TCRAP_Public/060921.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

          Thursday, September 21, 2006, Vol. 9, No. 188

                            Headlines

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

ADMER FINANCE: Appoints Official Liquidator
AIR NEW ZEALAND: Engineering Arm Wins AU$90-Mln 4-yr Contract
ALLSTATE EXPLORATIONS: Court Favors Beaconsfield Gold's Rights
ANDERSON MULTIPLEX: To Hold Final Joint Meeting on October 9
ANTHOLOGY SOLUTIONS: Goes Into Liquidation

ART ATTACK: Members and Creditors to Hear Liquidator's Report
AVON PROPERTY: Court to Hear Liquidation Bid on Sept. 25
BARODA NOMINEES: Members Appoint Liquidator
BELL GROUP: Court Hears Closing Statements
BROOKSIDE CONTRACTING: Liquidation Bid Hearing Fixed on Oct. 12

CARDOW WEBSTER: Members Agree to Shut Down Business
CLINICAL DATA: Posts US$6.1-Million Net Loss in June Quarter
EARL SUPERFINE: Undergoes Liquidation Proceedings
ESSLEMONT NOMINEES: Enters Voluntary Liquidation
EZNUT PTY: Creditors Resolve to Wind Up Firm

GAZAL LEISURE: Court Issues Wind-Up Order
GEORGIAN PROJECTS: Creditors' Proofs of Claim Due on Dec. 7
HURUNUI ENTERPRISES: High Court Appoints Joint Liquidators
JAVA JOHNS: Names Fatupaito and Agnew as Joint Liquidators
KISCOT ENGINEERING: Final Meeting Fixed for October 4

KOKO KLOTHING: Creditors Pass Resolution to Wind Up Firm
LUNAR INVESTMENTS: Court Sets Date to Hear Liquidation Petition
MIKE'S ELECTRICS: Wind-Up Process Commenced
MISR AUSTRALIA: Schedules Final Meeting on October 9
MONKEY MIA: Liquidator to Present Wind-Up Report on October 4

MTF (VIC) PTY: Members Opt to Close Operations
NETWORKS MULTIMEDIA: Members Decide to Close Firm
ORIGIN PACIFIC: Placed in Receivership
OUR HOUSE PTY: Placed Under Voluntary Wind-Up
PANDA BEARS: Westpac Appoints Receiver and Manager

PASMINCO BROKEN: To Declare Dividend on September 28
PASMINCO INTERNATIONAL: To Declare Third Dividend
PASMINCO INVESTMENTS: Creditors' Proofs of Claim Due on Sept. 20
POWERNET COMMUNICATIONS: Court Issues Liquidation Order
PREMIUM CONSULTING: Faces Liquidation Proceedings
PRESTALGE PTY: Final Meeting Slated for October 3

QUANTRILL PTY: Members and Creditors to Receive Wind-Up Report
RED RESTAURANT: Liquidation Commenced on September 7
ROTHSCHILD (AUSTRALIA) CAPITAL: Members Resolve to Wind Up Firm
ROTHSCHILD (AUSTRALIA) PETROLEUM: Members Opt to Wind Up Firm
SAVAGE AUSTRALIAN: Creditors' Proofs of Claim Due on Sept. 20

SAVOX PIGMENTS: To Declare Third Dividend on September 28
STYLIS PTY: Creditors Must Prove Debts by September 27
T&M CARRIERA: Names Receiver and Manager
THE EMU BAY: Prepares To Declare Third Dividend
TUI'S HELPING HANDS: Creditors Must Prove Debts by December 7

* NZ Corporate Tax Cuts Likely, Finance Minister Says


C H I N A   &   H O N G  K O N G

AMEL EXPRESS: Members Resolve to WindmUp Operations
ANDREW CORP: Inks Satellite Service Pact with GigaSat Limited
ANDREW CORP: Launches Auto Deploy Satellite Antenna System
BALLINGTON INTERNATIONAL: Liquidators Step Aside
BAPTIST COMMUNICATIONS: Enters Voluntary Liquidation

CARDINAL (INTERNATIONAL): Enters Voluntary Wind-Up
CHINA EASTERN: Current Deficit Soars 105% at End of 2005
CLS (HK) LTD: Enters Voluntary Liquidation
D&B PRINTING: To Hold Annual Meetings on September 27
FIAT SPA: Finalizes Agreement on Joint Venture with SAIC Motor

FLOUR CITY: Final Meeting Slated for October 17
HI YIELD: Creditors' Proofs of Claim Due on October 24
HONG KONG & KOWLOON: Members to Receive Liquidator's Report
KILLIN LTD: Appoints Joint and Several Liquidators
LAURITZEN KOSAN: Creditors Must Prove Debts by October 20

LANE PROFIT: Liquidators Cease to Act for the Company
LI HUA: Liquidators Cease to Act for Company
LOGISTICS EURO: Members Opt to Wind-Up Operations
MAINSAN DEVELOPMENT: Liquidator to Present Wind-Up Report
METRON (FAR EAST): Enters Voluntary Wind-Up

METRON TECHNOLOGY (HK): Shareholders Opt to Close Operations
NCF FOUNDATION: Creditors' Proofs of Claim Due on Oct. 15
OUTMATCHING TELECOM: Creditors Must Prove Debts by Oct. 16
SEA BOND: Members' Final Meeting Set on October 16
SHANGHAI PUDONG: Shui On to Pay CNY875 Million Loan

TWIN WORLD: Creditors Must Prove Debts by October 20
WINFIELD LEGEND: Appoints Hing as Liquidator


I N D I A

AES CORP: Regulator's Study on Concession Requests Almost Done
AES CORP: Selling 33% Stake in Eletropaulo Metropolitana
CADMUS COMMUNICATIONS: Names Executive VP of Print Services
GENERAL MOTORS: Talks with Nissan and Renault Enter Final Phase
GENERAL MOTORS: Fitch Updates Recovery Prospects

ICICI BANK: Keen on Boosting Capital
INDIAN OIL: Mulls Dubai Blending Plant
JAMMU & KASHMIR: Posts INR624-Mil. Net Profit for June Quarter
JAMMU & KASHMIR: Approves Articles of Association Changes
JAMMU & KASHMIR: Pays Government INR21-Crore Dividend

RELIANCE INDUSTRIES: To Tie-Up with PSUs for NELP-VI
RELIANCE INDUSTRIES: Rethinks Retail Strategy
STATE BANK OF INDIA: One-off Items Pull Down 1st Quarter Results
STATE BANK OF INDIA: CRISIL Gives AAA Rating to Tier II Bonds
STATE BANK OF INDIA: Launches Processing Center

TATA MOTORS: Discloses 61st AGM Results
TATA MOTORS: Revenue Grows by 48% to INR5,783 Crore in Q1
TATA MOTORS: Earmarks INR100 Billion For Expansion
UCO BANK: Unveils Acquisition and Other Plans
* Raters Yet to Standardize Norms for Hybrids


I N D O N E S I A

ANEKA TAMBANG: To Hand Over Gebe Island Assets


J A P A N

FORD MOTOR: S&P Cuts Long-Term Credit Ratings One Notch to 'B'
FORD MOTOR: S&P Cuts Related U.S. ABS Synth Deal Ratings
HANKYU HOLDINGS: To Name K. Sumi President of Hankyu Hanshin
JAPAN AIRLINES: Boosts China Flights with Revision of Route Plan
JAPAN AIRLINES: Expands Code Share Tie-Up with Korean Air by 40%

MITSUBISHI MOTORS: Says Thai Operations Run as Usual Amid Coup
MITSUBISHI MOTORS: Selects Ruder Finn as Agency of Record
SOFTBANK CORP: S&P Affirms 'BB-' Long-Term Ratings


K O R E A

ASYST TECHNOLOGIES: Corporate Controller Resigns
KOREA EXCHANGE: Rejects Stock Manipulation Allegations
SAMSUNG CARD: To Write Off 80% of Capital, Bloomberg Says
WOORI BANK: Denies North Korea's Account Application
* Foreign Currency-Denominated Insurance Products Popular


M A L A Y S I A

AYER MOLEK: Decision on Default Judgment Appeal Postponed
KOMARKORP: Plans Share Buyback & Renewal of Shareholders Mandate
MALAYSIA AIRLINES: Second Quarter Post-Tax Loss Drops to MYR177M
MALAYSIA AIRLINES: Holding Firm Redeems RCPS from Intelek
MALAYSIA AIRLINES: Flights to Thailand on Schedule

MANGIUM INDUSTRIES: Unit Default Totals MYR15.76M as of Aug. 31
POLYMATE HOLDINGS: Faces HSBC Bank Malaysia Suit
UNITED CHEMICAL: Provides Default Update
* Economist Says 6% GDP Growth Target for 2007 Can Be Met


P H I L I P P I N E S

BANK OF THE PHIL. ISLANDS: Fitch Sets Individual Rating at C
EQUITABLE PCI: Board Promotes Senior Officers, Accepts Sy Offer
EQUITABLE PCI: Fitch Affirms Long-term IDR at BB
METROPOLITAN BANK: Fitch Upgrades Individual Rating to D
PHILIPPINE LONG DISTANCE: Forex Rates to Impact 3Q2006 Results

RIZAL COMMERCIAL BANKING: Fitch Affirms Long-term IDR at BB-
STENIEL MANUFACTURING: Still Contemplating Rehabilitation
UNION BANK: Fitch Affirms Ratings at Individual C/D & Support 4


S I N G A P O R E

EAMACO SHIPPING: Enters Wind-Up Proceedings
DELL INC: Schatz & Nobel Reveals N.Y. Securities Suit Filing
GETRONICS N.V.: KZA Management Completes Full Buyout
GETRONICS N.V.: Security Package Spurs S&P to Revise Rating
KOREA LEASING: Pays Fourth and Final Dividend

MEWASA PTE: Creditors' Proofs of Claim Due on September 29
SPECTRUM BRANDS: Oral Arguments Yet to be Set for Ga. Stock Suit


T H A I L A N D

AGRO INDUSTRIAL: Posts THB5.43-Mil. Net Profit in 1stQ '06
KRUNG THAI: Fitch Places Ratings Under Negative Watch
UNITED OVERSEAS: Ratings Placed under Negative Watch by Fitch

     - - - - - - - -

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

ADMER FINANCE: Appoints Official Liquidator
-------------------------------------------
Shareholders of Admer Finance Ltd appointed John Francis Managh
as its official liquidator on September 11, 2006.

The Liquidator can be reached at:

         John Managh
         Gladstone Chambers
         50 Tennyson Street (P.O. Box 1022)
         Napier, New Zealand
         Telephone/Facsimile: (06) 835 6280
         e-mail: jmanagh@xtra.co.nz


AIR NEW ZEALAND: Engineering Arm Wins AU$90-Mln 4-yr Contract
-------------------------------------------------------------
Air New Zealand's Queensland-based engineering arm, Tasman
Aviation Enterprises, has won a four-year contract for
AU$90 million (NZ$103.83 million) with the Royal Australian Air
Force, ShareChat News reports.

According to the New Zealand Press Association, the contract
with the Australian Defence Materiel Organisation is to
commercialize the F-111 Engines Business Unit at the Royal
Australian Air Force Amberley base near Ipswich.

ShareChat cites Air New Zealand as saying the contract
represented a milestone for the future of Tasman Aviation in
Australia.  Air New Zealand adds that it would use the contract
in the expansion of its military engine servicing in Australia
and the region.

Tasman already has an existing defense contract to provide
workshop support to the F-111 maintenance community at Amberley,
the NZPA notes.

The new deal will include fleet management, engineering,
maintenance and logistics for the F-111's TF30 engine, NZPA
reveals.

Tasman Aviation currently has 95 staff but anticipates lifting
its workforce to more than 230 plus up to 20 apprenticeships,
ShareChat says.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business.

As reported in the Troubled Company Reporter - Asia Pacific on
September 2, 2005, Moody's Investors Service affirmed its Ba1
issuer rating on Air New Zealand Limited after the airline
announced its annual results for FY2005.  Air NZ's rating
reflected its dominant position in the New Zealand domestic
market, with around 80% market share, and the profitability of
domestic operations following their restructuring to a low-cost
network model.  Also supporting Air NZ's rating was its solid
liquidity position, with cash balances of NZ$1.071 billion held
as at June 30, 2005.  However, while Air NZ has a solid position
in New Zealand and other parts of the international network are
performing well, intense competition on trans-Tasman routes has
resulted in it being unprofitable for Air NZ.  International
competition also limits Air NZ's ability to expand.  Its
management is also aware of the airline's vulnerability to
external shocks and the actions of key competitors.


ALLSTATE EXPLORATIONS: Court Favors Beaconsfield Gold's Rights
--------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
August 11, 2006, Allstate Exploration NL's joint venture
partner, Beaconsfield Gold, initiated an action with the Supreme
Court of Victoria, seeking declaratory relief in relation to its
pre-emptive rights under the Beaconsfield Mine Joint Venture
agreement.

According to the TCR-AP, Beaconsfield said that despite the
uncertainties surrounding the mine's reopening, it is committed
to gaining full control, believing it is best positioned and
best qualified to reopen and revitalize the mine.

On September 8, 2006, the Supreme Court of Victoria confirmed
Beaconsfield Gold's comprehensive pre-emptive rights under the
BMJV Agreement.

The ruling reinforces Beaconsfield Gold's status as the company
best positioned to acquire the Allstate interest in the joint
venture.

                     Allstate Disappointed

Joint & Several Deed Administrator Michael Ryan contends that
the Court's decision was disappointing as it limited Allstate's
options to raise additional capital.

"However, it was pleasing that a quick decision was delivered by
the Court," Mr. Ryan says, adding that the company will now
consider the decision with its lawyers to determine if t there
are any grounds for appeal.

"We will also continue to examine other options to bring
Allstate out of deed of company arrangement," Mr. Ryan added.

               Beaconsfield Gold Mine not Affected

Mr. Ryan says while the decision was a setback for Allstate's
efforts to pursue capital raising options, this would have no
impact on the Beaconsfield Gold Mine.

Mr. Ryan clarifies that the work to determine whether it is safe
and economical to reopen the mine is separate from the issues
surrounding Allstate's financial structure.

The company has called for expressions of interests from parties
in either a strategic investment in Allstate or the sale of
Allstate assets.

The Court's decision does not mean that Beaconsfield Gold has an
exclusive right to Allstate's assets, Mr. Ryan contends.  If
offers are received from third parties and Allstate's
subsidiaries intend to sell, Beaconsfield Gold has a right to
match the offer, not to stymie as sale," Mr. Ryan maintains.

              Two Claimants Agreed to Waive Claims

If Allstate emerges from deed of company arrangement, two other
major stockholders agreed not to pursue their claims:

   1. Aurora Energy's claim for AU$1.9 million; and

   2. Newmont Australia Limited's claim for AU$1.6 million

Mr. Ryan reveals that Allstate still owed smaller creditors a
total of about AU$1.1 million.  Of this amount, 300 creditors
are owed less than AU$10,000 each or collectively about
AU$320,000.  The balance is owed to larger State and national
suppliers.

"One of the last remaining major financial issues to be resolved
is the AU$47 million debts which Macquarie Bank announced would
be gifted to a trust fund for all employees of the mine at the
time of the rockfall tragedy," Mr. Ryan relates.

Mr. Ryan states that Allstate is keen for the trust to be
established and for advisers to be appointed to represent the
interests of employees so the parties will be able to discuss
the matter.

From Allstate's viewpoint, there must be a way to deal with
these debts so that the Allstate Group can come out of deed of
company arrangement and the employees can share in the group's
future," Mr. Ryan says.

                         About Allstate

Allstate Explorations NL solely operates in Australia.  The
Company manages, develops, and operates the Beaconsfield Mine
Joint Venture in Beaconsfield, Tasmania.  Allstate partially
owns the Beaconsfield gold mine with its partner Beaconsfield
Gold NL.  The Beaconsfield mine is located in Launceston,
Tasmania, Australia.

Allstate was placed under administration in 2004.  The
Administrator can be reached at:

         Allstate Explorations NL
         The Administrator
         Taylor Woodings Corporation Services
         6th Floor, 30 The Esplanade
         Perth, Australia, 6000
         Telephone: 08 9321 8533
         Fax: 08 9321 8544


ANDERSON MULTIPLEX: To Hold Final Joint Meeting on October 9
------------------------------------------------------------
Members and creditors of Anderson Multiplex Cinema Management
Pty Ltd will hold their joint final meetings on October 9, 2006,
at 10:00 a.m., to receive Liquidator Michael W. McCann's final
accounts of the Company's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

         Michael W. Mccann
         Bedfords Corporate Recovery & Advisory
         Level 3, 695 Burke Street
         Camberwell, Victoria 3124
         Australia
         Telephone:(03) 9804 0211
         Facsimile:(03) 9804 0311


ANTHOLOGY SOLUTIONS: Goes Into Liquidation
------------------------------------------
Anthology Solutions, the maker of the Yellow Machine, has gone
into liquidation, Lilia Guan of CRN Australia reports.

