TCRAP_Public/060919.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

           Tuesday, September 19, 2006, Vol. 9, No. 186

                            Headlines

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

AVISAM CONSTRUCTION: Liquidation Bid Hearing Set on Sept. 28
AWB LIMITED: Court Orders Surrender of Secret Documents
AWCON PTY: Members and Creditors to Receive Wind-Up Report
BURCHLEY PTY: Members Opt to Close Operations
CASHMERE HEIGHTS: Court Orders Liquidation

CRAIG CONBOY: Prepares to Declare Dividend to Creditors
CRC FOR INTELLIGENT: Enters Voluntary Liquidation
D PROUT PTY: Members Resolve to Wind Up Firm
DANCEY & DONOHOE: Schedules Final Meeting for October 26
DRURY MANAGEMENT: Founder Sentenced for 8 Years in Jail

DYNAMIC ENTERPRISES: Liquidator to Present Wind-Up Report
JAS CONSTRUCTION: Members and Creditors to Convene on October 20
HIHI BEACH: Court to Hear CIR's Liquidation Bid on Sept. 28
JJ & CO: Wind-Up Process Commenced
JOHNSTON MOTOR: Receives Court's Liquidation Order

KERO AIR: Faces Liquidation Proceedings
KIDDS SERVICES: To Declare First and Final Dividend on Oct. 20
MARPHIL ELECTRICAL: Enters Liquidation Proceedings
M.Q.F. QUEENSLAND: Placed Under Voluntary Wind-Up
MCCOMB TRANSPORT: Names Abeyratne and Wong as Liquidators

MICHAEL STANLEY: Liquidator Peile to Present Wind Up Report
MR FUNPLATES: To Declare Dividend on September 26
NETWORK EVENTS: Members and Creditors Set to Meet on October 20
NEWQUAY PROPERTIES: Shareholders Appoint Joint Liquidators
OG AND JA: Appoints Joint and Several Liquidators

PASMINCO INVESTMENTS: To Declare Dividend on September 28
PASMINCO LIMITED: Set to Declare Dividend on September 28
PIKITIA LTD: Creditors Must Prove Debts by Sept. 28
POLLARA PTY: Creditors Must Prove Debts by September 28
PROPERTY DEVELOPMENT: Court Orders Wind Up Operations

R J BRADY: Members and Creditors to Receive Wind-Up Report
R.M.J. MANAGEMENT: Final Meeting Scheduled for October 20
RAN HOLDINGS: Court Refuses Bail for Nicholai Dimitri Popov Bail
SABA PERSIAN: Liquidation Commenced on August 18
SALINAS AIR: Members Opt to Shut Down Business

SCHUTT PRODUCTIONS: Members Resolve to Wind Up Operations
SINCLAIRS SELF: Enters Wind-Up Proceedings
SMASH MUSIC: Court Appoints Official Liquidator
SOUTH ALPS: Court Sets Date to Hear Liquidation Petition
SPG PROPERTY: Members Decide to Liquidate Business

STARPLAN VENTURES: Placed Under Members' Voluntary Liquidation
SWITZER ENTERPRISES: To Declare Final Dividend on October 3
TP EXTENDED: Members Appoint Liquidator
T.Y.D.S.E. LTD: Court Favors Liquidation Petition
TWGG LTD: To Receive Creditors Proofs of Claim Until Oct.9

VILLAGE ROADSHOW: Completes AU$20 Million Sea World Nara Buyout
WARRINGTON BUILDERS: High Court Issues Liquidation Order
WATERSIDE HOLDINGS: Creditors' Proofs of Claim Due on Oct. 2
WESTPOINT GROUP: ASIC Seeks Warrant for N. Carey's Arrest
WESTPOINT GROUP: Court Allows KordaMentha to Sell Warnbro Asset


C H I N A   &   H O N G  K O N G

ACXIOM CORP: Unveils Preliminary Results of Dutch Auction
AGRICULTURAL BANK: To Realize Reform Plans Soon, PBOC Head Says
ADVANTAGE PLUS: Wind-Up Petition Hearing Slated for Oct. 4
BALLY TOTAL: Willows Becomes VP for Fitness, Nutrition & Retail
BERRY PLASTICS: Discloses Pricing Terms on 10.75% Notes Offer

CANADA INDUSTRIAL: Creditors' Proofs of Debt Due on September 29
CORGI INTL: Incurs US$6.63 Million Working Capital Deficit
CYBERWORKS AUDIO: Appoints Joint and Several Liquidators
FIAT SPA: Acquires Vehicle-Related Business of Yuejin Motor
INDUSTRIAL AND COMMERCIAL: European Operations Show Growth

GAIN CHANCE: Wind-Up Petition Hearing Slated for Oct. 18
GALAXY ADVANCE: Accepting Proofs of Debt Until September 22
GENESIS ENGINEERING: Court to Hear Wind-Up Petition
GLOBAL MARCH: Creditors Must Prove Claims by September 25
GOOD CHOICE: Court to Hear Wind-Up Bid on October 4

KAM WAI: Liquidator Ceases to Act for Company
LEADKEEN INDUSTRIAL: Creditors Must Prove Debt by September 29
LOONG WAH: Court Favors Wind-Up
M.O. HOLDINGS: Court Issues Wind-Up Order
MOULIN GLOBAL: Must Receive Proofs of Debt by September 29

MOULIN GLOBAL (Trading): To Declare Dividend on September 29
RIGHT SELECTION: Liquidators Steps Aside
SELPRO LTD: Wind-Up Petition Hearing Set on September 27
SUNNY TOYS: Court Orders Wind-Up of Operations
TAK WOO: Court Appoints Liquidators

TERRELL LTD: Meeting of Members and Creditors Set for Sept. 29
WINKO LTD: Members Resolve to Wind Up Operations
WINTEK TECHNOLOGY: Shareholders Opt to Shut Down Operations


I N D I A

BANK OF INDIA: Net Income Jumps 22% for Quarter Ended June 30
BANK OF INDIA: Completes Upsized Bank Capital Deal
BANK OF INDIA: To Open More Overseas Branches
BHARAT PETROLEUM: Appoints Data Software as Share Tranfer Agent
BHARAT PETROLEUM: To Source Ethanol from Brazil

BHARTI AIRTEL: To Observe Silent Period From October 1
BHARTI AIRTEL: Inks Network Expansion Contract With Ericsson
BROADCOM CORP: Gets Securities Suit Filing
BROADCOM CORP: Brower Piven Announces Calif. Stock Suit Filing
BROADCOM CORP: Kahn Gauthier Files Calif. Securities Fraud Suit

CATHOLIC SYRIAN BANK: To Re-Engineer Business Processes
CATHOLIC SYRIAN BANK: Sees INR10,000 in Total Business By 2008
CATHOLIC SYRIAN BANK: Introduces Senior Citizens Savings Scheme
CENTURION BANK: Sets EGM on September 30, 2006
CENTURION BANK: Posts 160% Leap in Profit for June Quarter

CENTURION BANK: Merges with Lord Krishna Bank
ICICI BANK: RBI Will Continue Branch Expansion Ban
INDIAN OVERSEAS: Acquires Bharat Overseas Bank
INDIAN OVERSEAS: Posts INR2-Bil Profit for Quarter Ended June 30
INDIAN OVERSEAS: Watchdog Continues Branch Expansion Ban

INDUSTRIAL DEVELOPMENT: Will Hold Board Meeting for UWB
ITI LTD: CARE Downgrades Long Term Ratings to CARE D
UCO BANK: Plans to Get Into Insurance Business
UCO BANK: Will Cut or Merge 40 Branches
UTI BANK: Post INR120.55 Crores for First Quarter of FY2007

UTI BANK: Issues US$150-Million Tier-II Instruments


I N D O N E S I A

BANK MANDIRI: Fitch Affirms BB- Issuer Default Ratings
CA INC: Reveals Preliminary Results of Tender Offer
FOSTER WHEELER: Secures New US$350 Mil. Domestic Credit Facility
MEDIA NUSANTARA: Moody's Affirms B1 Rating for Unsecured Bonds


J A P A N

BANCO BRADESCO: Joins Dow Jones Sustainability World Index List
FORD MOTOR: Ratings Stay on Watch on Revised Way Forward Plan
FORD MOTOR: Eyes US$5-Bil Savings in Accelerated Turnaround Plan
JAPAN AIRLINES: Inks Long-Term Contract With TRX and TATA
MITSUKOSHI DEPARTMENT STORE: Exits Hong Kong After 25 Years


K O R E A

KOREA EXCHANGE: Kookmin & Lone Star in Talks Even After Deadline
NOVELIS INC: Files 1st Quarter 2006 Financials, Incurs $74M Loss


M A L A Y S I A

ABRIC PERINTIS: Faces Wind-Up Proceedings
AFFIN BANK: Fitch Upgrades Individual Rating from E to D/E
AYER MOLEK: Alliance Merchant Ceases Being Merchant Banker
FALCONBRIDGE: Xstrata Acquires Company's Remaining Common Shares
FALCONBRIDGE LTD: Xstrata Appoints Claude Ferron as COO

FALCONBRIDGE LTD: Inks Option & Joint Venture Accord with Benton
FOREMOST HOLDINGS: Unveils Incorporation of New Subsidiary
INTAN UTILITIES: Holding Firm Suggests Voluntary Delisting
MBF HOLDINGS: High Court Strikes Out Claims Payment Suit
OLYMPIA INDUSTRIES: Wind-Up Petition Served on Sub-Unit

PROTON HOLDINGS: Unaware of GM's Reported Stake Buy Plan
PROTON HOLDINGS: Mulls Partnership with Europe's PSA Peugeot
TENAGA NASIONAL: Says Noteholders May Redeem Bonds
TRADEWINDS CORP: Strikes Off Dormant Unit


P H I L I P P I N E S

ATLAS CONSOLIDATED: In Talks with MRI, Financing Deal Likely
GLOBAL EQUITIES: Shares Trading Suspended on September 18
GLOBAL EQUITIES: Changes Corporate Name and Primary Purpose
CE CASECNAN: S&P Raises Rating on Notes to BB- from B+
VITARICH CORP.: Files Petition for Corporate Rehabilitation

VITARICH CORP.: Posts PHP579.5 Mln Revenue for 2Q2006, 28% Down
* RP Risks Downgrade if Power Energy Assets Sale Fails, S&P Says


S I N G A P O R E

CELATO (SINGAPORE): Commences Wind-Up Proceedings
DREAMSCAPE CONSULTING: To Pay Dividend on September 25
EXABYTE CORPORATION: June 30 Balance Sheet Reveal Insolvency
EXABYTE CORPORATION: Inks Asset Purchase Agreement with Tandberg
FREESCALE SEMICON: Inks US$17.6 B Merger Deal with Equity Group

FREESCALE SEMICON: Moody's Holds Ba1 Rating on US$850 Mil. Notes
L&M GROUP: Enters into Sale and Purchase Agreement with CSC
SPH MEDIAWORKS: Pays Dividend to Unsecured Creditors


T H A I L A N D

BANK OF AYUDHYA: Lowers Loan Goal for '06 Due to Econ. Slowdown
PHELPS DODGE: Moody's Confirm Ratings After Inco Bid Termination


* ALIXPARTNERS LLP: Moody's Rates US$435MM Credit Facility at B1
* ALIXPARTNERS LLP: S&P Assigns BB- Corporate Credit Rating
* BOND PRICING: For the Week 18 September to 22 September 2006

     - - - - - - - -

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

AVISAM CONSTRUCTION: Liquidation Bid Hearing Set on Sept. 28
------------------------------------------------------------
The High court of Auckland will hear a liquidation petition
filed against Avisam Construction Ltd on September 28, 2006, at
10:45 a.m.

The Commissioner of Inland Revenue filed a petition on
July 7, 2006.

The Solicitor for the Plaintiff can be reached at:

         Geraldine Ann Ryan
         Auckland South Service Centre
         17 Putney Way (P.O. Box 76-198)
         Manukau City, New Zealand
         Telephone: (09) 984 2002


AWB LIMITED: Court Orders Surrender of Secret Documents
-------------------------------------------------------
The Federal Court has ordered AWB Limited to surrender nearly
half the bundle of 900 documents it tried to keep secret from
the oil-for-food inquiry, led by Commissioner Terence Cole, ABC
Rural News relates.

According to ABC Rural, the bitter argument over the documents
has stalled the Cole Inquiry's investigations for the past three
months.

Justice Neil Young's decision was based on whether:

   1) AWB had established its claim;

   2) that claim had been waived by AWB's own internal
      inquiries; and

   3) any fraud, sham, or trickery had taken place.

ABC Rural cites Justice Young as saying that 25 of the documents
before him are not legitimate communications between AWB and its
lawyers.

Justice Young also notes that a further 316 documents showed
that AWB had waived its right to keep them secret when the
company carried out two projects -- Project Rose and Project
Water.  Moreover, ABC Rural relates that Justice Young described
six documents presented to him involving a certain transaction
-- the Tigris Transaction -- as being brought into existence for
an improper and dishonest purpose.

AWB and the Commonwealth are given three days to work out the
mechanics of how the documents will be handed to the Cole
Inquiry, ABC News says.

                        About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to AU$5 billion per year.
AWB's footprint includes more than 430 outlets through its
subsidiary landmark and has offices across the world.  The
company employs more than 2,700 staff reaching over 100,000
customers.  AWB is also one of the nation's largest suppliers of
rural merchandise, distributors of fertilizer, marketers of
livestock, brokers of rural real estate and handlers of wool.

In late 2005, AWB was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  The Australian Government then appointed a commission,
headed by retired judge Terence Cole, to investigate into the
Company's role in and the Government's alleged "knowledge" of
the scandal.  The "Cole Inquiry" is currently underway.  The
scandal is anticipated to create great political repercussions
to the Australian Government, given the country's contribution
to military action against President Hussein in the 2003
invasion of Iraq.

In the Company's half-year report ended March 31, 2006, Brett
Kallio, a partner at Ernst & Young, noted that there is inherent
uncertainty surrounding the consolidated entity with regard to
matters associated with the Cole Inquiry.  As the findings of
the Cole Inquiry have not yet been determined and reported,
there is uncertainty as to the nature of these findings and the
financial effect, if any, on the consolidated entity and its
operations, Mr. Kallio stated.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on July
12, 2006, that six American wheat farmers have launched a AU$1-
billion class action against AWB in the United States, claiming
its dealings in overseas markets damaged their own incomes.
According to the TCR-AP report, more farmers are considering
joining the class action.

The TCR-AP also previously reported that Australian law firm
Maurice Blackburn Cashman was considering a class action against
AWB on behalf of shareholders who lost money in the wake of the
Cole Inquiry.

The Company's balance sheet as of March 31, 2006, reflected
total assets of AU$5.7 billion and total liabilities of AU$4.54
billion, showing total equity of AU$1.16 billion.


AWCON PTY: Members and Creditors to Receive Wind-Up Report
----------------------------------------------------------
The members and creditors of Awcon Pty Ltd will hold a final
meeting on October 13, 2006, at 12:00 p.m., to hear a report on
the company's wind-up and property disposal exercises from
Liquidator Richard Albarran.

The Troubled Company Reporter - Asia Pacific reported on
April 25, 2006, that the company commenced a voluntary wind-up
of its operations on March 10, 2006.

The Liquidator can be reached at:

         Richard Albarran
         Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


BURCHLEY PTY: Members Opt to Close Operations
---------------------------------------------
At a general meeting on August 18, 2006, the members of Burchley
Pty Ltd resolved to shut down the Company's operations.

Subsequently, Stephen Robert Dixon and Michael James Humphris
were nominated as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Stephen Robert Dixon
         Michael James Humphris
         Chartered Accountants
         Level 30, The Rialto
         525 Collins Street
         Melbourne, Victoria 3000
         Australia


CASHMERE HEIGHTS: Court Orders Liquidation
------------------------------------------
The High Court of Christchurch issued an order for the
liquidation of Cashmere Heights Group Ltd on August 21, 2006.

Subsequently, Iain Andrew Nellies and Wayne John Deuchrass were
appointed as joint and several liquidators.

The Troubled Company Reporter - Asia Pacific reported on August
4, 2006, that the Commissioner of Inland Revenue filed a
liquidation petition against the company on June 29, 2006.

The Joint Liquidators can be reached at:

         Iain Andrew Nellies
         Insolvency Management Limited
         Level Four, 728 Colombo Street
         (P.O. Box 13-401), Christchurch
         New Zealand


CRAIG CONBOY: Prepares to Declare Dividend to Creditors
-------------------------------------------------------
Craig Conboy Plastering Contractors Pty Ltd will declare its
first and final dividend on October 2, 2006.

Creditors who cannot prove their claims will be excluded from
sharing in the company's dividend distribution.

The Liquidator can be reached at:

         Dennis M. Foley & Associates
         Certified Practising Accountants
         3/F, Lydiard House, 17 Lydiard Street North,
         Ballarat, Victoria 3350
         Australia
         Telephone:(03) 5331 2600
         Facsimile:(03) 5333 2713
         e-mail: dmf@cooke-foley.com.au


CRC FOR INTELLIGENT: Enters Voluntary Liquidation
-------------------------------------------------
Members of CRC For Intelligent Manufacturing Systems and
Technologies Ltd convened on August 22, 2006, and resolved to
voluntarily wind up the company's operations on August 31, 2006.

In this regard, Gregory John Keith was appointed as liquidator.

The Liquidator can be reached at:

         G. J. Keith
         Grant Thornton Recovery (Vic) Pty Ltd
         Rialto Towers, Level 35 South Tower
         525 Collins Street
         Melbourne, Victoria 3000
         Australia


D PROUT PTY: Members Resolve to Wind Up Firm
--------------------------------------------
At an extraordinary general meeting on August 28, 2006, the
members of D Prout Pty Ltd decided to wind up the Company's
operations.

Consequently at a creditors' meeting held that same day, Clyde
Peter White and Philip Newman were appointed as joint and
several liquidators.

The Liquidator can be reached at:

         P. Newman
         HLB Mann Judd
         Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne 3000
         Australia


DANCEY & DONOHOE: Schedules Final Meeting for October 26
--------------------------------------------------------
Members of Dancey & Donohoe Pty Ltd will hold a final meeting on
October 26, 2006, at 11:00 a.m.

During the meeting, Liquidator McCleary will give final accounts
showing how the Company was wound up and its property was
disposed of.

According to the Troubled Company Reporter - Asia Pacific, the
members of the Company resolved to voluntarily wind up the
company's operations on August 22, 2006.

The Liquidator can be reached at:

         Brian Mccleary
         Brian McCleary & Co Accountants
         126 End Street
         Deniliquin, New South Wales 2710
         Australia


DRURY MANAGEMENT: Founder Sentenced for 8 Years in Jail
-------------------------------------------------------
Jan Redfern, executive director of enforcement at the Australian
Securities and Investments Commission, discloses the decision by
the Cairns District Court to jail Piet Cornelius Walters for
eight years after an ASIC-led investigation.

After a three-week trial, on September 17, 2006, Mr. Walters was
convicted and sentenced in relation to 14 charges of dishonesty
involving over AU$972,000 in relation to the provision of
financial services to 10 clients of Drury Management Pty Ltd.

The Court was told that Mr. Walters operated a Cairns-based
accounting practice, trading as Drury Management from 1999 to
2003.  Mr. Walters obtained loans from private investors who
were guaranteed returns from 8% to 15% per annum.  Many
investors entered into these unsecured loans by way of
promissory notes and deeds.

Mr. Walters then used the funds for his own purposes.

Ms. Redfern says the jailing of Mr. Walters sent a strong
message to the community that those who misuse investor funds
would be punished.

When people invest their funds with a professional, they do so
in good faith and place a high degree of trust in that person.
"Those who blatantly abuse the trust of their clients and act
dishonestly will not be tolerated and will be pursued with the
full force of the law," Ms Redfern notes.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

                             Background

The criminal action follows earlier civil action taken by the
ASIC, and Mr. Walters' arrest in Hobart in April 2003.

Mr. Walters and Mark Samuel Evans, a co-director of Drury
Management, operated an accounting practice, which had offices
in Malanda, Atherton and Cairns in Queensland.  The ASIC alleged
that Mr. Walters also carried on the Drury Management business
of providing financial advice and dealing in securities, even
though they did not hold a license to do so.

Mr. Walters was a securities representative for ABN AMRO Morgans
(Morgans) from August 30, 1999.  He was terminated as a Proper
Authority holder for Morgans on June 28, 2002.

In September 2002, the ASIC obtained interim orders from the
Supreme Court of Queensland in Cairns appointing an interim
receiver to an unregistered, managed investment scheme,
operating as Drury Management Pty Ltd, in Malanda, Queensland.

Orders were also obtained against Mr. Walters and Mr. Evans, as
well as Ransom House, a company associated with Mr. Walters.

The Court ordered that Ian David Jessup of Jessup & Partners,
Cairns be appointed as receiver of Drury Management Pty Ltd, Mr.
Walters, Mr. Evans, and Ransom House Pty Ltd.

The Court also ordered an interim injunction restraining the
respondents from further operating the scheme, receiving or
soliciting funds in connection with the scheme, removing any
assets from Australia, or disposing of any assets.

In September 2004, the ASIC permanently banned Mr. Walters from
providing any financial services.

In October 2004, the Supreme Court of Queensland in Cairns
ordered for Jessup & Partners to be appointed as liquidator of
the Drury Management scheme, as well as Drury Management Pty Ltd
and Ransom House Pty Ltd.

Declarations and orders were also obtained against Mr. Walters
and Mr. Evans, as well as Ransom House Pty Ltd.

The Court declared that all four respondents operated an
unregistered investment scheme.  The Court further declared that
Messrs. Walters and Evans, and Drury Management carried on an
investment advice business, securities business, and financial
services business without a license or an exemption from being
licensed.

The Court also imposed a permanent injunction restraining all
respondents from further operating the scheme, receiving or
soliciting funds in connection with the scheme, dealing with any
property held by them, and destroying or interfering with any of
their books and records.

Mr. Walters is a Dutch citizen, also known as Fred Siebolt
Hofman who arrived in Australia in June 1991.

Mr. Walters, under the name of Hofman, is also wanted on a
Canada-wide arrest warrant relating to 31 counts of theft and 30
counts of fraud allegedly committed between 1986 and 1991,
involving approximately CAD$9.7 million.


DYNAMIC ENTERPRISES: Liquidator to Present Wind-Up Report
---------------------------------------------------------
A final meeting of the members and creditors of Dynamic
Enterprises (Aust) Pty Ltd will be held on October 13, 2006, at
11:00 a.m.

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

The Liquidator can be reached at:

         Richard Albarran
         Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


JAS CONSTRUCTION: Members and Creditors to Convene on October 20
----------------------------------------------------------------
A final meeting of the members and creditors of Jas Construction
Services Pty Ltd will be held on October 20, 2006, at 11:00 a.m.

During the meeting, the members and creditors will receive
Liquidator Vouris' accounts showing how the Company was wound up
and how its property was disposed of.

The Liquidator can be reached at:

         John Vouris
         Lawler Partners
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9232 6800


HIHI BEACH: Court to Hear CIR's Liquidation Bid on Sept. 28
-----------------------------------------------------------
A petition to liquidate Hihi Beach Resort Ltd will be heard
before the High Court of Auckland on September 28, 2006, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on July 6, 2006.

The Solicitor for the Plaintiff can be reached at:

         Justin Berryman
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department, 5-7 Byron Avenue
         (P.O. Box 33-150), Takapuna
         Auckland, New Zealand
         Telephone: (09) 984 1538
         Facsimile: (09) 984 3116


JJ & CO: Wind-Up Process Commenced
----------------------------------
Members of JJ & Co Pty Ltd held a general meeting on August 25,
2006, and decided to wind-up the Company's business operations.

Subsequently, Rod Slattery was appointed liquidator at a
creditors' meeting held that same day.

The Liquidator can be reached at:

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


JOHNSTON MOTOR: Receives Court's Liquidation Order
--------------------------------------------------
The High Court of Christchurch on August 21, 2006, released a
liquidation order against Johnston Motor Co Ltd.

Accordingly, Iain Andrew Nellies and Wayne John Deuchrass were
appointed as joint and several liquidators.

The Troubled Company Reporter - Asia Pacific reported that Fair
City Finance Ltd filed a liquidation petition against the
company on July 25, 2006.  The petition was heard on August 21,
2006.

The Joint Liquidators can be reached at:

         Iain Andrew Nellies
         Insolvency Management Limited
         Level Four, 728 Colombo Street
         (P.O. Box 13-401), Christchurch
         New Zealand


KERO AIR: Faces Liquidation Proceedings
---------------------------------------
On July 6, 2006, the Commissioner of Inland Revenue filed a
petition to liquidate Kero Air Ltd before the High Court of
Auckland.

The petition will be heard on September 28, 2006, at 10:45 a.m.

The Solicitor for the Plaintiff can be reached at:

         Justin Berryman
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department, 5-7 Byron Avenue
         (P.O. Box 33-150), Takapuna
         Auckland, New Zealand
         Telephone: (09) 984 1538
         Facsimile: (09) 984 3116


KIDDS SERVICES: To Declare First and Final Dividend on Oct. 20
--------------------------------------------------------------
Kidds Services Pty Ltd will declare its first and final dividend
to creditors on October 20, 2006, to the exclusion of those who
cannot prove their claims by October 4, 2006.

The Liquidator can be reached at:

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


MARPHIL ELECTRICAL: Enters Liquidation Proceedings
--------------------------------------------------
The High Court of Timaru on August 31, 2006, ordered Marphil
Electrical Ltd to liquidate its business and appoint Iain Andrew
Nellies and Paul William Gerrard Jenkins as liquidators.

According to the Troubled Company Reporter - Asia Pacific, the
Commissioner of Inland Revenue filed a petition to liquidate the
Company's business on June 21, 2006.

The Liquidators can be reached at:

         Iain Andrew Nellies
         Paul William Gerrard Jenkins
         c/o Insolvency Management Limited
         Level Three, Burns House
         10 George Street (P.O Box 1058)
         Dunedin, New Zealand


M.Q.F. QUEENSLAND: Placed Under Voluntary Wind-Up
-------------------------------------------------
The members of M.Q.F. Queensland Pty Ltd held a general meeting
on August 18, 2006, and agreed to voluntarily wind up the
Company's operations.

Accordingly, Christopher R. Campbell and David J. F. Lombe were
named liquidators.

The Liquidator can be reached at:

         Christopher R. Campbell
         David J. F. Lombe
         Deloitte Touche Tohmatsu
         Grosvenor Place, 225 George Street
         Sydney, New South Wales 2000
         Australia


MCCOMB TRANSPORT: Names Abeyratne and Wong as Liquidators
---------------------------------------------------------
The members of McComb Transport Services Pty Ltd convened on
August 25, 2006, and resolved to voluntarily wind up the
Company's operations.

In this regard, William Bernard Abeyratne and Loke Ching Wong
were appointed as joint and several liquidators at a creditors'
meeting held that same day.

The Joint and Several Liquidators can be reached at:

         William Bernard Abeyratne
         c/o Harrisons Insolvency
         Level 5, 150 Albert Road
         South Melbourne, Victoria 3205
         Australia
         Telephone: 9696 2885


MICHAEL STANLEY: Liquidator Peile to Present Wind Up Report
-----------------------------------------------------------
The members of Michael Stanley & Associates Pty Ltd will convene
on October 20, 2006, at 10:00 a.m., to receive Liquidator R.
Peile's accounts of the Company's wind-up.

The Liquidator can be reached at:

         R. Peile
         3 John Davey Avenue
         Cronulla, New South Wales
         Australia
         Telephone:(02) 9523 0637


MR FUNPLATES: To Declare Dividend on September 26
--------------------------------------------------
MR Funplates Pty Ltd will declare dividend on September 26,
2006.

Creditors who were unable to prove their claims by September 19,
2006, are excluded from sharing in the dividend distribution.

The Deed Administrator can be reached at:

         Michael Griffin
         Worrells
         Solvency & Forensic Accountants
         8th Floor, 102 Adelaide Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3225 4373
         Facsimile:(07) 3225 4311
         Web site: http://www.worrells.net.au/


NETWORK EVENTS: Members and Creditors Set to Meet on October 20
---------------------------------------------------------------
A final meeting of the members and creditors of Network Events &
Media Pty Ltd will be conducted on October 20, 2006, at 11:40
a.m.

At the meeting, Liquidator John Vouris will present accounts of
the Company's wind-up proceedings.

The Deed Administrator can be reached at:

         John Vouris
         Lawler Partners
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9232 6800


NEWQUAY PROPERTIES: Shareholders Appoint Joint Liquidators
----------------------------------------------------------
On August 31, 2006, the shareholders of Newquay Properties Ltd
appointed Ian Bruce Shephard and Christine Margaret Dunphy as
Joint and Several Liquidators.

The Liquidator can be reached at:

         Ian Bruce Shephard
         Christine Margaret Dunphy
         c/o Chris Dunphy
         Shephard Dunphy Limited
         Level Two, Zephyr House
         82 Willis Street, Wellington
         New Zealand
         Telephone:(04) 473 6747
         Facsimile:(04) 473 6748

         Postal Address: Shephard Dunphy Limited
         P.O. Box 11-793, Wellington
         New Zealand


OG AND JA: Appoints Joint and Several Liquidators
-------------------------------------------------
On August 28, 2006, OG and JA Holdings Ltd resolved to liquidate
its business.

In this regard, Iain Andrew Nellies and Wayne John Deuchrass
were appointed joint and several liquidators.

The Joint Liquidators can be reached at:

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


PASMINCO INVESTMENTS: To Declare Dividend on September 28
---------------------------------------------------------
Pasminco Investments Holdings Pty Ltd will declare its third
dividend on September 28, 2006.

Creditors who cannot prove their claims by September 20, 2006,
will be excluded from sharing in any distribution the Company
will make.

