecasts and gradual decline in
liquidity as the company draws on its cash reserves to partially
meet its debt service commitments", Mr. ChanChong adds.

Connector Motorways (the owner of Lane Cove Tunnel) has executed a
third standstill agreement with MBIA until June 2009.  Under the
agreement, MBIA may accelerate payment of the debt with ten days
notice.

Moody's does not currently believe that traffic volumes will
increase to sufficient levels for the company to service debt at
current levels.  In the meantime, Connector Motorways liquidity to
service all its cash calls is gradually declining.

The Caa1 rating is on negative outlook, reflecting the inability
to arrange a recapitalization plan pursuant to earlier standstill
agreements, continuing drain on liquidity and heightened
likelihood of default in the short-term.

If an appropriate recapitalization is achieved in a timely manner,
then the rating may be upgraded, depending on the particular terms
and ultimate capital structure.  On the other hand, if such an
outcome cannot be achieved, then the rating is likely to come
under further downward pressure.

The Lane Cove Tunnel Finance Company is the finance company for
the Connector Motorways Group, the owner of the Lane Cove Tunnel
and the Falcon Street Gateway, situated in the lower Northern
suburbs of Sydney.


MATILDA FRESH: Goes Into Receivership
-------------------------------------
Australian fruit and vegetable exporters Matilda Fresh Foods and
Matilda Farms have gone into receivership, The Chronicle reports.

According to the report, Brisbane accounting firm Ernst and Young
is handling the receivership of the two companies which are part
of the Matilda Group.

Matilda Group employed up to 100 staff at peak seasonal times and
had achieved revenues of AU$5 million to AU$10 million of which
AU$3 million to AU$5 million were from exports, the report says
citing Australia Exporters.

Based in Brookstead, Queensland, Matilda Fresh Foods is
Australia's largest private exporter of broccoli and onions,
serving markets across Asia since 1992.


OCTAVIAR LIMITED: Administrators Appointed to Another Unit
----------------------------------------------------------
John Lethbridge Greig and Nicholas Harwood of Deloittes were
appointed administrators of Octaviar Administration Pty Ltd by a
resolution of the sole director of the company, David Anderson, on
October 3, 2008.

The administrators said "We have entered into possession and are
now in control of the company and its assets."

"We are presently conducting an investigation into the affairs of
the company to ascertain, amongst other things, the financial
position of the company.  Until such time as the investigation is
completed, or we advise you otherwise, the company will continue
to trade and your employment by the company will continue," the
administrators told Octaviar employees in a letter.

The administrators said "We are not personally liable for and will
not accept  responsibility for employee entitlements which accrued
prior to our appointment.  These entitlements rank ahead of the
secured creditors floating charge and will be paid from future
floating charge asset realizations."

The first meeting of creditors of the company will be held on
October 15, 2008, at 10:30 a.m., at Level 25, Riverside Centre,
123 Eagle Street, in Brisbane, Queensland.

                      About Octaviar Limited

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

                      *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 15, 2008, Octaviar Limited appointed Messrs. John Greig and
Nicholas Harwood of Deloitte as Voluntary Administrators.

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

The TCR-AP reported on Sept. 17, 2008, that Fortress Credit
Corporation (Australia) II Pty Ltd., one of Octaviar Limited's
major creditors, appointed Stephen James Parbery and Anthony
Milton Sims of PPB as receivers and managers for Octaviar.

Among Octaviar's largest creditors are:

   -- the Public Trustee of Queensland (PTQ) who is seeking
      winding up orders against Octaviar Limited and three
      subsidiaries in relation to unsecured notes and interest
      totalling approximately AU$351 million.  Hearing for the
      winding-up application was adjourned by the Supreme Court
      of Queensland until Nov. 7, 2008,

   -- Octaviar recognized a liability of AU$52.5 million in
      its financial accounts at December 31, 2007, regarding
      income tax for the year ended June 30, 2007.  No
      assessment has been received from the ATO.

   -- In addition to the AU$50 million claimed under the
      Support Mechanism, the Responsible entity for Premium
      Income Fund (PIF) has now claimed damages against
      Octaviar Limited and an Octaviar subsidiary for
      AU$147.5 million in relation to investments made by PIF.

   -- On June 19, 2008, OPI Pacific Limited advised of a
      damages claim for approximately AU$270 million against
      both Octaviar Limited and an Octaviar subsidiary which
      provides managements and other services.

   -- An Octaviar subsidiary issued AU$100 million in unlisted
      bonds originally due to mature in 2011 and the Bondholders
      have commenced legal action in relation to these unlisted
      bonds.  The hearing date was set for July 21, 2008.

   -- The National Australia Bank Limited (NAB) demand for
      AU$40 million from Octaviar Limited pursuant to a
      guarantee regarding the NAB advance to Octaviar's former
      unit, Living and Leisure Australia Group, remains
      unsatisfied.

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


ORGANICA BIOTECH: To Declare Dividend on October 14
---------------------------------------------------
Organica Biotech Pty Ltd, which is subject to Deed of Company
Arrangement, will declared dividend on October 14, 2008.

Creditors who were unable to file their proof of debts  on
September 30, 2008,  are excluded from the dividend distribution.

The company's deed administrator is:

          Brian McCaster
          KordaMentha
          Level 11, 37 St Georges Terrace
          Perth WA 6000


SANCTUARY PARK: Members and Creditors to Meet on October 13
-----------------------------------------------------------
Sanctuary Park Estate Toodyay Pty Ltd will hold a final meeting
for its members and creditors on October 13, 2008, at 10:00 a.m.
During the meeting, the company's liquidator, Darren Weaver, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Darren Weaver
          Ferrier Hodgson
          Level 26, BankWest Tower
          108 St Georges Terrace
          Perth WA 6000


STONE & ASSOCIATES: Shareholders' Meeting Slated for October 27
-----------------------------------------------------------
Martin James Hill, Stone & Associates Pty Ltd's appointed estate
liquidator, will meet with the company's members on October 27,
2008, at 10:00 a.m. to provide them with property disposal and
winding-up reports.  The meeting will be held at  William Buck,
Level 6, 211 Victoria Square, in Adelaide.


TRONOX INC: Jonathan Gallenn Discloses 10.9% Stake
--------------------------------------------------
Jonathan Gallenn, in his capacity as the investment manager for
Ahab Opportunities L.P. and Ahab Opportunities, Ltd., disclosed in
a Securities and Exchange Commission filing that he may be deemed
to beneficially own 2,500,900 shares of Tronox Incorporated's
common stock, representing 10.9% of the 22,889,431  shares of
Class B common stock, par value US$0.01 per share, outstanding as
of July 31, 2008.

                            About Tronox

Headquartered in Oklahoma City, Tronox Incorporated (NYSE:TRX) --
http://www.tronox.com/-- is a producer and marketer of titanium
dioxide pigment.  Titanium dioxide pigment is an inorganic white
pigment used in paint, coatings, plastics, paper and many other
everyday products. The company's five pigment plants, which are
located in the United States, Australia, Germany and the
Netherlands, supply performance products to approximately 1,100
customers in 100 countries. In addition, Tronox produces
electrolytic products, including sodium chlorate, electrolytic
manganese dioxide, boron trichloride, elemental boron and lithium
manganese oxide.

As reported by the Troubled Company Reporter on August 27, 2008,
Tronox said in a regulatory filing that it is evaluating all
strategic options for the company, including mitigation of
environmental liabilities and capital restructuring.  Tronox
said it has experienced significant losses for the year ended
December 31, 2007, and the six months ended June 30, 2008, and has
generated negative cash flows from operations in the current year.
Tronox said that if it continues to experience negative impacts on
its operations, it may need to seek relief under Chapter 11 of the
United States Bankruptcy Code to allow the company to, among other
things, restructure its capital structure and reorganize its
business, including its environmental legacy issues.

The company has US$1.7 billion in total assets, including US$703.5
million in current assets, as at June 30.  The company has
US$937.8 million in current debts and US$336.9 million in total
noncurrent debts.

Tronox has retained the investment banking firm Rothschild Inc. to
further assist the company in evaluating strategic options for the
business.

On May 22, 2008, the company announced an involuntary work force
reduction program as part of its ongoing efforts to reduce costs.
As a result of the program, the company's U.S. work force was
reduced by 31 employees. An additional 38 positions that were
vacant prior to the work force reduction will not be filled. There
were no costs associated with the elimination of vacant positions.
The program was substantially completed as of June 30, 2008.

On Aug. 28, 2008, the Company was notified by the New York Stock
Exchange that it is not in compliance with the NYSE's continued
listing standard regarding the average closing price of its Class
B Common Stock.  The Company said it has not decided on what
action, if any, it will take with respect to its failure to
satisfy NYSE listing standards.  If the Company fails to cure its
listing deficiencies, the NYSE will commence suspension and
delisting procedures.

The TCR said on Sept. 18 that Tronox has been sued by the U.S.
Government to recover costs related to hazardous substances at or
from the Federal Creosoting Superfund site located in the borough
of Manville, Somerset County, New Jersey.  According to the
complaint, as of June 15, 2008, the government has incurred at
least US$280 million in unreimbursed response costs related to the
cleanup.

Moody's Investors Service has downgraded affiliate Tronox
Worldwide LLC's Corporate Family Rating to Caa3 from Caa2, and the
Probability of Default Rating was lowered to Ca from Caa3.  In
addition, Moody's has downgraded the company's secured revolver
and term loan to B2 from B1 and its unsecured notes to Ca from
Caa3.  Standard & Poor's Ratings Services has lowered its ratings
on Tronox, including its corporate credit rating to 'CCC-' from
'CCC+'.


TOMORROW TECHNOLOGIES: Joint Meeting Set for October 21
-------------------------------------------------------
Tomorrow Technologies Pty Ltd will hold a final meeting for its
members and creditors on October 21, 2008, at 10:00 a.m.  During
the meeting, the company's liquidator, Andrew Fielding, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

         Andrew Fielding
         BDO Kendalls
         Business Recovery and Insolvency (QLD)
         Level 18, 300 Queen Street
         Brisbane QLD 4000


ZINIFEX LIMITED: Fitch Withdraws 'BB+' LT Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has assigned OzMinerals Limited a 'BBB-' Long-term
foreign currency Issuer Default Rating with a Stable Outlook.
Simultaneously, the agency has withdrawn Zinifex Limited's 'BB+'
Long-term IDR and removed it from Rating Watch Positive.

The rating review follows the completion of the merger between
Oxiana Limited and Zinifex - which resulted in the formation of
OzMinerals - and the release of financial reports to 30 June 2008.

The 'BBB-' rating reflects Fitch's view that the diversification
from Zinifex's historic narrow focus on zinc and OzMinerals' lead
into copper, gold and nickel is positive.  In addition, OzMinerals
benefits from a broader portfolio of producing, near production
and prospective mining assets.

"Fitch recognizes that the recent sharp fall in mineral prices and
the uncertain global outlook is likely to erode OzMinerals
cashflow," says Maurice O'Connell, Director in the agency's
Corporate team.  "However, the 'BBB-' rating is supported by a
robust balance sheet with around AU$300m net cash as at 30 June
2008 as well as the imminent commencement of copper and gold
mining at Prominent Hill, which has seen over AU$1bn in
development expenditure," added Mr. O'Connell.  Cash production
costs are generally well below current market prices for minerals
and should continue to support positive cash generation throughout
the cycle.

The agency views that any debt-funded acquisitions could result in
downward rating pressure, as could a material weakening in credit
metrics, in the event the cyclical commodity downturn proves to be
deeper than anticipated.

OzMinerals is a mid-tier Australian mining company with a market
capitalisation of AUD4.5bn.  Its major producing assets are the
former Zinifex Century zinc mine in Queensland, the Rosebery zinc
and lead mine as well as the Avebury nickel mine in Tasmania.
Former Oxiana mines include the Golden Grove zinc, copper and gold
mines in Western Australia and the Sepon Gold and Sepon Copper
mines in Laos.


* AUSTRALIA: Unemployment Rate Jumped to 4.3% in September 2008
---------------------------------------------------------------
Australia's unemployment rate increased by 0.2 percentage points
to 4.3 per cent in September, the Australian Bureau of Statistics
said.  Figures show that the male unemployment rate increased by
0.2 percentage points to 4.0%, while the female unemployment rate
increased by 0.2 percentage points to 4.6%.

