TCRAP_Public/060727.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Thursday, July 27, 2006, Vol. 9, No. 148

                            Headlines

A U S T R A L I A   &   N E W  Z E A L A N D

ABON PTY: Shuts Down Business Operations
ARUBA PROPERTIES: Members to Hear the Wind-Up Report
BARRORESH NO.1: Members Opt for Voluntary Wind-Up
CARRAMAR TRANSPORT: To Declare Dividend for Priority Creditors
CARTER HOLT: Commences Tender Offer of $300 Million Debentures

CATHERINE CLEANING: Appoints Peter Ngan as Liquidator
CHROME STILL: Enters Voluntary Liquidation
CLIPSAL CONTROLGEAR: Liquidator to Present Wind-Up Report
DALMATIAN PTY: Wind-Up Process Commenced
D. & L. CLANCY: Members Resolve to Wind Up Firm

ETNA PROPERTIES: Members and Creditors to Receive Wind-Up Report
GDC COMMUNICATIONS: To Delist from the Sharemarket
GLOVERS PRINTING: Members Opt to Shut Down Operations
HUON CORPORATION: J. Schulz Still Absent from Court Hearing
HUON CORPORATION: Workers Accept Rescue Package

ILLALANGI INVESTMENTS: Anthony D'Aloia Ceases to Act for Firm
J & P EMPLOYMENT: Enters Voluntary Wind-Up Process
K & K INVESTMENT: Appoints Official Liquidator
KNOWIT PTY: Federal Court Issues Wind-Up Order
LINGFORD AUSTRALIA: Members to Receive Wind-Up Report

MACBAR TRANSPORT: Supreme Court Orders Wind-Up
MABUDMAC MANAGEMENT: Members Opt for Voluntary Wind-Up
MACKENZIE STREET: Undergoes Voluntary Liquidation
MAIDSTONE VINEYARD: Bank Appoints Receiver and Manager
MAXWELL CORNISH: Names D. R. Vasudevan as Liquidator

MIDDLECROSS PTY: Liquidator to Present Wind-Up Report
NATIONAL FINANCE 2000: Loan Book in Arrears, Receiver Says
PARMAR HOLDINGS: Prepares to Close Operations
PEARS RITCHIE: Members to Hear Wind-Up Report on August 15
POWERFULL PTY: Members Pass Resolution to Wind Up Firm

RICO ENGINEERING: To Declare Dividend for Unsecured Creditors
RRA ENTERPRISES: Faces Liquidation Proceedings
SERIMEX PTY: Initiates Wind-Up Operations
SHERRING HOLDINGS: Members Agree to Voluntary Wind-Up Operations
ST MARYS MOTOR: Names Ashton Brailey as Liquidator

SUPERBANK: Set for Sale or Closure Due to NZ$40-Million Loss
TECHRACK PTY: Members to Receive Wind-Up Report on August 11
WINAMEA PTY: Appoints Official Liquidator
* Challenges Continue for Qld Electricity Companies, S&P Says


C H I N A   &   H O N G  K O N G

ASIA PREMIUM: Current Deficit Falls by 21%
ASSOCIATE MARBLE: Liquidator Ceases to Act for Company
CHAODA MODERN: Moody's Affirms CF and FCD Ratings at Ba3
CLOROX FAR EAST: Joint Liquidators Step Aside
COMPANION MARBLE: Liquidator Ceases to Act for Company

FRANKLIN TEMPLETON: Shareholders' Final Meeting Set on Aug. 22
GOLDTRON M G: Creditors' Opt for Voluntary Wind-Up
H.K. ZHEJIANG: Final Members Meeting Slated for Aug. 25
HAYES LIMITED: Joint Liquidators to Present Wind-Up Report
HUTCHISON ENTERPRISES FOUR: Liquidators Step Aside

HUTCHISON ENTERPRISES TWO: Liquidators Cease to Act for Company
LANBO INDUSTRIAL: Shareholders Opt for Voluntary Wind-Up
LEADING TOP: Creditors' Must Prove Debts by Aug. 21
LUCKY ASSET: Names Chow as Liquidator
OCEAN GRAND: Authorities Confirm Fraud After Probe

POLYWATER ASIA: Liquidator to Present Wind-Up Report on Aug. 22
SOUNDTEX INTERNATIONAL: Appoints Official Liquidator
WINFUL CREDIT: Creditors' Proofs of Claim Due on Aug. 21
YASKAWA ELECTRIC: Bradley Ceases to Act as Liquidator
* S&P Revises China's Insurance Sector Outlook to Positive


I N D I A

FORD MOTOR: Books US$123-Million Net Loss for 2nd Quarter 2006
HINDUSTAN PETROLEUM: Earmarks INR918 Crore for Expansion Plan
GENERAL MOTORS: Secures New US$4.63-Billion Debt Facility
* ASEAN Halts Free-Trade Talks with India


I N D O N E S I A

* S&P Raises Foreign Currency Rating to BB-


K O R E A

HANA BANK: Wants Higher Lending Rates For Higher Risk Homeowners
HYNIX SEMICONDUCTOR: Sued by Spitzer for Price-Fixing
SK CORP: Shutdowns Offset Record Sales; 2Q Profit Declines 22%


M A L A Y S I A

KRAMAT TIN: Scheme of Arrangement Wins Shareholders' Favor
KRAMAT TIN: Prudent to Assume Kramat Tin Listing Status in 2007
KRETAM HOLDINGS: To List and Quote More Shares on July 28
MALAYSIA AIRLINES: Former PM Didn't Force Chairman to Buy Shares
MALAYSIA AIRLINES: To Fly Dubai-Damascus Route Temporarily

MBF CORPORATION: Public Spread Meets Listing Requirement
MITHRIL BERHAD: MARC Puts Rating on Watch with Negative Outlook
POLYMATE HOLDINGS: Bourse Denies Deadline Extension Request
SETEGAP BERHAD: Court Extends Restraining Order Until October 23
* MIER Releases Report on Malaysian Economic Outlook


P H I L I P P I N E S

BANK OF PHILIPPINE ISLANDS: Reports 26.6% Rise in Q1 Net Income
EXPORT & INDUSTRY BANK: Board OKs Supplement to MOA with PDIC
GOTESCO LAND: SEC Orders Payment of Penalty for Late Filing
MANILA ELECTRIC: 2Q Net Income Falls 31% to PHP1.12 Billion
* Philippines Issues US$750 Million in Sovereign Bonds

* S&P Affirms BB- Senior Unsecured Rating on Bonds


S I N G A P O R E

COMSERV PTE: Intends to Pay Dividend on August 4
DIGILAND INTERNATIONAL: Notes Changes in Shareholders' Interests
KOREA LEASING: Accepting Proofs of Debt Until August 4
LEGACY HOLDINGS: Enters Wind-Up Proceedings
QNITY NETWORKS: Creditors' Proofs of Debt Due on August 4

SEE HUP SENG: Inks Deal with Speedo Corrosion
SUN-AEM PLATING: Creditors' Meeting Scheduled on July 31
VINARICH PTE: Creditors' Proofs of Claims Due by August 21


T H A I L A N D

THAI NAM: Earns THB82.3-Million Net Profit in Ended Dec.31

     - - - - - - - -

============================================  
A U S T R A L I A   &   N E W  Z E A L A N D
============================================  

ABON PTY: Shuts Down Business Operations
----------------------------------------
At a general meeting of the members and creditors of Abon Pty
Limited on June 29, 2006, it was resolved that a wind-up of the
Company's business operations is appropriate and necessary.

In this regard, Russell Heywood-Smith was appointed as
liquidator.

The Liquidator can be reached at:

         Russell Heywood-Smith
         BDO
         Chartered Accountants & Advisers
         248 Flinders Street
         Adelaide, South Australia 5000
         Australia


ARUBA PROPERTIES: Members to Hear the Wind-Up Report
----------------------------------------------------
Members of Aruba Properties Pty Limited will hold a final
meeting on August 11, 2006, at 9:00 a.m. to receive Liquidator
David Paul Robinson's final account of the Company's wind-up
operations.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on September 27,
2005.

The Liquidator can be reached at:

         David Paul Robinson
         c/o Harveys Chartered Accountants
         Level 3, 2 Bulletin Place
         Circular Quay, Sydney
         New South Wales 2000
         Australia


BARRORESH NO.1: Members Opt for Voluntary Wind-Up
-------------------------------------------------
The members of Barroresh No. 1 Pty Ltd passed a special
resolution on July 6, 2006, to voluntary wind up the Company's
operations.

Accordingly, Frank Lo Pilato was named liquidator.

The Liquidator can be reached at:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Ave
         Turner ACT2612
         Australia
         Telephone: (02) 2647 5988


CARRAMAR TRANSPORT: To Declare Dividend for Priority Creditors
--------------------------------------------------------------
Carramar Transport Pty Ltd will declare a first and final
dividend for priority creditors on August 22, 2006.

Creditors are required to prove their debts or claims by
August 1, 2006, for them to share in the dividend distribution.

The Troubled Company Reporter - Asia Pacific reported that the
Company commenced wind-up of its operations on April 15, 2005.

The joint liquidators can be reached at:

         Andrew Reginald Yeo
         Gess Michael Rambaldi
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia


CARTER HOLT: Commences Tender Offer of $300 Million Debentures
--------------------------------------------------------------
Carter Holt Harvey Limited commenced a cash tender offer for any
and all of its outstanding US$150 million aggregate principal
amount of 8-3/8% Debentures due 2015 (CUSIP No. 146230AD9) and
US$150 million aggregate principal amount of 9-1/2% Debentures
due 2024 (CUSIP No. 146230AB3) on the terms and subject to the
conditions stated in its Offer to Purchase and Consent
Solicitation Statement dated July 21, 2006, and a related Letter
of Transmittal and Consent.

Carter Holt Harvey is also soliciting consents to certain
proposed amendments to the indentures governing the Debentures.  
The purpose of the tender offer and consent solicitation is to
acquire all of the issued and outstanding Debentures and to
amend or eliminate the principal restrictive covenants, certain
events of default and other provisions contained in the
indentures governing the Debentures.

If all conditions to the tender offer and consent solicitation
are satisfied, holders who validly tender their Debentures
pursuant to the offer and validly deliver their consents
pursuant to the solicitation by 5:00 p.m., New York City time,
on August 8, 2006, will be paid the total consideration of
US$1,000 for each US$1,000 principal amount of the Debentures.  
Tendered Debentures may be withdrawn and consents may be revoked
at any time prior to, but not after, the Consent Date.

In connection with the solicitation of consents, Carter Holt
Harvey is offering to make a consent payment of US$30 per
US$1,000 principal amount of the Debentures (which is included
in the total consideration described) to holders who validly
tender their Debentures prior to the Consent Date.

Holders who tender their Debentures after the Consent Date will
not receive the consent payment.  Holders may not tender their
Debentures without delivering consents and may not deliver
consents without tendering their Debentures.  The tender offer
is scheduled to expire at 5:00 p.m., New York City time, on
August 18, 2006, unless otherwise extended or earlier
terminated.

Holders who validly tender and do not validly withdraw their
Debentures in the tender offer and consent solicitation will
also receive accrued and unpaid interest from the last interest
payment date up to, but not including, the date of payment.  The
tender offer and consent solicitation is conditioned upon, among
other things, receipt of valid tenders and consents from at
least a majority of the aggregate outstanding principal amount
of each series of Debentures and receipt of sufficient
financing.  The tender offer and consent solicitation is
intended to be financed with the proceeds of a credit facility.

Credit Suisse Securities (USA) LLC is serving as the exclusive
Dealer Manager and Solicitation Agent for the tender offer and
consent solicitation.  Questions regarding the terms of the
tender offer or consent solicitation should be directed to:

     Credit Suisse Securities (USA) LLC
     Attn: Liability Management Group
     Telephone: (212) 325-7596 or (800) 820-1653

Any questions or requests for assistance or additional copies of
documents may be directed to the Tender Agent at:

     D.F. King & Co., Inc.
     Telephone: (212) 269-5550 (bankers and brokers call
                collect)
     Toll Free: (800) 714-3312

Headquartered in Auckland, New Zealand, Carter Holt Harvey is a
forest products company, with significant interests in wood
products, pulp, paper and packaging, and forests.  Carter Holt
Harvey is a wholly owned subsidiary of Rank Group Investments
Limited.

                          *     *     *

On April 6, 2006, Moody's Investors Service withdrew the Ba1
senior unsecured ratings of Carter Holt Harvey Limited.  The
ratings have been withdrawn due to Moody's expectation that
adequate information will not be available to maintain the
ratings.  

The ratings withdrawn were:  

   * Carter Holt Harvey Limited US$150 million 9.50% senior
     debentures, due 2024 -- Ba1  

   * Carter Holt Harvey Limited US$150 million 8.375% senior
     debentures, due 2015 -- Ba1  

On March 23, 2006, Standard & Poor's Ratings Services lowered
its corporate credit and debt issue ratings on New Zealand's
Carter Holt Harvey Ltd. to 'B/Developing' from 'BB/Watch Neg',
and later withdrew the ratings following the Rank Group's
acquisition of more than 90% of CHH's ordinary shares.


CATHERINE CLEANING: Appoints Peter Ngan as Liquidator
-----------------------------------------------------
The members of Catherine Cleaning Services Australia Pty Limited
held a general meeting on June 29, 2006, and passed a special
resolution to voluntarily wind up the Company's operations.

Subsequently, Peter Ngan was appointed as liquidator.

The Liquidator can be reached at:

         Peter Ngan
         Ngan & Co
         Chartered Accountants
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


CHROME STILL: Enters Voluntary Liquidation
------------------------------------------
At a general meeting on June 27, 2006, the members of Chrome
Still and Motion Image Creators Pty Limited resolved to
voluntarily wind up the Company's business operations.

Accordingly, Antony de Vries and Riad Tayeh were appointed as
official liquidators.

The Liquidators can be reached at:

         Antony de Vries
         Riad Tayeh
         de Vries Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2150
         Australia


CLIPSAL CONTROLGEAR: Liquidator to Present Wind-Up Report
---------------------------------------------------------
Members of Clipsal Controlgear Pty Limited will hold a final
meeting on August 11, 2006, at 11:00 a.m., to receive accounts
of the Company's wind-up and property disposal exercises from
Liquidator S. C. Davies.

The Troubled Company Reporter - Asia Pacific reported that on
February 6, 2006, the members agreed to wind up voluntarily the
Company's operations.

The Liquidator can be reached at:

         S. C. Davies
         c/o McGrathNicol+Partners
         Level 11, 115 Grenfell Street
         Adelaide, South Australia 5000
         Australia
         Telephone:(08) 8468 3700
         Web site: www.mcgrathncol.com.au/


DALMATIAN PTY: Wind-Up Process Commenced
----------------------------------------
Members of Dalmatian Pty Ltd, at an extraordinary general
meeting held on June 28, 2006, resolved to wind up the Company's
operation voluntarily.

