TCRAP_Public/060824.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

              Thursday, August 24, 2006, Vol. 9, No. 168


                            Headlines

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

ABSOLUTE PROPERTY: Supreme Court Orders Wind-Up
ACCESS ALWAYS: Court to Hear Liquidation Petition on Aug. 31
APA PROJECT: Enters Liquidation Proceedings
AQUA VISTA: Members to Receive Wind-Up Report on October 11
BAY JOINERY: Court Issues Wind-Up Order

BELL TELEMARKETING: Faces Wind-Up Proceedings
BSP PROPERTY: Appoints Official Receivers and Managers
BRIXTON CORPORATION: Creditors Must Prove Debts by September 8
BURBONG INVESTMENTS: Liquidator Yeo to Present Wind-Up Report
BURNS PHILP: S&P Sets BB- Rating on Watch Neg After Rank's Offer

CARTER HOLT: Cash Tender Offer for Debentures Expires
CENTRAL STRATA: Faces Liquidation Proceedings
DONNISON DEVELOPMENTS: Appoints Ian James Purchas as Receiver
EAST COAST COURIERS: Members Opt for Voluntary Wind-Up
EAST RIDING: Placed Under Voluntary Liquidation

FILMER HAULAGE: Members and Creditors to Convene on September 14
G.F. PTY: Names Hugh Martin as Liquidator
GARNOCK ENGINEERING: Members' Final Meeting Slated for Sept. 15
GWABEGAR SAW: Members Opt to Shut Down Operations
HFT INVESTMENTS: Appoints Joint and Several Liquidators

HYDRAULIC SALES: Creditors Resolve to Close Business
ISLAND 2000: Liquidation Petition Hearing Fixed on Aug. 31
KEYSTONE PAINTERS: Names Nellies and Deuchrass as Liquidators
MCP HOLDINGS: Enters Voluntary Liquidation
MEAT SELLERS: Appoints Receivers and Managers

MICHEV MEDICAL: Court to Hear Liquidation Bid on Aug. 31
MORGAN LEVON: Members and Creditors to Receive Wind-Up Report
NYLETTLE PTY: Liquidator Keith to Present Wind-Up Report
PIPINO ENTERPRISES: Inability to Pay Debts Prompts Wind-Up
RONERE PTY: Creditors' Proofs of Claim Due on September 6

SANTOSHI MAA: Court to Hear CIR's Liquidation Petition Aug. 28
S & G TRANSPORT: Receiver and Manager Steps Aside
SIMMONDS TRANSPORT: Members and Creditors to Meet on Sept. 15
SMITH & CO: Supreme Court Orders Wind-Up
STEVENS OFFICER: Members and Creditors to Hear Wind-Up Report

TANIZAWA INTERNATIONAL: To Declare First and Final Dividend
TOBREMINS PTY: Receivers and Managers Step Aside
TOPAZ ELECTRICS: Court Appoints Liquidator
TRADESCENE PTY: Receiver and Manager Ceases to Act
TWINCREST INVESTMENTS: Creditors' Proofs of Debt Due on Sept. 5

VAMTEST PTY: Undergoes Wind-Up Proceedings
VIP VENDING: Members Decide to Close Firm
* New Zealand July Trade Deficit Worse than Expected, NZPA Says

C H I N A   &   H O N G  K O N G

BANK OF CHINA: Expects Improved Performance in First Half
BANK OF COMMUNICATIONS: Profit Climbs 31% in First Half of 2006
BETERFORD DEVELOPMENT: Faces Wind-Up Proceedings
BIS GARMENT: Creditors' First Meeting Fixed on August 30
CHIAO TUNG: S&P Withdraws Ratings Following Merger with ICBC

CHINAKIT TRADING: Creditors' Proofs of Claim Due on September 8
EXETER CAPITAL: Liquidator to Receive Claims Until Sept. 18
INTERASIAN RESOURCES: Enters Wind-Up Proceedings
JAAKKO POYRY: Creditors Must Prove Debts by September 18
JASPER TECHNOLOGY: Preferential Creditors Asked to Submit Claims

PIHANA PACIFIC: Members to Hear Wind-Up Report on September 11
PILLAR EDUCATION: Court to Hear Wind-Up Bid on September 27
RED CANVAS: Members' Final Meeting Set on September 12
SAN CHIT: Members to Receive Wind-Up Report on September 20
TEAMTEX TEXTILE: Court to Hear Wind-Up Petition on Sept. 20

UNBEATABLES FILE: Bankruptcy Annulment Hearing Fixed on Sept. 13
WING'S BROTHERS: Final Members' Meeting Set on Sept. 12
WOLFORD CHINA: Appoints Official Liquidator


I N D I A

FORD MOTOR: S&P Puts Related Loan Ratings on Watch Negative
MYSORE CEMENTS: Board Allots Fully Paid Equity Shares


I N D O N E S I A

BANK CENTRAL ASIA: Preliminary Results Show Rise in Net Profit
BANK NIAGA: Posts Record First Half 2006 IDR353.5-B Net Profit
BOURAQ AIRLINES: Businessman Plans to Revive Operations
LIPPO BANK: Operating Income 25% Stronger
PANIN BANK: Books IDR290.32-Billion Net Income in First Half


J A P A N

DAIEI INCORPORATED: Marubeni to Take Over Board's Helm
JAPAN AIRLINES: To Allot 50 Million Shares to Mizuho Securities
SOFTBANK CORPORATION: Taps Qualcomm Exec to Rebuild Mobile Unit


M A L A Y S I A

FOREMOST HOLDINGS: Posts Details of Unit's Wind-Up
HARVEST COURT: Unit Scraps Land Disposal Exercise
JIN LIN: Inks 5th Supplemental Deal with Seo Aik Leong
MALAYSIA AIRLINES: Forges Partnership with Bank Mandiri
METROPLEX BERHAD: Securities Commission OKs Bond Issue

MORE FURNITURE IDEAS: Enters Creditors' Voluntary Wind-Up
SINORA INDUSTRIES: Clocks MYR0.148-M Net Loss in Second Quarter
SINORA INDUSTRIES: Public Shareholding Spread Meets Requirement
SINORA INDUSTRIES: EPD Asks Serijaya to Submit EIA Report
TIME ENGINEERING: June 30 Balance Sheet Reveals Weak Liquidity

TIME ENGINEERING: Unveils 41.01% Public Shareholding Level


P H I L I P P I N E S

ATLAS CONSOLIDATED: Posts PHP229M Net Loss in Second Quarter
DIVERSIFIED FINANCIAL: To Hold ASM on September 8
EQUITABLE PCI: To Sell 10.8% Treasury Shares
MIRANT CORP: Unveils Preliminary Results of Tender Offer
MIRANT CORP: Says Philippine Assets Sale Bears No Tax Liability

RIZAL COMMERCIAL BANKING: To Issue US$130-Mil. Hybrid Tier 1 Cap


S I N G A P O R E

MICRO HEALTH: Creditors' Proofs of Debt Due on September 20
RAFFLES CORP: Creditors Must Submit Proofs of Claim by Sept. 18
UBS INVESTMENT: Intends to Declare Dividend to Creditors


T H A I L A N D

FORD MOTOR CREDIT: Fitch Cuts Default Rating to B
FORD MOTOR CREDIT: S&P Places Credit Ratings on Watch Negative
PRIMUS LEASING: Fitch Cuts Medium-Term Guaranteed Notes to BB+
SEAGATE TECHNOLOGY: Launches US$2.5-Bil. Stock Repurchase Scheme

     - - - - - - - -

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

ABSOLUTE PROPERTY: Supreme Court Orders Wind-Up
-----------------------------------------------
The Supreme Court of New South Wales ordered the wind-up of
Absolute Property Solutions Pty Limited on August 3, 2006.

Subsequently, R. M. Sutherland was named liquidator.

The Liquidator can be reached at:

         R. M. Sutherland
         Jirsch Sutherland
         Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9233 2111
         Facsimile:(02) 9233 2144


ACCESS ALWAYS: Court to Hear Liquidation Petition on Aug. 31
------------------------------------------------------------
The Commissioner of Inland Revenue on June 19, 2006, filed
before the High Court of Auckland a petition to liquidate Access
Always Ltd.

The Court will hear the petition on August 31, 2006, at 10:45
a.m.

The Plaintiff's Solicitor can be reached at:

         S. J. Eisdell Moore
         Offices of Meredith Connell
         Level Seventeen, Forsyth Barr Tower
         55-65 Shortland Street
         (P.O. Box 2213 or D.X. C.P. 24-063)
         Auckland, New Zealand
         Inquiries to: R. E. Harvey
         Telephone: (09) 336 7556


APA PROJECT: Enters Liquidation Proceedings
-------------------------------------------
Members of APA Project Management Pty Limited held a general
meeting on August 2, 2006, and decided to:

   -- voluntarily wind-up the Company's operations; and

   -- appoint Stephen James Parbery as liquidator;

The Liquidator can be reached at:

         Stephen James Parbery
         PPB, Level 15
         25 Bligh Street
         Sydney, Australia


AQUA VISTA: Members to Receive Wind-Up Report on October 11
-----------------------------------------------------------
Members of Aqua Vista Estates Ltd will hold a final meeting on
October 11, 2006, at 9:45 a.m.

At the meeting, creditors will be asked to hear Liquidator
E. R. Verge's report on the Company's wind-up.  They will also
be asked to approve the Liquidator's remuneration.

As reported by the Troubled Company Reporter - Asia Pacific on
November 16, 2005, the Company commenced a wind-up of its
operations on October 13, 2005.

The Liquidator can be reached at:

         E. R. Verge
         Jones Condon
         Chartered Accountants
         Unit 44B, Level 1
         Piccadilly Square West
         7 Aberdeen Street
         Perth, Western Australia 6000
         Australia


BAY JOINERY: Court Issues Wind-Up Order
---------------------------------------
On August 4, 2006, the Federal Court of Australia issued an
order to wind up Bay Joinery Pty Ltd and appoint Antony De Vries
as liquidator.

Mr. De Vries can be reached at:

         Antony De Vries
         c/o de Vries Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2124
         Australia
         Telephone:(02) 9633 3333
         Facsimile:(02) 9633 3040


BELL TELEMARKETING: Faces Wind-Up Proceedings
---------------------------------------------
At a general meeting held on August 2, 2006, the members of Bell
Telemarketing Pty Limited passed a special resolution to wind up
the Company's operations and appoint M. F. Cooper as Liquidator.

Mr. Cooper can be reached at:

         M. F. Cooper
         Frasers Insolvency Advisory
         Level 5, 99 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


BSP PROPERTY: Appoints Official Receivers and Managers
------------------------------------------------------
GE Commercial Corporation (Australia) Pty Ltd has appointed
Christopher Clarke Hill and Mark Julian Robinson as joint and
several receivers and managers of BSP Property Group Pty Limited
on August 4, 2006.

The Joint and Several Receivers and Managers can be reached at:

         Christopher Clarke Hill
         Mark Julian Robinson
         PPB
         Level 15, 25 Bligh Street
         Sydney, New South Wales
         Australia


BRIXTON CORPORATION: Creditors Must Prove Debts by September 8
--------------------------------------------------------------
Creditors of The Brixton Corporation Ltd are required to submit
their proofs of claim to Joint and Several Liquidators Kevin
David Pitfield and Gareth Russel Hoole by September 8, 2006.

Failure to prove claims will exclude a creditor from sharing in
any distribution the Company will make.

The Joint and Several Liquidators can be reached at:

         K.D. Pitfield
         Staples Rodway Limited
         Chartered Accountants
         P.O. Box 3899, Auckland
         New Zealand
         Telephone: (09) 309 0463


BURBONG INVESTMENTS: Liquidator Yeo to Present Wind-Up Report
-------------------------------------------------------------
Members of Burbong Investments Pty Ltd will convene on Sept. 19,
2006, at 9:30 a.m., to receive accounts of the Company's wind-up
proceedings and property disposal exercises from Liquidator Ian
Edwin Yeo.

The Troubled Company Reporter - Asia Pacific reported on
Aug. 15, 2006, that the Company commenced a wind-up of its
operations on July 28, 2006.

The Liquidator can be reached at:

         Ian Edwin Yeo
         McConachie Stedman
         PO Box 3178
         Toowoomba Village Fair
         Queensland 4350
         Australia


BURNS PHILP: S&P Sets BB- Rating on Watch Neg After Rank's Offer
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit rating on Burns, Philp & Co. Ltd. on
CreditWatch with negative implications following Burns Philp's
announcement that its major shareholder, Rank Group Ltd., is
proposing to make an offer for all Burns Philp shares that it
does not already hold.  Rank Group currently owns 57.6% of Burns
Philp.

The CreditWatch placement reflects the potential for the
privately owned Rank Group to own 100% of Burns Philp and be
consolidated into the private structure.  This will likely
result in a reduction in the information available to Standard &
Poor's, and heighten the uncertainty over the strategic
direction and financial policy of the company.

If the offer is accepted, and Burns Philp becomes wholly owned
by the Rank Group, Standard & Poor's would no longer separate
the credit quality of the two entities.  A consolidated credit
view of the group would likely necessitate a lowering of the
rating on Burns Philp to the 'B' category.

Headquartered in New South Wales, Australia, Burns Philp & Co
Limited is principally involved in the manufacturing, marketing,
and distribution of yeast and bakery ingredients, herbs and
spices and industrial vinegar and provision of terminalling and
bulk storage facilities.


CARTER HOLT: Cash Tender Offer for Debentures Expires
-----------------------------------------------------
Carter Holt Harvey Limited discloses that its previously
announced cash tender offer to purchase any and all of the
outstanding US$150,000,000 aggregate principal amount of its 8
3/8% Debentures due 2015 (CUSIP No. 146230AD9) and
US$150,000,000 aggregate principal amount of its 9 1/2%
Debentures due 2024 (CUSIP No. 146230AB3), expired at 5:00 p.m.,
New York City time, on August 18, 2006.  

Subject to the terms and conditions of the tender offer, Carter
Holt Harvey intends to accept for payment all Debentures validly
tendered and not validly withdrawn pursuant to the tender offer.

Prior to the expiration of the tender offer, Carter Holt Harvey
received tenders of US$146,980,000, or approximately 98%, and
US$142,700,000, or approximately 95%, of the principal amount of
the 8 3/8% Debentures and 9 1/2% Debentures, respectively,
outstanding prior to commencement of the tender offer.

Of these amounts, all of the 8 3/8% Debentures and
US$142,600,000 principal amount of the 9 1/2% Debentures were
tendered prior to the expiration of the consent solicitation
that was commenced by Carter Holt Harvey in conjunction with the
tender offer to effect certain amendments to the indentures
governing the Debentures.

                          *     *     *

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

The ratings withdrawn were:

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

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

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


CENTRAL STRATA: Faces Liquidation Proceedings
---------------------------------------------
The High Court of Auckland will hear a liquidation petition
against Central Strata Management Ltd on November 2, 2006, at
10:45 a.m.

BYB Ltd -- formerly Corbett Quantity Surveyors Ltd -- filed the
petition with the Court on July 28, 2006.