According to the report, the company posted a notice on its Web
site forum notifying users that it had closed down permanently
as of September 15, 2006.

CRN cites the post as stating that the "Technical Support
department will also be shutting down, and no further support is
available from Anthology."

CRN also cites John Robinson, country manager for Australia and
New Zealand at Anthology, as saying the company's closure was
related to funding issues.

"The product was doing well and was getting good traction in the
U.S. and locally.  However, there were issues relating to
funding, management needed funding to bring the company through
the year and they just couldn't do it any longer," Mr. Robinson
discloses.

"No trustees have been appointed, however a formal announcement
will be made about an appointment," Mr. Robinson notes.

According to Mr. Robinson, it is unclear whether there are
interested parties looking to purchase the company's
intellectual property.

Local Anthology distributors were disappointed about the
closure, CRN relates.

Leigh Mutimer, managing director at Tecksel, surprised by the
news, notes that there were no hints on any issues, adding that
"I don't think Robinson [knew] either."

BMS Technology, a sub-distributor of Tecksel, recently signed to
distributor Yellow Machine.

Tecksel and BMS will keep warranties in place for the next 12
months, CRN says, adding that other Yellow Machine distributors
include Cradle Technolgy, Austeq, and J Mills Distribution.

                    About Anthology Solutions

Based in Santa Clara, California, Anthology Solutions, Inc. --
http://www.yellowmachine.com/-- is a privately held company  
initially incorporated in 2000.  Ray Robidoux, the former
president of Netgear US, led the company.

Anthology Solutions is the maker of the Yellow Machine Terabyte
Storage Appliance, which has these core principles:

   * FailSafe Storage for Your Priceless Data;
   * Professional Automated Backup;
   * Anytime, Anywhere Remote Access; and
   * Complete All-in-One Solution

Anthology Solutions' products are sold worldwide through its
authorized business partners, Federal integrators, and
resellers.


ART ATTACK: Members and Creditors to Hear Liquidator's Report
-------------------------------------------------------------
Members and creditors of Art Attack Australia Pty Ltd, which is
in liquidation, will convene on October 9, 2006, at 10:00 a.m.

During the meeting, Liquidator Riad Tayeh will present a report
of the Company's wind-up and property disposal exercises.

The Joint and Several Liquidator can be reached at:

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


AVON PROPERTY: Court to Hear Liquidation Bid on Sept. 25
--------------------------------------------------------
Heatcote Property Holdings Ltd filed on July 19, 2006, a
liquidation petition against Avon Property Management Ltd with
the High Court of Christchurch.

The petition will be heard on September 25, 2006, at 10:00 a.m.

The Solicitor for the Plaintiff can be reached at:

         C. R. Vinnell
         Offices of Anthony Harper, Lawyers
         Level Five, Anthony Harper Building
         47 Cathedral Square (P.O. Box 2646)
         Christchurch, New Zealand
         Facsimile: (03) 366 9277


BARODA NOMINEES: Members Appoint Liquidator
-------------------------------------------
Members of Baroda Nominees Pty Ltd convened on August 15, 2006,
and resolved to voluntarily wind up the Company's operations.

In this regard, 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
         Horwath BRI (Victoria) Pty Ltd
         Chartered Accountants
         Level 30, The Rialto
         525 Collins Street
         Melbourne, Victoria 3000
         Australia


BELL GROUP: Court Hears Closing Statements
------------------------------------------
Liquidators for Bell Group, which collapsed in 1991, will sum up
their reasons for trying to reclaim up to AU$1.5 billion for
unsecured Bell creditors, The Age reports.

Liquidator Tony Woodings had sued 20 Australian and overseas
banks, which refinanced loans to the (Alan) Bond Corporation
subsidiary before its collapse, the Australian Associated Press
relates.

According to the AAP, the case centers around whether the banks
knew, or should have known, that the Bell Group was on the brink
of meltdown when they agreed to refinance loans to the 80-strong
group of companies in 1989 and 1990.

The Australian banks are:

   * Westpac,
   * National Australia Bank, and
   * Commonwealth Bank of Australia.

The foreign banks include:

   * Lloyds in Britain,
   * Dresdner Bank in Germany,
   * Skopbank in Finland, and
   * Credit Lyonnais in France.

The AAP cites Mr. Woodings as asserting that when the banks took
security for the loans in 1990, they knew the companies were
close to insolvency.

According to Mr. Woodings, the banks recouped AU$280 million
from the sale of assets leaving other creditors fighting for
scraps, the AAP relates.

However, the banks have argued that the Bell Group was not
insolvent, nor was it near insolvency, when they refinanced the
loans, and that there had been a real prospect of a successful
restructure, The Age says.

The Insurance Commission of Western Australia is one of the main
creditors, having lost AU$150 million in the Bell collapse, the
AAP reveals.

The AAP recounts that the legal battle before West Australian
Supreme Court judge Neville Owen, was expected to run for about
18 months when it kicked off in a blaze of publicity on July 22,
2003.

More than three years later, the case was set to enter its final
stage on September 18, 2006, during which Justice Owen began
hearing closing statements for both sides, The Age relates.

Justice Owen has set aside a week for these arguments, but
lawyers said they would not be surprised if it took a little
longer, The Age notes.

                       About Bell Group

Bell Group Limited, formerly known as Western Australian Worsted
and Woollen Mills Limited, was delisted from the Australian
Stock Exchange on August 21, 1991, because of liquidation.

On July 22, 2003, liquidator Tony Woodings started an action in
the WA Supreme Court against a group of 20 banks -- led by
Westpac -- in relation to their conduct in taking mortgages over
Bell Group assets in January 1990.  It was alleged the banks
knew or should have known that the company could not pay
creditors who were owed more than AU$800 million at the time.

On February 5, 2004, delisted.com said in its Web site that is
has carried (in good faith) for six months, an invalid
liquidator's declaration for the company.  According to
delisted, the declaration was invalid as it had to be executed
jointly by the two liquidators involved, not just by one of
them.  Delisted noted that one of the liquidators has indicated
he is not prepared as yet to make the declaration.  Thus,
shareholders remained unable to crystallize their capital loss
for tax purposes (and by implication at least one of the
liquidators still holds out the possibility of some return to
shareholders), delisted said.

On March 10, 2004, Mr. Woodings confirmed the litigation was
continuing and is expected to do so for the rest of 2006 and
into 2007.


BROOKSIDE CONTRACTING: Liquidation Bid Hearing Fixed on Oct. 12
---------------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
against Brookside Contracting Ltd on October 12, 2006, at 10:00
a.m.

B J Scarlett Ltd filed the petition with the Court on August 2,
2006.

The Solicitor for the Plaintiff can be reached at:

         D. J. Gregory
         Offices of Raymond Sullivan McGlashan
         Barristers and Solicitors
         17 Strathallan Street (P.O. Box 557)
         Timaru, New Zealand
         Telephone: (03) 687 9777
         Facsimile: (03) 687 9797


CARDOW WEBSTER: Members Agree to Shut Down Business
---------------------------------------------------
At an extraordinary general meeting held on August 29, 2006, the
members of Cardow Webster Pty Ltd agreed to shut down the
company's business.

Accordingly, creditors appointed Morgan Chubb as liquidator at a
separate meeting held later that day.

The Liquidator can be reached at:

         Morgan Chubb
         Clout & Associates
         Level 1, 144-148 West High Street
         Coffs Harbour, New South Wales 2450
         Australia
         Telephone:(02) 6652 3288
         Facsimile:(02) 6651 9393


CLINICAL DATA: Posts US$6.1-Million Net Loss in June Quarter
------------------------------------------------------------
Clinical Data, Inc., filed its quarter financial statements for
the three months ended June 30, 2006, with the United States
Securities and Exchange Commission.

The Company reported a US$6,185,000 net loss on US$24,816,000 of
revenues for the three months ended June 30, 2006.

The Company generated net cash flow of US$11.7 million in the
three months ended June 30, 2006, as compared to US$1 million in
the same period last year.  The increased net cash flow in 2006
was because of the issuance of common stock and other equity
instruments partially offset by the Company's operating losses,
debt repayments and purchases of equipment.

At June 30, 2006, the Company's balance sheet showed
US$116,833,000 in total assets and US$35,691,000 in total
liabilities resulting in US$72,245,000 stockholders' equity.

A full-text copy of the regulatory filing is available for free
at http://ResearchArchives.com/t/s?11dd

                        Going Concern Doubt

As reported in the Troubled Company Reporter on July 7, 2006,
Deloitte & Touche, LLP, expressed substantial doubt about
Clinical Data, Inc.'s ability to continue as a going concern
after auditing the Company's financial statements for the fiscal
years ended March 31, 2006 and 2005.  The auditing firm pointed
to the Company's accumulated deficit, negative cash flows from
operations and the expectation that the Company will continue to
incur losses in the future.

                        About Clinical Data

Clinical Data, Inc. (NASDAQ: CLDA) -- http://www.clda.com/-- is  
a worldwide leader in providing comprehensive molecular and
pharmacogenomics services as well as genetic tests to improve
patient care.  The Company, founded in 1972, is organized under
three worldwide divisions segmented by service offerings and
varying client constituents: PGxHealth(TM); Cogenics(TM); and
Vital Diagnostics(TM).  Clinical Data currently employs a staff
of over 430.  The Company is headquartered in Newton,
Massachusetts with operations in Texas, Connecticut, RTP - North
Carolina, Rhode Island, and California as well as
internationally in the UK, France, the Netherlands, Italy and
Australia.


EARL SUPERFINE: Undergoes Liquidation Proceedings
-------------------------------------------------
Members of Earl Superfine Wool Pty Ltd convened on August 29,
2006, and decided that a voluntary wind-up of the company's
operations is appropriate and necessary.

In this regard, Geoffrey Charles Ridgeway and Russell Graeme
Peake were appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Geoff Ridgeway
         Jenkins Peake & Co
         Chartered Accountants
         PO Box 1570, Geelong 3220
         Australia
         Telephone:(03) 5223 1000
         Facsimile:(03) 5221 4938


ESSLEMONT NOMINEES: Enters Voluntary Liquidation
------------------------------------------------
Members of Esslemont Nominees Pty Ltd convened on August 30,
2006, and resolved to voluntarily wind up the company's
operations.

In this regard, Oren Zohar and Brian McMaster were appointed as
liquidators.

The Liquidators can be reached at:

         Oren Zohar
         Brian McMaster
         KordaMentha
         Level 11, 37 St Georges Terrace
         Perth, Australia


EZNUT PTY: Creditors Resolve to Wind Up Firm
--------------------------------------------
The creditors of Eznut Pty Ltd convened on August 29, 2006, and
agreed to wind up the Company's operations.

The Liquidator can be reached at:

         Brian Mcmaster
         KordaMentha
         Level 11, 37 St Georges Terrace
         Perth, Australia
         Telephone:(08) 9221 6999


GAZAL LEISURE: Court Issues Wind-Up Order
-----------------------------------------
The Federal Court of Australia, NSW District Registry, issued on
August 30, 2006, an order for the wind-up of Gazal Leisure Pty
Ltd.

In this regard, Daniel J. Civil was appointed as official
liquidator.

The Liquidator can be reached at:

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


GEORGIAN PROJECTS: Creditors' Proofs of Claim Due on Dec. 7
-----------------------------------------------------------
Creditors of Georgian Projects Ltd are required to prove their
debts to Joint Liquidators Vivian Judith Fatupaito and Richard
Dale Agnew by December 7, 2006.

Failure to show proofs of claim will exclude a creditor from
sharing in any distribution the company will make.

The Joint Liquidators can be reached at:

         Vivian Fatupaito
         PricewaterhouseCoopers, Level Eight
         PricewaterhouseCoopers Tower
         188 Quay Street, (Private Bag 92-162)
         Auckland, New Zealand
         Telephone: (09) 355 8000
         Facsimile: (09) 355 8013


HURUNUI ENTERPRISES: High Court Appoints Joint Liquidators
----------------------------------------------------------
David Donald Crichton and Keiran Ann Horne were appointed Joint
and Several Liquidators of Hurunui Enterprises Ltd on Sept. 7,
2006.

The Liquidators require the company's creditors to submit their
proofs of claim by October 5, 2006.  Failure to present proofs
of claim will exclude a creditor from sharing in any
distribution the company will make.

The Joint Liquidators can be reached at:

         K. A. Horne
         c/o Marie Inch at Crichton Horne & Associates Limited
         Old Library Chambers
         109 Cambridge Terrace
         (P.O. Box 3978), Christchurch
         New Zealand
         Telephone: (03) 379 7929
         Web site: http://www.cha.co.nz/


JAVA JOHNS: Names Fatupaito and Agnew as Joint Liquidators
----------------------------------------------------------
Vivian Judith Fatupaito and Richard Dale Agnew were appointed
joint and several liquidators of Java Johns 2001 Ltd on
September 7, 2006.

The Joint Liquidators require the company's creditors to submit
their proofs of claim by December 7, 2006.  Failure to prove
debt will exclude a creditor from sharing in any distribution
the company will make.

According to the Troubled Company Reporter - Asia Pacific, the
Commissioner of Inland Revenue filed a liquidation petition
against the company on June 16, 2006.  The petition was
scheduled for hearing on September 7, 2006.

The Joint Liquidators can be reached at:

         Vivian Fatupaito
         PricewaterhouseCoopers, Level Eight
         PricewaterhouseCoopers Tower
         188 Quay Street, (Private Bag 92-162)
         Auckland, New Zealand
         Telephone: (09) 355 8000
         Facsimile: (09) 355 8013


KISCOT ENGINEERING: Final Meeting Fixed for October 4
-----------------------------------------------------
The members of Kiscot Engineering Services (Western Australia)
Pty Ltd will hold a final meeting on October 4, 2006, at
10:00 a.m., to get an account of the Company's wind-up
proceedings and property disposal exercises from Liquidator M.D.
Reilly.

The Liquidator can be reached at:

         M.D. Reilly
         Featherby Reilly
         Ground Floor, 1121 Hay Street
         West Perth, Australia


KOKO KLOTHING: Creditors Pass Resolution to Wind Up Firm
--------------------------------------------------------
On August 29, 2006, the creditors of Koko Klothing Pty Ltd
passed a special resolution to voluntarily wind-up the Company's
operations.

Subsequently, B.J. Marchesi and H. A. MacKinnon were appointed
as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

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


LUNAR INVESTMENTS: Court Sets Date to Hear Liquidation Petition
---------------------------------------------------------------
The High Court of Christchurch will hear a liquidation petition
filed against Lunar Investments Ltd on September 25, 2006, at
10:00 a.m.

Heathcote Property Holdings Ltd filed the petition with the
court on July 19, 2006.

The Solicitor for the Plaintiff can be reached at:

         C. R. Vinnel
         Offices of Anthony Harper, Lawyers
         Level Five, Anthony Harper Building
         47 Cathedral Square (P.O. Box 2646)
         Christchurch, New Zealand
         Facsimile: (03) 366 9277


MIKE'S ELECTRICS: Wind-Up Process Commenced
-------------------------------------------
At an extraordinary general meeting on August 30, 2006, the
members of Mike's Electrics Pty Ltd decided to voluntarily wind-
up the Company's operations.

Subsequently, Michael John Morris Smith was appointed liquidator
at a creditors' meeting held that same day.

The Liquidator can be reached at:

         Michael John Morris Smith
         Smith Hancock
         Chartered Accountants
         Level 4, 88 Phillip Street
         Parramatta, New South Wales 2150
         Australia


MISR AUSTRALIA: Schedules Final Meeting on October 9
----------------------------------------------------
A final meeting of the members and creditors of MISR Australia
Pty Ltd, which is in liquidation, will be held on October 9,
2006, at 10:00 a.m.

At the meeting, Liquidator Danny Vrkic will present final
accounts of the Company's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

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


MONKEY MIA: Liquidator to Present Wind-Up Report on October 4
-------------------------------------------------------------
A final meeting of the members and creditors of Monkey Mia
Airlines Pty Ltd will be held on October 4, 2006, at 9:00 a.m.

At the meeting, Liquidator M.D. Reilly will present final
accounts of the Company's wind-up proceedings.

The Liquidator can be reached at:

         M.D. Reilly
         Featherby Reilly
         Ground Floor, 1121 Hay Street
         West Perth, Australia


MTF (VIC) PTY: Members Opt to Close Operations
----------------------------------------------
At a general meeting on August 29, 2006, the members of MTF
(Victoria) Pty Ltd resolved to shut down the Company's
operations.

In this regard, Glenn A. Crisp was appointed as liquidator.

