TCRAP_Public/060728.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  

              Friday, July 28, 2006, Vol. 9, No. 149

                            Headlines

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

ALCOXPORTS (AUST): Creditors Tap Ferrier Hodgson Liquidators
ARA DEVI: Members Decide to Liquidate Business
BARRY JUPP MOTORS: Receiver and Manager Steps Aside
BEAUTIZONE CARAVANS: Members to Receive Wind-Up Report
CARCOR PTY: Members Appoint Official Liquidator

FORTESCUE METALS: Plans to Issue Bonds Worth AU$2.53 Billion
GIRRAWEEN PTY: Liquidator Moloney to Present Wind-Up Report
HUON CORPORATION: FRN Workers End Strike
INVESTMENT PROPERTY: Enters Wind-Up Proceedings
J. & J. B. Holdings: Members Opt to Close Operations

J. KALIS EXCAVATIONS: Appoints Joint and Several Liquidators
KIRKBY LODGE: Placed Under Voluntary Wind-Up
LITERARY HOLDINGS: Members and Creditors to Get Wind-Up Report
MARARA PTY: Names David Robinson as Liquidator
MICHAEL MALOUF: Members Decide to Shuts Down Operations

NORTH COAST: Members to Receive Wind-Up Report on August 12
OIL TOYS: Shuts Down Business Operations
PHILLIPS INVESTMENTS: Members to Receive Wind-Up Report
PLUTEUS (AUST) EXPORTS: Creditors Appoint Liquidators
PRIMELIFE CORPORATION: Liquidator Appointed to McKinnon Scheme

PULP JUICE BARS: Enters Voluntary Wind-Up
RINGWOOD M. TEN: Creditors Appoint V. R. Dye as Liquidator
ROBINSON'S INVESTMENTS: Undergoes Members' Voluntary Wind-Up
S & S VACONDIOS: de Vries Tayeh Named Official Liquidators
SIDERO CONSTRUCTIONS: Appoints Several & Joint Liquidators

SIMOCO PACIFIC: Liquidator Nicol to Receive Wind-Up Report
VIPWOOD PTY: To Declare First and Final Dividend
WESTPOINT GROUP: Mr. Carey Denies "Control of Millions"
WYEGRIP PTY: Members Decide to Close Firm
* Fitch Wins Major NSW Credit Rating Contract

* NZ Reserve Bank Leaves Official Interest Rates Unchanged
* AU Government Changes Bankruptcy Laws


C H I N A   &   H O N G  K O N G

ALL-LINE LIMITED: To Wind-Up Business Operations
DICKSON GROUP: Wind-Up Petition Hearing Set on Aug. 30
CHAODA MODERN: Planned Investment Won't Affect S&P Ratings
EDWIN E & M: Names Joint and Several Liquidators
FUNG LI PLASTIC: Faces Wind-Up Proceedings

HIP HING TIMBER: Court Orders Wind-Up
KWAI HAI: Final Members' Meeting Set on Aug. 22
M.O. HOLDINGS: Court Sets Date to Hear Wind-Up Bid
MODENTEX INTERNATIONAL: Appoints Joint Liquidators
NICE SQUARE: Court Favors Wind-Up Petition

OCEAN GRAND: Court Grants Solvency Protection
PROSPERITY CHINA: Members to Receive Wind-Up Report
SANIC INTERNATIONAL: Members Final Meeting Slated on Aug.22
THOUSAND RICH: Court Issues Wind-Up Order
WINTAX COMPANY: Court to Hear Wind-Up Bid on Aug. 9

WOLFORD CHINA: Creditors' Meeting Set on July 31
YICK TUNG (CHINA): Liquidators to Present Wind-Up Report


I N D I A

GENERAL MOTORS: Books US$3.2-Billion Net Loss in Second Quarter
GENERAL MOTORS: DBRS Downgrades Long-Term Debt Ratings to B
GENERAL MOTORS: S&P Keeps Ratings on Watch Negative
INDUSTRIAL DEVELOPMENT: Moody's Assigns Ba2 Deposit Ratings
MYSORE CEMENTS: Revises Book Closure Date

* ASEAN Free-Trade Talks Not Dead, India Minister Says


I N D O N E S I A

MEDIA NUSANTARA: Moody's Places First-Time B1 Rating on Bonds
MEDIA NUSANTARA: S&P Issues B+ Senior Secured Debt Rating
* Government Swaps IDR2.36T Treasury Bonds to Restructure Debt


J A P A N

JAPAN AIRLINES: Court Dismisses Complaint Against Share Sale
LIVEDOOR CO: Ex-CEO's Lawyers Admit to Partial Fraud


K O R E A

HANA BANK: Partners With Franklin Templeton
HANA BANK: Savings and Loans Grow
KOREA EXCHANGE BANK: Prosecution Calls FSS Deputy Governor
LG TELECOM: Beats Out Bigger Rivals in Market Share Growth
LG TELECOM: Names Jung Il-jae as New President

WOORI BANK: Closes Gap with Larger Banks
* Financial Holdings Report Higher Consolidated Net Income


M A L A Y S I A

BUKIT KATIL: Total Default Amount Hits MYR73 Million
CHIN FOH: Trading Arm Faces Wind-Up Petition
CHIN FOH: Unit Disposes of Entire Equity Stake in Subsidiary
CHIN FOH: In Talks with White Knight on Revamp Plan
CHIN FOH: Public Spread Meets Listing Requirement

CONSOLIDATED FARMS: Passes All 23rd AGM Resolutions
METROPLEX BERHAD: HK Court to Hear Appeal Against Unit's Wind-Up
TRANSOCEAN HOLDINGS: Net Loss Shrinks to MYR0.22 Mln in 4Q/FY06


P H I L I P P I N E S

BANCO DE ORO: Fitch Affirms C/D Individual Rating
BANCO DE ORO: Scraps Equitable PCI Merger Plans
PHILODRILL CORP: Appoints Officers and Members to its Board
SECURITY BANK: Fitch Affirms BB Issuer Default Rating


S I N G A P O R E

COMSERV PRIVATE: Prepares to Pay Dividend to Creditors
HIAP KIAN HOE: Creditors Must Prove Claims by August 4
HIGHLAND PARTNERS: Accepting Proofs of Debt Until August 21
LA-STELLA PTE: Creditors' Proofs of Claim Due on September 22
MDR LIMITED: Notes Semitech Electronics' Change of Interest

REFCO INC: Inks Stipulation with Parties on Rule 2004 Motion
REFCO INC: Judge Drain Extends Removal Period to September 13
REFCO INC: Wants Court Approval on Fee Committee & Fee Protocol
SEE HUP SENG: H.K. Arm Takes 15% Equity Stake of GETZ South


T H A I L A N D

BANK OF AYUDHYA: Mulls to Issue US$150 Million To Aid Liquidity
TMB BANK: Eyes Vayupak Fund to Purchase 3 Billion Share
TRUE CORP: S&P Affirms 'BB' Long-Term Corporate Credit Rating
UNITED OVERSEAS: Fitch Affirms Individual Rating at C/D


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

ALCOXPORTS (AUST): Creditors Tap Ferrier Hodgson Liquidators
------------------------------------------------------------
During a creditors meeting held on July 5, 2006, it was resolved
that Alcoxports (Aust) Pty Limited be wound up.  On that date,
Max Christopher Donnelly and M. Kelly of Ferrier Hodgson were
appointed as iquidators.

The Liquidators can be reached at:

         Max Christopher Donnelly
         M. Kelly
         Liquidators
         Ferrier Hodgson
         Level 13, 225 George Street
         Sydney, New South Wales 2000
         Australia


ARA DEVI: Members Decide to Liquidate Business
----------------------------------------------
At an extraordinary general meeting on June 30, 2006, the
members of Ara Devi Pty Limited agreed to liquidate the
Company's business.

V. R. Dye was appointed as joint and several liquidator at the
creditors' meeting held that same day.

The Joint and Several Liquidator can be reached at:

         V. R. DYE
         Dye & Rennie Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia


BARRY JUPP MOTORS: Receiver and Manager Steps Aside
---------------------------------------------------
On July 4, 2006, Geoffrey Handberg ceased to act as receiver and
manager of all the property of Barry Jupp Motors Pty Limited.


BEAUTIZONE CARAVANS: Members to Receive Wind-Up Report
------------------------------------------------------
The members of Beautizone Caravans Pty Limited will hold a final
meeting on August 12, 2006, at 2:30 p.m., to receive the
Company's wind-up report and the manner of property disposal
from Liquidator Barry Alfred Bently.

The Troubled Company Reporter - Asia Pacific reported that
members commenced a wind-up of the Company's operations on
February 14, 2006.

The Liquidator can be reached at:

         Barry Alfred Bentley
         Bentley Brett & Vincent
         226 A Harbour Drive
         Coffs Harbour, New South Wales 2450
         Australia


CARCOR PTY: Members Appoint Official Liquidator
-----------------------------------------------
After their general meeting on June 29, 2006, the members of
Carcor Pty Limited decided to voluntarily wind up the Company's
operations.

Accordingly, Sule Arnautovic was appointed as liquidator.

The Liquidator can be reached at:

         Sule Arnautovic
         Jirsch Sutherland
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9233 2111
         Facsimile:(02) 9233 2144


FORTESCUE METALS: Plans to Issue Bonds Worth AU$2.53 Billion
------------------------------------------------------------
Fortescue Metals Group Ltd. plans to issue AU$2.53 billion worth
of senior secured notes, the proceeds of which will help finance
its iron ore mining business in Western Australia, WA Business
News reports

WA Business cites an official at sole lead manager Citigroup as
saying that the Fortescue notes, to be issued via FMG Finance
Ltd, will be denominated in dollars and euros.  However, final
maturities have not yet been decided but are likely to be seven
or 10 years, the Citigroup official says.

According to the Mining Journal, presentations to investors will
be held in:

   * Hong Kong and Singapore, starting July 26, 2006;
   * Europe, starting July 31, 2006; and
   * the United States, from August 3, 2006.

As reported in the Troubled Company Reporter - Asia Pacific on
March 27, 2006, Fortescue had been set to start its funding
campaign for its AU$2-billion iron ore mine project in the
Pilbara region.  As stated in the TCR-AP report, after letting
shareholder approvals lapse for the potential AU$400-million
share issue earlier in March, Fortescue had been considering a
range of funding initiatives, understood to include a
US$600 million-plus bond issue in the United States and the sale
of equity in both the mining and infrastructure operations of
the project.  Fortescue had handed over to Citigroup the job of
sourcing the debt component of the capital raising.

A subsequent TCR-AP report on July 20 stated that Fortescue
revealed that it has signed a Subscription Agreement with
Leucadia National Corporation for a US$400-million (AU$536
million) investment in the miner.

                      About Fortescue

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the  
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

In 2005, Fortescue's chief executive officer, Andrew Forrest,
admitted to a AU$500-million blowout on the cost of port and
rail infrastructure in the Pilbara Project because of price
hikes for steel, fuel, construction materials and contract
labor.  The Company also disclosed that the hampered progress of
the Pilbara Project brings in the possibility that the Company
may not meet its ore delivery schedule and pushes up costs at
resource developments across Western Australia.  In May 2005,
the Australian Stock Exchange pressured Fortescue to explain
matters about the project and to explain how the Company would
be able to dispose of its lower grade order for 95% of the price
obtained by rivals BHP Billiton and Rio Tinto for their top-
quality products.  The ASX then referred the matter to the
Australian Securities and Investments Commission, which
commenced a legal action against the Company.

The ASIC alleges that Fortescue is engaged in misleading and
deceptive conduct and has failed to comply with its continuous
disclosure obligations when it announced various contracts with
Chinese entities on Aug. 23 and November 5, 2004.  In
particular, Fortescue did not disclose that the Chinese parties
had not reached a concluded agreement on fundamental aspects of
the projects and they had merely agreed that they would in the
future jointly develop and agree on the "agreed" matters.  The
ASIC is seeking civil penalties of up to AU$3 million against
Fortescue.


GIRRAWEEN PTY: Liquidator Moloney to Present Wind-Up Report
-----------------------------------------------------------
An annual general meeting of the members of Girraween Pty.
Limited will be held on August 9, 2006, at 10:00 a.m.

During the meeting, Liquidator Moloney give his report on the
Company's wind-up and property disposal exercises.

The Troubled Company Reporter - Asia Pacific reported that the
Company commenced a members' vo,untary wind-up of its operations
on November 10, 2005.

The Liquidator can be reached at:

         Gregory Moloney
         c/o Ferrier Hodgson (Queensland)
         Chartered Accountants
         Level 7, 145 Eagle Street
         Brisbane Queensland 4000
         Australia


HUON CORPORATION: FRN Workers End Strike
----------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
July 27, 2006, workers at Huon Corp.'s factory in Frankston --
FRN -- were still waiting to clarify the details of a rescue
deal between Huon's administrators and its customers.  According
to the report, the FRN workers were still waiting for General
Motors Holden, another Huon customer, to sign the rescue deal
for the car parts manufacturer.

The TCR-AP stated that the FRN workers refused to make Holden
parts, thus, the FRN plant was still off-line as of July 26,
while workers at Huon's two factories -- Empire Rubber and Mills
Elastomers -- have already ended their strike action after the
rescue package was finalized.

A follow-up report from The Courier-Mail on July 27 relates that
the FRN workers have already started work after Holden fully
committed to the AU$10-million rescue package for Huon.

The rescue package -- which gained the signatures of Huon
customers Ford and Toyota, among seven major automotive
companies -- will allow Huon's plants to operate for a further
three months.  About 100 redundant workers will also receive
payments as part of the package, as efforts to secure their
entitlements continue.

Moreover, 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.

"Now it is all about the Supreme Court action," The Courier-Mail
cites NUW spokeswoman Di Lloyd as saying.

An earlier TCR-AP report had stated that Huon Corp.'s
administrators took Supreme Court action against managing
director John Schulz and other directors, seeking to
recover more than AU$30 million in entitlements owed to workers
at the Company's three factories.  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.

A mediation session is scheduled for July 31, 2006, in the
Victorian Supreme Court, The Courier-Mail notes.

                          *     *     *

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.


INVESTMENT PROPERTY: Enters Wind-Up Proceedings
-----------------------------------------------
Members of Investment Property Holdings Pty Limited convened on
June 30, 2006, and resolved to wind up the Company's operations.

David Michael Wyatt subsequently appointed as liquidator.

The Liquidator can be reached at:

         David Michael Wyatt
         1st Floor, 2A Hillview Road
         Eastwood, New South Wales 2122
         Australia


J. & J. B. Holdings: Members Opt to Close Operations
----------------------------------------------------
At a general meeting on June 30, 2006, the members of J. & J. B.
Holdings Pty Limited resolved to close the Company's business
operations and distribute the proceeds of its assets disposal.

Subsequently, Mark Christopher Hall and Timothy James Clifton
were appointed as liquidators.

The Liquidators can be reached at:

         Mark Christopher Hall
         Timothy James
         Clifton Chartered Accountants
         Level 10, 26 Flinders Street
         Adelaide, Australia


J. KALIS EXCAVATIONS: Appoints Joint and Several Liquidators
------------------------------------------------------------
On June 30, 2006, J. Kalis Excavations Pty Ltd named Riad Tayeh
and Antony de Vries as joint and several liquidators.

The Liquidators can be reached at:
   
         Riad Tayeh
         Antony de Vries
         Joint and Several Liquidator
         de Vries Tayeh
         c/- Level 3, 95 Macquarie Street
         Parramatta, New South Wales
         Australia


KIRKBY LODGE: Placed Under Voluntary Wind-Up
--------------------------------------------
The members of Kirkby Lodge Pty Limited held a general meeting
on June 30, 2006, and agreed to voluntarily wind up the
Company's operations.

Liquidator Robert P. Whitehouse had begun distributing the
Company's assets on July 24, 2006, to the exclusion of creditors
who were not able to prove their claims.

The Liquidator can be reached at:

         Robert P. Whitehouse
         Wise Lord & Ferguson
         Chartered Accountants
         1st Floor, 160 Collins Street
         Hobart Tasmania 7000
         Australia
         Telephone:(03) 6223 6155


LITERARY HOLDINGS: Members and Creditors to Get Wind-Up Report
--------------------------------------------------------------
The members and creditors of Literary Holdings Pty Limited will
hold a final meeting on August 9, 2006, at 10:30 a.m., to
receive the Liquidator G.A. Lopez's wind-up report.

The Troubled Company Reporter - Asia Pacific reported that the
Company has commenced a wind-up of its operations on March 13,
2006.

The liquidator can be reached at:

         G. A. Lopez
         Jones Condon
         Chartered Accountants
         Unit 44B Level 1
         Piccadilly Square West
         7 Aberdeen Street
         Perth, Western Australia 6000
         Australia


MARARA PTY: Names David Robinson as Liquidator
----------------------------------------------
The members of Marara Pty Limited held a general meeting on
June 30, 2006, and agreed to wind up the Company's business
operations.

In this regard, David Robinson was appointed as liquidator.

The Liquidator can be reached at:

         David Robinson
         Harveys
         Chartered Accountants
         Level 3, 2 Bulletin Place
         Sydney, New South Wales 2000
         Australia


MICHAEL MALOUF: Members Decide to Shuts Down Operations
-------------------------------------------------------
On June 29, 2006, the members of Michael Malouf Investments Pty
Limited passed a special resolution to wind up the Company's
business operations.

Subsequently, M. J. Fitzpatrick was appointed as liquidator.

The Liquidator can be reached at:

         M. J. Fitzpatrick
         c/o KPMG
         Level 30, Central Plaza One
         345 Queen Street
         Brisbane, Queensland 4000
         Australia


NORTH COAST: Members to Receive Wind-Up Report on August 12
-----------------------------------------------------------
A final meeting of the members of North Coast Caravans Pty
Limited will be held on August 12, 2006, at 3:30 p.m.

During the meeting, Liquidator Bentley will give final accounts
of the Company's wind-up and property disposal exercises.

As reported by the Troubled Company Reporter - Asia Pacific, the
members met on February 14, 2006, and decided to wind up the
Company's operations.

The Liquidator can be reached at:

         Barry Alfred Bentley
         Bentley Brett & Vincent
         226A Harbour Drive
         Coffs Harbour, New South Wales 2450
         Australia


OIL TOYS: Shuts Down Business Operations
----------------------------------------
At an extraordinary general meeting on June 28, 2006, the
members of Oil Toys Limited resolved to wind up voluntarily the
Company's operations.

Subsequently, Kim Wallman was appointed as liquidator.

The Liquidator can be reached at:

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


PHILLIPS INVESTMENTS: Members to Receive Wind-Up Report
-------------------------------------------------------
The members of Phillips Investments Pty Limited will convene on
August 12, 2006, at 12:30 p.m., to receive the Liquidator Barry
Alfred Bentley's report regarding the Company's wind-up and
property disposal activities.

The Troubled Company Reporter - Asia Pacific reported that the
Company commenced a wind-up of its operations on February 16,
2006.