The liquidator can be reached at:

       Barry Cook
       54 Beachwood Ave., Greystanes
       New South Wales 2145, Australia
       Telephone/Facsimile: (02) 9636 2845


D. & L. CLANCY: Members Resolve to Wind Up Firm
-----------------------------------------------
Members of D. & L. Clancy Stores Pty Limited held a meeting on
June 30, 2006, and resolved to wind up voluntarily the Company's
business operations.

The liquidator can be reached at:

         Neil James Puddy
         3/302 Canterbury Road
         Heathmont, Victoria 3135
         Australia


ETNA PROPERTIES: Members and Creditors to Receive Wind-Up Report
----------------------------------------------------------------
The members and creditors of Etna Properties Pty Limited will
hold a final meeting on August 18, 2006, at 10:00 a.m.

During the meeting, Liquidators T. J. Clifton and M. C. Hall
will report on the Company's wind-up and property disposal
activities.

The Troubled Company Reporter - Asia Pacific cited that on
April 19, 2006, the members agreed to wind up the Company's
business operations.

The Liquidators can be reached at:

         T. J. Clifton
         M. C. Hall
         c/o PPB
         Chartered Accountants
         10th Floor, 26 Flinders Street
         Adelaide, South Australia 5000
         Australia


GDC COMMUNICATIONS: To Delist from the Sharemarket
--------------------------------------------------
GDC Communications Limited will delist from the sharemarket on
August 4, 2006, the New Zealand Herald reports.

As reported in the Troubled Company Reporter - Asia Pacific on
March 24, 2006, GDC Communications has been placed into
receivership at the request of its directors.   Consequently,
all directors have resigned from their positions.

Grant Robert Graham and Brendon James Gibson, of Ferrier Hodgson
& Company, were then appointed as GDC Communications' receivers
and managers.

According to the TCR-AP, GDC attributed its "rapid demise,"
which occurred through the second half of 2005, to a multitude
of factors including:

   (a) the significant loss of contracting services revenue from
       May 2005 as it moved from contractor to subcontractor;

   (b) a substantial reduction in its Voice business revenues in
       an environment of aggressive competition;

   (c) a lack of growth in its iVASP business revenues; and

   (d) levels of corporate costs and funding costs that proved
       to be unsustainable for the reduced revenue levels.

The NZ Herald recounts that last year, GDC Communications ran
into trouble when a lack of interest forced it to scrap a
planned share offer aimed at raising NZ$3.5 million.

The Company's receivers can be reached at:

         Grant Robert Graham  
         Brendon James Gibson
         Joint Receivers and Managers
         Ferrier Hodgson & Company
         Level Sixteen, Tower Centre
         45 Queen Street, Auckland
         New Zealand


GLOVERS PRINTING: Members Opt to Shut Down Operations
-----------------------------------------------------
At a general meeting on June 30, 2006, the members of Glovers
Printing Works Pty Limited resolved to close the Company's
business operations and distribute the proceeds of its assets
disposal.

Subsequently, Bradley V. Grogan was appointed as liquidator.

The Liquidator can be reached at:

         Bradley V. Grogan
         DGZ
         Chartered Accountants
         24 Barolin Street
         Bundaberg, Queensland 4670
         Australia


HUON CORPORATION: J. Schulz Still Absent from Court Hearing
-----------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
July 26, 2006, that Huon Corporation's managing director, John
Schulz, failed to appear at a hearing before the Supreme Court
in Melbourne pertaining to certain allegations against him.  As
a result, the hearing was adjourned to July 25, 2006.

However, according to a follow-up report from The Bendigo
Advertiser, Mr. Schulz was again absent from the Melbourne
Supreme Court when the hearing continued.

An earlier TCR-AP report had stated that Mr. Schulz allegedly
diverted Empire Rubber's property holdings into personally
linked interests shortly after Huon acquired the factory from
Nylex Limited in December 2005.

Subsequently, Huon Corp.'s administrators took Supreme Court
action against Mr. Schulz and the other directors, seeking to
recover more than AU$30 million in entitlements owed to workers
at the Company's three factories -- Empire Rubber, FRN and Mills
Elastomers.

Mr. Schulz's legal adviser, Jeffrey Appel, told The Bendigo
Advertiser that redundant workers at Empire Rubber will be
denied entitlements because of the legal action against his
client.

Mr. Appel accused SimsPartners, Huon's administrator, of
"burning money at enormous rates" on the legal action, Rural
Press Ltd., relates.

Yet, SimsPartners' Ken Sellars said that his firm's lawyers
would prove that Mr. Schulz breached his duty as a director of
Huon, Rural Press notes.

"We are still very confident of recovering the assets and that
is what this process is about," Mr. Sellars contended.

National Union of Workers state secretary Antony Thow confirmed
the workers' support for the legal action, Bendigo Advertiser
says.

According to Mr. Thow, "[t]he land component of Huon is vital to
considering the entitlements for the workers, adding that the
only reason this matter is being dragged through the courts is
because of [Mr. Schulz's] unwillingness to cooperate."

Mr. Appel countered that Mr. Schulz had done "nothing that is
unusual in the commercial world," Bendigo Advertiser relates.

The paper further relates that when asked why his client had not
surrendered the properties, Mr. Appel answered, "[t]he
properties are owned by companies that purchased them, and if
you owned a property you'd want to hang onto to it, too".

                          *     *     *

Based in Victoria, Australia, Huon Corp. manufactures car parts.  
It has factories that supply parts including air intake hoses,
steering column covers, rubber seals, and fuel filler shields to
major car companies like Toyota, Holden, Ford, and PBR.

Huon Corp. went into voluntary administration after concerns
about its financial situation, saying the failure to perform
occurred after it purchased Empire Rubber, and Melbourne-based
firms FRN and Mills Elastomers from Nylex Ltd., in December
2005.  Tony Sims and Ken Sellars of SimsPartners were appointed
as administrators.


HUON CORPORATION: Workers Accept Rescue Package
-----------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
July 18, 2006, around 600 workers went on strike at Huon Corp.'s
three factories -- Empire Rubber, FRN, and Mills Elastomers --
after 122 job losses were announced.

Thus, a rescue package for Huon Corp. and its redundant staff
was proposed on July 21, 2006, during a conference at the
Australian Industrial Relations Commission.

Under the rescue plan, Huon's major customers had agreed to pay
more for components, and had committed orders until the end of
October, while some had agreed to increase production levels.  
Price rise options were also offered to the customers.

In an update, the ABC News Online relates that Huon has accepted
the rescue package.

Accordingly, most of the workers ended their 11-day strike on
July 25 after Huon customers Ford and Toyota agreed to help prop
up the Company, ABC News relates.

The Australian Associated Press relates that the three-month
rescue package will result in a AU$10-million cash injection
into Huon, which the National Union of Workers hopes will allow
the Company to be sold and continue to operate.

Ford workers, who were stood down because of the Huon workers'
strike action, returned to work on July 26, ABC News notes.

            FRN Workers Wait for Holden to Sign Deal

However, ABC News relates, workers at FRN in Frankston are
waiting to clarify the details of the rescue deal.

ABC News notes that the FRN workers are still on strike because
another customer, General Motors Holden, is yet to sign a rescue
deal for the car parts manufacturer.

According to the report, the FRN workers refuse to make Holden
parts, thus, the FRN plant is still off-line.

According to The Daily Telegraph, Holden has avoided standing
down more than 4,000 workers at its assembly plant in Adelaide
after crucial parts arrived overnight through another supplier.

However, the Australian Manufacturing Workers Union asserts that
Holden's employees in South Australia may still be stood down
despite the delivery, ABC Central Victoria relates.

ABC News cites a spokesman for Holden as saying that the
carmaker has forwarded a further proposal to Huon's
administrators and hopes that it ends the dispute.

           Redundant Workers Urged to Attend Seminar

Almost 90 redundant Empire Rubber workers were urged to attend a
Centrelink seminar on July 26, ABC Central Victoria says.

ABC Victoria cites Centrelink's Leah Brown as saying that the
seminar aims to give sacked employees information about the
redundant employees' options.

The paper notes that the redundant employees will get short-term
payments, but unions are continuing negotiations to get 100% of
their entitlements.

Ms. Brown says that an officer of the firm will discuss support
on low-income cards and family payments.  Centrelink can also
put families in touch with social worker support to "help them
through what can be a very difficult time," Ms. Brown adds.

                        *     *     *

Based in Victoria, Australia, Huon Corp. manufactures car parts.  
It has factories that supply parts including air intake hoses,
steering column covers, rubber seals, and fuel filler shields to
major car companies like Toyota, Holden, Ford, and PBR.

Huon Corp. went into voluntary administration after concerns
about its financial situation, saying the failure to perform
occurred after it purchased Empire Rubber, and Melbourne-based
firms FRN and Mills Elastomers from Nylex Ltd., in December
2005.  Tony Sims and Ken Sellars of SimsPartners were appointed
as administrators.


ILLALANGI INVESTMENTS: Anthony D'Aloia Ceases to Act for Firm
-------------------------------------------------------------
Anthony D'Aloia ceased to act as receiver and manager for
Illalangi Investments Pty Limited on June 28, 2006.


J & P EMPLOYMENT: Enters Voluntary Wind-Up Process
--------------------------------------------------
At an extraordinary general meeting of J & P Employment and
Training Services Pty Limited Group of Companies on
June 29, 2006, members resolved to wind up the Group's
operations.

In this regard, James Alexander Shaw was appointed as official
liquidator.

The Liquidator can be reached at:

         James Alexander Shaw
         Ferrier Hodgson
         Chartered Accountants
         PO Box 840
         Newcastle, New South Wales 230
         Australia


K & K INVESTMENT: Appoints Official Liquidator
----------------------------------------------
The members of K & K Investments Co Ltd resolved on June 26,
2006, to voluntary liquidate the Company and appoint Ole Michael
Madsen as liquidator.

The Liquidator can be reached at:

        Ole Michael Madsen
        PO Box 328, Belconnen
        Australian Capital Territory 2616
        Australia


KNOWIT PTY: Federal Court Issues Wind-Up Order
----------------------------------------------
The Federal Court of New South Wales issued a wind-up order
against Knowit Pty Limited on June 23, 2006.

Accordingly, Steven Nicols was named liquidator.

The Liquidator can be reached at:

         Steven Nicols
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia


LINGFORD AUSTRALIA: Members to Receive Wind-Up Report
-----------------------------------------------------
A final meeting of the members of Lingford Australia Pty Limited
will be held on August 14, 2006, at 10:00 a.m.

During the meeting, members will receive the liquidator's
accounts of the Company's wind-up and property disposal
exercises.

The Troubled Company Reporter - Asia Pacific reported that on
February 9, 2006, members resolved to wind up the Company's
operations.

The liquidator can be reached at:

         M. C. Smith
         McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(61) 2 9338 2666
         Web site: http://www.mcgrathnicol.com.aus/


MACBAR TRANSPORT: Supreme Court Orders Wind-Up
----------------------------------------------
On June 27, 2006, the Supreme Court of New South Wales ordered
the wind-up of Macbar Transport Pty Limited.

The Court also directed the appointment of Steven Nicols as
liquidator.

The Liquidator can be reached at:

         Steven Nicols
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia


MABUDMAC MANAGEMENT: Members Opt for Voluntary Wind-Up
------------------------------------------------------
On June 28, 2006, members of Mabudmac Management Pty Ltd passed
a special resolution to voluntary wind up the Company's
operations.

In this regard, Frank Lo Pilato was appointed as liquidator.

The Liquidator can be reached at:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Ave
         Turner, Australian Capital Territory 2612
         Australia
         Telephone: (02) 2647 5988
        

MACKENZIE STREET: Undergoes Voluntary Liquidation
-------------------------------------------------
At a general meeting on June 30, 2006, the members of Mackenzie
Street Developments Pty Limited passed a special resolution to
voluntarily wind up the Company's business operations.

Subsequently, Alan Douglas Charles Pears was appointed as
liquidator.

Creditors who were not able to furnish their claims by
June 21, 2006, will be excluded from sharing in the dividend
distribution.
  
The Liquidator can be reached at:

         Alan Douglas
         Charles Pears
         Chartered Accountant
         24 Ross Street, North Parramatta
         Australia


MAIDSTONE VINEYARD: Bank Appoints Receiver and Manager
------------------------------------------------------
The Commonwealth Bank of Australia appointed Michael Gerard
McCann as receiver and manager of all the assets and property of
Maidstone Vineyard Contracting Pty Ltd.

Mr. McCann can be reached at:

         Michael Gerard McCann,
         Chartered Accountant
         c/o Grant Thornton of Level 4
         102 Adelaide Street
         Brisbane, Queensland
         Australia


MAXWELL CORNISH: Names D. R. Vasudevan as Liquidator
----------------------------------------------------
At a general meeting on June 28, 2006, members of Maxwell
Cornish Pty Ltd passed a special resolution to wind up the
Company's operations.

In this regard, D. R. Vasudevan was appointed as liquidator.

The Liquidator can be reached at:

         D. R. Vasudevan
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia


MIDDLECROSS PTY: Liquidator to Present Wind-Up Report
-----------------------------------------------------
The members of Middlecross Pty Ltd will hold a final meeting on
August 10, 2006, at 10:00 a.m.

During the meeting, Liquidator McKern will report accounts of
the Company's wind-up and property disposal activities.

The Troubled Company Reporter - Asia Pacific reported that on
December 15, 2006, members passed a special resolution to wind
up the Company's operations.

The Liquidator can be reached at:

         Robyn Beverley McKern
         McGrathNicol+Partners
         Level 8, 60 City Road
         Southbank, Victoria 3006
         Australia
         Telephone:(03) 9038 3137
         Web site: http://www.mcgrathnicol.com/


NATIONAL FINANCE 2000: Loan Book in Arrears, Receiver Says
----------------------------------------------------------
Colin McCloy, the receiver for National Finance 2000, reveals
that 45% of the company's loan book was in arrears, ShareChat
News reports.

In his report to the Registrar of Companies, Mr. McCloy said
that the arrears totaled NZ$12.4 million of the loan book, which
had a total balance of NZ$27.4 million, or NZ$20.1 million when
unearned interest and write-offs and provisions were excluded.

Of the NZ$12.4 million in arrears:

   -- NZ$9.3 million had payments, which were more than 150 days
      overdue;

   -- NZ$1.3 million were categorized as "Gone No Address;" and

   -- NZ$1.6 million of loans had been written off.

On May 9, 2006, the day National Finance receivers were
appointed, the unaudited financial position of the Company
showed positive shareholders' funds of NZ$56,000, the New
Zealand Press Association relates.

"However, on review of the quality of the assets, including the
loan book and dealer advances, our view is that the loan book
and dealer advances are materially overstated and therefore the
financial statements should properly show a substantial negative
equity position," Mr. McCloy's report says.

The receivers' view remained that secured debenture investors
could receive between 30% and 50% of their original investment,
while subordinated investors would receive nothing, ShareChat
says.

As reported in the Troubled Company Reporter - Asia Pacific on
June 8, 2006, citing initial estimates from Mr. McCloy, secured
investors in National Finance may get as little as 30% of their
money back, though some investors will get nothing.