The Liquidator can be reached at:

         Glenn A. Crisp
         c/o RSM Bird Cameron
         Level 8/525 Collins Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9286 1800
         Facsimile:(03) 9286 1899


NETWORKS MULTIMEDIA: Members Decide to Close Firm
-------------------------------------------------
Members of Networks Multimedia Pty Ltd passed a resolution to
close the company's business during their meeting held on
August 29, 2006.

At their meeting held on that day, creditors appointed Stewart
William Free and Raymond George Tolche as joint and several
liquidators.

The Joint and Several Liquidator can be reached at:

         S. W. Free
         Lawler Partners
         Chartered Accountants
         763 Hunter Street
         Newcastle, West New South Wales 2302
         Australia


ORIGIN PACIFIC: Placed in Receivership
--------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
September 18, 2006, Origin Pacific Airways disclosed that due to
its failure to find a buyer for its freight business, it has
taken steps to wind up the company.

A follow-up report from The Nelson Mail relates that Origin is
placed in receivership with Christchurch chartered accountant
Murray Allott as the receiver.

Mr. Allott is currently in Nelson reviewing Origin's business
and its assets, the paper relates, noting that the company has
stopped trading.

Mr. Allott says he would be disposing of Origin's assets, but
did not disclose further details.

The Receiver's first report is due on November 26, 2006,
Stuff.co.nz reveals.

The appointment of a receiver diminishes the likelihood of
creditors getting paid, as the receiver was appointed by one
secured lender to act in its interests, West Yates consultant
Graham Hosie explains.

Mr. Hosie states that a "receiver has an obligation to look
after the party who's appointed him."

If a company went into voluntary liquidation, a liquidator who
has a "wider view" and "tries to look after all the parties, and
they'll be the unsecured creditors, secured creditors,
preferential creditors etc," will be appointed, Mr. Hosie notes.

Mr. Hosie recounts that it had been argued that a receiver could
sell a business' assets for a price that was sufficient to clear
the debts of the secured creditor, but sometimes could have held
out for a better price, leaving some money for other creditors.

According to Nelson Mail, Origin refused to say the exact amount
it owes to creditors but disclosed that its New Zealand debt is
about NZ$4 million on top of several million in overseas debt.

The paper relates that creditor Nelson Airport's chairman, Ian
Kearney, said the airport company had not called in the
receiver.  Nelson Mail notes that Mr. Kearney did not know the
prospects for recovering the debt and declined to disclose how
much the airport was owed.

Airways New Zealand communications manager Ken Mitchell had not
heard a receiver had been appointed.  Mr. Mitchell also could
not comment on how confident the company was of repayment, the
paper relates.

Stuff.co.nz recounts that Airways NZ had previously said it was
owed less than the NZ$1.7 million it wrote off the last time
Origin hit trouble in 2004.

Engineering Printing and Manufacturing Union area organizer
George Hollinsworth was also unsure what receivership meant for
workers' redundancy payments, stuff.co.nz says, noting that the
union would be meeting with Origin this week to discuss it.

                      About Origin Pacific

Origin Pacific Airways -- http://www.originpacific.co.nz/-- was  
initially launched in 1997 as an air charter service and
continues to offer charters tailored to the specific needs of
business and groups.

Origin Pacific Airways operates from its own purpose-built
facilities at Nelson Airport.  The Company is 100% New Zealand
owned and managed and run by people with extensive knowledge of
air travel and proven success in running airline businesses.

As reported in the Troubled Company Reporter - Asia Pacific on
August 11, 2006, Origin Pacific "has lost its struggle to
survive" and has suspended operations, putting most of its 260
staff out of work immediately.  Thus, Origin Pacific halted its
passenger services on August 10, 2006, after it was unable to
secure the capital urgently needed to reduce its debt.

A subsequent TCR-AP report on Sept. 18, 2006, stated that Origin
Pacific admitted that its attempts at finding a buyer for its
freight business had failed, and is thus taking steps to wind up
its operations.


OUR HOUSE PTY: Placed Under Voluntary Wind-Up
---------------------------------------------
The sole member of Our House Pty Ltd decided to voluntarily wind
up the Company's operations at a meeting held on August 30,
2006.

Accordingly, Nicholas Martin was appointed liquidator at the
creditors' meeting held later that day.

The Liquidator can be reached at:

         Nicholas Martin
         PPB
         Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


PANDA BEARS: Westpac Appoints Receiver and Manager
--------------------------------------------------
On August 25, 2006, Westpac Banking Corporation appointed
William James Harris and John Patrick Cronin as joint and
several receivers and managers for Panda Bears Holdings Pty Ltd.

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

         William James Harris
         John Patrick Cronin
         McGrath Nicol+Partners
         Level 32, 345 Queen Street
         Brisbane, Queensland 4000
         Australia


PASMINCO BROKEN: To Declare Dividend on September 28
----------------------------------------------------
Pasminco Broken Hill Mine Pty Ltd will declare its third
dividend to creditors on September 28, 2006.

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

The Deed Administrator can be reached at:

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


PASMINCO INTERNATIONAL: To Declare Third Dividend
-------------------------------------------------
Pasminco International Pty Ltd will declare its third dividend
to creditors on September 28, 2006.

Creditors are required to submit their proofs of debts by
September 20, 2006, to be included in the benefit of dividend.

The Deed Administrator can be reached at:

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


PASMINCO INVESTMENTS: Creditors' Proofs of Claim Due on Sept. 20
----------------------------------------------------------------
Pasminco Investments Pty Ltd will declare its third dividend on
September 28, 2006.

Creditors are required to formally prove their debts by
September 20, 2006, for them to share in the dividend
distribution.

The Deed Administrator can be reached at:

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


POWERNET COMMUNICATIONS: Court Issues Liquidation Order
-------------------------------------------------------
On August 30, 2006, the Supreme Court of Victoria ordered the
liquidation of Powernet Communications Pty Ltd.

Subsequently, Gregory Stuart Andrews was appointed as
liquidator.

The Liquidator can be reached at:

         G. S. Andrews
         G. S. Andrews & Assocs
         22 Drummond Street
         Carlton, Victoria 3053
         Australia
         Telephone:(03) 9662 2666
         Facsimile:(03) 9662 9544


PREMIUM CONSULTING: Faces Liquidation Proceedings
-------------------------------------------------
A liquidation petition filed against Premium Consulting Ltd will
be heard before the High Court of Auckland on October 19, 2006,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on July
28, 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


PRESTALGE PTY: Final Meeting Slated for October 3
-------------------------------------------------
The members and creditors of Prestalge Pty Ltd, which is in
liquidation, will hold a final meeting on October 3, 2006, at
11:00 a.m.

At the meeting, Liquidator M.D. Reilly will present the final
report of the Company's wind-up proceedings.

The Liquidator can be reached at:

         M.D. Reilly
         Featherby Reilly
         Ground Floor, 1121 Hay Street
         West Perth
         Australia


QUANTRILL PTY: Members and Creditors to Receive Wind-Up Report
--------------------------------------------------------------
A final meeting will be held for the members and creditors of
Quantrill Pty Ltd on October 3, 2006, at 1:00 p.m.

During the meeting, Liquidator M.D. Reilly will present the
accounts of the Company's wind-up proceedings.

The Liquidator can be reached at:

         M.D. Reilly
         Featherby Reilly
         Ground Floor, 1121 Hay Street
         West Perth
         Australia


RED RESTAURANT: Liquidation Commenced on September 7
----------------------------------------------------
The liquidation of Red Restaurant Ltd commenced with the
appointment of Vivian Judith Fatupaito and Richard Dale Agnew as
Joint and Several Liquidators on September 7, 2006.

Accordingly, creditors of the company are required to prove
their debt to the Joint Liquidators by December 7, 2006.  
Failure to present proofs will exclude a creditor from sharing
in any distribution the company will make.

The Troubled Company Reporter - Asia Pacific previously reported
that the company was facing liquidation proceedings from a
petition filed by the Commissioner of Inland Revenue on June 29,
2006.  The petition was set for hearing on September 7, 2006.

The Joint Liquidators can be reached at:

         Vivian Fatupaito
         PricewaterhouseCoopers, Level Eight
         PricewaterhouseCoopers Tower
         188 Quay Street, (Private Bag 92-162)
         Auckland, New Zealand
         Telephone: (09) 355 8000
         Facsimile: (09) 355 8013


ROTHSCHILD (AUSTRALIA) CAPITAL: Members Resolve to Wind Up Firm
---------------------------------------------------------------
At a general meeting held on August 31, 2006, the members of
Rothschild Australia Capital Investors Ltd resolved to wind up
the company's operations.

The Liquidator can be reached at:

         Timothy James Cuming
         David Clement Pratt
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia


ROTHSCHILD (AUSTRALIA) PETROLEUM: Members Opt to Wind Up Firm
-------------------------------------------------------------
On August 31, 2006, the members of Rothschild Australia
Petroleum Pty Ltd held a general meeting and resolved to shut
down the Company's operations.

The Liquidator can be reached at:

         Timothy James Cuming
         David Clement Pratt
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia


SAVAGE AUSTRALIAN: Creditors' Proofs of Claim Due on Sept. 20
-------------------------------------------------------------
Savage Australian Exploration Pty Ltd will declare its third
dividend on September 28, 2006.

Creditors are then required to submit their proofs of claim by
September 20, 2006, to be included from the benefit of the
dividend.

The Deed Administrator can be reached at:

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


SAVOX PIGMENTS: To Declare Third Dividend on September 28
---------------------------------------------------------
On September 28, 2006, Savox Pigments Pty Ltd will declare the
third dividend for its creditors.

Creditors who were unable to lodge their claims by September 20,
2006, will be excluded from sharing in the dividend
distribution.

The Deed Administrator can be reached at:

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


STYLIS PTY: Creditors Must Prove Debts by September 27
------------------------------------------------------
Members of Stylis Pty Ltd held a general meeting on August 30,
2006, and resolved to voluntarily liquidate the company's
business.

Accordingly, Daniel Civil was appointed as liquidator.

Moreover, the company's creditors are required to submit their
proofs of claim to Mr. Civil by September 27, 2006, for them to
share in any distribution the Company will make.

The Liquidator can be reached at:

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


T&M CARRIERA: Names Receiver and Manager
----------------------------------------
Balanced Securities Limited appointed Anthony Robert Cant and
John Stuart Potts on September 4, 2006, as joint and several
receivers and managers of all the assets and undertakings of T&M
Carriera Motors Pty Ltd.

The Receivers and Managers can be reached at:

         Anthony Robert Cant
         John Stuart Potts
         Romanis Cant, 106 Hardware Street
         Melbourne, Victoria
         Australia


THE EMU BAY: Prepares To Declare Third Dividend
-----------------------------------------------
The Emu Bay Railway Company Ltd will declare the third dividend
for its creditors on September 28, 2006, to the exclusion of
those who cannot prove their claims by September 20, 2006.

The Deed Administrator can be reached at:

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


TUI'S HELPING HANDS: Creditors Must Prove Debts by December 7
-------------------------------------------------------------
Tui's Helping Hands Ltd commenced its liquidation activities
with the appointment of Vivian Judith Fatupaito and Richard Dale
Agnew as Joint and Several Liquidators on September 7, 2006.

In this regard, the creditors of the company are required to
prove their debts by December 7, 2006.  Failure to show proofs
of debt will exclude a creditor 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 the
company on June 21, 2006.  Hearing of the petition was set on
September 7, 2006.

The Joint Liquidators can be reached at:

         Vivian Fatupaito
         PricewaterhouseCoopers, Level Eight
         PricewaterhouseCoopers Tower
         188 Quay Street, (Private Bag 92-162)
         Auckland, New Zealand
         Telephone: (09) 355 8000
         Facsimile: (09) 355 8013


* NZ Corporate Tax Cuts Likely, Finance Minister Says
-----------------------------------------------------
New Zealand Finance Minister Michael Cullen tells a foreign
business audience that the business tax review is likely to
produce a mix of lower corporate rates and tax credits, the New
Zealand Press Association relates.

Dr. Cullen urged his business audience to invest in New Zealand,
the NZPA says.

"A current review of business tax rules is likely to produce an
attractive mix of a lower corporate tax rate and tax credits,
particularly helping those businesses focused on tackling
overseas markets," Stuff.co.nz cites Dr. Cullen, as saying in a
speech aimed at enticing Singaporean investment into New
Zealand.

Stuff.co.nz recounts that this year the government announced its
business tax review, which canvassed a range of options
including lowering the business rate and the introduction of
credits to increase research and exports.

Final decisions are due in February or March next year with the
extent of the changes dependent on predictions of taxation
revenue in the coming years, stuff.co.nz notes.

According to NZPA, Dr. Cullen has indicated cuts on corporate
tax rate are likely to have a flow on effect to personal tax
rates.

Dr. Cullen emphasized that while New Zealand's economy is having
a "breather", the hard landing that some predicted had not
eventuated, NZPA relates.

"Predictions of 1% growth looked to be on the low side and 1.5%
growth in 2006 looked more reasonable now.  Inflation levels
were 'uncomfortable' and a sustained fall looks sometimes off,"
Dr. Cullen stated.

The high current account deficit "should unwind slowly over the
next few years, NZPA says.


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

AMEL EXPRESS: Members Resolve to WindmUp Operations
---------------------------------------------------
At an extraordinary general meeting held on September 6, 2006,
members of Amel Express Ltd resolved to voluntarily wind up the
company's operations.

Subsequently, Desmond Chung Seng Chiong and Roderick John Sutton
were appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

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


ANDREW CORP: Inks Satellite Service Pact with GigaSat Limited
-------------------------------------------------------------
Andrew Corp. signed a multiyear agreement that makes it the
exclusive OEM provider of and GigaSat Limited's flyaway antenna
family in North America.

The agreement expands Andrew's high performance offerings for
the growing military satellite communications market.  The
GigaSat flyaway antennas, in 1 meter, 1.2 meter, 1.8 meter, and
2.4 meter sizes, feature lightweight carbon fiber construction
for dependable performance in the toughest of conditions for
applications such as data restoration, military situations, and
sporting events.  The antennas also are easy to deploy and
transport, and come with transit cases that enable baggage
check-in on commercial airlines.

"The innovative GigaSat flyaway antenna product line is a strong
addition to the product offerings we can make available to large
commercial and government customers through our experienced
sales teams," said Jude Panetta, group president, Satellite
Communications, Andrew Corporation.

"We are delighted to team with Andrew on bringing our leading
antennas to a broader range of customers and we look forward to
a great future together," said Chris Lay, managing director,
GigaSat Limited.

Andrew's Satellite Communications Group provides a complete line
of antennas from 46 centimeters to 11.5 meters for all
enterprise, government/military, and consumer satellite
communication applications. Andrew-designed and -built products
-- which cover C, Ku, K, X, and the emerging Ka band -- include
type approved earth station antenna hubs and gateways for
broadband and broadcast, VSAT broadband antennas for consumer
and enterprise customers, DBS antennas for home satellite
broadcast systems, and complete installation and testing
services.

                        About Andrew

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,  
manufactures and delivers innovative and essential equipment and
solutions for the global communications infrastructure market.  
The company serves operators and original equipment
manufacturers from facilities in 35 countries including, among
others, manufacturing locations in India and China.  Andrew is
an S&P 500 company founded in 1937.

                        *    *    *

As reported in Troubled Company Reporter, Standard & Poor's
Ratings Services revised its CreditWatch implications on Andrew
Corp. to negative from developing.  The 'BB' corporate credit
rating and other ratings on the company were placed on
CreditWatch developing on Aug. 7, 2006.


ANDREW CORP: Launches Auto Deploy Satellite Antenna System
----------------------------------------------------------
Andrew Corp. has introduced a 1.2-meter auto acquisition earth
station antenna system that is ideal for transportable
applications serving communications networks worldwide.

The Andrew Small Aperture Receive Transmit Auto Deploy or SmART
AD antenna system will debut at IBC 2006 in Amsterdam from
September 8-12.  The system's low-cost and robust design are
ideally suited for situations where transportable communications
connectivity is needed, such as oil exploration sites and other
remote work locations, emergency first-responder communications
support, construction sites, and military logistics and support.

Customers benefit from the ease of operation that is built into
a high-quality product.  Satellite signals can be acquired with
the press of a button, enabling quick set-up and eliminating the
need for trained installers or technicians.

"Andrew has combined a low-cost, robust design with expert
manufacturing and global support to create a 1.2 meter
transportable antenna system that is unmatched in price versus
performance features," said Russell Dearnley, director, Earth
Station Antennas and Systems, Satellite Communications, Andrew
Corporation.

Andrew's Satellite Communications Group provides a complete line
of antennas from 46 centimeters to 11.5 meters for all
enterprise, government/military, and consumer satellite
communication applications. Andrew-designed and -built products
-- which cover C, Ku, K, X, and the emerging Ka band -- include
type approved earth station antenna hubs and gateways for
broadband and broadcast, VSAT broadband antennas for consumer
and enterprise customers, DBS antennas for home satellite
broadcast systems, and complete installation and testing
services.