The Liquidator can be reached at:

         Barry Alfred Bentley
         Bentley Brett & Vincent
         226A Harbour Drive
         Coffs Harbour, New South Wales 2450
         Australia


PLUTEUS (AUST) EXPORTS: Creditors Appoint Liquidators
-----------------------------------------------------
Creditors of Pluteus (Aust) Exports Pty Limited convened on
July 5, 2006, and resolved to wind up the Company's operations.  

Accordingly, the creditors appointed Max Christopher Donnelly
and M. Kelly as liquidators.

The Liquidators can be reached at:

         Max Christopher Donnelly
         M. Kelly
         Liquidators
         Ferrier Hodgson
         Level 13, 225 George Street
         Sydney, New South Wales 2000
         Australia


PRIMELIFE CORPORATION: Liquidator Appointed to McKinnon Scheme
--------------------------------------------------------------
The Federal Court of Australia has appointed a liquidator to an
unregistered managed investment scheme involving the McKinnon
Mews Hostel formerly known as Claremont Terrace, and Primelife
Corporation Limited after proceedings brought by the Australian
Securities and Investments Commission.

The Orders, dated July 24, 2006, appointed Colin Nicol of
McGrath Nicol as liquidator of the Scheme as well as trustee and
manager of the partners to the Scheme -- the Kastabon and Novena
Syndicates.

ASIC explains that it sought the appointment of a liquidator
after the independent accountant found:

   (a) omissions and deficiencies in the Scheme accounts;

   (b) potential conflict between members about their
       contributions to the Scheme; and

   (c) disputed liabilities between the manager of the Scheme
       and Primelife.

ASIC's Executive Director of Enforcement Jan Redfern relates
that ASIC supported Court orders giving the parties and members
of the Scheme almost 10 months to come up with an alternative
method to wind it up.  However, there were no suitable
alternatives given the findings of the independent accountant,
Ms. Redfern explains.  Thus, all parties agreed to the
appointment of the liquidator.

The Court reserves its decision about preventing a Primelife
subsidiary from rescinding or terminating a contract of sale
because investors may forfeit their deposit on the purchase of
the property.  The restraint was sought for a period of time to
enable the liquidator to determine whether he should bring
proceedings in relation to the property, ASIC explains.

As reported in the Troubled Company Reporter - Asia Pacific on
October 7, 2004, the Federal Court in Melbourne made orders in
relation to applications by ASIC to appoint an investigative
accountant to review the affairs of 37 investment schemes
connected with Primelife.

Ms. Redfern assures investors in the schemes that it will
continue to obtain both proper disclosure and protective rights
over the scheme assets.

Ms. Redfern reiterates that ASIC's proceedings should not cause
any disruption to the residents of the retirement villages and
aged care facilities operated by Primelife, including McKinnon
Mews.

ASIC advises that it has now finalized 12 of the proceedings,
involving the winding up of six schemes.  

There are a further 12 proceedings where orders have been made
for the winding up of the relevant schemes and either the
Independent Accountant is preparing his report or the parties
are formulating proposals for the manner in which the schemes
should be wound up, ASIC notes.

                        About Primelife

Headquartered in Melbourne, Australia, Primelife Corporation --
http://www.primelife.com.au-- develops and manages properties  
catering to a wide range of senior living needs, including
independent retirement living, serviced apartments, aged care or
low care hostels and high care nursing homes, and in-home care.
  
Primelife almost skidded into insolvency when, on September 23,
2004, the Australian Securities and Investments Commission filed
37 proceedings in the Federal Court of Australia seeking, among
other things, orders that an investigating accountant be
appointed over managed investment schemes under Primelife to
report to the Federal Court to ascertain the position of each of
the schemes.  ASIC also applied for the schemes to be wound up.

ASIC alleged that the schemes are not registered, as required
under the Corporations Act.  ASIC brought the Federal Court
proceedings against Primelife and a number of other defendants
including parties who, ASIC alleges, have been involved in
promoting and managing the schemes to a large number of
investors since 1997.   

The unregistered schemes are undergoing or were completely wound
up starting October 2005.  The Company had currently resolved
most of the legal issues and was turning the corner after a
couple of years.


PULP JUICE BARS: Enters Voluntary Wind-Up
-----------------------------------------
Members of Pulp Juice Bars (Franchising) Pty Limited convened on
July 4, 2006, and resolved to voluntarily wind up the Company's
operations.

Subsequently, Martin John Green was appointed as liquidator.

The Liquidator can be reached at:

         Martin John Green
         Liquidator
         GHK Green Krejci, Level 13
         1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


RINGWOOD M. TEN: Creditors Appoint V. R. Dye as Liquidator
----------------------------------------------------------
At an extraordinary general meeting on June 30, 2006, the
members of Ringwood M. Ten Pty Limited resolved to wind up the
Company's operations.

V. R. Dye was appointed as joint and several liquidator at the
creditors' meeting held that same day.

The Joint and Several Liquidator can be reached at:

         V. R. Dye
         Dye & Rennie
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia


ROBINSON'S INVESTMENTS: Undergoes Members' Voluntary Wind-Up
------------------------------------------------------------
The members of Robinson's Investments Pty Limited met on
June 30, 2006, and passed a special resolution to wind up the
Company's business operations and distribute the proceeds of its
assets disposal.

The liquidator can be reached at:

         Darren Timothy Barnes
         32 Charles Street
         South Perth,  Western Australia 6151
         Australia


S & S VACONDIOS: de Vries Tayeh Named Official Liquidators
----------------------------------------------------------
Members of S & S Vacondios Pty Limited convened on June 30,
2006, and appointed Antony de Vries and Riad Tayeh as joint and
several liquidators.

The Liquidators can be reached at:

         Antony de Vries
         Riad Tayeh
         Joint and Several Liquidators
         de Vries Tayeh
         c/o Level 3, 95 Macquarie Street
         Parramatta, New South Wales
         Australia


SIDERO CONSTRUCTIONS: Appoints Several & Joint Liquidators
----------------------------------------------------------
Antony de Vries and Riad Tayeh were appointed as joint and
several liquidators of Sidero Construction Group on June 30,
2006.  

They can be reached at:

         Antony de Vries
         Riad Tayeh
         Joint and Several Liquidator
         de Vries Tayeh
         c/o Level 3, 95 Macquarie Street
         Parramatta, New South Wales
         Australia


SIMOCO PACIFIC: Liquidator Nicol to Receive Wind-Up Report
----------------------------------------------------------
The members and creditors of Simoco Pacific Holdings Pty Limited
will convene on August 8, 2006, at 10:00 a.m., to get an account
of the manner of the Company's wind-up and property disposal
from Liquidator Colin Nicol.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company declared its first and final dividend on April 5, 2006.

The Liquidator can be reached at:

         Colin Nicol
         McGrathNicol+Partners
         Level 8, IBM Centre
         60 City Road, Southbank
         Melbourne Victoria 3006
         Australia
         Telephone:(03) 9030 3162
         Web site: http://www.mcgrathnicol.com


SOUTHERN ALUMINUM: Members Pass Wind-Up Resolution
--------------------------------------------------
At a general meeting of the members of Southern Aluminum Pty
Limited on July 3, 2006, it was agreed that a voluntary wind-up
of the Company's operations is appropriate and necessary.

In this regard, J. P. Cronin and W. J. Harris were appointed as
liquidators.

The Liquidators can be reached at:

         J. P. Cronin
         W. J. Harris
         Liquidators
         c/o McGrathNicol+Partners
         Level 32, Central Plaza One
         345 Queen Street, Brisbane
         Queensland 4000, Australia
         Telephone: (07) 3333 9800
         Web site: http://www.mcgrathnicol.com/


VIPWOOD PTY: To Declare First and Final Dividend
------------------------------------------------
Vipwood Pty Limited will declare its first and final dividend on
July 31, 2006, to the exclusion of creditors who cannot prove
their claims by July 27, 2006.

As reported by the Troubled Company Reporter - Asia Pacific, the
the Company declared its first and final dividend on March 24,
2006.

The liquidator can be reached at:

         B. J. Marchesi
         Bent & Cougle Pty Ltd
         Chartered Accountants
         332 St Kilda Road
         Melbourne Victoria 3004
         Australia


WESTPOINT GROUP: Mr. Carey Denies "Control of Millions"
-------------------------------------------------------
The Australian Securities and Investments Commission alleges
that Westpoint founder Norman Phillip Carey has the power to
distribute millions of dollars to disgruntled investors by
winding up companies over which he has retained control, The
Australian relates.

However, Mr. Carey, who is still under Federal Court
examination, asserts that he is unaware of any of those powers,
The Australian says.

According to the paper, ASIC lawyer Stephen Owen-Conway reveals
that the agency had discovered 21 companies controlled by Mr.
Carey that had not been placed under the control of external
administrators.

The Australian relates that during a Court examination on
July 25, Mr. Owen-Conway said that in January 2006, Melbourne-
based Kis Realty, of which Mr. Carey is the ultimate
shareholder, held more than AU$1 million in net assets.

"Assuming that is still the case, you could wind Kis up and
distribute that to shareholders," Mr. Owen-Conway asserted.  He
further asked Mr. Carey, "[t]hat's within your power, isn't it?"

But Mr. Carey was uncertain, despite being a qualified
accountant, The Australian says.

The paper also notes that Mr. Carey claimed not to have any
liability for the multi-million-dollar penthouse he lives in, or
the luxury cars he drives.

Mr. Carey's questioning continues.

                Redchime Computer Files Deleted

However, according to another report from The Australian, Mr.
Carey's cross-examination has been delayed until the relevance
of certain deleted documents to his questioning can be
determined.

According to the paper, more than 27,000 files have been deleted
from the computer system of Redchime -- a subsidiary of
Westpoint.  The deletion was revealed in the Federal Court as
Westpoint's receiver, Brian McMaster, sought to gain access to
information in the deleted files.

Details have already been taken off the Redchime computer
system, but until July 26, 2006, receivers were not permitted to
get access to documents relating to Mr. Carey.

In a Court affidavit, Mr. McMaster disclosed that only 13,000 of
the deleted files were restored.

More than 4,000 of the deleted files contained references to Mr.
Carey.  However, it could not be established who had deleted
them, The Australian says.

Mr. Carey's lawyer, Terry Clavey, asserted that "[t]here was no
sinister motive connected to the deletion of files on this
computer system."

Redchime is included in ASIC's legal action against Mr. Carey,
Westpoint directors Graeme Rundle, Richard Beck, and John Dixon,
as well as other subsidiaries, The Australian notes.

                    About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group -
- http://westpoint.com.au/-- is engaged in property development  
and owns or manages retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings.  The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.  
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years.  These wind-up actions are
still continuing.

In February 2006, a wind-up order was issued by the Federal
Court in Perth against Westpoint Corporation Pty Ltd.  The ASIC
had applied to wind up the company on grounds of insolvency.
The ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.  
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.  The
Westpoint Group's collapse is considered by many as the largest
of its type in recent years, with small investors being the
biggest group affected.  Investors are currently joining forces
to commence a class action against Westpoint and its advisors.


WYEGRIP PTY: Members Decide to Close Firm
-----------------------------------------
On June 30, 2006, the members of Wyegrip Pty Limited convened
and decided to wind up the Company's operations.

Christopher J. Palmer was subsequently appointed as liquidator.

The Liquidator can be reached at:

         Christopher J. Palmer
         Level 4, Currency House
         23-25 Hunter Street
         Sydney, New South Wales 2000
         Australia


* Fitch Wins Major NSW Credit Rating Contract
---------------------------------------------
Fitch Ratings wins a major contract with the New South Wales
Treasury to rate more than 20 government business entities in
NSW, Australia.  This is the first time the contract is awarded
to a rating agency other than the previous provider.

"The contract reflects the growing awareness in Australia of the
quality of Fitch's analysis, and the company's commitment to
maintaining the highest standards of credit research," Andrew
Smith, Managing Director for Australia and New Zealand says.

"This assignment complements similar work we have done for the
Victorian and Queensland Treasuries.  Fitch now rates the
majority of applicable government-owned corporations in the
eastern mainland states, covering the electricity and water
utilities, ports, transport and land development sectors," Mr.
Smith relates.

The ratings are done as part of Australia's National Competition
Policy.  Because the states can raise funds at extremely
attractive interest rates, these funds could be on-lent to the
corporations at rates that would not be achievable were they
privately owned.

The ratings are a private assessment of what the corporations
would be rated without the benefit of state-government
ownership, to determine what an appropriate margin or guarantee
fee should be applied to the corporations' borrowing, to ensure
a level playing field with the private sector.


* NZ Reserve Bank Leaves Official Interest Rates Unchanged
----------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
July 26, 2006, that, according to Bloomberg News, Reserve Bank
Governor Alan Bollard will probably leave the official cash rate
at 7.25% on June 27, 2006, and for the rest of the year.

In an update, The Age relates that, as widely expected, Governor
Bollard left the OCR at 7.25% and warns that it would be "some
time" before an easing could be considered, adding that the
Reserve Bank is buying time to see whether the slowing economy
will cool inflation pressure.

The Age recounts that the OCR has been at this level since
December 2005 as the Reserve Bank seeks to return inflation to
its 1-3% target range from the 4% annual rate hit in the June
quarter.

According to the Australian Associated Press, Mr. Bollard says
that "[w]hile second-round wage and price effects remain a risk,
we do not expect to have to tighten the OCR further in this
cycle.  However, a sustained period of adjustment in domestic
spending is necessary, and it will be some time before an easing
in the OCR can be considered."

A rebalancing of economic activity -- away from domestic demand
and towards exports and import substitution -- is expected to
continue and would help to alleviate domestic inflation
pressures, the AAP says, citing Mr. Bollard.

Mr. Bollard explains that the rebalancing will be supported by
the weaker New Zealand dollar exchange rate and ongoing upward
pressure on effective mortgage rates.  He further explains that
foreign interest rate trends and domestic market expectations
are also working to support New Zealand's domestic policy
stance.

The AAP notes that most economic commentators now see little or
no chance of an OCR cut before March, with several seeing a risk
it could be further away than that.

ASB Bank also says that it expects the first OCR cut in March,
but the odds of it being pushed out to the June quarter were
increasing, The AAP relates.

BNZ also notes that its central forecast was that the cash rate
would stay where it was until March or April but the balance of
risks was increasingly tilting to a much-delayed response.

"The (Reserve) Bank is clear that in the event that inflation
expectations push higher or domestic demand fails to soften, to
the extent that the Bank has forecast, then it may again be
forced into action," BNZ said.

If, as BNZ suspected, the unemployment rate fell and wage
pressures remained intense in August, the Reserve Bank would be
kept on the back foot, The AAP says.

The AAP relates that BNZ maintained its view that annual CPI
inflation would not drop below 3% until June 2008 and not fall
to the mid point of the target band in the foreseeable future.

The AAP also cites ANZ, which predicted an easing cycle to begin
in March, saying that the Reserve Bank looked to be implicitly
wary of a string of soft data pending in August.

While headline inflation will stay high into early 2007, the
real economy, particularly domestic demand, would be
considerably weak, ANZ says.

The AAP further cites Deutsche Bank saying that it suspected the
resilience seen in the housing market continued to be a
significant source of angst for the Reserve Bank.

Deutsche continues to think inflation would not fall as quickly
as was generally assumed, including by the Reserve Bank, but
conditions for inflation to fall away substantially in 2008
would be firmly in place by April, The AAP says.

According to Westpac the risk to its March forecast for the
first OCR cut remained skewed a later start, while Citigroup is
looking for consecutive reductions between June and December
2007 taking the OCR to 6%, The AAP notes.


* AU Government Changes Bankruptcy Laws
---------------------------------------
The Federal Government has announced legislative changes that
will allow bankruptcy trustees to recover money from people who
make superannuation contributions to deliberately avoid
creditors, the Australian Associated Press reports.

According to Attorney-General Philip Ruddock and Assistant
Treasurer Peter Dutton, laws would be tightened to ensure that
out-of-character super contributions were not made just to avoid
being paid back to creditors, AAP relates.

It follows a High Court decision which cast doubt over the
ability of trustees to re-claim super contributions under the
Bankruptcy Act, AAP says.

Messrs. Ruddock and Dutton explain that genuine super
contributions would not be affected but the super payment
history of a potential bankrupt would now be examined.

The AAP relates that there are also changes to debt agreements,
which are a low-cost system under the Bankruptcy Act for people
with small and ultimately re-payable debts.

Under the changes:

   (a) debt agreement administrators will be licensed;

   (b) there will be regulation of the fees charged by those
       administrators; and

   (c) streamlined procedures will be introduced for dealing
       with defaults.

"These reforms will boost confidence in the system and protect
vulnerable debtors by ensuring that debt agreements are used
only where the debtor can make an affordable offer to
creditors," the AAP cites Mr. Ruddock, as saying.


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

ALL-LINE LIMITED: To Wind-Up Business Operations
------------------------------------------------
The High Court of Hong Kong issued a wind-up order against
All-Line Ltd on June 12, 2006.

According to the Troubled Company Reporter - Asia Pacific, Lam
Pui Ling filed the wind-up petition before the Court on May 12,
2006.


DICKSON GROUP: Wind-Up Petition Hearing Set on Aug. 30
------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Dickson Group Holdings Ltd on August 30, 2006.

The petitioner, Deloitte Touche Tohmatsu, filed the petition
with the Court on June 30, 2006.

The solicitors for the petitioner can be reached at:

         Adrian J. Taylor
         Oldham, Li & Nie, Solicitors
         Suite 503, St. George's Bldg
         2 Ice House Street, Central
         Hong Kong
         Telephone: 2868 0696
         Facsimile: 2810 6796


CHAODA MODERN: Planned Investment Won't Affect S&P Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services on July 26, 2006, disclosed
that its rating on Chaoda Modern Agriculture (Holdings) Ltd
(BB/Stable/--) would not be affected by a Company announcement
that it is planning to invest in Hong Kong-listed Innomaxx
Biotechnology Group Ltd.
     
Standard & Poor's believes the proposed transaction will have a
minimal impact on Chaoda's cash flow protection measures, given
the small size of the acquisition.  Chaoda is expected to invest
up to HKD120 million, accounting for less than 5% of its cash on
hand.  The rating reflects expectations that the Company will
remain focused on its core agriculture business.  If it deviates
from its declared business strategy, the rating or outlook may
be reviewed.
     
Chaoda is executing its business plan in line with expectations.  
In the first half of fiscal 2006, -- year-end June 30 -- its
revenue grew 22% while its EBITDA margin remained strong, at
more than 50%.  As a result of a convertible bond issue in 2006,
its credit protection ratios should weaken.  However, on a net
debt basis, Standard & Poor's expects the company's ratios to
remain adequate for the current rating.

                         *     *     *

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.

As reported by the Troubled Company Reporter - Asia Pacific on
July 27, 2006, 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.


EDWIN E & M: Names Joint and Several Liquidators
------------------------------------------------
On July 5, 2006, Wong Man Chung, Francis and Wong Wai Man, Cliff
were appointed joint and several liquidators to oversee the
wind-up of Edwin E & M Engineering Ltd.