The Liquidator can be reached at:

         Peter Mccluskey
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia


PASMINCO LIMITED: Set to Declare Dividend on September 28
---------------------------------------------------------
Pasminco Ltd will declare its third dividend to creditors on
September 28, 2006.  Those who cannot prove their claims by
September 20, 2006, will be excluded from the distribution.

The Deed Administrator can be reached at:

         Peter Mccluskey
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia


PIKITIA LTD: Creditors Must Prove Debts by Sept. 28
---------------------------------------------------
On August 31, 2006, the High Court at Auckland ordered for the
appointment of Henry David Levin and David Stuart Vance as Joint
and Several Liquidators of Pikitia Ltd.

In this regard, the company's creditors are required to submit
their proofs of claim to the official liquidators by
September 28, 2006, for them to share in any distribution the
Company will make.

The Liquidators can be reached at:

         Henry David Levin
         c/o Lisa Lee
         McCallum Petterson
         Level Eleven, Forsyth Barr Tower
         55-65 Shortland Street, Auckland
         Postal Address: P.O. Box 6916, Wellesley Street
         Auckland, New Zealand
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


POLLARA PTY: Creditors Must Prove Debts by September 28
-------------------------------------------------------
Creditors of Pollara Pty Ltd are required to submit their proofs
of debt to Liquidator Riad Tayeh by September 28, 2006.

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

The Joint and Several Liquidator can be reached at:

         Riad Tayeh
         de Vries Tayeh
         PO Box 218
         Parramatta, New South Wales 2124
         Australia


PROPERTY DEVELOPMENT: Court Orders Wind Up Operations
-----------------------------------------------------
On August 25, 2006, the Federal Court of Australia ordered
Property Development Enterprises No. 5 Pty Ltd to wind up its
operations.

Subsequently, Antony De Vries was appointed as official
liquidator.

The Liquidator can be reached at:

         Antony De Vries
         de Vries Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2125
         Australia


R J BRADY: Members and Creditors to Receive Wind-Up Report
----------------------------------------------------------
A final meeting of the members and creditors of R J Brady
Contracting Pty Ltd will be held on October 16, 2006, at 10:00
a.m.

During the meeting, Liquidator Nick Malanos will present the
accounts on the Company's wind-up and property disposal
exercises.

As reported by the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on July 5, 2006.

The Liquidator can be reached at:

         Nicholas Malanos
         c/o Star, Dean-Willcocks
         Level 1, 32 Martin Place,
         Sydney, New South Wales 2000
         Australia
         Telephone: 9223 2944


R.M.J. MANAGEMENT: Final Meeting Scheduled for October 20
---------------------------------------------------------
A final meeting of the members and creditors of R.M.J.
Management Services Pty Ltd, which is in liquidation, will be
held on October 20, 2006, at 11:20 a.m.

During the meeting, Liquidator Vouris will present the final
accounts on the Company's wind-up and property disposal
exercises.

The Liquidator can be reached at:

         John Vouris
         Lawler Partners
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9232 6800


RAN HOLDINGS: Court Refuses Bail for Nicholai Dimitri Popov Bail
----------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
September 13, 2006, the Australian Federal Police at Brisbane
Airport arrested Nicholai Dimitri Popov, a former director of
RAN Holdings International Pty Ltd, on one count of 178 BB of
contravening the NSW Crimes Act.  The arrest was related to an
alleged fraudulent property deal involving a young Sydney couple
who had lost AU$245,000.

Mr. Popov appeared in the Brisbane Magistrates Court and was
remanded in custody and ordered to be extradited to Sydney and
scheduled to appear in the Downing Centre Court on September 13,
2006, the TCR-AP said.

In an update, a report from The Australian relates that Mr.
Popov was refused bail, despite his elderly pensioner parents
offering their life savings as surety for his release, because
he is regarded as a flight risk, The Australian reports.

Magistrate Allan Moore said the AU$10,000 savings of Mr. Popov's
parents is too paltry to secure his release.

"The sum is all the parents are able to come up with, but it is
an extremely small amount," Mr. Popov's lawyer, Andrew Miller,
says.

The Australian relates that prosecutor Tanya Panico handed Mr.
Moore evidence showing Mr. Popov had fled overseas after the
collapse of his company, Radisson Maine, in November 2004, and
had tried to leave again.

The paper cites Mr. Miller as telling the court his client would
be pleading not guilty, noting that his client is likely to
remain on remand in jail for "a substantial time" as a committal
hearing might not be held for months.

Mr. Miller asserted that his client is willing to surrender his
passport, live with his parents in their western Sydney home,
and to report to police twice a day, noting that it was the
first time Mr. Popov had "come to the notice of the police."

Prosecutors would hand over a three-volume brief of evidence by
month's end, The Australian says.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
November 1, 2004, David Lombe, of Deloitte, was appointed as
provisional liquidator of the Sydney-based property companies,
RAN Holdings International Pty Ltd, and its main subsidiary
company, Radisson Maine Property Group (Australia) Pty Ltd.

The Australian Securities and Investments Commission commenced
an investigation into the Radisson Maine Group of companies
after information suggesting that the companies, and
particularly its main trading firm, Radisson Maine Property, may
be trading while insolvent.

The Radisson Maine Group was primarily involved in the property
market, with Robert Bassili as its chief executive officer and
as sole director of Radisson Maine Property.

Nicholai Dimitri Popov was the sole director of Ran Holdings.

The Court found that the companies were insolvent and should be
wound up based on the opinion expressed by the provisional
liquidator's reports and as there was no proof that any further
funding would be received.


SABA PERSIAN: Liquidation Commenced on August 18
------------------------------------------------
Shareholders of Saba Persian Caf‚ Ltd resolved on August 18,
2006, to voluntary liquidate the company.

In this regard, Iain Andrew Nellies and Paul William Gerrard
Jenkins were appointed as the company's Joint and Several
Liquidators.

The Joint Liquidators can be reached:

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


SALINAS AIR: Members Opt to Shut Down Business
----------------------------------------------
On August 24, 2006, members of Salinas Air Conditioner
Installation Pty Ltd passed a special resolution to voluntarily
wind up the Company's operations.

The members also nominated Alan Hayes and Scott Darren Pascoe as
joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Alan Hayes
         Scott Darren Pascoe
         SimsPartners
         Level 24, 264 George Street
         Sydney, New South Wales 2000
         Australia


SCHUTT PRODUCTIONS: Members Resolve to Wind Up Operations
---------------------------------------------------------
The members of Schutt Productions Pty Ltd held a general meeting
on August 22, 2006, and resolved to voluntarily wind up the
Company's operations.

Consequently, Peter P. Krejci was appointed as liquidator at the
creditors meeting held that same day.

The Liquidator can be reached at:

         Peter P. Krejci
         GHK Green Krejci
         Level 13, 1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


SINCLAIRS SELF: Enters Wind-Up Proceedings
------------------------------------------
On August 24, 2006, the members of Sinclairs Self Service Stores
Pty Ltd held a general meeting and resolved to wind up the
Company's business operations.

David H. Scott was consequently appointed as liquidator.

The Liquidator can be reached at:

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


SMASH MUSIC: Court Appoints Official Liquidator
-----------------------------------------------
The Supreme Court of New South Wales, Equity Division appointed
Christopher J. Palmer as official liquidator of Smash Music Pty
Ltd on September 1, 2006.

The Liquidator can be reached at:

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


SOUTH ALPS: Court Sets Date to Hear Liquidation Petition
--------------------------------------------------------
A petition to liquidate South Alps New Zealand Co Ltd will be
heard before the High Court of Auckland on September 28, 2006,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on July 7,
2006.

The Solicitor for the Plaintiff can be reached at:

         Geraldine Ann Ryan
         Auckland South Service Centre
         17 Putney Way (P.O. Box 76-198)
         Manukau City, New Zealand
         Telephone: (09) 984 2002


SPG PROPERTY: Members Decide to Liquidate Business
--------------------------------------------------
At a general meeting on August 29, 2006, the members of SPG
Property Pty Ltd agreed to liquidate the Company's business.

In this regard, Peter Charles Hicks was appointed as liquidator.

The Liquidator can be reached at:

         Peter Charles Hicks
         Forsythes Chartered Accountants
         Level 5
         175 Scott Street, Newcastle
         Australia


STARPLAN VENTURES: Placed Under Members' Voluntary Liquidation
--------------------------------------------------------------
At a general meeting on August 29, 2006, the members and
creditors of Starplan Ventures Pty Ltd resolved to voluntarily
wind up the Company's business operations.

In this regard, Gideon Isaac Rathner and David John Coyne were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Gideon Isaac Rathner
         David John Coyne
         Lowe Lippmann
         5 St Kilda Road, St Kilda
         Victoria, 3182
         Australia


SWITZER ENTERPRISES: To Declare Final Dividend on October 3
-----------------------------------------------------------
Switzer Enterprises Pty Ltd will declare its final dividend on
October 3, 2006.

Creditors who are unable to prove their claims by September 26,
2006, will be excluded from sharing in any distribution the
Company will make.

The Liquidator can be reached at:

         Salvatore Algeri
         Simon A. Wallace-Smith
         Deloitte Touche Tohmatsu
         180 Lonsdale Street
         Melbourne, Victoria 3000
         Telephone:(03) 9208 7000


TP EXTENDED: Members Appoint Liquidator
---------------------------------------
Members of TP Extended Pty Ltd convened on August 25, 2006, and
voluntarily resolved to wind-up the Company's operations.

In this regard, Danny Vrkic was appointed as liquidator and
confirmed at the meeting of creditors held later that day.

The Liquidator can be reached at:

         Danny Vrkic
         Jirsch Sutherland & Co - Wollongong
         Chartered Accountants
         Level 3, 6-8 Regent Street
         Wollongong, New South Wales 2500
         Australia
         Telephone:(02) 4225 2545
         Facsimile:(02) 4225 2546


T.Y.D.S.E. LTD: Court Favors Liquidation Petition
-------------------------------------------------
On August 31, 2006, the High Court of Nelson ordered for the
liquidation of T.Y.D.S.E. Ltd.

Accordingly, Iain Andrew Nellies and Paul William Gerrard
Jenkins were appointed to act as Joint and Several Liquidators.

According to the Troubled Company Reporter - Asia Pacific, the
Commissioner of Inland Revenue filed a liquidation petition
against the company on July 4, 2006.  The petition was heard on
August 31, 2006.

The Joint 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


TWGG LTD: To Receive Creditors Proofs of Claim Until Oct.9
----------------------------------------------------------
On August 29, 2006, the shareholders of TWGG Ltd passed a
special resolution appointing Leah Veronica Peacock as official
liquidator of the company.

Ms. Peacock requires creditors of the company to submit their
proofs of claim by October 9, 2006.

The Liquidator can be reached at:

         Leah Veronica Peacock
         Sudburys Limited, Chartered Accountants
         1/F, Michael Hill Building
         25 Rathbone Street (P.O. Box 154)
         Whangarei, New Zealand
         Telephone:(09) 438 1113



VILLAGE ROADSHOW: Completes AU$20 Million Sea World Nara Buyout
---------------------------------------------------------------
On September 15, 2006, Village Roadshow Ltd bought the remaining
50% of Sea World Nara Resort -- its northern former joint
holdings, Gold Coast Weekend Bulletin, reports.

According to the report, the AU$20-million buyout of Nara
Australia's interest in the resort will result in Village
Roadshow owning 100% of all the Queensland based Village
Roadshow Theme Park and Hotel assets.

Village will also take responsibility for bank debt of about
AU$5.5 million, Gold Coast Weekend says.

               Warner Bros. Buyout Also Completed

Gold Coast recounts that earlier this year, Village Roadshow
completed a AU$254 million buyout of its then Movie World
partner Warner Bros., with the deal including an agreement to
explore opportunities for Warner-branded parks in Asia.

The Warner Bros. Buyout gave Village Roadshow 100% ownership of
its theme park properties on the Gold Coast, including Movie
World, Wet'n'Wild Water Park, Sea World, and Australian Outback
Spectacular.

Gold Coast further recounts that in August, the company was
scouting Athens locations for its latest theme park attraction,
with the its Greek park set to premiere alongside Asian
additions.

The media and entertainment group is set to base its European
Movie World at one of Athens' former Olympic Games venues, where
it has already been short-listed in the tender process, Gold
Coast notes.

                     About Village Roadshow

Headquartered in Melbourne, Australia, Village Roadshow Limited
-- http://www.villageroadshow.com.au/-- is an international
media and entertainment company that operates core businesses in
cinema, movie production, film distribution, radio, and theme
parks.

The Company's troubles began in 2003 when it offered to buy back
its preference shares to head off a litigation threat by some
preference shareholders who were angered at the Company's
suspension of dividend payments.  Village Roadshow's reported
and budgeted profitability would not allow it to comfortably
fund about AU$42 million worth of ordinary and preference share
dividends out of annual earnings.  For the past years, the
Company has been facing major litigation brought by former
business partners, who had invested in its film investment
scheme.

In December 2005, the Film Production division undertook a
substantial restructure.  As part of this restructure, a US$115
million Promissory Note was issued to Crescent Film Holdings and
options to acquire a 50% shareholding in the Hollywood film
production and related film exploitation business, Village
Roadshow Pictures Group, were granted to Crescent and its
affiliates.  This initiative, together with the release of a
US$70 million security deposit (replaced by a Letter of Credit),
returned significant cash reserves to Village Roadshow.  By
January 2006, Village Roadshow had advised that VRPG had reached
agreement with its financiers to increase its film production
facility from US$900 million to US$1.4 billion.  VRPG will
continue to co-produce and co-finance films with its principal
production partner, Warner Bros.  The revolving period of the
facility has also been extended for a further three years.  As a
result, drawdowns will now be available under the facility until
January 2011 (previously February 2008) with the debt now
scheduled to be fully repaid by January 2015 (previously January
2012).

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
March 1, 2006, that Village Roadshow posted a AU$2.21-million
loss for the half-year ended December 31, 2006, compared to a
net profit of AU$29.99 million in the previous corresponding
half.  The result is contrary to a profit downgrade in January,
which already suggested a break-even figure.

The entertainment group blames its poor financial result on
lower cinema ticket sales, compounding losses from the
restructuring of its movie production business and legal
battles.


WARRINGTON BUILDERS: High Court Issues Liquidation Order
--------------------------------------------------------
On August 21, 2006, the High Court of Christchurch ordered for
the liquidation of Warrington Builders (2004) Ltd.

Subsequently, Iain Andrew Nellies and Wayne John Deuchrass were
appointed to act as Joint and Several Liquidators.

As reported by the Troubled Company Reporter - Asia Pacific,
Williams Hickman Electrical Ltd filed a liquidation petition
against the company on July 17, 2006.  The petition was heard on
August 21, 2006.

The Joint Liquidators can be reached at:

         Iain Andrew Nellies
         Insolvency Management Limited
         Level Four, 728 Colombo Street
         (P.O. Box 13-401), Christchurch
         New Zealand


WATERSIDE HOLDINGS: Creditors' Proofs of Claim Due on Oct. 2
------------------------------------------------------------
On August 31, 2006, the High Court at Auckland appointed John
Trevor Whittfield and Dennis John Wood as Joint and Several
Liquidators of Waterside Holdings Ltd.

Subsequently, the Joint Liquidators require creditors to prove
their debts on October 2, 2006, or be excluded from sharing in
any distribution the Company will make.

According to the Troubled Company Reporter - Asia Pacific, the
Commissioner of Inland Revenue filed a petition to liquidate
Waterside Holdings Ltd on March 30, 2006.

The Liquidator can be reached at:

         John Trevor Whittfield
         Dennis John Wood
         McDonald Vague, P.O. Box 6092
         Wellesley Street Post Office
         Auckland, New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508
         Web site: www.mvp.co.nz


WESTPOINT GROUP: ASIC Seeks Warrant for N. Carey's Arrest
---------------------------------------------------------
The Australian Securities and Investments Commission asked
Justice Robert French to issue a warrant for the arrest of
Norman Phillip Carey, the head of collapsed property group
Westpoint, after he failed to produce offshore bank documents,
by a set date, the Australian Associated Press reports.

The AAP notes that the documents would help with investigations
into Westpoint's collapse.

The ASIC's barrister Stephen Owen-Conway asserts that Mr.
Carey's failure is a "contempt of court," adding that Justice
French is within his rights to issue a warrant for Mr. Carey's
arrest.

However Justice French said not complying with the orders did
not constitute contempt, The Age relates.

Mr. Carey's lawyer, Terry Clavey explained that his client had
written to the banks, which had advised there were no documents,
the AAP notes.

Thus, Justice French ordered Mr. Carey to file an affidavit
testifying he wrote to the banks and that they held no relevant
documents, the Age says.

                    About Westpoint Group

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

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


WESTPOINT GROUP: Court Allows KordaMentha to Sell Warnbro Asset
---------------------------------------------------------------
Justice Robert French cleared the way for Westpoint Corporation
receivers KordaMentha to sell an asset -- the Warnbro Fair
shopping center in Western Australia -- the Australian
Associated Press reports.

According to The Age, an option over Warnbro was transferred
from Westpoint in October 2005 to a Westpoint-associated
company, Bowesco, which is run by Mr. Carey's sister.

The paper recounts that since April 20, 2006, Bowesco has not
been allowed to dispose or deal with its assets as the
Australian Securities and Investments Commission continues its
investigations into the collapse of Westpoint.

The AAP says KordaMentha was specifically assigned to the
Warnbro Fair option held by Bowesco.  Thus, only KordaMentha
could deal with the option, not Bowesco, the AAP cites Justice
French, as saying.

The Age relates that KordaMentha has been negotiating with a
third party wanting to immediately buy the Warnbro Fair option.

The funds from the sale would be made available to the investors
and creditors of the Warnbro Fair Syndicate, the AAP notes.

                    About Westpoint Group

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

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


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

ACXIOM CORP: Unveils Preliminary Results of Dutch Auction
---------------------------------------------------------
Acxiom Corp. disclosed preliminary results of its modified
"Dutch Auction" self-tender offer, which expired at 5:00 p.m. on
Sept. 12, 2006.

Based on the preliminary count by the depositary for the tender
offer, an aggregate of 24,911,233 shares of Acxiom common stock
were properly tendered and not withdrawn at or below a price of
US$27.00 per share, including 8,537,481 shares that were
tendered through notice of guaranteed delivery.  Based on these
preliminary results the company expects to purchase 11,111,111
shares in the tender offer, subject to proration, at US$25.75
per share.  Pursuant to the terms of the tender offer, Acxiom
offered to purchase shares of its common stock at a price not
less than US$25 and not greater than US$27 per share.

Acxiom has been informed by Computershare Trust Company, N.A.,
the depositary for the tender offer, that the preliminary
proration factor for the shares tendered at US$25.75 and below
is approximately 97 percent.  The exact proration factor is
subject to delivery of the shares that were tendered through
notice of guaranteed delivery.

The results disclosed are preliminary and subject to
verification by the depositary of the proper delivery of the
shares validly tendered and not withdrawn.  Final results will
be announced following the completion of the verification
process.  Acxiom expects payment for the shares accepted for
purchase and the return of all shares tendered and not accepted
for purchase to occur within one week.

The repurchase of the shares will be funded with proceeds from a
new US$800 million credit facility on or about Sept. 15, 2006.

ValueAct Capital has advised Acxiom that neither ValueAct
Capital nor any of its affiliates tendered any of its shares of
Acxiom into the modified Dutch Auction.

The dealer managers for the self-tender offer are J.P. Morgan
Securities Inc. and Stephens Inc.  The information agent is
Innisfree M&A Incorporated, and the depositary is Computershare
Trust Company, N.A. Any questions about the self-tender offer
may be directed to the information agent at 1-877-750-9457, or
the dealer managers, J.P. Morgan Securities Inc. at 1-877-371-
5947 or Stephens Inc. at 1-800-643-9691.

                     About Acxiom Corp.

Based in Little Rock, Arkansas, Acxiom Corp. (Nasdaq: ACXM)
-- http://www.acxiom.com/-- integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
innovative solutions are Customer Data Integration technology,
data, database services, IT outsourcing, consulting and
analytics, and privacy leadership.  Founded in 1969, Acxiom has
locations throughout the United States, Europe, Australia and
China.  Acxiom has a team of specialists with sales and business
development associates based in the largest Latin American
markets: Brazil, Argentina and Mexico.


AGRICULTURAL BANK: To Realize Reform Plans Soon, PBOC Head Says
---------------------------------------------------------------
Agricultural Bank of China's reform plans will be carried out
soon, Agence France Press reports, citing Central Bank Chief
Zhou Xiaochuan.

"I think it will not be too long," Mr. Zhou told reporters when
asked about the schedule for reforming Agricultural Bank.

According to AFP, Agricultural Bank is waiting for a government
bailout to clean up a balance sheet saddled with huge bad loans,
part of plans to recapitalize the biggest banks and ensure China
can sustain economic growth rates.

Agricultural Bank -- part of the Chinese big four banking giants
-- has more than US$90 billion in bad loans on its books.  Bad
loans stemmed from lending heavily on the government's orders to
shaky rural borrowers, the AFP relates.

The Chinese government, intent on shoring up its fragile
financial sector, has earlier injected a total of US$60 billion
into the nation's other three banking giants -- Bank of China,
Industrial and Commercial Bank of China and China Construction
Bank.

Reforming Agricultural Bank is a politically sensitive issue
given the impact any reform could have on rural areas, AFP says.

Previous reports stated that the bank would follow the footsteps
of the other state banks by obtaining a bailout and then listing
on the stock market.

Mr. Zhou reiterated his stand that liberalization of the yuan
regime will be gradual and that any widening of the yuan's
trading bands against the dollar will be based on market
movements, AFP relates.

"You know China's philosophy is that we will reform gradually
because, like a lot of other countries, we need to take care of
our population and corporations," Mr. Zhou said.

                          *     *     *

The Agricultural Bank of China -- http://www.abocn.com/-- is
the mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of last year.

The Troubled Company Reporter- Asia Pacific on June 27, 2006,
the National Audit Office found accounting irregularities
involving CNY51.6 billion which CNY14.27 billion of the amount
come from deposit business, CNY27.62 billion on loan grants, and
CNY9.72 billion in fraudulent bill issuance.

                          *     *     *

Fitch Ratings on August 14, 2006, affirmed Agricultural Bank of
China's Individual 'E' and Support '1' ratings.


ADVANTAGE PLUS: Wind-Up Petition Hearing Slated for Oct. 4
----------------------------------------------------------
A wind-up petition against Advantage Plus Technology Ltd will be
heard before the High Court of Hong Kong on October 4, 2006, at
9:30 a.m.

Law Shuk Chun filed the petition with the Court on August 4,
2006.

The Director of Legal Aid can be reached at:

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


BALLY TOTAL: Willows Becomes VP for Fitness, Nutrition & Retail
---------------------------------------------------------------
Bally Total Fitness Holding Corp. promoted Tia Willows to vice
president, fitness, nutrition and retail services, from vice
president, operations and fitness services.  In her expanded
role, Ms. Willows will oversee all retail operations in addition
to her current responsibilities leading the company's personal
training, group exercise and weight loss initiatives.

By consolidating the four departments of retail, nutrition,
group exercise and personal training under one umbrella, Bally
expects to better integrate and align the initiatives of each
department, which will translate into an even stronger
connection between exercise and nutrition for members.

"Tia's more than 25 years of experience in the fitness industry,
in a variety of roles across the company, made her the clear
choice to lead the integration of all the products and services
that Bally Total Fitness has to offer," said Barry R. Elson,
Acting CEO, Bally Total Fitness. "This is a key operational role
that will drive increased revenues and improve the total member
experience."

Ms. Willows joined Bally Total Fitness in Sept. of 1980 and has
held a variety of different positions in the company since her
initial hire, including regional vice president, assistant vice
president, group fitness, vice president, fitness services and
most recently, vice president, operations and fitness services.

                       About Bally Total

Bally Total Fitness Holding Corp.
-- http://www.Ballyfitness.com-- is a commercial operator of
fitness centers, with over 400 facilities located in 29 states,
Mexico, Canada, Korea, the Caribbean, and China under the Bally
Total Fitness, Bally Sports Clubs and Sports Clubs of Canada
brands.

At June 30, 2006, Bally Total's balance sheet showed a
US$1,410,293,000 stockholder's deficit.

                        *    *    *

As reported in the Troubled Company Reporter on March 17, 2006,
Standard & Poor's Ratings Services held its ratings on Bally
Total Fitness Holding Corp., including the 'CCC' corporate
credit rating, on CreditWatch with developing implications,
where they were placed on Dec. 2, 2005.


BERRY PLASTICS: Discloses Pricing Terms on 10.75% Notes Offer
-------------------------------------------------------------
Berry Plastics Corp. disclosed the pricing terms of its tender
offer and consent solicitation for any and all of its
outstanding US$335 million aggregate principal amount of 10.75%
Senior Subordinated Notes due 2012.

Berry Plastics also disclosed that as of 5:00 p.m., New York
City time, on Sept. 5, 2006, the "Consent Payment Deadline", it
had received tenders and consents from holders of US$335 million
in aggregate principal amount of the Notes, representing 100% of
the total outstanding principal amount of the Notes and that it
has extended the expiration date for the tender offer from 12:00
midnight, New York City time, on Sept. 19, 2006, to 12:00
midnight on Sept. 20, 2006.

The total consideration for each US$1,000 principal amount of
Notes validly tendered is US$1,092.07, which includes a consent
payment of US$30 per US$1,000 principal amount of Notes.

Holders whose Notes are validly tendered after the Consent
Payment Deadline, but on or prior to 12:00 midnight, New York
City time, on Sept. 20, 2006 and accepted for purchase by the
Company will receive the tender offer consideration of
US$1,062.07 per US$1,000 principal amount of Notes tendered, but
will not receive the consent payment, and will receive accrued
and unpaid interest on the Notes up to, but not including, the
payment date for the Offer.

Copies of the complete terms and conditions of the tender offer
and consent solicitation may be obtained from:

           MacKenzie Partners, Inc.
           Phone: (212) 929-5500 (collect) or
                  (800) 322-2885 (U.S. toll-free)

Deutsche Bank Securities Inc. is the exclusive dealer manager
and solicitation agent for the tender offer and consent
solicitation.  Additional information concerning the tender
offer and consent solicitation may be obtained by contacting
Deutsche Bank Securities Inc., at (212) 250-6008.

                      About Berry Plastics

Based in Evansville, Indiana, Berry Plastics Corp.
-- http://www.berryplastics.com/-- is a leading manufacturer
and marketer of rigid plastic packaging products.  Berry
Plastics provides a wide range of rigid open top and rigid
closed top packaging as well as comprehensive packaging
solutions to over 12,000 customers, ranging from large
multinational Corp.s to small local businesses.  The company has
25 manufacturing facilities worldwide and more than 6,800
employees and 25 manufacturing facilities in the United States,
Mexico, Canada, Europe and China.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 7, 2006,
Moody's Investors Service confirmed the B3 rating on Berry
Plastics Corp.'s US$335 million 10.75% senior subordinated
notes, due July 15, 2012.

As reported in the Troubled Company Reporter on July 31, 2006,
Standard & Poor's Ratings Services revised its CreditWatch
implications on the 'B+' corporate credit rating on Berry
Plastics Corp. to negative from developing.


CANADA INDUSTRIAL: Creditors' Proofs of Debt Due on September 29
----------------------------------------------------------------
Liquidators James Wardell and Chan Wai Dune, Charles require
creditors of Canada Industrial Ltd to submit their proofs of
debt by September 29, 2006.

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

The Joint and Several Liquidators can be reached at:

         James Wardell
         Chan Wai Dune, Charles
         Room 1601-02, 16/F
         One Hysan Avenue, Causeway Bay
         Hong Kong


CORGI INTL: Incurs US$6.63 Million Working Capital Deficit
----------------------------------------------------------
Corgi International Ltd. recorded a US$6.63 million working
capital deficit at March 31, 2006, taken from US$32.32 million
in current liabilities less US$25.69 million in current assets.

At March 31, 2005, the Company recorded an US$18.86 million
positive working capital.  It had US$53.52 million in current
assets and US$34.66 million in current liabilities.

The Company cited that "difficult market conditions" have caused
significant operating losses and placed considerable pressure on
its liquidity.  The Company has incurred significant operating
losses and net losses in each of the three years in the three-
year period ended March 31, 2006.

As of March 31, 2006, the Company had an accumulated deficit of
US$15,765,000.  It had cash and cash equivalents totaling
US$820,000, and available credit facilities of US$15,250,000 of
which US$10,777,000 were utilized as borrowings.  The available
banking facilities of US$15,250,000 reflected a temporary
reduction of banking facilities from the Agricultural Bank of
China from US$7,398,000 to US$3,267,000 as of March 31, 2006 due
to macro-economic controls in the People's Republic of China
under which limits had been placed on ABC's authority to lend to
its banking clients.  As of August 22, 2006, the Company and its
subsidiaries have been repaying amounts drawn on its banking
facilities in accordance with the repayment terms.

The company's balance sheet as of March 30, 2006, reflects
US$32.54 million in total liabilities and US$60.03 million in
total assets.  Total stockholders' equity amounted to US$27.49
million.

As of March 31, 2006, the Company had breached certain financial
undertakings in respect to two bank facilities. The Company did
not meet minimum financial ratios related to consolidated
tangible net worth, consolidated net borrowings to consolidated
tangible net worth, current assets to current liabilities,
interest coverage, and consolidated profits before interest and
tax. The lenders have not notified the Company that it is in a
state of default, and the Company has continued to maintain
banking relationships with each of these financial institutions.
For both facilities, the lenders have the right to demand
payment of all amounts owed at any time, irrespective of whether
the Company had complied with the financial undertakings. As of
March 31, 2006, total outstanding borrowings under these two
credit facilities amounted to US$3,241,000.