Unemployment rate increased by 21,700 to 479,600 persons.  The
number of persons looking for full-time work increased by 4,400 to
326,800 while the number of persons looking for part-time work
increased by 17,300 to 152,800.

According to ABS, employment increased by 2,200 to 10,737,400.
Full-time employment decreased by 15,400 to 7,706,800 while part-
time employment increased by 17,700 to 3,030,500.

Participation rate remained steady at 65.1%.


* AUSTRALIA: Home-Loan Approvals Fell 2.2% in July
--------------------------------------------------
Approvals of home-loans in Australia declined for a seventh month,
Jacob Greber of Bloomberg News reports.

The report, citing Australian Bureau of Statistics, says the
number of loans granted to build or buy homes and apartments fell
2.2 percent from July, when they slid a revised 0.9 percent.

The median estimate of 19 economists surveyed by Bloomberg News
was for a 1 percent decline.


* AUSTRALIA: Considered Riskier for Mining Investment, Survey Says
------------------------------------------------------------------
ABC Rural reports that a new survey shows Australia has slipped to
fourth in a list which ranks countries according to how risky they
are for mining investment.

The report says the figures, compiled by magazine Resources
Stocks, also reveal a shift in dominance amongst Australian
states.

According to ABC Rural, top of the list is South Australia, which
has pulled out all stops to stimulate mining under its program for
accelerating exploration while Western Australia ranked last,
behind all the other states and the Northern Territory, for mining
certainty.

The report relates that Western Australia fared so poorly because
of difficulty in accessing land, as well as lengthy holdups over
environmental approvals processes.



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

CHINA EASTERN: Aug. Passenger Volume Drops 23% on Visa Regulations
------------------------------------------------------------------
China Eastern airlines blamed the Chinese government's strict visa
regulations for the 23% drop in passengers for August, Gary
Bowerman of Biz China News reports, citing Orient Aviation News.

On September 1, 2008, the Troubled Company Reporter-Asia Pacific,
citing Sinocast News, reported that China Eastern's first-half net
profit dropped 28.5% to CNY41.621 million.  The airline's
turnover, that report said, grew 6.3% to CNY20.831 billion with
total profit rising 6.54% to CNY89.915 million.  Its basic
earnings per share were CNY0.0086 and the net asset-earning rate
was 1.45%.

Biz China News meanwhile relates that according to the
International Air Transport Association (IATA), the global
financial crisis is affecting the aviation industry, notably in
Asia.  Low summer demands in China and Japan and huge potential
aviation losses in India are key factors, IATA said.

"Passenger traffic grew by 5.4% in the first half of the year.
That slowed to 1.9% in July, and 1.3% in August.  The contrast
between the first half of the year and the last two months is
stark," the report cited Giovanni Bisignani, IATA's Director
General and CEO, as saying.

The report says Asia Pacific carriers reported a 3.1% contraction
in August, following a 0.5% decline in July.  "Economic
distortions surrounding the Olympics in China and a weakening
Japanese economic outlook contributed to the decline," the news
agency cited IATA as saying.  "While some recovery in this weak
performance is expected in coming months, clearly the region's
economies are feeling the impact of the turmoil in the financial
markets," it added.

                       About China Eastern

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry.  Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training.  The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

                          *     *     *

China Eastern continues to carry Fitch Ratings' B+ foreign
currency and local currency issuer default ratings, and Xinhua
Far East China Ratings' BB+ issuer credit rating with a stable
outlook.


CHINA MERCHANTS: Opens New Branch in New York
---------------------------------------------
China Merchants Bank opened its New York branch on October 8,
Xinhua News reports.

On July 22, 2008, the Troubled Company Reporter - Asia Pacific,
citing CCTV News, reported that China Merchants Bank received a
banking license to open a branch in New York this year.  This is
the first Chinese bank to receive a banking license in the United
States since the adoption of the Foreign Bank Supervision
Enhancement Act of 1991, the report said.

According to the TCR-AP report, the bank's New York branch will
facilitate trade and other business activities between the US
and China by providing trade services, financing, dollar
clearing and other services.

China Merchants' first customers are China International Marine
Containers. Co. Ltd and China Ocean Shipping Company.

"Opening our branch in such a special time and place is sure to
face more difficulties and challenges.  But we are confident of
the long-term prospect of the U.S. economy and its financial
sectors, especially the bilateral trade and investment between our
two counties. I am confident of our New York branch,"  the news
agency cited CMB President Ma Weihua as saying.

                      About China Merchants

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

                          *     *     *

The company continues to carry Moody's Investors Service has
affirmed China Merchants Bank's Baa3/P-3 long-term/short-term
foreign currency deposit ratings and D+ bank financial strength
rating.  The affirmation follows CMB's planned purchase of Wing
Lung Bank ("WLB", C+/A2).  The ratings' outlook remains stable.

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


NEONODE INC: Registration of 6,400,000 Shares Takes Effect
---------------------------------------------------------
Neonode Inc. disclosed in a Securities and Exchange Commission
filing that its Registration Statement, dated Sept. 5, 2008,
regarding the sale of its shares by shareholders, has taken
effect.

Neonode Inc. filed on Sept. 5, with the Commission a prospectus
that relates to the resale of:

  (i) 1,640,467 shares of common stock, US$0.001 par value per
      share; and

(ii) 4,746,013 shares of Common Stock issuable upon the
      exercise of warrants.

The Company noted that selling stockholders may sell the shares of
common stock subject to the prospectus from time to time and may
also decide not to sell all the shares they are allowed to sell
under the prospectus.  Selling stockholders will act independently
of the Company in making decisions with respect to the timing,
manner and size of each sale.

Neonode's prospectus is available free of charge at:

              http://researcharchives.com/t/s?3245

                       About Neonode Inc.

Neonode Inc. (Nasdaq: NEON) -- http://www.neonode.com/-- is a
Swedish mobile communication company that specializes in optical
finger based touch screen technology.  The company designs and
develops mobile phones under its own brand and licenses its
patented touch screen technologies, zForce(TM) and neno(TM) to
third parties.  Neonode USA, which is based in San Ramon, Calif.,
markets Neonode's products within North America, Latin America and
China and is the exclusive licensor of the Neonode Intellectual
Property.

As reported in the Troubled company Reporter on May 29, 2008,
Neonode Inc.'s consolidated balance sheet at March 31, 2008,
showed total assets of US$13.9 million and total liabilities of
US$23.4 million, resulting in a roughly US$9.4 million of total
stockholders' deficit.

                    Going Concern Doubt

BDO Feinstein International AB, in Stockholm, Sweden, expressed
substantial doubt about Neonode Inc.'s ability to continue as a
going concern after auditing the company's consolidated financial
statements for the year ended Dec. 31, 2007.  the auditing firm
pointed to the company's recurring losses, negative cash flows
from operations, and working capital deficiency.


* CHINA: Experts Say Milk Scandal to Cost Billions
--------------------------------------------------
China's milk crisis will likely cost billions of dollars, disrupt
millions of livelihoods, and it could be a year before consumer
confidence in dairy companies is restored, Agence France-Presse
reports, citing experts.

On September 27, 2008, the Troubled Company Reporter-Asia Pacific
reported that about 53,000 children in China were affected by milk
products found to be contaminated with industrial chemical
melamine.  The TCR-AP, citing Sapa-AFP, said children were taken
to hospital after drinking melamine-tainted milk.  Most of them
had "basically recovered" after developing kidney stones, the main
symptom of drinking the tainted milk, but 12,892 children remained
in hospital.

The melamine scandal involves 21 other Chinese dairy producers
including three biggest dairy producers by market value -- Yili,
China Mengniu Dairy Co. and Bright Dairy & Food Co., the TCR-AP
said, citing Bloomberg News.

The TCR-AP related that the milk scandal prompted head of China's
product-quality assurance agency, Li Changjiang to resign, and a
host of countries — Bangladesh, Brunei, Burundi, Japan, Gabon,
Malaysia, Burma, Taiwan, Hong Kong, Singapore, Philippines and
Tanzania — have barred Chinese milk products or taken some other
form of action to curb their consumption.

AFP meanwhile says Chinese officials are anxious to draw a line
under the milk scandal.  State media reported that samples from 31
brands of baby formula were found negative of melamine, and
samples from hundreds of batches of liquid and powdered milk were
also melamine-free.

Dairy companies, AFP relates, are doing antics and promotions to
woo back its costumers, however, consumers are likely to remain
cautious, and countries will continue its milk ban.

"What you see in China with the melamine crisis right now is so
widely spread that there is clearly a gap in the quality control
system.  For sure that gap will be closed, but there is no
guarantee consumers' confidence will return quickly," AFP cited
Bram Wouters, who is leading a project at Wageningen University in
the Netherlands to help China improve milk quality, as saying.

Mr. Wouters added: "Let consumers know there is quality control
exercised at all stages in the chain not only at the dairy plants
and in the supermarkets but also at the producers' site because
there the main problem for sure is at the farm level."

AFP says experts agreed that it could take up to a year to repair
the public's damaged faith, and in the meantime, the economic
costs are mounting.

AFP relates, citing Lao Bing, an analyst with Shanghai-based
Mental Marketing Dairy Consulting, that companies tested positive
with melamine saw sales plunge 60% to 70% last month from a year
earlier while dairy sales for the full year are likely to be 20%
lower than the CNY160 billion (US$23.5 billion) posted last year.

About three million workers, mostly connected to the small dairy
producers who account for 80% of China's milk production were
affected, AFP cited Chen Lianfang, an analyst from Beijing-based
Orient Agribusiness Consultant, as saying.



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

AMERICAN INTERNATIONAL: Gov't to Lend Firm Additional US$37.8BB
---------------------------------------------------------------
Liam Pleven, Sudeep Reddy, and Carrick Mollenkamp at The Wall
Street Journal report that the federal government said on
Wednesday it would lend US$37.8 billion to American International
Group Inc.

WSJ relates that with the additional loan, the government raised
by almost 50% the amount it could lend to AIG as concerns that the
firm could once again run short on cash appeared to increase.

AIG's domestic life insurance subsidiaries have entered into a
securities lending agreement with the Federal Reserve Bank of New
York.  Under the Securities Lending Agreement, the Federal Reserve
will borrow, on an overnight basis, investment grade fixed income
securities from the AIG subsidiaries in return for cash
collateral.  As expected, drawdowns under the existing Federal
Reserve credit facility have been used, in part, to settle
securities lending transactions.  The New York Fed is prepared to
borrow securities to extend AIG's currently outstanding lending
obligations where those obligations are not rolled over or
replaced by transactions with other private market participants.
These borrowings by the Federal Reserve will allow AIG to
replenish liquidity to the securities lending program on an as-
needed basis, while providing possession and control of these
third-party securities to the Federal Reserve.  As of Oct. 6,
2008, about US$37.2 billion of securities were subject to loans
under AIG's securities lending program.

WSJ relates that AIG incurred losses stemming from complex credit
derivatives that helped lead to the firm's downfall and faces
extensive losses from a program that involves securities used to
back up life-insurance policies in its regulated subsidiaries.
WSJ states that under the program, AIG lent out securities to
third parties and received collateral in return. AIG, according to
the report, had invested some of that collateral in other assets
that devaluated.  The reports states that AIG was sometimes unable
to lend the securities back for fresh collateral.

WSJ reports that it was revealed during a congressional hearing on
Tuesday, where two former AIG CEOs were questioned on the firm's
downfall, that the company spent over US$440,000 at a California
resort for a gathering of insurance agents for one of its life-
insurance subsidiaries, after the firm secured the US$85 billion
loan from the Federal Reserve.

AIG's Chairperson and CEO Edward M. Liddy sent a letter to the
U.S. Treasury Secretary Henry M. Paulson to clarify the
circumstances of the business event held by an AIG subsidiary
which was discussed during the hearing by the House Committee on
Oversight and Government Reform.  The event, said Mr. Liddy, was
mischaracterized as an "Executive Retreat."  It was held by one of
AIG's insurance subsidiaries for independent life insurance
agents, not for AIG employees.  These agents were top business
producers for the company, and of the more than 100 attendees,
only 10 were employees of the AIG subsidiary who were there to
represent their company.  No AIG executives from headquarters
attended.  The meeting was planned months before the Federal
Reserve's loan to AIG.