The Joint Liquidators can be reached at:

         Wong Man Chung
         19th Floor, No.3 Lockhart Road
         Wanchai, Hong Kong


FUNG LI PLASTIC: Faces Wind-Up Proceedings
------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Fung Li Plastic Manufactory Ltd on August 16, 2006, at 9:30 in
the morning.

Tang Yap Kwan submitted the petition before the Court on
June 19, 2006.

The solicitor for the petitioner can be reached at:

         Joe Poon
         For Director of Legal Aid
         34/F., Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


HIP HING TIMBER: Court Orders Wind-Up
-------------------------------------
The High Court of Hong Kong ordered the wind-up of Hip Hing
Timber Co. Ltd on July 12, 2006.

The Troubled Company Reporter - Asia Pacific reported that on
May 12, 2006, the Court received a wind-up petition against the
Company from Tang Man Kit.


KWAI HAI: Final Members' Meeting Set on Aug. 22
-----------------------------------------------
The members of Kwai Hai Development Ltd will convene for their
final meeting at Room 2310-11, Shun Tak Centre West Tower, 200
Connaught Road Central, Hong Kong on August 22, 2006, at 11:00
in the morning.

During the meeting, Liquidator Yang Zhiquiang will present a
report on the Company's wind-up and property disposal exercises.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on May 22, 2006.


M.O. HOLDINGS: Court Sets Date to Hear Wind-Up Bid
--------------------------------------------------
The High Court of Hong Kong will hear the wind-up petition
against M.O. Holdings Ltd on August 2, 2006, at 9:30 in the
morning.

Guangdong International Trust & Investment Corp Hong Kong
(Holdings) Ltd filed the petition with the Court on June 6,
2006.

The solicitor for the petitioner can be reached at:

         Tanner De Witt
         2308, Tower Two, Lippo Centre
         89 Queensway, Hong Kong
         Telephone: 2573 5000
         Facsimile: 2802 3553


MODENTEX INTERNATIONAL: Appoints Joint Liquidators
--------------------------------------------------
On June 28, 2006, Wong Man Chung, Francis and Wong Wai Man,
Cliff were appointed joint and several liquidators to oversee
the wind-up of Modentex International Ltd.  

The joint liquidators can be reached at:

         Wong Man Chung
         19th Floor, No.3 Lockhart Road
         Wanchai, Hong Kong


NICE SQUARE: Court Favors Wind-Up Petition
------------------------------------------
Nice Square Group on July 12, 2006, received a wind-up order
from the High Court of Hong Kong.

According to The Troubled Company Reporter - Asia Pacific, Chau
Sau Lan filed the petition before the Court on May 17, 2006.


OCEAN GRAND: Court Grants Solvency Protection
---------------------------------------------
Ocean Grand Holdings Ltd and its wholly owned subsidiary, Ocean
Grand Chemicals, have sought protection from creditors at the
High Court of Hong Kong, The South China Morning Post reports.

According to the paper, the Company and its subsidiary obtained
a Court order to appoint Deloitte Touche Tohmatsu as provisional
liquidator to protect their assets while authorities continue to
investigate on the recent fraud case involving the group.

The Troubled Company Reporter - Asia Pacific reported on
July 27, 2006, that the investigators discovered a total of
CNY842 million were missing from the bank accounts of Ocean
Grand's subsidiaries, prompting the Group to seek solvency
protection.

Moreover, the Post express that the amount of misappropriated
assets might reach HKD1.2 billion.

Meanwhile, Ocean Grand Holding's chairman, Yip Kim-Po made a
public apology to the staff, shareholders and creditors of the
Company who according to him "made losses during the event", The
Standard says.

Mr. Yip said that he was "sad" about the cessation of the
Company's operation due to accounting irregularities.

Bloomberg News notes that Company's shares have been suspended
since July 17, after losing 44% in its last two weeks of trading.

                          *     *     *

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 27,
2006, that the investigators conducting a prove on the Group's
accounts discovered a total of CNY842 million missing from the
bank accounts of Ocean Grand's subsidiaries and that the group was
unable to pay immediate debts exceeding HKD261 million.

                          *     *     *

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'.


PROSPERITY CHINA: Members to Receive Wind-Up Report
---------------------------------------------------
The members of Prosperity China Trading Co Ltd will be receiving
Liquidator Choi Wai Kin's report on the Company's wind up and
property disposal exercises.

The Liquidator will make the presentation on August 15, 2006,
10:30 a.m. at Rooms 501-3 Hang Seng Bldg, 77 Des Voeux Road
Central, Hong Kong.


SANIC INTERNATIONAL: Members Final Meeting Slated on Aug.22
-----------------------------------------------------------
The final meeting of the members of Sanic International Ltd will
be held on August 22, 2006, 10:00 in the morning at 35th Floor,
One Pacific Place, 88 Queensway, Hong Kong.

At the meeting, members will be receiving Joint Liquidators Lai
Kar Yan and Darach Haughey's report on the Company's wind-up.


THOUSAND RICH: Court Issues Wind-Up Order
-----------------------------------------
The High Court of Hong Kong issued a wind-up order against
Thousand Rich Ltd on July 12, 2006.

A petition to wind up the Company was received by the court on
May 12, 2006.


WINTAX COMPANY: Court to Hear Wind-Up Bid on Aug. 9
---------------------------------------------------
On June 8, 2006, Cheng Yin Hung filed before the High Court of
Hong Kong a wind-up petition against Wintax Company Ltd.

The Court will hear the petition on August 9, 2006, at 9:30 in
the morning.

The solicitor for the petitioner can be reached at:

        Chan, Leung & Co.
        Office 804, 8th Floor
        Man Yee Bldg, No 68
        Des Vouex Road Central
        Hong Kong


WOLFORD CHINA: Creditors' Meeting Set on July 31
------------------------------------------------
Creditors of Wolford China Ltd are to convene on July 31, 2006,
at 1711 North Tower, Concordia Plaza, No. 1 Science Museum Road,
Tsimshatsui, Kowloon, Hong Kong.

Creditors will discuss about wind-up matters during the meeting.


YICK TUNG (CHINA): Liquidators to Present Wind-Up Report
--------------------------------------------------------
Joint Liquidators Lai Kar Yan and Darach E. Haughey will be
presenting a report on Yick Tung (China) Bonded-Warehousing &
Trading Co Ltd's wind-up proceedings.

The presentation will be made at the final members' meeting of
the Company on August 22, 2006, 10:15 in the morning at 35th
Floor, One Pacific Place, 88 Queensway, Hong Kong.


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

GENERAL MOTORS: Books US$3.2-Billion Net Loss in Second Quarter
---------------------------------------------------------------
General Motors Corp. reported a net loss of US$3.2 billion for
the second quarter of 2006, compared with a reported loss of
US$987 million, for the year-ago quarter.

The net loss for the quarter included a total of US$4.3 billion
in special items that reflected a previously announced
US$3.7 billion after-tax charge related to the successful
accelerated attrition program, in which 34,400 hourly employees
participated.  Other special items included a loss related to
the pending sale of 51% of GMAC, a gain on the disposition of
Isuzu stock, and restructuring charges.

GM posted 2006 second-quarter adjusted net income, excluding
special items, of US$1.2 billion on record revenue of
US$54.4 billion.  This reflects a US$1.4 billion improvement
from the year-ago adjusted loss of US$231 million on revenue of
US$48.5 billion.

"With the support of our employees, unions, dealers, suppliers
and stockholders, we are moving rapidly and aggressively to
address our challenges and restructure GM for future success,"
said Rick Wagoner, GM chairman and chief executive officer.
"It's rewarding to see our automotive business return to
profitability on an operating basis and a clear sign that we're
on the right track, but there is more work to be done."

Wagoner also said the success of the accelerated attrition
program in the United States, along with other cost initiatives,
led GM to increase its structural cost reduction target in North
America to US$9 billion from US$8 billion on an average annual
running rate basis by the end of 2006.

"Our turnaround has not just gained traction, it's accelerating
into high gear," Mr. Wagoner said.  "While significant work
still remains, our ability to identify and initiate US$9 billion
in cost cuts over the course of the past year is unprecedented
in this industry.

"We're particularly pleased with the speed with which our people
have implemented our turnaround plan.  Conventional wisdom is
that you can't turn a ship as big as GM around quickly.  We aim
to prove that conventional wisdom wrong."

                   GM Automotive Operations

GM's global automotive operations earned US$362 million on an
adjusted basis, excluding special items, representing an
improvement of US$1.3 billion year-over-year.  This is due
primarily to significant improvement in GM North America and
continued profitability improvement in other regions.

GM's global market share in the second quarter was 13.8%, up
from the first quarter market share of 13.1%, but down from
15.1% last year.  The change in global market share is largely
attributable to last year's highly successful employee discount
incentive program in North America and lower fleet sales in
Europe.

"We know we have to develop and build great cars and trucks to
grow our business and we're encouraged by the recent success of
our newest vehicles, particularly in the United States market,"
Mr. Wagoner said.  "Our new full-size SUVs, the Chevrolet Impala
and HHR, and Pontiac G6 have all posted strong sales this
quarter.  Our newly launched vehicles will account for about 30%
of our U.S. retail sales this year and grow to 40% next year."

GM North America posted an adjusted net loss of US$85 million,
excluding special items, in the second quarter of 2006, a
US$1.1 billion improvement over the prior year period.  The
improvement is attributable to reductions in GM's cost base
across a broad range of activities, including improvement in
warranty and other quality-related costs and a reduction in
ongoing pension expense, due largely to the success of the
hourly attrition program.

The attrition program and other cost initiatives have enabled GM
to increase its structural cost reduction target in North
America. GM expects to realize approximately US$6 billion in
cost savings in 2006, up from the previously announced
US$5 billion.  A major contributor to this improvement is the
April 30 remeasurement of the U.S. hourly pension plans, which
will result in a pre-tax pension expense reduction of about
US$700 million for the 2006 calendar year.

"We have made solid progress in implementing our North America
turnaround plan in the first half, posting more than
US$2 billion worth of improvements at GMNA, excluding special
items," Mr. Wagoner continued.  "More significantly, the impact
of our cost-reduction efforts on the bottom line will accelerate
in the second half. This, combined with building sales momentum
from our new cars and trucks and improved marketing, should
enable us to continue to improve year-over-year results
significantly."

GM Europe posted adjusted earnings, excluding special items, of
US$124 million for the quarter, an improvement of US$94 million
compared with earnings of $30 million in the second quarter of
2005.  The improved earnings reflect favorable material costs
and improvements in pricing.

"Our European operations continue to gain momentum, posting a
second consecutive profitable quarter, excluding special items,"
Mr. Wagoner said.  "We are pleased with Saab's global market
performance, posting a sales increase of 24% for the first half
of the year, and the continued growth of the Chevrolet brand in
Europe.  We are also encouraged by the response to the new
Opel/Vauxhall Corsa, unveiled at the recent London Motor Show
and scheduled to arrive in showrooms this fall."

On an adjusted basis, excluding special items, GM Asia Pacific
posted earnings of US$167 million in the second quarter, down
slightly from last year's earnings of US$183 million.  The
difference is more than accounted for by the loss of equity
income from Suzuki following the reduction in GM's equity stake.  
Market share in the region increased to 6.7% in the second
quarter of 2006, up from 6.2% during the second quarter of 2005,
driven by strong sales in China.

GM Latin America, Africa and Middle East posted adjusted
earnings, excluding special items, of US$156 million, a
significant increase of US$131 million compared with last year's
second quarter results of US$25 million.  This reflects an
increase in volume and improved pricing.

                               GMAC

General Motors Acceptance Corporation reported record net income
of US$898 million for the second quarter of 2006, up
US$82 million from second quarter 2005 earnings of
US$816 million.  GMAC's mortgage business, ResCap, reported
increased results, while the Automotive Finance and Insurance
businesses reported lower earnings.

"GMAC continues to perform well despite pressure on profit
margins from rising interest rates," Wagoner said.  "We remain
on track to complete the sale of 51% of GMAC to a consortium of
investors in the fourth quarter."

GMAC's Automotive Finance operations reported earnings of
US$251 million, down US$115 million from US$366 million earned
in the second quarter of 2005.  The decrease is due to a
combination of continued margin pressures, lower remarketing
results in the U.S. and Canada and higher consumer credit
provisions, slightly offset by certain favorable non-U.S. tax
rate changes and increases in investment income.

ResCap earnings were US$547 million in the second quarter of
2006, up from the $300 million earned in the year-ago period,
due primarily to the US$259 million gain on sale of its equity
investment in a regional homebuilder.  Excluding the gain on
sale, ResCap earnings declined slightly in comparison to the
same period last year.  Mortgage originations were US$47 billion
for the second quarter, representing an increase from the
$42.6 billion in the second quarter of last year.

GMAC's insurance operations generated net income of
US$80 million for the quarter, down US$20 million from earnings
of US$100 million in the second quarter of 2005, primarily due
to a combination of lower capital gains and wholesale losses
incurred in the quarter related to hail storms in the Midwest.  
In addition, GMAC's insurance operations maintained a strong
investment portfolio, with a market value of US$7.7 billion on
June 30, 2006, including after-tax net unrealized capital gains
of US$545 million.

GMAC provided a significant source of cash flow to GM through
the payment of a $1.4 billion dividend in the second quarter.  
GMAC continues to maintain adequate liquidity with cash reserve
balances at June 30, 2006 of US$22.7 billion, including
US$17.2 billion in cash and cash equivalents and US$5.5 billion
invested in marketable securities.

                       Cash and Liquidity

GM continues to bolster its liquidity position, a key element to
fund the North America turnaround plan.  GM generated adjusted
operating cash flow of US$700 million in the second quarter of
2006, a more than US$2 billion improvement versus the year-ago
period.  Cash, marketable securities, and readily-available
assets of the Voluntary Employees' Beneficiary Association trust
totaled US$22.9 billion on June 30, 2006, up from
US$21.6 billion on March 31, 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.


GENERAL MOTORS: DBRS Downgrades Long-Term Debt Ratings to B
-----------------------------------------------------------
Dominion Bond Rating Service downgraded the long-term debt
ratings of General Motors Corporation and General Motors of
Canada Limited to B.  The commercial paper ratings of both
companies are also downgraded to R-3 (low) from R-3.

   * Commercial Paper Downgraded R-3 (low) Neg
   * Long-Term Debt Downgraded B Neg
   * Convertible Debentures Downgraded B Neg
   * Ind. Dev. Empower. Zone Rev. Bds., S2004 Downgraded B Neg
   * Long-Term Debt Downgraded B Neg

The trends remain Negative.  These rating actions are not
related to an assessment of GM's financial profile but rather a
consequence of the Company's completion of the amendment to its
revolving credit facility such that borrowings under the amended
credit facility will be on a secured basis.  This has placed all
current unsecured debts of the Company in a subordinated
position to this amended facility, thereby reducing the credit
protection of the unsecured creditor.

DBRS's downgrade of the unsecured debt of GM reflects this
subordination.  DBRS previously announced its intention to take
such rating actions once the credit facility was amended.

This rating action does not affect the ratings of General Motors
Acceptance Corporation or Residential Capital Corporation and
their related subsidiaries at this time.  The ratings of GMAC
and ResCap are currently under review with developing
implications pending the sale of a controlling interest to a
consortium led by Cerberus Capital Management.

If the sale is completed as expected, DBRS anticipates that the
ratings of GMAC and ResCap will be decoupled from GM, and
thereby the ratings of the unsecured debt of GMAC and ResCap
will not be affected by the subordination issue.  If the sale
does not materialize by the fourth quarter of 2006, DBRS will
take the appropriate rating action at that time.

                      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.


GENERAL MOTORS: S&P Keeps Ratings on Watch Negative
---------------------------------------------------
Standard & Poor's Ratings Services, on July 26, 2006, said that
all of its ratings on General Motors Corporation -- including
the 'B' corporate credit rating, but excluding the '1' recovery
rating -- remain on CreditWatch with negative implications,
where they were placed March 29, 2006.

The CreditWatch update follows GM's announcement of second
quarter results and other recent developments involving its bank
facility and progress on the GMAC sale.  Cost savings sharply
improved GM's second quarter North American net income --
excluding substantial special items such as charges of
US$3.7 billion after-tax related to attrition programs --
compared to the same period in 2005.  Lower warranty accruals,
which can be volatile, accounted for part of the improvement.
Higher raw material and freight costs overwhelmed higher revenue
per unit.

Still, S&P expects that GM's North American operations will
benefit from the recognition of cost savings in the third and
fourth quarters of 2006.  S&P remains concerned, however, about
the potential for negative revenue and product mix developments
in North America for the remainder of 2006 in light of high gas
prices and an unstable pricing environment.  Market share
losses, and the need to execute other aspects of the cost-
savings plan such as plant closings, also remain concerns.

The most pressing near-term issue remains GM's exposure to its
former unit and important supplier, Delphi.  S&P expects GM's
ratings to remain on CreditWatch for the next month or longer
because court hearings on Delphi's motion to reject its labor
contracts were adjourned until August 11, and hearings on
Delphi's request to reject unprofitable supply contracts with GM
have been postponed also until August 11.  The rating agency
expects Delphi, the United Auto Workers, and GM to continue
negotiations out of court, however.  Delphi's attrition program
also experienced strong acceptance rates, and a lower Delphi
headcount is likely to be an important factor toward resolving
GM's exposure to the Delphi situation.  

GM recently closed on its new US$4.48 billion secured bank deal,
which is considered an incremental positive for its liquidity.
Even prior to establishment of the new bank facility, we
believed GM's liquidity was adequate to meet near-term funding
requirements, including payments to participants in the
accelerated attrition program.  At June 30, 2006, the automotive
cash and short-term VEBA balance was US$22.9 billion, up from
the end of the first quarter of 2006 and the end of fiscal 2005.  
A satisfactory letter related to GMAC's liability for GM's
pension obligations, needed for the pending sale of a 51% stake
in GMAC, has been received from the Pension Benefit Guaranty
Corp.

                      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.


INDUSTRIAL DEVELOPMENT: Moody's Assigns Ba2 Deposit Ratings
-----------------------------------------------------------
Limassol, July 27, 2006 -- Moody's Investors Service has
assigned a financial strength rating of D- and long- and short-
term foreign currency deposit ratings of Ba2/Not-Prime to
Industrial Development Bank of India Limited.  All ratings have
stable outlooks.  The bank's existing Baa2 foreign currency
senior unsecured debt rating is unaffected by this action.

Moody's said that the new ratings have been assigned following
IDBI's conversion into a Banking Company from a Development
Financial Institution, in October 2004, by virtue of the
Industrial Development Bank (Transfer of Undertaking and Repeal)
Act 2003.  This transformation has allowed IDBI to add
commercial banking activities to its traditional term financing
operations.  To accelerate its transformation into a universal
bank, IDBI also merged with its smaller private sector
commercial banking subsidiary, IDBI Bank.  This transaction was
approved by the Reserve Bank of India in April 2005.

The D- FSR reflects the bank's stand-alone financial strength
and balances IDBI's much-improved asset quality and modest
economic capitalization against its weak profitability.  It
factors not only the potential for franchise development created
by the integration of the commercial and development banking
activities but also the difficulties likely to be encountered
along the way.