With respect to the first credit facility, as of March 31, 2006,
the lender had suspended further utilization of the credit
facility.  Total outstanding borrowing under this credit
facility amounted to US$1,322,000 as of March 31, 2006.  On
April 24, 2006, a repayment schedule was agreed with the lender
whereby the Company has agreed to repay US$150,000 per month,
with the remaining balance to be repaid by Nov. 26, 2006.

With respect to the other credit facility, the lender has
revised the terms of the credit facility by reducing the
available amount to be drawn down from US$2,564,000 to
US$2,051,000 and requiring the Company to maintain a
US$1,000,000 restricted cash deposit with the lender.  As of
August 22, 2006, the Company has not signed the revised
agreement as the Company is still in negotiation with the lender
with respect to the term requiring the Company to place a
US$1,000,000 restricted deposit with the lender.  As of March
31, 2006, the total amount outstanding under this facility
amounted to US$1,919,000.

In April 2006, the Company responded to the liquidity
deterioration by issuing convertible notes and warrants in a
private placement for aggregate proceeds amounting to
US$5,650,000 and replacing its existing US$4,400,000 overdraft
facility with a US$8,700,000 receivable discounting facility in
June 2006.  However, the utilization of the receivable
discounting facility will depend on actual sales levels.  The
amount available for utilization under the discounting facility
will be less than the amount available under the overdraft
facility to the extent actual sales are lower than historical
sales.  The proceeds of the private placement have been
substantially utilized as required to fund working capital
deficits.

On Oct. 26, 2005, the Company announced that it had changed its
corporate name from Zindart Ltd. to Corgi International Ltd. to
reflect the Company's focus on its franchise for die-cast
collectible products and children's toy lines.  The Company was
incorporated in Hong Kong as a limited company under the Hong
Kong Companies Ordinance in July 1977.

                          *     *     *

Corgi International Ltd. and its subsidiaries design,
manufacture, market and distribute die-cast and injection-molded
plastic products.  As of March 31, 2006, its operations consist
of Corgi Classics Holdings Ltd. and its subsidiaries, whose
operations are primarily in the United Kingdom and the United
States, and Zindart Manufacturing Ltd. whose operations are
primarily in Hong Kong and the People's Republic of China.


CYBERWORKS AUDIO: Appoints Joint and Several Liquidators
--------------------------------------------------------
Stephen Briscoe and Cosimo Borrelli were appointed as joint and
several liquidators of Cyberworks Audio Video Technology Ltd on
August 22, 2006.

The Joint and Several Liquidators can be reached at:

         Stephen Briscoe
         Cosimo Borrelli
         5/F, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


FIAT SPA: Acquires Vehicle-Related Business of Yuejin Motor
-----------------------------------------------------------
Naveco Iveco, a unit of Fiat S.p.A., signed a joint venture
agreement with Nanjing Automotive Corp. where Naveco acquires
the commercial vehicle-related business of Yuejin Motor Corp.,
controlled by NAC.

The Joint Venture contract has been signed in the presence of
the President of the Council of Ministers of the Republic of
Italy, Romano Prodi, of the Governor of Jiangsu Province, Liang
Baohua, of the President of the Italian Confederation of
Industry and of Fiat Group, Luca Cordero di Montezemolo and of
the CEO of the Fiat Group, Sergio Marchionne.

"Naveco's acquisition of Yuejin Motor Company completes Iveco's
strategy of having a full range of commercial vehicles in China
which, in addition to the vehicles we have mentioned, will also
comprehend heavy vehicles to be produced in Chongqing under a
long-term cooperation with SAIC Motor Corporation," Paolo
Monferino, Iveco CEO disclosed.

Naveco currently manufactures over 20,000 commercial vehicles
per year.  Through the new Naveco, Iveco will participate in the
Chinese market's high-volume segments of light and medium
commercial vehicles for goods transport.  The new Naveco's
anticipated volumes at start-up will be about 70,000 units per
year.  The medium-term plan envisages a further increase up to
100,000 units.

The new Naveco will couple the current production of the high-
grade commercial vehicle Daily with the current Yuejin range,
the latter currently undergoing an aggressive product
improvement plan through the introduction of Iveco technologies.
This plan will bring substantial enhancements to the Yuejin
products that will be gradually equipped with Iveco components
and engines compliant with future emission requirements.

The Iveco activities in China date back to the mid- 1980s with
the launch of light commercial vehicles based on the Daily
platform.  These vehicles were produced by the newly established
Joint Venture NAC Iveco, called Naveco, whose current product
range is positioned in the high-end, premium market segment,
mainly focused upon passenger transport, but limited in terms of
volumes.

                          About Naveco

Naveco Ltd., a Sino-Italian Joint Venture established by Nanjing
Automotive Corporation and Iveco, is a light commercial vehicle
and engine manufacturer.  The JV's product offerings comprise
more than 200 models in 6 segments, from 3 to 6 tons, including
light and medium buses, military off-road vehicles, and special
vehicles. Over the years, the company has built up a reliable
and effective quality system certified in accordance with
several international quality standards.

                 About Yuejin Motor Corporation

Yuejin Motor Corporation is one of the largest automotive
enterprises in China.  At present, Yuejin Motor Corporation
possesses an annual production capacity of 180,000 vehicles of
various models and oversees three major vehicle production
bases, namely, Nanjing Yuejin, Nanjing Iveco and Nanjing Fiat.

                           About Iveco

Iveco designs, manufactures, and sales a broad range of light,
medium and heavy commercial vehicles, off-road trucks, city and
intercity buses and coaches as well as special vehicles for
applications such as fire fighting, off-road missions, defence
and civil protection.  Iveco employs 32,000 people and runs 43
production units in 18 Countries in the world using excellent
technologies developed in 15 research centres.  Besides Europe,
the company operates in China, Russia, Turkey, Australia,
Argentina, Brazil, and South Africa.

                        About Fiat S.p.A

Headquartered in Turin, Italy, Fiat S.p.A.
-- http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                        *     *     *

As reported in TCR-Europe on Aug. 8, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on Italian
industrial group Fiat S.p.A. to 'BB' from 'BB-'.  At the same
time, Standard & Poor's affirmed its 'B' short-term rating on
Fiat.  S&P said the outlook is stable.

"The upgrade reflects Fiat's strong debt reduction achievements,
positive trends in the auto sector, and improvements in the
group's profitability and cash generation," said Standard &
Poor's credit analyst Nicolas Baudouin.

As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat
S.p.A.'s Outlook to Positive from Stable.  Its Issuer Default
rating and senior unsecured rating are affirmed at BB-.  The
Short-term rating is affirmed at B. Around EUR6 billion of debt
is affected by this rating action.

The Outlook change is underpinned by the consistent improvement
of the group's financial profile, the pick-up in Fiat Auto's
market shares and earnings since late 2005 and positive
expectations for the CNH and Iveco divisions.

Fiat carries Moody's Ba3 long-term corporate family rating since
July 14, 2003.


INDUSTRIAL AND COMMERCIAL: European Operations Show Growth
----------------------------------------------------------
The Industrial and Commercial Bank of China is expanding its
overseas services and gaining a larger market share in Europe,
the People Daily reports.

According to a report released by the bank, ICBC's Frankfurt
branch -- established in 1999 as its first branch in Europe --
amassed Euro remittance worth US$1.4 billion in the first seven
months of this year, up 30% on last year.  By the end of July,
the branch had US$700 million in assets.

Moreover, its London branch -- a trade finance provider with a
market share of 10% -- raised US$70 million last year, compared
with US$40 million in 2003, the year it opened, the paper
relates.  The London branch also experienced a 30 percent growth
in assets and a 50 percent increase in profits in the first half
of the year.

ICBC has also continued to upgrade its international services
with the help of foreign strategic investment.

The People Daily recounts that on January 2006, Goldman Sachs,
American Express and Allianz Group paid a combined US$3.8
billion for a nine percent stake in ICBC - the largest ever
amount of foreign investment in China's banking industry.

Also last year, the bank handled foreign exchange transactions
worth US$140 billion and its international settlement business
grew steadily.  ICBC currently had 106 branches around the world
and established ties with 1,165 banks in 114 countries and
regions by the end of last year, People Daily notes.

The bank's total foreign currency assets had exceeded US$60
billion by the end of 2005, with both its foreign currency
deposits balance and loan balance standing at US$29 billion.
The bank said its business profits hit CNY90 billion in 2005.

                          *     *     *

The Industrial and Commercial Bank of China
-- http://www.icbc.com.cn-- is the largest state-owned
commercial bank, and is authorized by the State Council and the
People's Bank of China.  ICBC conducts operations across China
as well as in major international financial centers.

On September 18, the Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings affirmed ICBC' Individual D/E
rating.

Moody's Investors Service on August 9, 2006, placed on review
for upgrade Industrial and Commercial Bank of China's E+ Bank
Financial Strength Rating.  This follows Moody's earlier rating
action in November 2005 when the outlook for ICBC's BFSR was
revised to positive from stable.


GAIN CHANCE: Wind-Up Petition Hearing Slated for Oct. 18
--------------------------------------------------------
A wind-up petition against Gain Chance Development Ltd will be
heard before the High Court of Hong Kong on October 18, 2006, at
9:30 a.m.

Bank of China (Hong Kong) Ltd filed the petition with the Court
on August 17, 2006.

The Solicitors for the Petitioner can be reached at:

         Gallant Y. T. Ho & Co.
         5/F, Jardine House
         No. 1 Connaught Place
         Central, Hong Kong


GALAXY ADVANCE: Accepting Proofs of Debt Until September 22
-----------------------------------------------------------
An intended dividend will be distributed for creditors of
Galaxy Advance Ltd.

In this regard, Liquidators Chan Wai Dune, Charles and Fung Pui
Cheung will be accepting proofs of debt from the creditors until
September 22, 2006.

The Joint and Several Liquidators can be reached at:

         Chan Wai Dune, Charles
         Fung Pui Cheung
         37/F, Hennessy Centre
         500 Hennessy Road
         Causeway Bay
         Hong Kong


GENESIS ENGINEERING: Court to Hear Wind-Up Petition
---------------------------------------------------
A wind-up petition filed against Genesis Engineering Company Ltd
will be heard before the High Court of Hong Kong on October 11,
2006, at 9:30 a.m.

Lau Sai Wah filed the petition on August 14, 2006.

The Solicitor for the Petitioner can be reached at:

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


GLOBAL MARCH: Creditors Must Prove Claims by September 25
---------------------------------------------------------
Creditors of Global March Ltd are required to submit their
proofs of claim to Joint and Several Liquidators John J. Toohey
and Joanne Oswin by September 25, 2006.

The Joint and Several Liquidators can be reached at:

         John J. Toohey
         Joanne Oswin
         22/F, Prince's Building Central
         Hong Kong


GOOD CHOICE: Court to Hear Wind-Up Bid on October 4
---------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Good Choice Technology on October 4, 2006, at 9:30 a.m.

New World Telecommunications Ltd filed the petition with the
Court on August 2, 2006.

The Solicitors for the Petitioner can be reached at:

         C. K. Mok & Co.
         1st Floor, O.T.B. Building
         No. 259-265 Des Voeux Road, Central
         Hong Kong


KAM WAI: Liquidator Ceases to Act for Company
---------------------------------------------
E.T. O'Connell ceased to act as liquidator for Kam Wai Garments
Ltd on November 26, 2004.

Mr. O'Connell can be reached at:

         E.T. O'Connell
         10th Floor, Queensway
         Government Offices
         66 Queensway
         Hong Kong


LEADKEEN INDUSTRIAL: Creditors Must Prove Debt by September 29
--------------------------------------------------------------
Leadkeen Industrial Ltd will declare dividend to its creditors
on September 29, 2006, excluding those who cannot prove their
claims on that day.

On August 28, 2006, Roderick John Sutton and Desmond Chung Seng
Chiong was appointed as Joint and Several Liquidators of
Leadkeen Industrial Ltd.

According to the Troubled Company Reporter - Asia Pacific, on
June 21, 2005, a petition to wind-up Leadkeen Industrial Ltd was
filed with the Court of First Instance of Hong Kong.

The Joint and Several Liquidators can be reached at:

         Roderick John Sutton
         Desmond Chung Seng Chiong
         c/o Ferrier Hodgson Limited
         14/F Hong Kong Club Building
         3A Chater Road
         Central
         Hong Kong


LOONG WAH: Court Favors Wind-Up
-------------------------------
On August 28, 2006, the High Court of Hong Kong issued a wind-up
order against Loong Wah Printing & Binding Company Ltd.

According to the Troubled Company Reporter - Asia Pacific, on
May 8, 2006, Agfa Hong Kong Ltd filed a petition with the court
to wind up the company's operations.


M.O. HOLDINGS: Court Issues Wind-Up Order
-----------------------------------------
On August 30, 2006, the High Court of Hong Kong ordered M.O.
Holdings Ltd to wind-up its operations.

The Troubled Company Reporter - Asia Pacific previously reported
that Guangdong International Trust & Investment Corp Hong Kong
Ltd filed the petition with the Court on June 6, 2006.


MOULIN GLOBAL: Must Receive Proofs of Debt by September 29
----------------------------------------------------------
Moulin Global Eyecare Holdings Ltd requires creditors to submit
their proofs of debt by September 29, 2006.

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

The Joint and Several Liquidators can be reached at:

         Roderick John Sutton
         Desmond Chung Seng Chiong
         c/o Ferrier Hodgson Limited
         14/F Hong Kong Club Building
         3A Chater Road
         Central
         Hong Kong

                          About Moulin Global

Based in Hong Kong, Moulin Global Eyecare Holdings --
http://www.moulin.com.hk/-- was once the world's third-largest
maker of eyeglasses until it went into liquidation last year.
The primary activity of the Company was manufacturing and
designing ophthalmic goods, the Company was also engaged in
distribution and retailing of optical frames and sunglasses.

Chairman Ma Bo-kee founded Moulin on 1960 as a spectacle
workshop with 12 workers. It listed on the stock exchange in
1993 and was ranked by Forbes Global in 1998 among the 300 best
small firms in the world.  By last year, it had more than 5,000
workers with business in the United States and Europe.

Moulin's debt problems surfaced shortly after its auditor,
Deloitte Touche Tohmatsu, resigned in April last year.  Moulin
went bankrupt in June 2005 owing almost HKD3.6 billion, HKD2.4
billion of this are owed from creditors in Hong Kong.


MOULIN GLOBAL (Trading): To Declare Dividend on September 29
------------------------------------------------------------
Creditors of Moulin Global Eyecare Trading Ltd are required to
submit their proofs of claim on September 29, 2006, to the Joint
Liquidators Roderick John Sutton and Desmond Chung Seng Chiong.

Failure to prove their debts will exclude a creditor from
sharing in any distribution the company will make.

The Joint and Several Liquidators can be reached at:

         Roderick John Sutton
         Desmond Chung Seng Chiong
         c/o Ferrier Hodgson Limited
         14/F Hong Kong Club Building
         3A Chater Road
         Central
         Hong Kong

                          *     *     *

Based in Hong Kong, Moulin Global Eyecare Trading Ltd, a wholly
owned subsidiary of Moulin Global Eyecare Holdings --
http://www.moulin.com.hk/-- was once the world's third-largest
maker of eyeglasses until it went into liquidation in 2005.  The
primary activity of the Company was manufacturing and designing
ophthalmic goods, the Company was also engaged in distribution
and retailing of optical frames and sunglasses.

Chairman Ma Bo-kee founded Moulin on 1960 as a spectacle
workshop with 12 workers.  It listed on the stock exchange in
1993 and was ranked by Forbes Global in 1998 among the 300 best
small firms in the world.  By 2005, it had more than 5,000
workers with business in the United States and Europe.

Moulin's debt problems surfaced shortly after its auditor,
Deloitte Touche Tohmatsu, resigned in April last year.  Moulin
went bankrupt in June 2005 owing almost HKD3.6 billion, of which
HKD2.4 billion are owed from creditors in Hong Kong.


RIGHT SELECTION: Liquidators Steps Aside
----------------------------------------
On August 22, 2006, Natalia Seng Sze Ka Mee and Cynthia Wong Tak
Yee ceased to act as joint and several liquidators for Right
Selection Ltd.

According to the Troubled Company Reporter - Asia Pacific, on
that day, members of the Company received the liquidators report
regarding the Company's wind-up proceeding and disposal of
property.

The Joint and Several Liquidators can be reached at:

         Natalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


SELPRO LTD: Wind-Up Petition Hearing Set on September 27
--------------------------------------------------------
Glock (China) Limited on July 28, 2006, filed before the High
Court of Hong Kong a petition to wind-up the operation of Selpro
Ltd.

The Court will hear the petition on September 27, 2006, at 9:30
a.m.

The Solicitors for the Petitioner can be reached at:

         Holman, Fenwick & Willan
         15th Floor, Tower One
         Lippo Centre
         89 Queensway
         Hong Kong
         Tel: 2522 3006
         Fax: 2877 8110


SUNNY TOYS: Court Orders Wind-Up of Operations
----------------------------------------------
On August 30, 2006, the High Court of Hong Kong issued a wind-up
order against the operations of Sunny Toys Industrial Company
Ltd.

According to the Troubled Company Reporter - Asia Pacific, MGA
Entertainment Inc filed the petition with the Court on June 14,
2006.


TAK WOO: Court Appoints Liquidators
-----------------------------------
The High Court of Hong Kong appointed Ho Kwan Yiu Junius and Ho
Wai Fung as joint and several liquidators of Tak Woo Hong Kong
Engineering Ltd on August 7, 2006.

The Joint and Several Liquidators can be reached at:

         Ho Kwan Yiu Junius
         Ho Wai Fung
         18/F Henley Building
         5 Queen's Road
         Central Hong Kong


TERRELL LTD: Meeting of Members and Creditors Set for Sept. 29
--------------------------------------------------------------
A meeting of members and creditors of Terrel Ltd will be held on
September 29, 2006, at Rooms 502-505, 5/F., Sun Hung Kai Centre,
30 Harbour Road, Wanchai, Hong Kong, at 11:30 a.m. and 12:00
p.m. respectively.

At the meeting, the company's directors will give a statement of
the company's voluntary wind-up and appoint a liquidator to wind
up the distribution of the company's assets.


WINKO LTD: Members Resolve to Wind Up Operations
------------------------------------------------
At an extraordinary general meeting of Winko Ltd held on
August 28, 2006 at 23rd Floor, No. 9 Des Voeux Road West, Hong
Kong SAR, China, members passed a resolution to voluntarily wind
up company's operations.

Subsequently, Wu Chi Tso, John and Wong Man Ching were appointed
joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Wu Chi Tso, John
         Wong Man Ching
         Suites 2109-10, Asian House
         1 Hennessy Road, Wanchai, Hong Kong
         SAR, China


WINTEK TECHNOLOGY: Shareholders Opt to Shut Down Operations
-----------------------------------------------------------
Shareholders of Wintek Technology H.K. Ltd passed a resolution
to voluntarily wind-up the company's operations.

Subsequently, Lai Kar Yan (Derek) and Darach E. Haughey was
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

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


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

BANK OF INDIA: Net Income Jumps 22% for Quarter Ended June 30
-------------------------------------------------------------
Bank of India posted a net income of INR208.73 crore for the
quarter ended June 30, 2006, a 21.54% increase from the net
income of INR171.74 crore it posted in the quarter ended
June 30, 2005, according to the bank's financials.

The bank's total income for the June 2006 quarter was at
INR2,331.70 crore, a 25.45% year-on-year improvement buoyed by
increases in both the interest earned and other income accounts
to INR2,021.05 crore and INR310.65 crore, respectively.

Total expenditures was up 24.10% to INR1,864.09 crore for the
quarter in review.

The bank's financials include these financial data (in INR
crore):

                                         Quarter ended
                                 June 30, 2006   June 30, 2005
                                 -------------   -------------
   Interest earned                    2021.05         1564.54
   Other income                        310.65          294.36
   Total income                       2331.70         1858.90
   Total expenditure                  1864.09         1492.30
   Operating profit                    467.61          366.60
   Net profit                          208.73          171.74


As of June 30, 2006, the bank's capital adequacy ratio slightly
decreased to 10.36%.

Other indicators, however, improved:

   * Amount of gross non-performing assets: INR2,522.06 crore
     (from INR3,085.79 crore)

   * Amount of net non-performing assets: INR978.87 crore (from
     INR1,447.88 crore)

   * Percentage of gross NPAs: 3.61% (from 5.37%)

   * Percentage of net NPAs: 1.43% (from 2.59%)

   * Earnings per Share: INR4.28 (from INR3.52)

   * Return on Assets (annualised): 0.74% (from 0.72%)

                      About Bank of India

Bank of India -- http://www.bankofindia.com/-- 2,628 branches
in India spread over all states/union territories, including 93
specialized branches.  The bank provides a range of financial
products and services, including numerous credit schemes,
deposit schemes, cash management services, credit/debit cards,
deposit vaults and corporate bonds.  It also extends finance to
small and medium enterprises and small-scale industries.  It
provides a variety of loans, such as mortgage loans, educational
loans, auto finance loans, holiday loans, personal loans and
home loans.  The bank offers Internet banking services for both
the retail and corporate clients.

The bank also operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
September 11, 2006, that Standard & Poor's Ratings Services
assigned its BB- rating to Bank of India's (BoI; BB+/Positive/B)
proposed upper Tier II subordinated and hybrid Tier I notes
under its US$1 billion MTN program.

At the same time, Standard & Poor's raised its rating on the
proposed subordinated notes, or lower Tier II notes, under the
MTN program to BB from BB-.

S&P had earlier given Bank of India both BB+ long-term local and
foreign issuer credit ratings, and B ratings on its short-term
foreign and local issuer credit.


BANK OF INDIA: Completes Upsized Bank Capital Deal
--------------------------------------------------
Bank of India completed a US$240 million, 15-year upper tier-II
subordinated bond issue on September 14, 2006, FinanceAsia.com
reports.

According to Reuters, this was the second upper tier-II issue
from an Indian borrower, after UTI Bank.

The Philippine Daily Inquirer reports that spreads on the Bank
of India issue widened to 197/196 basis points above 10-year US
Treasuries from their launch price of 189.9 bps.  The upper
tier-II issue garnered over US$1 billion in orders, a source
familiar with the deal said.

Finance Asia relates that Barclays, Citigroup, Deutsche Bank and
HSBC were the joint bookrunners for the deal.

Finance Asia adds that over 100 accounts took part in the deal.
Geographically, 41% went to Asian accounts, 39% to U.K. books,
19% to other European accounts, and 1% to offshore U.S.
accounts.

In terms of investor type, banks bought 51%, asset and fund
managers took 34%, insurers 8%, retails 2% and others 5%.

According to press reports, Bank of India will use the proceeds
to strengthen its capital adequacy ratio, which was last quoted
at 10.36% as at June 30, 2006.

                        UTI Bank's Issue

Last month, UTI Bank raised US$150 million through a 15-year,
upper tier-II subordinated bond and ICICI Bank, India's second-
largest lender, sold US$340 million in hybrid tier-I securities.
UTI's move, Finance Asia explains, comes after India's central
bank relaxed guidelines on the issuance of foreign currency debt
and hybrid instruments.

The Baa3/BB- rated UTI Bank upper tier-2 deal is also a 15-year
non-call 10 offering and is trading at 170bp over Libor.

                       Others Interested

Finance Asia further reports that other offers attracted strong
demand as investors were betting on India's robust economic
growth.  India's economy is expected to expand 7.5% to 8% in
fiscal year 2007.  State Bank of India, the country's largest
lender, and Canara Bank Ltd. also plan to raise U.S. dollar
subordinated bonds.

State Bank of India is looking to issue US$200 million through
upper tier-II bonds, while Canara Bank plans to raise
US$100 million through hybrid tier-I bonds and US$200 million in
upper tier-II bonds.

                      About Bank of India

Bank of India -- http://www.bankofindia.com/-- 2,628 branches
in India spread over all states/union territories, including 93
specialized branches.  The bank provides a range of financial
products and services, including numerous credit schemes,
deposit schemes, cash management services, credit/debit cards,
deposit vaults and corporate bonds.  It also extends finance to
small and medium enterprises and small-scale industries.  It
provides a variety of loans, such as mortgage loans, educational
loans, auto finance loans, holiday loans, personal loans and
home loans.  The bank offers Internet banking services for both
the retail and corporate clients.

The bank also operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
September 11, 2006, that Standard & Poor's Ratings Services
assigned its BB- rating to Bank of India's (BoI; BB+/Positive/B)
upper Tier II subordinated and hybrid Tier I notes under its
US$1 billion MTN program.

At the same time, Standard & Poor's raised its rating on the
subordinated notes, or lower Tier II notes, under the MTN
program to BB from BB-.

S&P had earlier given Bank of India both BB+ long-term local and
foreign issuer credit ratings, and B ratings on its short-term
foreign and local issuer credit.


BANK OF INDIA: To Open More Overseas Branches
---------------------------------------------
The Bank of India will shortly embark on a massive expansion
program abroad by opening branches in Tanzania, South Africa,
Belgium, China, Indonesia and Qatar, The Hindu reports.

The bank currently has 24 branches outside India and its
international business accounts for around 20.10% of the bank's
total business.

                      About Bank of India

Bank of India -- http://www.bankofindia.com/-- 2,628 branches
in India spread over all states/union territories, including 93
specialized branches.  The bank provides a range of financial
products and services, including numerous credit schemes,
deposit schemes, cash management services, credit/debit cards,
deposit vaults and corporate bonds.  It also extends finance to
small and medium enterprises and small-scale industries.  It
provides a variety of loans, such as mortgage loans, educational
loans, auto finance loans, holiday loans, personal loans and
home loans.  The bank offers Internet banking services for both
the retail and corporate clients.

The bank also operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
September 11, 2006, that Standard & Poor's Ratings Services
assigned its BB- rating to Bank of India's (BoI; BB+/Positive/B)
upper Tier II subordinated and hybrid Tier I notes under its
US$1 billion MTN program.

At the same time, Standard & Poor's raised its rating on the
subordinated notes, or lower Tier II notes, under the MTN
program to BB from BB-.

S&P had earlier given Bank of India both BB+ long-term local and
foreign issuer credit ratings, and B ratings on its short-term
foreign and local issuer credit.


BHARAT PETROLEUM: Appoints Data Software as Share Tranfer Agent
---------------------------------------------------------------
Bharat Petroleum Corporation Ltd has informed the Bombay Stock
Exchange in a regulatory filing that Data Software Research Co
Pvt Ltd, Chennai, are appointed as Share Transfer Agents for the
company, effective on September 1, 2006.

Accordingly, all the work of share registry related to the
company's equity shares held in physical and electronic form
will be maintained at Data Software.

                     About Bharat Petroleum

Headquartered in Maharashtra, India, Bharat Petroleum
Corporation Limited -- http://www.bharatpetroleum.com/-- is
engaged in refining and marketing petroleum, liquefied petroleum
gas and petrochemical products including middle distillates,
light distillate, lubricants, benzene and toluene.  During the
year 2002, the Group introduced Petro Card and SmartFleet Card
and had around 700,000 customers enrolled in 28 cities.  There
are 4,711 retail outlets and 1,729 LPG distributors that operate
in the country.  The plants of the Group are located in Mahul
and Mallet Road in Mumbai and in Budge.

Bharat Petroleum is currently working to reverse its losses
resulting from the Government's mandate to sell kerosene,
liquefied petroleum gas, petrol and diesel way below market
rates.

On September 23, 2005, the company delisted its shares from the
Madras Stock Exchange Ltd, Calcutta Stock Exchange Association
Ltd and Delhi Stock Exchange Association Ltd.  In November 2005,
Bharat Petroleum's November 2004 profits dissipated and the
company registered a INR203-crore (US$45.7 million) net loss.
By the end of the third quarter, ending December 31, 2005, the
company posted a US$231-million net loss.

In January 2006, Bharat Petroleum entered into a merger with
Koichi Refineries Ltd, which shareholders for both companies
accepted.  Even with its expansion moves, Bharat Petroleum has
decided to put aside a US$1.4-million expansion project due to
losses brought about by oil subsidies, as the company -- and the
entire industry -- suffered huge losses and has difficulty
implementing expansion activities due to the Government's
refusal to allow oil companies to raise fuel prices despite
global crude oil price crossing US$70 a barrel.

On February 20, 2006, the Petroleum Ministry proposed an
increase of INR3 per liter each in petrol and diesel prices and
INR20 per cylinder increase in liquefied petroleum gas price to
save the oil companies from going bankrupt.


BHARAT PETROLEUM: To Source Ethanol from Brazil
-----------------------------------------------
Bharat Petroleum Corporation Limited bosses are visiting Brazil,
working out plans to buy or lease sugarcane fields from the
world's largest ethanol producer, NDTV Profit reports.

Under the plan, Bharat Petroleum will lease up to 1,00,000
hectares of sugarcane fields from Brazil, with an initial budget
of INR300 crore.  The NDTV report explains that Brazil is
currently expanding sugarcane plantation, with an aim to double
exports to 2.1 billion gallons by 2010.

Brazilian ethanol costs 40% to 50% lower than Indian-produced
ethanol.  Furthermore, Indian ethanol is susceptible to
inadequate availability and fluctuating prices.

                     About Bharat Petroleum

Headquartered in Maharashtra, India, Bharat Petroleum
Corporation Limited -- http://www.bharatpetroleum.com/-- is
engaged in refining and marketing petroleum, liquefied petroleum
gas and petrochemical products including middle distillates,
light distillate, lubricants, benzene and toluene.  During the
year 2002, the Group introduced Petro Card and SmartFleet Card
and had around 700,000 customers enrolled in 28 cities.  There
are 4,711 retail outlets and 1,729 LPG distributors that operate
in the country.  The plants of the Group are located in Mahul
and Mallet Road in Mumbai and in Budge.