Mr. Liddy assured Secretary Paulson that AIG now faces very
different challenges, and "that we owe our employees and the
American public new standards and approaches."  Mr. Liddy assured
Secretary of the Treasury Paulson that AIG is "reevaluating the
costs of all aspects of our operations in light of the new
circumstances in which we are all operating."

Mr. Liddy concluded, that "AIG is focused on doing what is
necessary to address our capital structure, repay the Fed credit
facility and emerge as a healthy global insurer.  In the meantime,
our insurance businesses continue to operate normally and satisfy
the needs of our policy holders."

Based in New York City, American International Group Inc. --
http://www.aig.com/-- (NYSE: AIG) is an international insurance
and financial services organization, with operations in more than
130 countries and jurisdictions.  The company is engaged through
subsidiaries in General Insurance, Life Insurance & Retirement
Services, Financial Services and Asset Management.

The company's British headquarters are located on Fenchurch Street
in London, continental Europe operations are based in La Defense,
Paris, and its Asian HQ is in Hong Kong.  AIG owns Ocean Finance,
a United Kingdom based company providing home owner loans,
mortgages and remortgages.  AIG operates in the UK with the brands
AIG UK, AIG Life and AIG Direct.  It has about 3,000 employees,
and sponsors the Manchester United football club.  In response to
redemption demands, AIG Life (UK) suspended redemptions of its AIG
Premier Bond money market fund on Sept. 19, 2008, in order to
provide an orderly withdrawal of assets.

The Federal Reserve Bank of New York has extended to AIG a
revolving credit facility up to US$85 billion. AIG's borrowings
under the revolving credit facility will bear interest, for each
day, at a rate per annum equal to three-month Libor plus 8.50%.
The revolving credit facility will have a 24-month term and will
be secured by a pledge of assets of AIG and various subsidiaries.
The revolving credit facility will contain affirmative and
negative covenants, including a covenant to pay down the facility
with the proceeds of asset sales.

The summary of terms also provides for a 79.9% equity interest in
AIG.  The corporate approvals and formalities necessary to create
this equity interest will depend upon its form.

In a statement, the company said "AIG is a solid company with over
US$1 trillion in assets and substantial equity, but it has been
recently experiencing serious liquidity issues."

Standard & Poor's Ratings Services has revised the CreditWatch
status of most of its ratings on the AIG group of companies --
including its 'A-' long-term counterparty credit ratings on
American International Group Inc. and International Lease Finance
Corp. and the 'A+' counterparty credit and financial strength
ratings on most of AIG's insurance operating subsidiaries -- to
CreditWatch developing from CreditWatch negative.

Fitch Ratings revised its Rating Watch on American International
Group, Inc. to Evolving from Negative.  Fitch viewed this
transaction as a favorable development that alleviates significant
near-term liquidity concerns.

The Troubled Company Reporter reported on Sept. 19, 2008, that
that Edward Liddy replaced Robert Willumstad as AIG's CEO.

                       *     *     *

In a U.S. Securities and Exchange Commission filing dated
Aug. 6, 2008, AIG reported a net loss for the second quarter of
2008 of US$5.36 billion compared to 2007 second quarter net income
of US$4.28 billion.  Second quarter 2008 adjusted net loss was
US$1.32 billion, compared to adjusted net income of
US$4.63 billion for the second quarter of 2007.  The continuation
of the weak U.S. housing market and disruption in the credit
markets, as well as global equity market volatility, had a
substantial adverse effect on AIG's results in the second quarter.

Net loss for the first six months of 2008 was US$13.16 billion,
compared to net income of US$8.41 billion in the first six months
of 2007.  Adjusted net loss for the first six months of 2008 was
US$4.88 billion, compared to adjusted net income of
US$9.02 billion in the first six months of 2007.


CHEUNG YUEN: Wind-Up Petition Hearing Set for November 12
---------------------------------------------------------
The High Court of Hong Kong will hear on November 12, 2008, at
9:30 a.m., a petition to have Cheung Yuen Toys & Garment Company
Limited's operations wound up.

Wong Ying filed the petition against the company on September 10,
2008.


HUGE CHINA: Faces Cho Kwing Shui Mickey's Wind-Up Petition
----------------------------------------------------------
On September 3, 2008, Cho Kwing Shui Mickey filed a petition to
have Huge China Industrial Limited's operations wound up.

The petition will be heard on November 5, 2008, at 9:30 a.m.,
before the High Court of Hong Kong.


LEAD YOUNG: Court to Hear Wind-Up Petition on October 22
--------------------------------------------------------
A petition to have Lead Young Sea & Air Freight Co., Limited's
operations wound up will be heard before the High Court of
Hong Kong on October 22, 2008, at 9:30 a.m.

Lau Chi Lit filed the petition against the company on August  18,
2008.


MERIC FOOTWEAR: Court to Hear Wind-Up Petition on November 12
-------------------------------------------------------------
A petition to have Meric Footwear Limited's operations wound up
will be heard before the High Court of Hong Kong on November 12,
2008, at 9:30 a.m.

The plaintiff's solicitors are:

          LCP
          Wing On House, Suite 1203, 12th Floor
          71 Des Voeux Road Central
          Hong Kong


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

Standard Chartered Bank (Hong Kong) Limited filed the petition
against the company on August 18, 2008.

Standard Chartered Banks's solicitors are:

         Deacons
         Alexandra House, 5th Floor
         18 Chater Road
         Central, Hong Kong


S.O.E. INTERNATIONAL: Faces Bank of China's Wind-Up Petition
------------------------------------------------------------
On September 2, 2008, Bank of China (Hong Kong) Limited filed a
petition to have S.O.E. International Limited's operations wound
up.

The petition will be heard before the High Court of Hong Kong on
November 5, 2008, at 9:30 a.m.

Bank of China's solicitors are:

         ONC Lawyers
         The Bank of East Asia Building, 15th Floor
         10 Des Voeux Road Central
         Hong Kong


THE KING FISHING: Court to Hear Wind-Up Petition on October 29
--------------------------------------------------------------
A petition to have The King Fishing Tackle Manufactory Limited's
operations wound up will be heard before the High Court of
Hong Kong on October 29, 2008, at 9:30 a.m.

Gong Sue filed the petition against the company on August 25,
2008.

Gong Sue's solicitors are:

          Christine F.L. Ip & Young
          Cheong Wah Building, 291, Castle Peak Road
          Shop 11, Ground Floor, Block B
          Tsuen Wan, New Territories
          Hong Kong



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

CHEROKEE INTERNATIONAL: To Merge with Lineage Power Holdings
------------------------------------------------------------
Cherokee International Corporation disclosed in a Securities and
Exchange Commission filing that it has entered into a definitive
merger agreement with Lineage Power Holdings, Inc., under which
Lineage will acquire all of the outstanding shares of the company.

Under the terms of the agreement, stockholders of Cherokee
International will receive US$3.20 per share of common stock held,
in an all cash transaction, representing an aggregate enterprise
value of approximately US$105 million.  The transaction has been
unanimously approved by the board of directors of Cherokee
International, and certain stockholders have agreed to vote their
Cherokee International shares in favor of the transaction.

"We believe the sale of Cherokee to Lineage will add value and
scale for our customers," said Jeffrey Frank, Cherokee's President
and Chief Executive Officer.  "Over the past 30 years, Cherokee
has earned a great reputation for our strong engineering team,
manufacturing, quality and responsiveness, all of which come down
to our outstanding employees and our focus on the customer.  Going
forward, our employees and customers will be well served by
becoming part of Lineage and The Gores Group portfolio of
companies.  Gores has a stellar reputation for customer
satisfaction and the proven ability to profitably grow its
businesses."

According to Ryan Wald, Managing Director of The Gores Group,
Cherokee will become a division of Lineage and will continue to be
a leader in the custom power solutions marketplace.

"We are impressed by the accomplishments that Jeff and his
management team have made to date regarding Cherokee's North
American and Asian operations," said Mr. Wald.  "We look forward
to partnering with them in those regions to create a more
compelling value proposition for our combined customers."

The transaction is subject to the approval of Cherokee
International's stockholders and to regulatory approvals. The
companies anticipate that the transaction will be completed in the
fourth calendar quarter of 2008.

Based in Tustin, California, Cherokee International Corp.
(NASDAQ:CHRK) -- http://www.cherokeellc.com/-- is a designer
and manufacturer of a range of switch mode power supplies for
original equipment manufacturers in the telecommunications,
networking, high-end workstations and other electronic equipment
industries.  The company has offices and manufacturing plants in
Tustin and Irvine, California, Wavre, Belgium, Bombay, India,
Guadalajara, Mexico, and Penang, Malaysia.

                         Going Concern Doubt

Mayer Hoffman McCann P.C. in Orange County, California, expressed
substantial doubt about the company's ability to continue as a
going concern after auditing the consolidated financial statements
of Cherokee International Corporation and subsidiaries as of Dec.
30, 2007, and Dec. 31, 2006.  The company's management anticipates
that there will be insufficient cash balances available to repay
the outstanding debt at its
maturity.

On Nov. 1, 2008, the US$46.6 million aggregate principal amount
outstanding under the company's 5.25% Senior Notes will become due
and payable. The company does not expect to have sufficient cash
available at the time of maturity to repay this indebtedness and
are currently working on a variety of possible alternatives to
satisfy this obligation.  The company also cannot be certain that
it will have sufficient assets or cash flow available to support
refinancing these notes at current market rates or on terms that
are satisfactory to the company.  If the company is unable to
refinance on terms satisfactory to it, it may be forced to
refinance on terms that are materially less favorable, seek funds
through other means such as a sale of some of assets, or otherwise
significantly alter its operating plan, any of which could have a
material adverse effect on its business, financial condition and
results of operation.  These circumstances create substantial
doubt about the company's ability to continue as a going concern.


GANGA ACROWOOLS: CRISIL Junks Ratings on Rs.435.6 Mil. Loans
------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'C/P4' to the various
bank facilities of Ganga Acrowools Ltd (Ganga Acrowools).

  Rs.190.0 Million Cash Credit*       C (Assigned)
  Rs.245.6 Million Term Loan          C (Assigned)
  Rs.90.0 Million Letter of Credit**  P4 (Assigned)

*Interchangeable with Cash Credit (Book Debts) Rs.71.3 million,
Export packing Credit(EPC) -123.1 million & Export Bill
Purchase(EPB) of Rs. 92.5 million

**Interchangeable with Bank guarantee of Rs. 5 million

The ratings reflect Ganga Acrowools' stressed liquidity, due to
substantial debt and low cash accruals, leading to delays in
repayment to banks and overdrawn limits; strained financial risk
profile; and exposure to risks relating to changes in raw material
prices and foreign exchange fluctuations.  These weaknesses are
partly offset by Ganga Acrowools' improving business risk profile,
marked by increasing presence in value-added acrylic yarn.

                      About Ganga Acrowools

Promoted by Mr. Ravinder Verma in 1995, Ganga Acrowools began
operations in 1999. The company manufactures worsted acrylic yarn
and other blended yarn; in acrylic yarn, its products include
fine- and medium-count yarn, which are used in machine knitting,
hosiery, hand knitting and weaving, and coarse-count yarn that is
used in carpets and hand knitting.  The company manufactures both
grey and dyed acrylic yarn.  Its manufacturing unit, in Ludhiana
(Punjab), has a daily production capacity of 16 metric tonnes of
yarn, and a spindle count of 15,552 (13,000 for fine and medium
yarn and 2552 for coarse yarn).  It also has an in-house dyeing
division, set up in 2005, and a biological treatment unit to
recycle waste water from its dyeing unit; the treated water is
discharged in the company's plantation. Ganga Acrowools Limited
reported a profit after tax (PAT) of Rs.2.0 million on net sales
of Rs 549.5.5 million in 2007-08, as against a PAT of Rs. 25.2
million on net sales of Rs. 415.1 million in the previous year.


GOODWILL HOUSING: RBI Cancels Certificate of Registration
---------------------------------------------------------
The Reserve Bank of India canceled the certificate of registration
granted to Goodwill Housing and Investments Limited for carrying
on the business of a non-banking financial institution as the
company has opted to exit from the business of a non-banking
financial institution.

Following cancellation of the registration certificate the company
cannot transact the business of a non-banking financial
institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank of
India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company.  The business of a
non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

Goodwill Housing and Investments Limited's registered office is at
Suite C-2, J.P. Greenland Apartments, No.5, Fifth Main Road,
Nandanam Extension in Chennai.