                        About Andrew

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,  
manufactures and delivers innovative and essential equipment and
solutions for the global communications infrastructure market.  
The company serves operators and original equipment
manufacturers from facilities in 35 countries including, among
others, manufacturing locations in India and China.  Andrew is
an S&P 500 company founded in 1937.

                          *     *     *

As reported in Troubled Company Reporter, Standard & Poor's
Ratings Services revised its CreditWatch implications on Andrew
Corp. to negative from developing.  The 'BB' corporate credit
rating and other ratings on the company were placed on
CreditWatch developing on Aug. 7, 2006.


BALLINGTON INTERNATIONAL: Liquidators Step Aside
------------------------------------------------
Gabriel C. K. Tam and Jacky C. W. Muk ceased to act as joint and
several liquidators of Ballington International Ltd on Sept. 12,
2006.

The Troubled Company Reporter - Asia Pacific reported that on
September 12, 2006, members and creditors of the Company
received the Joint Liquidators' final report on the Company's
wind-up and property disposal.

The former Joint and Several Liquidators can be reached at:

         Gabriel C. K. Tam
         Jacky C. W. Muk
         8/F, Prince's Building
         10 Chater Road, Central
         Hong Kong


BAPTIST COMMUNICATIONS: Enters Voluntary Liquidation
----------------------------------------------------
At an extraordinary general meeting on September 14, 2006,
members of Baptist Communications Center (International) Ltd
agreed to voluntarily wind up the Company's operations.

In this regard, Ng Sau Wa, Sylvia was appointed as liquidator.

The Liquidator can be reached at:

         Ng Sau Wa, Sylvia
         Room 2402, 24/F., Sing Pao Building
         101 King's Road, Fortress Hill
         Hong Kong


CARDINAL (INTERNATIONAL): Enters Voluntary Wind-Up
--------------------------------------------------
At an extraordinary general meeting of Cardinal (International)
Investment Ltd on September 15, 2006, shareholders resolved to
voluntarily wind-up the company's operations.

In this regard, Lo Chi Kin Tony was appointed as liquidator.

The Liquidator can be reached at:

         Lo Chi Kin Tony
         21/F, Fee Tat Commercial Centre
         No. 613 Nathan Road, Kowloon
         Hong Kong


CHINA EASTERN: Current Deficit Soars 105% at End of 2005
--------------------------------------------------------
The working capital deficit of China Eastern Airlines Corp. Ltd.
increased by about 105%, or CNY13.106 billion, from CNY12.490
billion at Dec. 31, 2004, to CNY25.597 billion at Dec. 31, 2005.

The company had CNY6.017 billion, or US$745.62 million, in
current assets and CNY31.614 billion, or US$3.917 billion, in
current liabilities at Dec. 31, 2005, compared with CNY5.078
billion in current assets and CNY17.569 billion in current
liabilities at Dec. 31, 2004.

The Company cited a decrease in demand for its services and a
delay in obtaining bank loans as factors affecting its
liquidity.

The Company had cash and cash equivalents of CNY2.114 billion as
of Dec. 31, 2004 compared with CNY1.864 billion for the same
period in 2005.  The net cash inflows generated from operating
activities were CNY3.266 billion in 2004 and CNY1.952 billion in
2005, while the net cash outflows used in investment activities
were CNY2.433 billion and CNY10.369 billion.

The increase in current liabilities in 2005 was primarily due to
an increase in borrowings for payment of advances on aircraft
and flight equipment.

Short-term loans outstanding totaled CNY6.189 billion as of
Dec. 31, 2004 and CNY13.711 billion as of Dec. 31, 2005. Long-
term bank loans outstanding totaled CNY10.736 billion as of Dec.
31, 2004 and CNY12.659 billion as of Dec. 31, 2005. Long-term
loans payable within two years, from three to five years and
beyond five years were CNY2.663 billion, CNY5.518 billion and
CNY1.609 billion, respectively, as of Dec. 31, 2005, compared to
CNY2.387 billion, CNY3.216 billion and CNY1.940 billion,
respectively, as of December 31, 2004.

The total lease obligations outstanding under its finance leases
were CNY8.662 billion as of Dec. 31, 2004 and CNY10.608 billion
for the same period in 2005.  The lease obligations are payable
within two years, from three to five years and beyond five years
were CNY2.570 billion, CNY3.014 billion and CNY2.596 billion,
respectively, as of Dec. 31, 2005, compared to CNY1.700 billion,
CNY3.756 billion and CNY2.017 billion, respectively, as of Dec.
31, 2004.

According to its latest quarterly filing with the United States
Securities and Exchange Commission, the Company has, and in the
future may continue to have, substantial debts.  As of Dec. 31,
2004, its long-term debt to equity ratio was 2.6 compared to 3.4
as of Dec. 31, 2005.  Although the Company said that the
interest expenses associated with these debts might impair its
future profitability, it still expects cash from operations and
bank borrowings sufficient to meet its operating cash flow
requirements.

As of December 31, 2005, its total outstanding debt was
CNY52.403 billion, and its short-term bank loans outstanding
totaled CNY13.711 billion.

The Company requires "significant amounts of external financing"
to meet its capital commitments for adding and upgrading
aircraft and flight equipment and for other business expansion
needs. Payment of advances on aircraft and flight equipment were
CNY2.679 billion in 2004 and CNY9.073 billion in 2005.

Additions of aircraft and flight equipment were CNY1.997 billion
in 2004 and CNY7.751 billion in 2005 were financed primarily
through lease arrangements, bank loans and funds generated from
operations.

The Company said that it has entered into credit facility
agreements and short-term bank loans with domestic and foreign-
funded Chinese banks to meet its future working capital needs.

                          *     *     *

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

On April 28, 2006, Fitch Ratings downgraded China Eastern's
Foreign Currency and Local Currency Issuer Default Ratings to B+
from BB-.  The outlook on the IDRs is stable.

According to the rating agency, the downgrade primarily reflects
China Eastern's substantially declined profitability, caused by
a 36.8% hike in operating expenses relative to a 28.4% growth in
revenues, and increased debt levels, which substantially
weakened the carrier's major credit ratios.


CLS (HK) LTD: Enters Voluntary Liquidation
------------------------------------------
At an extraordinary general meeting on September 6, 2006,
members of CLS (H.K.) Ltd passed a resolution to voluntarily
wind up the company's operations.

In this regard, Desmond Chung Seng Chiong and Roderick John
Sutton were appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

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


D&B PRINTING: To Hold Annual Meetings on September 27
-----------------------------------------------------
Members and creditors of D&B Printing Company Ltd will convene
for their annual meetings at Room 203, Duke of Windsor Social
Service Building, 15 Hennessy Road, Wanchai, Hong Kong, on
September 27, 2006, at 2:30 and 3:00 p.m. respectively.

At the meetings, Liquidator Wong Hei Chiu will present accounts
of the Company's wind-up proceedings and property disposal
exercises.

The Liquidator can be reached at:

         Wong Hei Chiu
         H. C. Wong & Co.
         Room 1007, 10/F, Wing On Centre
         No. 111 Connaught Road, Central
         Hong Kong


FIAT SPA: Finalizes Agreement on Joint Venture with SAIC Motor
--------------------------------------------------------------
Fiat S.p.A.'s Iveco and SAIC Motor Corp. ratified on Sept. 18,
2006, the final agreement to establish a long-term Joint Venture
in China in the field of heavy commercial vehicles.

The agreement involves a joint investment with Chongqing Heavy
Vehicle Group Co. Ltd. for the manufacture of heavy trucks in
Chongqing.

The formal signing occurred in the presence of the Chinese Prime
Minister, Wen Jiabao and the President of the Council of
Ministers of the Republic of Italy, Romano Prodi.  Sergio
Marchionne, Fiat Group CEO, also participated in the ceremony.

Iveco and SAIC established a 50-50 Joint Venture, under the name
of SAIC Iveco Commercial Vehicle Investment Company Ltd.  This
Company is going to acquire a 67% share of Chongqing Hongyan
Motor Co. Ltd, which is currently a subsidiary of the Chongqing
Heavy Vehicle Group.

The parties to the agreement also agreed about an envisaged
increase in the registered capital of Chongqing Hongyan, devoted
to the construction of a new production plant located in
Chongqing.  

Industrial plans include the assembly of Iveco heavy commercial
vehicles and product and process related improvements in the
Chongqing product range, in order to enhance their
competitiveness on the local market, as well as the development
of vehicles featuring an optimal integration of Chinese and
European components and technologies.

                       About SAIC Motor

Headquartered in Shanghai, SAIC Motor Corp. Ltd is one of the
largest automakers in China.  It sells more than one million
vehicles per year and has more than 56,000 employees.  SAIC
Group activities also include a wide range of automotive
manufacturing and commercial activity, such as passengers and
commercial vehicles, agricultural and construction equipments,
components, and related services.

               About Chongqing Heavy Vehicle Group
Chongqing Heavy Vehicle Group is owned by the 33 million
inhabitants of Chongqing Municipality.  Through its subsidiary,
Chongqing Hongyan Automotive, CHVG is one of the major producers
of medium and heavy trucks in China and relies on a large
distribution network throughout China.

                           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.


FLOUR CITY: Final Meeting Slated for October 17
-----------------------------------------------
The final meetings of the members and creditors of Flour City
Architectural Metal (Asia) Ltd will be held at 5/F Allied Kajima
Building, 138 Gloucester Road, Hong Kong, on October 17, 2006 at
2:00 and 2:30 p.m. respectively.


HI YIELD: Creditors' Proofs of Claim Due on October 24
------------------------------------------------------
Hi Yield Holdings Ltd requires the creditors to submit their
proofs of claim on October 24, 2006, to Liquidator Ho Tak Kwong.

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

On September 4, 2006, the sole member of Hi Yield Holdings Ltd
resolved to wind up the company's operations and appoint Ho Tak
Kwong as liquidator.

The Liquidator can be reached at:

         Ho Tak Kwong
         Rooms 801-803
         China Merchants Building
         Nos. 303-307 Des Voeux Road Central
         Hong Kong


HONG KONG & KOWLOON: Members to Receive Liquidator's Report
-----------------------------------------------------------
The members of Hong Kong & Kowloon Painting Trade Employers
Association Ltd, which is in liquidation, will hold a final
meeting on October 16, 2006, 3:00 p.m., at 8/F, Richmond
Commercial Building, 109 Argyle Street, Mongkok, Kowloon, Hong
Kong.

At the meeting, Liquidator Cheng Faat Ting, Gary will report on
the Company's wind-up and disposal of properties.


KILLIN LTD: Appoints Joint and Several Liquidators
--------------------------------------------------
On September 1, 2006, Natalia K M Seng and Susan Y H Lo were
appointed as joint and several liquidators of Killin Ltd.

The Joint and Several Liquidators can be reached at:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


LAURITZEN KOSAN: Creditors Must Prove Debts by October 20
---------------------------------------------------------
On August 31, 2006, members of Lauritzen Kosan (HK) Ltd resolved
to voluntarily wind up the company's operations and appointed
Anthony John Jex as liquidator.

Subsequently, Mr. Jex required the creditors of the company to
prove their debts by October 20, 2006.

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

The Liquidator can be reached at:

         Anthony John Jex
         15/F, Tower One
         Lippo Centre, 89 Queensway
         Hong Kong


LANE PROFIT: Liquidators Cease to Act for the Company
-----------------------------------------------------
On September 11, 2006, Lui Wan Ho and Lui Yee Lin ceased to act
as joint and several liquidators of Lane Profit Ltd.

According to the Troubled Company Reporter - Asia Pacific,
members of the Company met on September 11, 2006 and received
the Liquidator's accounts of the Company's wind-up.

The former Joint Liquidators can be reached at:

         Lui Wan Ho
         Lui Yee Lin
         Room 1701, Olympia Plaza
         255 King's Road, North Point
         Hong Kong


LI HUA: Liquidators Cease to Act for Company
--------------------------------------------
Lui Wan Ho and Lui Yee Lin ceased to act as joint and several
liquidators for Li Hua Machinery (HK) Company Ltd on
September 11, 2006.

The former Liquidator can be reached at:

         Lui Wan Ho
         Lui Yee Lin
         Room 1701, Olympia Plaza
         255 King's Road, North Point
         Hong Kong


LOGISTICS EURO: Members Opt to Wind-Up Operations
-------------------------------------------------
Members of Logistics Euro-Freight Ltd held a general meeting on
September 6, 2006 and decided to voluntarily wind-up the
Company's operations.

Desmond Chung Seng Chiong and Roderick John Sutton were
subsequently appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

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


MAINSAN DEVELOPMENT: Liquidator to Present Wind-Up Report
---------------------------------------------------------
The members of Mainsan Development Ltd, which is in liquidation,
will have a final meeting on October 16, 2006, at 11:00 a.m.

During the meeting, Liquidator Wong Man Yin, Margaret will
present final accounts of the Company's wind-up operations.


METRON (FAR EAST): Enters Voluntary Wind-Up
-------------------------------------------
On September 7, 2006, shareholders of Metron Technology (Far
East) Ltd resolved to wind up the company's operations and
appointed Ying Hing Chiu and Chung Miu Yin, Diana as joint and
several liquidators.

Subsequently, the creditors of the company were required to
submit their proofs of claim on October 6, 2006.

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

The Joint Liquidators can be reached at:

         Ying Hing Chiu
         Chung Miu Yin, Diana
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


METRON TECHNOLOGY (HK): Shareholders Opt to Close Operations
------------------------------------------------------------
On September 7, 2006, shareholders of Metron Technology (HK) Ltd
resolved to voluntarily wind-up the company's operations.

In this regard, Ying Hing Chiu and Chung Miu Yin, Diana were
appointed as joint and several liquidators.

Accordingly, the creditors of the company are required to prove
their debts by October 6, 2006.  Failure to present proofs of
claim will exclude a creditor from sharing in any distribution
the company will make.

The Joint Liquidators can be reached at:

         Ying Hing Chiu
         Chung Miu Yin, Diana
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


NCF FOUNDATION: Creditors' Proofs of Claim Due on Oct. 15
---------------------------------------------------------
Liquidator Julian Walsh requires creditors of NCF Foundation to
submit their proofs of claim by October 15, 2006.

On September 4, 2006, the company's shareholders resolved to
voluntarily wind-up NCF Foundation's operations.

The Liquidator can be reached at:

         Julian Walsh
         1403-4 Dominion Centre
         43-59 Queen's Road East
         Hong Kong


OUTMATCHING TELECOM: Creditors Must Prove Debts by Oct. 16
----------------------------------------------------------
Creditors of Outmatching Telecommunications Ltd are required to
submit their proofs of claim to Liquidator Yeung Tak Chun by
October 16, 2006, or be excluded from sharing in any
distribution the Company will make.

According to the Troubled Company Reporter - Asia Pacific, the
Company's creditors had their first meeting on September 8,
2006.

The Liquidator can be reached at:

         Yeung Tak Chun
         c/o Alliance & Associates, CPAs
         Room 1903, 19/F., World-Wide House
         19 Des Voeux Road Central
         Hong Kong


SEA BOND: Members' Final Meeting Set on October 16
--------------------------------------------------
Members of Sea Bond Company Ltd will hold a final meeting on
October 16, 2006, at 10:00 a.m.

At the meeting, Liquidator Ng Siu Chui will report on the
company's wind-up proceedings and property disposal.

According to the Troubled Company Reporter - Asia Pacific,
members of the Company passed a resolution to wind-up the
Company's operations on March 24, 2006.


SHANGHAI PUDONG: Shui On to Pay CNY875 Million Loan
---------------------------------------------------
Shui On Land, a major investor in China-based real properties,
will pay off CNY875 million (US$110 million) in loans it
received from Shanghai's troubled pension fund, Agence France
Press reports.

According to AFP, Shui On Land -- which has six projects across
China -- tried to distance itself from loans provided by the
Shanghai Pudong Development Bank, which was incorporated in an
entrustment arrangement with the Shanghai Social Security Fund.

However, Shui On decided to pay its loan amid concerns that it
could be tainted by a growing scandal in Shanghai involving
politicians and executives in the alleged mismanagement of the
city's billion-dollar pension fund, AFP relates.

"We know there are concerns in the market so we think it's best
for us to just repay it," AFP cites Ronny Pang, Shui On Land's
corporate communications chief, as saying.

Mr. Pang notes that the company's decision to repay the Shanghai
Pudong Development Bank loan is voluntary, adding that it is in
discussions with commercial banks for new loans.

Mr.Pang insisted that business operations would not affect
projects, like its landmark Xintiandi, a ritzy entertainment and
residential compound that is a favorite with locals and
foreigners, AFP relates.

"The loan agreement has been confirmed by our (Chinese) lawyers
to be legal, valid and binding," AFP also cites Vincent Loh,
chairman and chief executive officer, as saying.