The Solicitor for the Plaintiff can be reached at:

         P.L. Rice
         Grove Darlow & Partners, Solicitors
         Level Ten, Tower One
         The Shortland Centre
         51 53 Shortland Street
         Auckland, New Zealand


DONNISON DEVELOPMENTS: Appoints Ian James Purchas as Receiver
-------------------------------------------------------------
Under the Section 427(1) of the Corporations Act 2001, Camille
Faure appointed Ian James Purchas on August 3, 2006, as receiver
of all the assets and undertakings of Donnison Developments Pty
Limited.

The Receiver can be reached at:

         Ian James Purchas
         Star Dean-Willcocks
         Level 1, 32 Martin Place
         Sydney, New South Wales
         Australia


EAST COAST COURIERS: Members Opt for Voluntary Wind-Up
------------------------------------------------------
Members of East Coast Couriers Ltd resolved on July 20, 2006, to
voluntary wind-up the Company's operations.

Subsequently, Iain Andrew Nellies and Paul William Gerrard
Jenkins were appointed as joint and several liquidators of the
Company.

The Joint and Several Liquidators can be reached at:

         Iain Andrew Nellies
         Insolvency Management Limited
         Level Three, Burns House
         10 George Street (P.O Box 1058)
         Dunedin, New Zealand


EAST RIDING: Placed Under Voluntary Liquidation
-----------------------------------------------
At a general meeting on July 23, 2006, the members and creditors
of East Riding Investments Pty Limited resolved to close the
Company's business operations and distribute the proceeds of its
assets disposal.

The liquidator can be reached at:

         BDH & Co
         Chartered Accountants
         Suite 3, Level 1
         3 Carlingford Road
         Epping, New South Wales 2121
         Australia


FILMER HAULAGE: Members and Creditors to Convene on September 14
----------------------------------------------------------------
A final meeting of the members and creditors of Filmer Haulage
Pty Limited will be held on September 14, 2006, at 11:00 a.m.

During the meeting, Liquidator Rod Slattery will report on the
activities that took place during the wind-up period as well as
the manner by which the Company's property was disposed of.

According to the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on February 9,
2006.

The Liquidator can be reached at:

         Rod Slattery
         PPB
         Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


G.F. PTY: Names Hugh Martin as Liquidator
-----------------------------------------
Hugh Martin was appointed as liquidator of G.F. Pty Limited, at
the members' meeting held on August 3, 2006.

The Liquidator can be reached at:

         Hugh Martin
         Bernardi Martin
         Level 1, 195 Victoria Square
         Adelaide
         Australia


GARNOCK ENGINEERING: Members' Final Meeting Slated for Sept. 15
---------------------------------------------------------------
Members of Garnock Engineering Company Pty Limited will convene
on September 15, 2006, at 10:00 a.m., to receive accounts of the
Company's wind-up proceedings and property disposal exercises
from Liquidator J. F. Taylor.

The Troubled Company Reporter Asia - Pacific recounts on July 7,
2005, that the Company commenced a wind-up of its operations on
May 26, 2005.

The Liquidator can be reached at:

         J. F. Taylor
         c/o WHK Greenwoods
         Australia


GWABEGAR SAW: Members Opt to Shut Down Operations
-------------------------------------------------
Members of Gwabegar Saw Mill Pty Ltd on July 26, 2006, agreed to
shut down the Company's operations and distribute the proceeds
of its assets disposal.

In this regard, Thomas Noel Underwood was named official
liquidator.

Mr. Underwood can be reached at:

         Thomas Noel Underwood
         "Wooleybah" Wooleybah Road
         Baradine, New South Wales 2396
         Australia


HFT INVESTMENTS: Appoints Joint and Several Liquidators
-------------------------------------------------------
Shareholders of HFT Investments Ltd appointed on August 7, 2006,
Iain Andrew Nellies and Wayne John Deuchrass as joint and
several liquidators of the Company.

The Joint and Several Liquidators can be reached at:

         Wayne John Deuchrass
         Insolvency Management Limited
         Level Four, 728 Colombo Street
         (P.O. Box 13-401), Christchurch
         New Zealand


HYDRAULIC SALES: Creditors Resolve to Close Business
----------------------------------------------------
Creditors of Hydraulic Sales & Service Pty Limited convened on
August 7, 2006, and decided to close the Company's business.

Subsequently, Ezio Marco Senatore was appointed as liquidator.

The Liquidator can be reached at:

         Ezio Marco Senatore
         Senatore Brennan Rashid
         Level 7, 28 University Avenue
         Canberra ACT 2601
         Australia
         Telephone:(02) 6214 6700
         Facsimile:(02) 6214 6799'


ISLAND 2000: Liquidation Petition Hearing Fixed on Aug. 31
----------------------------------------------------------
A petition to liquidate Island 2000 Ltd will be heard before the
High Court of Auckland on August 31, 2006, at 10:45 a.m.

Jennifer Andrew filed the petition with the Court on June 28,
2006.

The Plaintiff's Solicitor can be reached at:

         Jennifer Andrew
         Jennifer Andrew, Barrister and Solicitor
         171 Riverside Avenue, Pt England
         P.O. Box 14-356, Panmure, Auckland 1741
         Auckland, New Zealand


KEYSTONE PAINTERS: Names Nellies and Deuchrass as Liquidators
-------------------------------------------------------------
Shareholders of Keystone Painters Ltd appointed on August 7,
2006, Iain Andrew Nellies and Wayne John Deuchrass as joint and
several liquidators of the Company.

The Joint and Several Liquidators can be reached at:

         Wayne John Deuchrass
         Insolvency Management Limited
         Level Four, 728 Colombo Street
         (P.O. Box 13-401), Christchurch
         New Zealand


MCP HOLDINGS: Enters Voluntary Liquidation
------------------------------------------
Shareholders of MCP Holdings Ltd passed a special resolution to
voluntary liquidate the Company and appoint Colin Gordon Powell
to oversee the liquidation proceedings.

The Liquidator can be reached at:

         Colin Gordon Powell
         Battley & Johnson, Chartered Accountants
         Level Five, 110 Symonds Street
         (P.O. Box 925), Auckland
         New Zealand
         Telephone: (09) 379 3900
         Facsimile: (09) 309 3191


MEAT SELLERS: Appoints Receivers and Managers
---------------------------------------------
Bibby Financial Services Australia Pty Limited appointed John
Frederick Lord and Atle Crowe-Maxwell as receivers and managers
of the assets and undertakings of Meat Sellers Pty Limited on
August 9, 2006.

The Receivers and Managers can be reached at:

         John Frederick Lord
         Atle Crowe-Maxwell
         PKF Chartered Accountants
         Level 10, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia


MICHEV MEDICAL: Court to Hear Liquidation Bid on Aug. 31
--------------------------------------------------------
A petition to liquidate Michev Medical & Laser Specialist Ltd
will be heard before the High Court of Auckland on August 31,
2006, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on June 22, 2006.

The Plaintiff's Solicitor can be reached at:

         S. J. Eisdell Moore
         Offices of Meredith Connell
         Level Seventeen, Forsyth Barr Tower
         55-65 Shortland Street
         (P.O. Box 2213 or D.X. C.P. 24-063)
         Auckland, New Zealand
         Inquiries to: R. E. Harvey
         Telephone: (09) 336 7556


MORGAN LEVON: Members and Creditors to Receive Wind-Up Report
-------------------------------------------------------------
A final meeting of the members and creditors of Morgan Levon Pty
Ltd will be held on September 11, 2006, at 10:30 a.m.

During the meeting, Liquidator Anthony Cant will report on the
Company's wind-up and property disposal exercises.

As reported by the Troubled Company Reporter - Asia Pacific on
June 1, 2006, the Company commenced a wind-up of its operations
on April 7, 2006.

The Liquidator can be reached at:

         Anthony R. Cant
         2nd Floor, 106 Hardware Street
         Melbourne
         Australia


NYLETTLE PTY: Liquidator Keith to Present Wind-Up Report
--------------------------------------------------------
Members and creditors of Nylettle Pty Ltd will hold a final
meeting on September 19, 2006, at 10:30 a.m., to receive
Liquidator G. J. Keith's report on the Company's wind-up and
property disposal exercises.

The Troubled Company Reporter - Asia Pacific reported on
November 1, 2004, that the Company commenced a wind-up of its
operations on September 8, 2004.

The liquidator can be reached at:
  
         G.J. Keith
         Grant Thornton
         Rialto Towers
         Level 35, South Tower
         525 Collins Street
         Melbourne, Victoria 3000
         Australia


PIPINO ENTERPRISES: Inability to Pay Debts Prompts Wind-Up
----------------------------------------------------------
The members and creditors of Pipino Enterprises Pty Limited
convened on August 2, 2006, and agreed to wind up the Company's
operations due to the Company's inability to repay outstanding
debts.

The liquidator can be reached at:

         Stephen Jay
         Nicholls & Co.
         Chartered Accountants
         Suite 103, 1st Floor
         Wollundry Chambers
         Johnston Street
         Wagga Wagga, New South Wales
         Australia


RONERE PTY: Creditors' Proofs of Claim Due on September 6
---------------------------------------------------------
Ronere Pty Limited will declare dividend for its creditors on
September 13, 2006.

Creditors are required to submit their proofs of claims by
September 6, 2006, for them to share in the dividend
distribution.

The Troubled Company Reporter - Asia Pacific reported on
December 17, 2004, that the Company declared dividend on
December 21, 2004.

The liquidator can be reached at:

         R. J. Porter
         Moore Stephens PMN
         Level 6, 460 Church Street
         Parramatta, New South Wales 2150
         Australia


SANTOSHI MAA: Court to Hear CIR's Liquidation Petition Aug. 28
--------------------------------------------------------------
A liquidation petition filed against Santoshi Maa Enterprises
Ltd will be heard before the High Court of Wellington on
August 28, 2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on July 17, 2006.

The Solicitor for the Plaintiff can be reached at:

         Philip Hugh Brian Latimer
         Technical and Legal Support Group
         Wellington Service Centre, First Floor
         New Zealand Post House
         7-27 Waterloo Quay (P.O. Box 1462)
         Wellington, New Zealand
         Telephone: (04) 890 1028
         Facsimile: (04) 890 0009
  

S & G TRANSPORT: Receiver and Manager Steps Aside
-------------------------------------------------
Michael Owen ceased to act as receiver and manager of S & G
Transport Pty Ltd on July 31, 2006.

The former Receiver and Manager can be reached at:

         Michael Owen
         BDO Kendalls
         Level 18, 300 Queen Street
         Brisbane, Queensland 4000
         Australia


SIMMONDS TRANSPORT: Members and Creditors to Meet on Sept. 15
-------------------------------------------------------------
The members and creditors of Simmonds Transport Pty Limited will
convene on September 15, 2006, at 11:30 a.m., to receive
accounts of the Company's wind-up and the property disposal
exercises from Liquidator M. F. Cooper.

According to the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on July 4, 2005.

Mr. Cooper can be reached at:

         M. F. Cooper
         Frasers Insolvency Advisory
         Level 5, 99 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


SMITH & CO: Supreme Court Orders Wind-Up
----------------------------------------
The Supreme Court of New South Wales issued a wind-up order
against Smith & Co (Sales Agency) Pty Ltd on July 20, 2006

The Court also directed the appointment Hugh Charles Thomas as
the Company's liquidator.

The Liquidator can be reached at:

         Hugh Charles Thomas
         BKR Walker Wayland
         8th Floor, 55 Hunter Street
         Sydney, New South Wales 2000
         Australia


STEVENS OFFICER: Members and Creditors to Hear Wind-Up Report
-------------------------------------------------------------
A final meeting of the members and creditors of Stevens Officer
Smith Pty Ltd will be held on September 18, 2006, at 9:30 a.m.

During the meeting, Liquidator K. L. Sutherland will report on
the Company's wind-up proceedings and the property disposal
exercises.

The Liquidator can be reached at:

         K. L. Sutherland
         Bent & Cougle Pty Ltd
         Chartered Accountants
         Level 5, 332 St Kilda Road
         Melbourne, Victoria 3004
         Australia
  

TANIZAWA INTERNATIONAL: To Declare First and Final Dividend
-----------------------------------------------------------
Tanizawa International Pty Ltd will declare the first and final
dividend on September 21, 2006.

Creditors must prove their claims by August 28, 2006, for them
to share in the Company's distribution of dividend.

The Troubled Company Reporter - Asia Pacific reported on
September 20, 2005, that the Company commenced a wind up of its
operations on August 17, 2005.

The liquidator can be reached at:

         Kim Holbrook
         Holbrook & Associates
         Chartered Accountants
         Level 2, 19 Pier Street
         (GPO Box M925)
         Perth, Western Australia 6001
         Australia


TOBREMINS PTY: Receivers and Managers Step Aside
------------------------------------------------
Bruno A. Secatore and Daniel P. Juratowitch ceased to act as
receivers and managers of Tobremins Pty Ltd on July 28, 2006.

The former Receiver and Manager can be reached at:

         Bruno A. Secatore
         Cor Cordis
         Chartered Accountants
         406 Collins Street
         Melbourne 3000
         Australia


TOPAZ ELECTRICS: Court Appoints Liquidator
------------------------------------------
The Federal Court of Australia issued an order on August 4,
2006, to wind up Topaz Electrics Pty Limited and appoint
Christopher J. Palmer as liquidator.

The Liquidator can be reached at:

         Christopher J. Palmer
         O'Brien Palmer
         Level 4, 23 Hunter Street
         Sydney, New South Wales 2000
         Australia


TRADESCENE PTY: Receiver and Manager Ceases to Act
--------------------------------------------------
On July 31, 2006, David Laurence McEvoy ceased to act as
receiver and manager of Tradescene Pty Ltd.

The former Receiver and Manager can be reached at:

         David Laurence Mcevoy
         Partner
         PricewaterhouseCoopers
         Freshwater Place
         2 Southbank Boulevard
         Southbank, Victoria 3006
         Australia


TWINCREST INVESTMENTS: Creditors' Proofs of Debt Due on Sept. 5
---------------------------------------------------------------
Twincrest Investments Pty Ltd will declare dividend for its
creditors on September 5, 2006, to the exclusion of those who
cannot prove their claims by September 5, 2006.

As reported by the Troubled Company Reporter - Asia Pacific the
Company declared first dividend on September 2, 2005.

The Liquidator can be reached at

         Cliff Rocke
         PPB Chartered Accountants
         Level 1, 5 Mill Street
         Perth, Western Australia 6000
         Australia


VAMTEST PTY: Undergoes Wind-Up Proceedings
------------------------------------------
The members of Vamtest Pty Limited held a general meeting on
August 4, 2006, and resolved to wind up the Company's
operations.

In this regard, Raymond George Tolcher was appointed as
liquidator.

The Liquidator can be reached at:

         Raymond George Tolcher
         Lawler Partners
         Chartered Accountants
         763 Hunter Street
         Newcastle West, New South Wales 2302
         Australia


VIP VENDING: Members Decide to Close Firm
-----------------------------------------
At a general meeting held on August 11, 2006, the members of
VIP Vending (Sydney East & South) Pty Limited agreed to close
the Company's operations and appoint Nicholas Crouch as
liquidator.