HASTAH FINANCES: Reserve Bank Cancels Certificate of Registration
-----------------------------------------------------------------
The Reserve Bank of India has canceled the certificate of
registration granted to Hastah Finances Limited for carrying on
the business of a non-banking financial institution.

Following cancellation of the registration certificate the company
cannot transact the business of a non-banking financial
institution.

By the powers conferred under Section 45-IA (6) of the Reserve
Bank of India Act, 1934, the Reserve Bank can cancel the
registration certificate of a non-banking financial company.  The
business of a non-banking financial institution is defined in
clause (a) of Section 45-I of the Reserve Bank of India Act, 1934.

Hastah Finances Limited has its registered office at 50-81-25/2,
1st Floor, Seethammapeta, Visakhapatnam-530016 (since shifted to
Flat No.6, 1st Floor, 10-50-18/1 (6), Siripuram Towers, Opposite
HSBC, Siripuram, Visakhapatnam-530003).


OMYA INDIA: CRISIL Rates Rs.350 Million Term Loan at 'BB'
---------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable/P4' to the various
bank facilities of Omya India Private Limited (Omya India).

  Rs.350 Million Term Loan    BB/Stable (Assigned)
  Rs.325 Million Overdraft *  P4 (Assigned)

* Interchangeable with Bank Guarantee

The ratings factor in the technological, financial and management
support that Omya India receives from its parent, Omya AG.  The
ratings are, however, constrained by Omya India's sub-optimal
operating efficiency due to low capacity utilisation and higher
import cost of limestone, and weak standalone financial risk
profile

Outlook: Stable

CRISIL believes that Omya India will maintain its healthy business
risk profile over the medium term.  However, the rating is
constrained by weak capital structure and operating losses.  The
outlook may be revised to 'Positive' if Omya India stabilises its
operations and generates strong accruals on a sustainable basis
over the medium term.  Conversely, the outlook may be revised to
'Negative' if Omya India undertakes additional debt-funded capital
expenditure programmes, resulting in a constrained financial risk
profile.

                        About Omya India

Omya India Pvt. Ltd. (Omya India), incorporated in December 2004,
is a wholly owned subsidiary of Omya AG.  The company has
established a Ground Calcium Carbonate plant at MIDC, Taloja near
Mumbai with an installed capacity of 96,000 MT. Commercial
operations at the plant commenced on March 22, 2007.  Omya AG is a
leading global producer of industrial minerals, mainly fillers and
pigments derived from calcium carbonate, and a worldwide
distributor of chemical products. Collectively the group has more
than 100 plants around the world and operates in more than 50
countries, with a group turnover in excess of 2.4 Billion Euros
and more than 6,400 employees in 2007.


RANBAXY LABORATORIES: U.S. DOJ Withdraws Legal Action
-----------------------------------------------------
The U.S. Department of Justice (DoJ) has dropped its legal action
against Ranbaxy Laboratories Limited after the Indian drug maker
handed over documents relating to the regulators' concerns over
its manufacturing.  The news sent shares of Ranbaxy up by more
than 9% on Wednesday.

The Department of Justice confirmed in a statement that Ranbaxy
and its consultant Parexel, a division of Parexel International
Corp, had provided necessary documents
as requested.

In July, the Troubled Company Reporter-Asia Pacific said the DOJ
conducted a probe on Ranbaxy for allegedly bringing adulterated
and misbranded medications into the U.S.  Accordingly, the DOJ
sought court permission to access privilege records of Ranbaxy's
internal audits and operations.

Ranbaxy, which derived 24% of its last year's revenue in the U.S.,
denied the allegations.

Last month, sale of more than 30 Ranbaxy generic medicines
manufactured in its Dewas and Paonta Sahib plants in India were
blocked by the U.S. Food and Drug Administration (FDA) due to
deficiencies in manufacturing processes, a TCR-AP report on
Sept. 18, 2008 said.  The FDA noted that the move was part of
proactive measures the agency is taking in order to assure that
all drugs that reach the American public are manufactured
according to cGMP requirements.  The action did not involve
removing products from the market and did not impact products from
Ranbaxy's other plants.

Ranbaxy expressed disappointment on FDA's action, stating that the
company has responded to each concern FDA has raised during the
past two years and had thought that progress was being made.
Ranbaxy then hired former New York City Mayor Rudolph Giuliani and
his consulting firm Giuliani Partners for advice and a review of
compliance issues related to the FDA's action.

Separately, a Sept. 26, 2008 TCR-AP report said the United States
President's Emergency Plan for AIDS Relief suspended funding for
three generic AIDS drugs made by Ranbaxy until deficiencies at its
plants are cleared.  The three Ranbaxy drugs are zidovudine,
lamivudine and nevirapine.  The program, which provided
US$8.9 million for Ranbaxy's AIDS drugs last fiscal year, said it
won't use funds to support new orders, according to Bloomberg
News.

As related actions pile up against Ranbaxy's drug manufacturing
practices, its share price suffers, and a further fall could
affect a US$4.6 billion takeover deal with Japan's Daiichi Sankyo.

According to the Economic Times, Daiichi Sankyo, which is in the
process of buying Ranbaxy, said the acquisition remains on track
although the company's share price has fallen to one-third of the
June 11 offer.  "The price of Rs.737 is fixed.  If the share price
of Ranbaxy continues to move this way, we will follow accounting
standards and consult our accountants to determine the valuation
losses", agencies quoted Daiichi Sankyo CEO Takashi Shoda as
saying.  "Of course, we were aware of the issue and included it in
the due diligence process.  But we thought that Ranbaxy could
handle the issue before receiving the FDA's warning letter," he
added.

                About Ranbaxy Laboratories Limited

Ranbaxy Laboratories Limited -- http://www.ranbaxy.com/-- along
with its subsidiaries and associates operates as an integrated
international pharmaceutical organization with businesses
encompassing the entire value chain in the production, marketing
and distribution of dosage forms and active pharmaceutical
ingredients. It has manufacturing facilities in 11 countries,
namely Brazil, China, India, Ireland, Japan, Malaysia, Nigeria,
Romania, South Africa, the United States of America and Vietnam.
Its major markets include the United States of America, India,
Europe, Russia / CIS, Brazil and South Africa.  The major
products include, inter alia, Simvastatin, CoAmoxyclav,
Amoxycillin, Ciprofloxacin, Isotretinon and Cephalexin.  Its
research and development activities are principally carried out
at its facilities in Gurgaon, near New Delhi, India.  RLL's
segments include Pharmaceuticals and Other businesses.  During
the year ended Dec. 31, 2007, RLL acquired 24.91% of Shimal
Research Laboratories Limited.


SPENTEX IND: CARE Cuts Rating on Rs. 38.1 Crore NCD to "D"
----------------------------------------------------------
CARE has downgraded the rating of 'CARE BB' (Double B) assigned to
the existing secured NCD (Non-Convertible Debenture) issue for an
outstanding (as on Mar.31, 2008) amount of Rs 38.1 cr of Spentex
Industries Ltd (SIL) to 'CARE D'.  CARE has also downgraded the
rating of 'CARE BB' (Double B) assigned to the long term bank
facilities of the company to 'CARE D'.  Instruments with this
rating are of the lowest category.  They are either in default or
are likely to be in default.

CARE has also downgraded the rating of 'PR 4' (PR four)' assigned
to the short term bank facilities of the company to 'PR 5' (PR
five).  The instruments are in default or are likely to be in
default.  These ratings were assigned the bank facilities
aggregating Rs.749.6 cr (inclusive of term loan outstanding,
working capital limits, bill discounting facility and line of
credit facility) of SIL.

The ratings revision takes into consideration declining
profitability, cash losses leading to irregularities in debt
servicing and high financial risk profile primarily resulting from
debt funded growth.

The ratings also factor in unfavourable industry scenario driven
primarily by hike in raw material prices and currency risk and
price cycle risks associated with company's product.

On account of distress and adverse industry scenario the company
has approached its bankers/lenders for restructuring of its debt
obligations.

                  About Spentex Industries Ltd

SIL was originally promoted by RPG group as a 100% EOU (Export-
Oriented Unit) in 1991.  It was taken over by CLC group in January
2004. CLC group was primarily involved in the trading of cotton
yarns & fabrics, structural steel and providing textile indenting
services for other manufacturers.  The day-to-day affairs of the
company are looked after by team of qualified professionals headed
by Shri Mukund Choudhary, Managing Director.

SIL's business portfolio is spread over two segments, viz.,
manufacturing of cotton & synthetic yarns and trading activities.
SIL, as on Mar.31, 2007, had spindle capacity of 1.87 lakh
(cotton) and 1.22 lakh (synthetic) manly built through inorganic
route.  Primarily debt funded growth had adversely affected the
company's financial profile, in the light declining profitability
and firming up of interest rates.

As per the audited (abridged) results for FY08, the overall income
of the company stood at Rs.814.7 cr with net loss of Rs.34.5 cr.
Higher cost of operations led by firm raw material costs,
appreciation in value of rupee and increase in interest burden led
to the losses in the company.  Constrained liquidity coupled with
significant debt repayments in the near to medium term has
adversely affected the debt servicing capability of the company.
During QI FY09, SIL reported total income of Rs.199.9 cr and net
loss of Rs.16.0 cr. SIL delayed its interest and principal
payments to its lenders for the June 2008 quarter and few of them
have
remained unserviced thereafter too.  Company has also approached
its bankers/lenders for restructuring of its debt obligations.


VARDHMAN TEXTILES: Transfers Threads Business to Vardhman Yarns
---------------------------------------------------------------
Vardhman Textiles Ltd has transferred its threads business to one
of its subsidiary companies, Vardhman Yarns and Threads Ltd,
through a scheme of arrangement, reorganization and demerger as
sanctioned by the Punjab and Haryana High Court, effective
April 1, 2008.

The holding of Vardhman Textiles in Vardhman Yarns was more than
98%.

The threads business of Vardhman Yarns comprises of four
manufacturing units located at Hoshiarpur and Ludhiana (Punjab),
Penrndurai (Tamil Nadu) and Baddi (Himachal Pradesh).



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

BAKRIE GROUP: Dispels Investors' Fears Over Loan Defaults
---------------------------------------------------------
Businesses linked to powerful Bakrie family reassured its
investors that no defaults have occurred on loans guaranteed with
shares that have lost their value since June, Financial Times
reports.

In a conference call with investors, Bakrie and Brothers' Chief
Executive and Bumi Commissioner Nalimkant Rathod was quoted by
Financial Times as saying as "all commitments have been met" but
has made a "passionate appeal" to shareholders to provide extra
financing... and that financing expansion through share pledging
was no longer appropriate.

Mr. Rathod, however, declined to divulge the number of shares in
any of the companies remained pledged, whether any additions to
the pledges had been made or how Bumi would finance a 10% share
buy-back it announced on Monday night, the report notes.

"No one knows how deep their leverage is, so even though the
valuations are attractive the market is panicking", Ari Pitoyo, of
Mandiri Securities in Jakarta was quoted by Financial Times as
saying.

The share trading in six companies owned by Bakrie Group was
suspended Tuesday as the effects of the global liquidity crisis
rolled into Southeast Asia's biggest economy, Antara News reports
citing dealers.

Economist Pande Raja Silalahi was cited by Antara as saying that
the price of crude palm oil has declined, so has the price of
coal.  So the decline in Bakrie-linked companies, such as Bumi
Resources, was predictable.


BANK MANDIRI: Withdraws Proposal to Acquire Shares in Indover
-------------------------------------------------------------
Bank Mandiri has withdrawn its proposal to acquire the majority of
shares in the Netherlands-based Indonesische Overzeese Bank N.V.
(Indover) amid worsening liquidity squeeze in Europe, Jakarta Post
reports.

"Acquiring Indover will no longer add value to Mandiri," Bank
Mandiri's Executive Vice President for Chance Management, Haryanto
T. Budiman was quoted by The Post as saying.

Citing Mr. Haryanto, the report said that while Indover had the
potential to serve some 700,000 Indonesians living in the
Netherlands, its growing liability in a deepening liquidity crisis
meant the company was no longer attractive.