According to AFP, Mr. Loh was reacting to a government probe
into the illicit investment of about CNY3.2 billion from the
pension fund in speculative real estate and highway deals that
has ensnared some of Shanghai's top government officials.

AFP recounts that the case, which emerged in July resulted in
the firing of the head of the city's social security and labor
bureau, along with a municipal district chief, and coincided
with Shui On Land's efforts to raise cash.

Shui On Land is seeking to raise up to HK$6.8 billion in a
listing on the Hong Kong stock exchange this week, three months
after it abandoned an earlier attempt, citing poor market
conditions, AFP relates.

                          *     *     *

A nationwide commercial bank with a registered capital of
CNY3.915 billion, Shanghai Pudong Development Bank Co., Ltd --
http://www.spdb.com.cn/-- established in October 1992,  
officially opened in January 1993 and listed in the Shanghai
Stock Exchange in November 1999.  By the end of 2005, SPDB has
set up 350 branches in 41 cities across Mainland China.

On August 15, 2006, the Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings affirmed the bank's Individual D/E
rating.  According to Fitch, the action reflects the bank's weak
credit profile, including sizeable under-capitalization and weak
asset quality relative to peers.  

The recent failure of the bank's non-tradable share reform
proposal has placed negative pressure on its rating, as
additional capital cannot be raised until the reform is
completed.  SZDB's capital adequacy improved in 2005, with the
bank's total capital adequacy ratio rising to 3.7% from 2.3% the
prior year.  However, this ratio remains well below the
regulatory requirement of 8%.


TWIN WORLD: Creditors Must Prove Debts by October 20
----------------------------------------------------
Liquidator Chen Faat Ting Gary require the creditors of Twin
World Distribution Ltd to file their proofs of debt by
October 20, 2006, or be excluded from sharing in any
distribution the Company will make.

The Troubled Company Reporter - Asia Pacific recounts that on
September 4, 2006, Twin World's creditors resolved to shut down
its operations.

The Liquidator can be reached at:

         Cheng Faat Ting Gary
         8/F, Richmond Commercial Building
         109 Argyle Street, Mongkok
         Kowloon, Hong Kong


WINFIELD LEGEND: Appoints Hing as Liquidator
--------------------------------------------
At a general meeting on September 13, 2006, members of Winfield
Legend Ltd agreed to voluntarily wind-up the company's
operations.

Accordingly, Tse Wai Hing was appointed as liquidator.

The Liquidator can be reached at:

         Tse Wai Hing
         Suites 1403-4
         14/F, Nan Fung Tower
         173 Des Voeux Road, Central
         Hong Kong


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

AES CORP: Regulator's Study on Concession Requests Almost Done
--------------------------------------------------------------
An official of Autoridad Nacional de los Servicios Publicos or
ANSP -- Panama's public service regulator -- told Business News
Americas that the agency's review on AES Corp.'s three
hydroelectric concession requests is almost done.

BNamericas relates that the official said the projects, which
would use water from the Changuinola River in Bocas del Toro,
are:

         -- 158-megawatt Gavilan,
         -- 132-megawatt Cauchero II, and
         -- 126-megawatt Chan-220.

The official told BNamericas that ANSP will award the
concessions soon.  In general terms, once a concession has been
awarded, the developer has a year to finalize project details
and up to four years to construct the project.

A report posted in AES Corp.'s Web site says that the firm
currently runs four hydro plants with 470-megawatt total
installed capacity and one 43-megawatt thermal plant.

                         About AES Corp.

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is a  
power company with operations in South America, Europe, Africa,
Asia and the Caribbean.  The Company generates 44,000 megawatts
of electricity through 124 power facilities, and delivers
electricity through 15 distribution companies.

AES's business group in Asia & Middle East is comprised of
electric utilities and generation plants in China, Kazakhstan,
Oman, Qatar, Pakistan, Sri Lanka and India.  Fuels include coal,
diesel, hydro, gas and oil.

                          *     *     *

As reported in the Troubled Company Reporter on May 25, 2006,
Fitch affirmed The AES Corporation's Issuer Default Rating at
'B+'.  Fitch also affirmed and withdrew the ratings for the
company's junior convertible debt.  The Rating Outlook for all
remaining instruments is Stable.

As reported in the TCR on March 31, 2006, Standard & Poor's
Ratings Services raised its corporate credit rating on
diversified energy company The AES Corp. to 'BB-' from 'B+'.  
S&P said the outlook is stable.

As reported in the TCR on Jan. 11, 2006, Moody's affirmed the
ratings of The AES Corporation, including its Ba3 Corporate
Family Rating and the B1 rating on its senior unsecured debt.  
Moody's said the rating outlook remains stable.


AES CORP: Selling 33% Stake in Eletropaulo Metropolitana
--------------------------------------------------------
AES Corp. plans to sell a 33% stake in its Brazilian unit,
Eletropaulo Metropolitana Electricidade de Sao Paulo SA, to help
reschedule a US$1.2 billion debt owed to the state development
bank, Bloomberg News reports.

According to the report, the stake in Eletropaulo is valued at
BRL1.29 billion (US$603 million) as of Sept. 1.

AES Transgas Empreendimentos SA, a unit based in Sao Paulo, will
sell 13.76 billion preferred B shares of Eletropaulo this month,
through a public offering on domestic and international markets,
Bloomberg says, citing a statement filed with Brazil's
securities regulator.

Brazil's state development bank, Banco Nacional de
Desenvolvimento Economico e Social, could have gotten hold of
AES' Brazilian assets two years ago if the power company did not
agree to a debt restructuring.

"AES is trying to improve its cash position in Brazil," Januario
Hosten Jr., an equity analyst at Leme Investimentos in
Florianopolis, Brazil was quoted by Bloomberg as saying.  "It
also shows that the company is seeing better opportunities of
gains in other types of investments than Eletropaulo."

Meanwhile, Eletropaulo's shares are adversely affected by the
proposed sale.

"The sale is having a negative impact on the price of shares
because it shows that Transgas doesn't expect Eletropaulo's
shares to rise too much in the future," Leme Investimentos
analyst told Bloomberg.

After the sale, Transgas' shares will be up to 4.9% in
Eletropaulo.  Transgas plans to price the shares on Sept. 21,
Bloomberg says.

                       About Eletropaulo

Eletropaulo distributes power in Brazil's industrial hub of Sao
Paulo city and 23 surrounding towns.  Power consumption in Sao
Paulo state grew 3.8% in 2005 from 2004, according to data from
Sao Paulo state government.

                         About AES Corp.

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is a  
power company with operations in South America, Europe, Africa,
Asia and the Caribbean.  The Company generates 44,000 megawatts
of electricity through 124 power facilities, and delivers
electricity through 15 distribution companies.

AES's business group in Asia & Middle East is comprised of
electric utilities and generation plants in China, Kazakhstan,
Oman, Qatar, Pakistan, Sri Lanka and India.  Fuels include coal,
diesel, hydro, gas and oil.

                          *     *     *

As reported in the Troubled Company Reporter on May 25, 2006,
Fitch affirmed The AES Corporation's Issuer Default Rating at
'B+'.  Fitch also affirmed and withdrew the ratings for the
company's junior convertible debt.  The Rating Outlook for all
remaining instruments is Stable.

As reported in the TCR on March 31, 2006, Standard & Poor's
Ratings Services raised its corporate credit rating on
diversified energy company The AES Corp. to 'BB-' from 'B+'.  
S&P said the outlook is stable.

As reported in the TCR on Jan. 11, 2006, Moody's affirmed the
ratings of The AES Corporation, including its Ba3 Corporate
Family Rating and the B1 rating on its senior unsecured debt.  
Moody's said the rating outlook remains stable.


CADMUS COMMUNICATIONS: Names Executive VP of Print Services
-----------------------------------------------------------
Cadmus Communications Corporation has hired Andy Johnson as
Executive Vice President of Print Services for Cadmus' Publisher
Services Group.  In this role, Mr. Johnson will have
responsibility for all of the Company's five publication print
locations in North America as well as the Company's affiliate
print operations in China, Singapore, and Malaysia.

Prior to joining Cadmus, Mr. Johnson was a Vice President &
General Manager at Banta Corporation, where during his 14-year
tenure he held a number of site and group manufacturing
leadership positions.  Mr. Johnson will report to Peter Hanson,
Chief Operating Officer of Cadmus' Publisher Services Group, and
will operate out of the Company's Columbia, Maryland facility.

In recent months, Cadmus has worked aggressively to strengthen
the management team within its US$350 million Publisher Services
Group.  Since January, Cadmus has hired:

     (i) Peter Hanson, who serves as Chief Operating Officer of
         the Publisher Services Group and formerly was President
         of Banta's Publication Division;

    (ii) John Miller, who serves as Executive Vice President of
         Sales and Marketing for the Publisher Services Group
         and formerly held senior sales leadership roles at both
         Banta and RR Donnelley; and

   (iii) Larry Brandes, who serves as Director of Procurement of
         the Publisher Services Group and formerly held a
         similar position at Banta's Publication Division.

Commenting on these additions and this new leadership, Bruce
Thomas, Cadmus President and Chief Executive Officer, stated,
"Peter has brought a high level of operational experience and
expertise to Cadmus.  In addition, he is rapidly building a team
with the depth of knowledge and experience necessary to help us
obtain maximum benefit from our full service capabilities and
our new and now much more efficient manufacturing capabilities."

Peter Hanson, Chief Operating Officer of the Publisher Services
Group added, "I am very pleased to have an individual with
Andy's capabilities join our team. Andy is an energetic and
experienced leader with a deep knowledge of the printing
industry.  Moreover, Andy and John Miller have worked together
previously and delivered exceptional results for me and for the
operations I led.  I expect them to have a similarly positive
impact at Cadmus."

                   About Cadmus Communications

Based in Richmond, Virginia, Cadmus Communications Corporation
-- http://www.cadmus.com/-- provides end-to-end, integrated  
graphic communications services to professional publishers, not-
for-profit societies and corporations.  Cadmus is the world's
largest provider of content management and production services
to scientific, technical and medical journal publishers, the
fifth largest periodicals printer in North America, and a
leading provider of specialty packaging and promotional printing
services.  The company has operations in India.

                          *     *     *

Cadmus Communications' 8-3/8% Senior Subordinated Notes due 2014
carry Moody's Investors Service's B2 rating and Standard &
Poor's single-B rating.


GENERAL MOTORS: Talks with Nissan and Renault Enter Final Phase
---------------------------------------------------------------
Talks on the planned collaboration between General Motors
Corporation and the Nissan Motor Company-Renault SA alliance
have entered the final stage as the October 15, 2006 preliminary
deadline for the parties to complete a review on the potential
benefits of the tie-up approaches, The Yomiuri Shimbun reveals.

According to the Yomiuri, General Motors' interest in the deal
has waned, especially over the idea of forming a capital
alliance.  Consequently, the nature of the tie-up may turn out
to be much less comprehensive than the Nissan-Renault bloc had
initially planned.

In July, the three carmakers agreed to conduct a 90-day study of
the potential benefits of an alliance that could create an
automobile giant with a combined annual production of 15 million
vehicles, The Associated Press reports.  The study came after GM
shareholder Kirk Kerkorian, who owns a 9.9% stake in the company
through his investment firm Tracinda Corp., called for the
carmakers to pursue an alliance.

Carlos Ghosn, the chief executive of Renault and Nissan, has
said the benefits from an alliance would be similar to the gains
from the Renault-Nissan alliance, which have included cost
savings from joint purchases of auto parts, AP relates.

The Troubled Company Reporter - Asia Pacific reported on
September 8, 2006, that Renault SA has named BNP Paribas to
advise on a possible three-way alliance with General Motors
Corp. and Nissan Motor Co.  According to AFX, the French
carmaker has also drawn up a shortlist of around eight British
and US banks from which it will choose a second adviser.  

If the firms reach a comprehensive tie-up deal with capital
involvement, the alliance would create a giant that produces 25%
of all automobiles in the world, the Yomiuri says.  General
Motors, however, has been cautious since the talks began,
whereas the Nissan-Renault side has been consistently positive
over the prospective deal.

The opposition of the United Auto Workers' Union may be a factor
behind General Motors' reluctance, according to the Yomiuri.  
Alarmed by Mr. Ghosn's past record on aggressive corporate
restructuring, union head Ron Gettelfinger has publicly said he
wants talks on the three-way alliance to be put away forever.  
With the rise of such resistance in the United States, Mr. Ghosn
now seems to have backed down from his initial goal of acquiring
a capital stake in General Motors to maximize the synergy effect
of the alliance, and has said a capital tie-up is not a
precondition to the deal.

                      About General Motors

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

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

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

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


GENERAL MOTORS: Fitch Updates Recovery Prospects
------------------------------------------------
Fitch Ratings has modified the details of its March 1, 2006
recovery analysis for General Motors.  Fitch now estimates a 34%
recovery rate for unsecured debtholders versus an original
estimate of 41% published earlier this year.

The revision primarily reflects GM's recent establishment of a
secured revolving credit agreement, which impairs expected
recoveries for unsecured holders in the event of a default.  

Fitch has also modified its recovery analysis to reflect GM's
ongoing restructuring efforts and updated financials.  Fitch
estimates that unsecured claims would total approximately $74
billion and that GM's enterprise value available to service
those claims, after extensive administrative claims, would be
approximately US$25 billion - a recovery rate of 34%.  This
recovery rate remains within the historic corporate average of
recovery values, which in Fitch's methodology translates into a
Recovery Rating of 'RR4' for the senior unsecured debt.

The primary factor behind the lower recovery rate versus the
initial scenario was the replacement of GM's unsecured revolving
credit facility with a US$6 billion secured credit facility,
thereby subordinating the remaining unsecured debt.  Fitch has
assigned the new senior secured bank facility an 'RR1' based on
expected full recovery for this facility in the event of a
bankruptcy filing.

Fitch's analysis assumes that the sale of a 51% interest in GMAC
is completed prior to any bankruptcy scenario, with GM's
retained 49% interest added to the recovery values.

In a bankruptcy scenario, Fitch believes that General Motors
would not seek to terminate its U.S. hourly or salaried pension
plans by attempting to offload them to the Pension Benefit
Guaranty Corporation.  The high asset levels and potential
future asset returns on these funds, as compared to current
benefit payout rates, provide some flexibility to negotiate
changes to the current defined benefit program under any new
labor agreement with the UAW.

Fitch's recovery analysis provides a framework for expected
recoveries in the event of a bankruptcy scenario and is not
meant to be a predictor of when or if a default will occur.
Recovery Ratings are assigned to corporate issuers that have an
Issuer Default Rating of 'B+' or below.  Fitch has an IDR of 'B'
on General Motors with a Negative Rating Watch.

                      About General Motors

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

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

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

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


ICICI BANK: Keen on Boosting Capital
------------------------------------
ICICI Bank hopes to generate more funds in the coming months as
it expects faster growth in retail and corporate loans both in
its domestic and international operations, Reuters reports,
citing the Bank Chief Financial Officer Vishakha Mulye.

Ms. Mulye told Reuters that the bank's loans climbed 50% from a
year earlier to INR1.47 trillion, or US$32 billion, in the
quarter ended June 20, 2006, with the international portfolio
expanding 92% to INR133 billion.

According to Ms. Mulye, the bank is on track on the lending in
the corporate and retail sides, but she declined to make
forecasts for the fiscal year to March 2007.

The bank aims to increase its business from international
operations to 20% of its total business in two to three years
from less than 10% now, Reuters reveals.  

ICICI Bank raised US$340 million in Tier-I hybrid capital from
the overseas market in August and another 5.5 billion rupees
from the domestic market this month, and Ms. Mulye said the
company plans to issue more depending on market conditions.

Reuters states that the proposed issues would be aimed at
reducing the cost of capital.  The bank's capital adequacy
ratio, or the percentage of capital to total assets, is at about
14.5%, much higher than the Reserve Bank of India's stipulated
9%.

The bank would also consider securitizing some of its loan
portfolio if current laws changed, Reuters adds.  India is
planning to amend laws to allow securitized assets to be treated
just as any other securities that are traded in the market.

                        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.

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.


INDIAN OIL: Mulls Dubai Blending Plant
--------------------------------------
Indian Oil is planning to build a blending facility at the Jebel
Ali Free Zone in Dubai, The Times of India reports.

The company, which established a representative office in Dubai
in 1998 to market Servo lubricants in the United Arab Emirates,
Oman and Bahrain, is looking to process and blend some of its
400 graded lubricants to achieve its target sales volume of
10,000 tonnes per annum, The Times says.

According to the report, Indian Oil has finalized the
distributorship of the lubricants for the UAE, Oman and Bahrain
and will sign the agreements within the next few weeks.

                     About Indian Oil Corp.