Bharat Petroleum is currently working to reverse its losses
resulting from the Government's mandate to sell kerosene,
liquefied petroleum gas, petrol and diesel way below market
rates.

On September 23, 2005, the company delisted its shares from the
Madras Stock Exchange Ltd, Calcutta Stock Exchange Association
Ltd and Delhi Stock Exchange Association Ltd.  In November 2005,
Bharat Petroleum's November 2004 profits dissipated and the
company registered a INR203-crore (US$45.7 million) net loss. By
the end of the third quarter ending December 31, 2005, the
company posted a US$231-million net loss.

In January 2006, Bharat Petroleum entered into a merger with
Koichi Refineries Ltd, which shareholders for both companies
accepted.  Even with its expansion moves, Bharat Petroleum has
decided to put aside a US$1.4-million expansion project due to
losses brought about by oil subsidies, as the company -- and the
entire industry -- suffered huge losses and has difficulty
implementing expansion activities due to the Government's
refusal to allow oil companies to raise fuel prices despite
global crude oil price crossing US$70 a barrel.

On February 20, 2006, the Petroleum Ministry proposed an
increase of INR3 per liter each in petrol and diesel prices and
INR20 per cylinder increase in liquefied petroleum gas price to
save the oil companies from going bankrupt.


BHARTI AIRTEL: To Observe Silent Period From October 1
------------------------------------------------------
Bharti Airtel Ltd. would observe a "Silent Period" from the
close of business on September 30, 2006, until the declaration
of results for the second quarter and half-year periods ended
September 30, 2006, as a commitment towards the highest level of
corporate governance, a company press release stated.

Details about the quarterly results announcement and the
earnings call will be made available on the firm's Web site.

Bharti clarifies that the practice of silent period does not
refrain the company and its representatives from any press
conference and public dissemination of information.  The
observation of silent period is only a practice and hence does
not imply any legal obligation for the company under any
circumstances.

                       About Bharti Airtel

Bharti Airtel Limited -- http://www.bhartiairtel.in/-- is a
telecom services provider.  The company has three business
units: Mobile Services, Broadband & Telephone Services and
Enterprise Services.  The Mobile Services business unit offers
mobile services in all 23 telecom circles of India.  The B&TS
business unit provides broadband and telephone services in 90
cities across India.  The Enterprise Services business unit has
two sub-units: Carriers (long-distance services) and Corporates.
Through Enterprise Services-Carriers, Bharti Airtel provides
national and international long-distance services.  The
Enterprise Services-Corporates business unit provides integrated
voice and data communications solutions to corporate customers
and small and medium-size enterprises.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reports on June 28,
2006 that Fitch Ratings has affirmed Bharti Airtel Limited's
long-term foreign currency issuer default rating at BB+.  The
Outlook on the rating remains stable.


BHARTI AIRTEL: Inks Network Expansion Contract With Ericsson
------------------------------------------------------------
Bharti Airtel Ltd, on August 24, 2006, has signed an estimated
US$1-billion network expansion contract with Ericsson, the
company announced in a regulatory filing with the Bombay Stock
Exchange.

The contract will enable Bharti Airtel to rapidly expand its
mobile services footprint further and reach out to all towns and
cities in 15 telecom circles in India.  The three-year service
contract with Ericsson is towards the design, planning, supply
and installation commissioning of Airtel networks in these
circles.

Ericsson will also upgrade the network with mobile softswitch
(Media Gateway and MSC Servers), the solution that paves the way
to an all-IP network.  The Company will be able to reduce the
operational costs and introduce new services in a cost-efficient
way.

The scope of the agreement extends to 15 Airtel circles of
Delhi, Haryana, Punjab, Himachal Pradesh, UP (West), Andhra
Pradesh, Tamil Nadu, Chennai, Karnataka, Kerala, Rajasthan, UP
(East), Jammu & Kashmir, Assam and North East.

Bharti President Manoj Kohli said, "At Bharti, it has been our
endeavor to find innovative business models to deliver better
customer experience.  Our partnership with Ericsson is testament
to this belief as it allows us to focus on delivering better
customer experience even as we leverage the world-class
expertise of our partners to roll out our networks across all
census towns by March 2007.  In addition, we are also sourcing
next generation products that will allow us to deliver
innovative products & services to our customers."

This partnership will enable Airtel to channel its resources and
expertise to its core areas of product innovation, value added
services, marketing, branding & pricing, while simultaneously
providing world class mobile services by leveraging Ericsson's
world class expertise in network management.

                      About Bharti Airtel

Bharti Airtel Limited -- http://www.bhartiairtel.in-- is a
telecom services provider.  The company has three business
units: Mobile Services, Broadband & Telephone Services (B&TS)
and Enterprise Services.  The Mobile Services business unit
offers mobile services in all 23 telecom circles of India.  The
B&TS business unit provides broadband and telephone services in
90 cities across India.  The Enterprise Services business unit
has two sub-units: Carriers (long-distance services) and
Corporates.  Through Enterprise Services-Carriers, Bharti Airtel
provides national and international long-distance services.  The
Enterprise Services-Corporates business unit provides integrated
voice and data communications solutions to corporate customers
and small and medium-size enterprises.

                         *     *      *

The Troubled Company Reporter - Asia Pacific reports on June 28,
2006 that Fitch Ratings has affirmed Bharti Airtel Limited's
long-term foreign currency issuer default rating at BB+.  The
Outlook on the rating remains stable.


BROADCOM CORP: Gets Securities Suit Filing
------------------------------------------
Stull, Stull & Brody discloses that a class action has been
commenced in the United States District Court for the Central
District of California on behalf of shareholders who purchased,
exchanged or otherwise acquired the common stock and other
securities of Broadcom Corp. between July 21, 2005, and July 13,
2006.

The Complaint alleges that Broadcom and certain of its officers
and directors are charged with issuing a series of materially
false and misleading statements in violation of Section 19(b)
and 20(a) of the Exchange Act and Rule 10b-5 promulgated
thereunder.

On July 14, 2006, Broadcom announced that it would record more
than US$750 million in added expenses and restate its past
earnings related to the illegal backdating of stock options.
Prior to any news of options backdating reaching in the market,
shares of Broadcom traded at slightly above US$40.00 per share
and, thereafter, shares traded down to approximately US$27.50
per share -- a rapid decline of over 31%.

Options pricing backdating occurs when options grants to senior
officers or directors of public companies are made at prices
lower than the trading price of the stock on the date such
options are granted.  The undisclosed backdating of options
violates generally accepted accounting principles.

Interested parties may request the Court for appointment as lead
plaintiff no later than Oct. 12, 2006.

                   About Broadcom Corporation

Broadcom Corporation -- http://www.broadcom.com/-- is a
manufacturer of semiconductors for wired and wireless
communications.  The company provides manufacturers of computing
and networking equipment, digital entertainment and broadband
access products, and mobile devices with complete system-on-a-
chip and software solutions.  Its product portfolio includes
solutions for digital cable, satellite and Internet Protocol
(IP) set-top boxes and media servers; high definition television
(HDTV); high definition DVD players and personal video recording
(PVR) devices; cable and digital subscriber line (DSL) modems
and residential gateways; high-speed transmission and switching
for local, metropolitan, wide area and storage networking;
System I/ O server solutions; broadband network and security
processors; wireless and personal area networking; cellular and
terrestrial wireless communications, and voice over Internet
protocol (VoIP) gateway and telephony systems.

With corporate headquarters in Irvine, California, Broadcom has
over 40 offices in 15 countries worldwide, including India,
China, Singapore and Taiwan.


BROADCOM CORP: Brower Piven Announces Calif. Stock Suit Filing
--------------------------------------------------------------
The law firm of Brower Piven announced that a securities class
action was commenced on behalf of shareholders who purchased or
otherwise acquired the common stock of Broadcom Corp. between
July 21, 2005, and July 13, 2006.

The case is pending with the United States District Court for
the Central District of California against defendant Broadcom
and one or more of its officers and directors.

The action charges that defendants violated federal securities
laws by issuing a series of materially false and misleading
statements to the market throughout the Class Period, which
statements had the effect of artificially inflating the market
price of the company's securities.  No class has yet been
certified in the action.

Interested parties may move the court no later than Oct. 12,
2006, to serve as a lead plaintiff for the proposed class.

For more details, contact Brower Piven at The World Trade
Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore,
Maryland 21202, Phone: 410/986-0036, e-mail:
hoffman@browerpiven.com.

                   About Broadcom Corporation

Broadcom Corporation -- http://www.broadcom.com/-- is a
manufacturer of semiconductors for wired and wireless
communications.  The company provides manufacturers of computing
and networking equipment, digital entertainment and broadband
access products, and mobile devices with complete system-on-a-
chip and software solutions.  Its product portfolio includes
solutions for digital cable, satellite and Internet Protocol
(IP) set-top boxes and media servers; high definition television
(HDTV); high definition DVD players and personal video recording
(PVR) devices; cable and digital subscriber line (DSL) modems
and residential gateways; high-speed transmission and switching
for local, metropolitan, wide area and storage networking;
System I/ O server solutions; broadband network and security
processors; wireless and personal area networking; cellular and
terrestrial wireless communications, and voice over Internet
protocol (VoIP) gateway and telephony systems.

With corporate headquarters in Irvine, California, Broadcom has
over 40 offices in 15 countries worldwide, including India,
China, Singapore and Taiwan.


BROADCOM CORP: Kahn Gauthier Files Calif. Securities Fraud Suit
---------------------------------------------------------------
Kahn Gauthier Swick, LLC, filed a class action with the United
States District Court for the Central District of California on
behalf of shareholders who purchased, exchanged or otherwise
acquired the common stock and other securities of Broadcom Corp.
between July 21, 2005, and July 13, 2006.

Broadcom and certain of its officers and directors are charged
with issuing a series of materially false and misleading
statements in violation of Section 10(b) and 20(a) of the U.S.
Exchange Act and Rule 10b-5 promulgated thereunder.

On July 14, 2006, Broadcom announced that it would record more
than US$750 million in added expenses and restate its past
earnings related to the illegal backdating of stock options.
Prior to any news of options backdating reaching in the market,
shares of Broadcom traded at slightly above US$40.00 per share
and, thereafter, shares traded down to approximately US$27.50
per share -- a rapid decline of over 31%.

Options pricing backdating occurs when options grants to senior
officers or directors of public companies are made at prices
lower than the trading price of the stock on the date such
options are granted.  The undisclosed backdating of options
violates generally accepted accounting principles.

                   About Broadcom Corporation

Broadcom Corporation -- http://www.broadcom.com/-- is a
manufacturer of semiconductors for wired and wireless
communications.  The company provides manufacturers of computing
and networking equipment, digital entertainment and broadband
access products, and mobile devices with complete system-on-a-
chip and software solutions.  Its product portfolio includes
solutions for digital cable, satellite and Internet Protocol
(IP) set-top boxes and media servers; high definition television
(HDTV); high definition DVD players and personal video recording
(PVR) devices; cable and digital subscriber line (DSL) modems
and residential gateways; high-speed transmission and switching
for local, metropolitan, wide area and storage networking;
System I/ O server solutions; broadband network and security
processors; wireless and personal area networking; cellular and
terrestrial wireless communications, and voice over Internet
protocol (VoIP) gateway and telephony systems.

With corporate headquarters in Irvine, California, Broadcom has
over 40 offices in 15 countries worldwide, including India,
China, Singapore and Taiwan.


CATHOLIC SYRIAN BANK: To Re-Engineer Business Processes
-------------------------------------------------------
Thrissur-based The Catholic Syrian Bank Limited is in the midst
of planning a total re-engineering of several of its business
processes to reduce the time its customers spend in transacting
business through the bank, Domain-B reports.

Catholic Syrian Chariman N R Achan said, "The business process
reengineering exercise will increase our manpower utilization
and attain better operational capabilities."

The move is seen to:

   * reduce the time spent by a customer at the branch;
   * cut the loan processing time from around 71 days to around
     20 to 30 days.

The bank will also centralize its retail loan processing and
other routine activity at four to five back office centers.

The BPR activity will be done in conjunction with the bank's
end-to-end core banking solution.

                     Core Banking Solutions

Domain-B reports that the bank has tapped Laser Soft to
implement its CBS.

B Suresh Kamath, managing director, Laser Soft, said that the
core banking solution would be designed to implement back office
processing centers as required by the bank and incorporate all
BPR requirements.

At a time when many other banks spend around INR1 crore per
branch for implementing core-banking solution, the 345-retail
outlet (320 branches, 25 extension counters) bank has spent for
its solution an average of INR11 lakh per branch.

The bank will implement the core banking solution across all the
branches in phases.  In the first phase 80 branches will be
brought under the core banking solution and the remaining
branches would follow in the second phase.

The solution is scalable to accommodate more branches as and
when CSB opens new ones.  According to Achan, the bank would
open 50 more branches by the end of this fiscal.

                   About Catholic Syrian Bank

Headquartered in Kerala, India, Catholic Syrian Bank Ltd --
http://www.csb.co.in/-- offers regular banking services and has
a strong bancassurance business.  At present, the bank has a
network of 334 branches/extension counters, which includes five
NRI branches, five SSI branches, five industrial Finance
branches and four Service branches.  The bank also plans to open
more number of branches in a phased manner.

Fitch Ratings gave Catholic Syrian Bank a support rating of 5
effective on December 22, 2005.


CATHOLIC SYRIAN BANK: Sees INR10,000 in Total Business By 2008
--------------------------------------------------------------
Catholic Syrian Bank Ltd is targeting to have a INR10,000-crore
business by 2008, Domain-B reports.

The report, citing Catholic Syrian Chairman NR Achan, says that
the bank is targeting a INR8,500 crore total business for the
fiscal year of 2007.  The bank reported total business of
INR7,328.92 crore as of September 11, 2006, with deposits
amounting to INR4,473.97 crore and advances at INR2,854.95
crore.

The bank had a net interest income of INR146.94 crore and a net
profit of INR6.14 crore at the last fiscal.  The bank's
investment portfolio stood at INR1,431.59 crore and yield on
investment was 7.41%.  The gross non-performing assets stood at
INR159.92 crore and the net NPA was INR74.79 crore.

Speaking about the bank's cost of funds, Achan says, "Our cost
of funds now is 4.78%.  Nearly 26% of our deposits are low cost.
We expect further increase in low cost deposits which in turn
would reduce our funds cost."  Last year the banks cost of funds
was 5.16%,

With a capital adequacy ratio of 11.23 per cent the bank has
drawn up plans to raise INR100 crore through a combination of
rights issue and a public and private placement.  However, the
first will be the private placement of INR60-lakh shares with
foreign equity investors.  "We have given our proposals to
Reserve Bank of India  and await their sanction," adds Achan.

                   About Catholic Syrian Bank

Headquartered in Kerala, India, Catholic Syrian Bank Ltd --
http://www.csb.co.in/-- offers regular banking services and has
a strong bancassurance business.  At present, the bank has a
network of 334 branches/extension counters, which includes five
NRI branches, five SSI branches, five industrial Finance
branches and four Service branches.  The bank also plans to open
more number of branches in a phased manner.

Fitch Ratings gave Catholic Syrian Bank a support rating of 5
effective on December 22, 2005.


CATHOLIC SYRIAN BANK: Introduces Senior Citizens Savings Scheme
---------------------------------------------------------------
The Catholic Syrian Bank Ltd has introduced a savings scheme for
senior citizens called the CSB Senior Citizen Support, reports
MoneyControl.Com.

According to a press release issued by the bank, senior citizens
with a minimum age of 60 years can open a domestic term deposit
account with a minimum amount of INR5,000.

The bank will offer 9.25% interest on such deposits, 1.25% more
than the interest on normal domestic term deposits for a 60-
month period but less than 84 months.  For the period ranging
between 84 and 120 months, the rate of interest will be 9.5%,
1.5 percent more than on normal domestic term deposits.

For deposits below 60 months, the bank will offer one percent
more for senior citizens than that is applicable to domestic
term deposits of different maturity slabs under the existing
Acharya Deposits Scheme.

                   About Catholic Syrian Bank

Headquartered in Kerala, India, Catholic Syrian Bank Ltd --
http://www.csb.co.in/-- offers regular banking services and has
a strong bancassurance business.  At present, the bank has a
network of 334 branches/extension counters, which includes five
NRI branches, five SSI branches, five industrial Finance
branches and four Service branches.  The bank also plans to open
more number of branches in a phased manner.

Fitch Ratings gave Catholic Syrian Bank a support rating of 5
effective on December 22, 2005.


CENTURION BANK: Sets EGM on September 30, 2006
----------------------------------------------
Centurion Bank of Punjab Ltd has informed the Bombay Stock
Exchange in a regulatory filing that an Extra Ordinary General
Meeting of the members of the bank will be held on September 30,
2006, to:

   1. approve the draft Scheme of Amalgamation of Lord
      Krishna Bank Ltd with the Bank in terms of the share swap
      ratio, as determined in the Joint Valuation Report dated
      September 04, 2006 of M/s N M Raiji & Co., and M/s
      Deloitte, Haskins & Sells of 7 equity shares of Re 1/-
      each of the Bank for every 5 equity shares of Rs 10/- each
      of Lord Krishna Bank Ltd, subject to necessary provisions
      and approvals.

   2. amendment the Articles of Association of the bank by
      substituting the existing Article 95 of the Articles of
      Association of the Bank with new Article 95.

   3. create, issue/offer and allot, at its sole
      discretion, to Bank Muscat (S.A.O.G.) up to 9,50,00,000
      equity shares constituting 5.76% of the total post-issue
      paid up share capital of the bank of INR1/- each at a
      price of not les than INR24.54 per share (face value of
      INR1/- and a premium of not less than 23.54 per share) for
      cash on a preferential basis, which price is calculated in
      accordance with the guidelines for Preferential Issue by
      SEBI under Securities and Exchange Board of India
      (Disclosure and Investor Protection) Guidelines, 2000,
      subject to necessary provisions & approvals.

   4. create, issue/offer and allot, at its sole
      discretion, to India Advantage Fund V through its Trustee,
      The Western India Trustee and Executor Company Ltd and
      acting through its Investment Manager, ICICI Ventures
      Funds Management Company Ltd up to 7,50,00,000 equity
      shares constituting 4.55% of the total post-issue paid up
      share capital of the Bank of INR1/- each at a price of not
      less than INR24.54 per share (face value of INR1/- and a
      premium of not less than 23.54 per share) for cash on a
      preferential basis, which price is calculated in
      accordance with the guidelines for Preferential Issues
      issued by SEBI under Securities and Exchange Board of
      India (Disclosure and Investor Protection) Guidelines,
      2000, subject to necessary provisions & approvals.

                 About Centurion Bank of Punjab

Headquartered in Goa, India, Centurion Bank of Punjab Limited --
http://www.centurionbop.co.in/-- is a private-sector bank.  The
bank provides a range of transaction banking products under cash
management services to various customer segments, such as
corporates, small and medium enterprises, utility providers and
domestic correspondent banks.  The bank has entered into an
enterprise partnership with Indecomm Global Services to form
Centillion Solutions and Services.  Centillion will focus on
operations and services for banking and related financial
services.  The Retail Asset servicing operations of the Bank are
being transitioned to Centillion.  The bank has entered into an
arrangement with IL&FS Investsmart Limited for offering equity
broking services to its customers.  The wholesale banking
business is divided into Corporate, SME and Financial
Institutions Group.  NRI business has been a focus of the bank.
In Trade Finance business, the bank provides services, such as
export trade, import trade, remittance, domestic trade and
structured trade.

Fitch Ratings, on November 2, 2005, gave Centurion Bank of
Punjab a support rating of 5.


CENTURION BANK: Posts 160% Leap in Profit for June Quarter
----------------------------------------------------------
Centurion Bank of Punjab Limited posted a net profit of
INR287 million for the quarter ended June 30, 2006, the bank
said in a press release.

Net profit for the quarter grew by 160% as compared to the
corresponding quarter of the previous year.

Operating profit for the quarter at INR596 million demonstrates
a growth of 220% over the corresponding quarter of the previous
year.

The total advances of the bank have grown by 202% against its
June 30, 2005 advances position, and 14% over the quarter ended
Mar 31, 2006.  The bank's deposits grew by 191% over the last
year and 10% over the quarter ended March 31, 2006.

The bank's growth rate for both its assets and deposits was much
higher than the industry.  The total bank credit in the system
increased by 1% in the period between March 31, 2006, and June
23, 2006, while the deposits for all scheduled commercial banks
in the country increased by 2% over the same period.

During the June quarter, the bank opened eight new branches
taking the total number of branches to 249 across 123 towns and
cities.

                                Quarter ended             YOY
                        June 30, 2006   June 30, 2005   Change
                        -------------   -------------   ------

Net Profit                       287             111      160%
Operating Profit                 596             186      220%
Total Advances                74,524          24,660      202%
Net Retail Advances           51,874          19,560      165%
Corporate/SME Advances        23,162           4,920      371%
Deposits                     103,721          35,641      191%

Financial Ratios:
                                               As Of
                                   June 30, 2006   June 30, 2005
                                   -------------   -------------

Net Interest Margin                         4.7%           5.3%
Low Cost Deposits (CASA)                   35.1%          26.3%
Net Non-Performing Assets                  1.16%          2.41%
Capital Adequacy Ratio                     12.6%          20.7%

                       Operating Results

For the quarter ended June 30, 2006, net interest income
increased by 122% to INR1.23 billion from INR554 million in the
corresponding quarter last year ended June 30, 2005.

Net interest margin for the quarter ended June 30, 2006 remains
healthy at 4.7% which is among the highest in the industry.

Other income increased by 361% to INR950 million in Q1-FY2007
from INR206 million in Q1-FY2006.  Non-interest income now forms
44% of the bank's total operating income.

Operating expenses for Q1-FY2007 increased to INR1.58 billion
from INR573 million during Q1-FY2006.

The operating profit grew by 6% over that in the previous
quarter (Q4 FY06), and the net profit increased by 10% this
quarter over the same period.

                      Advances Portfolio

As of June 30, 2006, retail advances constituted 70% of the
total advances of the bank. Net retail advances grew by 165% to
INR51,874 million from INR19,560 million as of June 30, 2005,
and by 11% over the previous quarter. The above numbers are
post-securitization. The bank did not securitize any assets in
Q1 FY07.

The bank has increased its focus towards the business generated
by "Small and Medium Enterprises' and 'Emerging Large
Corporates," leading to a growth of 21% this quarter (371% as
compared to the corresponding quarter in the previous year) in
the Bank's corporate and SME advances.  Making this segment an
important second engine of growth for the bank.

                         Asset Quality

As of June 30, 2006 the bank's Net Non-Performing Loans were
1.16% of Net Advances, against 2.4% as of June 30, 2005.
Provision coverage was healthy at 74.1% of gross non-performing
loans.

                            Deposits

The deposits of the Bank grew 191% to INR103,721 million as on
June 30, 2006, from those in the corresponding quarter last
year. The demand deposit component of the Bank's total deposits
remained flat at INR36,401 million at the end of this quarter
while those in the banking system reduced by 11%.

The cost of deposits stood at 5.1% for the quarter ended
June 30, 2006 and the Credit - Deposit ratio for the bank stood
at 72% as on June 30, 2006.

                Capital Adequacy and Net Worth

As of June 30, 2006, the bank's capital adequacy stood at
12.62%, the Tier I capital of the bank was 11.42%.  The net
worth of the bank was INR10,794 million and the book value per
Share was INR7.3.

During the quarter, the bank completed a preferential offering
of 69,920,000 shares to Johann Ltd. a fully owned subsidiary of
ChrysCapital III LLC. With this placement the bank has completed
the proposed raising of equity capital through a preferential
issue of shares that was approved by the shareholders of the
Bank at its EGM held on December 24, 2005.

                 About Centurion Bank of Punjab

Headquartered in Goa, India, Centurion Bank of Punjab Limited --
http://www.centurionbop.co.in/-- is a private-sector bank.  The
bank provides a range of transaction banking products under cash
management services to various customer segments, such as
corporates, small and medium enterprises, utility providers and
domestic correspondent banks.  The bank has entered into an
enterprise partnership with Indecomm Global Services to form
Centillion Solutions and Services.  Centillion will focus on
operations and services for banking and related financial
services.  The Retail Asset servicing operations of the Bank are
being transitioned to Centillion.  The bank has entered into an
arrangement with IL&FS Investsmart Limited for offering equity
broking services to its customers.  The wholesale banking
business is divided into Corporate, SME and Financial
Institutions Group.  NRI business has been a focus of the bank.
In Trade Finance business, the bank provides services, such as
export trade, import trade, remittance, domestic trade and
structured trade.

Fitch Ratings, on November 2, 2005, gave Centurion Bank of
Punjab a support rating of 5.


CENTURION BANK: Merges with Lord Krishna Bank
----------------------------------------------
The board of directors of Centurion Bank of Punjab Limited and
Lord Krishna Bank has approved the merger of Lord Krishna Bank
with Centurion Bank of Punjab, MyIris.Com reports.

The share swap ratio has been fixed at 5:7 that is for every 5
share of Lord Krishna Bank.  Its shareholders will receive 7
shares of Centurion Bank of Punjab.

Rana Talwar will be the chairman and Shailendra Bhandari, the
chief managing director and chief executive officer of the
merged entity.

The two banks have announced that there will be no layoffs from
either bank, and no closures will happen.

The board of directors of   Centurion Bank of Punjab also
approved a proposal to raise additional capital through a
preferential issue of fresh equity.  Up to 75 million fully paid
up equity shares at a price of INR24.54 per equity share for a
consideration of up to 1,840.5 million to India Advantage Fund
V.

Also, 95 million fully paid up equity shares at a price not
exceeding INR25 per equity share for a consideration of up to
INR2.375 billion to Bank Muscat (S.A.O.G).

The proposal is subject to all the requisite statutory,
regulatory and shareholders approval including the approval of
RBI.

Ambit Corporate Finance and DSP Merrill Lynch are the advisors
to Centurion Bank of Punjab and Lord Krishna Bank respectively.

                 About Centurion Bank of Punjab

Headquartered in Goa, India, Centurion Bank of Punjab Limited --
http://www.centurionbop.co.in/-- is a private-sector bank.  The
bank provides a range of transaction banking products under cash
management services to various customer segments, such as
corporates, small and medium enterprises, utility providers and
domestic correspondent banks.  The bank has entered into an
enterprise partnership with Indecomm Global Services to form
Centillion Solutions and Services.  Centillion will focus on
operations and services for banking and related financial
services.  The Retail Asset servicing operations of the Bank are
being transitioned to Centillion.  The bank has entered into an
arrangement with IL&FS Investsmart Limited for offering equity
broking services to its customers.  The wholesale banking
business is divided into Corporate, SME and Financial
Institutions Group.  NRI business has been a focus of the bank.
In Trade Finance business, the bank provides services, such as
export trade, import trade, remittance, domestic trade and
structured trade.

Fitch Ratings, on November 2, 2005, gave Centurion Bank of
Punjab a support rating of 5.


ICICI BANK: RBI Will Continue Branch Expansion Ban
--------------------------------------------------
The Reserve Bank of India is likely to continue with its three-
year ban on branch expansion against ICICI Bank Ltd, Rediff News
reports.

ICICI Bank is one of those tainted in the IPO allotment scam,
along with HDFC Bank, Citibank, Standard Chartered Bank,
Industrial Development Bank of India, ING Vysya Bank, Vijaya
Bank, Indian Overseas Bank, and Bharat Overseas Bank.  Since the
RBI imposed the penalty, none of these banks has been allowed to
open new branches.

Rediff explains that some of the banks have made representations
to the finance ministry, which is understood to have asked the
RBI to review its decision a year from the date of imposition of
the penalty.

The regulator's decision has scuppered the expansion plans of
these banks, some of which had taken over new premises, employed
staff, and bought computers.  The banks were penalised for
failing to adhere to established norms for granting loans
against shares, and for initial public offers.  The penalties
ranged from INR5 lakh to INR25 lakh.

                        About ICICI Bank

Headquartered in Mumbai, India, ICICI Bank Limited
-- http://www.icicibank.com/-- is a financial services group
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

The Troubled Company Reporter - Asia Pacific reported on
August 17, 2006, that Fitch Ratings affirmed ICICI Bank's
individual and support ratings at 'C' and '3', respectively.

Another TCR-AP report on August 17, 2006 stated that Standard &
Poor's Ratings Services on August 15, 2006, assigned its 'BB-'
rating to the hybrid Tier-1 securities to be issued by ICICI
Bank Ltd. (foreign currency BB+/Positive/B).


INDIAN OVERSEAS: Acquires Bharat Overseas Bank
----------------------------------------------
Indian Overseas Bank has acquired Bharat Overseas Bank by buying
out other shareholders, Zee News reports.

Indian Overseas bought out four other banks, which altogether
held 49.33%.  The four are:

   * Bank of Rajasthan (16%),
   * ING Vysya Bank (14.66%),
   * South Indian Bank (10%), and
   * Karnataka Bank (8.67%).

Indian Overseas, which was the single largest shareholder in
BHOB, had proposed in February 2006 to acquire BHOB by
increasing its stake from 30% to 100% and had offered an exit
price of INR155 to the other shareholders.

Two other shareholders in BHOB -- Federal Bank (10.67%) and
Karur Vysya Bank (10%) -- are also understood to have sold their
stakes to IOB.

Earlier, Bank of Rajasthan, Ing Vysya Bank, SIB, and Karnataka
Bank informed the bousres that they have sold 25,19,999 shares,
23,09,999 shares, 15,74,999 shares and 13,64,999 shares
respectively to IOB at a price of INR155 per share totaling
INR120.43 crore.

However, the banks have retained one share each of BHOB as
symbolic shareholding.