According to Moody's, the D- FSR is constrained by the bank's
current weak earning capacity, characterized by a negative net
interest margin.  IDBI carries a significant volume of expensive
funding, contracted during periods of high interest rates, while
the yield on assets has been depressed by the restructuring of
high-yield loans to industrial borrowers.  The bank hopes to
restore margins through continued asset growth and the
refinancing of expensive funding through deposits.  Its
conversion into a commercial bank allows IDBI to garner low-cost
savings and current account deposits to reduce the overall cost
of funds.  Meanwhile, Moody's anticipates that a government
subsidy and strong bad debt recoveries will keep the bank's
profitability at marginal levels.

In Moody's opinion, IDBI should be able to benefit from India's
favorable macroeconomic environment to grow its project finance,
corporate and retail banking assets over the medium term.
However, the rating agency notes that collecting sufficient low-
cost funds will prove more challenging.  In assessing IDBI's
franchise development potential, Moody's takes into
consideration the negative impact of a high employee turnover
following the integration of the private sector banking
subsidiary into its public sector parent and balances this
against the bank's planned distribution network growth, from the
current 172 branches to 500 branches by March 2008.  Network
expansion is crucial to IDBI's efforts to grow its low-cost
deposit base.

Moody's added that the D- FSR factors IDBI's improved asset
quality.  The bank has benefited from the transfer of
INR90 billion -- approximately US$2 billion -- in net non-
performing loans to the Stressed Assets Stabilisation Fund -- a
government-sponsored entity -- in the financial year ending
September 2004, in exchange for 20-year non-interest bearing
bonds.  The bank has since written off a significant volume of
provisioned NPLs.  Moody's is of the opinion that the quality of
loans granted since 2001 is stronger than the older loans to
commodity industries.

IDBI's Ba2/NP foreign currency deposit ratings impute the
likelihood of government support in case of need and are
situated at the country ceilings for such deposits in India.

In conclusion, Moody's stresses that the bank's ability to
maintain the D- FSR will depend on continued strong asset
quality and steady bad debt recoveries.  Any upward pressure on
the rating would require a material recovery in the bank's net
interest margins and in overall earning capacity.

IDBI Limited is headquartered in Mumbai, India, and at the end
of March 2006 had total assets of INR885.6 billion (US$19.8
billion).


MYSORE CEMENTS: Revises Book Closure Date
-----------------------------------------
Mysore Cements Limited has revised its book closure date for the
purpose of the Company's 47th Annual General Meeting on
September 11, 2006.

Under the amendment, the Company's Register of Members & Share
Transfer Books will remain closed from September 1 to
September 11, 2006, instead of the original schedule.

The Troubled Company Reporter - Asia Pacific had reported on
June 1, 2006, that Mysore Cements' Register of Members & Share
Transfer Books will be closed from September 16 to September 30,
2006.

                       About Mysore Cements

Mysore Cements Limited, an S K Birla group company, was
incorporated in technical and financial collaboration with
Kaisers of the United States.  Mysore Cements mostly
manufactures ordinary and pozzolona varieties of portland
cement.  The company has plants in Karnataka and Madhya Pradesh
and a grinding unit in Uttar Pradesh.  The Company has been
declared as a sick entity by the Board for Industrial and
Financial Reconstruction due to the complete erosion of its net
worth.  To date, the Company has an accumulated loss of
INR461 crore.


* ASEAN Free-Trade Talks Not Dead, India Minister Says
------------------------------------------------------
Free-trade negotiations between India and the Association of
South-East Asian Nations are still on, the Associated Press
reports, citing Indian deputy minister of defense Rao Inderjit
Singh.

Mr. Singh refuted media reports that the ASEAN has suspended
free-trade agreement talks with India, the AP says.

The Troubled Company Reporter- Asia Pacific reported on July 27,
2006, that the FTA discussions have become difficult following
India's demand to exclude some 850 goods from the pact.  Last
year, the so-called exclusion list included nearly 1,400 goods,
which account for some 30% of Southeast Asia's exports to India.

Mr. Singh, however, stressed out that India is very keen on
having an ASEAN-India FTA.  In fact, India's Commerce Minister
Kamal Nath will visit Malaysia in August to convey India's
strong interest.  Mr. Nath will carry a letter from Prime
Minister Manmohan Singh for Malaysian Prime Minister Abdullah
Ahmad Badawi, the AP relates.

"It is not dead.  It is still alive.  Some of the other foreign
ministers of ASEAN members we spoke to said that for them FTA is
of merit," Mr. Singh added.


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

MEDIA NUSANTARA: Moody's Places First-Time B1 Rating on Bonds
-------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)B1 corporate
family rating to PT Media Nusantara Citra and a (P)B1 rating
with a stable outlook to the Company's proposed IDR2.08-trillion
senior secured bonds, which will be guaranteed and secured by
the shares of all of MNC's operating subsidiaries except PT
Rajawali Citra Televisi Indonesia and PT Cipta Televisi
Pendidikan Indonesia.  This is the first time that Moody's has
assigned ratings to MNC.

The bond proceeds will mainly be used to refinance existing
debt, the planned acquisition of a 40% stake in Indovision, a
local pay-TV company, and general corporate purposes.  Moody's
expects to affirm the ratings and remove them from their
provisional status once the bond issuance is completed.

Moody's lead analyst Angela Choi said, "The (P)B1 rating
reflects MNC's leading position in Indonesia's free-to-air (FTA)
TV market, where it had -- under its 3 subsidiaries -- a
combined audience share of over 37% in 2005.  The favorable
industry outlook, including solid growth potential for
advertising expenditure in Indonesia, and the group's strong
content library, which focuses on local content, together
support the rating."

The rating reflects that the 75% equity interest of TPI has been
converted into direct ownership under MNC prior to the bond
issuance.  In addition, Media Nusantara's integrated platform,
which is expanding across to radio and print, and its projected
financial profile -- approximately Adj. Debt/EBITDA of 3-4x in
the next 2 years and positive free cash flow -- would support a
low Ba/high B rating.

"However, such positive attributes are offset by the group's
acquisitive strategy, which has included aggressive expansion in
recent years, and short track record of integrating its various
acquisitions under its present corporate structure," says Choi.

The rating also reflects the risks of an evolving regulatory
environment, especially given ongoing discussions on the
possibility of regulating multi-media formats under one group,
currency exposure following the USD bond issuance, and the
Company's current lack of back-up liquidity arrangements.  It
further considers the private ownership status of MNC and the
weaker financial profile of its parent, PT Bimantara Citra Tbk.   
These factors combined appropriately position MNC at the (P) B1
level.

The stable outlook reflects Moody's expectation that Media
Nusantara will maintain its competitive position in Indonesia's
FTA TV market and execute its business strategy as planned.

The rating could go up if:

   (1) Media Nusantara establishes a longer track record in
       integrating its new acquisitions and achieving its
       projected results with positive free cash flow, and

   (2) improves its financial profile, such that Adj Debt/EBITDA
       falls below 3x and EBITDA/interest coverage exceeds 3.5x-
       4x on a sustainable basis.

On the other hand, the rating could be pulled down if:

   (1) political and economic instability emerges in Indonesia
       and results in a material downturn in advertising
       expenditure;

   (2) the Company loses its dominant position in the Indonesian
       FTA TV market; and

   (3) laws and regulations change, such that its business is
       adversely impacted.

The key credit metrics that Moody's would consider for a
downgrade include Adj Debt/EBITDA above 4x, EBITDA/interest
coverage below 2x-2.5x and negative free cash flow over the
cycle.  Evidence of cash leakage to its parent -- through
aggressive dividend payouts and other forms of inter-group
transactions -- would also be negative for the rating.

                          *     *     *

Headquartered in Jakarta, PT Media Nusantara Citra -
http://www.mnc.co.id/-- is an integrated media company with  
operations in television broadcasting network, radio and print
media.  It is the leader in Indonesia's FTA TV broadcasting
market, owning 3 FTA TV networks out of a total of 11, and
captured the largest audience and ADEX shares in 2005.  MNC is
100% owned by PT Bimantara Citra Tbk, which is listed on Jakarta
Stock Exchange.


MEDIA NUSANTARA: S&P Issues B+ Senior Secured Debt Rating
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to integrated media firm PT Media
Nusantara Citra on July 27, 2006, with a stable outlook.

S&P also assigned its 'B+' rating to a proposed IDR2.08-trillion
senior secured debt to be issued by MNC's wholly owned
subsidiary, Media Nusantara Citra B.V.  The notes are
unconditionally and irrevocably guaranteed by MNC and some of
its subsidiaries, except PT Rajawali Citra Televisi Indonesia
and PT Cipta Televisi Pendidikan Indonesia.  As RCTI and TPI are
not guarantors of the proposed bond, bondholders could have an
inferior claim on the two firms' operating assets compared with
creditors of TPI and RCTI in the event of a default.  The
rating on the proposed notes is subject to final documentation.

Media Nusantara's rating reflects the concentration of its cash
flows from a single source, an aggressive financial profile,
intense competition in Indonesia's TV broadcasting industry, and
the weaker credit profile of its parent, according to S&P credit
analyst Yasmin Wirjawan.  "These weaknesses are, however,
partially offset by MNC's leading market position in Indonesia's
TV advertising market, its established local language programs
that are popular with viewers, and the favorable growth
prospects for advertising spending in Indonesia," she added.

MNC's flagship broadcasting station is operated by RCTI, which
contributed nearly all of the Company's operating EBITDA in the
first quarter of 2006.  MNC's reliance on RCTI will remain high
in the near to medium term.  

Indonesia's TV broadcasting industry is highly competitive, with
11 free-to-air TV stations, of which Media Nusantara owns three.  
The industry is also fragmented, and no single TV network
captures more than 21% of viewers.
     
The Company's financial profile is aggressive, as debt to EBITDA
is expected to reach 4x in the near term, while the ratio of
funds from operations to debt could decline to 14%-17%.  
Including cash programming cost, debt to equalized EBITDA is
projected to peak at 6x in the near term.  The company also
plans to spend IDR1.24 trillion in 2006 and 2007 for an
expansion program that will be mostly financed by debt.

Media Nusantara's credit profile is linked to that of its
parent, PT Bimantara Citra Tbk., given the latter's full
ownership in MNC, shared senior management, and control over
MNC's business strategy and financial policy.  

MNC is the only integrated media company in Indonesia, with its
three TV stations capturing 38% of audience share and 32% of
advertising expenditures as of May 2006.  The Company produces
and owns more than 50% of its programming, measured by hours,
mainly in local language, providing MNC with the flexibility to
control the timing, quality, costs, and the ability to tailor
specific target audiences suitable to advertisers.

The Company is likely to benefit from robust growth in
advertising spending in Indonesia, which has grown at a
compounded annual growth rate of 24% over the past 10 years.  
Advertising spending is set to increase steadily in the near to
medium term, with the improved domestic economic outlook.  TV
advertising is the main advertising medium in Indonesia, and
accounts for more than 60% of advertising spending.

MNC's near-term liquidity is weak.  At June 30, 2006, the
Company had cash balance of about IDR137 billion and IDR400
billion marketable securities, which were insufficient to cover
debt worth IDR828 billion due next year.  The upcoming bond will
be used to refinance the majority of its short-term debt, and
the Company is expected to generate average funds from
operations of about IDR350 billion per year, which should be
able to cover most of the remaining shortfall of its
short-term obligations.

Ms. Wirjawan said, "The stable outlook reflects our expectation
that MNC's favorable market position in Indonesia's TV industry,
established viewership, and improved cost efficiency will allow
it to maintain its steady cash flow generation.  The outlook
also assumes that MNC will not be required to provide support to
related parties, and that the Bimantara group's credit profile
does not deteriorate significantly, failing which the rating
could be lowered."


* Government Swaps IDR2.36T Treasury Bonds to Restructure Debt
--------------------------------------------------------------
The Indonesian Government swapped treasury bonds worth
IDR2.36 trillion maturing from 2007 to 2009 for new bonds due in
2021, in order to restructure its bond debt, the Jakarta Post
says.

At the open auction for the bond swap on July 25, 2006,
bondholders' bids reached IDR2.6 trillion, according to Finance
Ministry director general Mulia P. Nasution.  Investors traded
in nine series of fixed- and variable-rate bonds with an average
weighted yield of from 9.5% to 14% for 15-year fixed-rate bonds
with an average weighted yield of 12.4%.
   
The Government, which depends on bonds to finance its budget,
aims to raise IDR35.8 billion from bond sales this year in order
to reduce its budget deficit expected at IDR37.6 trillion, by
increasing monthly bond sales from IDR3 trillion to IDR5
trillion.

Despite the junk ratings of Indonesian bonds, investors are
attracted by the high 12% yield on the bonds.  Proceeds from
this month's bond sale stood at IDR5.62 trillion.  The
Government will auction off retail bonds in hopes of raising
IDR2 trillion, and will conduct a bond sale on Aug. 22, 2006.


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

JAPAN AIRLINES: Court Dismisses Complaint Against Share Sale
------------------------------------------------------------
The Tokyo District Court had, on July 26, 2006, dismissed a
petition filed by a shareholder of Japan Airlines Corp. seeking
an injunction against the airline's planned share issuance to
raise funds, Mainichi Daily News reports.

The Troubled Company Reporter - Asia Pacific reported on July 3,
2006, that Japan Airlines planned to issue some 750 million
shares worth around JPY223 billion in order to raise funds to
purchase new aircraft.

The Company announced the planned share sale two days after its
shareholder meeting in June 2006, without explaining the reason
for the sale, Mainichi adds, citing Jiji Press.  JAL's share
prices dropped after the announcement was made, and the Company
is now expecting to raise JPY138.6 billion from the share sale.  

A JAL shareholder filed a complaint with the Tokyo District
Court seeking an injunction against the proposed capital
raising, and asserting that JAL's move amounts to a gross
injustice since it would lead to the dilution of per-share
profit and stock price falls.  

However, Judge Shoji Oda says that the Court does not see the
planned capital raising as an injustice to shareholders, and
that the losses that existing JAL shareholders were expected to
suffer should fall within acceptable limits according to the
law.

                        About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger  
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  

As of March 31, 2006, JAL's debt amounted to JPY1.93 trillion,
whereas shareholders' equity stood at JPY148.1 billion.

The Troubled Company Reporter - Asia Pacific stated on May 12,
2006, that JAL posted a consolidated net loss of
JPY47.24 billion for the business year 2005 ended March 31,
2006, due to safety-related incidents in 2005 that caused
passengers to shift to its rival All Nippon Airways, and an
increase in aviation fuel costs.

                          *     *     *

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
Company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the Company, which is three notches lower than
investment grade, whereas Moody's Investors Service gave Ba3
senior unsecured and issuer ratings for Japan Airlines
International Co., Ltd., as well as its Ba3 issuer rating for
Japan Airlines Domestic Co., Ltd.  On July 20, 2006, Standard &
Poor's Ratings Services had affirmed its B+ long-term corporate
credit and senior unsecured debt rating on the Company.


LIVEDOOR CO: Ex-CEO's Lawyers Admit to Partial Fraud
----------------------------------------------------
The defense lawyers of former Livedoor Co. Chief Executive
Officer Takafumi Horie admitted on July 26, 2006, that the
Company was partially involved in accounting fraud, but that Mr.
Horie was unaware of the illegal activities, Crisscross News
relates.

The Troubled Company Reporter - Asia Pacific reported that in
January 2006, Mr. Horie and other Livedoor directors were found
to have conspired to cover up the Company's JPY310-million pre-
tax loss for the business year ended September 2004, by
doctoring financial accounts to instead show an inflated pre-tax
profit of JPY5.03 billion.  Moreover, Mr. Horie and the Company
executives allegedly relayed false information on a merger, with
the intent to boost the stock price of Livedoor's subsidiary,
Livedoor Marketing Co.

Livedoor's FY04 financial report included proceeds of
JPY1.58 billion from fake deals with two firms that the Company
was scheduled to acquire.  The Times says that JPY1.3 billion of
the proceeds came from undue accounting procedures such as
window-dressing.  However, the lawyers claimed that Mr. Horie
was not guilty of fraud since he thought such practices were
legal.

                          *     *     *

Headquartered in Tokyo, Japan, Livedoor Company, Limited --  
http://corp.livedoor.com/en/-- is involved in out portal site    
"livedoor," financial business, corporate web solutions, data
center and IP telephony business.

The Troubled Company Reporter - Asia Pacific reported that in
January 2006, Livedoor ex-president and founder Takafumi Horie,
and other Livedoor directors were investigated over allegations
that they have conspired to cover up the Company's JPY310-
million pre-tax loss for the financial year ended September 2004
by doctoring financial accounts to instead show an inflated pre-
tax profit of JPY5.03 billion.

Following the accounting scandal surrounding the Company in
January 2006, Livedoor's stock price plunged to JPY94 per share
from over JPY300 per share.  Livedoor was delisted from the
Tokyo Stock Exchange on April 14, 2006.


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

HANA BANK: Partners With Franklin Templeton
-------------------------------------------
Hana Bank and Franklin Templeton Investments will launch a
KRW580-billion fund to invest in Korea's infrastructure sector,
Market Watch reports.

According to the report, the infrastructure fund -- Korea
Emerging Infrastructure Fund -- will be managed by Hana Bank and
Darby Overseas Investments, which is Franklin Templeton's wholly
owned private equity arm.  The fund will make private-equity
investments and extend mezzanine loans to private companies
engaged in transportation, environment, logistics, energy and
utilities.  Hana Bank has said that it expects the fund to offer
a 10% annual return for the next 15 years.

Darby Overseas and Hana Bank has also set up a management arm --
Darby Hana Infrastructure Fund Management Co. -- to manage the
fund.  Darby overseas contributed 70%, while Hana Bank owns 30%
of the management arm.

Market Watch lists the 15 participating investors in the KEIF to
include the National Pension Service of Korea, Government
Employees Pension Corp., Korea Post and National Agricultural
Cooperative Federation as well as foreign insurers such as
Metlife of the U.S. and Allianz AG.

                    About Franklin Templeton

Headquartered in San Francisco, California, Franklin Templeton
Investments -- http://www.franklintempleton.com/-- offers  
investment solutions under the Franklin, Templeton, Mutual
Series, Bissett, Fiduciary Trust and Darby Overseas names.  It
manages investment vehicles for individuals, institutions,
pension plans, trusts, partnerships and other clients.  Franklin
Templeton has offices in 29 countries around the world and offer
investment solutions and services in more than 100.

                        About Hana Bank

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.


HANA BANK: Savings and Loans Grow
---------------------------------
Hana Bank has expanded its share in savings and loans for retail
and corporate clients with aggressive marketing in the first
half of 2006, The Korea Times reports.

This while larger banks, Kookmin Bank and Shinhan Bank, pursued
expansion through mergers, The Times says.

According to the report, Hana Bank, Korea's fourth-largest
lender, saw its won-denominated loans jump 20% to KRW68 trillion
in the 2006 first half.  Its savings also rose 13.8%.

The Times explains that the bank came up with aggressive
marketing strategies after failing in its bid to take over Korea
Exchange Bank.  It set the goal of increasing its market share
by two percentage points in the first half, and its strategies
have worked, according to Hana officials.