Indian Oil was established as Indian Oil Company Limited in
1959.  Indian Oil Corporation was formed in 1964 with the merger
of Indian Refineries Limited with the Indian Oil Company Ltd.  
Indian Oil's countrywide network of over 22,000 sales points is
backed for supplies by its extensive, well spread out marketing
infrastructure comprising 167 bulk storage terminals,
installations and depots, 94 aviation fuelling stations and 87
LPG bottling plants.  Its subsidiary, IBP Co. Ltd, is a stand-
alone marketing company with a nationwide network of over 3,000
retail sales points.

According to press reports, in spite of its large production
capacity and smooth operations, Indian Oil incurred huge losses
as a result of a Government mandate, which prohibits public
sector oil marketing firms from raising fuel prices despite high
global prices.  For years, Indian Oil has been selling fuel at
subsidized prices, which is way below the costs it pays for
importing fuel from overseas markets.  The Company has not been
able to pass on the high prices leading to large under-
recoveries and losses.

In early 2006, the Government has offered a bailout package to
help rescue oil companies, including Indian Oil, from going
bankrupt.  Under the package, the Government issued Indian Oil,
Bharat Petroleum, Hindustan Petroleum and IBP oil bonds worth
INR10,000 crore to INR12,000 crore to compensate them for not
raising LPG and kerosene prices.  The move was expected to
improve their balance sheets.


JAMMU & KASHMIR: Posts INR624-Mil. Net Profit for June Quarter
--------------------------------------------------------------
Jammu & Kashmir Bank Ltd has posted a net profit of
INR623.80 million for the quarter ended June 30, 2006, as
compared with the INR484.40-million net profit recorded for the
quarter ended June 30, 2005, the bank said in a regulatory
filing with the Bombay Stock Exchange.

Total Income has increased from INR4.503 billion for the June
2005 quarter to INR4.819 billion for the June 2006 quarter.

The Company's financial results for the quarter ended June 30,
2006, are available at:

http://bankrupt.com/misc/Jammu_and_Kashmir_June2006.pdf

                   About Jammu & Kashmir Bank

India-based Jammu & Kashmir Bank Limited --
http://www.jammuandkashmirbank.com/-- is a private sector bank  
that provides a range of traditional commercial banking products
and services to corporations and middle market businesses.  The
key commercial banking products and services to corporate
customers include credit products and structured finance, cash
management, trade and commodity finance, and investment banking,
local debt syndication and securitization.  The bank, through
its operations, is focusing on banking, insurance and asset
management.

Fitch Ratings gave Jammu & Kashmir Bank a D individual rating on
June 1, 2005.


JAMMU & KASHMIR: Approves Articles of Association Changes
---------------------------------------------------------
Jammu & Kashmir Bank Ltd has informed the Bombay Stock Exchange
through a regulatory filing that its members, at the 68th Annual
General Meeting of the bank on August 26, 2006, have accorded to
the amendments in Articles No. 69(i), 70(i), 70(ii), 4 & 118 of
the Articles of Association of the bank.

Moreover, a separate disclosure to the BSE reveals that Umar
Khurshid Tramboo, who retired by rotation at the 68th AGM, was
in the same meeting reappointed as director of the Bank.

Furthermore, M S Verma and Mr. G P Gupta were re-appointed as
directors of the bank in the meeting of the Board on Aug. 26,
2006.

                   About Jammu & Kashmir Bank

India-based Jammu & Kashmir Bank Limited --
http://www.jammuandkashmirbank.com/-- is a private sector bank  
that provides a range of traditional commercial banking products
and services to corporations and middle market businesses.  The
key commercial banking products and services to corporate
customers include credit products and structured finance, cash
management, trade and commodity finance, and investment banking,
local debt syndication and securitization.  The bank, through
its operations, is focusing on banking, insurance and asset
management.

Fitch Ratings gave Jammu & Kashmir Bank a D individual rating on
June 1, 2005.


JAMMU & KASHMIR: Pays Government INR21-Crore Dividend
-----------------------------------------------------
Jammu & Kashmir Bank Limited has paid an INR20.62-crore dividend
to the Jammu and Kashmir Government, the bank said in a press
release.

The JK government that holds 53% equity in the bank has earned a
total dividend of INR132 crore including the present dividend of
INR20.62 crore since 1938 when the bank was established.

The government investment of INR53 crore in the bank has
appreciated to INR1,108 crore on the basis of current market
price.

The JK Bank, which is the prime banker to the state, continues
to improve its services, branch and ATM network and facilities
for all stakeholders that include a substantial number of
government employees receiving salaries through the bank's
channels.  In the months to come, the bank intends to create an
independent customer relations' cell to cater to the needs of
all types of customers.

As outlined during the AGM held in Srinagar on August 26, the
bank indicates that it intends to increase its business
portfolio within the J&K by targeting unbaked sectors and
improve financial inclusion.  While bringing financial know-how
to the people of the state, the bank will also be partnering
with the government's economic initiatives to promote industry
and attract foreign investments.

                     About Jammu & Kashmir Bank

India-based Jammu & Kashmir Bank Limited --
http://www.jammuandkashmirbank.com/-- is a private sector bank  
that provides a range of traditional commercial banking products
and services to corporations and middle market businesses.  The
key commercial banking products and services to corporate
customers include credit products and structured finance, cash
management, trade and commodity finance, and investment banking,
local debt syndication and securitizationn.  The bank through
its operations is focusing on banking, insurance and asset
management.

Fitch Ratings gave Jammu & Kashmir Bank a D individual rating on
June 1, 2005.


RELIANCE INDUSTRIES: To Tie-Up with PSUs for NELP-VI
----------------------------------------------------
Reliance Industries Limited will ink a deal with a United
States-based oil company to make its bids for exploration
acreages under NELP-VI.  While existing downstream partner
Chevron is one of the key contenders, RIL is still on a look out
for US-based oil giant, which will open its account in India if
it ends up as RIL's partner, MyIris.Com reports.

Its existing partners, Hardy Oil and Niko, may also partner it
in some blocks.  Another US oil giant, besides Chevron, is in
the fray as well, reports Economic Times.

Although almost all major global oil companies including Exxon
Mobil, British Petroleum Amoco, Shell, Conoco Phillips, Chevron
and leading national oil companies like Petrobras and Petronas
have evinced interest in the deepwater reserves in India, they
may want to partner with an Indian oil firm and therefore may
not bid on their own.

Major global oil companies normally insist on operatorship of
the block, as was seen in the Panna Mukta Tapti case where
British Gas resisted the move by partners -- ONGC and RIL -- to
take up operatorship on a rotation basis.

                   About Reliance Industries

Reliance Industries Limited -- http://www.ril.com/-- is engaged  
in the exploration and production (E&P) sector.  The company is
organized into three major business segments, which include
Exploration and Production of oil and gas; Refining and
Marketing of petroleum products, and Petrochemicals, including
the manufacturing and marketing of polymers, polyester,
polyester intermediates and chemicals.  RIL's operations capture
value addition at every stage, from the production of crude oil
and gas to polyester, polymer and chemical products, and finally
to the production of textiles.  RIL also has exploration and
production interests in India, Yemen and Oman.  The company
operates mainly in India but has business activities and
customers in more than 100 countries around the world.  

Fitch Ratings gave Reliance Industries Ltd's foreign currency
long-term debt, long-term issuer default and local currency
long-term debt BB+ ratings effective on December 15, 2005.

Moody's Investors Service gave the company Ba2 long-term
corporate family, issuer, and senior unsecured debt ratings
effective March 17, 2005.  


RELIANCE INDUSTRIES: Rethinks Retail Strategy
---------------------------------------------
Reliance Industries Ltd has offered dealers operating its petrol
pumps a package to compensate for dropping sales and sinking
margins, even as company officials talk about closing down
operations to pressure government into taking action on the
price front, the India Times reports.

Reliance has spent INR6,000 crore on rolling out a 12,066-outlet
petro-retail chain.  It owns and operates about 450 of these.
The rest are owned and operated by dealers.  Each of these pumps
sold three-to-four times more than its nearest PSU outlet,
helping Reliance grab 15% of the diesel market in two years.

But ever since crude prices spiraled, the company had to raise
prices to cover costs as unlike PSUs it did not get government
subsidy.  This has hit sales as PSU retailers were selling
diesel cheaper as government made good their losses for keeping
prices low.

Recently, nearly 400-500 Reliance dealers and truck operators
who keep them supplied, launched a protest at company's office
at Vashi in Mumbai's suburbs.  The dealers were pushing for more
relief.

Company officials say closure of its retail operations will put
nearly 40,000 jobs on the line, both in direct and indirect
employment.

The package for dealers offer two options to dealers.  The first
option is to give INR500 per kilo liter additional margin on
diesel and INR400 per kilolitre liter additional margin on
petrol for the dealers who want to continue selling these
products from their pumps.  This works out to 50 paise and 40
paise a liter, respectively, on diesel and petrol.

Under the second option, dealers who decide to stop sales from
their pumps will be given 12.5% return on the capital employed
by them in setting up the outlet.

The company has been facing dealer ire and progressive drop in
sales ever since it raised prices in tune with global trend.

The company's priceline is still higher by an average of INR2 a
liter even after the government allowed its oil marketing
companies to raise prices of petrol and diesel in June.

Consequently, Reliance outlets have been seeing a steady drop in
sales, currently estimated at 70%, making dealers squirm.

Industry watchers blame regulatory failure on oil ministry's
part, which has kept MNCs away and is putting local investments
in danger of becoming white elephants.

                   About Reliance Industries

Reliance Industries Limited -- http://www.ril.com/-- is engaged  
in the exploration and production (E&P) sector.  The company is
organized into three major business segments, which include
Exploration and Production of oil and gas; Refining and
Marketing of petroleum products, and Petrochemicals, including
the manufacturing and marketing of polymers, polyester,
polyester intermediates and chemicals.  RIL's operations capture
value addition at every stage, from the production of crude oil
and gas to polyester, polymer and chemical products, and finally
to the production of textiles.  RIL also has exploration and
production interests in India, Yemen and Oman.  The company
operates mainly in India but has business activities and
customers in more than 100 countries around the world.  

Fitch Ratings gave Reliance Industries Ltd's foreign currency
long-term debt, long-term issuer default and local currency
long-term debt BB+ ratings effective on December 15, 2005.

Moody's Investors Service gave the company Ba2 long-term
corporate family, issuer, and senior unsecured debt ratings
effective March 17, 2005.  


STATE BANK OF INDIA: One-off Items Pull Down 1st Quarter Results
----------------------------------------------------------------
For the first quarter of fiscal year 2006-2007, State Bank of
India posted a net profit of INR798.57 crore, a decline of
34.70% compared with the net profit of INR1,222.83 crore for the
same quarter of the fiscal year 2005-2006, the bank said in a
press release.

However, if excluding one-time items, the quarter-on-quarter
growth in net profit is 20.31%.

Operating profit of the bank stood at INR2,836.45 crore as
compared with INR3,439.48 crore in the first quarter of the
fiscal year 2005-2006.

Gross non-performing assets and net NPA ratio have declined from
5.67% and 2.44% as of June 30, 2005, to 3.88% and 1.69%,
respectively, as of June 30, 2006.

Net interest margin of the bank for the quarter ended June 30,
2006, was at 3.37% compared with 3.77% as of June 30, 2005.

                           Highlights

   * Net Interest Income was INR3884.09 crore as against
     INR4,253.24 crore in first quarter of the fiscal year
     2005-2006, i.e., a decline of 8.68%.  Despite an increase
     of 37.92% growth in interest income on advances, the NII
     has come down mainly due to lower income from treasury
     operations.

   * Non-interest income grew by 11.80% from INR1,576.56 crore
     in first quarter of the fiscal year 2005-2006 to
     INR1,762.60 crore in first quarter of the fiscal year
     2006-2007.

   * Commission on government business for first quarter of the
     fiscal year 2006-2007 is INR215.00 crore, which is lower
     than the figure of INR246.87 crore in first quarter of the
     fiscal year 2005-2006 as higher rates of remuneration were
     prevalent in first quarter of the fiscal year 2005-2006.

   * Profit on sale of investment is higher at INR211.29 crore
     as compared to INR130.70 crore in first quarter of the
     fiscal year 2005-2006, thus registering a growth of
     61.66%.

   * Operating Expenses have registered an increase of 17.57%.
     Staff cost has increased by 17.80%, due to revision of
     salaries after a wage settlement in July 2005.

   * Provisions made for this quarter were at INR2,037.88
     crore, as against INR2,216.65 crore made in first quarter
     of the fiscal year 2005-2006.  The major amounts of
     provisions made are:

     -- Provision for depreciation in investment INR1,104
        crore as against INR1,308.33 crore provision during        
        Q1FY05-06.

     -- Provision for NPAs INR171.55 crore, as against
        INR236 crore during Q1FY05-06.  The provision cover
        stands at 57.33%.

     -- Provision for taxes at INR755.91 crore as against
        INR450.07 crore in Q1FY05-06.

                            Deposits

The bank's deposits grew by INR27,220 crore to INR377,742 crore
as at the end of June 2006 from INR350,522 crore as at the end
of June 2005, recording a growth of 7.77%.  The cost of deposits
declined from 4.82% in June 2005 to 4.47% in June 2006.

                            Advances

Gross advances grew to INR267,822 crore as of the end of June
2006 from INR220,609 crore as at the end of June 2005, a growth
of INR47,213 crore or 21.40%.

The average yield on advances improved to 8.49% in June 2006
from 7.80% in June 2005.  Due to the volume growth in advances
and improvement in yield, interest income on advances went up by
37.92% compared to Q1FY06.

For the quarter ended June 2006, the retail advances in personal
segment have grown by INR1,905 crore.  The outstanding personal
segment advances aggregate INR62,967 crore  at the end of June
2006.  The bank continues to perform well in housing finance.
For the quarter ended June 2006, housing advances have grown by
INR1,059 crore and the total outstanding as of the end of June
2006 was INR33,193 crore.

In Q1 FY07, the growth in Retail advances is 27.92% over June
2005.  Retail advances constitute 26.40% of bank's gross
domestic advances as of the end of June 2006 as against 25.15%
on June 30, 2005.  Housing Loans constitute 52.71% of bank's
retail advances as of June 30, 2006.

Agricultural advances grew to INR28,356 crore as of the end of
June 2006 from INR22,232 crore as at the end of June 2005, i.e.,
a growth of INR6124 crore (27.55%) on Q-on-Q basis.  
Disbursements during the quarter ended June 2006 were at
INR3,785 crore.

State Bank of India's first quarter financial report for the
year ending March 31, 2007, is available for free at:

http://bankrupt.com/misc/State_Bank_of_India_June2006_financials.pdf

                    About State Bank of India

State Bank of India Ltd -- http://www.sbi.co.in/-- is the  
oldest and largest bank in India.  SBI, along with its associate
banks, offers a wide range of banking products and services
across client markets.  In 2005-06, SBI has embarked on
implementing a business process re-engineering project to
enhance customer service and profitability levels.  The bank has
branches in Bahrain, Japan, Mauritius and the United States.

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
April 21, 2006, that Fitch Ratings has affirmed State Bank of
India's Long-term Issuer Default rating at BB+, Short-term
rating at "B", Individual rating at "C" and Support rating at
'3'.  The outlook on the ratings is stable.

Additionally, Standard and Poor's Rating Service gave State Bank
of India a BB+ long-term foreign issuer credit rating on
February 2, 2005.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, a Ba2/Not Prime
rating on its domestic currency bank deposits, and a D Bank
Financial Strength Rating in June 2006.


STATE BANK OF INDIA: CRISIL Gives AAA Rating to Tier II Bonds
-------------------------------------------------------------
The Credit Rating Information Services of India Limited has
assigned a rating of 'AAA/Stable' to State Bank of India's Upper
Tier II Bonds issue.  CRISIL's ratings continue to reflect its
dominant market position in the domestic banking industry,
underpinned by integration with associate banks.  SBI's
diversified resources profile, satisfactory earnings levels, a
comfortable capital position, and good management, support its
ratings.  SBI's average asset quality partly tempers these
rating strengths.

State Bank of India's debt instruments and ratings actions are:

   * INR30 Billion Upper Tier II Bonds - AAA/Stable (Assigned)  

   * Aggregating INR30 Billion Upper Tier II Bonds -
     AAA/Stable (Reaffirmed)  

   * Aggregating INR58 Billion Lower Tier II Bonds -
     AAA/Stable (Reaffirmed)  

   * INR30 Billion Certificate of Deposits Programme -
     P1+ (Reaffirmed)  

The rating on SBI's Upper Tier II Bonds also takes into account
the unique features of the instrument including its conditional
debt-servicing characteristics.  CRISIL has factored in the
bank's current and projected capital adequacy levels and its
ability to raise fresh capital (both equity capital and hybrid
Tier I capital) in its rating for these bonds.  SBI's Tier 1
capital adequacy of 9.36% (as on March 31, 2006) is comfortable.
Even after factoring in the bank's growth plans, CRISIL believes
that the bank's projected overall capital adequacy is
comfortable for its rating category, which is further aided by
adequate flexibility going forward. This flexibility will help
the bank raise incremental capital as and when required for its
expansion plans and maintain capital adequacy levels comfortably
above regulatory requirements.