ShareChat says that in light of the investors' poor recoveries,
the receivers had referred the events leading up to receivership
to various authorities for investigation.  However, Mr. McCloy
would not say what those authorities were to avoid prejudice on
investigations, ShareChat relates.

The NZPA relates that according to the Report, on May 9, 2006,
secured debenture investors totaled NZ$21.8 million, with
subordinated investors totaling NZ$3 million.

On that day, the book value of assets classed as dealer advances
totaled NZ$5.1 million, mostly to associated car business
Payless Cars Companies, NZPA says.

Furthermore, the Report said that all Payless Cars Companies
were either in receivership or in liquidation, and recoveries of
advances were likely to be at a substantial discount to the
NZ$3.2 million book value, NZPA relates.

The Report explained that "[t]he Payless Cars Companies had
suffered significant losses in the year prior to the appointment
of receivers, had liabilities in excess of assets, therefore,
determined that continued trading was not a viable option."

The report also revealed that some:

   (a) other dealer advances were to companies that had either
       been struck off the Companies Register, or were in
       liquidation; and

   (b) loans had been made to parties associated with National
       Finance 2000 and Payless Cars managing director Allan
       Ludlow.

The Report concluded that based on the age of loans,
documentation and the borrowing parties, recoveries will be at a
substantial discount to book value as of May 9, 2006.

The receivers expect to be able to set out a likely timeframe
for distributions to investors by the end of September, NZPA
notes.

The Official Receiver's Report is available for free at:

http://www.pwc.com/nz/nf2000/NFReceivers_s23Report_Final.pdf

                          *     *     *

A report by the TCR-AP on May 12, 2006, said that National
Finance 2000 is the first major finance company to collapse in
recent years and has re-ignited fears of a wider rout in a
sector weighed down by debt after several years of strong
economic growth.  

National Finance's managing director, Allan Ludlow, shouldered
the blame for the Company's collapse, but assured that he will
work closely with the receivers appointed by Covenant Trustee
Company -- John Waller and Colin McCloy of
PricewaterhouseCoopers -- to get the maximum amount of money
back for investors.

Business Review previously said that National Finance's troubles
escalated when Nichibo Motor Company of Japan, the supplier of
Mr. Ludlow's Payless Car, lost patience over debts of up to
NZ$3 million.  Those debts prompted Mr. Ludlow to launch a
prime-time ad campaign to seduce potential National Finance
investors with an offer of 10% debenture stock.


PARMAR HOLDINGS: Prepares to Close Operations
---------------------------------------------
At a general meeting of Parmar Holdings Pty Ltd on June 29,
2006, members resolved to wind up voluntarily the Company's
operations.

Russell Heywood-Smith was consequently appointed as liquidator.

The Liquidator can be reached at:

         Russell Heywood-Smith
         BDO Chartered Accountants & Advisers
         248 Flinders Street
         Adelaide, South Australia 5000
         Australia


PEARS RITCHIE: Members to Hear Wind-Up Report on August 15
----------------------------------------------------------
The members of Pears Ritchie Pty Ltd will convene on August 15,
2006, at 10:00 a.m., to receive the wind-up report from
Liquidator Gerald T. Collins.

The Liquidator can be reached at:

         Gerald T. Collins
         c/o Horwath BRI Brisbane
         Level 4, 370 Queen Street
         Brisbane, Queensland 4000
         Australia


POWERFULL PTY: Members Pass Resolution to Wind Up Firm
------------------------------------------------------
The members of Powerfull Pty Limited met on June 28, 2006, and
passed a special resolution to wind up the Company's business
operations.

In this regard, David Bryan Gurney was named official
liquidator.

The Liquidator can be reached at:

         D. B. Gurney
         c/o PF Fisher & Co Pty Ltd
         Level 8, 111 Phillip Street
         Parramatta, New South Wales 2150
         Australia


RICO ENGINEERING: To Declare Dividend for Unsecured Creditors
-------------------------------------------------------------
Rico Engineering Pty Ltd will declare a first and final dividend
for its unsecured creditors on September 1, 2006, to the
exclusion of those who were not able to file their claims by
July 26, 2006.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company declared a final dividend for priority creditors on
June 9, 2006.

The liquidator can be reached at:

         Ray Richards
         SimsPartners
         Level 11, 145 Eagle Street
         Brisbane, Queensland 4000
         Australia


RRA ENTERPRISES: Faces Liquidation Proceedings
----------------------------------------------
At an extraordinary general meeting on June 29, 2006, the
members of RRA Enterprises Limited decided to voluntarily wind
up the Company's operations.

Kim Wallman was subsequently appointed as liquidator.

The Liquidator can be reached at:

         Kim Wallman
         K. S. Wallman
         PO Box 263, West Perth
         Western Australia
         Australia


SERIMEX PTY: Initiates Wind-Up Operations
-----------------------------------------
The members of Serimex Pty Limited held a general meeting on
June 27, 2006, and passed a resolution to wind up voluntarily
the Company's business operations.

In this regard, Schon G. Condon and Bruce Gleeson were appointed
as liquidators.

Creditors are required to prove their debts by July 30, 2006,
for them to share in any distribution the Company will make.

The Liquidators can be reached at:

         Schon G. Condon Rfd
         Bruce Gleeson
         Jones Condon
         Chartered Accountants
         Australia
         Telephone:(02) 9893 9499


SHERRING HOLDINGS: Members Agree to Voluntary Wind-Up Operations
----------------------------------------------------------------
The members of Sherring Holdings Pty Ltd passed a special
resolution on June 23, 2006, to voluntarily wind up the
Company's operations.

In this regard, Jacqueline Johnson was appointed as liquidator.

The Liquidator can be reached at:

         Jacqueline Johnson
         138 Nicholson Parade
         Cronulla, New South Wales 2230
         Australia


ST MARYS MOTOR: Names Ashton Brailey as Liquidator
--------------------------------------------------
Members of St Marys Motor World Pty Ltd held a general meeting
on June 27, 2006, and resolved to wind up the Company's
operations.

Accordingly, Ashton Brailey was appointed as liquidator.

The Liquidator can be reached at:

         Ashton Brailey
         Ashton Brailey & Co.
         Suite 8, 14 Frenchs Forest Road
         Frenchs Forest, New South Wales
         Australia


SUPERBANK: Set for Sale or Closure Due to NZ$40-Million Loss
------------------------------------------------------------
Superbank is due to be sold or closed due to losses, Stuff.co.nz
reports, citing The Independent Financial Review.

The New Zealand Press Association notes that the bank's
liquidity is not in question but it has chalked up losses of
NZ$40 million in the three years since it opened.

According to the NZPA, Superbank Chief Executive Officer James
Munro has been on "gardening leave" for two weeks.

The bank is a joint venture between Australia's fifth-largest
retail bank, St. George Bank, and supermarket cooperative
Foodstuffs, the NZPA relates.

St. George managing director Gail Kelly said in December 2005
that Superbank was under review for sale because of tightening
economic conditions and competition that had squeezed margins,
Stuff.co recounts.

Stuff.co further notes that two months ago, buyers were reported
in the Australian media to be queuing up for Superbank.  
Potential buyers included:

   * GE,
   * Westpac Bank, and
   * the Commonwealth Bank of Australia-owned -- ASB.

At the end of March, Superbank's retail deposits stood at
NZ$523 million, with residential loans at NZ$504 million, the
NZPA notes.

                         About Superbank

Based in New Zealand with staff in Auckland, Wellington, and
Christchurch, Superbank -- http://www.superbank.co.nz/-- is a  
phone and Internet bank, with cheque, EFTPOS, and ATM access.  
It uses supermarkets as a handy place to advertise its services.  
The Company's home loans are also available through selected
mortgage brokers.

Superbank was launched in 2003 and promoted, through Foodstuff's
New World and Pak 'N Save chains, the idea of customers doing
banking online.


TECHRACK PTY: Members to Receive Wind-Up Report on August 11
------------------------------------------------------------
The members of Techrack Pty Ltd will hold a final meeting on
August 11, 2006, at 11:00 a.m., to receive the liquidator's
report regarding the Company's wind-up and property disposal
exercises.

The Troubled Company Reporter - Asia Pacific reported that on
February 6, 2006, members had agreed to close the Company's
operations.

The liquidator can be reached at:

         S. C. Davies
         c/o McGrathNicol+Partners
         Level 11,115 Grenfell Street
         Adelaide South Australia 5000
         Australia
         Telephone:(08) 8468 3700
         Web site: http://www.mcgrathncol.com.au/


WINAMEA PTY: Appoints Official Liquidator
-----------------------------------------
At a general meeting on June 30, 2006, the members of Winamea
Pty Limited resolved to wind up voluntarily the Company's
operations.

David H. Scott was consequently appointed as liquidator.

The Liquidator can be reached at:

         David H. Scott
         Chartered Accountant  
         Jones Condon
         Chartered Accountants
         Ground Floor, 77 Station Street
         Malvern, Victoria 3144
         Australia


* Challenges Continue for Qld Electricity Companies, S&P Says
-------------------------------------------------------------
According to an article published by Standard & Poor's Ratings
Services, expectations for a continuation of generation
overcapacity in Queensland's electricity sector means there will
be little respite from low pool and contract prices for the
state's generators over the next few years, even though demand
is likely to remain robust.

The article, titled "Challenges Mount for Electricity Companies
Operating in Queensland", assesses the wholesale pricing
environment and discusses other risks facing the state's
electricity generation, retail, and distribution sectors.

"Soft prices are hurting Queensland's electricity-generation
sector, and with more capacity scheduled to come on stream, the
challenges facing the state's generators are not expected to get
any easier," Standard & Poor's credit analyst Mark Legge says.

"Moreover, if vertically integrated power companies enter the
market as a result of the state government's impending sale of
energy retail assets, there is a prospect that these players
will attempt to, at times, dampen price spikes to protect their
retail customer bases."

Elsewhere, fierce competition among energy retailers is expected
in southeast Queensland after the introduction of full retail
contestability on July 1, 2007, as a result of the region's
strong growth profile and urban density.  While price is
important, the back-office performance of energy retailers will
be a critical element in determining customer loyalty.

"In addition, the government-owned distributors, Ergon and
Energex, will continue to be challenged by their massive
capital-expenditure programs, with risks related to execution,
cost, and timing magnified by the current shortage of skilled
labor and rising construction costs," Mr. Legge added.  "The
impending transition to a new national network regulator adds to
the uncertainty facing the state's network companies."


================================
C H I N A   &   H O N G  K O N G
================================

ASIA PREMIUM: Current Deficit Falls by 21%
------------------------------------------
Asia Premium Television Group's liquidity position improved by
21%, representing a US$911,000 decrease in its working capital
deficit, from US$4.45 million at March 31, 2005 to US$3.53
million at March 31, 2006.

The Company had US$15.23 million in current assets and US$18.77
million in current liabilities at March 31, 2006, compared with
US$10.30 million in current assets and US$14.75 million in
current liabilities at March 31, 2005.

Net cash provided by operating activities increased to US$2.1
million for the fiscal year ended March 31, 2006, compared with
US$600,000 for the same period in 2005.  This increase was
primarily due to a significant increase in accounts payable and
other payables.

Net cash used by investing activities increased to US$480,000
for the fiscal year ended March 31, 2006, compared with
US$330,000 for the same period in 2005, due primarily to
increases in payments for property and equipment.

Net cash provided by financing activities was US$200,000 in the
fiscal year ended March 31, 2006, compared with US$190,000 for
the same period in 2005, which is consisted primarily of
proceeds from related parties.

As of March 31, 2006, Asia Premium's total assets stood at
US$16.18 million while its total liabilities stood at US$18.881
million, resulting to a stockholders' equity deficit of US$2.70
million.

Headquartered in Nevada, Asia Premium Television Group provides
advertising, media and marketing services to product
manufacturers, service providers and other clients located in
China.


ASSOCIATE MARBLE: Liquidator Ceases to Act for Company
------------------------------------------------------
Ho Wai Ip ceased to act as liquidator for Associate Marble
Maintenance and Service Co. Ltd on July 17, 2006.


CHAODA MODERN: Moody's Affirms CF and FCD Ratings at Ba3
--------------------------------------------------------
Moody's Investors Service on July 26, 2006, affirmed the Ba3
corporate family rating and Ba3 foreign currency debt rating of
Chaoda Modern Agriculture Holdings Ltd.  The ratings outlook
remains positive.

This rating action follows Chaoda's announcement that it will
purchase 300 million shares worth HKD120 million in Innomaxx
Biotechnology Group Limited, or 8.6% of Innomaxx's enlarged
issued share capital.  Chaoda will make the purchase via a share
placement by Innomaxx, whose final approval is also required for
the investment.  Innomaxx will in turn use the proceeds to
acquire 57% in Lead Sun Investments, which is engaged in the
rutile business.  Rutile is a raw material used for the
manufacture of titanium chloride and titanium sponge.

"For Chaoda, the investment amount of HKD120M is not considered
as substantial relative to its cash-on-hand of over HKD2 billion
and total assets of HKD8 billion, while the impact on its
financial profile will be limited," says Jeffrey Lam, Moody's
lead analyst for the company.

"At the same time, the investment is outside Chaoda's existing
core businesses in agriculture and related operations.  The
investment raises Moody's concern over the degree of discipline
the company is exercising over its approach to cash management
and investments," Mr. Lam adds.

Management has, however, advised that the purchase is a one-off
and passive investment, aimed only at maximizing returns in the
short-to-medium term.  Accordingly, additional investments of a
similar nature are unlikely and Chaoda will not involve itself
in Innomax's management or daily operations.

The affirmation reflects Moody's expectation that Chaoda will
stay focused on its core agricultural business in China and
future capex will stay in line with its existing plans.  The
company is projected to generate negative free cash flow over
the next few years due to heavy investments in acquiring
farmland and establishing related infrastructure.  But its
healthy financial profile and operating margins will continue to
position it soundly at its current rating level.

The Ba3 rating continues to reflect Chaoda's credit strengths,
which include:

    1) its sound business model, including large-scale
       diversified production bases and strong distribution
       network, which together support its high profit margins;

    2) its experienced management team and ongoing R&D
       investments, both of which enhance its competitive
       position;

    3) the presence of a supportive government policy, given the
       agricultural sector's importance to China's economy;

    4) favorable industry trends with good growth potential
       evident in green/organic agricultural produce; and

    5) its sound financial profile.

At the same time, the rating reflects the key credit challenges
facing Chaoda such as:

    a) its overall small scale against the backdrop of a highly
       fragmented industry and earnings volatility due, in turn,
       to adverse weather and natural disasters;

    b) concerns over corporate governance, given the company's
       short track record as a listed company and the presence
       of material related-party transactions;

    c) ongoing concerns about the implications of the
       resignation of PricewaterhouseCoopers as its joint
       auditor in June 2003, an event which raised uncertainty
       over the quality of the company's financial reporting,
       but has been partially mitigated by the engagement of
       Baker Tilly HK as joint auditor;

    d) projected negative free cash flow position due to an
       aggressive growth strategy; and

    e) expansions into the more volatile livestock business in
       Inner Mongolia.