                        About Hana Bank

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.


KOREA EXCHANGE BANK: Prosecution Calls FSS Deputy Governor
----------------------------------------------------------
Investigation into the sale of Korea Exchange Bank to United
States-based Lone Star Funds widens as prosecutors summon Kim
Jung-hoe, the deputy governor of the Financial Supervisory
Service, The Korea Times says.

According to the report, Mr. Kim was questioned by investigators
who are seeking to confirm allegations that government officials
pressured KEB executives to manipulate the bank's records to
make its financial status look worse than it actually was, thus
allowing Lone Star to acquire it at a cheaper price.

Korea Times recounts that Lone Star acquired a majority stake in
KEB for KRW1.3 trillion in August 2003.  Earlier this year, Lone
Star signed a KRW6.4-trillion deal to transfer its controlling
stake in KEB to the country's largest lender, Kookmin Bank.

                      About Korea Exchange

Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--  
was established in January 1967 by the Government originally as
a specialist foreign exchange bank.  It retains its strength in
trade finance and foreign exchange.  In terms of assets, it
ranks sixth among Korea's nationwide commercial banks with 7% of
system assets.  It operates a branch network of 317 domestic and
28 overseas offices.  During the economic crisis, significant
exposures to troubled corporate borrowers led to a deterioration
in the bank's financial health.  However, since then, its
operating performance stabilized, and the bank has reported
consecutive quarterly profits since the end of 2003.

Fitch Ratings gave Korea Exchange Bank a 'C' Individual Rating
effective on June 17, 2005.

Moody's Investors Service gave KEB a 'D' Bank Financial Strength
Rating effective on May 9, 2006.

                          *     *     *

South Korean politicians -- led by the main opposition Grand
National Party -- have alleged that the Korea Exchange shares
were sold cheap to United States-based Lone Star Funds after the
Bank's financial status was incorrectly reported.  Korea
Exchange denied the allegations in March 2006.

The Board of Audit and Inspections and the Supreme Public
Prosecutors' Office initiated separate investigations into the
matter.  On June 20, 2006, the BAI determined that Lone Star's
acquisition of Korea Exchange was led by management with the
approval of the financial supervisory bureau.  BAI found that
KEB exaggerated its insolvency and falsely recorded the Bank for
International Settlements' capital adequacy ratio at 6.16%,
which is below the 8% threshold for healthy banks.

Prosecutors are investigating whether there were any
transgressions of law in the process of selling KEB and whether
bribes were given to officials.  If prosecutors will find solid
evidence that the data was cooked up, it might lead to the
nullification of the KEB sale to Lone Star and the arrest of
regulators, policymakers and former KEB executives.


LG TELECOM: Beats Out Bigger Rivals in Market Share Growth
----------------------------------------------------------
LG Telecom Ltd. increased its market share faster than its
rivals over the past year amid intensifying competition in the
mobile communications market, The Korea Times reports, citing
government data.

According to information released by the Ministry of Information
and Communication, LG Telecom's market share stood at 17.2% as
of the end of June 2006, up by 0.7 percentage points from a year
earlier.  In contrast, rivals SK Telecom's market share moved
down 0.4 percentage points to 50.7% while KTF's market share
fell to 32.1% or by 0.3 percentage points.

New subscribers for LG Telecom grew 9.3%, whereas SK Telecom's
subscriber base rose 4.1% and KTF by 3.8%

The Times says that the relatively strong performance by the
smallest operator is attributable to its aggressive marketing
and launches of new services that appeal to customers, market
experts say.

                        About LG Telecom

Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd.
-- http://www.lgtelecom.com/-- is a telecommunications and  
mobile phone operator controlled by the LG Group, one of the
country's largest chaebol.  It is Korea's smallest wireless
operator. LG Telecom became one of the first companies to launch
a commercial 3G service using PCS technology.  In 1997, this was
followed up by launching the second PCS network, offering
greatly increased data transmission speeds.  LG Telecom also
offers a variety of internet services. BankOn is one of the most
popular mobile banking services in South Korea and MusicOn is a
popular instant messenger.

Moody's Investor Service gave LG Telecom a 'Ba2' Issuer Rating,
a 'Ba2' Long-Term Corporate Family Rating and a 'Ba2' Senior
Unsecured Rating.

Standard & Poor's Ratings Services gave LG Telecom 'BB+' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings.

Fitch Ratings gave the Company 'BB' Long-Term Foreign Issuer
Default and Foreign Currency Long-Term Default Ratings.


LG TELECOM: Names Jung Il-jae as New President
----------------------------------------------
LG Telecom Ltd. has appointed Jung Il-jae as its new boss,
replacing incumbent chief executive officer Nam Yong, The Korea
Times reports.

Mr. Nam will instead be assuming post as LG Corp.'s new
president to provide advice to the businesses of LG Group.

Korea Times recounts that Mr. Nam was forced to step down as LG
Telecom CEO this week after the South Korean Government decided
to cancel the Company's license for third-generation services.

The Troubled Company Reporter - Asia Pacific reported on
July 26, 2006, that Rho Jun Hyong, minister of information and
communication, held Mr. Nam, who had been heading LG Telecom
since 1998, accountable for the Company's failure to comply with
plans of developing a 3G wireless communication technology and
start 3G services by the end of June 2006.

According to Korea Times, Mr. Jung was previously the executive
vice-president of LG Corp.  He started with LG Economic Research
Institute in 1990 and then moved to LG Corp. in 2003 to
mastermind LG Group's telecom business.

                        About LG Telecom

Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd.
-- http://www.lgtelecom.com/-- is a telecommunications and  
mobile phone operator controlled by the LG Group, one of the
country's largest chaebol.  It is Korea's smallest wireless
operator. LG Telecom became one of the first companies to launch
a commercial 3G service using PCS technology.  In 1997, this was
followed up by launching the second PCS network, offering
greatly increased data transmission speeds.  LG Telecom also
offers a variety of internet services. BankOn is one of the most
popular mobile banking services in South Korea and MusicOn is a
popular instant messenger.

Moody's Investor Service gave LG Telecom a 'Ba2' Issuer Rating,
a 'Ba2' Long-Term Corporate Family Rating and a 'Ba2' Senior
Unsecured Rating.

Standard & Poor's Ratings Services gave LG Telecom 'BB+' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings.

Fitch Ratings gave the Company 'BB' Long-Term Foreign Issuer
Default and Foreign Currency Long-Term Default Ratings.


WOORI BANK: Closes Gap with Larger Banks
----------------------------------------
Woori Bank's share in savings and loans for retail and corporate
clients grew in the first six months of 2006, The Korea Times
relates.

According to the report, Woori, Korea's third largest lender,
said that its won-denominated loans extended to households and
companies rose 28% to KRW88.9 trillion at the end of June 2006
from KRW74 trillion six months ago.

Woori Bank offered relatively lower interest rates for housing
loans to attract more homebuyers in the first half as demand for
mortgage loans soared.  Its savings also increased 13% from the
January-June 2006 period.

                         About Woori Bank

Woori Bank -- http://www.wooribank.com/-- is a government-owned  
bank headquartered in Seoul, Korea.  The bank was established in
2002, and includes the former Hanbit Bank, Sangup Bank and Hanil
Bank.  It is a part of the Woori Financial Group.  It has
branches all over the world, including New York, Los Angeles,
Beijing, Tokyo, Hong Kong, Indonesia, Bahrain, Singapore,
Moscow, London, and Dhaka.

                          *     *     *

Fitch Ratings gave Woori Bank an individual rating of 'B/C'
effective July 20, 2005.

Moody's Investors Service gave Woori a 'D+' Bank Financial
Strength Rating effective March 14, 2006.

Standard & Poor's Ratings Services gave Woori Bank a 'C+' Bank
Financial Strength Rating.


* Financial Holdings Report Higher Consolidated Net Income
----------------------------------------------------------
South Korea's four domestic financial holding companies -- Woori
Financial Group, Shinhan Financial Group, Hana Financial Group,
and Korea Investment Holdings -- reported a consolidated net
income of KRW1.681 trillion in the first quarter of 2006, almost
double the KRW849.6-billion net income reported in the same
period last year, according to a report by the Financial
Supervisory Service.

According to the FSS Report, the consolidated net income without
Hana Financial Group, came to KRW1.392 trillion, which is
KRW542.6 billion or 63.9% higher than the previous year.  The
increase in consolidated net income was mainly attributed to the
strong performances of their subsidiaries in the banking and
securities sectors.

In the first quarter of 2006, Woori and Shinhan Financial Group
reported net income of KRW440.1 billion and KRW476.4 billion,
respectively, up 21.6% and 22.7% year-on-year.  The net income
of Korea Investment Holdings from April 2005 to March 2006
totaled KRW475.8 billion, a 378.2% increase year-on-year, with
the acquisition of Korea Investment and Securities in March and
strong performances of the securities subsidiaries.  Hana
Financial Group posted a net income of KRW288.3 billion.

The FSS Report specifies these figures, detailing the net income
for the four financial holding companies:

                       (In KRW billions)

                              Q1/2005    Q1/2006    Change
                              -------    -------    ------
    Woori Financial Group       362.0      440.1     21.6%
    Shinhan Financial Group     388.1      476.4     22.7%
    Hana Financial Group            -      288.3         -
    Korea Investment Holdings    99.5      475.8    378.2%

    Total                       849.6    1,680.5     97.8%

The consolidated total assets of the four domestic financial
holding companies as of the end of March 31, 2006, totaled
KRW442.1 trillion, an increase of 3.6% or KRW15.3 trillion from
the KRW426.8 trillion in consolidated total assets reported a
year ago.  Woori Financial Group showed the highest increase in
total assets.


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

BUKIT KATIL: Total Default Amount Hits MYR73 Million
----------------------------------------------------
On July 26, 2006, Bukit Katil Resources Berhad updated the loan
facilities it had defaulted on.

The Company's total default figure as of June 30, 2006, stands
at MYR73,305,117.  Of the total amount:

   -- MYR58,555,756 is owed to Bumiputra Commerce Bank Berhad;

   -- MYR7,524,601 is owed to OCBC Bank (Malaysia) Berhad; and

   -- MYR7,224,760 is owed to Alliance Merchant Bank Berhad.

The Company's board of directors believes that the Company is
insolvent, and is unable to pay its debt in full within the next
12 months.

The Troubled Company Reporter - Asia Pacific reported on
December 23, 2005, that the Company submitted a Proposed
Restructuring Scheme and a Proposed Property Disposals to the
Securities Commission and Foreign Investment Committee on
December 16, 2005.

However, the TCR-AP later reported on May 18, 2006, the SC had
rejected the proposed restructuring scheme because it does not
meet the requirements of its Policies and Guidelines on the
Issue/Offer of Securities.

Thus, the Company's board of directors is currently deliberating
its next course of action and an announcement will be made in
due course.

                        About Bukit Katil

Headquartered in Kuala Lumpur, Malaysia, Bukit Katil Resources
Berhad is engaged in money lending and oil palm and rubber
production.  Other activities include investment holding,
software development, property investment and development and
manufacturing of bricks and ceramic products.  Operations are
carried out in Malaysia and India.  The Company has defaulted on
several loan facilities and admits that it does not have
sufficient cash to pay its debts.

As of December 31, 2005, the Company recorded a deficit of
MYR129,981,000.  The Company, on December 16, 2005, presented an
application to regularize its financial condition through debt
restructuring, which was subsequently rejected by the Securities
Commission.

As of March 31, 2006, the Company's balance sheet showed
MYR57,148,000 in total assets and MYR135,320,000 in total
liabilities, resulting in a stockholders' equity deficit of
MYR78,172,000.


CHIN FOH: Trading Arm Faces Wind-Up Petition
--------------------------------------------
On July 20, 2006, Chin Foh Berhad's wholly owned subsidiary,
Chin Foh Trading Sdn Bhd, received a wind-up petition, which was
previously presented at the Kuala Lumpur High Court.

The petitioner, HSBC Bank Malaysia Berhad, asserts a
MYR1,511,076 claim as of February 16, 2006, together with
continuing interest on the principal sum of MYR1,487,000.  The
claim represents the amount owed by Chin Foh Trading under the
Banking Facility of Import Line comprising Bankers Acceptance,
Deferred Payment Credit and Loan Against Import granted by HSBC
to Chin Foh Trading pursuant to letters of offer dated May 31,
2004, and July 6, 2005.

As Chin Foh Trading forms part of the restructuring in Chin Foh
Berhad's Regularization Plan under Practice Note No. 17/2005, in
the event the winding-up petition succeeds, there would not be
substantial financial impact on the Group.  However, Chin Foh
Trading is expected to incur legal fees of RM50,000.

Chin Foh Trading says it will contest the wind-up petition since
HSBC has not obtained any judgment on the claim.

The Kuala Lumpur High Court will hear the petition on
September 13, 2006.

                      About Chin Foh Berhad

Malaysia-based Chin Foh Berhad is principally involved in
trading and distribution of metal base and non-metal base
products, construction materials, panels and non-ferrous metal
products.  Its other activities include manufacturing of glass,
aluminium extrusions, stainless steel and related products,
rotary aluminium ventilators, providing, cutting and slitting of
metal and other related services, general contracting, design,
fabrication, supply and installation of curtain wall and
cladding and holding properties and investments.  Operations are
carried out in Malaysia, China and Australia.

The Company started posting losses in fiscal 2002 due to high
operating expenses and has not recovered since.  For the quarter
ended April 30, 2006, the Company registered a net loss of
MYR3,012,000.  It also reported a higher cash flow deficit of
MYR30,816,000 as of April 30, 2006, compared to a cash flow
deficit of MYR17,701,000 on April 30, 2005.


CHIN FOH: Unit Disposes of Entire Equity Stake in Subsidiary
------------------------------------------------------------
On July 19, 2006, Chin Foh Berhad's wholly owned subsidiary,
Chin Foh Trading Sdn Bhd, entered into a sale and purchase
agreement for the proposed disposal of its entire equity
interest in Perfect Aluminum Sdn Bhd to Incomid Trading Sdn Bhd
for MYR244,800.

Chin Foh Trading's entire equity state comprise of 255,000
ordinary shares at MYR1 each representing 51% of the total
issued and paid-up capital of Perfect Aluminium.

The basis for the Sale Consideration of RM244,800 was arrived at
after taking into consideration the net tangible asset of PASB
based on the interim unaudited financial statements of PASB for
the three months period ended April 30, 2006 amounting to
RM527,551.

After the Proposed Disposal, Perfect Aluminium will cease to be
a sub-subsidiary of Chin Foh Berhad.

The salient features of the SPA are:

   1) The SPA is conditional on the approvals obtained:

      (a) on its execution and pursuant to its terms and
          conditions:
  
          * the Board of Directors and shareholders of CFT
            approving the disposal of the Sale Shares; and

          * the Board of Directors of PASB approving the
            transfer of the Sale Shares from CFT to Incomid;

      (b) within one month from the date of the SPA;

          * the approval of the Board of Directors and sole
            shareholder of CFT to the disposal of the Sale
            Shares; and

          * the approvals of any other relevant authorities if
            so required; and

   2) In the event the Condition Precedent is not obtained by
      the expiration of one month from the date of the SPA, in
      the absence of a written mutual agreement to the extended
      period or periods to obtain the Condition Precedent,
      either party may terminate the SPA by giving the other
      party a written notice and that the SPA will become null
      and void.

Details of the Proposed Disposal can be viewed for free at:

   http://bankrupt.com/misc/tcrap_chinfoh072706.pdf

                      About Chin Foh Berhad

Malaysia-based Chin Foh Berhad is principally involved in
trading and distribution of metal base and non-metal base
products, construction materials, panels and non-ferrous metal
products.  Its other activities include manufacturing of glass,
aluminium extrusions, stainless steel and related products,
rotary aluminium ventilators, providing, cutting and slitting of
metal and other related services, general contracting, design,
fabrication, supply and installation of curtain wall and
cladding and holding properties and investments.  Operations are
carried out in Malaysia, China and Australia.

The Company started posting losses in fiscal 2002 due to high
operating expenses and has not recovered since.  For the quarter
ended April 30, 2006, the Company registered a net loss of
MYR3,012,000.  It also reported a higher cash flow deficit of
MYR30,816,000 as of April 30, 2006, compared to a cash flow
deficit of MYR17,701,000 on April 30, 2005.


CHIN FOH: In Talks with White Knight on Revamp Plan
---------------------------------------------------
Chin Foh Berhad is negotiating with an unnamed white knight to
undertake the Company's restructuring, The Edge Daily reports,
adding that the white knight is expected to inject fresh funds
into the Company to regularize its finances.

The Company's managing director, Datuk Stephen Quah, told The
Edge that Chin Foh will try to conclude the talks as soon as
possible before submitting its restructuring scheme to Bursa
Malaysia Securities Berhad in the next six months.  The revamp
proposal will include the disposal of the Company's non-core
assets.

According to Mr. Quah, the Company is looking at divestments of
its interest in associate companies.  He added that the Company
will retain only the subsidiaries involved in trading,
marketing, and manufacturing.

Chin Foh has appointed PriceWaterhouseCoopers as its scheme
managers for its revival, The Edge reveals.

The restructuring, which is expected to take one year to
complete, will help the Company return to profitability by the
fourth quarter of fiscal 2007, The Edge cited Mr. Quah as
saying.

                      About Chin Foh Berhad

Malaysia-based Chin Foh Berhad is principally involved in
trading and distribution of metal base and non-metal base
products, construction materials, panels and non-ferrous metal
products.  Its other activities include manufacturing of glass,
aluminium extrusions, stainless steel and related products,
rotary aluminium ventilators, providing, cutting and slitting of
metal and other related services, general contracting, design,
fabrication, supply and installation of curtain wall and
cladding and holding properties and investments.  Operations are
carried out in Malaysia, China and Australia.

The Company started posting losses in fiscal 2002 due to high
operating expenses and has not recovered since.  For the quarter
ended April 30, 2006, the Company registered a net loss of
MYR3,012,000.  It also reported a higher cash flow deficit of
MYR30,816,000 as of April 30, 2006, compared to a cash flow
deficit of MYR17,701,000 on April 30, 2005.


CHIN FOH: Public Spread Meets Listing Requirement
-------------------------------------------------
As of June 30, 2006, Chin Foh Berhad's public shareholding
spread is 52.54% comprising of 2,618 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 Chin Foh Berhad

Malaysia-based Chin Foh Berhad is principally involved in
trading and distribution of metal base and non-metal base
products, construction materials, panels and non-ferrous metal
products.  Its other activities include manufacturing of glass,
aluminium extrusions, stainless steel and related products,
rotary aluminium ventilators, providing, cutting and slitting of
metal and other related services, general contracting, design,
fabrication, supply and installation of curtain wall and
cladding and holding properties and investments.  Operations are
carried out in Malaysia, China and Australia.

The Company started posting losses in fiscal 2002 due to high
operating expenses and has not recovered since.  For the quarter
ended April 30, 2006, the Company registered a net loss of
MYR3,012,000.  It also reported a higher cash flow deficit of
MYR30,816,000 as of April 30, 2006, compared to a cash flow
deficit of MYR17,701,000 on April 30, 2005.