The Liquidator can be reached at:

         Nicholas Crouch
         Crouch Insolvency
         Chartered Accountants
         Level 28, 31 Market Street
         Sydney, New South Wales 2000
         Australia


* New Zealand July Trade Deficit Worse than Expected, NZPA Says
---------------------------------------------------------------
Soaring oil prices sent New Zealand's trade deficit to NZ$745
million in July, far worse that the NZ$425 million median
forecast by economists, the New Zealand Press Association
reports.

According to Statistics New Zealand, the monthly shortfall
pushed the July year deficit up to NZ$6.735 billion against the
consensus forecast of NZ$6.433 billion.

All July months over the past decade have recorded a deficit,
the New Zealand Herald recounts.  However, the trade balance for
this year was the worst, boosted by a one-off import worth
NZ$244 million, the paper says.

Imports jumped NZ$707 million to a record high for a July month
of NZ$3.76 billion.  Most import categories rose in July and for
the third consecutive month, which was mainly due to the
increase of petroleum and products, the NZPA relates.

The NZPA further recounts that for the fifth consecutive month,
the largest offset to the increase in imports were vehicles,
parts, and accessories.  The largest fall was for petrol-driven
cars with an engine capacity over 3000cc.

The NZ Herald relates that exports increased NZ$587 million in
July to NZ$3.013 billion mainly due to the boost in exports of
milk solids, milk fat, and whole milk powder.

Imports for the year to July totaled NZ$39.75 billion against
NZ$35.99 billion in the July 2005 year.  Exports totalled
NZ$33.015 billion against NZ$30.579 billion a year earlier, the
paper relates.

The NZPA cites Goldman Sachs JBWere economist Shamubeel Eaqub as
saying, the underlying trend appeared to be an improvement in
the trade balance.

Mr. Eaqub says that the export sector still looks reasonably
strong, but import growth is slowing in terms of overall rate
and given the impact of the currency, much of the easing is in
volumes rather than prices.  "This is consistent with the
domestic economy cooling and the [Reserve Bank] will be
encouraged to see that," Mr. Eaqub notes.

However, the bank's focus would remain on inflation pressures
and so the Official Cash Rate would stay at 7.25% for some time,
Mr. Eaqub adds.


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

BANK OF CHINA: Expects Improved Performance in First Half
---------------------------------------------------------
Bank of China expects to report an improved first half
performance and hit its full-year profit target of CNY33
billion, XFN-Asia reports, citing Bank President Li Lihui.

Mr. Li said told media that he is confident the Bank can reach
its profit target this year.

In July, the bank raised nearly CNY20 billion from 6.494 billion
A-shares issued in the largest-ever IPO in the domestic market,
XFN relates.

"After introducing the foreign investors and conducting an IPO,
we received about US$15 billion in funds.  We will invest the
money into subsidiaries like Bank of China Hong Kong and BOC
International," Mr. Li said.

Asked for comment on potential risks brought by the Chinese
yuan's appreciation, Mr. Li said the bank plans to convert
between US$15-billion to US$20-billion of its unhedged US$39-
billion in assets into yuan this year.

                          *     *     *

Headquartered in Beijing, China, the Bank of China
-- http://www.bank-of-china.com/-- provides corporate banking,  
retail banking and investment banking.  Other activities include
provision of corporate deposits, corporate loans, foreign
exchange business, savings deposits, consumer credit and
bankcards.  It has 12,967 domestic branches and 559 overseas
branches.  The bank received a US$22.5 billion capital injection
from the Government in 2003 to restructure state-owned banks.  

                          *     *     *

Moody's Investors Service on August 11, 2006, affirmed the
bank's BFSR at D-.


BANK OF COMMUNICATIONS: Profit Climbs 31% in First Half of 2006
---------------------------------------------------------------
Bank of Communications Ltd's first-half profit rose 31%, as an
accelerating economy spurred demand for consumer loans and asset
management services, Bloomberg reports.

According to Bloomberg, the bank's net income increased to
CNY6.03 billion -- US$757 million -- or CNY0.13 per share in the
six months to June 30 2006, from CNY4.61 billion or CNY0.12 per
share a year earlier.  The result was in line with than the
CNY6.11 billion median estimate of six analysts surveyed by
Bloomberg.

"It's quite clear that the frenetic new loan growth and improved
asset quality led to strong earnings growth at Chinese banks in
the first half," Dorris Chen, a Shanghai-based analyst at BNP
Paribas SA, said before the results were announced.

Bank of Communications' bad loan ratio fell to 2.14% from 2.37%
at the end of 2005.  The ratio of "special mention" loans, one
category away from being non-performing, fell to 10.48% as of
March 31 from 12.1% last year.

Meanwhile, Bank of Communications and partner HSBC -- with 19.9%
stake in the bank -- are also studying opportunities to expand
into brokerage and insurance services.

                          *     *     *

Founded in 1908, Bank of Communications is one of four oldest
banks in China and one of the early note-issuing banks of China.  
BOCOM was also China's first state-owned shareholding commercial
bank.  With a 20% stake owned by HSBC, BOCOM was listed in Hong
Kong in June 2005, becoming the first major commercial bank from
the Chinese mainland to be listed overseas.

On September 29, 2005, the Troubled Company Reporter - Asia
Pacific reported that Standard & Poor's raised the bank
fundamental strength ratings on Bank of China Ltd 'C' from 'D+'.

Earlier, TCR-AP reported that the Bank faced a fraud case
involving CNY220 million at its Jinzhou branch in Liaoning.  
According to the National Audit Office, several staff members at
the branch had forged documents to deceive the lender's Shanghai
headquarter about the cancellation of loans made out to 175
companies.


BETERFORD DEVELOPMENT: Faces Wind-Up Proceedings
------------------------------------------------
A wind-up petition filed against Beterford Development Co Ltd
will be heard before the High Court of Hong Kong on October 4,
2006, at 9:30 a.m.

The Bank of China (Hong Kong) filed the petition with the Court
on August 3, 2006.

The Solicitors for the Petitioner can be reached at:

         Kao Lee & Yip
         17th Floor, Gloucester Tower
         The Landmark, Central
         Hong Kong


BIS GARMENT: Creditors' First Meeting Fixed on August 30
--------------------------------------------------------
Creditors of Bis Garment Workshop will convene for their first
meeting at Room 201, Duke of Windsor Social Service Building,
No.15 Hennessy Road, Wanchai, in Hong Kong on August 30, 2006,
at 9:45 a.m.

The meeting was called for them to discuss matters relating to
the Company's wind-up.


CHIAO TUNG: S&P Withdraws Ratings Following Merger with ICBC
------------------------------------------------------------
Standard & Poor's Rating Services withdrew on August 21, 2006,
its 'A' long-term and 'A-1' short-term counterparty credit
ratings and C+ bank fundamental strength rating on Chiao Tung
Bank following the bank's formal merger with International
Commercial Bank of China, which will be renamed Mega
International Commercial Bank Co. Ltd.

At the same time, the 'A-1' rating on Chiao Tung Bank's
commercial paper was also withdrawn as ICBC is the surviving
entity and will assume Chiao Tung Bank's liabilities.

                          *     *     *

Chiao Tung Bank Company Limited -- http://www.ctnbank.com.tw/--
provides savings and checking deposits, foreign currency
exchange, investment banking, credit card services, extending
medium-and long term development credits, making equity and
venture capital investments, rendering assistance to clients and
bank-invested enterprises; and engaging in other relevant
banking services. Interest income accounted for 82% of 2000
revenues; fees and commission, 3% and non-interest income, 15%.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
August 23, 2006, that Fitch Ratings affirmed and simultaneously
withdrawn its ratings on Chiao Tung Bank at Individual C and
Support 2.  The rating actions follow the merger of
International Commercial with its sister company Chiao Tung to
create Mega International on August 21, 2006.


CHINAKIT TRADING: Creditors' Proofs of Claim Due on September 8
---------------------------------------------------------------
Creditors of Chinakit Trading Ltd are required to submit their
proofs of claim to Liquidator Kong Chi How by September 8, 2006.

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

The Liquidator can be reached at:

         Kong Chi How
         25th Floor, Wing On Centre
         111 Connaught Road Central
         Hong Kong


EXETER CAPITAL: Liquidator to Receive Claims Until Sept. 18
-----------------------------------------------------------
Liquidator Susanna Bik-Chu Lung will be receiving proofs of
claim from the creditors of Exeter Capital Ltd until
September 18, 2006.

Failure of creditors to prove claims on the due date will
exclude them from sharing in any distribution the Company will
make.

The Liquidator can be reached at:

         Susanna Bik-Chu Lung
         2503 Bank of American Tower
         12 Harcourt Road, Central
         Hong Kong


INTERASIAN RESOURCES: Enters Wind-Up Proceedings
------------------------------------------------
Creditors of Interasian Resources (Hong Kong) Ltd are required
to file their proofs of claim to Liquidator Liu Chi Tat on or
before September 2, 2006.

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

The Liquidator can be reached at:

         Liu Chi Tat
         Room 1304, 13/F
         C.C. Wu Building
         302-8 Hennessy Road
         Wanchai, Hong Kong


JAAKKO POYRY: Creditors Must Prove Debts by September 18
--------------------------------------------------------
Creditors of Jaakko Poyry Infra-Transportation Asia Ltd are
required to submit their proofs of claims by September 18, 2006,
to Joint and Several Liquidators Thomas Andrew Corkhill and Iain
Ferguson Bruce

Failure to prove their debts on the due date will exclude a
creditor from sharing in any distribution the Company will make.

The Joint and Several Liquidators can be reached at:

         T.A. Corkhill
         8th Floor, Gloucester Tower
         The Landmark, 11 Pedder Street
         Central, Hong Kong


JASPER TECHNOLOGY: Preferential Creditors Asked to Submit Claims
----------------------------------------------------------------
Preferential creditors of Jasper Technology Ltd are required to
submit their proofs of claim to Joint and Several Liquidator
Desmund Chung Seng Cheong by September 1, 2006.

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

The Joint and Several Liquidator can be reached at:

         Desmund Chung Seng Cheong
         c/o Ferrier Hodgson Ltd
         14th Floor, Hong Kong Building
         3A Chater Road, Wanchai
         Hong Kong


PIHANA PACIFIC: Members to Hear Wind-Up Report on September 11
--------------------------------------------------------------
Members of Pihana Pacific Business Recovery Hong Kong Ltd will
convene on September 11, 2006, 10:00 a.m. at 9 Temasek
Boulevard, Suntec Tower 2, 17-02, Singapore.

At the meeting, members will receive Liquidator Tan Tuan Hong's
report on the Company's wind-up and property disposal exercises.


PILLAR EDUCATION: Court to Hear Wind-Up Bid on September 27
-----------------------------------------------------------
A wind-up petition filed against Pillar Education Foundation Ltd
will be heard before the High Court of Hong Kong on
September 27, 2006, at 9:30 a.m.

So Ping Cheung filed the petition with the Court on July 28,
2006.

The Solicitors for the Petitioner can be reached at:

         Joe Poon
         34/F., Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


RED CANVAS: Members' Final Meeting Set on September 12
------------------------------------------------------
Members of Red Canvas Ltd will convene on September 12, 2006, at
10:00 a.m. to receive Liquidator James Edward Thompson's report
regarding the Company's wind-up and the manner its property were
disposed of.

The meeting will be held at 2001, MassMutual Tower, 38
Gloucester Road, Wanchai, Hong Kong.


SAN CHIT: Members to Receive Wind-Up Report on September 20
-----------------------------------------------------------
Members of San Chit Development Ltd will meet on September 20,
2006, 11:00 a.m. at Unit 5505, 5th Floor, Hopewell Centre, 183
Queen's Road East, in Wanchai, Hong Kong.

During the meeting, members will hear Liquidator Cheung King
Poon's report on the Company's wind-up and property disposal
activities.


TEAMTEX TEXTILE: Court to Hear Wind-Up Petition on Sept. 20
-----------------------------------------------------------
An amended wind-up petition filed against Teamtex Textile Ltd
will be heard before the High Court of Hong Kong on Sept. 20,
2006, at 9:30 a.m.

The petition was amended on July 21, 2006.  

Any creditors who oppose or support the making of an order on
the amended petition may appear at the time of the hearing.

The Solicitors for the Petitioner can be reached at:

         Knight & Ho
         Rooms 2207-10, 22/F
         World-Wide House
         19 Des Voeux Road Central
         Hong Kong


UNBEATABLES FILE: Bankruptcy Annulment Hearing Fixed on Sept. 13
----------------------------------------------------------------
The Official Receiver filed before the High Court of Hong Kong a
petition to annul a bankruptcy order made against Unbeatables
Files Stations in April 2004.

The Court will hear the petition on September 13, 2006, at 11:30
a.m.

The Official Receiver can be reached at:

         Official Receiver
         10/F., Queensway Govt. Offices
         66 Queensway, Hong Kong


WING'S BROTHERS: Final Members' Meeting Set on Sept. 12
-------------------------------------------------------
Members of Wing's Brothers Co Ltd will convene for their final
meeting at Room 1307-8, Dominion Centre, 43-59 Queen's Road
East, Wanchai, Hong Kong on September 12, 2006.

At the meeting, Joint and Several Liquidator Poon Chi Woo will
present accounts of the Company's wind-up and property disposal
exercises.

The Troubled company Reporter - Asia Pacific reported that on
February 8, 2006, members of the Company resolve to wind up its
operations.


WOLFORD CHINA: Appoints Official Liquidator
-------------------------------------------
Creditors of Wolford China convened on July 31, 2006, to discuss
matters regarding the Company's wind-up.

At the meeting, a resolution was passed appointing To Wai Kum as
the Company's liquidator.

Mr. To can be reached at:

         To Wai Kum        
         1711 North Tower, Concordia Plaza
         No.1 Science Museum Road
         Tsimshatsui, Kowloon
         Hong Kong


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

FORD MOTOR: S&P Puts Related Loan Ratings on Watch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 10 U.S.
single-issue synthetic ABS transactions related to Ford Motor
Co. and Ford Motor Credit Co. on CreditWatch with negative
implications.

The Aug. 18, 2006, placement of the ratings on Ford and its
related entities on CreditWatch does not have any immediate
rating impact on the Ford-related ABS supported by collateral
pools of consumer auto loans or auto wholesale loans.

Each of the securitizations with ratings placed on CreditWatch
negative is weak-linked to the long-term corporate credit,
senior unsecured debt, or preferred stock ratings for Ford or
Ford Credit.  Either Ford or Ford Credit provides the underlying
collateral or referenced obligations in the affected
securitizations.

The Aug. 18, 2006, placement of Ford, Ford Credit, and all
related entities on CreditWatch reflects Standard & Poor's
decision to review the ratings in light of the sharply lower
production schedule recently announced for light trucks in the
fourth quarter.