The Post noted that on Tuesday, the Netherlands court froze the
assets of Indover due to its dwindling performance and increasing
liability.  The total savings of Indover (around US$15 million)
was below the minimum requirement.

BI (Indonesia's central bank) had previously invested
IDR53.9 billion into Indover which over the last few years had
been registering losses, the report adds.

                        About Bank Mandiri

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

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 7,
2007, that Fitch Ratings upgraded the Individual Rating of PT
Bank Mandiri (Persero) Tbk (Mandiri) to 'C/D' from 'D', and its
National Long-term rating to 'AA+ (idn)' from 'AA (idn)'.  The
outlook on the national rating remains stable.

At the same time, Fitch affirmed the company's Long-term foreign
and local currency Issuer Default ratings at 'BB-' with a
Positive Outlook, Short-term IDR at 'B' and Support Floor at
'B+'.

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



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

FORD MOTOR: Volvo Unit Will Lay Off 13% of Work Force
-----------------------------------------------------
Christop Rauwald and Ola Kinnander at The Wall Street Journal
report that Ford Motor Co. unit Volvo Cars said on Wednesday that
it will cut 13%, or 3,300 of its work force, due to declining
global demand.

According to WSJ, most of the layoffs -- about 2,700 -- will be
made in Sweden.  Volvo said it will also terminate contracts with
700 consultants world-wide, WSJ says.

Volvo said that, including staff cuts disclosed in June, a total
of 6,000 people of the firm's 24,500 workers will lose their jobs,
WSJ relates.  About 1,200 of the workers to be laid off are
consultants, the report states.

WSJ quoted Volvo's CEO Stephen Odell as saying, "These actions are
necessary to create a new and sustainable Volvo Car Corporation--a
company with more focused operations and structure.  The unstable
economic environment has resulted in a very unpredictable
situation, and the downturn in the global car industry is more
drastic than expected."

                    About Ford Motor Co.

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

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 5, 2008,
Fitch Ratings has downgraded the issuer default rating of Ford
Motor Company and Ford Motor Credit Company LLC to 'B-' from 'B'.
The Rating Outlook remains Negative.  The downgrade reflects: the
further deterioration in Ford's U.S. sales as a result of economic
conditions, an adverse product mix and the most recent jump in gas
prices; portfolio deterioration at Ford Credit and heightened
concern regarding economic access to capital to support financing
requirements; and escalating commodity costs that will remain a
significant offset to cost reduction efforts.


NOMURA: Unit Hires Premier Pensions to Oversee GBP80MM Fund
-----------------------------------------------------------
Nomura Holdings Inc.'s unit, Nomura International, has appointed
Premier Pensions Management to administer its closed UK
occupational pension scheme, Mark Selby of Professional Pensions
News reports.

Nomura Chairman of trustees David Farrant, the report relates,
confirmed the appointment of PPM to oversee the GBP80 million
fund, which is split between defined benefit and defined
contribution plans and has 3000 members.

According to the report, PPM Managing Director Paul Couchman said
the company was selected after a review of providers by the
Japanese financial services giant.

Nomura Holdings, Inc. -- http://www.nomura.com/ --  is a
securities and investment banking firm in Japan and has
worldwide operations.  Nomura is a holding company.  The
services it provides include trading, underwriting, and offering
securities, asset management services, and others.  As of
March 31, 2008, it operated offices in about 30 countries and
regions, including Japan, the United States, the United Kingdom,
Singapore and Hong Kong through its subsidiaries.  The company's
customers include individuals, corporations, financial
institutions, governments and governmental agencies.  Nomura
operates in five business divisions: domestic retail, global
markets, global investment banking, global merchant banking and
asset management.   In February, 2007, Nomura acquired Instinet
Incorporated.

                          *     *     *

Nomura Holdings still carries Fitch Ratings' 'C' individual
rating, and Support Rating Floor at 'B'.

On Aug. 1, 2008, the Troubled Company Reporter-Asia Pacific,
citing The Wall Street Journal, reported that Nomura Holdings
posted a JPY76.6 billion (US$712.8 million) net loss for its
fiscal first quarter, from a JPY75.9 billion net profit a year
earlier.  The reported loss, the report said, came after write-
downs of risky debt products, and a Japanese bank's expectation
that difficult market conditions will continue.


* JAPAN: Bankruptcy Debts Soar After Lehman Downfall
----------------------------------------------------
Debts left by soaring corporate failures nearly tripled in the
fiscal first half from a year ago after the Japanese units of
Lehman Brothers Holdings Inc. filed for bankruptcy, Kyodo News
reports, citing Tokyo Shoko Research.

On September 16, 2008, the Troubled Company Reporter-Asia Pacific,
citing Reuters, reported that Lehman Brothers' main units in
Japan, Lehman Brothers Japan Inc. and Lehman Brothers Holdings
Japan Inc., filed for bankruptcy, following its parent firm's
bankruptcy filing in the U.S.  The units filed for bankruptcy in
Tokyo District Court with about JPY4 trillion (US$38 billion) in
combined liabilities.

Kyodo News relates Tokyo Shoko Research said the total debt —
JPY8.66 trillion — is the second-highest for the April-September
period logged in the postwar era.

According to the report, Lehman Brothers Japan Inc. and three
other units of the failed U.S. investment bank left JPY4.7
trillion in debt, or 54.2% of the overall debt in the half.  In
addition, the report says, 17 listed firms, including 11 real
estate and construction companies, went belly-up in the six-month
period from only three bankruptcies in the same half last year.

The pace of bankruptcies also soared in the period, jumping 11.0%
to 7,863, up for the third half in a row, the agency said, as
cited by Kyodo News.

The report points out that the number of construction companies
that failed climbed 15.6% to 2,353, also up for three consecutive
halves, while real estate failures surged 35.6% to 297, and those
in the trucking industry jumped 30.1% to 302.

Real estate companies took a beating from falling land prices and
growing trouble in the financial markets, while trucking companies
were squeezed by the runup in petroleum prices, Kyodo News says.

Moreover, the same report adds that for September alone,
bankruptcies came to 1,408, up 34.5% from a year earlier, leaving
debts of JPY5.36 trillion, more than 10 times the year before,
because of the failures of the Japanese Lehman units.



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

ABEL RECOVERIES: Commences Liquidation Proceedings
--------------------------------------------------
The High Court at Auckland held a hearing on October 3, 2008, to
consider an application putting Abel Recoveries Limited into
liquidation.

The application was filed on June 6, 2008, by the Commissioner of
Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue (PO Box 33150)
          Takapuna, Auckland
          Telephone: (09) 984 1514
          Facsimile: (09) 984 3116

Michael Kinlim Yan is the plaintiff's solicitor.


AJ COULL: Wind-Up Petition Hearing Set for October 20
-----------------------------------------------------
The High Court at Wellington will hold a hearing on October 20,
2008, at 10:00 a.m., to consider putting AJ Coull & Company
Limited into liquidation.

The application was filed on August 20, 2008, by Neil Stanley
Shaw.

The plaintiff's address for service is at:

          Luke, Cunningham & Clere
          Level 10, 89 The Terrace
          Wellington

P. D. Barrett is the plaintiff’s solicitor.


HARRIS ROAD: Wind-Up Petition Hearing Set for October 17
--------------------------------------------------------
The High Court at Auckland will hold a hearing on October 17,
2008, at 10:45 a.m., to consider putting Harris Road No. 26
Limited into liquidation.

The application was filed on July 1, 2008, by AMP NZ Office Albert
Street Limited.

The plaintiff's address for service is at:

          Minter Ellison Rudd Watts
          Level 20, Lumley Centre
          88 Shortland Street
          Auckland 1010

Zane Garrick Kennedy is the plaintiff’s solicitor.


LINDUP HOLDINGS: Wind-Up Petition Hearing Set for October 15
------------------------------------------------------------
The High Court at Nelson will hold a hearing on October 15, 2008,
at 10:00 a.m., to consider putting Lindup Holdings Limited into
liquidation.

The application was filed on August 8, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          1st Floor Reception
          224 Cashel Street (PO Box 1782)
          Christchurch 8140
          Telephone: (03) 968 0807
          Facsimile: (03) 977 9853

Julie Newton is the plaintiff's solicitor.


MANARD DEVELOPMENTS: Wind-Up Petition Hearing Set for October 15
----------------------------------------------------------------
The High Court at Auckland will hold a hearing on October 15,
2008, at 10:45 a.m., to consider putting Manard Developments
Limited into liquidation.

The application was filed on July 2, 2008, by Bunnings Limited
(trading as Benchmark Building Supplies).

The plaintiff's address for service is at:

          Account Collection Service Limited
          33B Constellation Drive
          Mairangi Bay, North Shore City

C. N. Lord in the plaintiff's solicitor.


PAUANUI PROPERTIES: Wind-Up Petition Hearing Set for October 31
---------------------------------------------------------------
The High Court at Auckland will hold a hearing on October 31,
2008, at 10:00 a.m., to consider putting Pauanui Properties
Limited into liquidation.

The application was filed on July 8, 2008, by Shotover Design
Limited (trading as Clark Fortune McDonald and Associates).

The plaintiff's address for service is at:

          AWS Legal
          151 Spey Street
          Invercargill

A. D. G. Hitchcock is the plaintiff's solicitor.


REAL ESTATE: Liquidators Set October 20 as Claims Bar Date
----------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the High
Court at Auckland has appointed Brian Mayo-Smith, chartered
accountant, and Shaun Neil Adams, insolvency practitioner, both of
BDO Spicers, Auckland, as liquidators of Real Estate Assets
Limited.

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

Creditors and shareholders may direct their inquiries to:

          Shaun Neil Adams
          BDO Spicers
          Level 8, Rifleman Tower
          120 Albert Street, Auckland 1010
          Facsimile: (09) 303 2830
          Email: shaun.adams@bdospicers.com


ROTORUA TYRES: Proofs of Debt Due on October 17
-----------------------------------------------
In accordance with section 241 of the Companies Act 1993, the
shareholders of Rotorua Tyres Limited appointed Anthony Charles
Harris, insolvency practitioner of Tauranga, as liquidator on
September 3, 2008.

The liquidator sets October 17, 2008, as the last day for
creditors to file their proofs of debt.

The liquidator can be reached at:

          Anthony Charles Harris
          Harris Neil & Associates Limited
          PO Box 14216, Tauranga 3143
          Telephone: (07) 571 6384
          Facsimile: (07) 571 6385


SAPPHIRE DEVELOPMENTS: Proofs of Debt Due on October 17
-------------------------------------------------------
In accordance with section 241 of the Companies Act 1993, the
shareholders of Sapphire Developments Limited appointed
Peri Micaela Finnigan and John Trevor Whittfield, insolvency
practitioners of Auckland, liquidators on August 31 , 2008.

The liquidators set October 17, 2008, as the last day for
creditors to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

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


TOVIN NZ: Proofs of Debt Due on October 17
------------------------------------------
In accordance with section 241 of the Companies Act 1993, the
shareholders of Tovin NZ Limited appointed Peri Micaela Finnigan
and Boris van Delden, insolvency practitioners of Auckland,
liquidators on September 8, 2008.

The liquidators set October 17, 2008, as the last day for
creditors to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

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


* NEW ZEALAND: Median Weekly Wage & Salary Income Up 2.7& in June
-----------------------------------------------------------------
In the June 2008 quarter, the median (half receive more, and half
receive less than this amount) weekly income for all people from
all sources was NZ$537, Statistics New Zealand said.  This
information comes from the annual New Zealand Income Survey, which
is run during the June quarter (April to June).  The survey
provides a snapshot of income statistics on people and households.

The median weekly income of NZ$537 represented an increase of 3.5
percent from the June 2007 quarter median of NZ$519, and is the
lowest annual percentage increase since the June 2003 quarter.
Contributors to this growth were increases in female median weekly
income from all sources (up 5.3 percent) and in median weekly
income from wages and salaries (up 2.7 percent).

In the June 2008 quarter, median weekly wage and salary income was
NZ$729, up 2.7 percent from the June 2007 quarter.  For males, the
increase was 5.1 percent (to NZ$863) and for females the increase
was 4.3 percent (to NZ$600).  For those in full-time employment,
median weekly wage and salary income increased for both males (up
4.4 percent) and females (up 2.3 percent).