BHOB is a small bank with a branch network of 100 including one
in Bangkok and like IOB, its head office is in Chennai.  Its
profitability was put under pressure since 2004 forcing it to
merge with a bigger bank.

                   About Indian Overseas Bank

Headquartered in Chennai India, Indian Overseas Bank --
http://www.iob.com/-- provides consumer and commercial banking
services.  The Company provides various banking services,
including saving bank, current accounts, credit facilities and
other services.  IOB also provides non-residential Indian
services, personal banking, foreign exchange reserves
collections services, agri business consultancy, credit cards
and e-banking services.  It also provides automated teller
machine services.  As of March 31, 2006, IOB had five full-
fledged branches overseas: two in Hong Kong, and one each in
Singapore, Seoul and Sri Lanka.  The Bank also had an extension
counter in Sri Lanka and a remittance center in Singapore.

Standard & Poor's Ratings Service gave Indian Overseas BB+
ratings to both long-term local and long-term foreign issuer
credit, and B ratings for both its short-term foreign and short-
term local issuer credit effective on January 16, 2006.


INDIAN OVERSEAS: Posts INR2-Bil Profit for Quarter Ended June 30
----------------------------------------------------------------
Indian Overseas Bank posted a net profit of INR2.22 billion for
the quarter ended June 30, 2006, as compared to INR1.83 billion
for the quarter ended June 30, 2005, the bank said in a
regulatory filing.

Total income has increased from INR12.07 billion for the quarter
ended June 30, 2005, to INR14.92 billion for the quarter ended
June 30, 2006.

                   About Indian Overseas Bank

Headquartered in Chennai India, Indian Overseas Bank --
http://www.iob.com/-- provides consumer and commercial banking
services.  The Company provides various banking services,
including saving bank, current accounts, credit facilities and
other services.  IOB also provides non-residential Indian
services, personal banking, foreign exchange reserves
collections services, agri business consultancy, credit cards
and e-banking services.  It also provides automated teller
machine services.  As of March 31, 2006, IOB had five full-
fledged branches overseas: two in Hong Kong, and one each in
Singapore, Seoul and Sri Lanka.  The Bank also had an extension
counter in Sri Lanka and a remittance center in Singapore.

Standard & Poor's Ratings Service gave Indian Overseas BB+
ratings to both long-term local and long-term foreign issuer
credit, and B ratings for both its short-term foreign and short-
term local issuer credit effective on January 16, 2006.


INDIAN OVERSEAS: Watchdog Continues Branch Expansion Ban
--------------------------------------------------------
The Reserve Bank of India is likely to continue with the three-
year ban on branch expansion of Indian Overseas Bank, Rediff
News reports.

The bank is one of those tainted in the IPO allotment scam,
along with ICICI Bank, HDFC Bank, Citibank, Standard Chartered
Bank, Industrial Development Bank of India, ING Vysya Bank,
Vijaya Bank, Indian Overseas Bank, and Bharat Overseas Bank.
Since the RBI imposed the penalty, none of these banks has been
allowed to open new branches.

Rediff explains that some of the banks have made representations
to the finance ministry, which is understood to have asked the
RBI to review its decision a year from the date of imposition of
the penalty.

The regulator's decision has scuppered the expansion plans of
these banks, some of which had taken over new premises, employed
staff, and bought computers.  The banks were penalised for
failing to adhere to established norms for granting loans
against shares, and for initial public offers. The penalties
ranged from INR5 lakh to INR25 lakh.

                   About Indian Overseas Bank

Headquartered in Chennai India, Indian Overseas Bank --
http://www.iob.com/-- provides consumer and commercial banking
services.  The Company provides various banking services,
including saving bank, current accounts, credit facilities and
other services.  IOB also provides non-residential Indian
services, personal banking, foreign exchange reserves
collections services, agri business consultancy, credit cards
and e-banking services.  It also provides automated teller
machine services.  As of March 31, 2006, IOB had five full-
fledged branches overseas: two in Hong Kong, and one each in
Singapore, Seoul and Sri Lanka.  The Bank also had an extension
counter in Sri Lanka and a remittance center in Singapore.

Standard & Poor's Ratings Service gave Indian Overseas BB+
ratings to both long-term local and long-term foreign issuer
credit, and B ratings for both its short-term foreign and short-
term local issuer credit effective on January 16, 2006.


INDUSTRIAL DEVELOPMENT: Will Hold Board Meeting for UWB
-------------------------------------------------------
IDBI Ltd would hold a board meeting on September 21 to discuss
the Reserve Bank of India's draft scheme for amalgamation of the
United Western Bank with itself, the Hindustan Times report.

The Troubled Company Reporter - Asia Pacific reported on
September 15, 2006, that United Western Bank will be bought by
state-run Industrial Development Bank of India Ltd, Reuters
reports.  The deal is worth INR1.5 billion.  IDBI edged out 16
other contenders, including Allahabad Bank, Citigroup and
Standard Chartered Plc.

The RBI also prepared a draft scheme for amalgamation that would
see IDBI pay INR28 cash for each United Western share, and that
shareholders have until September 27, 2006 to consider the
merger plan.  The central bank took over management
of Satara, Maharashtra-based United Western on Sept. 2 after two
years of losses wiped out its capital

The Hindustan Times now adds that the payment made to UWB
investors will be considered as provision for bad debt.  The
books and balance sheets will have to be prepared as on
September 2, 2006.

IDBI will discharge all payments to creditors and depositors of
UWB while the employees will continue in service and will be
transferred to IDBI, the scheme says.

                    About United Western Bank

United Western Bank Limited -- http://www.uwbankindia.com/--  
operates a network of over 200 banks in India.  The group's
banks provide a full range of services, including retail and
merchant banking, investment management, treasury and NRI
services, credit card services and assorted ATM facilities.

                          *     *      *

Credit Analysis and Research Limited has placed the CARE B+
(very high credit risk/susceptible to default) rating to the
outstanding INR86.2 crore subordinated Tier II bond issues  of
United Western Bank under "credit watch" with developing
implications.

                About Industrial Development Bank

Headquartered in Mumbai, India, Industrial Development Bank of
India -- http://www.idbi.com/-- is a commercial bank that
offers a range of products, including secured loans, such as
housing loans, mortgage loans and loan against securities, and
unsecured loans, such as personal loans, educational loans and
overdrafts to merchant establishments.  It also distributes
third-party products, such as insurance and mutual fund products
to its retail customers.  IDBI also offers project financing,
film financing, equipment financing, asset credits, corporate
loans, working capital loans, direct discounting, the financing
of receivables, venture capital funds, bill rediscounting,
rehabilitation financing, foreign exchange and merchant banking.

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
July 28, 2006, that Moody's Investors Service has assigned a
financial strength rating of D- and long- and short-term foreign
currency deposit ratings of Ba2/Not-Prime to Industrial
Development Bank of India Limited.  All ratings have stable
outlooks.  The bank's existing Baa2 foreign currency senior
unsecured debt rating is unaffected by this action.
Additionally, Standard & Poor's Ratings Services gave Industrial
Development Bank of India' long term foreign issuer credit a BB+
rating on April 19, 2006.


ITI LTD: CARE Downgrades Long Term Ratings to CARE D
----------------------------------------------------
Credit Analysis and Research Limited has revised the rating
assigned to the 'M' series long term bond issue of ITI Limited
to CARE D (SO) [Single D (Structuted Obligation) from CARE AAA
(SO) with Credit Watch.

The rating revision takes into account the delay in the interest
payment of the above said bond issue.  It may also be noted that
the above default has occurred despite the bonds being backed by
an unconditional and irrevocable guarantee from the Department
of Telecommunications, Government of India vide letter No.U-
48019-1/2004-FAC dated May 26, 2004 and a Structured Payment
Mechanism stipulated by CARE.

The SPM stipulates invocation of guarantee 15 days before the
due date in case of non-availability of sufficient funds in the
designated account.  However, the guarantee had not been invoked
despite non-availability of funds in the account.

The credit watch placed on the rating of CARE AAA(SO) assigned
to the 'L' seriers bond issue of ITI consequent to the delay in
the repayment of the Short Term Bond issue (2005) series would
continue.  The bond issue is backed by unconditional and
irrevocable guarantee from the Government of India towards
payment of interest and repayment of principal for the bonds
issue.


UCO BANK: Plans to Get Into Insurance Business
----------------------------------------------
UCO Bank is mulling over the idea of entering the insurance
sector, Zee News reports.

"We have plans to venture into the insurance sector. The plan is
at its very nascent stage.  However, a decision in this
connection is expected in February next year," UCO Chairman and
Managing Director V Sridar told Zee News.

The bank plans to get into the life insurance sector, but no
consultant has been named yet.

According to Mr. Sridar, UCO Bank has no immediate plan to foray
into the mutual fund sector.

The bank is also planning a follow-on public issue in the first
half of 2007.  No further details are available.

                         About UCO Bank

UCO Bank Limited -- http://www.ucobank.in/-- is a commercial
bank that also operates in two international financial centers,
Hong Kong and Singapore.  It has approximately 2000 service
units spread all over India.  It undertakes foreign exchange
business in more than 50 centers in India.  The company also has
foreign exchange dealing operations at four centers.  It caters
to the segments of economy, such as agriculture, industry, trade
& commerce, service sector and infrastructure sector.

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
June 20, 2006, that Fitch Ratings upgraded UCO Bank's Individual
rating to 'D' from 'D/E'.  At the same time, Fitch affirms the
bank's support ratings at 4.  All ratings are with a stable
outlook.


UCO BANK: Will Cut or Merge 40 Branches
---------------------------------------
UCO Bank has put around 40 loss-making branches in metro and
urban areas on notice for closure or merger with other branches
if they fail to turnaround and report profit by March 2007, the
Business Standard reports.

UCO Bank has 228 branches in metros, 350 in urban areas and
another 1,162 branches in semi-urban and rural areas.

A senior bank official said that "apart from focusing on
restructuring to improve overall operational efficiency" the
bank is "putting equal emphasis on performance at the branch
level - both in terms of turnover and profitability."

The Standard report explains that the bank recently revised its
organizational structure, replacing its geography-oriented four-
tier administrative set up with a function-specific three-tier
set up.

Under the new structure, there will be more focus on each
customer segment.  UCO Bank has formed four focused divisions:
flagship corporate with a turnover above INR50 crore; mid-
corporate with a turnover of INR3-50 crore); retail business and
small enterprises; and priority sector including agriculture.

The Reserve Bank of India regulations restrict banks from
closing down branches in rural areas since accessibility and
financial inclusion are priorities for the banking regulator.

                         About UCO Bank

UCO Bank Limited -- http://www.ucobank.in/-- is a commercial
bank that also operates in two international financial centers,
Hong Kong and Singapore.  It has approximately 2000 service
units spread all over India.  It undertakes foreign exchange
business in more than 50 centers in India.  The company also has
foreign exchange dealing operations at four centers.  It caters
to the segments of economy, such as agriculture, industry, trade
& commerce, service sector and infrastructure sector.

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
June 20, 2006, that Fitch Ratings upgraded UCO Bank's Individual
rating to 'D' from 'D/E'.  At the same time, Fitch affirms the
bank's support ratings at 4.  All ratings are with a stable
outlook.


UTI BANK: Post INR120.55 Crores for First Quarter of FY2007
-----------------------------------------------------------
UTI Bank posted a net profit of INR120.55 crores for the first
quarter of fiscal year 2007, a growth of 30.14% over the net
profit of INR92.63 crores during the first quarter of the
previous year, the bank said in a press release.

The bank has ended the first quarter of the current financial
year with net non-performing assets at 0.73% of net customer
assets and with a capital adequacy ratio of 10.28%.  The bank
intends to augment its Tier-I capital in this financial year.
The quarterly EPS (diluted) at INR4.22 was 27.88% higher than
the EPS of INR3.30 in the first quarter of the previous year.

The core businesses of the bank have grown strongly in Q1,
leading to an operating profit of INR307.18 crores, a growth of
50.96% over the operating profit of INR203.48 crores in the
first quarter of the financial year 2005-06.  For the first
quarter of fiscal year 2007 UTI Bank's net interest income
improved 44.66% year-on-year to INR321.84 crores, while its fee
and other income improved 60.65% year-on-year to INR184.55
crores.

Net interest margin improved 0.02 percentage points from 2.66%
to 2.68%

                  Impact of Regulatory Changes

The following regulatory changes during this financial year have
also increased the provisions made by the bank:

   a) An increase in provisioning rates for standard assets from
      0.40% to 0.55% for the quarter ended June 30, 2006,  on
      commercial real estate loans, residential housing loans
      beyond INR20 lakhs, personal loans and loans to the
      capital markets has led to a higher provisioning of
      INR7.29 crores;

   b) Abolition of Section 10(23)(G) of the Income Tax Act that
      has affected valuations of tax-free bonds to the extent of
      INR88.37 crores;

   c) RBI's guidelines on floating provisions, consequent to
      which an additional provision has been made for NPAs of
      INR13.47 crores.

                      Financial Indicators

UTI Bank's press release includes these financial indicators (in
INR crores):


                         Q1 FY 06-07   Q1 FY 05-06    % Growth
                         -----------   -----------   -----------
Net Profit                   120.55         92.63            30
Net Interest Income          321.84        222.48            45
Other Income                 224.50        150.01            50
Fee and Other Income         184.55        114.88            61
Trading Income                39.95         35.13            14
Operating Income             546.34        372.49            47
Core Operating Income        506.39        337.36            50
Operating Expenses           239.16        169.01            42
Operating Profit             307.18        203.48            51
Core Operating Profit        267.23        168.35            59

                       Network Expansion

The bank's ATM network of 1,959 ATMs is the third largest in
India, up from 1,667 ATMs a year earlier.  The bank has a wide
presence through its 463 Branches & Extension Counters across
263 cities, towns and villages. The bank has added 113 Branches
and Extension Counters across an additional 67 cities and towns
in the last one year.

                      Capital & Net Worth

The net worth of the bank stood at INR2,906.90 crores as at end
of June 2006 as compared to INR2,555.77 crores a year earlier, a
growth of 14%.  The Capital Adequacy Ratio for the Bank was at
10.28%, as at end of June 2006, as compared to 11.74% as at end
of June 2005.  The Tier - I capital amounted to 6.70%. The Bank
intends to raise fresh Tier-I capital in the current financial
year.

                Launch of International Business

In April 2006, the Bank opened its first overseas branch, at
Singapore, with a focus on offshore corporate and capital
markets businesses.

UTI Bank's financial report is available for free at:

   http://bankrupt.com/misc/tcrap_utibank091506.pdf

                         About UTI Bank

UTI Bank Limited -- http://www.utibank.com/-- is engaged in
treasury and other banking operations.  The treasury services
segment undertakes trading operations on the proprietary
account, foreign exchange operations and derivatives trading.
Revenues of the treasury services segment primarily consist of
fees and gains or losses from trading operations and interest
income on the investment portfolio.  Other banking operations
principally comprise the lending activities (corporate and
retail) of the bank.  The corporate lending activity includes
providing loans and transaction services to corporate and
institutional customers.  The retail lending activity includes
raising of deposits from customers and providing loans and
advisory services to customers through branch network and other
delivery channels.  Total deposits were INR31,712 crores at
March 31, 2006.

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
August 4, 2006, that Standard & Poor's Ratings Services assigned
its BB+/B counterparty credit ratings to UTI Bank Ltd.  The
outlook is positive.  S&P also assigned its C bank fundamental
strength rating to the bank.

At the same time, S&P assigned its ratings to UTI Bank's
proposed debt issues under its EUR1 billion medium-term note
program.  The agency rated UTI Bank's proposed senior unsecured
notes BB+, its lower Tier II subordinated notes BB, and its
upper Tier II subordinated notes 'BB-'.  The lower Tier II
subordinated notes will have a minimum tenor of five years, and
the upper Tier II subordinated notes will have a minimum tenor
of 15 years.

Another TCR-AP report on July 26, 2006 relates that Fitch
Ratings assigned an individual rating of C/D to UTI Bank
Limited.  The outlook on the ratings is stable.


UTI BANK: Issues US$150-Million Tier-II Instruments
---------------------------------------------------
UTI Bank Ltd has informed the Bombay Stock Exchange in a
regulatory filing that the Board of Directors of the bank has
passed a resolution on August 8, 2006, approving allotment of
Bonds/Notes having a nominal value of US$100,000 each and
thereafter in integral multiples of US$1000, aggregating to a
sum of USD 150,000,000 to various international subscribers as
the Bank's Upper Tier II Bonds.

The allotment or the settlement date of these instruments was on
August 11, 2006 and the maturity date will be August 12, 2021.
These bonds/notes were issued at coupon rate of 7.25% and was
listed at the Singapore Exchange effective on August 11, 2006.

UTI Bank Ltd further informed the Bombay Stock Exchange in a
regulatory filing that the Committee of Directors of the bank on
August 29, 2006, has made the allotment of 164,611 equity shares
of INR10 each to the employees of the bank, under ESOP.

Accordingly, the paid up share capital of the bank will increase
to 280,378,528 equity shares from 280,213,917 equity shares.

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
August 4, 2006, that Standard & Poor's Ratings Services assigned
its BB+/B counterparty credit ratings to UTI Bank Ltd.  The
outlook is positive.  S&P also assigned its C bank fundamental
strength rating to the bank.

At the same time, S&P assigned its ratings to UTI Bank's
proposed debt issues under its EUR1 billion medium-term note
program.  The agency rated UTI Bank's proposed senior unsecured
notes BB+, its lower Tier II subordinated notes BB, and its
upper Tier II subordinated notes 'BB-'.  The lower Tier II
subordinated notes will have a minimum tenor of five years, and
the upper Tier II subordinated notes will have a minimum tenor
of 15 years.

Another TCR-AP report on July 26, 2006 relates that Fitch
Ratings assigned an individual rating of C/D to UTI Bank
Limited.  The outlook on the ratings is stable.


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

BANK MANDIRI: Fitch Affirms BB- Issuer Default Ratings
------------------------------------------------------
Fitch Ratings has affirmed all the ratings of Bank Mandiri as
follows:

   * Long-term foreign and local currency Issuer Default ratings
     'BB-',

   * Short-term rating 'B',

   * National Long-term rating 'AA(idn)',

   * Individual 'D', and

   * Support '4'.

The Outlook for the ratings is Stable.

The affirmations reflect its still significant asset quality
weaknesses while taking into account its adequate
capitalization, considerable size and franchise, and government
ownership.

Mandiri's non-performing loans appear to have stabilized but
remained at a very high 26.4% of the bank's gross loans in H106.
While Fitch recognizes the stepping-up of loan recovery efforts
under the new management team, the agency remains generally
cautious given the legal constraints of the operating
environment in Indonesia and recent deterioration in its
commercial lending book, which reflects a still evolving credit
culture.  The bank is also looking to the government to rectify
legal hurdles that supposedly impede resolution efforts by
state-owned banks, including the inability to administer
haircuts on larger loans.  Nevertheless, Fitch notes that the
internal targets to bring its NPL levels to 10% of gross loans
by end-2007 may appear somewhat ambitious and may well require
the subsequent sale/disposal of a large portion of its NPLs.

Mandiri's provision cover improved to 50% of NPLs at mid-2006
from a low of 43% a year ago but is considered to be on the weak
side given the riskier conditions in Indonesia which includes
foreclosure difficulties (reserves cover with collateral was
102.7% of NPLs).  Stress testing by Fitch suggests that
additional provisions of c.IDR8 trillion or 35% of current
equity base may be required under extreme circumstances, but are
recoverable from about two years of earnings based on a pre-
provision profitability of about 2.3% of average assets.

Mandiri's reasonably strong capital position, with Tier 1 CAR at
19.0% and total CAR at 24.6%, should provide some cushion but
only if no further significant deterioration to its asset
quality occurs.  Underlying profitability as measured by pre-tax
RoA fell sharply to 0.5% in 2005 (2004: 3.0%) but recovered
slightly over H106.  However, underlying earnings could stay
generally weak given management's focus on rectifying asset
quality issues.

Bank Mandiri was formed in late-1998 from the merger of four
bankrupted state-owned banks in the wake of the bailout and
recapitalization of the Indonesian banks by the government
following the Asian financial crisis.  It is currently 69% owned
by the state following its public listing in mid-2003.


CA INC: Reveals Preliminary Results of Tender Offer
---------------------------------------------------
CA, Inc., disclosed Friday preliminary results of its tender
offer that expired at 5 p.m., New York City time, on Sept. 14,
2006.  In the tender offer, CA offered to purchase for cash up
to 40,816,327 shares of its common stock, par value US$0.10 per
share, including the associated rights to purchase Series One
Junior Participating Preferred Stock, Class A at a per share
purchase price of not less than US$22.50 nor greater than
US$24.50 per share, net to the seller in cash, without interest.

In accordance with the terms and conditions of the tender offer,
based on a preliminary count by Mellon Investor Services LLC,
the depositary for the tender offer, CA expects to accept for
purchase approximately 41.2 million shares of its common stock
at a purchase price of US$24.00 per share, for a total cost of
approximately US$989 million.

The preliminary count by Mellon Investor Services LLC indicates
that 41.2 million shares of common stock, including shares that
were tendered through notice of guaranteed delivery and shares
tendered subject to conditions, were validly tendered and not
validly withdrawn at prices at or below US$24.00 per share.

The number of shares validly tendered and not validly withdrawn
and the purchase price are preliminary and subject to
verification by Mellon Investor Services LLC.  The actual number
of shares validly tendered and not validly withdrawn and the
final purchase price will be announced promptly following the
verification process.  Thereafter, CA will promptly commence
payment for the shares purchased in the tender offer.  Any
shares validly tendered and not purchased due to conditional
tenders or shares tendered at a price above the per share
purchase price will be returned promptly to the tendering
stockholders.

The shares expected to be purchased in the tender offer
represent approximately 7.3% of CA's 567,282,396 shares of
common stock issued and outstanding as of August 11, 2006.  As a
result of the completion of the tender offer, immediately
following payment for the tendered shares, CA expects that
approximately 526.1 million shares of common stock will be
issued and outstanding.

The dealer managers for the tender offer were Banc of America
Securities LLC, Citigroup Global Markets Inc. and J.P. Morgan
Securities Inc.

                          About CA Inc.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in the
Asia-Pacific region, including Indonesia.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 7, 2006,
Moody's Investors Service confirmed CA Inc.'s Ba1 senior
unsecured rating and assigned a negative rating outlook,
concluding a review for possible downgrade initiated on June 30,
2006.  The Ba1 rating confirmation reflects the company's
completed accounting review and reestablishment of current
filing of its 10-K and subsequent 10-Q's, including the
company's filing of its 10-K for its March 2006 fiscal year on
July 31, 2006.

Standard & Poor's Rating Services affirmed its 'BB' corporate
credit and senior unsecured debt ratings on CA Inc., and removed
them from CreditWatch where they were placed on July 5, 2006,
with negative implications.  S&P said the outlook is negative.


FOSTER WHEELER: Secures New US$350 Mil. Domestic Credit Facility
----------------------------------------------------------------
Foster Wheeler Ltd. has executed an agreement for a new
US$350 million, five-year senior secured domestic credit
facility.

The Company expects to close on the new facility in October
2006.  When the new facility closes, the Company will be able to
utilize the facility by issuing letters of credit up to the full
US$350 million limit.  The Company will also have the option to
use up to US$100 million of the US$350 million limit for
revolving borrowings, an option which the Company has no
immediate plans to use.

The new facility will replace an existing credit facility that
otherwise would not have expired until March 2010.  The existing
facility allows the Company to issue letters of credit up to a
US$250 million limit with the option to use up to US$75 million
of the US$250 million limit for revolving borrowings.

"This new agreement will provide the increased bonding capacity
and financial flexibility that we require to support our growing
operations and increased volume of business," said John T. La
Duc, executive vice president and chief financial officer.  "At
current usage levels, this new facility will also reduce our
bonding costs by approximately US$8 million per year, a
substantial cost saving compared with our previous agreement.
This latest accomplishment provides us with an even stronger
platform to continue to grow our business by winning new orders,
building quality backlog, and delivering best-in-class products
and services which consistently meet or exceed our clients'
expectations."

BNP Paribas is the sole lead arranger and bookrunner.

                        About Foster Wheeler

With operational headquarters in Clinton, New Jersey, Foster
Wheeler Ltd. -- http://www.fwc.com/-- offers a broad range of
engineering, procurement, construction, manufacturing, project
development and management, research and plant operation
services.  Foster Wheeler serves the refining, upstream oil and
gas, LNG and gas-to-liquids, petrochemical, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries.

The company has offices in Indonesia, China, India, Malaysia,
Singapore, Thailand, and Vietnam.


                          *     *     *

As reported in the Troubled Company Reporter on Aug 7, 2006,
Standard & Poor's Ratings Services assigned its 'BB-' bank loan
rating and '1' recovery rating on Foster Wheeler Ltd.'s proposed
five-year, US$350 million senior secured credit facilities due
2011, reflecting a high expectation of full recovery of
principal (100%) in the event of a payment default.

As reported in the Troubled Company Reporter on May 30, 2006,
Moody's Investors Service upgraded Foster Wheeler's corporate
family rating to B1 from B3 and assigned a Ba3 rating to the
Company's US$250 million senior secured bank revolving credit
facility.  The rating outlook is changed to Positive.


MEDIA NUSANTARA: Moody's Affirms B1 Rating for Unsecured Bonds
--------------------------------------------------------------
Moody's Investors Service has affirmed its B1 rating for the
senior unsecured bonds issued by PT Media Nusantara Citra
following the issuance's completion.  At the same time, Moody's
has affirmed its B1 corporate family rating for MNC.  Both
ratings have been removed from their provisional status.  The
ratings outlook is stable.

Moreover, reduction of the bond issuance from originally
US$230 million to the final amount of US$168 million have not
had any ratings impact.

"The resulting improvements in the interest and leverage metrics
have not been sufficient to change the rating" said lead analyst
Angela Choi, adding, "Other changes to MNC's business, including
the termination of an attempt to acquire a share in Indovision,
were also ratings neutral."

"The company will mainly use the bond proceeds to refinance
existing debt, acquire an additional 25% interest in TPI to
bring its total equity interest to 100%, as well as for working
capital and general corporate purposes," says Choi.

PT Media Nusantara Citra, headquartered in Jakarta, Indonesia,
is an integrated media company with operations in television,
radio and print media.  It is the leader in Indonesia's free-to-
air TV market, owning 3 out of 11 FTA TV networks.  It accounted
for the largest shares in audience and advertising expenditure
in 2005.  It is 100% owned by PT Bimantara Citra Tbk, which is
listed on Jakarta Stock Exchange.


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

BANCO BRADESCO: Joins Dow Jones Sustainability World Index List
---------------------------------------------------------------
Banco Bradesco SA reported that it is now listed on the Dow
Jones Sustainability World Index or DJSI World, according to
Business News Americas.

BNamericas relates that as of Sept. 18, 2006, three Brazilian
firms -- including Banco Bradesco -- will be added to the DJSI
World.

Firms in the DJSI list have now reached 318, BNamericas reports.

                          About Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. Banco
-- http://www.bradesco.com.br/-- prides itself on serving low-
and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.

Bradesco offers Internet banking, insurance, pension plans,
annuities, credit card services (including football-club
affinity cards for the soccer-mad population), and Internet
access for customers.  The bank also provides personal and
commercial loans, along with leasing services.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 23, 2006,
Moody's Investors Service shifted Banco Bradesco S.A.'s 'C-'
bank financial strength rating to positive from stable.

                          *     *     *

Fitch Ratings upgraded on June 30, 2006, these ratings of Banco
Bradesco S.A., in the wake of the upgrade of the country's
foreign and local currency Issuer Default Ratings to 'BB':

   -- Foreign currency long-term IDR: to BB from BB-;
   -- Local currency long-term IDR: to BBB- from BB+; and
   -- National long-term rating: to 'AA+(bra)' from 'AA(bra)'.

Fitch Ratings also upgraded Banco Bradesco S.A.'s short-term
local currency rating to 'F3' from 'B.'


FORD MOTOR: Ratings Stay on Watch on Revised Way Forward Plan
-------------------------------------------------------------
Standard & Poor's Ratings Services, on September 15, 2006, said
that its 'B+' long-term and 'B-2' short-term ratings on Ford
Motor Co., Ford Motor Credit Co., and related entities remain on
CreditWatch with negative implications following the
announcement of additional cost-cutting efforts and an
accelerated restructuring plan.  The 'BB-' long-term and 'B-2'
short-term ratings on FCE Bank PLC, Ford Credit's European bank,
also remain on CreditWatch with negative implications,
reflecting its linkage to the Ford rating.

Ford's actions, which include buyout offers for all 75,000 U.S.
hourly workers, a 30% reduction in salaried staff, and the
suspension of quarterly dividends, are indicative of the severe
challenges and magnitude of cost reductions the company needs to
turn around--and restore acceptable profitability at--its North
American operations. In addition, the company announced the
departure of at least two senior managers involved in the North
American turnaround.

"The work force reductions and accelerated restructuring efforts
will result in massive special charges and add to the cash burn
already occurring in North America," said Standard & Poor's
credit analyst Robert Schulz, "although in the longer term, the
moves will likely result in future cash savings."

"Furthermore, the downsizing and any accelerated product
introductions will entail considerable execution risk.
Evaluating these latest announcements will be a major focus in
resolving our CreditWatch review of Ford"

Standard & Poor's is assessing all ramifications of the
restructuring, as well as Ford's efforts to address other
ongoing challenges, including lower market share and
deteriorating product mix in North America.  Fitch expects to
resolve the CreditWatch within a week.

                         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.