            Ratings Placed on CreditWatch Negative

Corporate Backed Trust Certificates Ford Motor Co. Debenture-
Backed Series 2001-36 Trust

                      Rating
Class    To               From      Role
-----    --               ----      ----
A-1      B+/Watch Neg     B+        Underlying collateral
A-2      B+/Watch Neg     B+        Underlying collateral

Corporate Backed Trust Certificates, Ford Motor Co. Note-Backed
Series 2003-6 Trust

A-1      B+/Watch Neg     B+        Underlying collateral

CorTS Trust for Ford Debentures


Certs    B+/Watch Neg     B+        Underlying collateral

CorTS Trust II for Ford Notes

Certs    B+/Watch Neg     B+        Underlying collateral

Freedom Certificates US Autos Series 2004-1 Trust

A        B+/Watch Neg     B+        Underlying collateral
X        B+/Watch Neg     B+        Underlying collateral

PPLUS Trust Series FMC-1


Certs    B+/Watch Neg     B+        Underlying collateral

PreferredPLUS Trust Series FRD-1

Certs    B+/Watch Neg     B+        Underlying collateral

SATURNS Trust No. 2003-5

Units    B+/Watch Neg     B+        Underlying collateral

Trust Certificates (TRUCs) Series 2002-1 Trust

A-1     B+/Watch Neg      B+        Underlying collateral

STEERS Credit-Backed Trust Series 2002-3 F

Certs    CCC+/Watch Neg   CCC+      Referenced obligation

                       About Ford Motor

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


MYSORE CEMENTS: Board Allots Fully Paid Equity Shares
-----------------------------------------------------
Mysore Cements Ltd's board of directors at its meeting held on
August 23, 2006, pursuant to the approval of the members at the
Extra-Ordinary General Meeting held on August 16, 2006, has
allotted:

     -- 6,65,00,000 fully paid up equity shares of INR10 each of
        the Company at a subscription price of INR54 per equity
        share inclusive of premium INR44 per share to Cementrum
        I.B.V.; and

     -- 12,74,944 fully paid-up equity shares of INR10 each of
        the Company at par to IFCI Ltd pursuant to the
        conversion option exercised under the PFPS Loan
        Agreement dated July 9, 1993.

                      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 figure of INR461 crore.


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

BANK CENTRAL ASIA: Preliminary Results Show Rise in Net Profit
--------------------------------------------------------------
Preliminary data showed PT Bank Central Asia Tbk's first-half
net profit rose nearly 16%, Reuters reports.

However, the bank said that high interest rates were stunting
demand for new loans.  Reuters explains that Indonesia has
struggled to cope with soaring interest rates since the final
quarter of 2005 when the central bank moved to quell a surge in
inflation, which hit its highest level in around six years.

Reuters adds that a senior Bank Central Asia executive
separately told reporters that the bank was slashing its
forecast for new loan growth for 2006 to IDR5-6 trillion from a
previous target of IDR10 trillion due to weak macroeconomic
conditions.  But Jahja Setiaatmadja, a director with the bank,
said that he expected the company to post a full-year net profit
of around IDR4 trillion, US$440.3 million, in 2006, which would
mark a gain of 11% from IDR3.6 trillion in 2005.

Analysts polled by Reuters Estimates had predicted Bank Central
Asia would book a net profit of IDR4.16 trillion in 2006.  
Analysts say the bank's financial performance has been
impressive despite lower lending growth in the industry and high
interest rates because it has a lower cost of funds compared
with its peers.

A large chunk of Bank Central Asia's third-party funds are low
interest savings deposits rather than long-term deposits that
carry higher interest rates.

Reuters quotes Bank Central Asia as saying that net profit may
hit IDR2.04 trillion for the January-June period, compared with
IDR1.76 trillion a year ago, while net interest income could
show a rise of 27.9% to IDR4.68 trillion.  Net interest margin
could improve to 7.4% from 5.7%, while the loan to deposit ratio
rose 39.2% from 34% previously.

Bank Central Asia also said its strategy would be to put more
attention on profitability rather than growing assets.

                   About Bank Central Asia

Headquartered in Jakarta, Indonesia, PT Bank Central Asia Tbk
-- http://www.klikbca.com-- offers individual and business  
products and services.  The bank's individual services consist
of savings accounts, home loans and car loans, remittance,
collection and safe deposit facilities. The bank's business
services consist of working capital loans, investment loans and
bank guarantee for small and medium-sized enterprises. In
addition, it provides export import facilities such as letters
of credit, negotiation and discounting. The bank's subsidiaries
include PT BCA Finance, BCA Finance Limited and BCA Remittance
Limited. It has 772 branches in Indonesia, Singapore and New
York, 42,958 EDCs and operates 4,425 ATMs. The bank serves 6.6
million accounts throughout Indonesia.

As reported by the Troubled Company Reporter - Asia Pacific on
May 24, 2006, Fitch Ratings affirmed with stable outlook Bank
Central Asia's:

   * Long-term Foreign Currency Issuer Default Rating at 'BB-';

   * Short-term at 'B';

   * Individual at 'C/D'; and

   * Support '4'.


BANK NIAGA: Posts Record First Half 2006 IDR353.5-B Net Profit
--------------------------------------------------------------
PT Bank Niaga Tbk booked an unaudited net income of IDR353.5
billion for the first half of the year ended June 30, 2006, up
14.9% from IDR307.8 billion a year ago, according to a bank
press release.

The total income for the first half of 2006 grew by 59.5% to
IDR2.8 trillion compared to the same period last year, mainly
driven by the 68.5% growth of interest income to IDR2.7
trillion.

Peter B. Stok, President Director of Bank Niaga said that the
growth in net profit is attributable to the business growth in
consumer, commercial retail and corporate.  The bank also
recorded its highest half-year net interest income, which
amounted to IDR1.11 trillion.  Consequently, the net interest
margin for the first half year 2006 improved by 29 bps to 5.89%.

Despite the very slow loan growth faced by the banking industry
during the first half 2006, Bank Niaga recorded around 4.6% loan
growth during this period to IDR30.65 trillion.  Compared to
June 2005, the total loan grew by 20.0%.  As of May 31, 2006,
the bank's loan market share amounted to 4.27%, up from 3.87% of
the same date last year.

On the liabilities side, total deposits grew by 23.4% year on
year to IDR33.50 trillion.

The bank's capital adequacy ratio reached 17.30%, up from 10.33%
last year, as a result of two successful corporate actions in
2005, namely US$100 million subordinated debt and IDR1.3
trillion rights issue.

In terms of non-performing loans, the ratio improved from 6.05%%
(gross) and 4.44% (net) as at June 30, 2005% to 5.24% (gross)
and 4.11% (net) as at June 30, 2006, respectively.

The bank's submitted financials to the Surubaya Stock Exchange
includes these financial highlights:

                        Bank Niaga Tbk
                   Balance Sheet Highlights
                      (in IDR, millions)

                                  As of           As of
                              June 30, 2006   June 30, 2005  
                              -------------   -------------
Total assets                    40,964,385      34,325,104
Total loans                     30,654,635      25,547,686
Allowance for loan losses          699,633         798,347
Total deposits from customers   33,497,069      27,152,056
Total equity                     4,337,975       2,496,816
Total liabilities               36,622,380      31,821,933
Total earning assets            38,856,400      32,371,609
Total interest earning assets   36,931,345      30,734,215


                        Bank Niaga Tbk
                   Profit Statement Highlights
                      (in IDR, millions)

                                  For the half year ended
                              June 30, 2006   June 30, 2005  
                              -------------   -------------

Net interest income              1,109,493         854,899
Non interest income                158,593         187,871
Total operating income           2,809,559       1,761,103
Total operating expense          2,372,332       1,389,414
Net operating income               437,227         371,690
Net income before tax              480,250         438,630
Net profit                         353,493         307,763


Total interest income            2,650,966       1,573,232
Total interest expenses          1,541,473         718,333
Net interest income              1,109,493         854,899
Other operating income             158,593         187,871
Other operating expenses           830,859         671,081
Net operating income               437,227         371,690
Net non operating income            43,024          66,940
Profit before income tax           480,250         438,630
Profit for the year                353,720         308,498
Minority interest in
Net (income) of subsidiaries          (227)           (735)

                        Bank Niaga Tbk
                   Selected Financial Ratios

                              June 30, 2006   June 30, 2005  
                              -------------   -------------

Return On Assets                      2.33%          2.69%
Return On Earning Assets              2.47%          2.86%
Return On Equity                     19.09%         32.23%
Net interest margin incl.
deposit insurance guarantee
expenses                              5.98%          5.86%
Net interest margin excl.
deposit insurance guarantee
expenses                              5.79%          5.61%
Non interest income to
operating income                      5.64%         10.67%
Cost to income ratio                 50.99%         56.58%
Operating expense to
total assets                         11.50%          8.53%
Operating expense to
total interest earning assets        12.79%          9.52%
Equity to total assets               10.59%          7.27%
Liabilities to total equity           8.44%         12.75%
Liabilities to total assets           0.89%          0.93%
Capital Adequacy Ratio
CAR with credit risk charge          18.08%         10.37%
CAR with credit risk charge
and market risk charge               17.30%         10.33%
Allowance for loan losses to
total loans                           2.28%          3.12%
Loan to deposit ratio                90.77%         93.08%
Net classified loans
to total loans                        4.11%          4.44%
Gross classified loans
to total loans                        5.24%          6.05%
  
                        About Bank Niaga

Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk
-- http://www.bankniaga.com-- has a license to operate as a  
commercial bank, a foreign exchange bank and a bank engaged in
activities based on Syariah principles.  The bank's products and
services include: Funding, Consumer Financing, Business
Financing, Credit and Debit Cards, Private Banking, Preferred
Circle, e-Banking, Corporate Trust, Bancassurance and Treasury
Indicator. The bank's subsidiaries consist of: PT Niaga Aset
Manajemen and PT Saseka Gelora Finance. As of January 31, 2006,
the Bank operates 54 domestic branches, 145 domestic supporting
branches, 22 domestic payment points, seven Syariah units and
one overseas branch.

                         *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
July 6, 2006, Moody's Investors Service has placed Bank Niaga's
E+ bank financial strength rating on review for possible
upgrade.

These ratings were unaffected:

   -- Issuer rating of Ba3. Outlook stable;

   -- Subordinated debt rating of Ba3. Outlook stable; and

   -- Long-term/short-term deposit ratings of B2/Not Prime.
      Outlook stable.

Additionally, Fitch Ratings on June 30, 2005 assigned a B+
rating to Bank Niaga's proposed USD100m, 10 year subordinated
debt issue.  At the same time, Fitch has affirmed the bank's
existing ratings including Long-term Senior foreign currency
rating of 'BB-' (BB minus), Individual rating of D, and Support
rating of 4. The Outlook remains Positive.


BOURAQ AIRLINES: Businessman Plans to Revive Operations
-------------------------------------------------------
Electronic manufacturer and businessman Rachmat Gobel is
interested in Bouraq Airlines, Kompas Online reports.

Indonesian Transportation Minister Hatta Radjasa disclosed that
Gobel is about to revive the airline, which has been grounded
for six months.  Mr. Gobel's family runs the Indonesian
operations of Japan's Panasonic.

Details on the deal are not available.  

According to an earlier Troubled Company Reporter - Asia Pacific
report on July 18, 2006 Mr. Gobel has said that he has yet to
make a decision on whether to buy the airline, since his team
would study the Company's condition first, although he said that
Bouraq has a solid reputation and had been operating in the
industry for a long time.

The report relates that Bouraq had asked the Transportation
Ministry if it could resume operations.  The Company suspended
its operations in July 2005 since it could not compete with the
rising number of budget airlines, and the Ministry had revoked
its license in the same month due to its failure to fly its
routes.

Transportation minister Hatta Rajasa said that they would give
the Company a second chance, after it has submitted its
proposal, since Bouraq said it is conducting a feasibility study
on the restart of its operations, and would receive fresh funds.

                     About Bouraq Airlines

Bouraq Indonesia Airlines was an airline based in
Jakarta,Indonesia, which operated regional and international
services.  Its main bases were Surabaya Airport, Soekarno-
HattaInternational Airport, Jakarta, with a hub at
SepingganInternational Airport, Balikpapan.  Bouraq ceased
scheduled operations in July 2005 and issued staff termination
notices in March 2006 after prolonged financial problems and
successive failures to seek new investors.


LIPPO BANK: Operating Income 25% Stronger
-----------------------------------------
PT Bank Lippo Tbk recorded a strong 25% year-on-year growth in
operating income to IDR480 billion in the first quarter of 2006
compared to IDR273 billion in the first quarter of 2005,
according to a bank press release.

The result is driven by a 37% year-on-year jump in net interest
income to IDR375 billion, despite a 5.5% year-on-year decline in
non-interest income to IDR106 billion. The rise in net interest
income was attributed to the combination of strong loans growth
(39% increase year-on-year to IDR8.4 trillion) and better
earning assets structure as reflected in an improved net
interest margin -- 7.0% in 1Q06 against 4.7% in 1Q05.

On the other hand, decline in non-interest income was mainly due
to the IDR7.7 billion marked-to-market losses from the
securities portfolio in the first quarter of 2006.

Lippo Bank posted IDR149 billion in operating profit in the 2006
first quarter, relatively unchanged as compared to IDR151
billion in 2005, despite a 16% higher operating expenses (IDR271
billion) and Lippo Bank booked IDR60 billion of provisions in
the first quarter of 2006 which was attributed to faster loan
growth.

Lippo Bank's management of the growth of operating expenses is
reflected in the improvement of the cost to income ratio to 56%
in 2006 from 61% in 2005.

Overall, Lippo Bank's net profit grew by 1.6% year-on-year to
IDR104 billion in the first quarter of 2006, and remained strong
despite tough economic conditions.

Strong growth in loans has been achieved without compromising
its quality, gross NPL improved to 2.8% in 2006 from 6.6% in
2005.  Working capital loans accounted for 58% of total loans,
while investment and consumer loans accounted for 17% and 21%,
respectively.

On the liabilities side, third-party-funds declined by 5% year-
on-year to IDR23 trillion. Deposits structure remains strong in
checking accounts and savings, both contributed to 74% to total
third-party funds, while time deposits contributed the remaining
26%. As loans outgrew third-party-funds, LDR increased to 36% in
the first quarter of 2006 compared to 25% a year ago.

Total shareholder's equity grew by 16% year-on-year to IDR2.8
trillion in 2006 from IDR2.4 trillion in 2005.  Capital adequacy
ratio remained at a healthy level and relatively unchanged at
22%.

Lippo Bank's press release include the following financial
highlights (in IDR, billions):

                             1Q06       1Q05       YoY
                           --------   --------   --------

Net Interest Income            375        273       37.0
Non Interest Income            106        112       (5.5)
Total Operating Income         480        385       25.0
Operating Expenses             271        234       16.0
Net Profit after Tax
& Provision                    104        102        1.6
Deposits                    23,241     24,461       (5.0)
Gross loans                  8,417      6,044       39.0
Equity                       2,789      2,408       16.0


                        About Lippo Bank

Headquartered in Jakarta, Indonesia, PT Lippo Bank Tbk
-- http://www.lippobank.co.id-- offers two product segments:  
Consumer Products, comprised of personal accounts, debit cards,
distribution cards, VIP banking, credit cards, loans,
bancassurance, payment services, loyalty programs and safe
deposit boxes, and Corporate Products, consisting of
LippoKredit, LippoTrade, LippoGiro, LippoDeposit, e-LippoLink
and MFTS. The bank is supported by 134 branch offices, 21 sub
branch offices, 238 cash offices and four payment service
offices nationwide.