The rating would be upgraded if the Company continues to receive
unqualified opinions from its joint auditors and, at the same
time, maintains its current profitability and sound financial
profile.

Although the rating outlook remains positive, downward rating
pressure would emerge with a qualified opinion on material
accounting and operational issues for FY2006; or evidence
emerges of cash leakage for the purposes of funding related
companies, or significant margin erosion as the business
expands.  In addition, a downgrade rating action could be
triggered if there is evidence of further changes in the
company's business focus, further investments in non-core
businesses, or deviations in the company's financial or
investment discipline.

                          *     *     *

Headquartered in Hong Kong and listed on the Hong Kong Stock
Exchange, Chaoda Modern Agriculture (Holdings) Ltd is
principally engaged in the cultivation and sale of agricultural
produce in China. It is also engaged in livestock breeding and
sales as well as supermarket operations.


CLOROX FAR EAST: Joint Liquidators Step Aside
---------------------------------------------
Lai Kar Yan and Darach E. Haughey ceased to act as joint
liquidators for The Clorox Far East Co Ltd on July 11, 2006.


COMPANION MARBLE: Liquidator Ceases to Act for Company
------------------------------------------------------
Ho Wai Ip ceased to act as liquidator of Companion Marble
Engineering Ltd on July 17, 2006.


FRANKLIN TEMPLETON: Shareholders' Final Meeting Set on Aug. 22
--------------------------------------------------------------
The final shareholders' meeting of Franklin Templeton
Institutional Asia Ltd will be held at 17/F., Chater House, 8
Connaught Road Central, Hong Kong on August 22, 2006, at 10:00
in the morning.

At the meeting, Joint Liquidators Chan Wah Tip and Ho Man Kei
will present their reports on the Company's wind-up and property
disposal exercises.


GOLDTRON M G: Creditors' Opt for Voluntary Wind-Up
--------------------------------------------------
Goldtron M G Engineering Co Ltd commenced a creditors' voluntary
wind-up of its operations on July 12, 2006.

Accordingly, Liquidator Huen Ho Yin was appointed to oversee the
wind-up process.

Meanwhile, creditors will meet on August 4, 2006, at 9:00 in the
morning to discuss wind-up matters.

The Liquidator can be reached at:

         Huen Ho Yin
         Units 3307-3312, 33/F
         West Tower, Shun Tak Centre
         168-200, Connaught Road Centre
         Sheung Wan, Hong Kong


H.K. ZHEJIANG: Final Members Meeting Slated for Aug. 25
-------------------------------------------------------
Members of Hong Kong Zhejiang Wuyi Clansmen Association Ltd will
convene for their final meeting on August 25, 2006, at 10:00
a.m.

At the meeting, Liquidator Mok Wai Yee will report on the
Company's wind-up and property disposal exercises.

The Liquidator can be reached at:

         Mok Wai Yee
         Liquidator
         19/F., 367-375 Queen's Road
         Central, Hong Kong


HAYES LIMITED: Joint Liquidators to Present Wind-Up Report
----------------------------------------------------------
Joint liquidators Lo Kin Cheng and Dermot Agnew will present to
the members and creditors of Hayes (Asia Pacific) Ltd their
report on the Company's wind-up and property disposal
activities.

The Liquidators will present the report to members and creditors
at 35th Floor, One Pacific Place, 88 Queensway, Hong Kong on
August 25, 2006, at 11:00 a.m. and 11:15 a.m. respectively.


HUTCHISON ENTERPRISES FOUR: Liquidators Step Aside
--------------------------------------------------
Ying Hing Chiu and Chung Miu Yin ceased to act as joint and
several liquidators of Hutchison Enterprises Two Ltd on July 17,
2006.


HUTCHISON ENTERPRISES TWO: Liquidators Cease to Act for Company
---------------------------------------------------------------
Ying Hing Chiu and Chung Miu Yin ceased to act as joint and
several liquidators of Hutchison Enterprises Two Ltd on July 17,
2006.


LANBO INDUSTRIAL: Shareholders Opt for Voluntary Wind-Up
--------------------------------------------------------
Shareholders of Lanbo Industrial Ltd on July 11, 2006, resolved
to voluntary wind-up the Company and appoint Sze Sau Wan as
liquidator.

The Liquidator can be reached at:

         Sze Sau Wan
         Room 602, 447 Lockhart Road
         Hong Kong


LEADING TOP: Creditors' Must Prove Debts by Aug. 21
---------------------------------------------------
Creditors of Leading Top Development Ltd are required to submit
their proofs of claim to Liquidator Chan Sun Kwong by August 21,
2006.

Failure to comply with the requirement will exclude a creditor
from sharing in any distribution the Company will make.

The Liquidator for can be reached at:

         Chan Sun Kwong
         Room 102, Oriental Centre
         67-71 Chatham Road
         Tsimshatsui, Kowloon
         Hong Kong


LUCKY ASSET: Names Chow as Liquidator
-------------------------------------
On July 13, 2006, members of Lucky Asset Development Ltd
appointed Chow Cheuk Lap as official liquidator to oversee the
Company's wind-up.


OCEAN GRAND: Authorities Confirm Fraud After Probe
--------------------------------------------------
The Hong Kong police and securities investigators had confirmed
the alleged accounting irregularities involving Ocean Grand
Holdings and its subsidiaries after conducting an internal
investigation on the Company's accounts, The Standard reports.

According to The Standard, the investigators discovered that a
total of CNY842 million were found missing from the bank
accounts of Ocean Grand's subsidiaries and that the group was
unable to pay immediate debts exceeding HKD261 million.

Deloitte -- the appointed investigator for the Company -- found
that the bank balances of three of Ocean Grand's other mainland
subsidiaries, Kenlap Zhuhai, OG Foshan and OG Aluminum Foshan,
totaled to only about CNY38 million as at July 20, 2006, The
Standard relates.

As of March 31, 2006, an aggregate balance of CNY880 million was
reported, thus a discrepancy of CNY842 million was noted after
the investigation.

Meanwhile, the South China Morning Post says that the Company
had already appointed Deloitte Touche Tohmatsu deputy national
managing partner Derek Lai Kar-yan as provisional liquidator.

Sources close to the Morning Post said that Mr. Lai is expected
to identify the problems at the firms and discuss potential debt
restructuring with bondholders, bankers and other creditors.  In
addition, the paper also said that the liquidator is looking for
a strong Company to take over Ocean Grand Holdings.

"Whether the creditors could get their money back would depend
on whether there is a strong white knight to buy out the two
companies," a source familiar with the situation told the
Morning Post.

                          *     *     *

Ocean Grand Holding's -- http://www.ogholdings.com/-- principal  
activities are the manufacture and sale of aluminum extrusion
products and chemicals for use in electroplating and refining of
gold material produced at facilities located in Nanhai of
Guangdong Province and the Hong Kong Special Administrative
Region of The People's Republic of China.

The Troubled Company Reporter - Asia Pacific reported on July
14, 2006, that the Hong Kong Stock Exchange discovered a
potential accounting irregularity amounting to CNY6 million
involving the group's wholly owned subsidiary, OG Foshan, and
its financial controller.

After a few days, Ocean Grand appointed Deloitte & Touche
Forensic Services Limited to conduct an internal investigation
on the alleged accounting irregularities involving several
subsidiaries of the company.

Meanwhile, Standard & Poor's Ratings Services lowered its long-
term corporate credit rating on Ocean Grand Holdings Ltd to B
from BB-.  It also lowered its issue rating on US$160 million
senior unsecured notes due 2010 to B from BB-.  S&P said that
the downgrade reflects their heightened concerns on Ocean
Grand's corporate governance and internal control systems.

Recently, S&P had again lowered its long-term corporate credit
rating on Ocean Grand Holdings Ltd. to 'D' from 'B'.  In
addition, it lowered its issue rating on US$160-million senior
unsecured notes due 2010 to 'D' from 'B'.


POLYWATER ASIA: Liquidator to Present Wind-Up Report on Aug. 22
---------------------------------------------------------------
The final meeting of the members and creditors of Polywater Asia
Ltd is set on August 22, 2006, 11:00 in the morning at 18/F.,
Two International Finance Centre, 8 Finance Street, Central,
Hong Kong.

During the meeting, Liquidator Robert Armor Morris will present
a report on the Company's wind-up proceedings and how its
properties have been disposed of.


SOUNDTEX INTERNATIONAL: Appoints Official Liquidator
----------------------------------------------------
Members of Soundtex International Ltd passed a special
resolution on July 4, 2006, appointing Tse Wai Hing as the
Company's official liquidator.

The appointment was confirmed by the Company's creditors ofn
July 11, 2006.

The Liquidator can be reached at:

         Tse Wai Hing
         Suites 143-4, Nan Fung Tower
         173 Des Voeux Road Central
         Hong Kong


WINFUL CREDIT: Creditors' Proofs of Claim Due on Aug. 21
--------------------------------------------------------
On July 14, 2006, members of Winful Credit Management Ltd
appointed Liquidator Au Ping Yun to oversee the Company's
liquidation.

Mr. Au requires the creditors of the Company to submit their
proofs of claim by August 21, 2006, for them to share in any
distribution the Company will make.

The Liquidator can be reached at:

         Au Ping Yun
         Unit 3, 20th Floor
         Golden Centre, 188
         Des Voeux Road Central
         Hong Kong


YASKAWA ELECTRIC: Bradley Ceases to Act as Liquidator
-----------------------------------------------------
Mark Bradley ceased to act as liquidator for the Company on
July 11, 2006.

The Troubled Company Reporter - Asia Pacific reported that on
July 10, 2006, Liquidator Bradley presented a final wind-up
report to the members of Yaskawa Electric (H.K.) Co Ltd.


* S&P Revises China's Insurance Sector Outlook to Positive
----------------------------------------------------------
Standard & Poor's Ratings Services on July 26, 2006, revised its
outlook on China's insurance sector to positive from developing
to reflect expectations that the financial strength of the
overall industry will improve over the medium term.

In a new publication titled "China Insurance Outlook 2006-2007",
Standard & Poor's says factors such as improving operational
fundamentals, strong potential growth, and regulatory commitment
to policyholder interests are likely to offset challenges such
as tough competition, a lack of talent, and weak capitalization.
     
"We found the outlook for the industry encouraging and expect
premium growth to remain strong," said Standard & Poor's analyst
Connie Wong.
     
Ms. Wong warned, however, that rapid expansion goes hand in hand
with challenges and that weak capitalization or poor reserving
practices could trigger instances of corporate failure, despite
improvements across the wider industry.


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

FORD MOTOR: Books US$123-Million Net Loss for 2nd Quarter 2006
--------------------------------------------------------------
Ford Motor Company reported a net loss of US$123 million, for
the second quarter of 2006 compared with net income of US$946
million, in the second quarter of 2005.

The Company disclosed that second quarter loss from continuing
operations was US$48 million, compared to a profit of US$936
million, in the same period a year ago.  Its second-quarter
total sales and revenue was US$42 billion, down Us$2.5 billion
from a year ago.

"We've seen an improvement in North America results in the
second quarter, but the external factors we face aren't going to
get any easier," said Chairman and Chief Executive Officer Bill
Ford. "Mark Fields (executive vice president and president - The
Americas) and his team have been working on plans to accelerate
their efforts.  Within the next 60 days, we'll be in a position
to discuss the additional actions we will be taking."

The Company also disclosed that special items reduced earnings
in the second quarter and its pre-tax effect included:

     -- a favorable adjustment of US$146 million to the first-
        quarter US$1.7 billion special charge pertaining to
        expected layoff and jobs bank benefits and voluntary
        termination packages based on agreements at its Atlanta
        Assembly Plant and St. Louis Assembly Plant for buyouts
        and employee relocation;

     -- a charge of US$171 million relative to additional
        personnel reduction programs, as well as a related
        charge of US$315 million relative to earlier
        retirements, enhanced benefits, and the accelerated
        recognition of future service costs associated with its
        U.S. hourly pension plan; and

     -- other gains of US$148 million associated with its equity
        interest in a non-recurring gain that Mazda realized on
        the transfer of its pension liabilities back to the
        Japanese government.

The Company further disclosed that it continues to have a strong
year-to-date sales growth in major international markets,
including a 100% increase in China, and a 75% increase in India.

                         About Ford Motor

Ford Motor Company, headquartered in Dearborn, Michigan, U.S.A.,
is the world's third largest automobile manufacturer.  It has
operations all over the world including India.

The Troubled Company Reporter - Asia Pacific reported on July 3,
2006, that Moody's Investors Service lowered the Corporate
Family and senior unsecured ratings of Ford Motor Company to B2
from Ba3.

Standard & Poor's Ratings Services, on the other hand, lowered
its corporate credit rating on Ford Motor Co. and its related
units to 'B+' from 'BB-' and affirmed its 'B-2' short-term
rating.

On June 12, 2006, Fitch Ratings downgraded Ford Motor's issuer
default rating to B+ from BB, and its senior unsecured ratings
to BB- from BB.


HINDUSTAN PETROLEUM: Earmarks INR918 Crore for Expansion Plan
-------------------------------------------------------------
Hindustan Petroleum Corporation Limited allots around
INR918 crore for the expansion and modernization of its retail
network next fiscal year, Zee News reports.

Petroleum Minister Murli Deora told Zee News that the state oil
refiner will set up 800 new petrol outlets by 2006-2007.

According to Mr. Deora, Hindustan Petroleum will invest
INR155 crore in setting up new petrol pumps and INR174 crore in
upgrade of existing outlets.  Another INR217 crore would be
utilized on automation of retail outlets, INR175 crore on
procurement of equipment and INR197 crore on auto liquefied
petroleum gas and vapor recovery units.

In line with its expansion efforts, Hindustan Petroleum recently
tied up with Reliance Infrastructure for the construction of a
10-acre state-of-the-art gas station at NH1 near Rajpura, the
Troubled Company Reporter - Asia Pacific reported on July 3,
2006.

According to TCR-AP, the project will cost INR25 crore, of which
Hindustan Petroleum will invest around INR6 crore.  The gas
station will have a capacity of filling 40 vehicles
simultaneously.  The first phase of the project will be
operational by year-end.

                    About Hindustan Petroleum

Mumbai-based Hindustan Petroleum Corporation Ltd --
http://www.hindustanpetroleum.com/-- was formed in 1974 on  
nationalization of ESSO India operations.  The operations of
Caltex were merged in 1976.  With two refineries at Mumbai and
Vizag, Hindustan Petroleum is currently is the second largest
player in both the Indian oil sector as well as the highly
competitive lubricants market.  However, the Company has lately
been incurring losses due to a government mandate to sell fuel
at subsidized prices.  The Company is counting on a Government
bailout to save it from bankruptcy.


GENERAL MOTORS: Secures New US$4.63-Billion Debt Facility
---------------------------------------------------------
General Motors Corporation executed a US$4.63 billion amended
and restated credit agreement with a syndicate of banks on
July 20, 2006.  The Agreement provides for both an extended
facility of US$4.48 billion that will terminate on July 20, 2011
and for a non-extended facility of US$152 million that expires
on June 16, 2008.  Only the extended facility, which consists of
97% of the combined facility, is secured.