CONSOLIDATED FARMS: Passes All 23rd AGM Resolutions
---------------------------------------------------
The Troubled Company Reporter - Asia Pacific previously reported
that the Company will hold its 23rd Annual General Meeting on
July 26, 2006.

Accordingly, on that date, all resolutions tabled at the General
Meeting were duly passed.

At the meeting, the Company's shareholders:

   -- received the Audited Financial Statements for the
      financial year ended January 31, 2006, together with the
      Reports of the Directors and Auditors;

   -- re-elected director Jimmy Wang Kia Meon, who has offered
      himself for re-election;

   -- reappointed Messrs. KPMG as the Company's auditors to
      hold office until the conclusion of the next Annual
      General Meeting and to authorize the Directors to fix
      The auditors' remuneration;

   -- authorized the Directors to issue shares in the Company
      at any time, provided that the aggregate number of shares
      issued does not exceed 10% of the issued and paid-up share
      capital of the Company; and

   -- transacted other ordinary businesses of which due notice
      has been given.

                   About Consolidated Farms

Headquartered in Kuala Lumpur, Malaysia, Consolidated Farms Bhd
-- http://www.confarm.com/-- is engaged in poultry farming  
which includes operating of breeder farm, production and
processing of organic fertilizer, feed milling and manufacturing
and sale of egg trays. Other activities include manufacturing
and processing of eggs into pasteurized eggs and de-shelled
hard-boiled eggs.  The Company is a Practice Note 4 concern
currently undergoing a restructuring exercise to address its
debt problem.  The Company had appointed Deloitte KassimChan
Business Services Sdn Bhd as advisor for the restructuring
exercise. Consolidated Farms was mired with MYR122-million debt
on account of its expansion plan, which included the purchase of
equipment and facilities.  As of March 31, 2006, Confarm said
that it will not be able to settle all its debts in full when
they fall due within the next 12 months and hence, the Company
is unable to provide a solvency declaration.

The Company's April 30, 2006, balance sheet showed total
liabilities of MYR203,323,000 exceeding total assets of
MYR133,822,000, resulting into a stockholders' equity deficit of
MYR69,501,000.


METROPLEX BERHAD: HK Court to Hear Appeal Against Unit's Wind-Up
----------------------------------------------------------------
On November 24, 2006, The High Court of Hong Kong Special
Administrative Region will hear Metropolex Berhad's appeal on a
wind-up order against its 59.99% subsidiary, Legend
International Resorts Limited.  

As reported by the Troubled Company Reporter - Asia Pacific, the
High Court, on June 9, 2006, issued an order for the wind-up of
Legend International Resorts, to be regulated specially by the
Hong Kong High Court.  Morgan Stanley Emerging Markets Inc.
filed the petition.

The Hong Kong High Court further appointed Kelvin Edward Flynn
and Cosimo Borrellis of Alvarez & Marsal Asia Limited as Legend
International's joint and several liquidators, the TCR-AP said.

According to the TCR-AP, the wind-up against Legend
International Resorts was filed when the company defaulted on
payment of a US$33-million credit facility granted by Societe
Generale Asia (Singapore) Limited and other financial
institutions on July 22, 1997.  The obligations under the
facility were guaranteed by Metroplex.

On September 3, 2004, one of the lenders -- Oversea-Chinese
Banking Corporation Limited, Labuan Branch -- had sold and
assigned to Morgan Stanley the US$3.9 million due to OCBC under
the Agreement.

On November 3, 2004, Morgan Stanley's solicitors served on
Legend International a wind-up petition asserting US$5,236,020
as of October 29, 2004, due to a default in repayment.  Pursuant
to the wind-up petition, Morgan Stanley had also filed summons
for the appointment of provisional liquidators for Legend
International.

The wind-up petition has no operational impact on Metroplex
Berhad Group.  As the financial results of Legend International
and its subsidiaries were deconsolidated from the Group's
results effective December 21, 2004, the appointment of
Liquidators will have no financial impact on the Group, the TCR-
AP added.

                    About Legend International

Legend International is a private company limited by shares and
incorporated in Hong Kong on May 25, 1990, under the Companies
Ordinance of Hong Kong.  The authorized share capital of Legend
International is HKD120,000,000 comprising 120,000,000 ordinary
shares of HKD1.00 each of which 115,954,000 ordinary shares of
HKD1.00 each have been issued and fully paid-up.

Legend International is principally an investment holding
company with its registered branch in Philippines.  It is
principally involved in resort, hotel and casino operations. Its
subsidiaries are currently dormant.

                     About Metroplex Berhad

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong, and the Philippines.

On April 28, 2005, Morgan Stanley Emerging Markets Inc., had
filed a winding-up petition against the Company with the Kuala
Lumpur High Court.  Morgan Stanley also filed for a summons to
appoint a provisional liquidator for the wind up.  Until and
unless a provisional liquidator is appointed pursuant to the
application to the Court by the Petitioner to appoint
provisional liquidator for Metroplex, the winding-up petition
will not have significant impact on the Group's operations as
Metroplex is currently working out a debt-restructuring scheme.
In the event the wind-up petition succeeds, the Company will be
put into liquidation.

Metroplex Berhad's April 30, 2006, balance sheet revealed total
liabilities of MYR1,417,778,000 exceeding total assets of
MYR1,214,518,000, resulting into a shareholders' deficit of
MYR203,260,000.


TRANSOCEAN HOLDINGS: Net Loss Shrinks to MYR0.22 Mln in 4Q/FY06
---------------------------------------------------------------
On July 26, 2006, Transocean Holdings Berhad submitted to Bursa
Malaysia Securities Berhad its unaudited financial report for
the fourth quarter ended May 31, 2006.

During the last quarter for fiscal 2006, the Group recorded an
operating profit before impairment cost, depreciation, and
finance cost of MYR0.87 million as against an operating profit
of MYR0.98 million in the same period last year.

Total revenue for the period under review is MYR10.18 million as
against total revenue of MYR11.29 million in the corresponding
period last year.  For the quarter under review, the Group's
revenue decreased by 9.9% as compared with the preceding year's
corresponding quarter.  However, as a result of lower operating
expenses, the operating profit margin increased marginally from
10.7% to 10.8%.

The operating profit before impairment loss and depreciation
increased due to an increase in operating profit margin from
4.2% to 8.9%, which is mainly due to higher revenue generated
over the same fixed operating cost.

As a result of the reduction in the Group total borrowings from
MYR25.10 million in the preceding year corresponding quarter to
MYR19.28 million, the finance cost had decreased by 8.4% from
MYR0.49 million to MYR0.45 million.  The Group also recorded a
loss before taxation amount to MYR0.15 million compared to a net
loss of MYR0.50 million in fiscal 2005.  The overall net loss
figure attributable to members was MYR0.22 million as compared
to a net loss of MYR0.83 million recorded in the preceding
year's corresponding quarter.

As of May 31, 2006, the Company's cash flow deficit stands at
MYR7,733,000.  As of that date, the balance sheet revealed
accumulated losses of MYR14,007,000, as against MYR10,998,000 in
accumulated losses at May 31, 2005.

The Company's board of directors did not recommend the payment
of any dividend in respect of the current financial period under
review.

The Group, as one of the major land transporter is facing a
difficult and challenging period in view of the escalating
operating cost like fuel and tires.  Despite the downside risk,
the Group is continuing with the on-going cost reduction program
and de-gearing exercise.

The Company's Fourth Quarter Report is available for free at:

http://bankrupt.com/misc/tcrap_transoceanholdings072706.pdf

                  About Transocean Holdings Bhd

Transocean Holdings Bhd is a Malaysia-based company involved in
investment holding, provision of management services and letting
of properties.  The Company, through its subsidiaries, is
engaged in investment holding, custom brokerage, provision of
freight forwarding, warehousing and trucking-related services,
provision of container haulage services, provision of
international ocean freight services, distribution and
contracting of irrigation parts and equipment, trading of
irrigation parts and equipment, cultivating and trading of
agricultural products, property development, tissue research in
horticultural, agricultural and pharmaceutical plants,
cooperating with local farms for export, and carrying out
scientific and experimental research.  

On June 30, 2004, the Company was categorized as an
undercapitalized company as its paid-up share capital is
MYR29.00 million.  On May 11, 2005, Bursa Securities approved
the Company's application for extension of time until September
30, 2006, to comply with Listing Requirements.

The Company has been suffering consecutive losses since fiscal
2004 due to its negative cash flow.  As of May 31, 2006, the
Company registered accumulated losses of MYR14 million and a
cash flow deficit of MYR7.7 million.


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

BANCO DE ORO: Fitch Affirms C/D Individual Rating
-------------------------------------------------
Fitch Ratings Ltd. had, on July 27, 2006, upgraded Banco de Oro
Universal Bank's Support rating to '3' from '4', and at the same
time, affirmed its Individual rating at 'C/D' following a review
of the Bank.

Through aggressive acquisitive expansion, BDO has grown from
being Philippines' eighth largest bank in 2004 to its current
fifth position, with c.6% of system-wide assets.  The upgrade in
Support rating reflects the Bank's increased systemic importance
to the Philippine banking system and economy.  While the
Government's willingness to support BDO is likely in the event
of need, its capacity to do so might be limited as reflected by
the Philippines' 'BB' Long-term foreign currency Issuer Default
Rating.

BDO registered a 30% increase in its FY05 balance sheet on
robust loans growth.  Despite an environment of anemic credit
demand and limited lending opportunities, BDO bucked the trend
by expanding its loan portfolio by a notable 27%, albeit off a
low base with its loans accounting for just 35% of its total
assets.  Fitch notes that the loans growth was achieved through
a combination of organic growth and the purchase of several
large corporate loans.  Meanwhile, the Bank's securities
(predominantly comprising government-issued long-term fixed rate
debt paper) accounted for 38% of total assets, leaving it
notably exposed to interest rate risk.

Banco de Oro's asset quality ratios improved notably in 2005 on
continued write-offs and significant loan book expansion.  Its
end-2005 non-performing loans ratio stood at 5.2% (vs 6.3% the
previous year) and compares favorably with the industry average
of 8.6%.  The Bank's reserves coverage is also sufficient at
96%.  Fitch, however, notes that BDO's aggressive loans growth
might lead to high levels of impairment in the longer term
especially if the credit cycle turns.  In addition, its net-real
estate assets (2% of total assets - mostly arising out of
foreclosures) could prove more problematic, even with core
earnings able to comfortably cover any losses here.

BDO recorded a strong ROA and ROE of 1.2% and 13.8%,
respectively, in 2005, supported by higher margins and non-
interest income, which sufficiently offset the expansion costs
associated with manpower and infrastructure investments.  The
Bank, however, has been a substantial beneficiary of debt paper
trading gains, without which its non-interest income is limited
on a core basis.

Banco de Oro has maintained its capital base at an adequate
level.  Although its equity base grew by 21% over 2005 through
retained earnings and unrealised gains on Available-for-Sale
securities, BDO's CAR ratio declined to 18.3% from 24.5% the
previous year.  While it is above the regulatory minimum of 10%,
the Bank might require a stronger capital base to provide
sufficient capacity for future expansion.  Overall, BDO's
individual rating reflects its adequate profitability and
capitalization in a benign operating environment.

                    About Banco de Oro

Banco de Oro Universal Bank -- http://www.bdo.com.ph/--  
provides a wide range of corporate, commercial and retail
banking services in the Philippines, which include traditional
loan and deposit products, as well as treasury, trust banking,
investment banking, cash management, insurance, remittance,
retail cash cards and credit card services.

Banco de Oro is a member of the SM Group of Companies, one of
the Philippines' largest conglomerates, and is currently ranked
among the top 10 banks in the Philippines in terms of assets,
capital, deposits and loans.  Its asset quality indicators (non-
performing loans & non-performing assets) are among the lowest
in the industry.

The Company's affiliated undertakings are BDO Capital &
Investment Corporation, BDO Financial Services, Inc., BDO
Insurance Brokers, Inc., BDO Card Corporation, BDO Realty
Corporation, BDO Private Bank, Inc., BDO Securities Corporation,
BDO Remittance Ltd., Generali Pilipinas Holding Company, Inc.,
and SM Keppel Land, Inc.


BANCO DE ORO: Scraps Equitable PCI Merger Plans
-----------------------------------------------
Banco de Oro Universal Bank will have to forego on merger plans
with Equitable PCI Bank, Inc., at least for the time being, says
Teresita Sy-Coson in an interview with The Asian Banker.

Ms. Sy-Coson is a former chairperson of Banco de Oro, and is
currently vice chairperson of the board and chairperson of the
executive committee of Equitable PCI.

"As of now, I will have to say that there may be no merger at
this point," Ms. Sy-Coson said, explaining that some
shareholders were not in unison with the strategy of the merger.  
The Asian Banker explains that ambitious shareholders unwilling
to settle for anything less than a sizeable premium, and
politicians involved in the pension funds that have invested in
Equitable, have dug in their heels to oppose the move.

Banco de Oro and SM Investments Corporation, which has a stake
in Banco de Oro, bought a 24.76% stake in Equitable PCI Bank in
August 2005, making a crack through which glimmered a chance to
acquire the larger lender and compete neck in neck with the
country's two largest banks.  At that time, Ms. Sy-Coson hatched
a business plan to merge Banco de Oro with Equitable PCI, giving
Banco de Oro a leverage to engage in real opportunities to grow
in the market.

According to The Asian Banker, a merger between Equitable and
BDO would create three near equal-sized bank leaders, raise the
Banco de Oro/Equitable PCI entity to second place with a
combined asset size of US$10.40 billion.

The Asian Banker report has these asset size data on the
Philippines' top six banks:

                Philippine banks by asset size,
                  As of end-2005 (US$ million)

        1. Metropolitan Bank & Trust Company     11,068
        2. Bank of the Philippine Islands        10,006  
        3. Equitable PCI Bank Inc.                5,981
        4. Land Bank of the Philipipnes           5,870
        5. Banco de Oro Universal Bank            4,419  
        6. Philippine National Bank               4,219

                      About Equitable PCI

Equitable PCI Bank, Inc. -- http://www.equitablepci.com/-- is a  
universal bank formed from the consolidation of Equitable
Banking Corporation and PCI Bank on September 2, 1999.  EBC and
its subsidiaries provide a wide range of commercial, corporate,
and retail banking and financial services, including lending and
deposit taking, branch banking, international banking,
electronic banking, trade finance, cash management, and trust
and treasury services.  Aside from commercial banking, the Bank
also capitalizes in credit card, investment banking, leasing,
trust banking, and remittance business.

                          *     *     *

Moody's Investors Service gave Equitable PCI Bank's Subordinated
Debt and Long Term Bank Deposits 'Ba3' ratings effective May 25,
2006.

Standard & Poor's Rating Service gave Equitable PCI Bank's
senior unsecured debt a 'B' rating and its subordinated debt a
CCC+ rating.  

                       About Banco de Oro

Banco de Oro Universal Bank -- http://www.bdo.com.ph/--  
provides a wide range of corporate, commercial and retail
banking services in the Philippines, which include traditional
loan and deposit products, as well as treasury, trust banking,
investment banking, cash management, insurance, remittance,
retail cash cards and credit card services.

Banco de Oro is a member of the SM Group of Companies, one of
the Philippines' largest conglomerates, and is currently ranked
among the top 10 banks in the Philippines in terms of assets,
capital, deposits and loans.  Its asset quality indicators (non-
performing loans & non-performing assets) are among the lowest
in the industry.

The Company's affiliated undertakings are BDO Capital &
Investment Corporation, BDO Financial Services, Inc., BDO
Insurance Brokers, Inc., BDO Card Corporation, BDO Realty
Corporation, BDO Private Bank, Inc., BDO Securities Corporation,
BDO Remittance Ltd., Generali Pilipinas Holding Company, Inc.,
and SM Keppel Land, Inc.

                          *     *     *

Moody's Investors Service gave Banco de Oro's Senior Unsecured
Debt a Ba3 rating effective May 25, 2006.


PHILODRILL CORP: Appoints Officers and Members to its Board
-----------------------------------------------------------
The Philodrill Corp. disclosed to the Philippine Stock Exchange
that, at its annual stockholders' meeting on July 26, 2006,
these persons were elected as directors of the Company to serve
for one year and until their successors are elected at the next
annual meeting in 2007:

   -- Alfredo C. Ramos
   -- Presentacion S. Ramos
   -- Augusto B. Sunico
   -- Francisco A. Navarro
   -- Christopher M. Gotanco
   -- Walter W. Brown
   -- Adrian S. Ramos
   -- Nicasio I. Alcantara (independent director)
   -- Honorio A. Poblador III (independent director)

Majority of the Company's stockholders also approved these
amendments to its Articles of Incorporation and By-Laws:

   1. Amendment of the Articles of Incorporation to reflect the
      change in par value from PHP1.00 to PHP0.10 per share;

   2. Amendment of the Articles of Incorporation to declassify
      the Company's shares to common shares; and

   3. Amendment of the Company's By-Laws to incorporate the
      provisions of SRC Rule 38 on the requirements for
      nomination and election of Independent Directors.

At the Company's Organizational Meeting of its Board of
Directors held immediately after the stockholders' meeting,
these directors were elected:

   Alfredo C. Ramos     - Chairman of the Board & President
   Francisco A. Navarro - Executive Vice President
   Reynaldo E. Nazarea  - Treasurer & Vice-President for
                          Administration
   Alessandro O. Sales  - Vice President, Exploration
   Adrian S. Arias      - Corporate Secretary

These committees were also formed:

Nomination Committee:
    
   Nicasio I. Alcantara - Independent Director, Chairman
   Alfedo C. Ramos      - Director, Member
   Walter W. Brown      - Director, Member
   Reynaldo E. Nazarea  - Treasurer & Vice-President for
                           Administration, Non-voting Member

Compensation & Remuneration Committee:

   Honorio A. Poblador III - Independent Director, Chairman
   Walter W. Brown         - Director, Member
   Augusto B. Sunico       - Director, Member

Audit Committee:

   Honorio A. Poblador III - Independent Director, Chairman
   Nicasio I. Alcantara    - Independent Director, Member
   Walter W. Brown         - Director, Member
   Adrian S. Ramos         - Director, Member

Compliance/Reporting Officer, Anti-Money: Adrian S. Arias
Laundering/Corporate Governance Internal Auditor: Violeta B. De
Leon
                             

                              * * *

The Philodrill Corporation was registered with the Philippine
Securities and Exchange Commission on June 26, 1969, as an oil
exploration and production company.  In 1989, realizing the need
to balance the risk associated with its petroleum activities,
the Company changed its primary purpose to that of a diversified
holding company while retaining petroleum and mineral
exploration and development as one of its secondary purposes.

The Company, which is operating in only one business segment,
has three associates with one engaged in real estate and the
others in financial services.  The Company and its associates
have no geographical segments as they were incorporated and are
operating within the Philippines.

                      Going Concern Doubt

After auditing Philodrill's 2005 annual financial statements,
Sycip, Gorres and Velayo & Co., raised doubt on the Company's
ability to continue as a going concern, as its current
liabilities exceed current assets by PHP419.2 million as of
Dec. 31, 2005.  The Company also had difficulty meeting its
obligations to creditor banks.