                         *     *     *

Troubled Company Reporter -- Asia Pacific reported on December
28, 2005 that Fitch Ratings Services has affirmed Bank Lippo's
Individual rating is affirmed at 'D', while upgrading its
support rating to '4' from '5' to reflect the entry of Khazanah
Nasional Berhad, the investment arm of the Malaysian government,
as the majority shareholder of the bank.


PANIN BANK: Books IDR290.32-Billion Net Income in First Half
------------------------------------------------------------
PT Bank Pan Indonesia Tbk registered a net income at IDR290.32
billion for the first half of 2006, a decrease of 11.79% from
the IDR329.12 billion it posted in the first half of 2005,
according to the bank's financials submitted to the Surubaya
Stock Exchange.

Net interest income, however, grew 9.34% to IDR735.07 billion,
due to a total interest income of IDR2.01 trillion, almost
double from the previous year's IDR1.27 trillion.  Consequently,
total interest expense more than doubled to IDR1.27 billion in
the first half of 2006.

Other operational expense also grew to IDR502.50 billion from
the previous corresponding period's IDR135.18 billion.

Total assets as of June 30, 2006 amounted to IDR33.45 trillion.

Panin Bank's submitted financials to the Surubaya Stock Exchange
includes these financial highlights:

                   PT Bank Pan Indonesia Tbk
                      Financial Highlights
                       (in IDR, millions)

                                      As of           As of
                                 June 30, 2006   June 30, 2005  
                                 -------------   -------------

Total Assets                       33,446,695      29,808,884
Loans                              15,725,907      12,213,729
Total Liabilities                  28,242,585      25,378,881
Total Equity                        4,747,308       4,054,251


                                     For the half year ended
                                 June 30, 2006   June 30, 2005  
                                 -------------   -------------

Total interest income               2,006,390       1,267,479
Total interest expenses             1,271,317         595,224
Net interest income                   735,073         672,255
Other operating income                287,284         201,109
Other operating expenses              502,501         365,533
Net operating income                  152,284         135,176
Non-operating inc./exp.                 3,367          (3,715)
Net income from operations            449,200         486,458
Income before tax                     452,567         482,743
Net income                            290,316         329,124

                        About Panin Bank

Headquartered in Jakarta, Indonesia, PT Bank Pan Indonesia Tbk's
-- http://www.panin.co.id-- products and services include  
individual, which comprises saving products, consumer credit
products, electronic products and service products corporate,
and corporate, which consist of saving products, financial
service products, loan credit, export and import products,
electronic products and service products. The bank has
investment in several public listed companies, including PT
Clipan Finance Indonesia Tbk, PT Asuransi Multi Artha Guna Tbk
and PT Panin Sekuritas Tbk.

                         *     *     *

A Troubled Company Reporter - Asia Pacific report on August 04,
2006 says that Moody's Investors Service had, on August 1, 2006,
revised its outlook for Pan Indonesia Bank's D- bank financial
strength rating to positive from stable.  


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

DAIEI INCORPORATED: Marubeni to Take Over Board's Helm
------------------------------------------------------
Daiei Incorporated's largest shareholder, Marubeni Corporation,
will stake out a majority on the retailer's board to have a more
forceful say in its reconstruction efforts, The Japan Times
reports.

Marubeni, which became Daiei's biggest shareholder this month,
has one director on the eight-member board.  The firm will hike
that to five, company officials told The Japan Times.

Marubeni also plans to send one of its executives to take over
the Daiei presidency from Yasuyuki Higuchi, The Japan Times
says.

AXF News reveals that Mr. Higuchi has decided to step down in
early October at his own request.  He did not elaborate on the
reason for his departure.

Marubeni had asked Mr. Higuchi to stay but he is determined to
quit his post after a special shareholder's meeting in October,
AFX News relates.  Mr. Higuchi oversaw restructuring including
job cuts and the closure of unprofitable outlets based on a
revamp plan recommended by the state-backed bailout body, the
Industrial Revitalization Corporation of Japan.

The trading house is considering a drastic review of the
retailer's management, including transferring the post of chief
executive officer, currently held by Daiei Chairwoman Fumiko
Hayashi, to the new president, Japan Today states.

According to Antara News, Toru Nishimi, corporate senior vice
president of Marubeni Inc., is tipped to become the new Daiei
president.

As reported by the Troubled Company Reporter - Asia Pacific on
August 18, 2006, Marubeni assumed the leading role in Daiei's
turnaround efforts by acquiring the entire 33.67% stake held by
the IRCJ in Daiei.

According to the TCR-AP, Marubeni believes that it could
expedite Daiei's recovery by "quickly improving its operations
and finances further".  It also aims to strengthen its food
distribution business as well as other commodities operations by
strengthening ties with Daiei.

Daiei, on the other hand, is confident that it could achieve its
restructuring and growth plans by using Marubeni's know-how and
strength as a trading company, TCR-AP said.

                        About Daiei Inc.

Headquartered in Hyogo, Tokyo, Daiei Incorporated
-- http://www.daiei.co.jp/-- operates about 3,000 stores  
through its subsidiaries and franchisees.  Its retail businesses
include supermarkets, discount stores, department stores, and
specialty shops.  Other businesses include restaurants, hotels,
and real estate services.  Domestic sales make up more than 90%
of its revenues.  Daiei diversified haphazardly during the 1980s
loading up on debt and failing to keep up with new, more
efficient competitors.  Daiei, with the support of the
Industrial Rehabilitation Corporation of Japan, has decided to
close 54 stores nationwide, including subsidiaries, as part of
its new business reconstruction plan.

Daiei is being rehabilitated under the auspices of the
Industrial Revitalization Corp. of Japan after accumulating huge
debts during the bubble economy of the late 1980s.  With the
IRCJ's help since late 2004, Daiei's finances have started to
show a recovery as it has shut down unprofitable stores and sold
subsidiaries.  It is also focusing its operations on the grocery
business, while aggressively seeking third-party tenants to fill
its outlet spaces.


JAPAN AIRLINES: To Allot 50 Million Shares to Mizuho Securities
---------------------------------------------------------------
Mizuho Securities Company Limited has offered to buy new shares
in Japan Airlines through a private placement, Forbes News
reveals.  The carrier welcomes the development as it meant to
raise money to buy aircraft.

JAL said it would allot 50 million shares to the brokerage for
JPY198 yen per share, bringing in JPY9.9 billion, Forbes says.

In June, the airline announced that it would issue up to 750
million new shares, or 26.4% of its outstanding shares on issue.  
It said it would sell 270 million shares domestically and 430
million abroad and set aside 50 million for a greenshoe option.

According to Forbes, JAL would use the proceeds of JPY146.96
billion to buy airplanes and aircraft parts.

                      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.

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.


SOFTBANK CORPORATION: Taps Qualcomm Exec to Rebuild Mobile Unit
---------------------------------------------------------------
Softbank Corporation is keen on hiring a Qualcomm Incorporated
executive to help rebuild the mobile phone unit the company
acquired from Vodafone Group Plc, Reuters reports.

According to the report, Qualcomm Senior Vice President Tetsuzo
Matsumoto is expected to join Softbank's wireless unit as chief
strategy officer on September 1, 2006.  Mr. Matsumoto has led
Qualcomm's Japan unit since 1998.

Softbank's founder, Masayoshi Son, is trying to add experienced
managers to his new mobile phone unit as it struggles to catch
up with bigger rivals NTT DoCoMo Inc. and KDDI Corp, Reuters
relates.  Softbank last month employed Katsuichi Tomita, a long-
time executive with electronics conglomerate NEC Corp.

According to Reuters, Vodafone's Tokyo-based mobile phone unit,
which Softbank bought for about US$15 billion earlier this year,
had 15.3 million users as of July 31, 2006, trailing behind
DoCoMo's 51.9 million and KDDI's 26.1 million.

                      About Softbank Corp.

Based in Tokyo, Japan, Softbank Corporation
-- https://www.softbank.co.jp/ -- is a leading Japanese
telecommunications and media corporation, with operations in
broadband, fixed-line telecommunications, e-Commerce, Internet,
broadmedia, technology services, finance, media and marketing,
and other businesses.  SoftBank was established on September 3,
1981, and had a market capitalization of approximately US$32.8
billion at 28 February 2006.

SoftBank's corporate profile includes various other companies
such as Japanese broadband company Cable & Wireless IDC, cable
company BB-Serve, and gaming company GungHo Online
Entertainment.  On March 17, 2006, SoftBank announced its
agreement to buy Vodafone Japan, giving it a stake in Japan's
US$78 billion mobile market.  

                          *     *     *

According to a Troubled Company Reporter - Asia Pacific report
on April 18, 2006, Standard & Poor's Rating Services agency
affirmed its 'BB-' long-term corporate credit rating on the
Company, with negative implications.

Moody's Investors Service had, on August 9, 2006, upgraded
Softbank Corp.'s stable long-term debt rating and issuer rating
to Ba2 from Ba3, concluding a review initiated on March 17,
2006, when the Company announced that it would acquire a 97.7%
stake in mobile phone giant Vodafone Group's Japanese unit,
Vodafone K. K.


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

FOREMOST HOLDINGS: Posts Details of Unit's Wind-Up
--------------------------------------------------
On February 23, 2006, a wind-up petition was presented to
Foremost Holdings Berhad's subsidiary, Kenn Kenn Auto
Accessories & Services Sdn Bhd.

The petition was filed by Citibank Berhad on grounds that Kenn
Kenn was unable to repay a MYR834,287-loan together with an
annual interest of 8.15%, which is due under the Judgment dated
April 11, 2003.

The petition was heard on May 9, 2006, but the order to wind-up
Kenn Kenn's operations was issued on June 13, 2006.

Kenn Kenn had been placed under receivership since August 20,
2003.  Foremost Holdings had not given any Corporate Guarantees
for Kenn Kenn and will not face any financial liabilities due to
the wind-up.  As the company had been under receivership and
also been wound up, the Group does not intend to contest the
proceedings.

The wind-up exercise is not expected to have any material effect
on the earnings or net assets of the Foremost Holdings group for
the year ending on December 31, 2006, as Kenn Kenn's accounts
have not been consolidated in the Group's financial statements
since January 1, 2004.

                     About Foremost Holdings

Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets.  The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services.  Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United
States, other Asian countries, other European countries and
other countries.  Foremost was classified as an affected listed
issuer under Bursa Malaysia Securities Berhad's Practice Note 17
because it has "insufficient financial position to warrant
continued listing".  As an affected issuer, the Company is
required to draft a plan to regularize its finances to avoid
being delisted from the Official List.


HARVEST COURT: Unit Scraps Land Disposal Exercise
-------------------------------------------------
Harvest Court Berhad's wholly owned subsidiary, Harvest Rimba
Sdn Bhd, has cancelled the planned disposal of land to
Contilogic Sdn Bhd.

Harvest Rimba had proposed to dispose of a piece of vacant land
forming a part of Master Land measuring a total of 2.81 acres in
the State of Malacca to Contilogic for MYR1 million.

However, the land sale was aborted for Contilogic did not wish
to proceed with the acquisition.

                  About Harvest Court Industries

Headquartered in Selangor, Malaysia, Harvest Court Industries
Berhad -- http://www.harvestcourt.com/-- is engaged in kiln  
drying, saw milling and manufacturing of timber doors and
related products. Other activities include development of
residential and commercial properties and jetty services and
provision of construction works and related maintenance
services.  The Group is also involved in the provision of
marketing and management services and investment in shares and
securities.  The Group operates in Malaysia and Australia.  

The Group has defaulted on several loan facilities because of a
reduction in sales from 2002 onwards due to a weak global market
as a result of the Iraqi and the severe acute respiratory
syndrome, or SARS, as well as its inability to raise funds via
the equity market due to weak market sentiment.  As of December
31, 2005, the Company registered accumulated losses of MYR19.6
million.  Due to its financial position, Harvest Court had
embarked on an exercise to restructure the Company, including a
debt restructuring and capital reduction.  The Company's
proposed corporate exercise was rejected by the Securities
Commission in November 2005, on grounds that the proposals are
not comprehensive and are not capable of resolving all financial
problems of the Company.  Its appeal to reconsider the rejection
was also junked by the Commission on February 24, 2006.  The
Harvest Court Board is now in talks with lenders and major
creditors for its next course of action.


JIN LIN: Inks 5th Supplemental Deal with Seo Aik Leong
------------------------------------------------------
On August 22, 2006, Jin Lin Wood Industries Berhad entered into
a 5th supplemental restructuring agreement with Seo Aik Leong in
respect of the Company's Proposed Restructuring Scheme.

On the same date, Jin Lin's subsidiary, Gefung Holdings Berhad
has entered into a fourth supplemental sale and purchase
agreement with:

   -- Seo Aik Leong and Siw Seng Chiw @ Seo Seng Chew in respect
      of the proposed acquisition of Syarikat Bukit Granite Sdn
      Bhd and Shanghai Gefung Marble & Granite Co Ltd --
      collectively the SBG Group;

   -- Seo Aik Leong in respect of the proposed acquisition of
      Shanghai Gefung Marble & Granite; and

   -- Hillitake Timber Sdn Bhd in respect of the proposed
      disposal of the new company of its 100% equity stake in
      Jin Lin.

The parties have entered into the 5th Supplemental Agreement,
4th Supplemental SPA-SBG, 4th Supplemental SPA-SGMG, and 4th
Supplemental SPA-Disposal for the purposes of recording their
agreement to extend the cut-off date for a further period of
three months expiring on November 9, 2006, to fulfill the
conditions precedent pursuant to the Agreements.

                 About Jin Lin Wood Industries

Headquartered in Kuala, Lumpur Malaysia, Jin Lin Wood Industries
Berhad is engaged in the manufacture and trade of timber and
related timber products.  The Company is also involved in
warehousing, chemical treatment, and investment holding.

As of March 31, 2006, the Company's balance sheet showed total
assets of MYR68,666,000 and total liabilities of MYR99,706,000
resulting into a shareholders deficit of MYR31,040,000.


MALAYSIA AIRLINES: Forges Partnership with Bank Mandiri
-------------------------------------------------------
On August 22, 2006, Malaysia Airlines and Indonesia's Bank
Mandiri Indonesia signed two memoranda of understanding for the
Malaysian carrier to extend exclusive benefits to the bank's
credit card holders, The Edge Daily relates.

According to The Edge, the main MoU reinforces the existing Buy
1 Get 1 Free value-for-money deal for Bank Mandiri's Visa card
members who now enjoy one complimentary air ticket for every
ticket bought from Malaysia Airlines in Indonesia.  Under the
second MoU, Malaysia Airlines' Loyalty and Frequent Flyer
program, Enrich, will provide a fast-track Enrich Gold
membership status to all Bank Mandiri Platinum cardholders.