SBI is the largest bank in India with a deposit base of
INR3,800 billion and advances of INR2,616 billion as on
March 31, 2006.  SBI's strong franchise (9177 branches and 70
overseas offices as on March 31, 2006) has enabled it to access
stable retail funds that constituted about 60% of the total
deposits as on March 31, 2006 (56% as on March 31, 2004).  The
bank's cost of deposits (excluding Indian Millennium Deposits)
reduced to 4.49% in 2005-06 (refers to financial year, April 1
to March 31) from 4.69% in 2004-05 due to re-pricing of the
relatively higher cost term deposits which matured in 2005-06.
SBI's strong liquidity position supports its resource profile.
Its strong liquidity is marked by healthy accretion to deposits,
large limits in the call market, and significant surplus
statutory liquidity ratio investments; the SLR, as on March 31,
2006 was at about 35% of the net demand and time liabilities,
against a minimum regulatory requirement of 25%.

SBI's large net worth base of INR276 billion (as on March 31,
2006) strengthens its capital position; as on March 31, 2006,
the bank's Tier I capital adequacy as a proportion of risk
weighted assets was 9.36%.  The bank's comfortable capital
position also reflects in the net worth coverage for net non-
performing assets of 5.6 times as on March 31, 2006, up from
3.67 times as on March 31, 2004.  SBI's rating is also supported
by its satisfactory profitability levels.  The bank's return on
assets has remained at around 0.9-1.0% per annum for the last
three years.  The bank's fee income, as a proportion of its
assets deployed, stood at 1.19% in 2005-06.  However, the bank's
net profitability margin has dropped to 1.21% in 2005-06 from
1.58% in 2004-05.  The drop in NPM is mainly on account of an
increase in the operating expenses by about 17% and a sharp fall
in the income from its investments portfolio.  Also the bank did
not reprice its advances early enough, further contributing to
the dip in NPM levels in 2005-06. Despite this, SBI reported a
growth in profit after tax (PAT) of 2.4% in 2005-06 because of
an increase in other income levels of a non-recurring nature.
SBI's rating is supported by a strong management that has
effectively adapted to the changing banking environment by
devising appropriate business growth and product diversification
strategies.

These rating strengths are, however, somewhat tempered by SBI's
average asset quality.  Nevertheless, in line with improving
asset quality across the Indian banking sector, SBI's slippages
dropped to 2.16% in 2005-06 from 4.15% in 2003-04; however,
these slippage levels remain on the higher side.  CRISIL
estimates that the bank's gross NPAs at 3.88% as on March 31,
2006, are in line with the system average.  The gross NPAs have
improved from 5.96% as on March 31, 2005, mainly due to the
settlement of the Dhabhol exposure, which has been taken over by
Ratnagiri Gas & Power Company Limited.

                            Outlook

CRISIL expects SBI to maintain its dominant business position in
the Indian financial services sector over the medium term.
CRISIL believes that SBI will continue to remain an institution
of national importance, given its significance to the country's
economy and the financial system; the bank will continue to
function as the principal banker to the Government of India
(GoI).

                    About State Bank of India

State Bank of India Ltd -- http://www.sbi.co.in/-- is the  
oldest and largest bank in India.  SBI, along with its associate
banks, offers a wide range of banking products and services
across client markets.  In 2005-06, SBI has embarked on
implementing a business process re-engineering project to
enhance customer service and profitability levels.  The bank has
branches in Bahrain, Japan, Mauritius and the United States.

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
April 21, 2006, that Fitch Ratings has affirmed State Bank of
India's Long-term Issuer Default rating at BB+, Short-term
rating at "B", Individual rating at "C" and Support rating at
'3'.  The outlook on the ratings is stable.

Additionally, Standard and Poor's Rating Service gave State Bank
of India a BB+ long-term foreign issuer credit rating on
February 2, 2005.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, a Ba2/Not Prime
rating on its domestic currency bank deposits, and a D Bank
Financial Strength Rating in June 2006.


STATE BANK OF INDIA: Launches Processing Center
-----------------------------------------------
State Bank of India Ltd has launched a liability central
processing center in Kolkata, expected to improve customer
service significantly, the Business Standard reports.

This will be the bank's third LCPC after Delhi and Mumbai.  SBI
Chief Bengal Circle General Manager Uday Sankar Roy said that
this LCPC has been set up to centralize services to its clients,
maintaining and opening deposit accounts at branches of the
bank.

This facility will enable the customers of identified branches
(which are on core banking platform) to open their accounts much
faster and receive immediately a "welcome kit" containing a non-
personalized ATM card and few cheque leaves.  

The LCPC in Kolkata will cater to four circles namely, Bengal,
Patna, North-East and Bhubaneshwar.

                    About State Bank of India

State Bank of India Ltd -- http://www.sbi.co.in/-- is the  
oldest and largest bank in India.  SBI, along with its associate
banks, offers a wide range of banking products and services
across client markets.  In 2005-06, SBI has embarked on
implementing a business process re-engineering project to
enhance customer service and profitability levels.  The bank has
branches in Bahrain, Japan, Mauritius and the United States.

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
April 21, 2006, that Fitch Ratings has affirmed State Bank of
India's Long-term Issuer Default rating at BB+, Short-term
rating at "B", Individual rating at "C" and Support rating at
'3'.  The outlook on the ratings is stable.

Additionally, Standard and Poor's Rating Service gave State Bank
of India a BB+ long-term foreign issuer credit rating on
February 2, 2005.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, a Ba2/Not Prime
rating on its domestic currency bank deposits, and a D Bank
Financial Strength Rating in June 2006.


TATA MOTORS: Discloses 61st AGM Results
---------------------------------------
Tata Motors Ltd has informed the Bombay Stock Exchange in a
regulatory filing that the members, at the company's 61st Annual
General Meeting with the company held on July 11, 2006, inter
alia, have accorded to:

   1. Declaration of dividend of INR13 per ordinary share as
      recommended by the board on fully paid-up ordinary dhares
      of the company for the year ended March 31, 2006.

   2. J K Setna and H Petri, directors of the company, being
      held liable to retire by rotation who does not seek re-
      election are not re-appointed as directors of the company.

   3. Re-appointment of Deloitte Haskins & Sells, Mumbai, as
      auditors of the company to hold office from the conclusion
      of this Annual General Meeting until the conclusion of the
      next Annual General Meeting and to examine and audit the
      accounts of the company for the Financial Year 2006-07 on
      remuneration, terms and conditions.

   4. Appointment of V R Mehta and S M Palia as directors of the
      company.

   5. Appointment of Ravi Kant as the Managing Director of             
      the company for the period from July 29, 2005, to June 1,
      2009, on remuneration, terms and conditions.

   6. Re-appointment of Pravin P Kadle as the Executive
      Director of the company for a period of five years,
      commencing from July 11, 2006, on remuneration, terms and
      conditions.

   7. Authority to the board for borrowing from time to time any
      sum or sums of monies which together with the amounts,
      already borrowed by the Company (apart from temporary
      loans obtained or to be obtained from the Company's
      bankers in the ordinary course of business), may exceed
      the aggregate of the paid-up capital of the Company and
      its free reserves, that is to say, reserves not set apart
      for any specific purpose, provided that the total amount
      so borrowed by the board shall not at any time exceed the
      limit of INR75,000 million.

   8. Increase in the Authorized Share Capital of the company
      from INR410,00,00,000 divided into 410,000,000 ordinary
      shares of INR10 each to INR4,500,000,000 by the creation
      of 40,000,000 ordinary shares of INR10 each and
      consequential amendments in the Memorandum of Association
      of the company.

    9. Authority to the board to offer, issue and allot in one
       or more tranches, in the course of domestic/international
       offerings to Domestic/Foreign Institutions, Non-Resident
       Indians, Indian Public Companies, Corporate Bodies,
       Mutual, Funds, Banks, Insurance Companies, Pension Funds,
       individuals or otherwise, whether shareholders of the
       company or not, through a public issue and/or on a
       private placement basis, Ordinary Shares and/or Ordinary
       Shares through depository receipts and/or debentures
       whether partly/fully convertible and/or securities linked
       to ordinary shares and/or foreign currency convertible
       bonds and/or bonds with Share Warrants attached and/or
       Warrants with a right exercisable by the warrant holder
       to subscribe for the ordinary shares ("Securities"),
       secured or unsecured, for cash, at such price or prices,
       in such manner and on such terms and conditions as the
       Board, may, in its absolute discretion, decide at the
       time of issue of Securities, so however that the total
       amount realized through the aforesaid Securities should
       not exceed INR30,000 million or its equivalent of
       incremental funds for the company, subject to necessary
       provisions and approvals.

   10 "Mr. I C Agarwal who has offered himself for appointment
      as a director of the company, be and is hereby appointed a
      director of the company", as there was no proposer and
      seconder for the above resolution was dropped.

                       About Tata Motors

Tata Motors Limited -- http://www.tatamotors.com/-- is mainly  
engaged in the business of automobile products consisting of all
types of commercial and passenger vehicles, including financing
of the vehicles sold by the Company.  The Company's operating
segments consists of Automotive and Others.  In addition to its
automotive products, it offers construction equipment,
engineering solutions and software operations.  During the
fiscal year ended March 31, 2006 (fiscal 2006), the Company sold
454,129 vehicles.  Its commercial vehicle sales were 245,022 in
the domestic and overseas market in fiscal 2006.  The Company
created a new segment in the domestic commercial vehicle market
by launching a mini truck, TATA ACE in May 2005.  It achieved a
sale of 209,107 passenger vehicles in the domestic and overseas
market (including the sale of 209 Fiat cars) in fiscal 2006.
Tata Motorfinance (TMF), the vehicle-financing business of the
Company financed 96,247 new vehicles during fiscal 2006.

A report by the Troubled Company Reporter - Asia Pacific on
September 28, 2005, stated that Standard & Poor's Ratings
affirmed its 'BB' long-term foreign and local currency corporate
credit ratings on Tata Motors.  The outlook is stable.

Additionally, Moody's Investors Service, on July 26, 2005, gave
Tata Motors 'Ba1' long-term corporate family and senior
unsecured debt ratings.


TATA MOTORS: Revenue Grows by 48% to INR5,783 Crore in Q1
---------------------------------------------------------
Tata Motors Limited reported revenues (net of excise) of
INR5,783.41 crore for the quarter ended June 30, 2006, of the
financial year 2006-07, an increase of 48% compared to
INR3,907.50 crore in the corresponding period of financial year
2005-06, the company said in a press release.

Profit before tax was INR498.25 crore, an increase of 38% over
INR360 crore, while Net Profit increased by 40% to
INR381.85 crore, compared to INR272.67 crore in the
corresponding period of the previous year.

During the quarter under review, the company witnessed
significant increase in all its input costs, interest rates and
the general inflammatory pressures, which it expects to continue
throughout the year.

The company's consolidated revenues (net of excise) at
INR6,770.94 crore recorded an increase of 51% as against
INR4,493.11 crore in the corresponding period of the previous
year.  The consolidated profit after tax at INR381.67 crore, as
against INR261.51 crore in the corresponding period of the
previous year recorded a growth of 46%.

The sales volume for the quarter (including exports) at 1,26,394
vehicles grew by 44% over 87,492 vehicles in the corresponding
period last year.  Domestic sales of commercial vehicles grew by
69% to 63,082 units.  Sales volumes in the commercial vehicle
segment for the corresponding period in the previous year were
significantly impacted due to unanticipated difficulties in
vehicle certifications and procurement of some critical
components.  Domestic sales of passenger vehicles at 50,151
units posted a growth of 22%.

The company exported 13,161 vehicles, achieving a growth of 45%
over 9,073 units in the corresponding period of the previous
year.

Copies of Tata Motors' financial report for the quarter ended
June 30, 2006, are available for free at:

http://ir.tatamotors.com/pdf/2007/ConsoReleaseforVispi.pdf

http://ir.tatamotors.com/pdf/2007/StandaloneReleaseforVispi.pdf

                       About Tata Motors

Tata Motors Limited -- http://www.tatamotors.com/-- is mainly  
engaged in the business of automobile products consisting of all
types of commercial and passenger vehicles, including financing
of the vehicles sold by the Company.  The Company's operating
segments consists of Automotive and Others.  In addition to its
automotive products, it offers construction equipment,
engineering solutions and software operations.  During the
fiscal year ended March 31, 2006 (fiscal 2006), the Company sold
454,129 vehicles.  Its commercial vehicle sales were 245,022 in
the domestic and overseas market in fiscal 2006.  The Company
created a new segment in the domestic commercial vehicle market
by launching a mini truck, TATA ACE in May 2005.  It achieved a
sale of 209,107 passenger vehicles in the domestic and overseas
market (including the sale of 209 Fiat cars) in fiscal 2006.
Tata Motorfinance (TMF), the vehicle-financing business of the
Company financed 96,247 new vehicles during fiscal 2006.

A report by the Troubled Company Reporter - Asia Pacific on
September 28, 2005, stated that Standard & Poor's Ratings
affirmed its 'BB' long-term foreign and local currency corporate
credit ratings on Tata Motors.  The outlook is stable.

Additionally, Moody's Investors Service, on July 26, 2005, gave
Tata Motors 'Ba1' long-term corporate family and senior
unsecured debt ratings.


TATA MOTORS: Earmarks INR100 Billion For Expansion
--------------------------------------------------
Tata Motors Limited will invest INR100 to INR120 billion over
the next three to four years and is looking at Russia and China
for vehicle sales and component sourcing, Antara News reports.

Tata Motors Managing Director Ravi Kant told reporters that the
company was looking at developing Russia as an important market
for selling light trucks, buses and pick-ups.

On China, Mr. Kant said the company was looking at increased
component sourcing to bring down costs of vehicle development in
India.

                       About Tata Motors

Tata Motors Limited -- http://www.tatamotors.com/-- is mainly  
engaged in the business of automobile products consisting of all
types of commercial and passenger vehicles, including financing
of the vehicles sold by the Company.  The Company's operating
segments consists of Automotive and Others.  In addition to its
automotive products, it offers construction equipment,
engineering solutions and software operations.  During the
fiscal year ended March 31, 2006 (fiscal 2006), the Company sold
454,129 vehicles.  Its commercial vehicle sales were 245,022 in
the domestic and overseas market in fiscal 2006.  The Company
created a new segment in the domestic commercial vehicle market
by launching a mini truck, TATA ACE in May 2005.  It achieved a
sale of 209,107 passenger vehicles in the domestic and overseas
market (including the sale of 209 Fiat cars) in fiscal 2006.
Tata Motorfinance (TMF), the vehicle-financing business of the
Company financed 96,247 new vehicles during fiscal 2006.

A report by the Troubled Company Reporter - Asia Pacific on
September 28, 2005, stated that Standard & Poor's Ratings
affirmed its 'BB' long-term foreign and local currency corporate
credit ratings on Tata Motors.  The outlook is stable.

Additionally, Moody's Investors Service, on July 26, 2005, gave
Tata Motors 'Ba1' long-term corporate family and senior
unsecured debt ratings.


UCO BANK: Unveils Acquisition and Other Plans
---------------------------------------------
UCO Bank Limited plans to acquire private sector banks based in
southern India after shoring up its capital in the next fiscal
year, Reuters reports.

The acquisitions would extend the bank's reach to the region,
where its presence was low especially in Karnataka, Kerala and
Andhra Pradesh states, UCO Chairman and Managing Director V.
Sridar told Reuters.

Mr. Sridar, however, declined to discuss potential acquisition
targets.

Reuters explains that Indian banks with regional presence are
eager to buy banks in other regions in this vast country of more
than one billion people and grab a greater share of the rapidly
growing financial services market in Asia's fourth largest
economy.

Mr. Sridar said the bank planned a follow-on share offer in the
next business year to boost capital.  The federal government
currently held 74.9% stake in the bank and the stake could come
down to around 58 percent after the offer, he added.

Southern India has many strong private sector banks such as
Karur Vysya Bank, Karnataka Bank and Lakshmi Vilas Bank.

                           No Mergers

The Reuters interview continues that UCO Bank has ruled out
merging itself with another bank.

"Merger will be a painful process.  At the end of the day, what
you achieve through the process should be much more than the
pain you want to take," Mr. Sridar said.

                          Other Plans

UCO Bank is also studying getting into the insurance business
through a joint venture and might consider mutual funds entry
later.  

                         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.


* Raters Yet to Standardize Norms for Hybrids
---------------------------------------------
A quarrel has broken over rating of hybrid instruments issued by
banks, the Hindu Business Line reports.

Some credit rating agencies are placing hybrid instruments on
par with other subordinate debt raised by banks.  This does not
offer the best read on the risks in investing in hybrids,
according to an analyst in a rating agency.