Median hourly earnings for people receiving income from wages and
salaries rose NZ$0.75, up 4.2 percent to NZ$18.75 from the June
2007 quarter.  For males the rise was NZ$0.90, up 4.7 percent to
NZ$20.00 per hour.  For females the rise was NZ$0.72, up 4.3
percent to NZ$17.50 per hour.  Since the June 2007 quarter, total
hours worked decreased slightly, down 1.1 percent, while total
income received from wages and salaries increased 3.6 percent.

Over the year, the proportion of people receiving investment
income decreased from 38.0 percent to 34.2 percent.  This
proportion is similar to that of the June 2006 quarter, when it
was 32.4 percent.  While the proportion of people receiving
investment income decreased, median weekly investment income for
those receiving income from investments increased NZ$5 (37.0
percent) from the June 2007 quarter.



===============
P A K I S T A N
===============

ORASCOM TELECOM: Mobilink's Downgrade Cues S&P's Negative Outlook
-----------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Egypt-headquartered emerging markets wireless telecommunications
operator Orascom Telecom Holdings S.A.E. to negative from stable
following the downgrade of 100%-owned subsidiary Pakistan Mobile
Communications Ltd. (Mobilink; B/Negative/--).  At the same time,
S&P affirmed its 'B+' long-term corporate credit ratings on
Orascom Telecom and Orascom Telecom Finance S.C.A. and its 'B-'
issue rating on the US$750 million senior unsecured notes issued
by Orascom Telecom Finance.

"The outlook revision reflects concerns that a weakening economic
environment in Pakistan may result in lower-than-originally
expected returns from the Pakistani market for Orascom Telecom,"
said S&P's credit analyst Michael O'Brien.

Mobilink is Orascom Telecom's second largest operation, providing
substantial cash flow on the basis of upstreamed management fees
and representing a significant 25% share of the group's
consolidated EBITDA in the first half of 2008.

"Although immediate liquidity needs at Mobilink are deemed to be
covered and the company has flexibility to modify its investment
plans, any increase in exposure to future potential funding risks
at Mobilink will burden Orascom Telecom, given its strong
incentive and need to support its 100%-owned subsidiary in
financial management and financial covenant compliance," Mr.
O'Brien added.

This is because any hypothetical default at Mobilink above US$25
million would trigger a cross-acceleration on Orascom Telecom
Finance's US$750 million notes and a default or cross-acceleration
at Mobilink above US$50 million would trigger a cross-default on
Orascom Telecom's US$2.5 billion senior secured bank facilities.

The need to support Mobilink in the event of Mobilink posting
weaker covenant headroom on its debt obligations due to
operational weakness or a drop in the value of the Pakistani rupee
could also, for example, result in less cash being upstreamed to
Orascom via management fees, thereby reducing cash
available for other uses.

S&P currently considers Orascom Telecom's liquidity to be adequate
and operating performance to be in line with the ratings, but a
weakening of the group's liquidity position,
particularly in Pakistan, or excessive tightening of covenant
headroom at Mobilink would lead to a rating downgrade.  A material
increase in debt or deterioration in cash flow generation could
also pressure the ratings.

The outlook assumes that dividend payments and share repurchases
will not unduly burden Orascom Telecom or meaningfully increase
leverage at the overall group beyond 4x adjusted debt to EBITDA,
including debt at Weather Capital.

Greater visibility on funding options and refinancing, combined
with a reduction in risk associated with doing business in
Pakistan, could trigger an outlook revision to stable.



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

* PHILIPPINES: PDIC Approves Bill to Increase MDIC to Php500,000
----------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) is backing up
a bill to double the maximum deposit insurance coverage (MDIC) to
Php500,000 from Php250,000, BusinessWorld reports.

PDIC President Jose C. Nograles was cited by BusinessWorld as
saying that the increased insurance for deposits would boost
depositor protection and confidence.  As a support, Mr. Nograles
also recommended these five corollary measures:

   -- Increase PDIC's capitalization through an increase in
      government contribution;

   -- PDIC be given authority to conduct independent examination

      of banks;
   -- PDIC be given authority to assess risk premium over and
      above the existing flat rate of 20 basis points on banks
      found to be at risk as a result of its independent
      examination;

   -- PDIC be given authority to determine which deposit products
      are covered by insurance; and

   -- PDIC be given the bridge bank authority' that will allow the
      agency to acquire assets and assume the liabilities of a
      failed bank until a final resolution can be accomplished.

At the Php500,000 level, 97.2% of all deposit accounts will be
fully covered by insurance, compared to 95.1% at the previous
level, Business World notes.


* PHILIPPINES: September Inflation Drops to 11.9 Percent
--------------------------------------------------------
After steadily rising for ten consecutive months, headline
inflation decelerated to 11.9 percent year-on-year in September
from 12.5 percent in August.  This brings the year-to-date average
inflation to 9.2 percent, data from Bangko Sentral ng Pilipinas
shows.  Lower price increases of food and fuel, as well as
transportation and communication services accounted for the
slowdown in September inflation.  Month-on-month headline
inflation declined to negative 0.4 percent, a reversal of the
previous month’s increase at 0.3 percent.

Slower year-on-year increases in the prices of rice, corn, and
fruits and vegetables brought down food inflation, while the four
rounds of rollbacks in the prices of petroleum products in
September led to lower year-on-year inflation in gasoline
products, diesel, and kerosene.  The marked slowdown in the price
increases of these items, which are the food and energy items
excluded from core inflation, yielded a higher rate for core
inflation at 7.5 percent compared to 7.0 percent in August.

Governor Amando M. Tetangco, Jr. pointed out that the latest
inflation reading was within the BSP’s forecast range and is
consistent with the BSP’s assessment of an improving inflation
outlook, due in part to the easing of oil and rice prices as well
as early signs of improving inflation expectations.  During its
seventh policy meeting for the year, the Monetary Board decided to
keep the key policy rates steady after three successive interest
rate hikes.  Governor Tetangco added that the BSP will continue to
craft appropriate monetary policy to safeguard price stability
which preserves the purchasing power of the public and contributes
to sustained economic growth.


* PHILIPPINES: Posts US$36.69 Bil. GIR as at End-September
----------------------------------------------------------
The country’s gross international reserves (GIR) stood at US$36.69
billion as of end-September 2008, slightly lower than the previous
month’s level of US$36.74 billion.  The small decrease in the GIR
was due largely to the payments of maturing foreign exchange
obligations of the National Government, as well as withdrawal by
PSALM from its foreign currency deposit with the BSP.  These
outflows were mitigated by receipts from the BSP’s net foreign
exchange operations, income from its investments abroad, credits
from foreign financial counterparties, and revaluation gains in
the BSP’s gold holdings on account of the rise in the price of
gold in the international market in September 2008.

The current GIR level can cover 5.8 months of imports of goods and
payments of services and income.  It was also equivalent to 4.0
times the country’s short-term external debt based on original
maturity and 2.6 times based on residual maturity.  Short-term
debt based on residual maturity refers to the sum of short-term
external debt and medium- and long-term loan repayments falling
due within the next 12 months.

The level of net international reserves (NIR) as of end-September
2008, which includes revaluation of reserve assets and reserve-
related liabilities, declined by US$0.25 billion to US$35.78
billion.  NIR refers to the difference between the BSP’s GIR and
total short-term liabilities.


* PHILIPPINES: CARs Stands at 14.49% as of end-March
----------------------------------------------------
Capital adequacy ratios (CARs) within the Philippine banking
system collectively stood at 14.49 percent on solo basis and
15.49 percent on consolidated basis as of end-March 2008.  The
latest values are still significantly well above both the
10 percent prudential norm required by the Bangko Sentral ng
Pilipinas (BSP) and the 8 percent international standard under the
Basel Accord.

The March 2008 figures are lower, however on both quarter-on-
quarter (QoQ) and year-on-year (YoY) bases.  The decline is
attributable, among others, on the assignment of higher risk
weights to certain assets and the incorporation of operational
risk charge in the capital adequacy framework.  Numerically, these
changes contributed to the increase in risk-weighted assets (RWA)
of Php157.2 billion QoQ on solo basis while matched by a
Php15.5 billion increase in qualifying capital over the same
period.

Increases in RWAs, which are much larger than their corresponding
increases in qualifying capital are consistently found across bank
categories.  However, the combined effect of these factors led to
a decline in the CAR for universal and commercial banks while
resulting in the increase in the CAR for thrift, rural and
cooperative banks.  The same trend is found for both solo and
consolidated bases.



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

ASIAN NITTAN: Creditors' Proofs of Debt Due on November 9
---------------------------------------------------------
Asian Nittan Pte Ltd, which is in voluntary liquidation, requires
its creditors to file their proofs of debt by November 9, 2008, to
be included in the company's dividend distribution.

The company's liquidator is:

         Lau Chin Huat
         c/o 6 Shenton Way
         #32-00 DBS Building Tower Two
         Singapore 068809


CONTINENTAL: Moody's Places B1 Rating for Possible Downgrade
------------------------------------------------------------
Moody's Investors Service has placed the B1 corporate family
rating of Continental Chemical Holdings Ltd on review for possible
downgrade.

"This rating action reflects the challenging operating conditions
and concerns around weakening cushion within financial covenants
in the company's bank facility agreement", says Terry Fanous,
Moody's Senior Vice President.

Continental has been facing several credit challenges, including
heightened working capital requirements, delays in commissioning
its greenfield phthalic anhydride ("PA")/placticiser plant in
China, and a high degree of volatility in its diocty phthalate
(DOP) and PA operations.  Weaker biodiesel fundamentals have also
impacted profitability in early 2008.

"These challenges have constrained Continental's financial
flexibility, including its ability to remain in compliance with
its financial covenants over the next 12 months, particularly if
there is further delay in commissioning the China plant ", says
Mr. Fanous.  The rating action also considers challenges in
meeting some financial information requirements in the facility
agreement.

Moody's notes that Continental has no material capex or debt
maturing over the next 12 months, and its internally generated
cash flow and cash-on-hand is likely to be sufficient to fund
ongoing operating needs.  Furthermore, the company's core PA/DOP
operations have been producing adequate profitability in recent
times.

The review will focus on: 1) progress on commissioning the China
plant, and its contribution to cash flow in 2009; 2) Moody's
assessment of Continental's performance in 2009 against its
financial covenants; and 3) progress on meeting financial
information requirements in the facility agreement.

Continental Chemical Holdings Ltd, headquartered in Singapore, is
a chemical company specializing in intermediate chemicals,
including diocty phthalate and phthalic anhydride, specialty resin
products and biofuel.


REGALINDO RESOURCES: Court to Hear Wind-Up Petition on October 31
-----------------------------------------------------------------
A petition to have Regalindo Resources Pte Ltd's operations wound
up will be heard before the High Court of Singapore on October 31,
2008, at 10:00 a.m.

Goh Kiaw Choh filed the petition against the company on October 3,
2008.

Goh Kiaw's solicitors are:

          Messrs. Allen & Gledhill LLP
          One Marina Boulevard #28-00
          Singapore 018989


RELACOM (SINGAPORE): Creditors' Proofs of Debt Due on Nov. 10
-------------------------------------------------------------
The creditors of Relacom (Singapore) Pte. Ltd. are required to
file their proofs of debt by November 10, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

          Low Sok Lee Mona
          Teo Chai Choo
          c/o Low, Yap & Associates
          4 Shenton Way
          #04-01 SGX Centre 2
          Singapore 068807


YRC WORLDWIDE: Reaffirms Financial Forecast for Second Half 2008
----------------------------------------------------------------
YRC Worldwide, Inc., in a Securities and Exchange Commission
filing, reaffirmed that it expects to have positive free cash flow
in both the third and fourth quarters of 2008 with a significant
debt reduction for the year.  In addition, the company expects to
remain in full compliance with all terms of its credit agreement,
including the leverage ratio.

"With more than US$9 billion in annual revenue and comprehensive
networks in the national and regional markets, we continue to
provide excellent service to our customers each and every day,"
stated Bill Zollars, Chairman, President and CEO of YRC Worldwide.
"Despite the continuing unrest in the broad financial markets, our
current financial position is solid and we remain well positioned
to weather this economic environment."