The collateral for the secured facility consists of certain
North American accounts receivable and inventory of General
Motors Corporation, Saturn Corporation, and General Motors of
Canada, Limited, certain plants, property and equipment of
General Motors of Canada and a pledge of 65% of the stock of the
holding company for the General Motors indirect subsidiary, GM
de Mexico.

In addition to securing the extended secured facility, the
collateral will also secure certain lines of credit, Auto
Clearing House and overdraft arrangements and letters of credit
provided by the extending secured lenders totaling US$1.5
billion.  At GM's current secured credit rating, all-in cost of
borrowings from extending lenders will be LIBOR plus 225 basis
points, while all-in costs of borrowings from non-extending
lenders will be LIBOR plus 160 basis points.  In addition,
extending lenders received a consent fee of 40 basis points.

In the event of certain work stoppages, the facility will be
temporarily reduced to US$3.5 billion.  The Agreement removes
any existing uncertainty as to whether the lenders would be
required to honor a borrowing request by General Motors.  The
Agreement will be filed with the Form 10-Q for the quarter ended
June 30, 2006.

                       About General Motors

General Motors Corp. -- http://www.gm.com/-- the world's  
largest automaker, has been the global industry sales leader for
75 years.  Founded in 1908, GM today employs about 327,000
people around the world.  With global headquarters in Detroit,
GM manufactures its cars and trucks in 33 countries, including
India.  In 2005, 9.17 million GM cars and trucks were sold
globally under the following brands: Buick, Cadillac, Chevrolet,
GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and
Vauxhall.  GM operates one of the world's leading finance
companies, GMAC Financial Services, which offers automotive,
residential and commercial financing and insurance.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

On June 30, 2006, Standard & Poor's Ratings Services held all
its ratings on General Motors Corp. -- including the 'B'
corporate credit rating and the 'B+' bank loan rating, but
excluding the '1' recovery rating -- on CreditWatch with
negative implications, where they were placed March 29, 2006.

On June 22, 2006, Fitch assigned a rating of 'BB' and a Recovery
Rating of 'RR1' to General Motor's new US$4.48 billion senior
secured bank facility.  The 'RR1' (recovery of 90%-100%) is
based on the collateral package and other protections that are
expected to provide full recovery in the event of a bankruptcy
filing.

On June 21, 2006, Moody's Investors Service assigned a B2 rating
to the secured tranches of the amended and extended secured
credit facility of up to US$4.5 billion being proposed by
General Motors Corporation, affirmed the company's B3 corporate
family and SGL-3 speculative grade liquidity ratings, and
lowered its senior unsecured rating to Caa1 from B3.  Moody's
said the rating outlook is negative.


* ASEAN Halts Free-Trade Talks with India
-----------------------------------------
The Association of Southeast Asian Nations has suspended free-
trade agreement negotiations with India because of New Delhi's
reluctance to open its markets, The Financial Express reports.

The FTA discussions have become difficult following India's
demand to exclude some 850 goods from the pact, The Express
says.  Last year, the so-called exclusion list included nearly
1,400 goods, which account for some 30% of Southeast Asia's
exports to India.

According to The Express, India -- which adopted a free market
economy in the early 1990s -- is keen to expand trade ties with
the 10 ASEAN member nations, but wants to shelter its own
sensitive sectors, such as agriculture, textile and other
industries, which provide livelihoods to millions of Indians.

Last month, India's state minister for commerce and industry
Jairam Ramesh said New Delhi expected a deal "in a few months,"
The Express relates.

"India was serious about extending trade ties with the region
and was ready for negotiations," Bernama News quoted Indian high
commissioner RL Narayan as saying.

"We remain eager for talks," Mr. Narayan said. "We have revised
substantially the exclusion list and met our obligation. We gave
the list to ASEAN and ASEAN has to look at that. India is fully
prepared to negotiate, we invite ASEAN to discuss with India,"
Mr. Narayan added


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

* S&P Raises Foreign Currency Rating to BB-
-------------------------------------------
Standard & Poor's Ratings Service had, on July 26, 2006, raised
its long-term foreign currency rating for Indonesia to 'BB-'
from 'B+', and the long-term local currency rating to 'BB+' from
'BB'.  S&P also affirmed the country's 'B' short-term rating.

The upgrades reflect Indonesia's improving fiscal and external
performance, which led to declining debt burdens.  Small but
persistent, central government primary surpluses and a falling
interest burden, coupled with the rupiah's appreciation, are
projected to lower central government debt to just under 50% of
2006 GDP, down from over 100% in 2000.  The central government
continues to prudently manage its fiscal position, and although
the budget deficit target for 2006 has been upwardly revised,
the country's progress toward an eventual balanced budget in the
medium term remains on track.  Similarly, current account
surpluses, in conjunction with recent foreign direct investment
inflows, have halved the country's net external debt (of liquid
assets) to an estimated 94% of current account receipts in 2006.  
Supporting these positive trends is an improvement in
Indonesia's political environment resulting from a more robust
democracy, and from the government's commitment to
infrastructure development, tax, and subsidy rationalization,
and financial sector reforms.
      
S&P credit analyst Sami Hamid said, "While implementation
remains a challenge, an encouraging development has been the
speed at which difficult, but much-needed, reforms have been
undertaken, especially since the new economic team was put in
place in December 2005.  Going forward, the relationship between
the executive and the legislature will continue to evolve, with
the key challenges being the administration's ability to build
support for its reforms and secure timely parliamentary
approval."

Indonesia's ratings continue to be constrained by a high
external debt and a government debt burden that, while not out
of line with peers, proved unmanageable in the past and
contributed to the need for sovereign debt rescheduling in 1999-
2002.  In addition, the lack of transparency in the finances of
public sector-related entities, and in coordinating policies
between the fiscal and monetary authorities, still need to be
resolved.  Indonesia could also bear the cleaning-up cost
associated with removing non-performing loans from state-owned
banks, estimated at 3% of GDP.

Mr. Sani explained that other factors constraining Indonesia's
creditworthiness are institutional and structural impediments,
both of which restrict growth to levels that are insufficient to
generate jobs at the pace needed to reduce poverty
significantly.  Competitiveness is hindered by infrastructure
shortfalls, legal uncertainties, corruption, and labor market
rigidities.  The rate of economic expansion remains below
potential, with a higher level of growth hinging largely on the
success of the reform measures set out.
     
The stable outlook balances Indonesia's improved economic
management and falling debt burdens against continuing
vulnerability to adverse exchange rate movements, higher
interest rates, and inflationary pressures.  The outlook is also
based on expectations that Indonesia's external liquidity will
continue to strengthen through a combination of current account
surpluses and improved investment flows, as investors take heart
from ongoing economic reform under the new administration.

"A faster implementation of reforms on taxes, labor,
infrastructure development, and the legal structure, coupled
with improved public sector transparency, would favorably
influence the rating outlook on Indonesia," Mr.
Sani noted.  "Conversely, the ratings could be downgraded if
institutional weaknesses hinder policy coordination and impede
timely response to political and external shocks, if reform
efforts stall either at the legislative or implementation stage,
or if the government draws back from its present fiscal
consolidation path," he concluded.


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

HANA BANK: Wants Higher Lending Rates For Higher Risk Homeowners
----------------------------------------------------------------
Hana Bank plans to apply different borrowing rates for housing
loans depending on certain housing conditions, The Korea Times
reports.

According to The Times, Hana will consider various conditions
like the location, age and size of houses, and owner's
credibility, to set the borrowing rates for loans.

Hana Bank President Kim Jong-ryul said that the bank is
considering revamping the standard interest rates for mortgage
loans to reduce mortgage loan risks amid rising concerns about
real estate bubble.  Under the plan, homeowners in areas
designated by the Government as speculative zones may face
higher borrowing rates.

Hana currently offers 5.65-6.75% interest rates to mortgage loan
borrowers.  If the plan is carried out, owners in the so-called
speculative zones may face interest rates of at least 6.65%.

Mr. Kim added that more ordinary homebuyers will be offered at
least a percentage point lower rates.

Hana is the first bank to apply higher interest rates to
homeowners in speculative areas, but other banks are expected to
follow suit.

Hana Bank -- http://www.hanabank.com/-- provides financial  
services to individuals and corporate clients such as
international banking, trust business and security investment
business through 298 domestic branches and one head office.

Fitch Ratings gave Hana Bank an Individual Rating of B/C.

Moody's Investors Service gave the bank a D+ Bank Financial
Strength Rating.


HYNIX SEMICONDUCTOR: Sued by Spitzer for Price-Fixing
-----------------------------------------------------
Hynix Semiconductor Inc. is one of the eight memory chip makers
being sued by New York Attorney General Eliot Spitzer for price
fixing, Bloomberg News reports.

Attorney General Spitzer claims that the conspiracy to fix
prices added US$1 billion to chip costs while driving up retail
prices for personal computers and other electronics.

Bloomberg says that the lawsuit, filed on July 13, 2006, with
the federal court in Manhattan followed an announcement by
California Attorney General Bill Lockyer that 34 states plan to
seek "hundreds of millions of dollars" from seven of the same
companies, including Infineon Technologies AG and Hynix
Semiconductor, in a separate price fixing suit to be filed
tomorrow with a federal court in San Francisco.

All 35 states claim that consumers and state governments
overpaid for products containing memory chips from 1998 to 2002
because the companies inflated prices.

The California Complaint will name Infineon, Hynix and Boise,
Elpida Memory Inc., Nanya Technology Corp., NEC Electronics
America Inc. and Mosel Vitelic Inc.  Mr. Spitzer's lawsuit names
the same seven companies, and Samsung.

According to Bloomberg, the cases open a new chapter of
antitrust claims against memory chip makers, which have been
fined US$731 million in a four-year-old investigation on global
price fixing conspiracy by the U.S. Justice Department.  
Bloomberg recounts that Samsung, Hynix, Neubiberg, Infineon,
Elpida and 12 individuals have plead guilty.

Bloomberg cites the attorneys general as saying that the
companies conspired to limit chip supplies and agreed on what to
charge customers in an effort to artificially drive up prices.
Attorney General Spitzer claimed that the companies went to
great lengths to keep their conspiracy secret.

The New York suit is part of a coordinated effort with the other
attorneys general, and seeks reimbursement for the overcharges,
which Mr. Lockyer estimated at "hundreds of millions of dollars"
nationwide, Bloomberg notes.  Antitrust law allows plaintiffs to
seek triple-damages.

Maryland Attorney General Joseph Curran and Texas Attorney
General Greg Abbott indicated that their states will join the
California lawsuit.

                   About Hynix Semiconductor

Headquartered in Ichon, South Korea, Hynix Semiconductor Inc. --
http://www.hynix.com/-- is a semiconductor manufacturer.   
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

Standard & Poor's Ratings Services gave Hynix, and its U.S.
subsidiary, Hynix Semiconductor Manufacturing America Inc., a
'B+' long-term corporate credit rating.


SK CORP: Shutdowns Offset Record Sales; 2Q Profit Declines 22%
--------------------------------------------------------------
SK Corporation's net profit for the second quarter of 2006 fell
22.4% to KRW305.2 billion from the recorded net profit of
KRW393.5 billion in the second quarter of 2005, according to a
company release.

The 2006 second quarter result is 49.7% lower than the recorded
profit of KRW607.2 billion for 2006 first quarter.  

According to Bloomberg News, SK Corp. shut plants accounting for
425,000 barrels a day of production capacity for as long as 28
days during the quarter, cutting earnings from fuel sales.  Yet,
SK states that refining margins, the profit from processing each
barrel of crude oil, will increase in the second half when
demand in Asia's third-largest economy peaks and on "strong"
product prices.

The company reported a second quarter sales revenue of
KRW5.75 trillion, up 8.9% QoQ from KRW5.28 trillion and 10% YoY
from KRW5.18 trillion.  The increased sales revenue was driven
by high crude oil prices and the continued rise in petroleum and
petrochemical product prices.

Operating profit increased 29.4% YoY and decreased 6.9% QoQ to
KRW307.1 billion.

Non-operating profit in the three months ended June 30, 2006,
was KRW105.8 billion, down 63.6% from the result in the same
period of 2005 and down 75.2% from the previous quarter, because
of smaller contributions from affiliates including SK Networks
Co. and SK Incheon Oil.

                       Half-Year Accounts

SK Corp. says that its half-year results paint a rosier picture,
due to a stronger first quarter performance, resulting in a
record profit of KRW607.2 billion.

Sales in the first half of 2006 increased 11% to
KRW11.03 trillion and net profit soared 17.3% to
KRW912.4 billion.

For the first half of 2006, SK Corp.'s Petroleum products
contributed 72% of total sales at KRW7.90 trillion, or 12%
higher than the KRW7.07 trillion recorded in the previous year.  
This segment also showed a 71% improvement in operating profits
to KRW269.4 billion.  These increases were spurred by higher
refining margins and rising product prices which proved strong
enough to offset the effects of regular maintenance shut-downs
in the company's refining facilities.

Petrochemical sales, which accounts for 22% of total sales,
increased 9% to KRW2.46 trillion in the first six months of this
year due to higher prices.  The company adds that increased
profits in the aromatics segment contributed significantly to
the improved quarterly comparison for petrochemical operating
profits.  High oil prices and strong market conditions for
gasoline in the U.S. pushed up the prices of aromatics base
products, increasing the aromatics profits, in spite of the rise
in feedstock prices linked to high crude oil prices.

Lubricant products got 23% more sales in the first half of 2006
to KRW366.1 billion, which paved the way for a 39% increase in
operating profit to KRW61.8 billion from KRW44.6 billion a year
before.  The company explains that the improved operating profit
is attributed to many factors, including the emergency shut-
downs at several Lube Base Oil plants in North America and
Europe, which tightened up the supply-demand balance.  Other
factors include effective pricing management -- successfully
reflecting the rising raw material costs to the product prices -
and improved operational efficiency -- from reinforced marketing
activities overseas in Europe and the United States.

According to the company release, SK Corp President & Chief
Executive Officer Heon Cheol Shin said, "We are satisfied with
these solid first half operating profits -- results which were
improved by higher refining margins.  The recoveries of margins,
including the average Dubai simple refining margin and the
cracking margin, have allowed us to gain encouraging momentum in
the second quarter of 2006."

Mr. Shin added that SK Corp's solid financial performance will
continue into the second half of 2006, stating "[i]mproved
refining margins, coupled with the increase in additional
petrochemical products from operation of the New Reformer, will
help SK Corporation achieve our 2006 operating guidance of
KRW 1.41 trillion."

The company's financial report for the 2006 first half is
available for free at:

   http://bankrupt.com/misc/SKCORP1H.pdf

                     About SK Corporation

Headquartered in Seoul, South Korea, SK Corporation --
http://eng.skcorp.com/-- is an energy and petrochemical company  
with 4,916 employees and 22 offices around the world in 2005.  
The company is strategically positioned as Korea's largest and
Asia's leading refiner next to Sinopec and PetroChina.  SK Corp.
currently explores, develops and produces oil in 13 nations that
span Africa, Asia and the Americas, including Russia, Vietnam,
Indonesia, Australia, Brazil, Cote d'Ivoire, United States, and
Peru.