                        Debt Servicing

In early 2006, Philodrill was able to redenominate its loans
with Rizal Commercial Banking Corp. amounting to PHP28.25
million, from U.S. dollars to Philippine Pesos.


SECURITY BANK: Fitch Affirms BB Issuer Default Rating
-----------------------------------------------------
Fitch Ratings Ltd. had on, July 27, 2006, assigned a National
Long-term rating of 'AA-(phl)' to Manila-based Security Bank
Corporation.  The agency affirmed the Bank's Long-term foreign
and local currency Issuer Default Ratings at 'BB' with a Stable
Outlook, its Individual and Support ratings at 'D' and '4',
respectively.

Security Bank's ratings reflect its good profitability and
adequate capital level.  The Bank historically focused on
medium-sized enterprises owned by Filipino-Chinese, but has
since widened its focus to include larger blue-chip corporates
and consumers, particularly high net-worth individuals.  Due to
stiff competition and limited lending opportunities, SBC's loan
growth was just 5% in 2005, coming mostly from receivables being
reclassified as loans under new accounting standards.  Its asset
growth, however, was strong at 19%, largely achieved through the
purchase of government-issued long-term fixed rate debt paper;
these accounted for c. 46% of SBC's end-2005 assets, leaving it
exposed to interest rate risk.

SBC's asset quality was negatively affected by the 1997/8 Asian
financial crisis but the impact was less pronounced compared to
its larger peers due to the its historically more prudent
lending stance.  In a benign economic environment, the Bank took
steps to address asset quality issues through a combination of
write-offs and recovery efforts.  Its end-2005 non-performing
loans ratio stood at 8.1% with sufficient reserves coverage of
132%.  Net real-estate assets (3% of total assets - mostly
arising out of foreclosures) could prove more problematic,
albeit with core earnings able to comfortably cover any losses
here.

The Bank recorded a strong pre-provision return on assets of
2.8% in 2005, supported by a good level of net interest income
and reasonable efficiency.  Its interest margins are substantial
at 4.4% thanks to its strong franchise in small- and medium-
sized enterprise loans, and its below-average level of non-
accrual drag as well as reasonable efficiency in its operations.  
While SBC's non-interest income is limited on a core basis, it
has been boosted over recent years by trading gains on its
substantial holdings of debt paper.  Fitch notes, however, that
these would dissipate or even reverse under a rising interest
rate environment.

Meanwhile, SBC's has maintained its capital base at an adequate
level.  Its capital grew slightly over 2005; while the new
accounting standards saw a downward equity adjustment of PHP2.3
billion due to additional impairment on its financial assets (in
particular loans), this was more than offset by securities
valuation gains of PHP2.1 billion and earnings retention of
PHP0.8 billion.  Fitch notes that with its high 19% asset
growth, Security Bank's equity-to-assets ratio declined slightly
over 2005, from 11.6% to a satisfactory 10.5%.  The Bank's total
CARs stood at 19.6% as at March 2006.

                          *     *     *

Security Bank Corporation -- http://www.securitybank.com/-- was  
established in 1951 as Security Bank & trust Company, and is one
of the Philippines' top ten pricate domestic universal banks in
terms of assets, deposits and capital, as well as having one of
the highest ratios for return on equity.

As of March 2006, SBC's net earnings totaled PHP540.3 million,
from PHP1.16 billion the previous year.  Return on average
assets stood at 2.28% from 1.15 % in 2005, whereas return on
average equity increased to 20.47% from 13.38%.


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

COMSERV PRIVATE: Prepares to Pay Dividend to Creditors
------------------------------------------------------
Comserv Private Limited notifies parties-in-interest of its
intention to declare a dividend to creditors.

In this regard, creditors are required to prove their debts by
August 4, 2006, at the liquidator's place of business.

The Liquidator can be reached at:
         
         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


HIAP KIAN HOE: Creditors Must Prove Claims by August 4
------------------------------------------------------
Creditors of Hiap Kian Hoe Construction Co Private Limited are
required to file their proofs of claim by August 4, 2006, for
them to share in any distribution the Company will make.

The Troubled Company Reporter - Asia Pacific reported on
September 17, 2004, that Hiap Kian Hoe received a wind-up order
from the High Court of Singapore on September 3, 2004.  The
Official Receiver was subsequently appointed as liquidator.

The Liquidator can be reached at:

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


HIGHLAND PARTNERS: Accepting Proofs of Debt Until August 21
-----------------------------------------------------------
A dividend will be distributed for creditors of Highland
Partners (Singapore) Pte Limited, which is under member's
voluntary liquidation.

Liquidator Chia Soo Hien is accepting creditors' proofs of debt
until August 21, 2006.  

The Liquidator can be reached at:

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


LA-STELLA PTE: Creditors' Proofs of Claim Due on September 22
-------------------------------------------------------------
Creditors of La-Stella Pte Limited are required to file their
proofs of claim by September 22, 2006, for them to share in any
distribution the Company will make.

The liquidator can be reached at:

         Lai Seng Kwoon
         8 Robinson Road
         #13-00 ASO Building
         Singapore 048544


MDR LIMITED: Notes Semitech Electronics' Change of Interest
-----------------------------------------------------------
Semitech Electronics Ltd, a substantial shareholder of mDR
Limited has on July 25, 2006, reduced its holdings from 6.4 % to
5.3 %.

Before the change, Semitech Electronics held 97,996,515 options
with 6.4% issued share capital. Recently, Semitech reduced its
number of holdings to 81,996,515 options with 5.3% of issued
share capital.

The reduction of option of Semitech Electronics Ltd. was due to
sales in open market in its own discretion.

                        About mDR Limited

mDR Limited -- formerly Accord Customer Care Solutions -- is the
leading provider of after market services for consumer mobile
communication and digital electronic devices in Asia Pacific.  
ACCS is a spin-off from supply network solutions provider Accord
Express Holdings Pte Limited.  ACCS provides a wide spectrum of
after market services to both its trade partners and end
consumers.  ACCS provides professional, efficient and convenient
services to its end consumers by establishing one-stop single
brand or multi-brand proximity centers that are conveniently and
strategically located.  ACCS has been posting consecutive losses
since the first quarter of 2005 due to bad investments, when it
incurred a net loss of SGD3.79 million.  Meanwhile, 12 of its
former executives are facing an ongoing case over a cheating
scam involving mobile phone giant Nokia.  The executives were
accused of falsifying phone repair claims to cheat Nokia out of
SGD4.3 million.  They were also charged with falsifying
financial documents and overstating profits.

The Company is currently in negotiations with its lenders to
restructure its financial obligations.  As part of the
negotiations with the lenders, these obligations are intended to
be repaid out of the proceeds from the Company's recovery of its
investments in non-operational assets.  The timing of receipt of
proceeds from the recovery is dependent on stock market
conditions and conclusion of negotiations.


REFCO INC: Inks Stipulation with Parties on Rule 2004 Motion
------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in
Refco, Inc., and its debtor-affiliates cases, asked the United
States Bankruptcy Court for the Southern District of New York to
compel 22 respondents to produce documents on or before the date
that is 30 days after a corresponding subpoena is served.

The 22 respondents are:

   * Arthur Anderson, LLP;
   * Delta Flyer Fund, LLC/Eric M. Flanagan;
   * Micky Dhillon & the Jasdeep Dhillon Trustee MSD Family
     Trust;
   * Thomas Dittmer;
   * Ernst & Young LLP;
   * Stephen Grady;
   * Thomas Hackl;
   * Ingram Micro Inc.;
   * Mark Kavanagh;
   * Dennis Klejna;
   * Levine Jacobs and Co. LLC;
   * Eric Lipoff;
   * McDermott Will & Emery;
   * Joseph Murphy;
   * Frank Mutterer;
   * Victor Niederhoffer/Niederhoffer Investments Inc.;
   * Sean O'Shea and Edward McElwreath;
   * PricewaterhouseCoopers, LLP;
   * William M. Sexton;
   * Philip Silverman;
   * Chris Sugrue; and
   * David Weaver.

The Committee discloses that, subject to the Rule 2004 Discovery
Motion, it entered into stipulations with:

(1) Dennis Klejna

Dennis Klejna was general counsel of Refco, Inc., and Refco
Group Ltd., LLC.  Mr. Klejna is no longer employed by the
Debtors and does not yet know what responsive documentation he
will have, if any.

Mr. Klejna has no objection to the document request so long as
certain unique issues regarding the Debtors' attorney-client
privilege are resolved.  He notes that the Debtors may wish to
assert attorney-client privilege as to some or all of the
subpoenaed documents.

The Creditors Committee is willing to permit the Debtors to have
a limited additional period to review documents to determine
whether an assertion of privilege is appropriate.

In a Court-approved stipulation, the Committee agrees that Mr.
Klejna will have 20 days after service of subpoena to produce
documents to either the Committee or the Debtors, through the
Debtors' counsel, with notice to Committee.  The Debtors will
have 15 additional days to determine whether or not to assert
attorney-client privilege as to any of the documents.

To the extent that the Debtors do not assert a privilege, the
Debtors agree to promptly transmit the documents to the
Committee.  To the extent that the Debtors assert a privilege,
they will be responsible for any appropriate filings or
responses to preserve or assert it -- with notice to Mr. Klejna
-- and will be responsible for providing the documents to the
Committee if so required as a result of any ruling on the
privilege issue.

Mr. Klejna will continue to have the same rights as all other
Respondents to assert objections to the subpoenas, all rights
being expressly preserved.

(2) Niederhoffer

The Creditors Committee agrees to withdraw its Rule 2004 Motion
insofar as it seeks discovery from Victor Niederhoffer and
Niederhoffer Investments Inc.  The Committee waives no rights or
positions.

In the event that the Committee resubmits a motion for Rule 2004
discovery seeking permission to obtain discovery from
Niederhoffer, Niederhoffer reserves the right to object to that
request.

                        PwC Responds

PricewaterhouseCoopers LLP does not object to the document
request.  PwC, however, needs at least 60 days to produce the
documents the Committee wants.  PwC expects that it will be able
to work through to a reasonable solution of the issues with the
Committee's counsel.

                      About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a  
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for Chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its Chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on Nov.
25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC, is a
regulated commodity futures company that has businesses in the
United States, London, Asia and Canada.  Refco, LLC, filed for
bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the Chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for Chapter 11 protection on June 6, 2006.


REFCO INC: Judge Drain Extends Removal Period to September 13
-------------------------------------------------------------
The Honorable Robert D. Drain of the United States Bankruptcy
Court for the Southern District of New York extended to Sept.
13, 2006, the time within which Refco Inc. and its debtor-
affiliates may file notices of removal pursuant to Rule 9006(b)
of the Federal Rules of Bankruptcy Procedure.

As reported in the Troubled Company Reporter on June 28, 2006,
the Debtors told the Court that the request has the consent of
Marc S. Kirschner, the Chapter 11 trustee of the estate of Refco
Capital Markets, Ltd.

Prior to filing for bankruptcy, the Debtors were plaintiffs in
approximately 37 actions and proceedings in a variety of state
and federal courts throughout the country.

Sally McDonald Henry, Esq., at Skadden, Arps, Slate, Meagher &
Flom, LLP, in New York, relates that the Debtors have not yet
reviewed all the Actions to determine whether any Actions should
be removed.  The Debtors have continued to focus primarily on
stabilizing and maximizing the value of the wind-down of their
businesses.

The RCM trustee also needs additional time to evaluate the
Actions to determine whether they should be removed.

Moreover, the Debtors and the RCM Trustee are engaged in a
bankruptcy plan formulation process, which may impact decisions
with respect to the Actions.

Ms. Henry asserts that extension of the Removal Period will
afford the Debtors sufficient opportunity to assess whether the
Actions can and should be removed, thus, protecting the Debtors'
valuable right to adjudicate lawsuits under 28 U.S.C. Section
1452.

                      About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a  
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for Chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its Chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on Nov.
25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC, is a
regulated commodity futures company that has businesses in the
United States, London, Asia and Canada.  Refco, LLC, filed for
bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the Chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for Chapter 11 protection on June 6, 2006.


REFCO INC: Wants Court Approval on Fee Committee & Fee Protocol
---------------------------------------------------------------
Refco Inc. and its debtor-affiliates ask the United States
Bankruptcy Court for the Southern District of New York to
appoint a fee committee and approve their proposed fee protocol,
pursuant to Section 331 of the U.S. Bankruptcy Code.

The Fee Committee will review fee statements submitted by all
professionals retained in the Debtors' Chapter 11 cases for
overall reasonableness and fairness.  The Fee Committee will
also review all future interim and final fee applications.

The Fee Committee will reign in the professional costs in the
Chapter 11 cases, Sally McDonald Henry, Esq., at Skadden, Arps,
Slate, Meagher & Flom LLP, in New York, explains.

As previously reported, 11 bankruptcy professionals have filed
first interim fee applications seeking payment of more than
US$33,000,000 in fees and expenses.  Due to cash collateral
constraints in the cases of most of the Debtors, the U.S.
Trustee has noted that US$2,774,275 has been paid to four
professionals.

The Fee Protocol details the Debtors' proposal with respect to:

   (a) the purposes for establishing the Fee Committee;

   (b) the composition of the Fee Committee;

   (c) compensation of certain Fee Committee members;

   (d) budget procedures;

   (e) procedures for identifying and potentially resolving fee
       disputes;

   (f) limitations on the Fee Committee's authority; and

   (g) exculpation and indemnification provisions for the Fee
       Committee members in connection with their performance of
       duties on the Fee Committee's behalf.

The Fee Committee will consist of:

   1.  Harrison J. Goldin, the Debtors' chief executive officer;

   2.  Marc S. Kirschner, the Chapter 11 Trustee of Refco
       Capital Markets, Ltd.;

   3.  one member appointed by and representative of the
       Official Committee of Unsecured Creditors, who is not
       primarily a creditor of RCM; and

   4.  one person appointed by and representative of the United
       States Trustee.

As requested by the U.S. Trustee, its representative will be a
non-voting member.

In the event a Fee Committee member resigns, the constituent
group represented by that member may designate a successor
member.  The Court may alter the membership of the Fee Committee
at any time.

Messrs. Goldin and Kirschner and the representative of the U.S.
Trustee will not be paid for their services.  The other
Committee member will receive US$2,000 for each in-person
meeting attended and US$500 for each substantive teleconference
meeting.  All Fee Committee members will be entitled to
reimbursement for reasonable, documented out-of-pocket costs and
expenses from the estates.

               Fee Application Review Process

Pursuant to the Fee Protocol, the Debtors propose to require
each Retained Professional to prepare a budget of the
professional fees it expects to incur over the course of each
four-month fee application period.  The budget will include, in
reasonable detail, the services anticipated to be provided over
the application period.  To the extent actual fees exceed 25%
over the budgeted fees, the Retained Professional are required
to explain the discrepancy.

After reviewing the fee statements and applications, the Fee
Committee will question any deviations from the budgets
submitted or from the billing guidelines developed by the Fee
Committee.  Where appropriate, the Fee Committee will negotiate
with the Retained Professionals regarding their bills.

The Fee Committee will also generate reports, noting disputes
the Fee Committee has with any Retained Professional's fees,
which were unable to be resolved.  The reports will be made
available to the Court and appropriate parties-in-interest. The
Fee Committee will not have standing on its own to object to the
fees sought by Retained Professionals.

                         Fee Examiner

The Fee Committee may retain a fee examiner, subject to Court
approval.  The costs of the fee examiner will be reimbursed by
the Debtors' estates.

The fee examiner's role would be limited to providing
quantitative analysis of individual fee applications for the Fee
Committee's review and consideration, but any recommendations or
determinations regarding reasonableness or whether to dispute a
fee statement or application would be determined solely by the
Fee Committee after providing the Retained Professional with an
opportunity to respond to the Fee Committee's concerns.

             Chapter 7 Professionals Not Included

The professionals retained by the Chapter 7 trustee for services
to Refco LLC are not subject to the Fee Protocol.  Additionally,
in the event the Chapter 11 case of RCM is converted to a case
under Chapter 7 of the Bankruptcy Code, the Chapter 11 Trustee
will resign from the Fee Committee and the Fee Protocol will no
longer apply to RCM's Retained Professionals.

                      About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a  
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for Chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its Chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on Nov.
25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC, is a
regulated commodity futures company that has businesses in the
United States, London, Asia and Canada.  Refco, LLC, filed for
bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the Chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for Chapter 11 protection on June 6, 2006.


SEE HUP SENG: H.K. Arm Takes 15% Equity Stake of GETZ South
-----------------------------------------------------------
See Hup Seng (H.K.) has acquired on July 26, 2006, the 15%
equity interest of GETDZ South China Marine and Industrial
Special Coating Ltd.

GETDZ, the Company's wholly owned subsidiary, has transferred
its investment as part of the internal streamlining of the
Company's structure.

                  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


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

BANK OF AYUDHYA: Mulls to Issue US$150 Million To Aid Liquidity
---------------------------------------------------------------
Bank of Ayudhya Public Co. Ltd. will issue up to US$150 million
in floating-rate notes over the next few months, The Bangkok
Post relates.  

According to the report, the deal, which is arranged by
Citibank, will raise funds to shore up Bank of Ayudhya's
liquidity after the redemption in April 2006 of a US$100-million
floating-rate subordinated debenture.

The new US$150-million FRN issue is expected to offer cost
savings, compared with the debt redeemed in April, which paid 92
basis points over the six-month Libor for the first five years
and 225 points over the six-month Libor for the years six to 10,
according to the Bangkok Post, citing sources.

The Bangkok Post notes that Bank of Ayudhya FRN offering is the
latest in a number of overseas debt issues by Thai organizations
within 2006.

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of  
banking and financial services.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.  It has branches in
Hong Kong, Vietnam, Laos, and the Cayman Islands.

                          *     *     *

Moody's Investors Service gave Bank of Ayudha an 'E+' bank
financial strength rating.

Fitch Ratings gave the bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating, a 'B' Short-Term Foreign Currency Rating,
a 'BB' Foreign Currency Subordinated Debt Rating, and a 'D'
Individual Rating.


TMB BANK: Eyes Vayupak Fund to Purchase 3 Billion Share
-------------------------------------------------------
The Vayupak Fund may be tapped to take up 3.22 billion new
shares offered by TMB Bank Public Co. Ltd.on behalf of the
Finance Ministry, the Bangkok Post reports.

According to the Post, authorities are considering having the
state-controlled Vayupak Fund subscribe to the TMB share issue
to help the Government maintain its stake in TMB Bank while
minimizing the financial burden on the state budget.

However, Pichit Akrathit, the president of MFC Asset Management,
which manages the Vayupak Fund, told the Post that any
transaction should be made at a 15-20% discount -- THB2.75 to
THB2.80 per share -- from the THB3-per-share offering price
given the huge size of the offering.

The Post notes that the current share price is a slight discount
from current market prices.