                       About YRC Worldwide

YRC Worldwide Inc. (Nasdaq: YRCW) -- http://www.yrcw.com/-- is
the holding company for a portfolio of successful brands
including Yellow Transportation, Roadway, Reimer Express, YRC
Logistics, New Penn, USF Holland, USF Reddaway, and USF Glen
Moore.  The enterprise provides global transportation services,
transportation management solutions and logistics management.
The portfolio of brands represents a comprehensive array of
services for the shipment of industrial, commercial and retail
goods domestically and internationally.  Headquartered in
Overland Park, Kansas, YRC Worldwide employs approximately
60,000 people.

The company has subsidiaries in Bermuda, the United Kingdom,
Netherlands, Singapore, Hong Kong and Mexico.

                           *     *     *

As reported in the Troubled Company Reporter on April 29, 2008,
Standard & Poor's Ratings Services affirmed its ratings on YRC
Worldwide Inc., including the 'BB' corporate credit rating, and
removed the ratings from CreditWatch, where they had been placed
with negative implications on Feb. 21, 2008.  The outlook is
negative.  The ratings had been placed on CreditWatch because of
heightened concerns over the company's refinancing risk,
earnings performance, and liquidity position over the next year,
given the slowing U.S. economy and continuing pressures in the
trucking sector.


YRC WORLDWIDE: Warns of Likely Impairment of Goodwill, Trade Names
------------------------------------------------------------------
YRC Worldwide Inc., disclosed in a Securities and Exchange
Commission filing that due to its current market capitalization of
YRC Worldwide Inc., and in light of current economic conditions,
the company's management believes that, as of Sept. 30, 2008, the
possibility of impairment exists in connection with goodwill and
trade names for the National Transportation segment, trade names
for the Regional Transportation segment and goodwill for the YRC
Logistics segment.

As a result of these indicators, the Company is testing these
assets.  Once the impairment tests are complete, the Company will
be able to conclude whether any impairment exists and to what
extent, if any, an impairment charge should be included in the
Company's third quarter 2008 financial results. Such impairment
charge, if any, would be non-cash in nature and excluded from the
leverage ratio calculation under the Company's credit facility and
asset-backed securitization facility.

                       About YRC Worldwide

YRC Worldwide Inc. (Nasdaq: YRCW) -- http://www.yrcw.com/-- is
the holding company for a portfolio of successful brands
including Yellow Transportation, Roadway, Reimer Express, YRC
Logistics, New Penn, USF Holland, USF Reddaway, and USF Glen
Moore.  The enterprise provides global transportation services,
transportation management solutions and logistics management.
The portfolio of brands represents a comprehensive array of
services for the shipment of industrial, commercial and retail
goods domestically and internationally.  Headquartered in
Overland Park, Kansas, YRC Worldwide employs approximately
60,000 people.

The company has subsidiaries in Bermuda, the United Kingdom,
Netherlands, Singapore, Hong Kong and Mexico.

                           *     *     *

As reported in the Troubled Company Reporter on April 29, 2008,
Standard & Poor's Ratings Services affirmed its ratings on YRC
Worldwide Inc., including the 'BB' corporate credit rating, and
removed the ratings from CreditWatch, where they had been placed
with negative implications on Feb. 21, 2008.  The outlook is
negative.  The ratings had been placed on CreditWatch because of
heightened concerns over the company's refinancing risk,
earnings performance, and liquidity position over the next year,
given the slowing U.S. economy and continuing pressures in the
trucking sector.



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

* Asia-Pacific Sovereigns Face Major Uncertainties, S&P Reports
---------------------------------------------------------------
While Asia-Pacific economies have so far proven reasonably
resilient to global financial markets dislocation, risks and
uncertainties loom for the region, Standard & Poor's Ratings
Services said in a report titled "Asia-Pacific Sovereign Report
Card: As The Financial Storm Spreads, Major Uncertainties Loom".

"Barely more than ten years on from 1997, Asia-Pacific is being
buffeted by the shockwaves of yet another major dislocation in
global markets.  This time, however, the epicenter is much further
away and Asia-Pacific sovereigns are in much better shape
to withstand the impact," said S&P's sovereign analyst Kim Eng
Tan.

"Asia-Pacific is not, however, entirely insulated from
developments in advanced financial markets and the relative
respite this region is enjoying currently is likely to be
temporary," said Mr. Tan.  "The heat from the global financial
crisis will be felt much more keenly if the dislocation does not
abate soon."

Apart from the worsening global liquidity conditions, other
challenges also have the potential to hurt Asia-Pacific sovereign
creditworthiness in 2008 and 2009.  These include national
politics and inflation, as well as the deterioration of external
and fiscal indicators.  The negative outlook on sovereign ratings
on Pakistan, Sri Lanka, and Vietnam reflect one or more of these
factors.  While other Asia-Pacific sovereign ratings are urrently
stable, the same factors also trouble some of them and could
trigger negative changes to the outlook or ratings.

The Asia-Pacific Sovereign Report Card examines these and other
developments that are affecting, or could affect, the credit
profiles of rated sovereigns in the region.


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


                                                          Total
                                        Total      Shareholders
  Company                     Ticker    Assets           Equity
  -------                     ------    ------     ------------


AUSTRALIA

ALLSTATE EXPLORA            ALX      19475948.06    -55701562.21
ALLSTATE EXPL-PP          ALXCC      19475948.06    -55701562.21
ARC EXPLORATION             ARX      62788281.83    -15887498.05
AUSTAR UNITED               AUN     525792750.27   -234920614.74
ANTARES ENERGY L            AZZ      16206865.02     -4360823.49
BIRON APPAREL LT            BIC      19714696.58     -2220966.38
CROESUS MINING              CRS      16003775.41    -13810602.53
ETW CORP LTD                ETW     103802518.43    -50235720.07
FORTESCUE METALS            FMG    4953609067.39  -1569054539.95
FULCRUM EQUITY L            FUL      40084850.86     -8005219.71
IRONCLAD MINING             IFE      20074674.72      -122332.34
INTELLECT HLDGS             IHG      18249165.02    -15491314.65
KH FOODS LTD                KHF      38397298.77     -6790996.77
KH FOODS LTD-PRF          KHFPA      38397298.77     -6790996.77
LAFAYETTE MIN               LAF     105242488.96   -190865147.08
METAL STORM LTD             MST      14309990.04     -5126677.71
RESIDUAL ASSC-EE          RAGXF     597811247.79   -127065633.16
TOOTH & CO LTD              TTH     127958995.62    -90226867.34
VERTICON GROUP              VGP      31281875.52    -12392178.43


CHINA

SHENZ SEG DASH-A         000007     101024087.57     -1144993.15
SHENZ CHINA BI-A         000017      29379003.11   -244527119.11
SHENZHEN SHENXIN         000034      44989232.03   -113368102.97
CHINA KEJIAN-A           000035      65124488.98   -167311537.11
SHENZHEN KONDA-A         000048     155014461.99    -24446764.56
HUNAN ANPLAS CO          000156      83999120.28    -81350940.74
ZHANGJIAJIE TO-A         000430      51011060.62     -8247159.63
DANDONG CHEM F-A         000498     115942688.34    -91597754.91
SUCCESS INFORMAT         000517      30118378.44    -14826121.30
GUANGDONG MEIYA          000529      66438321.52    -62407433.87
GUANGXIA YINCH-A         000557      53463085.53    -61325483.02
CHANG LING GROUP         000561      49675731.32   -115810769.64
QINGHAI SALT L-A         000578     105635944.61     -4914371.18
GUANGMING GRP FU         000587      62369338.74    -12083332.13
FUJIAN CFC IND-A         000592      24196604.92    -19615146.80
YUEYANG HENGLI-A         000622      40266532.05    -14337174.21
LAN BAO TECH INF         000631      29435531.87    -22701113.38
CHINA LIAONING-A         000638      15426138.26     -5698465.09
CHENGDU UNION-A          000693      59526570.13      -188881.87
JIAOZUO XIN'AN-A         000719      50815905.85    -25450082.53
FUJIAN SANNONG-A         000732      64417775.39    -90239301.91
CHONGWING INTL-A         000736      24753183.26    -13379849.30
SICHUAN DIRECT-A         000757     128549383.42   -102619767.95
CHINESE.COM LOGI         000805      12721114.23    -20567498.78
SHENZHEN DAWNC-A         000863      36847332.84   -142582249.37
STELLAR MEGAUNIO         000892      64925448.82   -162463426.22
HUNAN AVA HOLDIN         000918     176943487.87    -11256248.54
GUANGDONG KEL-A          000921     710500493.66    -81769686.15
ANHUI KOYO GROUP         000979      64278169.26    -30778923.55
SHENZ CHINA BI-B         200017      29379003.11   -244527119.11
AMOI ELECTRONICS         600057     414934259.50    -30399649.61
SUNTIME INTERN-A         600084     372799912.67    -50592426.40
SHANG WORLDBES-A         600094     327982181.09   -175167931.11
MIANYANG GAO-A           600139      30657523.00    -12436839.12
HEBEI BAOSHUO CO         600155     313380313.25   -212285683.69
HUATONG TIANXI-A         600225      73838152.81    -41138558.42
TAIYUAN TIANLON          600234      12693007.72    -51581680.70
TIBET SUMMIT IND         600338      73500256.4     -16424030.52
CHONGQING CHANG          600369      98865860.45       -62635.84
QINGHAI SUNSHI-A         600381      47308342.77    -49663000.79
WINOWNER GROUP C         600681      21498115.00    -81284231.50
HEBEI JINNIU C-A         600722     379299949.84     -2890480.98
SUNTEK TECHNOLOG         600728      44691434.84    -22949595.64
FUJIAN START-A           600734     105659572.63    -14337777.19
TIANJIN MARINE           600751      75440814.59    -26602770.52
TOPSUN SCIENCE-A         600771     232677660.69   -131983172.54
XIAMEN OVERSEAS          600870     433188523.84    -13781679.05
HUDA TECHNOLOG-A         600892      18459084.32     -1904039.85
NINGBO YIDONG-H            8249      69340994.63     -3871292.31
TIANJIN MARINE-B         900938      75440814.59    -26602770.52
SHANG WORLDBES-B         900940     327982181.09   -175167931.11
HISENSE ELEC-H              921     710500493.66    -81769686.15


HONG KONG

PLUS HOLDINGS LT           1013      12375426.81    -14214914.84
SUNCORP TECH LTD           1063      31944355.16    -35066608.61
FE GOLDEN RES              1188      52489776.63     -9923969.41
CHIA TAI ENTERPR            121     313740803.76    -49562387.78
OCEAN GRAND CHEM           2882      12274432.29    -46252280.18
OCEAN GRAND CHEM           2963      12274432.29    -46252280.18
CHINA BEST GROUP            370      55535608.77     -1836399.75
ASIA TELEMEDIA L            376      16618871.08     -5369335.42
NEW CITY CHINA              456     110825056.12     -6778639.60
EGANAGOLDPFEIL               48     557892423.39   -132858951.98
PALADIN LTD                 495     195889101.1 0    -8750304.44
CHINA GRAND PHAR            512      25475864.66     -5364831.04
PALADIN LTD -PRE            642     195889101.10     -8750304.44
CHINA HEALTHCARE            673      25241048.66     -5730603.97
APTUS HLDGS LTD            8212      52396593.4 0    -2271238.13
CORE HEALTHCARE            8250      29519436.49    -33721480.68
TAKSON HLDGS                918      11351347.49     -2111248.10