On Aug. 22, 2006, Dominion Bond Rating Service placed long-term
debt rating of Ford Motor Company Under Review with Negative
Implications following announcement that Ford will sharply
reduce its North American vehicle production in 2006.  DBRS
lowered on July 21, 2006, Ford Motor Company's long-term debt
rating to B from BB, and lowered its short-term debt rating to
R-3 middle from R-3 high.  DBRS also lowered Ford Motor Credit
Company's long-term debt rating to BB(low) from BB, and
confirmed Ford Credit's short-term debt rating at R-3(high).

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.

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.

On July 24, 2006, Moody's Investors Service lowered the
Corporate Family and senior unsecured ratings of Ford Motor
Company to B2 from Ba3 and the senior unsecured rating of Ford
Motor Credit Company to Ba3 from Ba2.  The Speculative Grade
Liquidity rating of Ford has been confirmed at SGL-1, indicating
very good liquidity over the coming 12-month period.  The
outlook for the ratings is negative.


FORD MOTOR: Eyes US$5-Bil Savings in Accelerated Turnaround Plan
----------------------------------------------------------------
Ford Motor Company disclosed Friday plans to further reduce its
capacity and work force, and ramp up new product introductions
as it accelerates its North America "Way Forward" turnaround
plan.

Ford will cut its North American salaried-related work force by
about a third and offer buyout packages to all Ford and
Automotive Components Holdings hourly employees in the U.S.  The
reductions will contribute significantly to reducing ongoing
annual operating costs by about $5 billion.  In addition, Ford
will renew 70% of its North American product lineup by volume by
the end of 2008.

"These actions have painful consequences for communities and
many of our loyal employees," said Bill Ford, the company's
executive chairman.  "But rapid shifts in consumer demand that
affect our product mix and continued high prices for commodities
mean we must continue working quickly and decisively to fix our
business.  Mark Fields and his team deserve credit for the
accelerated Way Forward strategy, which puts us on an even
faster product-driven path to success.

"Alan Mulally's experience in turning around a major industrial
company will help guide the implementation of these measures as
he assumes leadership of the company," Mr. Ford continued.  "The
actions we announced [fri]day - coupled with the North American
production cuts we announced last month, the strategic
alternatives we are considering for Aston Martin and a push for
greater progress from our operating units and brands around the
world - are part of a series of actions that Alan and our entire
global team will be taking to put the company on a path to
sustained profitability and success."

Mr. Mulally, whose appointment as CEO and President of Ford was
announced last week, echoed support for the Way Forward plan and
for the team leading the company's North American turnaround.

"The steps we are announcing [fri]day are clearly needed to
ensure the ultimate turnaround of the business in Ford's biggest
and most important market," Mulally said.  "Although the process
has been under way for months, I have had a chance to review
these actions and am convinced that they provide the sound,
product-led underpinnings and cost reductions we will need to
achieve our goals.  I look forward to helping with the
implementation.

"Turnarounds of this magnitude succeed when capacity and costs
are aligned with a realistic expectation of demand," Mr. Mulally
continued.  "These actions are certainly consistent with that
goal.  We will focus intensely on the needs of our customers in
North America, and around the world, by pulling forward new
products and creating new markets.  We are a team united by a
shared vision to build the best automobiles in the world at Ford
Motor Company."

Mark Fields, Ford's President of The Americas, said the Way
Forward plan will continue to focus every part of the business
on the customer - building stronger Ford, Lincoln and Mercury
brands; strengthening the company's North American product
lineup; improving quality, and accelerating progress on
productivity and competitive costs.

"The fundamentals of our Way Forward plan have not changed, but
our timetable has changed dramatically," said Mr. Fields.
"We've taken a sobering look at the industry and our own
business, and the entire team in North America has a renewed
sense of urgency and a clear view of what it will take to
position this business for profitability.

"We know our decisions bring more pain to the business in the
short-term, and they require sacrifice from our employees, labor
unions, dealers and suppliers," he added.  "But, together, we
are building a much stronger Ford Motor Company and a more
secure future for us all."

Mr. Fields said the team will continue to push to move further
and faster throughout the business.

"Our work is far from over.  We recognize that the competitive
landscape and cost pressures have significantly challenged our
traditional business model, and that recognition is driving more
investment in small cars and crossovers, even as we continue to
position ourselves to remain the truck leader," Mr. Fields said.
"We will remain quick and decisive in executing our Way Forward
plan and flexible in reacting to changing conditions in the
future."

Market share declines, reflecting primarily segment shifts, and
higher-than-planned raw material costs will mean full-year
profitability for Ford's North American auto operations is not
expected before 2009.

"Clearly, we could have cut product programs and maintained our
goal of North American profitability in 2008," Fields said.
"But, even as we further reduce our costs and capacity and make
tough-but-necessary decisions throughout our business, we cannot
and will not retreat from the critical investments to deliver
the right products for our customers."

Actions to be implemented by the end of 2008 and resulting
financial impact if the revised North America Way Forward
turnaround plan include:

Product-Led Turnaround:

70% of Ford, Lincoln and Mercury products by volume will be new
or significantly upgraded starting Friday through the end of
2008.  The new lineup builds on Ford's strength as America's
truck leader while expanding in growth segments, such as
crossovers.

Ford will introduce an all-new full-size crossover based on the
Ford Fairlane concept.  The seven-passenger vehicle for modern
families goes on sale in 2008 and will be produced at Ford's
Oakville(Ontario, Canada) Assembly Plant.

Ford will continue to lead the American truck market with a new
Super Duty pickup confirmed to go on sale in early 2007 and an
all-new F-150 pickup confirmed to go on sale in 2008.  The
vehicles boast powertrain, design and feature upgrades.

Ford will continue to lead America's sports car market with new
Mustang derivatives each year.

The new Lincoln MKS flagship sedan will go on sale in 2008 -
packed with more technology and features than any prior Lincoln,
including all-wheel drive.  Current plans are to produce the
vehicle at the company's Chicago Assembly Plant.

Lincoln will continue offering the Lincoln Town Car to meet
ongoing demand.  After assembly ends at Ford's Wixom ( Mich.)
Assembly Plant in 2007, Ford intends to move Town Car production
to Ford's St. Thomas (Ontario, Canada) Assembly Plant.  St.
Thomas will be reduced to one shift of production, as previously
announced.

Product development work is intensifying through 2008 on
creating new small cars and even more crossovers that will go on
sale in the future.  These vehicles will be based on the
company's global vehicle architectures, including "B" and "C"
platforms not presently used in North America.

Major investments continue in new gasoline, flexible-fuel,
diesel, hydrogen and hybrid powertrains, including additional E-
85 ethanol-powered and hybrid vehicles on the road by the end of
2008.  In addition, two out of every three Ford, Lincoln and
Mercury vehicles will be offered with fuel-saving 6-speed
transmission technology by the end of 2008.

The new products and a voluntary consolidation of the Ford and
Lincoln Mercury dealer network are designed to significantly
improve the dealers' through-put and profitability by the end of
2008.

Accelerated Cost Savings, Leaner Structure:

Compared with 2005, annual operating costs will be reduced by
about US$5 billion by the end of 2008.

Salaried-related costs will be reduced through the elimination
of the equivalent of about 14,000 salaried-related positions,
which represents approximately a third of Ford's North American
salaried work force.  The reduction includes the equivalent of
4,000 positions eliminated in the first quarter of 2006.  The
additional reductions will be achieved through early
retirements, voluntary separations and, if necessary,
involuntary separations - with most employees expected to depart
by the end of the first quarter in 2007.

An agreement with the UAW will expand early retirement offers
and separation packages to all Ford U.S. hourly employees,
including Ford employees at the company's ACH plants.  Employees
will begin receiving details by mid-October, and those accepting
offers will leave the company by September 2007.

Ford will accelerate by four years its previously announced goal
of reducing 25,000 to 30,000 North American manufacturing
employees by the end of 2012.  The reductions now will be
completed by the end of 2008.

The sale or closure of all ACH facilities by the end of 2008
will result in additional employee reductions.

Ford continues to work with the UAW to improve the
competitiveness of its U.S. manufacturing facilities.  As a
result, new competitive operating agreements have been ratified
by UAW locals in 30 different U.S. Ford and ACH facilities - and
nearly US$600 million in annual savings is projected to be
realized.

Capacity Further Aligned with Consumer Demand

North America manufacturing capacity is being adjusted to 3.6
million units by the end of 2008, down 26% versus 2005 - in line
with consumer demand and as announced earlier.  Nine facilities
will be idled and cease production through 2008, including seven
already announced.  The two additional plants are the Maumee
(Ohio) Stamping Plant and the Essex (Ontario, Canada) Engine
Plant.

Ford's Norfolk (Va.) Assembly Plant will be idled a year earlier
than planned, and a shift reduction, in advance of idling the
facilities, now is planned at Norfolk and Twin Cities (Minn.)
Assembly.

Facilities affected by the end of 2008 include the following:

    * Atlanta Assembly - to be idled in October 2006

    * Batavia Transmission - to be idled in 2008

    * Essex Engine - to cease operations in 2007

    * Maumee Stamping - intended to be idled in 2008

    * Norfolk Assembly - to be idled in 2007, a year earlier
      than previously planned, with a shift reduction planned in
      January 2007

    * St. Louis Assembly - already idled in March 2006

    * Twin Cities Assembly - to be idled in 2008, with a shift
      reduction planned in 2007

    * Windsor Casting - to be idled in 2007

    * Wixom Assembly - to be idled in 2007

    * Dearborn Truck Plant will add a third crew, beginning in
      2007, for F-150 truck production.

All ACH operations will be sold or closed by the end of 2008.
Including Maumee Stamping and Essex Engine, Ford has announced
plans to cease production at 16 North American manufacturing
facilities by the end of 2012, including seven assembly plants.

Financial Impact

"Though North America's return to profitability will take longer
than planned, the actions we're taking are the right ones, and
are fundamental and necessary steps to improving our business
structure," said Mr. Don Leclair, the company's Chief Financial
Officer.  "The planned improvements in our auto operations, in
conjunction with Ford Credit - which remains a core asset - will
leave us well-positioned for the future.

"We are starting from a position of strong liquidity, including
our cash, credit lines and VEBA," Mr. Leclair added.  "We will
continue to focus on enhancing our liquidity, building upon our
decision to explore strategic alternatives for Aston Martin and
the board's intent to eliminate our quarterly dividend."

Automotive Operations

Full-year pre-tax special items for 2006 are expected to be
significantly increased from the $3.8 billion estimated
previously to reflect the accelerated Way Forward actions.
Further details will be provided when Ford announces Third
Quarter financial results next month.

Full-year profitability in North American automotive operations
not expected before 2009.

Ford and Lincoln Mercury U.S. market share is projected to be in
the low-16% range at the end of 2006.

A further share decline is expected as production of the Ford
Taurus sedan and Mercury Monterey minivan ends in 2006 and
production of the Ford Freestar minivan ends in 2007.  The end
of these vehicles will reduce the company's sales to daily
rental fleets.

With the investment in new products and improvements in quality,
Ford expects to be in the 14 to 15% market share range going
forward - with a focus on profitable retail share.  South
America and Ford of Europe still are expected to be solidly
profitable in 2006.  However, full-year operating losses now are
expected in 2006 for Asia Pacific and Africa, as well as the
Premier Automotive Group - primarily reflecting lower volumes.

Liquidity

Ford Motor Company's 2006 year-end liquidity is expected to
include automotive gross cash of about US$20 billion, including
marketable and loaned securities and the effects of US$3.4
billion of VEBA.  The company will continue to have committed
automotive credit facilities totaling more than US$6 billion .

Ford Motor Company's Board indicates that it will suspend
payment of the quarterly dividend on its common and Class B
Stock beginning in the fourth quarter of 2006.

                         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 Japan.

On Aug. 22, 2006, Dominion Bond Rating Service placed long-term
debt rating of Ford Motor Company Under Review with Negative
Implications following announcement that Ford will sharply
reduce its North American vehicle production in 2006.  DBRS
lowered on July 21, 2006, Ford Motor Company's long-term debt
rating to B from BB, and lowered its short-term debt rating to
R-3 middle from R-3 high.  DBRS also lowered Ford Motor Credit
Company's long-term debt rating to BB(low) from BB, and
confirmed Ford Credit's short-term debt rating at R-3(high).

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.

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.

On July 24, 2006, Moody's Investors Service lowered the
Corporate Family and senior unsecured ratings of Ford Motor
Company to B2 from Ba3 and the senior unsecured rating of Ford
Motor Credit Company to Ba3 from Ba2.  The Speculative Grade
Liquidity rating of Ford has been confirmed at SGL-1, indicating
very good liquidity over the coming 12-month period.  The
outlook for the ratings is negative.


JAPAN AIRLINES: Inks Long-Term Contract With TRX and TATA
---------------------------------------------------------
TRX Inc., an independent provider of transaction processing and
data integration solutions to the global travel industry,
announced on September 13, 2006, the completion of a long-term
contract between Japan Airlines and TRX and its alliance partner
SWS Inc., a TATA Sons Ltd. company.

Together, TRX and SWS will provide Japan Airlines comprehensive
transaction processing and customer care services for all Japan
Airlines reservations booked through the airline's North
American Web site.  TRX will deploy CORREX and TRANXACT
technologies to support automated quality control, ticketing,
schedule changes, exception processing, and paper ticket
distribution, while SWS will provide phone and email customer
care services.

Said TRX Executive Vice President, Sales & Client Services Shane
Hammond, "We are focused on opportunities in the global travel
arena and are actively pursuing new opportunities to support
airlines around the world. Our new relationship with JAL is the
culmination of our efforts in these areas -- it also
demonstrates the growth potential of our partnership with TATA.
Our seamless joint offering with TATA provides considerable
efficiencies and economies of scale."

Kiyoto Morioka, Japan Airlines' Vice President Passenger
Marketing for the Americas, added, "We are pleased to be
partnering with TRX and SWS in our efforts to enhance Japan
Airlines' online reservation capabilities. And, with our renewed
Web site, North American travelers bound for Asia will be able
to effortlessly book and purchase their travel through us."

Hammond concluded, "Japan Airlines is an exciting new client.
They have a successful operation, and we are looking forward to
working with them to make their operations and online support
services even more efficient."

                            About TRX

TRX Inc. is an independent provider of transaction processing
and data integration services to the global travel industry.
TRX provides five hosted technology and service solutions: RESX
(Online Booking), SELEX (Agent Technology), CORREX (Automated
Processing), TRANXACT (Settlement & Exceptions), and DATATRAX
(Data Integration).  TRX offers the technology components of
these solution suites individually or as a comprehensive,
integrated end-to-end processing suite for airlines, travel
agencies, travel suppliers, large corporations, credit card
issuers, and expense management companies.  TRX is headquartered
in Atlanta, Georgia with operations and staff in North America,
Europe, and Asia.

                           About TATA

The TATA Group is an Indian conglomerate operating with over 90
companies, of which about 29 are listed. The Group has presence
in more than 40 countries across six continents. It is the
largest and one of the most respected business houses in India
with revenues of $17.8 billion in 2004-05; it exports products
and services to over 120 nations. TATA companies together employ
some 215,000 people.  The Group is internationally known for
several well-run companies such as TATA Steel, TATA Consultancy
Services, TATA Motors, and TATA Tea. The aggregate market
capitalization of group companies is by far the highest among
Indian business houses in the private sector.

                      About Japan Airlines

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

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

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

                          *     *     *

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


MITSUKOSHI DEPARTMENT STORE: Exits Hong Kong After 25 Years
-----------------------------------------------------------
The Mitsukoshi Department Store ended 25 years of retail
operations in Hong Kong on September 17, 2006, marking the end
of an era for Japanese megastores, The Japan Times reports.

According to Japan Times, Mitsukoshi is the last of four
Japanese owned stores in Hong Kong that closed down due to
changing tastes of shoppers.  Both Matsuzakaya and Daimaru ended
their business and left Hong Kong in 1998, Sogo was sold in 2001
to local property developers who retained the Japanese name.

But unlike Matsuzakaya, Daimar and Sogo, Mitsukoshi is still
keen on reopening its business in the busy Hong Kong district,
The Japan Times says.

But Philip Cheng, spokesman of the Hong Kong Department Stores
and Commercial Staff General Union, which represents 20,000
members and helped the 100 Mitsukoshi staff to secure severance
packages, said Mitsukoshi will likely have a difficult time
making profits due to rising rental cost and change of consumer
preferences, The Japan Times adds.


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

KOREA EXCHANGE: Kookmin & Lone Star in Talks Even After Deadline
----------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
September 13, 2006, Kookmin Bank commenced negotiations with
U.S.-based Lone Star Fund to extend the completion deadline of
the sale of Korea Exchange Bank.

An earlier TCR-AP report on March 24, 2006, stated that Lone
Star agreed to sell its 64.62% stake in the formerly state-owned
KEB to Kookmin for KRW6.42 trillion.  In May, the parties agreed
to a KRW6.33 purchase price.

Despite the deadline having passed last September 16, the
parties are reportedly still in negotiations.

Asia Pulse Businesswire cites a KEB official as saying that the
sale's deadline "is not a big concern."

"Unless one of the two demands to cancel the deal, the deal is
in effect regardless of the deadline," the official told Asia
Pulse.

According to the Korea Times, Kookmin wants to extend the
contract signed in May without changing the acquisition price
and other sales terms.

Lone Star, however, wants a "sweeter deal," Reuters says.

Citing a statement made by KEB's chief executive, Reuters states
that Lone Star is asking Kookmin to reflect a rise in the value
of KEB shares in the final acquisition price Kookmin pays for
KEB.

                     About Kookmin Bank

Kookmin Bank -- http://inf.kbstar.com/-- provides various
commercial banking services, such as deposits, credit cards,
trust funds, foreign exchange transactions, and corporate
finance.  The bank also offers Internet banking services.

Moody's Investors Service gave Kookmin Bank a Bank Financial
Strength rating of D+ effective March 27, 2006.

Fitch Ratings gave the bank a B/C rating.

                      About Korea Exchange

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

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

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

                          *     *     *

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

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

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


NOVELIS INC: Files 1st Quarter 2006 Financials, Incurs $74M Loss
----------------------------------------------------------------
On September 15, 2006, Novelis Inc. filed with the United States
Securities and Exchange Commission in Form 10-Q its financial
results for the first quarter of 2006.

For the quarter ended March 31, 2006, Novelis incurred a net
loss of US$74 million, or US$1 a share, a deep slump from the
US$22-million net income for the same period last year.  The
US$2,319 million sales for the 1stQ/FY2006 2006, however, was an
increase of last year's US$2,112 million.

The current quarter's net loss included US$102 million in income
tax expense, Novelis explained in a press release.  Significant
tax expense items in the quarter include:

   -- a US$33 million increase in valuation allowances primarily
      related to tax losses in certain jurisdictions where the
      Company believes, based on current facts and
      circumstances, it is more likely than not that it will not
      be able to utilize those losses;

   -- US$13 million of exchange translation and re-measurement
      items; and

   -- US$44 million due to foreign tax rate differences
      resulting from the application of an estimated annual
      effective tax rate to profit and loss entities.

Of the US$102 million of tax expense, approximately US$10
million is current tax expense, the release added.  Cash taxes
paid during the first quarter of 2006 were US$12 million.

"We have incurred significant deferred tax expense during our
first five quarters as a public company," said Novelis Chief
Financial Officer, Rick Dobson.  "While we expect our tax
expense to decline by year-end, we are taking proactive tax
planning actions to develop the most efficient tax structure for
the Company."

Before income taxes, earnings in the first quarter of 2006 were
US$28 million, while for the year-earlier period, US$57 million.

According to Novelis, the 2006 pre-tax earnings were negatively
impacted by a number of items, including:

   -- higher metal prices that the Company was unable to pass
      through to certain customers as a result of metal price
      ceilings;

   -- higher energy and transportation costs;

   -- the adverse effects of currency exchange rates; and

   -- expenses related to the Company's restatement and review
      process and delayed financial reporting.

Novelis highlights that for the quarter ended March 31, 2006, it
reduced its debt by US$103 million, which was in excess of its
principal payment obligations.  Cash and cash equivalents at
March 31, 2006, were $124 million, compared with $100 million at
the end of 2005.

Novelis also noted out that because of metal price ceilings on a
portion of its can sheet sales in North America, the Company was
unable to pass on approximately $95 million of metal price
increases in the first quarter.  This was partially offset by
the positive change in the fair market value of derivatives
purchased to hedge this risk.

"Novelis business operations remain strong," said William T.
Monahan, Chairman and Interim Chief Executive Officer, "and we
continue to generate solid cash flow as we remain focused on
debt reduction, efficient use of our global assets, and
investments to upgrade our product portfolio. We also continue
to work toward removing the remaining price ceilings."

                       Filing Cures Default

Under an indenture governing Novelis' Senior Notes, the Company
is required to deliver to the trustee a copy of our periodic
reports filed with the U.S. Securities and Exchange Commission
within the time periods specified by the Commission.

On July 21, 2006, Novelis received an effective notice of
default from the trustee, with respect to, among others, its
Form 10-Q.  The notice required the Company to file the
financial report by September 19, 2006.  By the filing of the
Form 10-Q before the deadline, the Company believes it has cured
the default.

        2ndQ/FY2006 Financials to be Filed Before Oct. 23

Pursuant to another notice of default from the trustee, Novelis
is required to file the Form 10-Q for its second quarter 2006
financial report by October 23, 2006.  The Company expects to
file the Form 10-Q for the second quarter before the deadline.

The Company further intends to be current with its filings after
it files its third-quarter report during the fourth quarter of
the year.

"We have made progress in improving the quality of our financial
reporting process and we expect this progress to continue
through the balance of the year as we work toward becoming
current with our SEC filings," Mr. Monahan states.

A full-text copy of Novelis' First-Quarter 2006 Financials is
available for free at:

http://www.sec.gov/Archives/edgar/data/1304280/00009501440600886
7/g03404e10vq.htm

                        About Novelis Inc.

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.  The company has operations in
Malaysia and Korea.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
September 8, 2006, Moody's Investors Service downgraded Novelis'
corporate family rating to B1 from Ba3, the bank revolver rating
to Ba3  from Ba2, the bank term loan rating to Ba3 from Ba2 and
its  senior unsecured notes to B2 from B1.

Moody's also downgraded the Novelis' bank term loan rating to
Ba3 from Ba2.  These ratings remain under review for further
possible downgrade.  Furthermore, Moody's lowered the Company's
speculative grade liquidity rating to SGL-4 from SGL-3.


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

ABRIC PERINTIS: Faces Wind-Up Proceedings
-----------------------------------------
On September 12, 2006, Abric Berhad's wholly owned subsidiary,
Abric Perintis Sdn Bhd, was subject to a wind-up petition, which
is fixed for hearing on March 2, 2007.

The wind-up petition relates to Abric Perintis' nonpayment of
MYR95,000 in professional charges to the petitioner, Wimpey
Overseas Incorporated.  The petitioner was engaged to conduct a
feasibility study on a proposed biodiesel project, which
subsequently did not materialize.

The financial impact of the petition to the Abric group is
equivalent to the amount claimed.  However, there is no
operational impact as Abric Perintis is dormant.

Nevertheless, Abric will see to it that the wind-up petition is
contested, and also will negotiate with the petitioner to
resolve the matter.


AFFIN BANK: Fitch Upgrades Individual Rating from E to D/E
----------------------------------------------------------
Fitch Ratings upgraded, on September 8, 2006, Malaysia's Affin
Bank's Individual rating to "D/E" from "E".  At the same time,
the agency affirmed the bank's Support rating at "3".

The upgrade is on account of a slight improvement in the bank's
financial and business profile over the past 12 to 18 months.
Fitch notes that due to its exposure to large corporates, Affin
was seriously affected in the aftermath of the Asian financial
crisis.  It had reported large losses in 2000 and 2001 and its
gross non-performing loan ratio had peaked at 32% in 2002.
However, since the appointment of the ex-Danaharta chief as the
bank's CEO from mid-2003, Affin has gradually been on the
recovery path although it still remains weaker than most
Malaysian financial institutions.  Thanks to aggressive recovery
efforts together with a generally benign operating environment,
Affin's gross NPL ratio had declined to 16.9% at June 2006
compared with 27% at end-2004.  However, specific reserves
coverage was relatively low at 27% and therefore, the bank's net
NPL ratio continues to be high at 12.9% in H106.

Affin's business and financial profile has also improved as a
result of its merger with its subsidiary engaged in hire-
purchase business in June 2005.  Consequently, the bank's loan
book is now more diversified compared with its predominantly
corporate focus in the past.  Although the fixed rate hire-
purchase business is more vulnerable to further rises in
interest rates, the higher margin in this segment has
nevertheless improved the bank's profitability, which had
historically been poor due to large NPLs and a contracting
corporate loan book.  Affin's reported total and Tier 1 capital
adequacy ratios at 13% and 9.16%, respectively, at June 2006
were satisfactory compared with its peers.

Fitch also believes that despite the bank's relatively small
size there is a moderate probability that the government would
support the bank given its ultimate ownership by the Malaysian
military through its pension fund.

The agency also notes that the bank's individual rating may
further improve if the bank's legacy NPLs are resolved without
substantially compromising its capital position.  The downside
risk is relatively low given that the rating is already at a low
level.


AYER MOLEK: Alliance Merchant Ceases Being Merchant Banker
----------------------------------------------------------
The Alliance Merchant Bank has ceased to be The Ayer Molek
Rubber Company Berhad's appointed merchant banker, the company
said in a regulatory filing with Bursa Malaysia Securities
Berhad.

The company said it is optimistic and envisaged that the issued
on compliance with the Listing Requirements would be
successfully accomplished.

Ayer Molek added that it has initiated its comprehensive
proposal to be endorsed by all relevant authorities.

                     About Ayer Molek Rubber

Headquartered in Kuala Lumpur, Malaysia, The Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its
entire plantation land to a third party.  It operates solely in
the domestic market.

Ayer Molek has suffered recurring losses since the early 90s,
which prompted the Company to propose a rescue and restructuring
scheme to fully redeem and settle outstanding debts.  The
Company's accumulated loss figure as of March 31, 2006, stands
at MYR21,177,000.

As of March 31, 2006, the Company's balance sheet revealed total
assets of MYR31,056,000 and total liabilities of MYR6,818,000.


FALCONBRIDGE: Xstrata Acquires Company's Remaining Common Shares
----------------------------------------------------------------
Xstrata plc has mailed a notice of compulsory acquisition to all
remaining holders of Falconbridge Limited common shares.

Following Xstrata's offer to acquire all of the Common Shares
not already owned by it, the company beneficially owns
approximately 97.1% of the issued and outstanding Common Shares
on a fully diluted basis.

Since the Xstrata offer was accepted by holders of more than 90%
of the Common Shares, Xstrata is now exercising its right under
the compulsory acquisition provisions of the Business
Corporations Act (Ontario) to acquire all outstanding Common
Shares not already owned by Xstrata at the Offer price of
CDN$62.50 per Common Share.

Falconbridge shareholders with questions or requests for copies
of the documents, may contact:

         CIBC Mellon Trust Company
         Tel: 1-416-643-5500
              1-800-387-0825

                       About Xstrata

Xstrata plc -- http://www.xstrata.com/-- is a major global
diversified mining group, listed on the London and Swiss stock
exchanges.  The Group is and has approximately 24,000 employees
worldwide, including contractors.

Xstrata does business in six major international commodities
markets: copper, coking coal, thermal coal, ferrochrome,
vanadium and zinc, with additional exposures to gold, lead and
silver.  The Group's operations and projects span four
continents and nine countries: Australia, South Africa, Spain,
Germany, Argentina, Peru, Colombia, the United Kingdom and
Canada. Xstrata holds a 97% stake in Falconbridge.

                      About Falconbridge

Headquartered in Toronto, Ontario, Falconbridge Limited
(TSX:FAL.LV)(NYSE: FAL) -- http://www.falconbridge.com/-- is a
leading copper and nickel company with investments in fully
integrated zinc and aluminum assets.  Its primary focus is the
identification and development of world-class copper and nickel
orebodies.  It employs 14,500 people at its operations and
offices in 18 countries, including Malaysia.  The Company owns
nickel mines in Canada and the Dominican Republic and operates a
refinery and sulfuric acid plant in Norway.  It is also a major
producer of copper (38% of sales) through its Kidd mine in
Canada and its stake in Chile's Collahuasi mine and Lomas Bayas
mine.  Its other products include cobalt, platinum group metals,
and zinc.

                          *    *    *

Falconbridge's CDN$150 million 5% convertible and callable bonds
due April 30, 2007, carry Standard & Poor's BB+ rating.


FALCONBRIDGE LTD: Xstrata Appoints Claude Ferron as COO
-------------------------------------------------------
Xstrata Copper declares a new senior management appointment
after its assumption on full management control of Falconbridge
Limited on August 21, 2006.

Claude Ferron, formerly President of Canadian Copper and
Recycling for Falconbridge, has been appointed as Chief
Operating Officer for the newly established division Xstrata
Copper Canada, reporting to Xstrata Copper's Chief Executive,
Charlie Sartain.  Mr. Ferron is based in Toronto, and is
responsible for Xstrata Copper's operations in Canada.  These
comprise the Kidd Creek mining and metallurgical operations in
Ontario, the Horne smelter and the Canadian Copper Refinery
business in Montreal, and the copper recycling business (Noranda
Recycling).  Mr. Ferron will also be appointed as a member of
the Xstrata Copper Executive Committee.

Charlie Sartain, Chief Executive Xstrata Copper, commented, "I
am delighted that Claude has joined Xstrata Copper in a senior
management position.  He brings a wealth of experience and
knowledge of the former Falconbridge operations in Canada and
their respective markets and we look forward to the significant
contribution that he will make to the expanded Xstrata Copper.

"The acquisition of Falconbridge has positioned Xstrata Copper
as the third largest producer of copper in the world, with
managed production of over one million tonnes of copper per
annum, and mining operations in five countries. It is an
exciting time for Xstrata Copper and we look forward to
integrating the former Falconbridge copper assets with our
existing global businesses as soon as possible."