In a statement, Malaysia Airlines managing director Idris Jala
said: "Bank Mandiri's credit card customer membership strength
is a fantastic business opportunity for Malaysia Airlines to
increase both its leisure-focused and business-interested
customer base as well as its premium travel passenger loads."

Malaysia Airlines said it and Bank Mandiri would collectively
undertake service marketing and explore further avenues to
extend the carrier's products and services to the bank's 700,000
credit card holders, The Edge relates.

The carrier operates 74 weekly flights to Indonesia.  Its Enrich
program already has close to 12,000 members in Indonesia, The
Edge adds.

                     About Malaysia Airlines

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

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


METROPLEX BERHAD: Securities Commission OKs Bond Issue
------------------------------------------------------
On August 18, 2006, the Securities Commission approved the
proposed issue of MYR55 million nominal value bonds by Metroplex
Berhad's subsidiary, Metroplex Realty Sdn Bhd.

AmMerchant Bank is the principal adviser and facility agent for
the proposed bonds issue.

Metroplex Realty was incorporated on November 29, 2005, to act
as a special purpose vehicle for the proposed bonds issue to
settle part of the Metroplex Group's borrowings.

The proposed bonds issue entails Metroplex Realty and Metroplex
Holdings entering into a sale and purchase agreement for the
proposed acquisition of The Legend Hotel by Metroplex Realty
from Metroplex Holdings for a total consideration of MYR175
million to be satisfied via the:

   -- proposed cash payment of MYR49.525 million, to be raised   
      via proceeds from the proposed bonds issue; and

   -- proposed issue of 125,475,000 ordinary shares of MYR1 each
      in Metroplex Realty and Metroplex Holdings.

The Bonds will not have any effect on the issued and paid-up
capital, substantial shareholding structure and dividend policy
of the Metroplex Group, and is not expected to have any material
effect on the earnings per share and net assets per share of the
Group.

                      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 wind-up petition against the Company with the Kuala
Lumpur High Court.  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.


MORE FURNITURE IDEAS: Enters Creditors' Voluntary Wind-Up
---------------------------------------------------------
At an Extraordinary General Meeting held on August 22, 2006,
More Furniture Ideas (M) Sdn Bhd passed a special resolution to
undertake a creditors' voluntary wind-up of the Company's
operations.

The Company was incorporated on April 25, 1996, with an issued
and paid-up capital of MYR2 and was involved in the retailing
business of home furniture and furnishing.  

The company ceased operations in October 1998.


SINORA INDUSTRIES: Clocks MYR0.148-M Net Loss in Second Quarter
---------------------------------------------------------------
Sinora Industries Berhad has submitted for public release its
unaudited financial report for the second quarter ended June 30,
2006.

The Group registered a lower revenue figure of MYR1,272,000 in
the quarter ended June 30, 2006, compared with MYR26,413,000
revenue in the same quarter last year.  The Group did not record
sales revenue in the preceding quarter ended March 31, 2006.

For the quarter under review, the Group booked a net loss of
MYR0.148 million due to high administrative expenses.  The
Group's loss before taxation of MYR0.148 million for the current
financial quarter is lower compared to a loss before taxation of
MYR0.180 million in the preceding financial quarter.

As of June 30, 2006, the Group registered accumulated losses of
MYR68,444,000, which is an improvement from a retained loss
figure of MYR101,169,000 in June 30, 2005.

There has no tax charge as the Group incurred a loss during the
quarter and there was no interim ordinary dividend declared for
the financial period ended June 30, 2006.

As of June 30, 2006, the Company's balance sheet revealed
current assets of MYR31, 250,000 available to pay current
liabilities of MYR1,069,000 coming due within the next 12
months.  The balance sheet also showed total assets of
MYR32,625,000, total liabilities of MYR1,069,000 and total
shareholders' equity of MYR31,556,000.

The Group has not announced any profit forecast nor issued any
profit guarantee during the financial quarter.

The Group is currently implementing log extraction activities
and oil palm plantation development.  Log extraction will
commence in the near future, generating immediate income for the
group, while nursery works have begun for the oil palm
plantation development.  The company will continue to incur a
loss in the forthcoming quarter in respect of administration
expenses which management has undertaken measures to minimize.

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

http://bankrupt.com/misc/tcrap_sinoraindustries082306.pdf

                    About Sinora Industries

Headquartered in Kota Kinabalu, Malaysia, Sinora Industries
Berhad was engaged in the manufacture and sale of plywood, sawn
timber, veneer and molded wood products.  Its other activities
included investment holding and the provision of management
services.  Operations of the Group were carried out in Malaysia,
Japan, Korea, the United States of America, Europe and other
Asian countries.  

Bursa Malaysia Securities Berhad, on July 8, 2005, classified
Sinora Industries Berhad as an affected listed issuer pursuant
to Practice Note No. 17/2005 in view that the Company has
effectively ceased all its business and operations.

The Company has been suffering recurring losses since fiscal
2000. As of June 30, 2006, the Company registered accumulated
losses of MYR68,444,000.


SINORA INDUSTRIES: Public Shareholding Spread Meets Requirement
---------------------------------------------------------------
Sinora Industries Berhad has complied with the level of public
shareholding spread as prescribed under Bursa Malaysia
Securities Berhad's Listing Requirement.

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.

The public shareholding spread of the Company as of June 30,
2006, stands at 43% of the total shareholding in the hands of
8,232 public shareholders.

                    About Sinora Industries

Headquartered in Kota Kinabalu, Malaysia, Sinora Industries
Berhad was engaged in the manufacture and sale of plywood, sawn
timber, veneer and molded wood products.  Its other activities
included investment holding and the provision of management
services.  Operations of the Group were carried out in Malaysia,
Japan, Korea, the United States of America, Europe and other
Asian countries.  

Bursa Malaysia Securities Berhad, on July 8, 2005, classified
Sinora Industries Berhad as an affected listed issuer pursuant
to Practice Note No. 17/2005 in view that the Company has
effectively ceased all its business and operations.

The Company has been suffering recurring losses since fiscal
2000. As of June 30, 2006, the Company registered accumulated
losses of MYR68,444,000.


SINORA INDUSTRIES: EPD Asks Serijaya to Submit EIA Report
---------------------------------------------------------
Sinora Industries Berhad issued an update regarding the logging
activities it undertakes under its Regularization Plan.  Rakyat
Berjaya Sendirian Berhad has appointed Sinora's wholly owned
subsidiary, Serijaya Industri Sdn Bhd, as log extraction
contractor.

On August 1, 2006, the Environmental Protection Department of
Sabah has requested Serijaya to submit an Environmental Impact
Assessment report for its approval in relation to the logging at
the Kuamut Forest Reserve, in the state of Sabah.

The EIA report is expected to be completed and will be submitted
to the EDP within the next three months.  Upon receiving the
approval from the EPD, Serijaya will be able to continue with
its logging activities.

As reported in the Troubled Company Reporter - Asia Pacific on
March 6, 2006, the Proposed Logging required the issuance and
delivery of the initial Bank Guarantee by Serijaya.

Serijaya and Rakyat Berjaya Sendirian Berhad had, on February
23, 2006, mutually agreed to extend the period for Serijaya to
issue and deliver the initial Bank Guarantee to Rakyat Berjaya
from 120 days to 210 days from the date of the Log Extraction
Contract.

On April 24, 2006, Serijaya had issued and delivered the initial
Bank Guarantee to Rakyat Berjaya.  As such, the final condition
precedent to the Log Extraction Contract has been met.  Hence,
Sinora had received all the approvals necessary for the
implementation of the Regularization Plan.

In this connection, upon notification from Rakyat Berjaya in
writing on June 5, 2006, Serijaya has commenced logging
activities.  

Other than mentioned, there is no other development in respect
of the Regularization Plan.  

The Proposed Logging is part of the Company's Regularization
Plan as required under PN17 of the Bursa Securities Listing
Requirements.  In accordance with PN17, Sinora is required to,
among others, submit the Regularization Plan to the relevant
authorities for approval, or where the relevant authorities'
approval are not required, to obtain all other approvals
necessary for the implementation of the Regularization Plan
within the stipulated timeframe.

                    About Sinora Industries

Headquartered in Kota Kinabalu, Malaysia, Sinora Industries
Berhad was engaged in the manufacture and sale of plywood, sawn
timber, veneer and molded wood products.  Its other activities
included investment holding and the provision of management
services.  Operations of the Group were carried out in Malaysia,
Japan, Korea, the United States of America, Europe and other
Asian countries.  

Bursa Malaysia Securities Berhad, on July 8, 2005, classified
Sinora Industries Berhad as an affected listed issuer pursuant
to Practice Note No. 17/2005 in view that the Company has
effectively ceased all its business and operations.

The Company has been suffering recurring losses since fiscal
2000. As of June 30, 2006, the Company registered accumulated
losses of MYR68,444,000.


TIME ENGINEERING: June 30 Balance Sheet Reveals Weak Liquidity
--------------------------------------------------------------
On August 22, 2006, TIME Engineering Berhad issued its unaudited
financial report for the second quarter ended June 30, 2006.

For the quarter under review, the Group registered a revenue of
MYR115.7 million compared to MYR179.3 million in the preceding
quarter ended March 31, 2006.  The revenue for both quarters
were mainly contributed by the Teaching and Learning of Science
and Mathematics in English Programme, or PPSMI, Phase IV project
undertaken by TIME Systems Integrators Sdn Bhd and SMK-Dagang
Net services.  The revenue for the second quarter is lower than
the first quarter mainly due to lower percentage of PPSMI
contract completed during the current quarter.

The Group recorded a loss before tax of MYR21.8 million in the
second quarter compared to the profit before tax in the first
quarter of MYR40.5 million.  The Group's results for the second
and first quarter included a gain on disposal of investments of
MYR4.6 million and MYR49.2 million respectively.  The share of
losses of associate and financing cost also affected the results
of both periods.

However, the second quarter recorded a lower share of losses of
associate and financing cost.  The Group recorded lower earnings
from the Information Communications & Technologies business
operations in the second quarter as a result of the lower
revenue recorded in the quarter.

The Group recorded an improvement in the results for the current
quarter and year-to-date ended June 30, 2006, compared to the
corresponding quarter and year-to-date ended June 30, 2005.  The
Group's revenue for the current year-to-date increased to MYR295
million compared to MYR124.9 million in the preceding year
mainly due to the PPSMI Phase IV contract value as well as
increase in revenue from SMK-Dagang Net services .

The Group also posted year-to-date profit before tax of MYR18.8
million compared to loss before tax of MYR57.6 million in thhe
same period lat year.  The results for the current year-to-date
period include a gain on disposal of investments of MYR53.8
million.  The Group also recorded higher earnings from the
Information Communications & Technologies business operations in
the current year-to-date period as a result of the higher
revenue recorded in the current period.  The share of losses of
associate and financing cost also affected the results of both
periods.

However, the share of losses of associate was lower by 26% and
financing cost in the current year-to-date period was lower by
11% compared, to the preceding year period.  The lower financing
cost is mainly due to a reduction in corporate borrowings.

The Company has been incurring continuous losses since 1999.  As
of June 30, 2006, the Company recorded accumulated losses of
MYR2,338,243,000, higher than the accumulated loss figure at
June 30, 2005.

As of June 30, 2006, the Company's balance sheet revealed
strained liquidity with current assets of MYR367,695,000
available to pay current liabilities of MYR924,445,000 coming
due within the next 12 months.

The June 30, 2006, balance sheet also revealed total assets of
MYR1,111,976,000, total liabilities of MYR925,038,000 and total
shareholders' equity of MYR186,938,000.

The Company did not issue any profit forecast or profit
guarantee during the financial period.  There was no dividend
recommended for the quarter ended June 30, 2006.

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

http://bankrupt.com/misc/tcrap_timeengineering082306.pdf

                    About TIME Engineering

Headquartered in Kuala Lumpur, Malaysia, TIME Engineering Berhad
is an investment holding company in telecommunications,
engineering services and information technology. The Company
operates in three segments.  Information communication
technology includes supply, delivery, installation, testing, and
maintenance of teaching aids equipment, and provision of
business-to-business, e-commerce and computerized transaction
facilitation services, provisioning of managed and Internet-
related services and IT consultancy. Telecommunication includes
the provision of telecommunications, Internet and multimedia
facilities and services of an associate.  The other segment
includes supply, installation and maintenance of engineering and
other equipment for expressways, and other general engineering
works, and power that operates an open cycle gas-fired power
station and supply of electricity and manufacture, transformers,
engineering, and construction of power transmission
infrastructure and power distribution system.  

The Company has been incurring continuous losses since 1999.  As
of June 30, 2006, the Company recorded accumulated losses of
MYR2,338,243,000, higher than the accumulated loss figure at
June 30, 2005.


TIME ENGINEERING: Unveils 41.01% Public Shareholding Level
----------------------------------------------------------
TIME Engineering Berhad's public shareholding spread as of
June 30, 2006 is 41.01% comprising 2,826 public shareholders
holding not less than 100 shares each.

Consequently, 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 TIME Engineering

Headquartered in Kuala Lumpur, Malaysia, TIME Engineering Berhad
is an investment holding company in telecommunications,
engineering services and information technology. The Company
operates in three segments.  Information communication
technology includes supply, delivery, installation, testing, and
maintenance of teaching aids equipment, and provision of
business-to-business, e-commerce and computerized transaction
facilitation services, provisioning of managed and Internet-
related services and IT consultancy. Telecommunication includes
the provision of telecommunications, Internet and multimedia
facilities and services of an associate.  The other segment
includes supply, installation and maintenance of engineering and
other equipment for expressways, and other general engineering
works, and power that operates an open cycle gas-fired power
station and supply of electricity and manufacture, transformers,
engineering, and construction of power transmission
infrastructure and power distribution system.  

The Company has been incurring continuous losses since 1999.  As
of June 30, 2006, the Company recorded accumulated losses of
MYR2,338,243,000, higher than the accumulated loss figure at
June 30, 2005.


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

ATLAS CONSOLIDATED: Posts PHP229M Net Loss in Second Quarter
------------------------------------------------------------
Atlas Consolidated Mining and Development Corporation posted a
consolidated net loss of PHP229 million for the second half of
2006, higher by PHP99 million compared to PHP130 million of the
same period last year.  The 76% increase was due mainly to
higher operating expenses incurred during the quarter ended June
30, 2006.

As of June 30, 2006, the Company's unaudited balance sheet
showed total assets of PHP2,187,075,000 and total liabilities of
PHP4,342,793,000, resulting into a stockholders' deficit of
PHP2,155,718,000.

Consolidated revenues amounted to PHP2 million as compared with
PHP3 million in the same period of the preceding year.  
Operating expenses were also recorded at PHP226 million as
compared with PHP44 million a year ago.  The negative variance
was due mainly to the continuous suspension of mining
operations.  The Philippine peso continued to show its
appreciation, which resulted to foreign exchange losses recorded
at PHP5 million this year.