Moody's Investors Service gave SK Corp. a 'Ba1' Foreign Currency
Long-Term Debt Rating effective February 17, 2006.


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

KRAMAT TIN: Scheme of Arrangement Wins Shareholders' Favor
----------------------------------------------------------
On July 26, 2006, Kramat Tin Dredging Berhad's shareholders
approved the Company's Scheme of Arrangement.

The Scheme is part of the Company's restructuring plan, which
was unveiled on April 24, 2004, and approved by the Securities
Commission on June 9, 2005.

Meanwhile, the shareholders also passed all resolutions tabled
at the Company's Extraordinary General Meeting held on July 25,
2006.

                      About Kramat Tin Dredging

Headquartered in Kuala Lumpur, Malaysia, Kramat Tin Dredging
Berhad is currently in the process of identifying suitable
business opportunities.   The Company ceased its mining
operations in 1988.  In 2001, Bursa Malaysia Securities Berhad
classified Kramat Tin as a Practice Note 10 company, given its
inadequate level of operations.

To avoid being de-listed, Kramat Tin, in 2004, entered into an
arrangement to restructure its operational and financial
position.  On April 24, 2004, the Company's restructuring plan
was unveiled and subsequently approved by the Securities
Commission on June 9, 2005.

For the financial year ended December 31, 2005, Kramat Tin
registered a smaller loss of MYR524,000 compared with the
MYR1.3-million net loss in 2004.


KRAMAT TIN: Prudent to Assume Kramat Tin Listing Status in 2007
---------------------------------------------------------------
Prudent Location Sdn Bhd is expected to assume the listing
status of MMC Corporation's subsidiary, Kramat Tin Dredging Bhd,
early next year under a restructuring exercise that will turn
the Company into a property development group, The Edge Daily
says.

MMC's acting chief executive officer Feizal Ali tells The Edge
that the restructuring exercise is expected to be completed by
year-end.  Mr. Ali is confident that Kramat Tin will bounce back
to black immediately in the first quarter of 2007.

Kramat Tin, which will become a subsidiary of Prudent, has had
no core business since it ceased mining after its only dredge
was shut down in 1988, The Edge reveals.  The Company has also
been classified as a Practice Note 10 firm given its inadequate
level of operations.

The Edge relates that under the restructuring:

   * S P Setia Bhd will hold 25.21%,
   * Kelana Ventures Sdn Bhd will hold 25.21%,
   * Putrajaya Holdings Sdn Bhd will hold 18.78%, and
   * Abad Kilat Sdn Bhd will hold 5.79%,

of Prudent, with the remaining 25.01% under the public spread.

According to The Edge, Tan Sri Syed Mokhtar Albukhary, who now
holds 52.89% of Kramat Tin, will have a 25.21% stake in Prudent
via his 99.99% interest in Kelana Ventures.  MMC will cease to
be a shareholder of Kramat Tin, The Edge says.

Mr. Feizal says Kramat Tin's shareholders would receive shares
in Prudent as well as Prudent's irredeemable convertible
preference shares in exchange for Kramat Tin shares, The Edge
relates.

                      About Kramat Tin Dredging

Headquartered in Kuala Lumpur, Malaysia, Kramat Tin Dredging
Berhad is currently in the process of identifying suitable
business opportunities.   The Company ceased its mining
operations in 1988.  In 2001, Bursa Malaysia Securities Berhad
classified Kramat Tin as a Practice Note 10 company, given its
inadequate level of operations.

To avoid being de-listed, Kramat Tin, in 2004, entered into an
arrangement to restructure its operational and financial
position.  On April 24, 2004, the Company's restructuring plan
was unveiled and subsequently approved by the Securities
Commission on June 9, 2005.

For the financial year ended December 31, 2005, Kramat Tin
registered a smaller loss of MYR524,000 compared with the
MYR1.3-million net loss in 2004.


KRETAM HOLDINGS: To List and Quote More Shares on July 28
---------------------------------------------------------
Kretam Holdings Berhad's additional 220,774 new ordinary shares
of MYR1 each, will be granted listing and quotation on July 28,
2006.

The new shares were derived from the conversion of MYR220,774
redeemable convertible secured loan stocks-C 200/2006 into
220,774 new ordinary shares.

The Troubled Company Reporter - Asia Pacific reported on
July 21, 2006, that the Company's additional 10,982,839 new
ordinary shares derived from the conversion of MYR10,982,839
Redeemable Convertible Secured Loan Stocks-C 2003/2006 were
listed and quoted on July 21, 2006.

                      About Kretam Holdings

Kretam Holdings Berhad is a Malaysian company engaged in the
operation of an oil palm plantation and investment holding.  The
Company has a large number of directly or indirectly held
subsidiaries, as well as an associated company, Pantai Dalam
Development Sdn. Bhd., a 49%-owned property developer.

Through its subsidiaries, it is also involved in the cultivation
of oil palm; the milling and sale of oil palm products;
plantation and palm oil mill management; general contracting for
construction, civil engineering and mechanical works; the
provision of project management, administrative and related
services, and property rental, development and management.

The Company had incurred recurring losses in the past.  As of
March 31, 2006, the Company's balance sheet revealed total
assets of MYR161,427,000 and total liabilities of
MYR268,350,000, resulting into a stockholders' deficit of
MYR106,923,000.


MALAYSIA AIRLINES: Former PM Didn't Force Chairman to Buy Shares
----------------------------------------------------------------
Former Malaysian Prime Minister Tun Dr. Mahathir Mohamad denies
accusations that he forced former Malaysia Airlines Chairman Tan
Sri Tajuddin Ramli to buy shares in the national carrier to bail
out the central bank, The Star Online reports.

Mr. Tajudin had alleged that he was asked by Dr. Mahathir to buy
a 32% stake in Malaysia Airlines from Bank Negara in 1994,
Antara News relates.

According to The Star, Mr. Tajuddin had made this claim in a
counter suit filed on June 29, 2006, against the Government and
24 other parties over his purchase of Malaysia Airlines shares.

The New Straits Times relates that the counter claim followed a
complaint filed on May 11, 2006, by Pengurusan Danaharta
Nasional Bhd and its subsidiaries against Mr. Tajuddin, seeking
MYR589 million as payment for the balance of a MYR1.79-billion
loan granted to him in 1994 to buy Malaysia Airlines shares.

Mr. Tajuddin insisted that the shares were sold to him for twice
the market price in the midst of Bank Negara's losses in foreign
exchange as a result of speculation in the international
currency market.  He added that he had to keep these backroom
negotiations secret because the market would have been spooked
if details were leaked out, The New Straits Times says.

However, Dr. Mahathir refuted Mr. Tajudin's allegations, saying
that he never persuaded the former Malaysia Airlines chair to
buy the carrier's shares or do any form of national service, The
Star reports.

Dr. Mahathir tells The Straits Times that he remembered former
Finance Minister Tun Daim Zainuddin informing him of Mr.
Tajudin's intention to acquire the airline's shares.  Dr.
Mahathir further says that the Government had rejected an
initial proposal by Mr. Tajudin, who was then also Celcom
chairman, to exchange the telecommunication firm's shares for
Malaysia Airlines'.

Mr. Tajudin explains that he is taking legal action because the
Government allegedly reneged on an agreement to protect him from
losses and liabilities, Antara News relates.

                     About Malaysia Airlines

Headquartered in Selangor, Malaysia, Malaysia Airlines
-- http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.

The carrier made a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion in order to stay
afloat and return to profitability by 2007.  Under the
restructuring plan, the airline pledged to cut its budget by 20%
across the board, terminate many unprofitable routes, freeze
recruitment except for front-line staff, crack down on
corruption by encouraging Whistle-blowing and stop corporate
sponsorship.


MALAYSIA AIRLINES: To Fly Dubai-Damascus Route Temporarily
----------------------------------------------------------
Malaysian Airline System Berhad will service the Dubai-Damascus
route between July 28 and August 29, 2006, to replace the
temporarily suspended Dubai-Beirut flights, Forbes News reports,
citing AFX News Limited.

The new service will operate three times a week to assist
passengers whose travel to and from Beirut, Lebanon on Malaysia
Airlines was disrupted after the closure of the Beirut
International Airport, AFX says.

The Troubled Company Reporter - Asia Pacific reported on
July 18, 2006, Malaysia Airlines has suspended its thrice-weekly
Airbus A330 services to and from Beirut effective July 17, 2006,
as the airport serving the city has been temporarily closed.

Malaysia Airlines will resume its flights to the Lebanese
capital once the airport is opened.

                     About Malaysia Airlines

Headquartered in Selangor, Malaysia, Malaysia Airlines
-- http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.

The carrier made a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion in order to stay
afloat and return to profitability by 2007.  Under the
restructuring plan, the airline pledged to cut its budget by 20%
across the board, terminate many unprofitable routes, freeze
recruitment except for front-line staff, crack down on
corruption by encouraging Whistle-blowing and stop corporate
sponsorship.


MBF CORPORATION: Public Spread Meets Listing Requirement
--------------------------------------------------------
MBf Corporation Berhad's public shareholding spread as of
June 30, 2006 is 54.69% comprising of 24,757 public shareholders
holding not less than 100 shares each.

Accordingly, the Company complied with the public shareholding
spread requirement pursuant to the Listing Requirements of Bursa
Malaysia Securities Berhad.

The Bourse requires a listed issuer to have at least 25% of its
listed shares in the hands of a minimum of 1,000 public
shareholders holding not less than 100 shares each.

                     About MBf Corporation

Headquartered in Kuala Lumpur, Malaysia, MBf Corporation Berhad
is principally involved in promoting and selling property, club
and timeshare memberships; leasing factoring facilities, credit
cards, consumer financing and related products and property
development. Other activity include investment holding.  The
Group operates in three main areas, namely, Malaysia, Indonesia
and Hong Kong and Taiwan collectively.  The Group's principal
activities are mainly operated in Malaysia except for the credit
card business, which is carried out in Indonesia.  The Group has
no significant operations in Hong Kong and Taiwan other than
certain residual assets from a subsidiary that has since been
liquidated in Taiwan.

The Company is classified under Bursa Malaysia Securities
Berhad's Practice Note 17 category and is required to formulate
a plan to raise its shareholders' equity to aviod getting
delisted.


MITHRIL BERHAD: MARC Puts Rating on Watch with Negative Outlook
---------------------------------------------------------------
The Malaysia Rating Corporation Berhad has affirmed the BBB
rating on Mithril Berhad's MYR59-million redeemable Convertible
secured loan stocks.

Furthermore, the rating agency warned that the rating will be
placed on MARCWatch with a negative outlook.

                      About Mithril Berhad

Headquartered in Kota Kinabalu, Malaysia, Mithril Berhad
-- http://www.mithril.com.my/-- manufactures bricks and  
polyurethane products. Its other activities include dealing and
distribution of bricks and building materials, development of
properties, property management and investment holding.

Mithril was incorporated as a shell company in April 2002 to
facilitate the proposed restructuring exercise of Tajo Berhad,
which was an affected listed issuer pursuant to the Kuala Lumpur
Stock Exchange's Practice Note 4/2001.  The restructuring
exercise involved the proposed capital reconstruction and
cancellation of share premium account of Tajo, a scheme of
arrangement, fund raising exercise, acquisition of Saferay (M)
Sdn Bhd (Saferay) & Menara MAA in Kota Kinabalu and Kuching, and
debt settlement of Tajo's secured and unsecured creditors.  Upon
the completion of the restructuring exercise, Mithril held a
100% stake in Tajo and assumed the latter's listing status.  

Mithril, however, started to incur consecutive losses since its
listing and has so far failed to turn the business around.  For
the quarter ended March 31, 2006, the Company registered a net
loss of MYR1.5 million.  As of March 31, 2006, the Company
registered accumulated losses of MYR182 million.


POLYMATE HOLDINGS: Bourse Denies Deadline Extension Request
-----------------------------------------------------------
On July 24, 2006, Bursa Malaysia Securities Berhad rejected
Polymate Holdings Berhad's application to extend the deadline
for the submission of its regularization plan.

However, Polymate Holdings notes that it will appeal Bursa
Securities' rejection of the application.

The Company previously applied to Bursa Malaysia Securities
Berhad for an extension of time from August 1, 2006, to
January 31, 2007, to submit its regularization proposal to
relevant authorities for approval.

The Bourse warned that it may suspend trading of the Company's
listed securities on August 7, 2006, if the Company fails to
submit the Plan by July 31.

                    About Polymate Holdings

Headquartered in Selangor Malaysia, Polymate Holdings Berhad
-- http://www.polymate.com.my/-- is engaged in the  
manufacturing and marketing of lead acid batteries for the
automotive and related industries.  It is also engaged in the
manufacturing and dealing of plastic articles and products,
corrugated carton boxes and related products, manufacturing and
trading of door closers and trading of building materials,
investment holding and provision of corporate and financial
support services.  The Group operates in Malaysia, Australia,
New Zealand and Europe.

Polymate Holdings is in the process of working out possible
plans to regularize its condition.  Operations in its
subsidiaries will be revived when a workable restructuring
scheme is formalized with its lenders and when fresh working
capital can be injected into the operations.  On April 28, 2006,
Bursa Malaysia Securities Berhad publicly reprimanded and
imposed a total fine of MYR84,000 on Polymate Holdings Berhad
for breach of the Bourse's Listing Requirements.  This was
followed by another public reprimanded on May 26, 2006.

Meanwhile, Polymate says that it is still negotiating with its
lenders to restructure the Group's credit facilities and is
working on various schemes to regulate its financial position.


SETEGAP BERHAD: Court Extends Restraining Order Until October 23
----------------------------------------------------------------
On July 25, 2006, the High Court of Malaya - Kuala Lumpur
granted Setegap Berhad a restraining order until October 23,
2006.

As reported in the Troubled Company Reporter - Asia Pacific on
June 21, 2006, the High Court had extended an Interim
Restraining Order granted to the Company on April 27, 2006, to
July 25, 2006.

The Restraining Order allows the Company to implement its debt
restructuring plan, which was announced on January 11, 2006.

The Plan consists of a proposed:

   -- debt settlement of all outstanding debt owed by the
      Company to its secured lenders and trade creditors for a
      total of MYR87.6 million;

   -- exchange of Setegap shareholders' ordinary shares of
      MYR1.00 each with Newco, or new company, shares on the
      basis of one Newco share for every five existing Setegap
      shares;

   -- transfer of listing status to Newco; and

   -- disposal by the Newco of the entire issued and paid-up
      capital of Setegap for a nominal consideration of MYR1.00.