                        About Xstrata

Xstrata plc -- http://www.xstrata.com/-- is a major global
diversified mining group, listed on the London and Swiss stock
exchanges.  The Group is and has approximately 24,000 employees
worldwide, including contractors.

Xstrata does business in six major international commodities
markets: copper, coking coal, thermal coal, ferrochrome,
vanadium and zinc, with additional exposures to gold, lead and
silver.  The Group's operations and projects span four
continents and nine countries: Australia, South Africa, Spain,
Germany, Argentina, Peru, Colombia, the U.K. and Canada.

                      About Falconbridge

Headquartered in Toronto, Ontario, Falconbridge Limited
(TSX:FAL.LV)(NYSE: FAL) -- http://www.falconbridge.com/-- is a
leading copper and nickel company with investments in fully
integrated zinc and aluminum assets.  Its primary focus is the
identification and development of world-class copper and nickel
orebodies.  It employs 14,500 people at its operations and
offices in 18 countries, including Malaysia.  The Company owns
nickel mines in Canada and the Dominican Republic and operates a
refinery and sulfuric acid plant in Norway.  It is also a major
producer of copper (38% of sales) through its Kidd mine in
Canada and its stake in Chile's Collahuasi mine and Lomas Bayas
mine.  Its other products include cobalt, platinum group metals,
and zinc.

                          *    *    *

Falconbridge's CDN$150 million 5% convertible and callable bonds
due April 30, 2007, carry Standard & Poor's BB+ rating.


FALCONBRIDGE LTD: Inks Option & Joint Venture Accord with Benton
----------------------------------------------------------------
Falconbridge Limited has entered into an option and joint
venture agreement with Benton Resources Corp.

Falconbridge Limited is a subsidiary of the Xstrata group,
whereby Xstrata has the exclusive right and option at its
election to earn up to a 70% interest in the Goodchild Lake Ni-
Cu-PGM Project by spending US$25,000,000 or completing a
feasibility study, which ever comes first.

The specific terms of the agreement are:

    a) to maintain the right and option and earn a 50% interest
       Xstrata must complete aggregate exploration expenditures
       of US$3,000,000 by Aug. 1, 2009, and make payments to
       Benton totaling US$335,000 over the term of the earn-in:

      * an initial US$50,000 cash payment on signing of the
        agreement;

      * an additional US$60,000 cash payment and spend
        US$750,000 on exploration by Aug. 1, 2007;

      * an additional US$75,000 cash payment and spend an
        aggregate of at least US$1,750,000 on exploration by
        Aug. 1, 2008; and

      * an additional US$150,000 cash payment and spend an
        aggregate of US$3,000,000 on exploration by Aug. 1,
        2009;

   b) to earn a further 10% interest to bring its interest to
      60%, Xstrata must spend a further US$2,000,000 on
      exploration by Aug. 1, 2011;

   c) to earn a further 10% to bring its total interest up to
      70%, Xstrata must spend a further US$20,000,000 on
      exploration or complete a feasibility study, which ever
      comes first, by Aug. 1, 2014;

   d) provided Xstrata earns a minimum of a 50% interest,
      Xstrata and Benton will form a joint venture based on
      the respective interests of the parties at the stage that
      Xstrata ceases to increase its interest; and

   e) After the JV is formed, if either party dilutes to a 10%
      interest, such interest shall automatically be converted
      to a 3% Net Smelter Royalty of which 1.5% can be purchased
      for US$1.5 million by the other party.

The Goodchild Lake Project is located approximately 15 km. north
of Marathon, Ontario, and is host to several nickel showings
with grab samples assaying up to 5.67% nickel -- collected by
Benton personnel -- and 6.72% nickel -- collected by Xstrata
personnel.  The large ultramafic intrusion measures
approximately 5x8 km and has numerous untested airborne
electromagnetic anomalies.  Benton will keep its shareholders
updated on developments at the property as exploration moves
forward.

                      About Falconbridge

Headquartered in Toronto, Ontario, Falconbridge Limited
(TSX:FAL.LV)(NYSE: FAL) -- http://www.falconbridge.com/-- is a
leading copper and nickel company with investments in fully
integrated zinc and aluminum assets.  Its primary focus is the
identification and development of world-class copper and nickel
orebodies.  It employs 14,500 people at its operations and
offices in 18 countries, including Australia.  The Company owns
nickel mines in Canada and the Dominican Republic and operates a
refinery and sulfuric acid plant in Norway.  It is also a major
producer of copper (38% of sales) through its Kidd mine in
Canada and its stake in Chile's Collahuasi mine and Lomas Bayas
mine.  Its other products include cobalt, platinum group metals,
and zinc.

                        *    *    *

Falconbridge's CDN$150 million 5% convertible and callable bonds
due April 30, 2007, carry Standard & Poor's BB+ rating.


FOREMOST HOLDINGS: Unveils Incorporation of New Subsidiary
----------------------------------------------------------
Foremost Holdings Berhad's wholly owned subsidiary, Foremost
Electronics Sdn Bhd, was incorporated on September 6, 2006.

Foremost Electronics has an authorized share capital of
MYR100,000 comprising 100,000 shares of MYR1 each and an issued
and paid-up capital of MYR100,000 consisting of 100,000 shares
of MYR1 each.  The company will be principally involved in the
manufacturing and dealing in electronic and electrical
components and investment holding.

The incorporation of Foremost Electronics is not expected to
have any material effect on the earning r net assets of the
Foremost Holdings group.

                     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.


INTAN UTILITIES: Holding Firm Suggests Voluntary Delisting
----------------------------------------------------------
Intan Utilities Berhad's holding company, Vista Meranti Sdn Bhd,
had submitted a proposal to let Intan undertake a voluntary
withdrawal of its listing from the Official List of Bursa
Malaysia Securities Berhad.

Vista, in its proposal to Intan's board of directors, had cited
the lack of public shareholding spread, investors' interests and
trading liquidity as reasons for requesting the delisting.

Based on Intan's Record of Depositors as of August 17, 2006, the
Company has a public shareholding spread of 25.15% held by 872
public shareholders.  Although Intan has met the minimum 25%
public shareholding spread, there is a spread shortfall of 128
public shareholders pursuant to the Listing Requirements.

Bursa Securities had, on May 11, 2006, rejected Intan's request
for a waiver from having to comply with the minimum of 1,000
public shareholders pursuant to the Listing Requirements.  In
addition, Bursa Securities on July 12, 2006, directed Intan to
comply with the public spread requirement by October 12, 2006.
However, the compliance in terms of the number of public
shareholders is beyond the control of Intan and its substantial
shareholders.

To facilitate the proposed delisting, Vista proposes to make a
voluntary general offer to acquire all the remaining ordinary
shares of MYR1.00 each in Intan not already held by Vista.  As
of August 17, 2006, Vista holds 55,610,799 Shares, representing
57.70% of the issued and paid-up share capital of Intan.

The proposed delisting, which is still subject to the approval
of relevant authorities, will not have any effect on the
earnings, net assets and gearing of Intan and its subsidiaries
and associated company for the financial year ending Dec. 31,
2006.

Under Paragraph 16.05 of the Listing Requirements, Intan may not
request the withdrawal of its listing from the Official List of
Bursa Securities, unless:

   * Intan convenes a general meeting to obtain the approval of
     its shareholders;

   * the resolution for the withdrawal of its listing is
     approved by a majority in number representing 3/4
     in value of the shareholders present and voting either in
     person or by proxy at the meeting and provided that such
     shareholders who object to the withdrawal is not more than
     10% of the value of the shareholders present and voting
     either in person or by proxy;

   * the shareholders are offered a reasonable cash alternative
     or other reasonable alternative; and

   * an independent adviser is appointed to advise and make
     recommendations for the consideration of the shareholders
     in connection with the withdrawal of its listing as well as
     the fairness and reasonableness of the exit offer.

                     About Intan Utilities

The company is classified as a Practice Note 1 company after it
defaulted on several loan facilities due to its tight cash flow
position.  It is currently formulating plans to address the
issue.  As of March 31, 2006, the Company's balance sheet showed
MYR457,961,000 in total assets and MYR267,213,000 in total
liabilities.  However, the Company's March 31 balance sheet
showed strained liquidity with MYR151,393,000 in total current
assets available to pay MYR243,032,000 in total current
liabilities coming due within the next 12 months.  For the six-
month period ended 30 June 2006, Intan Group reported a net loss
of RM3.57 million.  In addition, certain Intan units have
defaulted on loan repayments to lenders.


MBF HOLDINGS: High Court Strikes Out Claims Payment Suit
--------------------------------------------------------
On April 29, 2003, MBf Holdings Berhad was served a Writ of
Summons and Statement of Claim from Industrial and Commercial
Bank of China (Asia) Limited.  Under the statement, ICBC is
asserting a claim of HKD114,867,276, or MYR56,067,543, plus
interests of HKD3,405,565 or MYR1,668,727.

On May 12, 2005, the parties executed a Settlement Agreement in
full and final settlement of the claim by way of a settlement
sum of HKD25 million, or approximately MYR12.2 million, over a
period of 15 months to August 2006.  The transaction was part of
the continuing efforts by the Group to address its borrowings.

In an update in September 12, 2006, MBf Holdings informed that
it had fully paid the settlement sum of MYR25 million.  Upon
fulfillment of its obligation, the company will be granted a
waiver of debts and interest of HKD116.7 million, or MYR55.03
million.

Consequently on September 12, ICBC's solicitors applied for the
withdrawal of the suit, which was accordingly struck out by the
Kuala Lumpur High Court.

                        About MBf Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, MBf Holdings
Berhad is involved in retailing and wholesaling of merchandise,
shipping, automotive and heavy earthmoving equipment and
printing of packaging boxes.  Its other activities include
copra, cocoa, coffee and tea production, issuing of credit
cards, acquiring merchants and other related services, provision
of financial services, provision of property management,
investment in properties, property development including dealing
in land and estate management, club management, development and
sale of membership of a recreational club, education and
investment holding.  The Group's operations are carried out in
Malaysia, other Asean countries including Singapore, Thailand
and Philippines, Hong Kong, South Pacific Islands, Australia and
United States of America.

MBF Holdings Berhad undertook and completed a restructuring
scheme in 2003.  Included in the Scheme was a debt-restructuring
scheme, which excluded the lease, hire-purchase liabilities,
general unsecured liabilities and amounts owing to subsidiary
and associated companies.  The lease, hire-purchase and general
liabilities were to be addressed in the ordinary course of
business.  However, the Scheme made no provision for the
settlement of the Inter-company Loans, which the Group is now
having problems with.

As of June 30, 2006, the Company's balance sheet revealed total
assets of MYR1,132,524,000, total liabilities of MYR892,729,000
and total stockholders' equity of MYR239,795,000.  The June 30,
2006, balance sheet also showed accumulated losses of
MYR425,243,000.


OLYMPIA INDUSTRIES: Wind-Up Petition Served on Sub-Unit
-------------------------------------------------------
Dealhill (M) Sdn Bhd has served a wind-up petition on Mascon
Construction Sdn Bhd -- a wholly owned subsidiary of Mascon Sdn
Bhd, which in turn is 71% owned by Olympia Industries Berhad.

In a filing with Bursa Malaysia, Olympia advised that the wind-
up petition was presented on August 9, 2006, and was served on
September 11, 2006.

The petition was made after Mascon Construction failed to pay
MYR141,594 plus interests, which is the balance of progress
claims for the supply and installation of roof trustees to the
defendant's two project sites located in Belakong, Selangor and
Cheras, Kuala Lumpur.

Mascon Construction is in the process of instructing its
solicitors to file an affidavit to oppose the wind-up petition.

Meanwhile, Olympia said the wind-up proceedings will have no
material financial and operations impact on the group.

                    About Olympia Industries

Headquartered in Kuala Lumpur, Malaysia, Olympia Industries
Berhad organizing and managing numbers forecast pools and public
lotteries, operation of recreation clubs, investment holding and
property development.  Other activities include trading in
securities, paint spraying of aluminium, other metal products
and architectural products, letting of properties, maintaining
and operating internet based transaction facilities and
services, food and beverage business, events organizer and
project management, travel and tours agency, servicing of oil
and gas pipeline, asset management, money lending and
stockbroking.  Operations are carried out in Malaysia, Papua New
Guinea and Singapore.  The Company has incurred continuous
losses in the past and has also been fined many times by Bursa
Malaysia Securities for failing to maintain appropriate
standards of corporate responsibility and accountability to the
investing public.

The company's June 30, 2006, balance sheet revealed a
stockholders' deficit of MYR1,041,766,000 resulting from total
liabilities of MYR2,035,268,000 exceeding total assets of
MYR1,001,289,000.


PROTON HOLDINGS: Unaware of GM's Reported Stake Buy Plan
--------------------------------------------------------
An article appearing on the Star Online - BizWeek section dated
September 9, 2006, stated that United States-based auto giant
General Motors Corporation may be interested in taking up to 35%
of equity in Proton Holdings, and may take an offer as early as
(this week) to state controlled investment arm Khazanah Nasional
Berhad.

Proton Holdings, however, informed Bursa Malaysia Securities
Berhad that the company is not aware of any information relating
to issues highlighted in the article.  Furthermore, the company
said it is not in a position to confirm any issued for and on
behalf of General Motors.

At this stage, there are no significant developments or
agreements that warrant announcement.  However, Proton and its
subsidiaries will continue to initiate and consider viable
business opportunities, which will benefit and add value to the
Company's interest.

                     About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad
-- http://www.proton-edar.com.my/-- is engaged in
manufacturing, assembling, trading and provision of engineering
and other services in respect of motor vehicles and related
products.  Its other activities include property development,
trading of steel and related products, engine and technologies
research, development of automotive related technologies,
investment holding, importation and distribution of motor
vehicles, related spare parts and accessories, holds
intellectual property, provides engineering consultancy,
operates single make race series and carries out specific
engineering contracts.  The Group's operations are carried out
in Malaysia, England, Australia, Socialist Republic of Vietnam
and the United States of America.

Proton was reported to be among Malaysia's worst-performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter - Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner by the end of this
year.


PROTON HOLDINGS: Mulls Partnership with Europe's PSA Peugeot
------------------------------------------------------------
Proton Holdings Bhd and Europe's PSA Peugeot Citroen have signed
a letter of intent to study possible partnership that covers at
least the South East Asian region, Bernama News reports.

The LOI was signed between its managing director, Syed Zainal
Abidin Syed Mohamed Tahir, and PSA Peugeot's chief executive
officer Jean-Martin Folz on Sept 15, 2006, Bernama reveals.

According to Reuters, the study is expected to take several
months and will focus on areas including product development,
manufacturing, quality initiatives, vendor development, contract
assembly and distribution.

For PSA Peugeot, the agreement is expected to increase its car
sales in Malaysia and develop its business in the region, while
Proton said it hoped to benefit from the technological know-how
of a major carmaker and make the best use of its production
capacity, Reuters says.

Meanwhile, Forbes reports that the partnership could also serve
as a foundation for developing Peugeot-Citroen's business in the
Association of Southeast Asian Nations region.

Forbes says that Proton is facing mounting competition and
falling prices as the government opens the domestic market to
foreign rivals under free trade deals.  It said earlier this
month it was reviewing its performance targets for its financial
year.

Proton's distribution network covers the United Kingdom, the
Middle East, Australia and Southeast Asia.  In Asia, PSA Peugeot
is present in Japan and China and is building a new plant in
China while doubling capacity of an existing facility.

                     About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad
-- http://www.proton-edar.com.my/-- is engaged in
manufacturing, assembling, trading and provision of engineering
and other services in respect of motor vehicles and related
products.  Its other activities include property development,
trading of steel and related products, engine and technologies
research, development of automotive related technologies,
investment holding, importation and distribution of motor
vehicles, related spare parts and accessories, holds
intellectual property, provides engineering consultancy,
operates single make race series and carries out specific
engineering contracts.  The Group's operations are carried out
in Malaysia, England, Australia, Socialist Republic of Vietnam
and the United States of America.

Proton was reported to be among Malaysia's worst-performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter - Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner by the end of this
year.


TENAGA NASIONAL: Says Noteholders May Redeem Bonds
--------------------------------------------------
Tenaga Nasional has, on September 12, 2006, sent notices to the
holder of 2.625% Guaranteed Exchangeable Bonds due 2007 via its
trustee with regards to the intention to exercise its option to
redeem the outstanding bonds as provided in the Indenture dated
November 20, 2002.  The notice has been made and determined in
accordance with the provisions of the Indenture.

The exchange price of the bonds is MYR8.10 per share.  The
closing price of the shares for a period of 30 consecutive
trading days, the last of which occurred on September 11, 2006,
which is not more than five days prior to the date of the notice
is given to the Bondholders, is at least 115% of the exchange
price.  As provided by the Indenture, the right to exchange any
bonds will expire at close of business on 6 October 2006.

The redemption date has been set on October 13, 2006.  The
redemption price is 100% principal amount, plus accrued and
unpaid interest and will become due and payable on the
Redemption Date.

Payment will be paid upon presentation and surrender of the
Bonds to be redeemed to:

         JPMorgan Chase Bank, N.A.
         Worldwide Securities Services
         4 New York Plaza, 15th floor
         New York, New York 10004, U.S.A.

as the Trustee, Paying, Exchange and Transfer Agent.

                     About Tenaga Nasional

Headquartered in Kuala Lumpur, Malaysia, Tenaga Nasional Berhad
-- http://www.tnb.com.my/-- is engaged in the generation,
transmission, distribution and sale of electricity.  The Company
also manufactures, sells and repairs transformers and
switchgears.  It is also involved in provision of project
management, consultancy, engineering works, contracting,
trading, risk management, risk surveys, insurance, research and
development, property management, energy project development and
investment holding services.  It also undertakes repairs and
maintenance of motor vehicles.  The Group operates in Malaysia
and Mauritius.

The Company is currently undertaking liability management
exercises, which are expected to extend the Company's debt
maturity profile and reduce refinancing risk.

Moody's gave the Company a 'Ba' rating due to its relatively
high financial leverage and significant PPA obligations.


TRADEWINDS CORP: Strikes Off Dormant Unit
-----------------------------------------
Meridien Evergreen Sdn Bhd -- a wholly owned subsidiary of
Tradewinds Resources Sdn Bhd, which in turn is a wholly owned
subsidiary of Trasewinds Corporation -- was struck off from the
Register of the Companies Commission of Malaysia on September 4,
2006.

Meridien Evergreen was a dormant company and had not commenced
operations since the date of incorporation.

The Troubled Company Reporter - Asia Pacific reported on
April 10, 2006, that the Board of Directors of Tradewinds
Corporation passed a resolution to voluntarily wind up the
Company's subsidiaries:

     * TCB OUE Cruises Sdn Bhd;
     * Malaysia Timber Exports Sdn Bhd;
     * TCB Services Sdn Bhd;
     * TCB Engineering Sdn Bhd; and
     * TCB Komputer Sdn Bhd.

                      About Tradewinds Corp.

Tradewinds Corporation Berhad -- formerly known as Pernas
International Holdings Berhad -- is focused on a diverse range
of business activities, which include plantations, hotels,
manufacturing, and properties, and aims to be the premier
investment company.  The Group has entered into a restructuring
scheme to settle debts, curb losses and streamline its
operations.

In 2004, the Group's debt was significantly restructured with
the reorganization of the hotel businesses.  The Company also
unveiled a new logo after its change of name in July 2004, in
line with its corporate re-branding exercise.  The Group
divested some non-core assets in line with its objective to
streamline its businesses.  In February 2005, the acquisitions
of property development land to diversify earnings and improve
cash flow were completed.

Tradewinds' 2005 accounts revealed a net loss of MYR48.4
million.


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

ATLAS CONSOLIDATED: In Talks with MRI, Financing Deal Likely
------------------------------------------------------------
On September 14, 2006, South African firm MRI Resources AG Pty
Ltd. disclosed that it was in talks with Atlas Consolidated
Mining and Development Corp., for a possible financing deal, the
Visayan Daily Star reports.

The Visayan Daily cites Bill Jade, an official at MRI Resources
who is currently taking part in an investment tour of the
Philippines, as saying, the company has had initial "business
talks" with Atlas.

"Our investment will be focused in financing," Mr. Jade said,
without elaborating, the Visayan Daily notes.

The Troubled Company Reporter - Asia Pacific reported on
September 12, 2006, that initial rehabilitation work is
immediately commencing on Atlas Consolidated's copper mine in
Toledo, Cebu, on the basis of confirmation from Crescent Asian
Special Opportunities Portfolio of an additional US$13 million
drawdown on its US$33 million funding package in favor of the
company's 100%-owned subsidiary Carmen Copper Corporation, the
operator of the Toledo Copper mine

MRI has investments around the world, mainly in copper and zinc
operations, the Visayan Daily notes.

                    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
December 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.


GLOBAL EQUITIES: Shares Trading Suspended on September 18
---------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
August 18, 2006, Global Equities, Inc., disclosed to the
Philippine Stock Exchange that the Company, Nora A. Bitong, and
Angping and Associates Securities Inc. executed a Memorandum of
Agreement.

Pursuant to the MOA, Global Equities will sign, transfer, and
convey substantially all of its assets with a book value of
PHP863.68 million -- as of June 30, 2006 -- in favor of Ms.
Bitong to Global Equities and the assumption by Ms. Bitong of
all the liabilities of Global Equities and its subsidiaries in
the aggregate amount of PHP1.138 billion as of June 30, 2006,
the TCR-AP noted.

In a filing with the PSE dated September 15, 2006, Global
Equities disclosed that the PSE sought additional information on
the matter to apropriately inform Trading Participants and the
investing public.

Accordingly, trading of Global Equities' trading shares was
suspended on September 18, 2006, pending submissions of the
necessary clarification requested by the PSE.

                          *     *     *

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

The Company's total liabilities as of March 31, 2006, amounted
to PHP1.12 billion, whereas its total assets were pegged at
PHP871.04 million.  Capital deficiency reached PHP242.28 million
as of March 2006, from PHP231.52 million as of March 2005.


GLOBAL EQUITIES: Changes Corporate Name and Primary Purpose
-----------------------------------------------------------
Global Equities, Inc., discloses to the Philippine Stock
Exchange that during the meeting of its Board of Directors on
September 14, 2006, the Board approved:

   1. the resignations of Mario A. Oreta and Edmundo S. Isidro
      as GEI Directors and the election of Bertrand C. Yao and
      Atty. David L. Kho as replacements.  Messrs. Yao and Kho
      will serve as Directors for the ensuing year and until the
      election and qualification of their successors.  The
      resignation of Messrs. Oreta and Isidro is not due to any
      disagreement with the company on any matter relating to
      GEI's operations, policies, or practices;

   2. the amendments of the GEI Articles of Incorporation to:

      (a) change the corporate name to "GeoGrace Resources
          Philippines, Inc.;" and

      (b) change of primary purpose to mining and exploration of
          minerals.

   3. the schedule of a GEI Special Stockholders Meeting on
      October 27, 2006, at 4:00 p.m.  The venue will be
      disclosed at a later date.  The record date of GEI
      stockholders entitled to notice of and to vote at the
      Meeting will be end of trading hours of the PSE on
      September 20, 2006.

   4. the election of the Directors of these Committees:

      (a) Audit Committee:

          Edgardo del Fonso           -- Chairman
          Florencio T. Mallare        -- Member
          Delfin S. Castro, Jr.       -- Member

      (b) Nomination Committee

          Edgardo del Fonso           -- Chairman
          Arsenio C. Cabrera, Jr.     -- Member
          David M. dela Cruz          -- Member

      (c) Compensation Committee

          David M. dela Cruz          -- Chairman
          Florencio T. Mallare        -- Member
          Delfin S. Castro, Jr.       -- Member

The company also reveals that during the meeting, it is in
discussion with various parties to enable GEI to enter into a
joint venture/strategic partnership with entities holding mining
claims in the Philippines which contain deposits of precious
metals, base metals, ferrous and non-ferrous metals and other
industrial minerals.

GEI also notes that it is still conducting due diligence on the
authenticity of mining claims.  There has been no definitive
agreement reached with third parties.

                          *     *     *

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

The Company's total liabilities as of March 31, 2006, amounted
to PHP1.12 billion, whereas its total assets were pegged at
PHP871.04 million.  Capital deficiency reached PHP242.28 million
as of March 2006, from PHP231.52 million as of March 2005.


CE CASECNAN: S&P Raises Rating on Notes to BB- from B+
------------------------------------------------------
On September 15, 2006, Standard & Poor's Ratings Services raised
its issue rating on Philippines' CE Casecnan Water and Energy
Co. Inc.'s US$171.5 million senior secured notes to 'BB-' from
'B+'. The outlook is stable.  The rating upgrade reflects its
improved financial risk profile, after significant debt
amortization in 2005.

CE Casecnan, an 85%-owned subsidiary of MidAmerican Energy
Holdings Co. (MidAmerican Energy; A-/Stable/--), is the owner
and operator of a combined water and hydroelectric power project
on the island of Luzon in the Philippines.  The project diverts
water through 29 km of tunnels from the Casecnan and Denip
rivers to a 150-megawatt (MW) power plant.  The Philippine
National Irrigation Administration uses the water for irrigation
and sells the electricity to National Power Corp. (foreign
currency BB-/Stable/--; local currency BB+/Stable/--), the
national electric utility.

The project started commercial operations on December 11, 2001,
after experiencing substantial construction delays.  Since then,
however, it has been operating smoothly.  The debt-service-
coverage ratio (DSCR) is expected to improve significantly to
above 2.0x in 2006 from 1.3x in 2005, as a significant amount of
debt was amortized in 2005.

The stable outlook on the rating reflects the outlook on the
Philippine government, which provides a performance undertaking
for the project.  A downgrade in the rating on the sovereign, or
any material adverse regulatory developments is likely to result
in a downgrade in our rating on the project.  Conversely, the
rating may be raised if the sovereign rating is raised, and it
is accompanied by continued satisfactory performance of the
project.


VITARICH CORP.: Files Petition for Corporate Rehabilitation
-----------------------------------------------------------
In a filing with the Philipppine Stock Exchange, dated
September 15, 2006, Vitarich Corporation disclosed that on that
day, it has filed a petition before the Regional Trial Court of
Malolos City, Bulacan entitled "In the matter of the Petition
for Corporate Rehabilitation of Vitarich Corporation," docketed
as Civil Case No. 592M-2006.

Pursuant to the Implementing Guidelines for Companies Under
Corporate Rehabilitation, which was dessiminated through a Memo
for Brokers dated January 19, 2005, a trading suspension will be
implemented on Vitarich's shares effective September 18, 2006.

The PSE will inform Trading Participants and the investing
public of further developments on the matter.

                         About Vitarich

Vitarich Corporation -- Http://www.vitarich.com -- is among the
leading integrated producers and wholesalers of poultry and
animal feed products in the Philippines.  The Company also
develops, produces and sells animal health products.  It is
dedicated to the poultry and feeds industry, committing all of
its resources to the production of poultry products, including
upstream production activities such as feed milling, and
additional ventures where the company's knowledge of the poultry
and feeds production process provides it with competitive
advantage.

In 1988, the Company entered into a joint venture agreement with
Cobb-Vantress, Inc. and formed Breeder Master Inc., (formerly
Phil-American Poultry Breeders, Inc.) to engage in the
production of day-old parent stocks.  Cobb-Vantress is 100%
owned by Tyson Foods, Inc, the worlds largest chicken company.
BMI is 80% owned by Vitarich and 20% owned by Cobb-Vantress.

Despite the Company's expansion into other areas, its core
business remains rooted in poultry.  As of end-2001,
contribution to gross sales of the Company's business groups was
-- foods 62%, feeds 30%, and farms 8%.

VITA is presently engaged in the manufacture and distribution of
various poultry products like chicken, animal and aqua feeds,
and day-old chicks, among others.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported on July
10, 2006, that after auditing Vitarich's 2005 annual report,
Punongbayan & Araullo raised substantial doubt the Company's
ability to continue as a going concern, due to significant
losses for the past three years, including net losses worth
PHP249.3 million in 2005 and PHP291.2 million in 2004, resulting
in significant deficit amounting to PHP1.8 billion as of Dec.
31, 2005.

The TCR-AP reported that Vitarich disclosed to the Philippine
Stock Exchange that after the Company's annual stockholders'
meeting held on June 30, 2006, the company planned to reduce
losses by 50% to around PHP125 million in 2006 by continuously
shifting the focus to hog and aqua from chicken and poultry
feeds -- to break even.

As at December 31, 2005, and 2004, the Company holds 100%
interests in Philippines' Favorite Chicken, Inc., and Gromax,
Inc., both domestic corporations, the TCR-AP noted.


VITARICH CORP.: Posts PHP579.5 Mln Revenue for 2Q2006, 28% Down
---------------------------------------------------------------
Vitarich Corporation posted PHP579.5 million consolidated sales
revenue for the second quarter 2006, 28% lower than the same
period last year.  As of June 30, 2006, total sales was PHP1.2
billion, representing a 33% decrease over last year's sales of
PHP1.7 billion.  This can be attributed to the deliberate move
of the company to reduce its poultry volume and continuously
shifting its focus to its feeds business, Vitarich explains.

As a result, Feeds business dominated the company's sales mix at
65% and poultry business contributed 35%.  Relative to the
decrease in sales, cost of goods sold correspondingly decreased
by 34% at the end of the second quarter as compared than last
year.  Amidst the increasing costs of imported raw materials,
the company still manages to post positive results of its
operating income from continuing operation of PHP14.8 million
for the first semester of 2006.

Likewise, operating expenses were reduced by 33%, from PHP254
million of 2005 to PHP171 million, as a result of prudent
spending coupled with continuous strategic activities
implemented by the Company to further lower the level of
operating expenses, Vitarich says.