INDIA

ARTSON ENGR                 ART      10310745.75      -705781.13
ASHIMA LTD                 ASHM      96567160.75    -42591314.74
BHAGHEERATHA ENG           BGEL      22646453.72    -28195273.09
BALAJI DISTILLER            BLD      59974008.41    -50890026.26
BELLARY STEELS             BSAL     512415670.40   -101442229.54
CFL CAPITAL FIN           CEATF      20637497.85    -48884440.84
CORE HEALTHCARE            CPAR     185364966.99   -241912027.81
DUNCANS INDUS               DAI     213324027.68   -148203718.30
DIGJAM LTD                 DGJM      98769193.78    -14620180.53
DISH TV INDIA              DITV     302059215.40   -112859159.26
ELQUE POLYESTERS           ELQP      13797591.24    -25632664.31
GANESH BENZOPLST            GBP      82155278.28    -38246154.67
GUJARAT SIDHEE             GSCL      59440728.18      -660003.43
GUJARAT STATE FI            GSF      43595348.8 0  -195237605.32
HIMACHAL FUTURIS           HMFC     633329926.05   -104792044.71
HMT LTD                     HMT     206932743.85   -263572925.12
HINDUSTAN PHOTO            HPHT      95115323.23   -953348180.90
IFB INDS LTD               IFBI      50668510.63    -65490798.77
INDIA STEEL WORK            ISI      56764895.94     -1474355.11
JCT ELECTRONICS            JCTE     122542558.6 0   -49996834.55
JK SYNTHETICS               JKS      20208078.76     -2171303.89
JENSON & NIC LTD             JN      15734678.26    -92089109.12
KALYANPUR CEMENT           KCEM      37538318.01    -41771703.35
LML LTD                     LML      86798822.39    -27966179.74
LLOYDS METALS              LYDM      76625324.31      -409399.15
LLOYDS STEEL IND           LYDS     392561769.16   -102160401.76
MODI RUBBER LTD             MDR      39758628.95    -24301869.31
MAFATLAL INDS               MFI     123632655.22    -83841435.12
MILLENNIUM BEER             MLB      39726352.09      -732186.48
NATH PULP & PAP            NPPM      11602126.35    -34768739.20
PAREKH PLATINUM            PKPL      61081050.43    -88849040.15
PANCHMAHAL STEEL            PMS      51024827.03      -325116.26
PSI DATA SYSTEMS            PSI      11676002.06     -2481336.90
PTL ENTERPRIESES           PTLE      54293986.93      -397481.92
PANYAM CEMENTS              PYC      30241162.87     -9403739.61
ROLLATAINERS LTD            RLT      22965755.05    -22244556.92
REMI METALS GUJA            RMM      45057985.96    -51095300.54
RPG CABLES LTD              RPG      51431409.37    -20192930.18
SIL BUSINESS ENT           SILB      12461159.02    -19961202.41
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
SHREE RAMA MULTI           SRMT      81405835.45    -64134056.23
STI INDIA LTD              STIB      44107456.00      -300149.59
TRIVENI GLASS              TRSG      34542881.89     -6209872.78
TATA TELESERVICE           TTLS     857960649.86    -50009972.82
USHA INDIA LTD             USHA      12064900.61    -54512967.31
JOG ENGINEERING             VMJ      50080964.36    -10076436.07
WIRE AND WIRELES            WNW     106984536.93    -23622538.56


INDONESIA

PRIMARINDO ASIA            BIMA      12686983.33    -20685421.96
BUKAKA TEKNIK UT           BUKK      64091324.54    -99365767.69
DAYA SAKTI UNGGU           DSUC      30290429.39     -7119463.92
ERATEX DJAJA               ERTX      24286412.49     -3183944.37
JAKARTA KYOEI ST           JKSW      37341907.08    -40927857.92
KARWELL INDONESI           KARW      33062976.60     -2063732.97
MULIA INDUSTRIND           MLIA     402100859.87   -443184587.78
PANCA WIRATAMA             PWSI      31983823.98    -33728711.13
STEADY SAFE TBK            SAFE      16605580.35     -3310385.85
SURABAYA AGUNG             SAIP     278878601.20    -78093433.67
TEXMACO JAYA TBK           TEJA      41578519.04   -181199542.46
TEIJIN INDONESIA           TFCO     259683568.00    -37288400.00
UNITEX TBK                 UNTX      17007357.73    -11304184.18


JAPAN

MOC CORP                   2363      52273507.78    -12661480.98
LINK ONE                   2403      16604792.52     -3120876.13
APRECIO CO LTD             2460      18178139.82     -1869347.22
TASCOSYSTEM CO L           2709      53710078.88     -5196409.75
NEXUS                      2799      25436623.18    -18579366.04
L CREATE CO LTD            3247      42344509.56     -9146496.90
NEXTECH CORP               3767      30590298.63    -10123472.98
LINK CONSULTING            4798      50709685.69    -10143185.11
AIREX INC                  6944      44250983.01     -7046916.12
SUMIYA CO                  9939      70815928.91    -10207601.01
COWBOY CO LTD              9971      21323462.40     -5681854.91


KOREA

FIRST FIRE & MAR         000610    2044031310.36     -1780221.91
ORICOM INC               010470      82645454.13    -40039161.33
UNICK CORP               011320      36540788.83     -4449480.74
STARMAX CO LTD           017050      73128066.52     -5536410.53
DAISHIN INFO             020180     740500919.30   -158453978.78
TONG YANG MAGIC          023020     355147750.92    -25767007.75
FATOMENT                 025460      28429133.98    -13916561.10
NANO MINING CO L         036270      18221252.73    -32166924.53
COSMOS PLC               053170      19306498.60     -4948161.34
SEJI CO LTD              053330      37246628.39      -311069.32
MEDIACORP INC            053890      53306304.99    -32219360.77
DAHUI CO LTD             055250     186003859.24     -1504246.54
INNO METAL IZIRO         070080      28564573.80      -330042.51
SINJISOFT CORP           078700      12760558.03    -21014927.26


MALAYSIA

SINJISOFT CORP           078700      12760558.03    -21014927.26
CNLT FAR EAST              CNLT      44967289.97     -8460479.41
FOREMOST HLDGS             FMST      10129456.56      -338791.12
HARVEST COURT               HAR      10805322.12     -5623766.68
LITYAN HLDGS BHD            LIT      21279571.09    -28602294.73
NIKKO ELECTRONIC          NIKKO      15241009.62     -3154093.28
PECD BHD                   PECD     377122467.92   -295360985.56
PANGLOBAL BHD               PGL     185949931.53   -185086888.13
TECHVENTURE BHD            TECH      37377746.79    -11207547.89
WELLI MULTI CORP          WELLI      29495419.35    -31105634.50
WONDERFUL WIRE               WW      22721443.48     -1936371.54


PHILIPPINES

APEX MINING-A               APX      55266898.93     -1972871.63
APEX MINING 'B'            APXB      55266898.93     -1972871.63
BENGUET CORP-A               BC      76269083.95    -32538922.84
BENGUET CORP 'B'            BCB      76269083.95    -32538922.84
CENTRAL AZUC TAR            CAT      35737315.17     -1803678.01
CYBER BAY CORP             CYBR      14850182.71    -74298813.45
FIL ESTATE CORP              FC      43031377.81    -10925320.95
FILSYN CORP A               FYN      24839570.79    -11373621.32
FILSYN CORP. B             FYNB      24839570.79    -11373621.32
GOTESCO LAND-A               GO      18684576.24    -10863822.41
GOTESCO LAND-B              GOB      18684576.24    -10863822.41
MRC ALLIED                  MRC      14947958.51      -747373.28
PICOP RESOURCES             PCP      105659068.50   -23332404.14
PRIME ORION PHIL           POPI       99691911.67   -82124468.39
EAST ASIA POWER             PWR       72744279.35  -136684406.25
UNIVERSAL RIGHTF             UP       45118524.67   -13478675.99
UNITED PARAGON              UPM       26805091.68   -36744813.91
UNIWIDE HOLDINGS             UW       65657779.51   -57306280.77
VICTORIAS MILL              VMC      175005565.48   -38636418.26


SINGAPORE

ADV SYSTEMS AUTO            ASA       20488612.69   -10727407.04
CHUAN SOON HUAT             CSH       42771494.42    -6415136.36
FALMAC LTD                  FAL       10568359.86    -4699134.55
GUL TECHNOLOGIES            GUL      172802992.00    -3036000.00
HL GLOBAL ENTERP           HLGE      107390161.50    -9846437.10
INFORMATICS EDU            INFO       29835417.14    -3986774.70
LINDETEVES-JACOB             LJ      217662768.45   -71352686.64
PACIFIC CENTURY             PAC       51841296.64   -20368113.05


TAIWAN

CHIEN TAI CEMENT           1107      213252699.79    -8622456.43
DAHIN-ENTL CERT           1320V      276478727.91  -230266155.05
PROTOP TECHNOLOG           2410       36409983.56   -22412206.18
HELIX TECHNOL-EC          2479S       29014861.50   -18177223.18
HELIX TECH-EC             2479T       29014861.50   -18177223.18
HELIX TECH-EC IS          2479U       29014861.50   -18177223.18
CHIEF CONST-ENT           2522R      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522S      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522T      215175465.17   -21152197.10
UNICAP ELECT-EC           5307R      133883064.40   -19055700.01
UNICAP ELECT-EC           5307S      133883064.40   -19055700.01
UNICAP ELECT-ENT          5307T      133883064.40   -19055700.01
YEU TYAN MACHINE           8702       39574168.04  -271070409.72


THAILAND

ABICO HOLDINGS            ABICO       16687406.79    -9849452.81
ABICO HOLD-NVDR         ABICO-R       16687406.79    -9849452.81
ABICO HLDGS-F           ABICO/F       16687406.79    -9849452.81
BANGKOK RUBBER              BRC       83992109.28   -68072566.20
BANGKOK RUB-NVDR          BRC-R       83992109.28   -68072566.20
BANGKOK RUBBER-F          BRC/F       83992109.28   -68072566.20
BANGKOK STEEL IN            BSI      458729221.47  -136444108.98
BANGKOK STE-NVDR          BSI-R      458729221.47  -136444108.98
BANGKOK STEEL-F           BSI/F      458729221.47  -136444108.98
CIRCUIT ELEC PCL         CIRKIT       61295807.28   -25886476.66
CIRCUIT ELE-NVDR     CIRKIT-RTB       61295807.28   -25886476.66
CIRCUIT ELEC-FRN       CIRKIT/F       61295807.28   -25886476.66
CENTRAL PAPER IN          CPICO       13252670.48  -241782725.56
CENTRAL PAPER-NV        CPICO-R       13252670.48  -241782725.56

CENTRAL PAPER-F         CPICO/F       13252670.48  -241782725.56
DATAMAT PCL                 DTM       12690638.93    -6132014.29
DATAMAT PCL-NVDR          DTM-R       12690638.93    -6132014.29
DATAMAT PLC-F             DTM/F       12690638.93    -6132014.29
ITV PCL                     ITV       37687117.82    -1607409.04
ITV PCL-NVDR              ITV-R       37687117.82   -71607409.04
ITV PCL-FOREIGN           ITV/F       37687117.82   -71607409.04
K-TECH CONSTRUCT          KTECH       83204235.85    -5693045.29
K-TECH CONTRU-R         KTECH-R       83204235.85    -5693045.29
K-TECH CONSTRUCT        KTECH/F       83204235.85    -5693045.29
MALEE SAMPRAN             MALEE       67126452.61     -865421.41
MALEE SAMPR-NVDR        MALEE-R       67126452.61     -865421.41
MALEE SAMPRAN-F         MALEE/F       67126452.61     -865421.41
NEW PLUS KNITT              NPK       10075187.17    -2034472.09
NEW PLUS KN-NVDR          NPK-R       10075187.17    -2034472.09
NEW PLUS KNITT-F          NPK/F       10075187.17    -2034472.09
PREMIER MARKET               PM       41958329.18    -2352192.28
PREMIER MAR-NVDR           PM-R       41958329.18    -2352192.28
PREMIER MARK-FOR           PM/F       41958329.18    -2352192.28
KUANG PEI SAN            POMPUI       18782550.85   -14068562.52
KUANG PEI-NVDR       POMPUI-RTB       18782550.85   -14068562.52
KUANG PEI SAN-F        POMPUI/F       18782550.85   -14068562.52
SAFARI WORLD PUB         SAFARI      106026035.72   -12698924.75
SAFARI WORL-NVDR     SAFARI-RTB      106026035.72   -12698924.75
SAFARI WORLD-FOR       SAFARI/F      106026035.72   -12698924.75
SAHAMITR PRESSUR           SMPC       27259301.93   -34589170.90
SAHAMITR PR-NVDR         SMPC-R       27259301.93   -34589170.90
SAHAMITR PRESS-F         SMPC/F       27259301.93   -34589170.90
TUNTEX THAILAND          TUNTEX      209866171.11   -59169752.92
TUNTEX THAI-NVDR     TUNTEX-RTB      209866171.11   -59169752.92
TUNTEX THAILAN-F       TUNTEX/F      209866171.11   -59169752.92
UNIVERSAL STARCH            USC      100957801.82   -33250001.20
UNIVERSAL S-NVDR          USC-R      100957801.82   -33250001.20
UNIVERSAL STAR-F          USC/F      100957801.82   -33250001.20



                         *********

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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