                      About Setegap Berhad

Headquartered in Petaling Jaya, Malaysia, Setegap Berhad's
principal activities consist of the construction and maintenance
of roads, railways and building, including services rendered on
quarrying.  The Company's other activities include manufacturing
and selling offroad construction equipment, asphalt plants,
mixing plants, asphalt emulsions and premix.  The Group also
provides mechanical and electrical services, leases machinery
and investment holding.  Setegap's cash flow and profitability
were adversely affected by the Asian financial crisis in
1997/98.  In August 1999, Setegap had sought the assistance of
the Corporate Debt Restructuring Committee on the restructuring
of its MYR95.29-million debt.

The Company entered into a debt restructuring agreement with its
creditors in October 2000.  However, the October 2000 debt
restructuring agreement was technically in default in 2003 due
to the Company's unsuccessful attempts to raise funds to
regularize its debt problems.

Setegap and its subsidiaries suffered losses for the past four
consecutive financial years, since the financial year ended
December 31, 2002, leading to a negative unaudited shareholders'
fund of MYR98.25 million as of Dec. 31, 2005.  On November 11,
2005, Bursa Securities had served the Company with a notice to
show cause on the delisting of the securities of the Company.  
Without a scheme to regularize its financial position, Setegap
will risk being delisted.  On February 24, 2006, Bursa Malaysia
required the Company to submit its proposed regularization plan
to relevant authorities to avoid de-listing procedures.

As of March 31, 2006, the Company's balance sheet showed
MYR71,401,000 in total assets and MYR176,007,000 in total
liabilities, resulting in a stockholders' deficit of
MYR104,606,000.


* MIER Releases Report on Malaysian Economic Outlook
----------------------------------------------------
A recent study released by the Malaysian Institute of Economic
Research revealed that although the global economy continues to
remain steady, there are increasing concerns over downside
risks.

According to MIER, escalating tensions in the Middle East are
making matters worst, as oil prices jump to US$78 per barrel.  
Persistently high oil prices have fuelled inflationary pressures
in developed countries.  To contain the inflationary threat,
many central banks have raised interest rates.  

The United States Fed raised interest rates again in late June
2006, at the expense of slower economic growth in late 2006 and
2007.  This will have a dampening effect on the global economy,
and Malaysia will not be insulated.  Export demand could
possibly be affected, leading to a moderation in the growth
pace.  Growth forecasts of many developed countries have been
revised downwards in view of higher energy prices and tighter
monetary policy, MIER said.

In the report, MIER noted that the Malaysian economy remains
stable with a growth of 5.3% in the first quarter of 2006. After
the reduction in oil subsidy in February 2006, the inflation
rate had jumped from 3.2% in January 2006 to 4.6% in April 2006.  
With the 12% hike in electricity tariff in June 2006, the
inflation rate may edge up further, notwithstanding a moderation
in May 2006.  Bank Negara had already increased the Overnight
Policy Rate in February 2006 and April 2006 to 3.5%, from 3% in
December 2005.  The real interest rate has become more negative
with the higher inflation rate.  Major economic indicators like
manufacturing output and exports, were growing moderately in May
2006.  The leading index, however, has remained somewhat flat.  
Private consumption growth had eased to 7.5% in 1Q/FY06, from
9.0% in 4Q/FY05.

MIER's surveys find that consumer sentiments have improved in
2Q/FY06, while business confidence is sustained, despite higher
oil prices and electricity tariffs.  Indicating a warm but
cautious business climate, the Business Conditions Index was
stable at 102.4 points in 2Q/FY06, from 102.5 points in 1Q/FY06.  
Better domestic and export orders have been able to partly
offset the rise in production costs.  Meanwhile, the Consumer
Sentiments Index rebounded to 104.2 points in 2Q/FY06, from a
low reading of 90.1 points in 1Q/FY06.  The two macro surveys
suggest that the economy could remain steady in the near term,
amidst expectations that conditions may cool down later in the
year.

The rise in the cost of living, due to higher oil and
electricity prices, will have a dampening effect on private
consumption, MIER disclosed.  This is made worse by the rise in
interest rates, which had taken place twice already this year.  
If inflationary pressures persist, Bank Negara could possibly
raise the interest rate further, since it is still below the
"neutral" level.  

Higher interest rate is also needed to address the negative real
interest rate gap and to narrow the interest rate differential
against the US rate.  The more encouraging prospect is for
investment to become more active with the commencement of the
9th Malaysia Plan, with the impact starting to kick-in in the
second half of 2006.  

The construction sector will get a boost from spending on
infrastructure projects, and this could offset some of the
emerging weaknesses in external demand, which could become more
evident in 4Q/FY06.

The greater concern is over export performance, if the external
environment slows down markedly in late 2006.  This has not been
reflected in Malaysia's export data till May 2006.  Although the
U.S. economy grew strongly in 1Q/FY06, signs of slowing down are
appearing, as the housing market calms and cautious consumers
are faced with higher interest rates and rising energy bills.

MIER surveys show that business and consumer confidence is still
holding up in 2Q/FY06.  But, the economic climate could cool
down later in the year as consumers become more cautious in
spending.  It will take awhile before plans from the 9MP
translate into actual investment activities. Private investment
might also moderate due to rising costs and higher interest
rates.  The fear is that as Malaysia's main export markets
decelerate, external demand would slacken, and this would also
impact on domestic activity.  

Taking into account the impending easing in the second-half of
2006, MIER is revising its GDP estimates for this year
marginally lower, to 5.2% from 5.5% previously.  Significant
revisions made on growth prospects of OECD countries for 2007
have compelled MIER to markedly lower Malaysia's GDP growth
forecast for 2007.  As the slowdown becomes more pronounced in
developed countries in 2007, with limited counterbalance from
domestic demand, Malaysia's GDP growth could ease to 4.8% next
year.


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

BANK OF PHILIPPINE ISLANDS: Reports 26.6% Rise in Q1 Net Income
---------------------------------------------------------------
The Bank of the Philippine Islands posted a net income of
PHP2.5 billion for the quarter ended March 31, 2006, according
to the Bank's quarterly report submitted to the Philippine Stock
Exchange.  The first quarter 2006 figure is 26.6% higher than
the PHP2-billion net income posted for the same quarter in 2005.

Net interest income for the 2006 first quarter increased by
PHP112 million or 2.5%, whereas interest expenses rose
PHP695 million or 26.6% due to higher volumes from both the
Prudential Bank merger and organic growth.  Interest expense on
deposits largely accounted for the interest expense increase
with PHP675 million or 27% increase on higher deposit base.  
Interest on borrowings grew PHP19 million or 16.8% as the share
of deposit substitutes to total borrowings increased.

Other income rose to PHP2.7 billion, which is 21.6% higher than
last year, mainly from the PHP539-million increase in income
from foreign exchange and securities trading as the Bank seized
opportunities to unload its securities inventory.  Service
charges and commissions were also up by PHP55 million due to
higher transaction volume.

Other Expenses' increase of PHP160 million was attributed to
higher compensation and fringe benefits cost (up by PHP242
million) and occupancy and equipment related expenses (up by
PHP180 million) on account of additional expenses from the ex-
Prudential Bank operations and computer equipment depreciation.

                   Key Performance Indicators

These ratios, applied on a consolidated basis, are used to
assess the performance of the Bank and its majority-owned
subsidiaries:

                                  March 31,      March 31,
                                    2006           2005
                                  ---------      ---------
     Return on Equity               17.7%          14.9%
     Return on Assets                2.0%           1.8%
     Net Interest Margin             4.4%           4.7%
     Operating Efficiency Ratio     52.0%          54.1%
     Capital Adequacy Ratio         16.3%          21.0%

Total resources as of March 31, 2006, stood at PHP503.8 billion,
4.8% lower than the PHP529.3-billion total resources as of the
previous quarter.  The drop was due to the PHP21.7-billion
decrease in deposits and PHP6.1-billion decrease in bills
payable.  Decreases were noted on all types of deposits with
time deposit showing the biggest drop of PHP15.1 billion.  Time
deposit placements were shifted to other products.

During the 2006 first quarter accrued taxes, interest and other
expenses payable decreased by 17.4% on lower volume of interest
bearing liabilities and actual payments of accrued expenses.  
Due to BSP and other banks and deferred credits and other
liabilities likewise dropped by 15.3% and 7.6%, respectively.

Capital funds were up by PHP3.9 billion or 6.5% largely due to
the 2006 first quarter net income and marked-to-market gains on
available for sale securities.  Paid-in surplus increased by
21.6% on payment of stock subscriptions.

The Bank's financial report for the quarter ended March 31,
2006, is available for free at:

   http://bankrupt.com/misc/BPI_17Q_Mar2006.pdf

Bank of the Philippine Islands -- http://www.bpi.com.ph/-- is  
the oldest bank in South East Asia and is the second largest
commercial bank in the Philippines in terms of assets, deposits,
loans and capital base in the year 2003.  The Bank has two major
products and services categories: the first covers its deposit
taking and lending/investment activities, while the second
covers income derived from all services other than deposit
taking, lending and investing, which are generally in the form
of commissions, service charges and fees.

Moody's Investors Service gave BPI a 'B1' Long-Term Bank
Deposits Rating effective February 16, 2005.

Fitch Ratings gave the bank an individual rating of 'C'
effective October 26, 2000.


EXPORT & INDUSTRY BANK: Board OKs Supplement to MOA with PDIC
-------------------------------------------------------------
Export & Industry Bank disclosed to the Philippine Stock
Exchange that, at its special Board of Directors' meeting on
July 14, 2006, the Board approved, confirmed and ratified the
Bank's execution of the Supplement to a Memorandum of Agreement
dated Dec. 29, 2005, between the Bank and the Philippine Deposit
Insurance Corp., among other parties.  The Supplement to the MoA
was executed on April 28, 2006.

The Supplement to the MoA embodies additional terms and
conditions of the rehabilitation package to be granted by PDIC
to the Bank, which include:

   -- the withdrawal of AO Capita Partners Ltd, Outperform
      Holdings Inc., and Safeharbor Holdings, Inc. as parties to
      the MOA; and

   -- the accession of LeadBancfund Holdings, Inc., Apex
      Bancrights Holdings Inc., Hilltop Pacific Inc., Medco Asia
      Investment Corp., Bountiful Bancresources Holdings, Inc.,
      Solid Payback Holdings Inc., Excalibur Holdings Inc. and
      Jaime C. Gonzalez, to the MoA.  They agree to be bound by
      the terms and conditions of the MoA as if they were
      original parties.

Headquartered in Makati City, Manila, Export and Industry Bank
-- http://exportbank.com.ph/-- has 50 branches and has revived  
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.  The
Bank is saddled with the PHP10 billion non-performing assets it
inherited from Urban Bank when the two banks merged in 2002.  

The TCR-AP reported on May 10, 2006, that Exportbank is
scheduled to complete a rehabilitation program, which was
proposed in order to reverse a 2005 net loss of PHP1.66 million,
by 2007.

In an agreement dated December 29, 2005, the Philippine
Deposit Insurance Corp. will extend annual financial aid of
PHP600 million to the Bank.


GOTESCO LAND: SEC Orders Payment of Penalty for Late Filing
-----------------------------------------------------------
In a disclosure to the Philippine Stock Exchange, Gotesco Land
Inc. reveals that the Company received a letter from the
Securities & Exchange Commission on July 25, 2006, ordering the
payment of PHP107,500 for the late filing of its 2005 Annual
Report on SEC Form-17A, as a result of the SEC's mandated
adoption of new accounting standards.

The Company will seek SEC approval to pay the penalty in 12
equal monthly installments.

                    About Gotesco Land Inc.

Gotesco Land, Inc., is the holding company of the Ever-Gotesco
Group of Companies for its property development projects.  The
Company was originally registered with the Securities and
Exchange Commission on August 28, 1935, as Surigao Consolidated
Mining Co. Inc.  The Company engaged in the exploration and
mining of gold, silver, copper and iron ores in Surigao del
Norte and Zamboanga del Sur.  It was later renamed as Gotesco
Land Inc. in May 1996 and converted into a holding firm by the
Ever-Gotesco Group.

Gotesco Land is currently engaged in several legal proceedings
with former employees, the Bureau of Internal Revenue, Siana
Gold Corp., and the Philippine Tourism Authority.

The Company has not declared any dividends for the last three
fiscal years.  In 2005, the Company's debt-to-equity ratio stood
at -280.83%, compared to -448.73% in 2004.

The Troubled Company Reporter - Asia Pacific reported on June 7,
2006, that after auditing Gotesco Land's financial report for
the year ended December 31, 2005, Laya Mananghaya & Co. raised
significant doubt on the Company's ability to continue operating
as a going concern due to its financial difficulties in
generating enough cash flow to meet obligations on time and
maintain operations.


MANILA ELECTRIC: 2Q Net Income Falls 31% to PHP1.12 Billion
-----------------------------------------------------------
Manila Electric Co. posted a 31.2% decline in its net income for
the second quarter 2006 at PHP1.12 billion against a PHP1.62-
billion net income for the same period last year, ABS-CBN News
states.

Meralco disclosed to the Philippine Stock Exchange, however,
that its second-quarter income was a significant turnaround from
its first-quarter net loss of PHP748 million, due to higher
sales.  The drop in net income was due to provisions for
probable losses on a rate restructuring case pending with the
Supreme Court, the Philippine Inquirer relates, citing XFN-Asia.

The Company's net profit for the first half of 2006 is pegged at
PHP367 million on revenues of PHP89.51 billion, compared to a
PHP583-million net loss for the same period last year.  Second-
quarter revenues grew 2.7% to PHP47.89 billion, while expenses
also increased 4.7% to PHP46.23 billion.

ABS-CBN reports that capital expenditures also grew in the
second quarter to PHP1.09 billion, and stood at PHP2.15 billion
as of June 30, 2006.

The Inquirer adds that Meralco set aside PHP1.6 billion in
provisions for the second quarter, as it awaits an SC decision
on a rate unbundling case.  It had appealed a lower court
decision to suspend a PHP0.17 per kilowatt-hour tariff increase,
but the Court of Appeals denied the appeal, and the Company
brought the case to the SC.

Meralco reported a 2.13% increase in sales to commercial clients
and industrial sales grew 1.23%, while residential sales dropped
4.21% on consumers' falling consumption due to rising
electricity prices.  The Company was able to reduce its power
leakages to 11.35% in the second quarter from 12.37% in 2005.

                       About Manila Electric

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility  
in the Philippines, providing power to 4.1 million customers in
metropolitan Manila and more than 100 surrounding communities.   
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

                          *     *     *

A March 31, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the Company posted a 79.7% decrease in its
2005 net losses to PHP411 million from PHP2.03 billion in 2004,
due to provisions for probable losses while awaiting a Supreme
Court final decision on a pending unbundling rate case, and the
adoption of new accounting standards.

The TCR-AP further stated on April 27, 2006, that the Company
filed a report with the Philippine Stock Exchange, indicating a
66.1% decline in its net loss from January to March 2006 to
PHP748 million, against a PHP2.2 billion loss for the same
period in 2005.

According to a subsequent TCR-AP report on April 24, 2006,
Manila Electric cannot seek a loan to expand its facilities
unless it repays outstanding short-term debts amounting to
around PHP4.7 billion.