A full-text copy of Atlas Consolidated's financial report is
available for free at:

http://www.pse.org.ph/html/ListedCompanies/pdf/2006/AT_17Q_Jun2006.pdf

                    About Atlas Consolidated

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The Company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
Company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.

In January 2004, Atlas decided to rehabilitate the company and
its assets since copper and nickel prices have recovered.

According to a TCR-AP report on June 1, 2006, Atlas reported a
capital deficiency of PHP3.035 billion for the year ended Dec.
31, 2005.  Moreover the Company's auditor, Jaime F. Del Rosario,
of Sycip Gorres Velayo, raised substantial doubt on the
Company's ability to continue as a going concern.


DIVERSIFIED FINANCIAL: To Hold ASM on September 8
-------------------------------------------------
Diversified Financial Network, Inc., advises that its annual
stockholders meeting will be held on September 8, 2006, at 2:00
p.m., in Taguig City.

The meeting's agenda include the election of the members of the
Board of Directors and the election of an external auditor.

The Board of Directors has fixed August 8, 2006, as the record
date for determination of the stockholders entitled to notice
of, and vote at the meeting and any of its adjournment.

                 About Diversified Financial

Diversified Financial Network, Inc. -- http://www.dfnn.com/--  
is an I.T. solutions provider and systems integrator.  Backed by
its domain expertise in financial services, the Company has
become a proprietary software technology, wireless and secure
solutions partner of leading corporations.  The DFNN Group of
Companies generates revenue through solutions, custom, tailor-
fit I.T. solutions to retail financial institutions, rental
revenue and wireless and other I.T. products and services.

The Troubled Company Reporter - Asia Pacific reported on May 19,
2006, that Diversified Financial Network, Inc.'s net loss for
the year ended December 31, 2005, dropped 5% to PHP56.59
million, from a PHP59.62 million in 2004.  The company's revenue
also fell 15% to PHP96.20 million in 2005, from PHP113.15
million in 2004.  Amidst a significant decrease in cost, the
Company suffered a 23.5% slowdown in service fees due to longer
project completion time and a 20% drop in advertising revenues.

Adding to the Company's insolvent balance sheet, DFNN might have
further liquidity problems, the TCR-AP noted.


EQUITABLE PCI: To Sell 10.8% Treasury Shares
--------------------------------------------
Equitable-PCI Bank will place its 10.8% treasury shares on the
auction block held by its subsidiary, EBCI Investment Inc., The
Philippine Star says.

EPCIB vice co-chairman Winston F. Garcia said the planned sale
of the treasury shares would help improve the capital base of
the bank, the paper relates.

Mr. Garcia is also the president and general manager of the
Government Service Insurance System, The Philippine Star notes.

According to The Philippine Star, the government pension fund
controls 12% equity in EPCIB or third largest behind the SM
Group and the Social Security System.

Rough calculations indicate minimum proceeds of PHP7.5 billion
from the disposition of the treasury shares, the paper says.  
RCBC needs about PHP4 billion to strengthen its capital base,
and retain the third largest bank position in the industry, The
Philippine Star adds.

It will also help the bank expand its growth potential and cope
with the stricter Basle II risk-weight conditions that will be
imposed by the Bangko Sentral ng Pilipinas, the paper further
says.

Mr. Garcia claims that the board approved the policy during its
meeting in August 18, 2006, although the details will still have
to be worked out by the bank management.

According to The Philippine Star, this may include the
possibility of the giving the "right of first refusal" to the
existing shareholders to purchase the 10.8% treasury shares on a
pro-rated basis or depending on one's current holdings before
being offered to outside investors.

The treasury shares could also be sold in block to get a premium
and maximize the yield potential for the bank, the paper adds,
saying that it is more than enough for a one board seat.

                      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.


MIRANT CORP: Unveils Preliminary Results of Tender Offer
--------------------------------------------------------
Mirant Corporation disclosed on August 22, 2006, the preliminary
results of its modified "Dutch auction" tender offer to purchase
up to 43,000,000 shares of the company's common stock, which
expired at 5:00 p.m., New York City time, on Monday, August 21,
2006.

Based on the preliminary count by Mellon Investor Services, the
depositary for the tender offer, 52,216,895 shares were validly
tendered and not withdrawn at a price at or below US$28.50,
including 23,170,338 shares tendered through notice of
guaranteed delivery.  Based on these preliminary results, the
company expects to purchase 43,000,000 shares in the tender
offer, subject to proration, at US$28.50 per share.  These
shares represent approximately 14% of the shares outstanding as
of June 30, 2006.

The number of shares to be purchased and the price per share are
preliminary.  The determination of the final number of shares to
be purchased, the final price per share and the proration
factor, if any, is subject to confirmation by the depositary of
the proper delivery of the shares validly tendered and not
withdrawn. The actual number of shares purchased, the final
purchase price, and the proration factor, if any, will be
announced promptly after completion of the verification process.

Payment for the shares accepted for purchase, and return of all
other shares tendered, will occur promptly after completion of
the final purchase price and proration computations, if
applicable.

Any questions with regard to the tender offer may be directed
to:

   * the Information Agent for the Offer:

        Innisfree M&A Incorporated
        at 1 877750 5836; or

   * the Dealer Manager for the Offer:

        J.P. Morgan Securities Inc.
        at 1 877 371 5947

                          About Mirant

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that  
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally.  Mirant
Corporation filed for Chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590), and emerged under the terms of a
confirmed Second Amended Plan on Jan. 3, 2006.  Thomas E.
Lauria, Esq., at White & Case LLP, represented the Debtors in
their successful restructuring.  When the Debtors filed for
protection from their creditors, they listed $20,574,000,000 in
assets and $11,401,000,000 in debts.  The Debtors emerged from
bankruptcy on Jan. 3, 2006.

                           *     *     *

As reported in the Troubled Company Reporter on July 17, 2006,
Moody's Investors Service downgraded the ratings of Mirant
Corporation and its subsidiaries Mirant North America, LLC and
Mirant Americas Generation, LLC.  The Ba2 rating for Mirant Mid-
Atlantic, LLC's secured pass through trust certificates was
affirmed.  Additionally, Mirant's Speculative Grade Liquidity
rating was revised to SGL-2 from SGL-1.  The rating outlook is
stable for Mirant, MNA, MAG, and MIRMA.

Moody's downgraded Mirant Americas Generation, LLC's Senior
Unsecured Regular Bond/Debenture, to B3 from B2.  Moody's also
downgraded Mirant Corporation's Corporate Family Rating, to B2
from B1, and Speculative Grade Liquidity Rating, to SGL-2 from
SGL-1.  Mirant North America, LLC's Senior Secured Bank Credit
Facility, was also downgraded to B1 from Ba3 and its Senior
Unsecured Regular Bond/Debenture, to B2 from B1.

As reported in the Troubled Company Reporter on July 13, 2006,
Fitch Ratings placed the ratings of Mirant Corp., including the
Issuer Default Rating of 'B+', and its subsidiaries on Rating
Watch Negative following its announced plans to buy back stock
and sell its Philippine and Caribbean assets.

Ratings affected are Mirant Corp.'s 'B+' Issuer Default Rating
and Mirant Mid-Atlantic LLC's 'B+' Issuer Default Rating and the
Pass-through certificates' 'BB+/Recovery Rating RR1'.

Fitch also placed Mirant North America, Inc.'s Issuer Default
Rating of 'B+', Senior secured bank debt's 'BB/RR1' rating,
Senior secured term loan's 'BB/RR1' rating, and Senior unsecured
notes' 'BB-/RR1' rating on Rating Watch Negative.  Mirant
Americas Generation, LLC's Issuer Default Rating of 'B+' and
Senior unsecured notes' 'B/RR5' rating was included as well.

Standard & Poor's Ratings Services also placed the 'B+'
corporate credit ratings on Mirant Corp. and its subsidiaries,
Mirant North American LLC, Mirant Americas Generating LLC, and
Mirant Mid-Atlantic LLC, on CreditWatch with negative
implications.


MIRANT CORP: Says Philippine Assets Sale Bears No Tax Liability
---------------------------------------------------------------
Mirant Philippines Corporation Chairman and President Jose P.
Leviste Jr., told a Congressional inquiry that the sale of its
Philippine assets through its Hong Kong-based holding company
amounting to US$2.4 billion to US$2.8 billion will not bear any
tax benefit to the Philippine government, Myrna M. Velasco of
The Manila Bulletin reports.

According to the report, Mirant Phils. paid PHP251 million in
documentary stamp taxes on loans last week and will pay more
than PHP5 billion more in September in withholding taxes on
dividends to Mirant Corp.  This is because the owner of the
Philippine companies will remain the same, and only the identity
of the ultimate owner will change, Mr. Leviste explains.

As part of its divestment from the Philippines, Mirant Corp.
proposes to sell the same Hong Kong-based holding company that
it bought in 1999 from Hopewell Holdings and through which
Mirant Corporation holds all its Philippine interests, The
Manila Bulletin relates.

"When Mirant bought the off-shore parent company, the local
operating companies did not incur additional tax liabilities.
This will also be the case when Mirant sells the same off-shore
parent company," the paper cites Mr. Leviste, as saying.

Mr. Leviste said that since 1999 the company has paid over PHP24
billion in income, withholding, and local taxes.  This does not
include those paid last week and to be paid next month, The
Manila Bulletin notes.

Meanwhile, National Power Corporation president Cyril C. del
Callar waits for the response of Mirant Corporation chairman and
CEO Ed Muller to the power firm's query on the timeline and
parameters of the sale of company's Philippine assets, the paper
relates.

Mr. Leviste is non-committal when pressed on the definite
timeline of Mirant's assets in the Philippines, noting that it
would be the job of Credit Suisse to determine this, being the
company's sale advisor, The Manila Bulletin says.

The paper recounts that Mirant planned to complete the sale by
mid-2007.  However, it was learned that they are eyeing to
complete this until the end of 2006, The Manila Bulletin
reveals.

                          About Mirant

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that  
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally.  Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590), and emerged under the terms of a
confirmed Second Amended Plan on Jan. 3, 2006.  Thomas E.
Lauria, Esq., at White & Case LLP, represented the Debtors in
their successful restructuring.  When the Debtors filed for
protection from their creditors, they listed $20,574,000,000 in
assets and $11,401,000,000 in debts.  The Debtors emerged from
bankruptcy on Jan. 3, 2006.  

                           *     *     *

As reported in the Troubled Company Reporter on July 17, 2006,
Moody's Investors Service downgraded the ratings of Mirant
Corporation and its subsidiaries Mirant North America, LLC and
Mirant Americas Generation, LLC.  The Ba2 rating for Mirant Mid-
Atlantic, LLC's secured pass through trust certificates was
affirmed.  Additionally, Mirant's Speculative Grade Liquidity
rating was revised to SGL-2 from SGL-1.  The rating outlook is
stable for Mirant, MNA, MAG, and MIRMA.

Moody's downgraded Mirant Americas Generation, LLC's Senior
Unsecured Regular Bond/Debenture, to B3 from B2.  Moody's also
downgraded Mirant Corporation's Corporate Family Rating, to B2
from B1, and Speculative Grade Liquidity Rating, to SGL-2 from
SGL-1.  Mirant North America, LLC's Senior Secured Bank Credit
Facility, was also downgraded to B1 from Ba3 and its Senior
Unsecured Regular Bond/Debenture, to B2 from B1.

As reported in the Troubled Company Reporter on July 13, 2006,
Fitch Ratings placed the ratings of Mirant Corp., including the
Issuer Default Rating of 'B+', and its subsidiaries on Rating
Watch Negative following its announced plans to buy back stock
and sell its Philippine and Caribbean assets.

Ratings affected are Mirant Corp.'s 'B+' Issuer Default Rating
and Mirant Mid-Atlantic LLC's 'B+' Issuer Default Rating and the
Pass-through certificates' 'BB+/Recovery Rating RR1'.  Fitch
also placed Mirant North America, Inc.'s Issuer Default Rating
of 'B+', Senior secured bank debt's 'BB/RR1' rating, Senior
secured term loan's 'BB/RR1' rating, and Senior unsecured notes'
'BB-/RR1' rating on Rating Watch Negative.  Mirant Americas
Generation, LLC's Issuer Default Rating of 'B+' and Senior
unsecured notes' 'B/RR5' rating was included as well.

Standard & Poor's Ratings Services also placed the 'B+'
corporate credit ratings on Mirant Corp. and its subsidiaries,
Mirant North American LLC, Mirant Americas Generating LLC, and
Mirant Mid-Atlantic LLC, on CreditWatch with negative
implications.


RIZAL COMMERCIAL BANKING: To Issue US$130-Mil. Hybrid Tier 1 Cap
----------------------------------------------------------------
The Rizal Commercial Banking Corp. is preparing to issue a
US$130 million hybrid Tier 1 capital in September 2006, The
Philippine Star reports.

"Now is a good time to borrow.  Our plan is to tap the offshore
market next month because the spreads have tightened," the
report cites RCBC president Francisco Magsajo as saying.

Citibank N.A. and Credit Suisse First Boston are the issue
managers of the hybrid Tier 1 with Deutsche Bank dropped from
the list, The Star relates.

According to Mr. Magsajo, they were looking at a 90% rate
despite the prevailing 8.5% for its 10-year issue callable in
five years, the paper says.

Mr. Magsajo discloses that there will be a reversal of the
original timetable for the issuances of both the hybrid Tier 1
capital and the preferred shares worth PHP1 billion.  Thus, with
the delay in the flotation, the current plan is to first issue
the hybrid Tier 1 in the international market in September, The
Star says, noting that the preferred shares will be issued
between the first week and third week of October 2006.

The Philippine Star recounts that earlier, RCBC wanted to float
the preferred shares before the hybrid Tier 1 to maximize the
50% of Tier 2 capital, which effectively means RCBC can issue as
much as PHP500 million worth of hybrid Tier 1 debt instruments.

RCBC Capital, a sister firm of the bank, will handle the
preferred shares, the volume and value of which depends on the
unsubscribed portion currently being offered to its existing
shareholders, The Star notes.

According to the paper, the debt instruments, the hybrid Tier 1
and the perpetual (non-cumulative) preferred shares will
maintain the bank's capital adequacy ratio at 16%, where it now
stands.  It would regress to 11% with the implementation of the
Basle II, The Star says.

                           About RCBC

Rizal Commercial Banking Corporation -- http://www.rcbc.com/--  
is a universal bank principally engaged in all aspects of
banking.  It provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
Bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the Bank's foreign exchange exposure.

                          *     *     *

Moody's Investors Service gave Rizal Commercial Banking a 'Ba3'
Long-Term Bank Deposit Rating effective May 25, 2006.


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

MICRO HEALTH: Creditors' Proofs of Debt Due on September 20
-----------------------------------------------------------
Creditors of Micro Health Pte Ltd are required to submit their
proofs of debt by September 20, 2006, to Liquidator Chua Keng
Khng for them to share in the Company's dividend distribution.