To boost revenues and minimize expenses, Vitarich will remain
focused on instituting these measures:

   * Negotiation with local creditor banks for a more permanent
     restructuring agreement thereby having a longer period of
     repayment of the Company's loans and plan for negotiation
     with the other creditors;

   * Alternate sourcing of raw materials to produce competitive
     cost of finished products;

   * Continuous implementation of cost-reduction measures; and

   * Concentration on high margin products

In view of these measures, Vitarich posted a net loss for the
second quarter of PHP50 million, higher as compared from last
year's losses of PHP38.2 million.

As of the first semester of 2006, the Company registered a net
loss after financing charges of PHP90.4 million, slightly lower
than PHP104.5 million loss of the same period last year.

Vitarich's total assets as of June 30, 2006, amounted to PHP3.4
billion which is almost within the December 2005 level.  The 3%
decrease in current assets was primarily due to the decrease of
inventories by 7%, basically due to slow production levels and
keeping the inventories on hand at a minimum, the company
explains.

Second quarter cash balance decreased to PHP56 million from
PHP62.1 million as of the end of 2005.  Likewise, prepaid
expense and other current asset account of PHP20.6 million
decreased by almost 5% from last year of PHP21.7 million.

Stockholders' equity as of June is PHP129.6 million, lower than
PHP220.0 million of 2005 basically due to the net effect of
losses as of the second quarter.

A full-text copy of Vitarich's financial results for the quarter
ended June 30, 2006, is available for free at:

http://www.pse.org.ph/html/ListedCompanies/pdf/2006/VITA_17Q_Jun
2006.pdf

                      No Dividend Payment

In 1995, Vitarich declared cash dividend of PHP0.10/share.

For 1996 up to second quarter of 2006, the company did not
declare any dividend because of its losses.

                         About Vitarich

Vitarich Corporation -- Http://www.vitarich.com -- is among the
leading integrated producers and wholesalers of poultry and
animal feed products in the Philippines.  The Company also
develops, produces and sells animal health products.  It is
dedicated to the poultry and feeds industry, committing all of
its resources to the production of poultry products, including
upstream production activities such as feed milling, and
additional ventures where the company's knowledge of the poultry
and feeds production process provides it with competitive
advantage.

In 1988, the Company entered into a joint venture agreement with
Cobb-Vantress, Inc. and formed Breeder Master Inc., (formerly
Phil-American Poultry Breeders, Inc.) to engage in the
production of day-old parent stocks.  Cobb-Vantress is 100%
owned by Tyson Foods, Inc, the worlds largest chicken company.
BMI is 80% owned by Vitarich and 20% owned by Cobb-Vantress.

Despite the Company's expansion into other areas, its core
business remains rooted in poultry.  As of end-2001,
contribution to gross sales of the Company's business groups was
-- foods 62%, feeds 30%, and farms 8%.

VITA is presently engaged in the manufacture and distribution of
various poultry products like chicken, animal and aqua feeds,
and day-old chicks, among others.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported on
July 10, 2006, that after auditing Vitarich's 2005 annual
report, Punongbayan & Araullo raised substantial doubt the
Company's ability to continue as a going concern, due to
significant losses for the past three years, including net
losses worth PHP249.3 million in 2005 and PHP291.2 million in
2004, resulting in significant deficit amounting to PHP1.8
billion as of Dec. 31, 2005.

The TCR-AP reported that Vitarich disclosed to the Philippine
Stock Exchange that after the Company's annual stockholders'
meeting held on June 30, 2006, the company planned to reduce
losses by 50% to around PHP125 million in 2006 by continuously
shifting the focus to hog and aqua from chicken and poultry
feeds -- to break even.

As at December 31, 2005, and 2004, the Company holds 100%
interests in Philippines' Favorite Chicken, Inc., and Gromax,
Inc., both domestic corporations, the TCR-AP noted.


* RP Risks Downgrade if Power Energy Assets Sale Fails, S&P Says
----------------------------------------------------------------
The Philippines risks a downgrade in its credit outlook if the
sale of the government's power plants fails to gather pace,
Likha C. Cuevas of The Manila Times reports, citing Standard &
Poor's Ratings Services, as saying.

According to Agost Benard, S&P's credit analyst, the
privatization in the electricity sector continues to suffer
setbacks and delays, which prolongs the resolution of a major
source of contingent debts in the government's books.

"The outlook and rating on the Philippines could benefit if
fiscal and public sector reforms, including privatization of the
electricity sector, become sufficiently entrenched to effect a
material decline in government debt, easing external
vulnerability," Mr. Benard says.

The Manila Times recounts that in July the government terminated
its contract with YNN Pacific Consortium Inc., after it failed
to pay US$227.54 million for the 600-megawatt Masinloc power
plant in Zambales province.

The paper relates that YNN failed to deliver the payment after
its controlling shareholder, Ranhill Berhad, a Malaysian
engineering firm, backed out because the plant lacked a reliable
supply contract for its output.

However, the Power Sector Assets and Liabilities Management
Corp., the agency responsible for the sale of government-owned
power plants, noted that the new wholesale electricity spot
market provides a more suitable means for selling the plant's
output, the Manila Times says.  Thus, the government is working
on the rebidding of the Masinloc facility within the year, ABS-
CBN News says.

The Manila Times further notes that the Philippines is also set
to sell other power plants in the coming months, including the
National Transmission Corp.

The Manila Times also cites Finance Secretary Margarito B.
Teves, as saying the government wants to accelerate the
privatization process in accordance with its plan to cut the
public sector and contingent debt.

S&P says the constraints to the Philippines' credit-worthiness -
- a fiscal deficit and political turbulence -- are starting to
ease.

Mr. Benard says the major strength of the Philippines' credit
position -- its external liquidity -- is continuing to improve
in excess of expectations.

According to the Manila Times, S&P also said there is less
political turmoil in the country and sees President Arroyo
"increasingly likely" to finish the rest of her term without
facing the type of "major upheavals that paralyze policymaking
or seriously affect investor sentiment."

S&P further said Pres. Arroyo is expected to remain a "hands-on
President" with input into and control over policy direction,
even with a proposed Charter change, which was set-aside for the
meantime, Manila Times relates.

                         *     *     *

"Standard & Poor's Ratings Services assigned its 'BB-' senior
unsecured rating to the Republic of Philippines' proposed new
bond issue that will mature in 2024, as well as the new debt
under the series of 7.75% Global Bonds due in 2031.  The
government is offering these bonds in exchange for some of its
existing debt.  At the same time, Standard & Poor's also
affirmed its 'BB-' ratings on the bonds that are eligible for
exchange."


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

CELATO (SINGAPORE): Commences Wind-Up Proceedings
-------------------------------------------------
Cultural Day Limited filed on September 8, 2006, an application
to wind up Celato (Singapore) Pte Ltd.

In this regard, creditors are required to file their proofs of
claim to the company's liquidator for them to share in any
distribution the company will make.

The liquidator can be reached at:

         Official Receiver
         The URA Centre
         East Wing #05-11/#06-11
         45 Maxwell Road
         Singapore 069118


DREAMSCAPE CONSULTING: To Pay Dividend on September 25
------------------------------------------------------
Dreamscape Consulting Pte Ltd will pay its first and final
dividend to creditors on September 25, 2006.

The company will pay 100% to all admitted claims.

The liquidators can be reached at:

         Chee Yoh Chuang
         Lim Lee Meng
         RSM Chio Lim
         18 Cross Street
         #08-01 Marsh & McLennan Centre
         Singapore 048423


EXABYTE CORPORATION: June 30 Balance Sheet Reveal Insolvency
------------------------------------------------------------
Exabyte Corporation has released its unaudited financial report
for the second quarter ended June 30, 2006.

For the six months ended June 30, 2006, the company's financial
statement showed net revenue of US$41.1 million, a slight
decrease compared to US$48.4 million recorded in the quarter
ended June 30, 2005.  Gross profit for the fiscal year ended
June 30, 2006, also decreased by approximately US$4 million from
last year's US$14.24 million to this year's US$10.5 million.
The company also recorded net earnings of US$9.71 million for
the period ending June 30, 2006, an improvement from net losses
of US$2.35 million in the same quarter last year.

As of June 30, 2006, the company's balance sheet reflected total
assets of US$26.4 million, total liabilities of US$47.7 million,
resulting in a shareholders' deficit of US$21.3 million.

                    About Exabyte Corporation

Exabyte Corporation -- http://www.exabyte.com/-- manufactures
tape storage products.  The Company's products back up and
restore critical business information.

In Asia Pacific, the company is headquartered in Singapore, with
offices in Australia, China and Hong Kong.

                          *     *     *

The Company's balance sheet at Dec. 31, 2005, showed total
assets of US$34,715,000, total liabilities US$66,675,000 and
Series AA Convertible preferred stock of 38,931,000, resulting
in a US$70,891,000 stockholders' deficit.


EXABYTE CORPORATION: Inks Asset Purchase Agreement with Tandberg
----------------------------------------------------------------
Exabyte Corporation has entered into an Asset Purchase Agreement
with Tandberg Data Corporation, according to a press release on
August 30, 2006.

Under the terms of Agreement, Tandberg will purchase
substantially all Exabyte's assets in exchange for Exabyte's
cash and the assumption of certain liabilities.  The Agreement
was approved by Exabyte's Independent Committee and ratified by
its Board of Directors.  The closing of the transaction is
subject to the approval of Exabyte common shareholders at their
meeting that is expected to occur on October or November 2006.
Under certain circumstances, the Agreement may be terminated by
either party if the transaction is not completed by December 31,
2006.

The total cash consideration is expected to be approximately
US$28 million plus certain transaction fees.  The amount will
fluctuate based on the actual balance outstanding under
Exabyte's loan agreement with Wells Fargo Business Credit, Inc.,
which will be paid in full at closing.

The payment to Exabyte at closing will be approximately US$22.5
million and will generally be equal to:

1) the balance outstanding on the Wells Fargo loan, which holds
   a first priority security interest in Exabyte's assets;

2) the repayment obligations, as restructured, under Exabyte's
   10% Secured Convertible Subordinated Notes -- second priority
   security interest --, and notes payable to Imation Corp. --
   third priority security interes --, Hitachi, Ltd. and
   Solectron Corporation, and;

3) Exabyte's transaction fees.  It is a condition to the
   Agreement that the cash purchase proceeds to Exabyte will be
   used to make these payments.  In addition, Tandberg will
   assume certain liabilities of Exabyte, consisting of
   substantially all accounts payable and accrued expenses,
   warranty obligations and obligations under purchased
   contracts, and new or restructured notes payable issued to
   Imation Corp. and Hitachi, Ltd., among others.

Moreover, Tandberg required Exabyte to enter into Restructuring
Agreements or Amendments with the holders of its Convertible
Notes, Hitachi, Ltd., Solectron Corporation and Imation Corp.
that provide for reductions in the amounts currently due under
various debt instruments, the issuance of new or restructured
notes payable in certain circumstances, and the waiver of
existing and future events of default, if any.

Following the closing of the acquisition, Exabyte will retain
certain liabilities owed to creditors.  However, Exabyte is not
expected to have any significant assets remaining for the
payment of these obligations.  In addition, subsequent to
closing there will be no assets available for distribution to
holders of Exabyte's Series AA preferred stock or its common
stock.  Exabyte intends to liquidate and dissolve immediately
after the closing of the transaction.

"We are pleased to have reached an agreement for the combination
of Exabyte and Tandberg Data," said Tom Ward, CEO of Exabyte.

"The complimentary strengths of the two companies in the various
geographic markets around the world will result in a truly
global competitor in the storage industry.  In addition, the
combined product portfolios of the two companies will provide
our customers with the full range of state-of-the-art, cost
effective products and technologies to meet their needs.
Finally, the operational synergies resulting from the
combination will allow the new company to operate from an
improved position of financial strength and stability in the
future", Mr. Ward added.

Exabyte's management is expected to continue with Tandberg and
will focus on capitalizing on the opportunity for Exabyte's VXA
and LTO technologies and products, as well as the integration of
the two companies' operations and products.  All employees of
Exabyte will be offered positions with Tandberg.

                    About Exabyte Corporation

Exabyte Corporation -- http://www.exabyte.com/-- manufactures
tape storage products.  The Company's products back up and
restore critical business information.

In Asia Pacific, the company is headquartered in Singapore, with
offices in Australia, China and Hong Kong.

                          *     *     *

The Company's balance sheet at Dec. 31, 2005, showed total
assets of US$34,715,000, total liabilities US$66,675,000 and
Series AA Convertible preferred stock of 38,931,000, resulting
in a US$70,891,000 stockholders' deficit.


FREESCALE SEMICON: Inks US$17.6 B Merger Deal with Equity Group
----------------------------------------------------------------
Freescale Semiconductor Inc. has entered into a definitive
merger agreement to be acquired by a private equity consortium
in a transaction with a total equity value of US$17.6 billion.
The consortium is led by The Blackstone Group, and includes The
Carlyle Group, Permira Funds and Texas Pacific Group.

Under the terms of the merger agreement, the consortium will
acquire all of the outstanding Class A and Class B shares of
Freescale for US$40 per share in cash, representing a premium of
approximately 36% over Freescale's average closing share price
during the 30 trading days ended Sept. 8, 2006.  The company
first acknowledged it was in discussions with third parties
regarding a possible transaction on Sept. 11, 2006.

The board of directors of Freescale has unanimously approved the
merger agreement and resolved to recommend that Freescale's
stockholders adopt the agreement.

There is no financing condition to the obligations of the
private equity consortium to consummate the transaction, and
equity and debt commitments for the full amount of the merger
consideration have been received.  It is currently anticipated
that substantially all of the company's outstanding Notes will
either be tendered for or repaid.

The merger is subject to customary conditions to closing,
including the affirmative vote of Freescale stockholders and
requisite antitrust approvals.  The merger agreement contains a
provision under which Freescale may solicit alternative
proposals from third parties during the next 50 calendar days.
In addition, Freescale may, at any time, subject to the terms of
the merger agreement, respond to unsolicited proposals.  If the
company accepts a superior proposal, a break-up fee would be
payable by the company. There can be no assurance of any
alternative proposal.

Goldman, Sachs & Co. serves as financial advisor to Freescale
and provided a fairness opinion in connection with the
transaction. Wilson Sonsini Goodrich & Rosati Professional
Corporation serves as legal adviser to Freescale in connection
with the transaction.

Credit Suisse Securities (USA) LLC, Citigroup Corporate and
Investment Banking and Blackstone Corporate Advisory Services
act as financial advisors to the private equity consortium.
Skadden, Arps, Slate, Meagher & Flom LLP serves as legal adviser
to the private equity consortium in connection with the
transaction.

                 About Freescale Semiconductor

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale became a publicly traded company in July 2004.  The
company has design, research and development, manufacturing or
sales operations in more than 30 countries, including Australia,
China, Hong Kong, India, Japan, Korea, Malaysia, Singapore and
Taiwan.

The company's 7-1/8% Senior Notes due 2014 carry Moody's
Investors Service's Ba1 rating.


FREESCALE SEMICON: Moody's Holds Ba1 Rating on US$850 Mil. Notes
----------------------------------------------------------------
Moody's Investors Service affirmed the Ba1 corporate family and
senior unsecured ratings of Freescale Semiconductor Inc. and
changed the outlook to negative from stable.  The negative
outlook reflects possible credit deterioration in light of the
recent announcement by the Company that it is currently in
discussions with parties related to a possible business
transaction.

Moody's believes the potential for a leveraged buyout of
Freescale has increased.  Moody's notes that it is unlikely
Freescale's ratings would remain at the Ba1 rating level
following a leveraged buyout.  The company's ratings would
likely be placed on review for possible downgrade if the company
were to make a definitive announcement involving a leveraged
transaction.  Conversely, the ratings could be affirmed and
outlook stabilized in the event the company were to announce
that it has decided not to pursue such a transaction, presuming
the company does not undertake an alternative leveraging event.

According to Gregory Fraser, CFA, Vice President-Senior Analyst,
since Freescale is currently rated below investment grade by
Moody's, the change of control provision contained in the note
indenture is currently operative.  Accordingly, a leveraged
buyout would require the company to repurchase the senior
unsecured notes at the option of the noteholders at a price of
101% of face value plus accrued and unpaid interest.

These ratings were affirmed:

     * Corporate Family Rating - Ba1

     * Senior Unsecured Guaranteed Notes with various
       maturities totaling $850 million - Ba1

     * Speculative Grade Liquidity Rating - SGL-1

The ratings outlook is negative.

                 About Freescale Semiconductor

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale became a publicly traded company in July 2004.  The
company has design, research and development, manufacturing or
sales operations in more than 30 countries, including Australia,
China, Hong Kong, India, Japan, Korea, Malaysia, Singapore and
Taiwan.

The company's 7-1/8% Senior Notes due 2014 carry Moody's
Investors Service's Ba1 rating.


L&M GROUP: Enters into Sale and Purchase Agreement with CSC
-----------------------------------------------------------
On September 18, 2006, L&M Group Investments Limited and its
subsidiary L&M Geotechnic Pte Ltd entered into a Conditional
Sale and Purchase Agreement with CSC Holdings Limited for the
sale of all the shares in the capital of L&M Foundation
Specialist Pte Ltd and certain equipment and machinery owned by
L&M Geotechnic Pte Ltd

As reported by the Troubled Company Reporter - Asia Pacific, on
July 14, 2006, the company has planned to enter into an
exclusive negotiation to sell its subsidiaries to CSC Holdings
Limited.

The purchase amount is SG$17,295,000.  The completion of the
proposed sale is conditional upon the conditions that should be
fulfilled not later than December 2006, which are:

  i.) the completion of due diligence exercises;

ii.) the filing of certain tax returns;

iii.) the completion of inspection of the equipment and
      machinery of L&M Geotechnic which are to be sold;

iv.) the approval by the respective board of directors of the
      Purchaser, L&M Geotechnic and L&M Foundation; and

  v.) the necessary waivers, approvals and consents of the
      Singapore Exchange Securities Trading Limited to complete
      the transactions contemplated under the Agreement.

                   About L&M Group Investments

Founded in 1971 and listed on the Stock Exchange of Singapore
since 1984, L&M Group Investments Ltd delivers its specialized
engineering and construction services through two divisions --
Geotechnic and Structural Systems.  Geotechnic Division
undertakes the design and construction of geotechnical
engineering and heavy foundation works, the sale of building
products and rental of engineering equipment.  Structural
Systems Division undertakes the design and construction of
structural and civil engineering works.

                          *     *     *

In December 2005, the Company sought to appoint a judicial
manager to revive the Company's operations.  The High Court of
Singapore placed the Company under judicial management on
January 11, 2006, under Bob Low Sie of Messrs Bob Low Sie &
Company.  The Judicial Management Order will remain in force
until January 9, 2007.


SPH MEDIAWORKS: Pays Dividend to Unsecured Creditors
----------------------------------------------------
SPH Mediaworks Limited has paid its second and final dividend to
unsecured creditors on September 6, 2006.

The amount paid was 3.17% of all admitted claims.

The liquidator can be reached at:

         Peter Chay Fook Yuen
         c/o KPMG
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


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

BANK OF AYUDHYA: Lowers Loan Goal for '06 Due to Econ. Slowdown
---------------------------------------------------------------
Bank of Ayudhya disclosed on September 15, 2006, that it would
cut its loan growth target this year due to a drop in investment
as economic growth slowed, Agence France Press reports.

The Bank of Ayudhya had aimed to lend THB36 billion or
US$966 million this year, up 8% from last year.

"Investment slowed from late in second quarter and that should
last to early in the fourth quarter, dragging our loan growth
down," AFP quoted bank president Pongpinit Tejagupta as saying.

Moreover, borrowers preferred the bond market where the central
bank raised interest rates 13 times between August 2004 and June
this year, Mr. Tejagupta said.

Ayudhya, which had outstanding loans of THB434 billion at the
end of June, expected lending to pick up in the fourth quarter
after a new general election and a fall in oil prices.

AFP recounts that BAY announced in May that renewed tax payments
and high oil prices would hurt its third-quarter earnings, but
aimed for earnings growth of 10% this year to a record
THB6.6 billion.

Bank of Ayudhya reported a net profit of THB3.5 billion in the
first six months ended June 30, 2006.

                          *     *     *

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

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

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


PHELPS DODGE: Moody's Confirm Ratings After Inco Bid Termination
----------------------------------------------------------------
Moody's Investors Service confirmed Phelps Dodge's Baa2 senior
unsecured debt rating and revised its outlook to positive.  The
outlook was stable prior to the ratings being placed under
review.  The confirmation and outlook revision follow the
announcement that Phelps Dodge has terminated its combination
agreement with Inco.   This concludes Moody's review of Phelps
Dodge's ratings, which were placed under review for possible
downgrade on June 26, 2006.

These ratings were confirmed:

     -- Junior Preferred Stock Shelf, Confirmed at (P)Ba1
     -- Junior Subordinated Shelf, Confirmed at (P)Baa3
     -- Preferred Stock Shelf, Confirmed at (P)Ba1
     -- Preferred Stock 2 Shelf, Confirmed at (P)Ba1
     -- Senior Unsecured Regular Bond/Debenture, Confirmed at
        Baa2
     -- Senior Unsecured Shelf, Confirmed at (P)Baa2

The Baa2 rating reflects Phelps Dodge's position as the world's
second largest producer of copper and molybdenum, its solid
capital structure, and its strong cash flow in the currently
very robust markets for copper and molybdenum.  However, the
rating also considers the substantial amount of cash being
returned to shareholders via special dividends, a still
relatively high cost structure, exposure to cyclical metals
markets through two closely related metals -- copper and
molybdenum, and a demonstrated appetite for potentially highly
levered acquisitions.  The revision in outlook to positive
reflects the very strong fundamentals in the copper and
molybdenum markets and Moody's expectation that Phelps Dodge's
financial performance will continue to be strong over the next
twelve to fifteen months.  However, any upgrade consideration of
the rating will be tempered by the current program of
shareholder returns, recent aggressive acquisition activities,
and uncertainty about the future direction these activities may
take.

Phelps Dodge is a Phoenix based producer of copper and
molybdenum and had revenues in 2005 of US$7.1 billion.  In Latin
America, Phelps Dodge's operations are in Chile, Peru, Colombia,
Venezuela and Ecuador, among others.


Phelps Dodge -- http://www.phelpsdodge.com/-- is among the
world's largest producers of molybdenum, molybdenum-based
chemicals, and manufacturer of wire and cable products.

Phelps Dodge has operations in Thailand, China, the Philippines
and Japan, among others.


* ALIXPARTNERS LLP: Moody's Rates US$435MM Credit Facility at B1
----------------------------------------------------------------
Moody's Investors Service assigned a B1 first time, rating to
AlixPartners LLP proposed US$435 million senior secured credit
facility (US$385 million term loan and US$50 million revolver)
and a B1 corporate family rating.  The ratings for the secured
credit facility reflect both the overall probability of default
of the company, to which Moody's assigns a PDR of B2, and a loss
given default of LGD 3 for the credit facility.  The rating
outlook is stable.

On August 3, 2006, AlixPartners entered into an agreement
whereby Hellman & Friedman LLC and AlixPartners' managing
directors and employees will acquire a majority equity stake in
the company in a leveraged recapitalization.  Pursuant to the
recapitalization, AlixPartners Holdings, Inc., an entity
controlled by the company's founder, agreed to sell 80.1% of the
AlixPartners' partnership units.  The transaction values
AlixPartners at approximately $872 million, before fees and
expenses. The transaction is expected to close mid October.

The transaction is expected to be funded with a US$385 million
term loan, US$296 million of cash equity contributed by the
sponsor and US$218 of rollover equity from the founder and
management.

The ratings reflect strong business diversity which helps to
mitigate exposure to cyclicality, a relatively small revenue
base compared to the company's rated peer group, significant pro
forma adjustments to historical financial statements and
concerns about employee retention.  The ratings are supported by
a track record of strong organic growth, stable segment revenues
across economic cycles, a high proportion of variable expenses,
as well as solid pro forma credit metrics.

The B1 rating on the senior secured credit facility reflects an
LGD 3 loss given default assessment as this facility is secured
by a pledge of substantially all of assets of AlixPartners and
its domestic subsidiaries and there is an immaterial amount of
junior non-debt obligations.  In the case of pledges of foreign
stock, the collateral package is limited to 65% of the voting
stock and 100% of the non-voting stock of certain of its first
tier foreign subsidiaries.  The senior secured credit facility
is guaranteed by substantially all the domestic subsidiaries of
the company.

Mooody's assigned these ratings:

   -- Corporate Family Rating: B1;

   -- Probability-of-default rating: B2;

   -- US$385 million senior secured 7-year term loan: B1
      (LGD 3, 34%); and

   -- US$50 million senior secured 6-year revolver: B1
      (LGD 3, 34%).

The stable outlook anticipates moderate revenue and EBITA growth
over the next 12 to 18 months.  Free cash flow from operations
is expected to be used to pay down debt.

Strong revenue growth accompanied by steady EBITA margins could
lead to a change in outlook to positive.  The ratings could be
upgraded if debt to EBITDA and EBITA to interest are expected to
be sustained at under 3.5 times and over 3 times, respectively.


A loss of key personnel or a downturn in revenues and/or
utilization rates in major lines of business could lead to a
negative outlook.  The ratings could be downgraded if debt to
EBITDA and EBITA to interest are expected to be sustained at
over 5 times and under 1.6 times, respectively.  A significant
debt financed acquisition could also pressure the ratings.

Founded in 1981, AlixPartners is a leading international
business consulting and advisory firm, offering the following
five areas of consulting services:

   (i) financial advisory,
   (ii) performance improvement,
   (iii) turnaround and restructuring,
   (iv) case management and
   (v) information technology.

AlixPartners has approximately 530 employees operating in 12
offices across the United States, Europe and Asia.  Revenue for
the twelve-month period ending July 31, 2006, was
US$369.9 million.


* ALIXPARTNERS LLP: S&P Assigns BB- Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating and stable outlook to Southfield, Mich.-based
business consulting firm AlixPartners LLP.

At the same time, Standard & Poor's assigned our 'BB-' bank loan
rating and recovery rating of '3' to AlixPartners' US$435
million senior secured credit facility, indicating an
expectation of meaningful (50%-80%) recovery of principal in the
event of a payment default.  The credit facility consists of a
US$50 million revolving credit facility due 2012 and a US$385
million term loan B due 2013.

Proceeds of the transaction will be used to finance the
acquisition of a majority interest in AlixPartners by Hellman &
Friedman LLC.  Pro forma for the transaction, total debt
outstanding was US$385 million as of July 31, 2006.

"The ratings reflect AlixPartners' dependence on highly mobile
senior consulting professionals, the competitive market for
consulting services, and some business cycle exposure,
especially as the company gains scale," said Standard & Poor's
credit analyst Andy Liu.

These factors are only partially offset by the company's
somewhat flexible cost structure, strong margins, and potential
for good discretionary cash flow.

AlixPartners specializes in corporate turnaround and
restructuring, financial advisory, performance improvement, case
management, and IT transformation.


* BOND PRICING: For the Week 18 September to 22 September 2006
--------------------------------------------------------------

Issuer                               Coupon     Maturity  Price
------                               ------     --------  -----

AUSTRALIA & NEW ZEALAND
-----------------------
Ainsworth Game                        8.000%    12/31/09     1
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     7
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%    06/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     9
Capital Properties NZ Ltd             8.500%    04/15/07     8
Capital Properties NZ Ltd             8.500%    04/15/09     7
Capital Properties NZ Ltd             8.000%    04/15/10     8
Cardno Limited                        9.000%    06/30/08     4
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    25
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%    03/15/08     8
Fletcher Building Ltd                 7.800%    03/15/09     7
Fletcher Building Ltd                 8.850%    03/15/10     8
Fletcher Building Ltd                 7.550%    03/15/11     7
Fernz Corp Ltd                        8.560%    10/15/06     8
Futuris Corporation Ltd               7.000%    12/31/07     2
Hy-Fi Securities Ltd                  7.000%    08/15/08     8
Hy-Fi Securities Ltd                  8.750%    08/15/08    10
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    06/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Kagara Zinc Ltd                       9.750%    05/06/07     5
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    11
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     8
Sapphire Securities Ltd               7.410%    09/20/35     7
Sapphire Securities Ltd               9.160%    09/20/35     9
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Speirs Group Ltd.                    10.000%    06/30/49    50
Tower Finance Ltd                     8.750%    10/15/07     8
Tower Finance Ltd                     8.650%    10/15/09     8
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%    09/15/12     8
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     3

CHINA
-----
Shang Urban Cons                      5.180%    07/27/20    70

KOREA
-----
Korea Electric Power                  7.950%    04/01/96    55

MALAYSIA
--------
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
AHB Holdings Bhd                      5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Bumiputra-Commerce                    2.500%    07/17/08     1
Camerlin Group Bhd                    5.500%    07/15/07     1
Crescendo Corporation Bhd             3.000%    08/25/07     1
Eastern & Oriental Hotel              8.000%    07/25/11     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Kosmo Technology Industrial Bhd       2.000%    06/23/08     1
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Malaysian Government                  4.837%    07/15/25     4
Media Prima Bhd                       2.000%    07/18/08     1
Mithril Bhd                           8.000%    04/05/09     1
Mithril Bhd                           3.000%    04/05/12     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     1
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    3.000%    12/23/12     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
Tradewinds Plantations Bhd            3.000%    02/28/16     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     3
YTL Cement Bhd                        4.000%    11/10/15     1

SINGAPORE
---------
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1
Tampines Assets                       6.000%    12/07/06     1
Tincel Ltd                            7.400%    06/13/11     1



                            *********

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.  Nolie Christy Alaba, Valerie Udtuhan, Francis
James Chicano, Catherine Gutib, Tara Eliza Tecarro, 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 ***