* Philippines Issues US$750 Million in Sovereign Bonds
------------------------------------------------------
The Philippines sold a two-part sovereign bond worth
PHP39.11 billion with the reopening of its existing 2016 and
2031 dollar-denominated securities to finance its budget
deficit, ABS-CBN News reports, citing Reuters News.

The bonds, which were almost 17 times subscribed, had an initial
yield guidance of 7.56 to 7.62% for the bonds due in 2016, while
the 2031 bonds had a yield guidance 7.86 to 7.91%, however when
they attracted up to PHP646.83 billion in orders, the 10-year
bonds' yield guidance was lowered to 7.53 to 7.57% and the yield
guidance for the 25-year bonds was lowered to 7.82-7.84%, Malaya
News says.  Citigroup, Deutsche Bank and JP Morgan were
appointed as underwriters for the bond.

The Philippine Star, citing National Treasurer Omar Cruz, states
that the bond sale was the last for this year.  The Monetary
Board of the Bangko Sentral ng Pilipinas had approved the bond
sale in the second quarter this year, giving a PHP51.73-billion
ceiling for the global bond float.

Malaya relates that HSBC fixed income research chief Dilip
Shahani said that the timing of the bond offer was perfect, as
it was offered one day after President Gloria Macapagal Arroyo's
state of the nation address, which had proceeded smoothly.  
Manila Standard Today reveals that the Philippines is largely
dependent on domestic and foreign borrowings to fund an expected
PHP125-billion budget deficit, and the Government was slated to
raise PHP160.36 billion from foreign commercial sources and
PHP46.56 billion in official development aid from multilateral
lending firms this year.

The Government floated PHP108.63 in sovereign bonds last January
2006 to raise 70% of its commercial borrowing needs, but did not
raise the full amount since the budget deficit was lowered in
the first half of the year with increased sales tax collections
and controlled spending, the Standard adds.  ABS-CBN states that
the Philippines' 2005 budget deficit stood at PHP14.5 billion,
or 2.7% of gross domestic product.


* S&P Affirms BB- Senior Unsecured Rating on Bonds
--------------------------------------------------
Standard & Poor's Ratings Services had, on July 25, 2006,
affirmed its 'BB-' senior unsecured rating on the Philippines'
-- foreign currency BB-/Stable/B, local currency BB+/Stable/B --
bonds due in 2016 and 2031.  The Philippine government is
reopening the republic's 8% bond due in January 2016, and its
7.75% bond due in January 2031, and increasing the issue size by
a total of PHP38.88 billion.

S&P revised its outlook on the Philippine sovereign ratings for
to stable from negative in February 2006, reflecting improved
expectations on the prospects of policy continuity and adherence
to fiscal consolidation, following the full implementation of
the expanded VAT law, and an ameliorating political backdrop.  
"These developments point to an increased likelihood that
overall deficit reduction and fiscal rationalization will
continue and deepen, even as risks such as a resurgent political
instability, implementation, and administrative weaknesses could
persist," said S&P credit analyst Agost Benard.

The principal factor constraining the ratings on the Philippines
is its high public and external debt levels and the accompanying
impairment of fiscal flexibility.  The net general government
debt is estimated at about 70% of GDP, compared with the median
48.5% for similarly rated sovereigns.  This debt level
significantly restricts discretionary spending, not least owing
to the large proportion of expensive commercial borrowings.  
Thus, while decreasing from a peak of 38.4% in 2004, interest
payments as a share of government revenue are still among the
highest at over 30%.  The creditworthiness of the Philippines is
also constrained by a narrow tax base, which is a main
contributing factor to its weak public finances.  
Notwithstanding recent improvements, tax revenues are a low
13.5% of GDP, compared with 17% in 1997.

The Philippines' fiscal outcomes for the first half of 2006 were
better than expected, however, on improved revenue collection
and a decision not to lower VAT on oil, but to reduce the import
duty on oil instead.  The 2006 deficit target of 2.1% of GDP
should be easily met and even outperformed, given that
expenditure is constrained to 2005's level owing to Congress's
failure to pass the 2006 budget.  Even as revenues gradually
rise, the fiscal outlook could be vulnerable due to politicking
in the lead-up to the 2007 congressional elections, and the need
to substantially increase spending--in particular capital
expenditure--to boost future growth prospects.

The outlook and ratings on the Philippines could benefit if
fiscal and public sector reforms, including privatization of the
electricity sector, become sufficiently entrenched to effect a
material decline in government debt.  That would ease external
vulnerability, given that almost one-half its debt is
denominated in foreign currency.  If, however, the process
lapses or becomes derailed by political imperatives, the outlook
could again come under downward pressure.


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

COMSERV PTE: Intends to Pay Dividend on August 4
------------------------------------------------
Comserv Pte Limited notifies parties-in-interest of its
intention to distribute dividend to creditors on August 4, 2006
at the office of the Assistant Official Receiver.

The Assistant Official Receiver can be reached at:

         Chan Wang Ho
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


DIGILAND INTERNATIONAL: Notes Changes in Shareholders' Interests
----------------------------------------------------------------
Digiland International noted a series of changes to the
percentage level of interest of its substantial shareholders as
of July 25, 2006.

DBS Bank Limited and DBS Group Holdings Ltd have decreased their
holdings from 12.37 % to 11.25%.   The decrease was due to
Digiland's allotment and issuance of Rights Shares and Warrants
that increased the Company's issued and paid-up capital from
6,962,960,130 to 7,659,256,143.  

DBS Holdings is deemed to have an interest in the 11.25% stake
in Digiland through its wholly owned subsidiary, DBS Bank Ltd.  
The number of shares held by DBS Bank remains unchanged at
861,577,255.  DBS Holdings held 861,577,255 deemed shares before
the change with 12.37 % of issued share capital. After the
change, it holds 861,577,255 shares with 11.25 % of issued share
capital.

Vincent Tan Kim Yong, also a substantial shareholder has
increased his holdings from 5,068,310,000 to 5,575,140,250
shares.  The percentage level remains the same with 72.79%.  
Dr. Vincent also holds 2,027,321,000 Warrants after the Rights
Issue.

Meanwhile, Temasek Holdings (Private) Limited has also decreased
its percentage level from 12.37 % to 11.25 %.  This was due to
Digiland's listing and quotation of 696,296,013 Rights Shares on
July 18, 2006.

As reported by the Troubled Company Reporter- Asia Pacific, on
July 19, 2006, Digiland allotted and issued 696,296,013 rights
shares and 2,785,184,052 warrants pursuant to its rights issue.

Temasek Holdings held 861,577,255 deemed shares before the
change with 12.37 % issued share capital. After the change, it
holds 861,577,255 shares with 11.25 % issued share capital.  

             About Digiland International Limited

Digiland International Limited -- http://www.digiland.com.sg/--  
is a major distributor of IT products and provider of IT
services in the Asia-Pacific.  The Digiland International group
of Companies was set up initially as the distribution arm of GES
International Limited to handle sales, marketing and
distribution of GES products, specifically the Datamini brand of
Personal Computer, designed and manufactured by GES
International Limited.  It was renamed Digiland International
Private Ltd in 1998 and has since expanded geographically to
cover most countries in Asia-Pacific.  The Company has been
reporting a string of losses in the recent years due to the
negative impact of the highly cyclical nature of the computer
industry.  Sales were adversely affected by the shortening
product cycles of IT products and downward pressure on selling
prices as newer and more technologically advanced products enter
mass production.  Aside from recurring losses, the Company's
subsidiaries have also been bombarded by wind-up petitions filed
by creditors.

  
KOREA LEASING: Accepting Proofs of Debt Until August 4
------------------------------------------------------
Liquidators of Korea Leasing (Singapore) Private Limited will be
receiving proofs of debt from the Company's creditors until
August 4, 2006.

Failure to file proofs of debt by the deadline will exclude any
creditor from sharing in any distribution the Company will make.

The liquidators can be reached at:

         Wee Aik Guan
         Chaly Mah Chee Kheong
         c/o Deloitte & Touche
         6 Shenton Way, #32-00
         DBS Building Tower Two
         Singapore 068809


LEGACY HOLDINGS: Enters Wind-Up Proceedings
-------------------------------------------
On July 19, 2006, the members of Legacy Holdings (Indonesia) Pte
Ltd held a general meeting and agreed to:

   -- wind up voluntarily the Company's operations;

   -- appoint Mdm Chia Lay Beng as liquidator; and

   -- indemnify the liquidator against all costs, charges,
      losses, expenses and liabilities incurred or sustained by
      her in the execution and discharge of her duties in
      relation thereto.

Creditors are required to prove their debts by August 22, 2006,
to Liquidator Chia Lay Beng, for them to share in any
distribution the Company will make.

The Liquidator can be reached at:

         Chia Lay Beng
         1 Scotts Road
         #21-07/08/09 Shaw Centre
         Singapore 228208


QNITY NETWORKS: Creditors' Proofs of Debt Due on August 4
---------------------------------------------------------
Qnity Networks Pte Ltd notifies creditors of its intention to
pay dividend as ordered by the High Court of Singapore.

Creditors are requested to file their proofs of claim by
August 4, 2006, for them to share in the Company's dividend
distribution

The liquidators can be reached at:

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


SEE HUP SENG: Inks Deal with Speedo Corrosion
----------------------------------------
See Hup Seng Limited has on July 25, 2006, entered into a sale
and purchase agreement to acquire all the issued ordinary shares
of Speedo Corrosion Control Pte Ltd from the latter's sole
shareholder, CT Holdings Pte Limited.

The purchase consideration for the proposed Acquisition is
S$3,500,000, which was arrived at on a willing seller willing
buyer basis.

The acquisition of Speedo Corrosion would allow See Hup Seng to:

     -- enlarge the Group's operating capacities to take
        advantage of the thriving marine and offshore
        industries;

     -- maximize the synergies from the combined strength of the
        Company and Speedo Corrosion in the area of corrosion
        prevention;

     -- take over the contract rights of Speedo Corrosion for
        immediate contribution to the Company's business in the
        current financial year;

     -- acquire an experienced and skillful workforce in
        addition to the existing team of the Company; and

     -- take over a profitable operation that will contribute
        significantly to the Group's business after acquisition.

                    About Speedo Corrosion

Speedo Corrosion is a company incorporated in Singapore.  It
specializes in the business of contractors and consultants of
corrosion control services principally for the marine and
offshore industries.  The unaudited net profit after tax for the
six months ending June 30, 2006, of Speedo Corrosion is SGD0.9
million.

                   About See Hup Seng Limited

See Hup Seng Limited -- http://www.seehupseng.com.sg/-- is  
engaged in the provision of corrosion prevention services
through a range of marine and industrial blasting and coating
methods.  Its other activities are the provision of tank
cleaning, painting and coating, ship repair, shipbuilding and
scaffolding services, trading and manufacturing of blasting and
painting equipment and investment holding.  The Group is
domiciled in Singapore and markets its products and services
domestically and in the People's Republic of China, Hong Kong
and Cayman Islands.   

The Group's balance sheet as of December 31, 2005, revealed
strained liquidity, with SGD12.8 million in current assets
available to pay SGD28.5 million of current liabilities coming
due within the next 12 months.  As of December 31, 2005, the
Group incurred accumulated losses of SGD28 million.

As reported in the Troubled Company Reporter - Asia Pacific on
May 24, 2006, See Hup Seng Limited's auditors, Messrs Moore
Stephens, highlighted a going concern issue for the Company
after auditing its financial statements for the year ended
December 31, 2005.  According to the Auditor, the ability of the
Group and the Company to continue as going concerns is dependent
on these factors:

   * successful completion of the proposed debt restructuring  
     exercise;

   * reduction of discretionary operating costs and disposal  
     of non-core assets; and

   * the generation of significant positive cash flows.


SUN-AEM PLATING: Creditors' Meeting Scheduled on July 31
--------------------------------------------------------
The creditors of Sun-Aem Plating Services Pte Ltd will hold a
meeting on July 31, 2006, at 4:00 p.m., at 138 Cecil Street
#18-00 Cecil Court in Singapore.

During the meeting, creditors will be asked to:

   -- receive the liquidator's report on the Company's assets
      and liabilities to-date;

   -- propose and approve the rate of first and final  
      distribution to unsecured creditors; and

   -- resolve that the books and records of the Company and of
      the liquidator be destroyed immediately after the date of
      dissolution of the Company.

Creditors are asked to lodge a proxy form by July 28, 2006, at
5:00 p.m., in order to vote at the said meeting.

The liquidator can be reached at:

         Tow Juan Dean
         c/o PlanAssure PAC
         138 Cecil Street #18-00
         Cecil Court
         Singapore 069538


VINARICH PTE: Creditors' Proofs of Claims Due by August 21
----------------------------------------------------------
Creditors of Vinarich Private Limited are required to prove
their debts or claims not later than August 21, 2006, for them
to share in any distribution the Company will make.

The liquidators can be reached at:

         Chia Soo Hien
         Ng Geok Mui
         c/o BDO Raffles
         5 Shenton Way
         #07-01 UIC Building
         Singapore 068808


===============
T H A I L A N D
===============


THAI NAM: Earns THB82.3-Million Net Profit in Ended Dec.31
--------------------------------------------------------------
Thai Nam Plastics Public Company Limited submitted to the Stock
Exchange of Thailand its financial report for the fiscal year
ending December 31, 2005.

The Company's 2005 consolidated income statement shows a net
profit totaling THB82.334 million, which is a turnaround
compared with the THB44.305-million net loss in 2004.

Thai Nam's consolidated balance sheet shows improvements in
its liquidity position.  As of December 31, 2004, Thai Nam's and
its subsidiaries' current liabilities total THB817.320 million,
compared with their total current assets of THB629.292 million.  
As of December 31, 2005, consolidated total current liabilities
were down to THB672.35 million, while current assets increased
to THB681.433 million.

As of December 31, 2005, Thai Nam recorded THB1,493,654,346 in
total assets and THB1,332,984,812 of total liabilities,
resulting to total equity of THB160,669,534.

The Company's auditor, Praphasri Leelasupha of Sam Nak-Ngan
A.M.C. Co., Ltd, said that a debt restructuring agreement
amended on Dec. 19, 2005, relieved Thai Nam of most of its long-
term liabilities.

A full-text copy of the Company's financial report for the year
ending December 31, 2005, is available for free at:

   http://bankrupt.com/misc/TNPCE2.xls

                          *     *     *

Headquartered in Samutsakorn Province, Thailand, Thai Nam
Plastics Public Company Limited -- http://www.thainam.com/--  
manufactures and distributes plastic coated products in
Thailand.  Products include PVC flexible film/sheet with
printing and embossing, PVC flexible film/sheet for pool
lining, artificial and sponge leather, floor covering mats and
car mats.

The company is in the process of paying debt following a revised
rehabilitation plan which was approved during the Company's
shareholders meeting on January 17, 2006.


                            *********

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.  Catherine Gutib, Valerie Udtuhan, Francis
Chicano, Erica Fernando, Reiza Dejito, Freya Natasha Fernandez,
and Peter A. Chapman, Editors.

Copyright 2006.  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 $575 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 $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***