Moreover, Mr. Akrathit said that the Bank of Thailand would have
to first explicitly approve the transaction since Vayupak's
shareholding in TMB Bank would rise to above 5%.  Alternatively,
Vayupak Fund could arrange a swap deal with the Finance Ministry
before the share registry was closed to avoid the 5% rule.

According to the Post, TMB Bank has delayed its plans to issue
the new shares several times this year due to poor market
sentiment.  The rights issue is part of a THB20-billion capital
increase plan approved by TMB Bank directors in March 2006.  TMB
Bank raised US$200 million by issuing hybrid tier-one securities
in May.

Under the rights issue, the Post relates, existing shareholders
were to be issued one new share for every 4.75 shares held.  The
Finance Ministry is the largest single shareholder of TMB with
31%, followed by Singapore's DBS Bank at 18.48%.

President Subhak Siwaraksa said that he expected TMB to complete
the rights issue by September.  

Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders  
financial services to all groups of customers.
TMB Bank had total assets of about THB717 billion as at
December 31, 2005.
                          *     *     *

Fitch Ratings gave TMB Bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating; 'B' Short-Term Foreign Currency Rating;
'BB' Foreign Currency Subordinated Debt Rating; 'D' Individual
Rating; and Support rating at 3.

Moody's Investor Service gave TMB Bank a 'Ba1' Junior
Subordinated Debt Rating and an 'E+' Bank Financial Strength
Rating.

Standard & Poor's Ratings Services gave TMB Bank's US$200-
million hybrid Tier 1 securities a 'BB' rating.


TRUE CORP: S&P Affirms 'BB' Long-Term Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services, on July 27, 2006, affirmed
its BB long-term corporate credit rating on True Corp Public Co
Ltd -- an integrated communications provider -- of Thailand.  
The outlook is stable.

"The rating on True reflects its strong market position in the
domestic fixed-line, broadband, and pay-TV markets, and its
growing presence in the cellular market," said Standard & Poor's
credit analyst Cheow Hon Lee.

"Nevertheless, the rating is constrained by the company's high
leverage, low cash flow protection measures, intense
competition, and regulatory uncertainties," said Mr. Lee.

True's liquidity is acceptable.  Cash and cash equivalent of
THB8 billion -- US$198 million -- as at March 31, 2006, will
partially cover THB21 billion of debt due in one year.  The
remaining THB13 billion in short-term debt will be mostly
covered by THB11 billion drawn in early July 2006 from new
credit facilities. These facilities will only start amortizing
in 2008.
     
The stable outlook is based on the expectation that the True
will focus on reducing its debt as its capital expenditure is
expected to peak in 2006 and 2007.  The rating may be negatively
affected if developments on issues such as concession conversion
and the interconnection regime have a significant adverse impact
on True's credit profile, or if debt to EBITDA does not fall to
4.0x by 2007.  Conversely, the rating may benefit if debt to
EBITDA is sustained below 3.0x, accompanied with no
deterioration in business profile.


UNITED OVERSEAS: Fitch Affirms Individual Rating at C/D
-------------------------------------------------------
Fitch Ratings affirmed on July 27, 2006, United Overseas Bank's
-- formerly Bank of Asia -- Long-term foreign currency Issuer
Default Rating at A- with a Stable Outlook, Short-term foreign
currency rating at F2, Individual rating at C/D and Support
rating at 1.  

At the same time, Fitch Ratings (Thailand) Limited has affirmed
UOB Thailand's National Long-term rating at AA+(tha) with a
Stable Outlook and National Short-term rating at F1+(tha).  

The ratings of UOB Thailand are contingent on United Overseas
Bank of Singapore -- rated AA- -- remaining the controlling
shareholder.

In December 2005, Fitch upgraded the Long-term foreign currency
IDR of UOB Thailand to A- and its Support rating to 1 following
the completion of its merger with UOB Radanasin.  UOB has
indicated that, as the majority shareholder, it would provide
long-term capital, liquidity and operational support to UOB
Thailand as required.

While restrictions on foreign ownership may see some dilution of
UOB's ownership after 2008, there is flexibility to minimize the
impact by strengthening UOB Thailand's capital base before that
to a level sufficient for long-term business expansion.  Given
UOB's reputation and resources and close name association of UOB
Thailand with its parent, Fitch believes that there is an
extremely high probability that parental support would be
forthcoming, if necessary.

As UOB Thailand's International and National debt ratings are
based on UOB remaining the controlling shareholder, any change
in UOB's shareholding in UOB Thailand and its commitment and
support to UOB Thailand could affect UOB Thailnad's ratings.  

Since the foreign currency ratings of UOB Thailand are now at
the same level as the Country Ceiling, any downgrade of
Thailand's Country Ceiling or sovereign ratings will also have
an impact on UOB Thailand's ratings.

UOB Thailand reported a net profit of THB953.4 million in 2005,
up from THB760.8 million in 2004 due mainly to the release of
reserves. Nonetheless, pre-provisioning profit (adjusted for
non-recurring integration-related expenses) fell by 51.5% to
THB951 million in 2005 from THB2 billion in 2004.  The fall
reflected higher losses on the impairment of investments, the
disruption to the bank's operations by a change in ownership and
the integration between BOA and UOBR.

In first half 2006, UOB Thailand reported a net profit of
THB918.8 million, up from THB636.9 million in first half of 2005
due to the consolidation of UOB Radanasin's earnings in first
half 2006 and rising loan yields.  The financial and operational
support of UOB should help bolster UOB Thailand's performance in
the medium term.

Impaired loans fell to THB17.4 billion -- 11% of total loans --
at end of March 2006 from THB19.8 billion at end of 2004.  Loan
loss reserves stood at THB11.1 billion and covered 63.7% of
impaired loans, which is reasonable compared with that of other
Thai banks.

Improved asset quality and a strengthening capital base saw UOB
Thailand 's ratio of net impaired loans to equity fall to 26.5%
at the end of March 2006 from 37% at the end of 2004.  UOB
Thailand's capital appears strong, with its Tier 1 ratio at
14.5% of risk-weighted assets and its total capital ratio at
16.6% at end-March 2006.

UOB Thailand was established in 1939.  ABN AMRO Bank NV acquired
a 75% stake in Bank of Asia in 1998.  In 2004, ABN AMRO sold its
stake in BOA to UOB, which subsequently increased its holding in
BOA to 97.5%.  After the amalgamation of UOBR with BOA, UOB's
stake in BOA increased to 98.5%. UOB Thailand is Thailand's
ninth-largest commercial bank, with a 3.1% share of loans and a
2.1% share of deposits at end-March 2006.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

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

AUSTRALIA

Acma Engineering & Const.
   Group Limited                  ACX        21.39      -2.24
Allstate Explorations NL          ALX        12.65     -51.62
Austar United Communications Ltd. AUN       231.54     -52.58
Global Wine Ventures Limited      GWV        22.04      -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA      1696.65    -786.31
Indophil Resources NL             IRN        37.79     -69.96
Intellect Holdings Limited        IHG        23.98     -11.13
Namberry Limited                  NMB        15.12      -4.26
Orbital Corporation Limited       OEC        14.01      -4.86
RMG Limited                       RMG        22.33      -2.16
Stadium Australia Group           SAX       135.23     -41.84
Tooth & Company Limited           TTH        99.25     -74.39
Tourism, Hotels & Leisure Ltd.    TLC        15.76      -0.66

CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931        29.19     -18.65
Asia Telemedia Limited            376        10.89      -5.50
Anhui Feicai Vehicle Co. Ltd.     887       129.80      -7.00
Bestway International             718        25.00      -0.67
Chang Ling Group                  561        77.48     -76.83
Chengdu Book - A               600083        21.50      -3.07
China Liaoning International
  Cooperation Holdings Ltd.       638        25.79     -43.45
China Kejian Co. Ltd.              35        54.71    -179.23
Datasys Technology Holdings      8057        14.10      -2.07
Eforce Holdings Limited           943        10.31      -0.51
Everpride Biopharmaceutical
   Company Limited               8019        10.16      -2.16
Fujian Changyuan Investment
   Holdings Limited               592        31.36     -54.04
Gold-Face Holdings Limited        396        40.60     -28.11
Guangdong Meiya Group
   Company Ltd.                   529       107.16     -49.54
Guangdong Sunrise Group
   Company Ltd-A                   30        35.98    -182.94
Guangdong Sunrise Group
   Co. Ltd-B                   200030        35.98    -182.94
Guangxi Wuzhou Zhongheng
   Group Co Ltd.                  557        62.19    -115.50
Hainan Dadonghai Tourism          613        19.74      -5.81
Hainan Dadongh-B               200613        19.74      -5.81
Hainan Overseas Chinese
   Investment Co. Ltd.         600759        32.70     -15.28
Hans Energy Company Limited       554        94.75     -10.76
Heilong Jiang Long Di Co. Ltd.    832       134.62     -61.22
Heilongjiang Sun & Field
   Science & Tech.                620        29.96     -49.18
Heilongjiang Black Dragon
   Co. Ltd.                    600187       121.30     -74.45
Hualing Holdings Limited          382       242.26     -28.15
Huda Technology & Education
   Development Co. Ltd.        600892        17.29      -0.19
Hunan Anplas Co., Ltd.            156        94.17     -65.04
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286        87.44     -68.55
Innovo Leisure Recreation
   Holdings Ltd.                  703        13.68      -2.01
Jiangsu Chinese.com Co. Ltd.      805        15.86     -34.56
Jiangxi Paper Industry
   Co. Ltd                     600053        19.58     -12.80
Loulan Holdings Limited          8039        13.01      -1.04
Magnum International Holdings
   Limited                        305        10.35      -5.83
Mindong Electric Group Co., Ltd.  536        21.63      -1.50
New City (Beijing) Development
   Limited                        456       151.61     -19.15
New World Mobile Holdings Ltd     862       215.47    -126.57
Orient Power Holdings Ltd.        615       176.86     -64.20
Plus Holdings Ltd                1013        24.00      -3.15
Prosperity International
   Holdings (HK) Limited         8139        10.73      -2.45
Shandong Jintai Group Co. Ltd.  600385       19.58     -12.18
Shanghai Xingye Housing
   Company Ltd                 600603        14.90     -72.98
Shenyang Hejin Holding
   Company Ltd.                   633        83.18     -20.87
Shenz China Bi-A                   17        39.13    -224.64
Shenz China Bi-B               200017        39.13    -224.64
Shenzhen Dawncom Business Tech
   And Service Co., Ltd           863        79.84     -37.30
Shenzhen Shenxin Taifeng Group
   Co. Ltd.                        34        95.27     -44.65
Shenzen Techo Telecom Co., Ltd.   555        14.84      -6.25
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137        13.11     -72.76
Sichuan Topsoft Investment
   Company Limited                583       113.12    -148.61
SMI Publishing Group Ltd.        8010        10.48      -7.83
Songliao Automobile Co. Ltd.   600715        49.56      -3.76
Sun's Group Manufacturing
   Company Limited                988       103.02     -72.80
Taiyuan Tianlong Group Co.
   Ltd                         600234        13.47     -87.63
Theme International
   Holdings Limited               990        22.46      -0.77
UDL Holdings Limited              620        12.48      -7.15
Wealthmark International
   (Holdings) Limited              39        11.32      -2.43
Winowner Group Co. Ltd.        600681        38.03     -62.88
Xinjiang Hops Co. Ltd          600090       101.34    -135.99
Yantai Hualian Development
   Group Co. Ltd.              600766        59.99      -7.66
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622        49.89     -17.71
Zarva Technology Co. Ltd.         688       101.76    -102.01

INDIA

PT Dharmala Intiland             DILD       197.91      -6.62

INDONESIA

Ades Waters Indonesia Tbk        ADES        21.35      -8.93
Bukaka Teknik Utama Tbk          BUKK        44.45    -107.00
Hotel Sahid Jaya                 SHID        71.05      -4.26
Jakarta Kyoei Ste                JKSW        44.72     -38.57
Mulialand Tbk                    MLND       160.45     -19.82
Multibreeder Adirama Indonesia   MBAI        64.54      -2.31
Pakuwon Jati Tbk                 PWON       188.41     -50.78
Panca Wiratama Sakti Tbk         PWSI        39.72     -18.82
PT Steady Safe                   SAFE        19.65      -2.43
PT Toba Pulp Lestrari Tbk        INRU       403.58    -198.86
PT Unitex Tbk                    UNTX        29.08      -5.87
PT Voksel Electric Tbk           VOKS        44.01     -11.74
PT Wicaksana Overseas
   International Tbk             WICO        84.36     -32.88
Sekar Bumi Tbk                   SKBM        23.07     -41.95
Steady Safe Tbk                  SAFE        19.65      -2.43
Suba Indah Tbk                   SUBA        85.17      -9.18
Surya Dumai Industri Tbk         SUDI       105.06     -30.49
Unitex Tbk                       UNTX        29.08      -5.87

JAPAN

Hanaten Co., Ltd.                9870       167.79      -1.63
Mamiya-OP Co., Ltd.              7991       152.37     -67.11
Montecarlo Co. Ltd.              7569        66.29      -3.05
Nihon Seimitsu Sokki Co., Ltd.   7771        23.82      -1.10
Sumiya Co., Ltd.                 9939        89.32     -11.57
Tenryu Lumber Co., Ltd.          7904       187.75     -44.48
Tokai Aluminum Foil Co., Ltd.    5756       106.49     -12.55
Yakinikuya Sakai Co., Ltd.       7622        79.44     -11.14

MALAYSIA

Antah Holdings Bhd                ANT       241.10     -39.36
CHG Industries Bhd                CHG        25.95     -41.38
Cygal Bhd                         CYG        58.47     -69.79
Comsa Farms Bhd                   CFB        63.60      -5.00
Consolidated Farms Berhad       CFARM        38.50     -11.55
Emico Holdings Bhd                EMI        42.56      -1.92
Jin Lin Wood Industries Berhad    JLW        21.68      -1.74
Lankhorst Bhd                    LKHT        25.91     -28.35
Mentiga Corporation Berhad       MENT        22.13     -18.25
Metroplex Bhd                     MEX       323.51     -49.28
Mycom Bhd                         MYC       227.68    -114.64
Lityan Holdings Bhd               LIT        22.22     -19.11
Olympia Industries Bhd           OLYM       255.84    -227.85
Panglobal Bhd                     PGL       189.92     -50.36
Park May Bhd                      PMY        11.04     -13.58
PSC Industries Bhd                PSC        62.80    -116.18
Setegap Berhad                    STG        19.92     -26.88
Tru-Tech Holdings Berhad          TRU        15.86     -16.71
Wembley Industries Holdings Bhd   WMY       111.72    -204.61

PHILIPPINES

APC Group Inc.                    APC        67.04    -163.14
Atlas Consolidated Mining and
   Development Corp.               AT        33.59     -57.17
Cyber Bay Corporation            CYBR        11.54     -58.06
East Asia Power Resources Corp.   PWR        92.55     -64.61
Fil-Estate Corporation             FC        33.30      -5.80
Filsyn Corporation                FYN        19.20      -8.83
Filsyn Corporation               FYNB        19.20      -8.83
Global Equities Inc.              GEI        24.18      -1.81
Gotesco Land, Inc.                 GO        17.34      -9.59
Gotesco Land, Inc.                GOB        17.34      -9.59
Prime Media Holdings Inc.        PRIM        11.12     -15.52
Prime Orion Philippines Inc.     POPI        98.36     -74.34
Swift Foods Inc.                  SFI        26.95      -8.23
Unioil Resources & Holdings             
   Company Inc.                   UNI        10.64      -9.86
United Paragon Mining Corp.       UPM        21.19     -21.52
Universal Rightfield Property
   Holdings Inc.                   UP        45.12     -13.48
Uniwide Holdings Inc.              UW        61.45     -30.31
Victorias Milling Company Inc.    VMC       127.83     -32.21
Vitarich Corporation             VITA        75.04      -4.27

SINGAPORE

ADV Systems Auto                  ASA        14.32      -8.54
China Aviation Oil (Singapore)
   Corporation                    CAO       211.96    -390.07
Compact Metal Industries Ltd.     CMI        54.36     -25.64
Digiland Intl.                   DIGI        31.32     -11.94
Falmac Limited                    FAL        10.90      -0.73
Gul Technologies Singapore
   Limited                        GUL       152.80     -27.74
Informatics Holdings Ltd         INFO        22.30      -9.14
L&M Group of Companies            LNM        56.91     -10.59
Liang Huat Aluminium Ltd.         LHA        19.30     -76.43
Lindeteves-Jacoberg Limited        LJ       225.52     -53.23
LKN-Primefield Limited            LKN       150.70     -12.72
Mae Engineering Ltd               MAE        11.42      -7.79
PDC Corporation Limited           PDC         0.72     -12.07
Pacific Century Regional          PAC      1381.26    -107.11
See Hup Seng Ltd.                 SHS        17.36      -0.09

SOUTH KOREA

C & C Enterprise Co. Ltd.       38420        28.05     -14.50
Cenicone Co. Ltd.               56060        36.82      -1.46
Everex Inc.                     47600        23.15      -5.10
EG Greentech Co.                55250       186.00      -1.50
EG Semicon Co. Ltd.             38720       166.70     -12.34
Inno Metal Inc.                 70080        28.56      -0.33
KP&L Company Limited             9810        15.03      -3.81
Radix Co. Ltd.                  16160        53.78     -17.69
Quality & Tech                  15260        32.33      -1.14
Shinil Industrial Co., Ltd.      2700        41.51      -3.44
Tong Yang Major                  1520      2332.81     -86.95

THAILAND

Bangkok Rubber PCL                BRC        70.19     -56.98
Bangkok Rubber PCL              BRC/F        70.19     -56.98
Central Paper Industry PCL      CPICO        40.41     -37.02
Central Paper Industry PCL    CPICO/F        40.41     -37.02
Circuit Electronic
   Industries PCL              CIRKIT        20.37     -64.80
Circuit Electronic
   Industries PCL            CIRKIT/F        20.37     -64.80
Daidomon Group Pcl              DAIDO        12.92      -8.51
Daidomon Group Pcl            DAIDO/F        12.92      -8.51
Datamat PCL                       DTM        17.55      -1.72
Datamat PCL                     DTM/F        17.55      -1.72
Diana Department Store Pcl      DIANA        12.71      -1.71
Diana Department Store Pcl    DIANA/F        12.71      -1.71
Everland Public Company Ltd      EVER        56.71    -311.47
Everland Public Company Ltd    EVER/F        39.12     -12.05
Hantex PCl                        HTX         7.51      -7.88
Hantex PCl                      HTX/F         7.51      -7.88
Kuang Pei San Food Products
   Public Co.                  POMPUI        12.51      -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC        20.77     -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI        18.29     -43.37
Sri Thai Food -F                SRI/F        18.29     -43.37
Tanayong PCL                    TYONG       178.27    -734.30
Tanayong PCL -F               TYONG/F       178.27    -734.30
Thai-Denmark PCL                DMARK        21.37     -18.88
Thai-Denmark -F               DMARK/F        21.37     -18.88
Thai-Wah PCL                      TWC        91.56     -41.24
Thai-Wah PCL -F                 TWC/F        91.56     -41.24


                            *********

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 ***