The Liquidator can be reached at:

         Chua Keng Khng
         89 Short Street
         #08-11 Golden Wall Centre
         Singapore 188216
  

RAFFLES CORP: Creditors Must Submit Proofs of Claim by Sept. 18
---------------------------------------------------------------
Creditors of Raffles Corporation (U.S.A.) Pte Ltd must file
their proofs of claims by September 18, 2006.

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

The liquidator can be reached at:

         Lai Seng Kwoon
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


UBS INVESTMENT: Intends to Declare Dividend to Creditors
--------------------------------------------------------
UBS Investment Management Pte Ltd notifies parties-in-interest
of its intention to declare dividend to creditors.

In this regard, Liquidators Bob Yap Cheng Ghee and Neo Ban Chuan
will be accepting creditors' proofs of claim until September 18,
2006.

The Liquidators can be reached at:

         Bob Yap Cheng Ghee
         Neo Ban Chuan
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore


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

FORD MOTOR CREDIT: Fitch Cuts Default Rating to B
-------------------------------------------------
Fitch Ratings downgraded on August 18, 2006, the Issuer Default
Rating of Ford Motor Company and Ford Motor Credit Company to
'B' from 'B+'.  Fitch also lowered Ford's senior unsecured
rating to 'B+/RR3' from 'BB-/RR3' and Ford Credit's senior
unsecured rating to 'BB-/RR2' from 'BB/RR2'.  The Rating Outlook
remains Negative.

The downgrade is based on the significant production cutbacks in
the third and fourth quarter that reflect persistent share
losses across key product categories.  Negative cash flows,
including restructuring costs, could exceed US$7 billion in
2006, including working capital and restructuring outflows. Cash
outflows related to restructuring actions will continue in 2007,
although operating losses could moderate as cost reduction
efforts are realized.  Sustained market share losses or a
decline in economic conditions through 2007 would result in
continued high levels of cash outflows and erosion of liquidity.  
Although liquidity remains adequate, progress in achieving
structural cost reductions and maintaining the confidence of
trade creditors will remain critical over the near term.

Implicit in the production cutbacks are expectations of
continued weak pickup sales that have resulted in extended
inventories.  Volume declines in Ford's pickup segment, along
with continued declines in mid-size and large SUVs, are likely
to accelerate revenue declines and negative cash flows in 2006.  
Although continued share losses and price erosion were
anticipated as a result GM's upcoming refreshed pickup line and
the start-up of Toyota's new pickup plant, vulnerability to this
segment has increased as a result of high gas prices, a
potential slowdown in economic conditions, and a contracting
construction segment.

Ford has demonstrated recent growth in certain car segments,
where industry sales have been migrating, but volumes and
profitability in these segments will be insufficient in the
short-term to offset the decline in higher-margin mid-size and
large SUVs and pickups.

Ford's product pipeline is modest over the near term, although
two crossover products to be introduced in 2006 (the Ford Edge
and Lincoln MKX) are expected to partially offset continued
share erosion.

Ford's 'RR3' Recovery Rating reflects good recovery prospects of
50-70% in the event that the company is forced to seek
protection under Chapter 11.  Recovery values benefit from
Ford's holdings in Mazda, operations in Asia and South America,
very modest recoveries from Premier Automotive Group operations,
and 100% ownership in Ford Credit.  Recovery for senior
unsecured holders also benefits from being in a superior
position to the Capital Trust II securities, which represents
approximately 29% of consolidated debt.  Recovery values
associated with Ford Credit are likely to decline as Ford
Credit's balance sheet shrinks and repatriated capital is used
to finance operating losses.

Fitch's recovery analysis also projects that due to declining
market share and low current capacity utilization, at least one
additional assembly plant will be shut down, in addition to
those already announced.

Fitch's recovery scenario incorporates a Chapter 11 filing of
North American operations only, and would result in significant
claims from working capital liabilities -- trade creditors,
dealers, fleet customers, etc. -- in addition to unsecured
debtholders.

Fitch also factored in liabilities related to on and off-balance
sheet liabilities that could augment claims.  Fitch did not
factor in claims related to potential termination or alteration
of legacy OPEB and pension costs.  In the event of a filing,
Fitch anticipates that Ford would not attempt to terminate its
pension plans.  Changes to OPEB liabilities are expected to be
negotiated as part of a new labor agreement in the event of a
Chapter 11 filing, without resulting in claims against the
estate.  The restructured enterprise value includes reduced
production volumes, and structural cost reductions to an extent
that a 3% operating margin could be achieved in North America.

Declining revenues are unlikely to reverse through 2007 due to
market share losses and declining mix.  Despite modest progress
on the cost side, the pace of cost reductions is not expected to
keep up with revenue losses, assuming continued high commodity
costs, thereby continuing negative cash flows.  Over the
intermediate-term, reducing inventories and producing closer to
demand will enhance even-flow production and production
efficiencies, and reduce reliance on ruinous incentive programs.  
However, lower production levels, coupled with already weak
capacity utilization, ill increase short-term cash outflows and
heighten the urgency of achieving substantive structural cost
reductions.

Ford's production cutbacks will also heighten operating and
financial stresses throughout the supply chain, increasing the
risks of further bankruptcies or other supply disruptions.  
Supply chain stresses are expected to result in increased risks
of financial support and will limit the potential for any cost
savings to accrue to Ford over the near term from the
restructuring of the supply base.

Ford Credit's IDR remains linked to those of Ford due to the
close business relationship between them.  Fitch expects FMCC's
earnings and dividends to decline noticeably in 2006 primarily
due to lower receivables outstanding and margins. FMCC has
benefited from lower provision expense, as the quality of its
receivables pool has increased, but the pace of these
improvements is expected to slow going forward.

Fitch believes that FMCC maintains a good degree of liquidity
relative to its rating.  Supporting this is FMCC's ability to
sell or securitize a broad spectrum of assets such as retail
finance, lease, and wholesale loans.  Moreover, FMCC continues
to hold high cash balances and its assets mature faster than its
debt.  FMCC's 'RR2' Recovery Rating indicates superior recovery
prospects on unsecured debt resulting from solid unencumbered
asset protection, although discounted to account for stressed
performance and disposition.

                    About Ford Motor Credit

Ford Motor Credit Co. -- http://www.fordcredit.com/-- is one of  
the world's largest auto financing companies, and funds autos
for and through some 12,500 Ford, Lincoln, Mercury, Jaguar, Land
Rover, Mazda, Aston Martin, and Volvo dealerships.  Ford Motor
Credit Co. finances new, used, and leased vehicles (including
about 40% of new Fords sold in the US) and provide wholesale
financing, mortgages, and capital loans for dealers.  The
Company also offers individual and business fleet financing,
while its insurance operations offer extended service contracts,
automobile insurance, wholesale inventory insurance, and credit
life and disability insurance.  In Asia Pacific, the Company has
operations in Australia, China, Indonesia, Japan, New Zealand,
Philippines, Taiwan, Thailand and Vietnam.


FORD MOTOR CREDIT: S&P Places Credit Ratings on Watch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services on August 18, 2006, placed
its 'B+' long-term and 'B-2' short-term ratings on Ford Motor
Co., Ford Motor Credit Co., and related entities on CreditWatch
with negative implications.  The 'BB-' long-term rating and 'B-
2' short-term ratings on FCE Bank PLC, Ford Motor Credit's
European bank, were also placed on CreditWatch with negative
implications, reflecting its linkage to the Ford rating.

The Ford CreditWatch placement reflects S&P's decision to review
the ratings in light of the sharply lower production schedule
just announced for light trucks in the fourth quarter -- down
155,000 units, or 28%, versus fourth-quarter production in 2005.  
These cuts, along with the very likely significant cost
reductions to be announced in September, reveal the magnitude of
turnaround efforts needed to deal with Ford's deteriorating
product mix, lower market share, and excess production capacity
in North America.

"The lower production will have a significant negative effect on
Ford's cash flow in the fourth quarter," said Standard & Poor's
credit analyst Robert Schulz.

Although Ford's North American automotive operations are cash-
flow negative, Ford's liquidity should still be sufficient
relative to near-term requirements, as the Company has a large
liquidity position.

                    About Ford Motor Credit

Ford Motor Credit Co. -- http://www.fordcredit.com/-- is one of  
the world's largest auto financing companies, and funds autos
for and through some 12,500 Ford, Lincoln, Mercury, Jaguar, Land
Rover, Mazda, Aston Martin, and Volvo dealerships.  Ford Motor
Credit Co. finances new, used, and leased vehicles (including
about 40% of new Fords sold in the US) and provide wholesale
financing, mortgages, and capital loans for dealers.  The
Company also offers individual and business fleet financing,
while its insurance operations offer extended service contracts,
automobile insurance, wholesale inventory insurance, and credit
life and disability insurance.  In Asia Pacific, the Company has
operations in Australia, China, Indonesia, Japan, New Zealand,
Philippines, Taiwan, Thailand and Vietnam.


PRIMUS LEASING: Fitch Cuts Medium-Term Guaranteed Notes to BB+
--------------------------------------------------------------
Fitch Ratings (Thailand) downgraded on August 23, 2006, the
National rating of Primus Leasing Company Limited's guaranteed
notes issued under its medium-term note programmes and its
guaranteed bills of exchange to 'BB+(tha)' from 'BBB-(tha)'.  
The Outlook remains Negative.

This action follows Fitch's downgrade of the Issuer Default
Ratings of Ford Motor Company and Ford Motor Credit to 'B' from
'B+'.  Primus is a Thai subsidiary of Ford Credit of the US;
Ford Credit is also a guarantor of Primus' debt.

The National ratings of Primus are based on the full,
irrevocable and unconditional guarantee given by Ford Credit and
the creditworthiness of Primus's ultimate parents, Ford and Ford
Credit, both of the United States.

Any further downgrade in the IDR of Ford Credit, or any upgrade
to the Thai sovereign (rated Long-term local currency IDR
'A'/Stable), will potentially affect the National rating of
Primus.  A rating Outlook generally indicates the direction in
which a rating is likely to move over a one- to two-year period.

As stated in Fitch's press release dated August 18, 2006, the
downgrade and Negative Outlook of Ford is based on the
significant production cutbacks in the third and fourth quarter
that reflect persistent share losses across key product
categories.  Negative cash flows, including restructuring costs,
could exceed US$7 billion in 2006, including working capital and
restructuring outflows.  Cash outflows related to restructuring
actions will continue in 2007, although operating losses could
moderate as cost reduction efforts are realized.

Sustained market share losses or a decline in economic
conditions through 2007 would result in continued high levels of
cash outflows and erosion of liquidity.  Although liquidity
remains adequate, progress in achieving structural cost
reductions and maintaining the confidence of trade creditors
will remain critical over the near term.

Ford Credit's IDR remains linked to those of Ford due to the
close business relationship between them.  Fitch expects Ford
Credit's earnings and dividends to decline noticeably in 2006
primarily due to lower receivables outstanding and margins.

Ford Credit has benefited from lower provision expense, as the
quality of its receivables pool has increased, but the pace of
these improvements is expected to slow going forward.  Fitch
believes that Ford Credit maintains a good degree of liquidity
relative to its rating.

Supporting this is Ford Credit's ability to sell or securitize a
broad spectrum of assets such as retail finance, lease, and
wholesale loans. Moreover, Ford Credit continues to hold high
cash balances and its assets mature faster than its debt.

As a financing arm supporting domestic vehicle sales, Primus is
strategically important to Ford's operations in Thailand.  Its
hire purchase receivables fell by 14% in 2005 due to aggressive
competition, although profitability remains strong.  
Nonetheless, the company's revenues still depend on sales of
captive car brands, namely Ford, Mazda, Land Rover and Volvo,
which could be impacted if Ford's troubles deepen.

Primus's asset quality currently remains strong, with
delinquency (including write-offs) a still low 1% at end-2005.  
Its loan loss reserves stood at more than 2x of its non-
performing receivables at end-2005.  Primus's rapid debt-funded
receivables growth resulted in high leverage ratios, although
the ratio fell from 19.4x equity at end-2004 to 12.6x equity at
end-2005.  

Fitch's concerns over the company's high leverage are mitigated
by the explicit guarantee of the notes by Ford Credit.

Primus Leasing Company, Ltd. was formed by Ford Credit in 1996.  
The Company offers a full range of automotive financing services
to Ford and Mazda dealers and retail customers in Thailand.  The
Company also provides financing and leasing solutions for
business and commercial fleet customers.


SEAGATE TECHNOLOGY: Launches US$2.5-Bil. Stock Repurchase Scheme
----------------------------------------------------------------
Seagate Technology's board of directors has authorized the
Company to repurchase up to US$2.5 billion of its outstanding
shares of common stock over the next 24 months, according to a
company release.

This program reinforces Seagate's ongoing commitment to enhance
shareholder value in which, during fiscal year 2006, Seagate
returned over US$500 million to its shareholders through stock
repurchases and quarterly dividends.  Based on today's stock
price the new repurchase program would represent approximately
20% of the company's capitalization.  As of July 28, 2006
Seagate had approximately 576 million shares of stock
outstanding.

Seagate expects to fund the stock repurchase through a
combination of cash on hand, future cash flow from operations
and potential alternative sources of financing. Stock
repurchases under this program may be made through a variety of
methods, which may include open market purchases, privately
negotiated transactions, block trades, accelerated share
repurchase transactions or otherwise, or by any combination of
such methods. The timing and actual number of shares repurchased
will depend on a variety of factors including the stock price,
corporate and regulatory requirements and other market and
economic conditions. The stock repurchase program may be
suspended or discontinued at any time.

                     About Seagate Technology

Headquartered in Scotts Valley, California, Seagate Technology
-- http://www.seagate.com/-- is the worldwide leader in the  
design, manufacturing and marketing of hard disc drives,
providing products for a wide-range of Enterprise, Desktop,
Mobile Computing, and Consumer Electronics applications.  
Seagate's business model leverages technology leadership and
world-class manufacturing to deliver industry-leading innovation
and quality to its global customers, and to be the low cost
producer in all markets in which it participates.  The company
is committed to providing award-winning products, customer
support and reliability to meet the world's growing demand for
information storage.

Seagate Technology has R&D and product sites in: Silicon Valley,
California; Pittsburgh, Pennsylvania; Longmont, Colorado;
Bloomington and Shakopee, Minnesota; Springtown, Northern
Ireland; and Singapore. Manufacturing and customer service sites
are located in: California; Colorado; Minnesota; Oklahoma;
Northern Ireland; China; Singapore; Malaysia and Thailand.

                          *     *     *

Moody's confirmed Seagate's Corporate Family Rating of Ba1 and
upgraded ratings of Seagate's US$400 million senior notes 8%,
due 2009 to Ba1, Maxtor's remaining US$135 million of the US$230
million 6.8% convertible senior notes, due 2010 to Ba1 from B2
and Maxtor Corporation's US$60 million 5-3/4% convertible
subordinated debentures, due 2012 to Ba2 from Caa1.  The rating
outlook is stable.

                           *     *     *

Seagate Technology Int'l-- http://www.seagate-asia.com-- is  
based in Singapore.  Standard and Poor's gave the company a 'BB'
rating for both its long term foreign and long term local issuer
credit effective on November 6, 2000.



                            *********

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, 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 ***