Rating of debt instruments state the level of risk of any debt
instrument, with the risk depending on factors such as capital
adequacy, and profit and loss of the issuer, tenor of the issue,
and the hierarchy in interest payment.

Typically, upper Tier II and perpetual debt issuances are
riskier owing to the longer tenor of 10 to 15 years as against
five years for a normal subordinated debt issue with the option
to defer interest payment.  Banks were allowed to issue hybrid
debt instruments by the Reserve Bank of India to shore up
capital.  Worldwide, rating agencies rank perpetual debt and
upper Tier II issues one notch lower than lower Tier II or
traditional subordinated debt issuances.  Yet in India, credit
rating entities offer ratings to the new instruments in line
with the general rating of the issuing bank.

A fallout is that agencies, which insist on notching down the
issue, are losing business, as banks turn to agencies which are
more sympathetic, an analyst said.

P. Mukherjee, treasurer, UTI Bank, thought it could be so.  "I
imagine this would happen.  We were rated by Fitch and ICRA, who
are our agencies for other ratings as well.  But each agency has
its practice and over the period they will firm up their
practices," he said.

UTI Bank was rated 'AA' for its upper Tier II issue of 15 years,
one level lower than its issuer rating or general rating of
'AA+.'

For instance Canara Bank, got an 'AAA' rating for its upper Tier
II bond and subordinate debt from Crisil and LAAA for its
subordinate debt from ICRA.  The bank did not get its upper Tier
II bond rated by ICRA.  A senior official from Canara Bank said
the bank was able to place the issue with one rating and did not
feel the need for a double rating.

CARE Ratings normally follows the policy of notching down upper
Tier II issuances.  But in case of some banks that have an 'AAA'
rating, such as ICICI Bank, HDFC Bank and SBI, CARE offers the
same as the notching down does not make any difference, said
Rajesh Mokashi, Executive Director, CARE.  "Here the difference
between the issues is extremely nil," he added.

But for Oriental Bank of Commerce, which also has a 'AAA'
rating, CARE pulled down its upper Tier II issue.  "OBC has some
issues related to capital adequacy. We do not blindly apply the
notching down policy," Mr. Mokashi said.

Explaining the rationale, Mr. Mokashi said that the ability to
manage capital adequacy is important.  For instance, ICICI has a
good track record of raising capital.  Chances of default are
extremely low and the bank has a robust accretion to net worth
which has been consistent year-on-year.

According to R. Jayakumar, Senior Director, Fitch Ratings, the
international practice and the one that Fitch follows in India
is to give the issuer rating to the senior debt issue.  But in
case of upper Tier II and hybrid issue, it is important to make
it clear to the investor that it is riskier as interest payment
can be deferred.

"The rating given to the instrument is not only about the
strength of the bank.  This is the rating of the instrument is
also because of the inherent risk," Mr. Jayakumar added.

The additional trigger for the new instruments is the decline in
capital adequacy below the prescribed 9%, said Mr. Vineet Gupta,
Head of Bank and Financial Institutions Rating, ICRA.  "The
probability of default on the new instruments is likely to be
higher than that on the traditional ones," he said.

The ability of a bank to raise capital in the long run is
difficult to estimate under stress, internal or external, which
may be beyond the control of the issuer, he added.  ICRA also
follows the international norm of ranking debt.

Crisil does not follow the policy of notching, though S&P its
international partner does.  For instance, in case of ICICI
Bank's issue, Crisil did not put it down by a notch but S&P did.

Krishnan Sitaraman, head, Financial Sector Ratings, Crisil said
the agency has no blanket approach.  It depends on a case-to-
case basis.  "We look at the flexibility of banks to raise
capital in future.  We also look at the government stake.  If
there is room to raise further capital, we give the same rating
to the upper Tier II issue as given to the bank."

As against this S&P assumes an additional risk on upper Tier II
issue if there is a default of even a day on repayment of
interest, he said.


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

ANEKA TAMBANG: To Hand Over Gebe Island Assets
----------------------------------------------
Based on an agreement between PT Aneka Tambang Tbk and the
Halteng district administration, PT Antam has been directed to
return all assets in Gebe Island in Central Halmahera (Halteng)
district after the company's nickel mining operations in the
area was terminated, Antara News reports, citing a regional
administration official.

Antara notes that among PT Antam's assets in Gebe Island to be
handed over to the district administration are an airstrip and a
hospital.

According to Halteng district head Hasan Husain Doa, the
hospital would later be managed jointly by the Halteng district
administration and the local people, while the airstrip will be
handled by the Halteng transportation office.

The Halteng district administration would give all its
cooperation to any party interested in developing the airstrip,
Mr. Hasan added.

Mr. Hasan also said the local administration was waiting for
follow-up action to an agreement made by six ministries
including the marine resources and fisheries ministry to turn
Gebe Island into an integrated economic development zone after
PT Antam's mining activity had ended.

Antara recounts that PT Antam received a mining concession on
Gebe Island 30 years ago and exploited nickel for its
ferronickel factory in Pomalaa, Southeast Sulawesi.

                      About Aneka Tambang

PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,  
processes, develops, and explores natural deposits.  The company
operates six mines.  They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and West
Java (gold). The company also operates a precious metal refinery
and a geology unit in Jakarta.

                          *     *     *

As the Troubled Company Reporter - Asia Pacific reported on
December 19, 2005, Moody's Investors Service changed the outlook
for Aneka Tambang's local currency B1 corporate family rating to
positive from stable.  The B2 foreign currency bond rating
remains unchanged with a positive outlook, which is in line with
the positive outlook for Indonesia's sovereign rating.

Standard & Poor's Ratings Services gave Aneka Tambang 'B' long-
term local and foreign issuer credit ratings, effective Aug. 26,
2003.


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

FORD MOTOR: S&P Cuts Long-Term Credit Ratings One Notch to 'B'
--------------------------------------------------------------
Standard & Poor's Ratings on September 19, 2006, lowered its
long-term corporate credit ratings on Ford Motor Co., Ford Motor
Credit Co. and all related units -- except FCE Bank PLC -- to
'B' from 'B+' and its short-term ratings on these entities to
'B-3' from 'B-2.' The ratings on FCE Bank, Ford Credit's
European bank, were lowered to 'B+/B-3' from 'BB-/B-2',
maintaining the one-notch rating differential between FCE and
its parent that was established in July.  

All ratings are removed from CreditWatch with negative
implications, where they were placed Aug. 18, 2006, following
Ford's announcement of a dramatic cut in light truck production
for the fourth quarter.  The outlook is negative.

Ford Motor's consolidated debt outstanding totaled
US$153 billion at June 30, 2006.

"The downgrade reflects the seemingly relentless deterioration
in Ford's North American automotive operations, which are now
expected to remain unprofitable until at least 2009," said
Standard & Poor's credit analyst Robert Schulz.

The array of challenges that have plagued Ford in recent years
-- market share erosion, adverse product mix trends, and high
dealer inventories and raw material costs -- have continued to
worsen in 2006 or even accelerate, leading to a higher than
anticipated use of cash since we last lowered Ford's ratings in
June.  S&P expects that 2007 will also be a challenging year for
cash usage.  The recent announcements of an expanded cost
reduction program in North America, while important, cannot be
expected to gain much real traction until 2007, and the cash
costs of headcount reduction will mostly occur in 2007.

Of particular concern has been the dramatic falloff in the
fullsize pickup truck market in recent months after the segment
held up well through the first quarter of this year.  Ford's F-
series pickups, which represent one-third of Ford-brand sales
and a far greater share of profitability, were down 13% through
the first eight months of the year, although last summer's
volumes were abnormally boosted by the employee discount
program.  The decline in sports-utility vehicle sales began much
earlier, but has hit Ford particularly hard in 2006, with sales
of the Expedition and Explorer both down more than 30% this year
through August.  In the first eight months of 2006, Ford sold
nearly a quarter million fewer pickups and SUVs than a year ago,
a 17% drop.  As consumers have shifted into more fuel-efficient
vehicles, Ford's ratio of light truck to overall vehicle sales
fell to 62% from 67% in the year-earlier period.  This mix shift
has a greatly magnified impact on Ford's bottom line because of
the smaller vehicles' lower margins, and is unlikely to reverse.

The rating outlook on Ford is negative.  S&P's concerns include
Ford's increasingly negative cash flow in its North American
automotive operations.  The ratings could be lowered if further
setbacks, whether industry related or Ford specific, were to
increase the use of cash, delay cash savings from the latest
cost-cutting and restructuring efforts, or constrict liquidity.  
Also, if Ford Motor eventually chooses to replace its unsecured
bank facilities with secured financings, the rating for Ford's
senior unsecured debt would likely be lowered up to two notches
below the corporate credit rating.  Ford would need to reverse
its current financial and operational trends, and sustain such a
reversal, before we would revise its outlook to stable.

                         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.


FORD MOTOR: S&P Cuts Related U.S. ABS Synth Deal Ratings
--------------------------------------------------------
Standard & Poor's Ratings Services on September 19, 2006,
lowered ratings on 10 United States single-issue synthetic ABS
transactions related to Ford Motor Co. (Ford; B/Negative/B-3)
and Ford Motor Credit Co. (Ford Credit; B/Negative/B-3) and
removed them from CreditWatch, where they were placed with
negative implications Aug. 21, 2006.

The Sept. 19, 2006, lowering of the ratings on Ford and its
related entities and their subsequent removal from CreditWatch
negative does not have any immediate rating impact on the Ford-
related ABS supported by collateral pools of consumer auto loans
or auto wholesale loans.

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

The Sept. 19, 2006, downgrades of Ford, Ford Credit, and all
related entities and the removal of the ratings from CreditWatch
reflect the seemingly relentless deterioration in Ford's North
American automotive operations, which are now expected to remain
unprofitable until at least 2009.  

The Ford-related research update, "Ford Motor And Ford Credit
Ratings Lowered One Notch To 'B', Off Watch; Outlook Negative,"
dated Sept. 19, 2006, is available on RatingsDirect, the real-
time Web-based source for Standard & Poor's credit ratings,
research, and risk analysis, at http://www.ratingsdirect.com/
    
Ratings Lowered and Removed From Creditwatch Negative:

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

          Rating
Class    To   From            Role
A-1      B    B+/Watch Neg    Underlying collateral
A-2      B    B+/Watch Neg    Underlying collateral
      
Corporate Backed Trust Certificates, Ford Motor Co. Note-Backed
Series 2003-6 Trust

          Rating
Class    To   From            Role
A-1      B    B+/Watch Neg    Underlying collateral
    
CorTS Trust for Ford Debentures

          Rating
Class    To    From           Role
Certs    B     B+/Watch Neg   Underlying collateral
    
CorTS Trust II for Ford Notes

          Rating
Class    To   From            Role
Certs    B    B+/Watch Neg    Underlying collateral

Freedom Certificates US Autos Series 2004-1 Trust

          Rating
Class    To   From            Role
Certs    B    B+/Watch Neg    Underlying collateral
     
PPLUS Trust Series FMC-1

          Rating
Class    To   From            Role
Certs    B    B+/Watch Neg    Underlying collateral
    
PreferredPLUS Trust Series FRD-1

          Rating
Class    To   From            Role
Certs    B    B+/Watch Neg    Underlying collateral
     
SATURNS Trust No. 2003-5

          Rating
Class    To   From            Role
Units    B    B+/Watch Neg    Underlying collateral
    
Trust Certificates (TRUCs) Series 2002-1 Trust

         Rating
Class   To   From             Role
A-1     B    B+/Watch Neg     Underlying collateral
    
STEERS Credit-Backed Trust Series 2002-3 F

             Rating
Class    To    From            Role
Certs    CCC   CCC+/Watch Neg  Referenced obligation

                        About Ford Motor

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


HANKYU HOLDINGS: To Name K. Sumi President of Hankyu Hanshin
------------------------------------------------------------
Hankyu Holdings Inc. President Kazuo Sumi is expected to become
president of Hankyu Hanshin Holdings, a company to be created in
October 2006 as a result of the merger between Hankyu and
Hanshin Electric Railway Co., The Japan Times relates.

According to the report, Hanshin President Shinya Sakai and
Hankyu Representative Director Tsunenori Kawashima are also
expected to have the rights to legally represent the new
company.

The appointments will be formalized at a Hankyu board meeting
set for Sept. 29, Japan Times says.

Japan Times states that on Oct. 1, Hankyu will make Hanshin a
wholly owned subsidiary through stock swaps and change the name
to Hankyu Hanshin Holdings.


Headquartered in Osaka, Japan, Hankyu Holdings Incorporated is
formerly known as Hankyu Corporation.  The Group's principal
activities include the operation of railway transportation and
development of housing estates and recreational and commercial
facilities.  The Group's operations are carried out through
these divisions: (i) Transportation segment is involved in the
railway, automobile maintenance and vehicle manufacturing
businesses; the Real Estate segment leases, purchases, sells and
manages real estates and operates investment assets; the Travel
and International Transportation segment is involved in
traveling and cargo delivery services; the Hotel segment is
engaged in the hotel business; the Entertainment and
Communication segment is involved in the theater operations,
advertising agency services and the publishing business; the
Retail segment is engaged in the retail, and food and drink; and
the others segment is involved in finance services, information,
human resource and accounting agency services.

As reported in the Troubled Company Reporter - Asia Pacific on
June 23, 2006, Standard & Poor's Ratings Services affirmed
its 'BB' long-term corporate credit and 'BB+' senior unsecured
debt ratings on Hankyu Holdings following completion of
the company's takeover bid for Hanshin Electric Railway Co. Ltd.
and clarification of Hankyu's financial burden from the
takeover.  At the same time, Standard & Poor's removed the
ratings from CreditWatch, where they were placed on May 1,
2006, following Hankyu's official announcement of merger
discussions.  The outlook on the long-term credit rating is
stable.

The TCR-AP reported on June 22, 2006, that Fitch Ratings Agency
affirmed the BB+ long-term foreign and local currency Issuer
Default Rating of Hankyu Holdings as well as its BB+ senior
guaranteed debt rating, on June 21.


JAPAN AIRLINES: Boosts China Flights with Revision of Route Plan
----------------------------------------------------------------
The Japan Airlines Group is making further revisions to its
route and frequency plan for the second half of fiscal 2006
ending March 31, 2007, in addition to those already announced on
August 17, 2006.  The revisions are subject to government
approval.

From October 29, 2006, JAL will increase international passenger
flight frequency between Japan and China.  It will double the
number of flights on its Tokyo and Guangzhou route establishing
a twice-daily service between the two cities.  Flight frequency
will be increased on JAL's Tokyo-Xiamen route from three to four
flights per week.

JAL already announced on August 17, 2006 that it would increase
its Nagoya (Chubu)-Guangzhou service from three to seven flights
per week from October 29.  As a result, the carrier will
continue to be the airline offering the largest network between
Japan and China.  At present, it serves 12 cities in China on 29
routes with a total of 240 flights per week including code
shares.  The proposed second half revisions would increase the
number of flights offered by JAL to 252 flights per week.

JAL will also increase international cargo flight frequency
between the two countries from October 29, 2006.  JAL will
increase its Tokyo-Guangzhou service from one to two flights per
week.  From March 24, 2007, JAL will suspend its under-
performing Osaka-Brisbane-Sydney-Osaka route.

Flight frequency will be increased on JAL's Tokyo-Los Angeles
route from seven to eight flights per week from October 29,
2006.  The airline's award-winning JAL Shell Flat Seat will
become available on all flights between Japan and the United
States mainland following the introduction of the seat on Tokyo-
Los Angeles flights on November 4, 2006.

The second half route and frequency revisions form part of the
JAL Group's ongoing restructuring of its international, domestic
and cargo businesses.  Through route restructuring, the carrier
aims to build a more profit-focused network, and return its
international passenger business to profitability.  In the JAL
Group medium-term business plan FY2006-2010, the company
forecasts a JPY13.5 billion, or US$112.5 million, income
improvement in FY2006 from route suspensions, flight frequency
adjustments, and a review of aircraft scheduling.

                      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 ratings on the Company.


JAPAN AIRLINES: Expands Code Share Tie-Up with Korean Air by 40%
----------------------------------------------------------------
Japan Airlines and Korean Air have agreed to expand their code
share agreement from October 29, 2006, by adding extra flights
to existing code share routes and by starting new twice-daily
code share flights on the Tokyo-Busan and Osaka (Kansai)-Busan
routes.

Overall, from late October the JAL-Korean Air code share program
between the two countries will increase by 40% from the present
133 flights per week over 9 routes to 186 flights a week over 11
routes.

Under the expanded agreement the number of daily code share
flights between Tokyo (Narita), Osaka (Kansai) and Nagoya
(Chubu) and Seoul (Incheon) increases to seven, five and three
respectively.  Frequency on the Fukuoka-Seoul route will
increase from a daily service to 11 flights a week by the
addition of four new weekly flights.

The Korean Air-JAL code share program started in August 2004,
with flights between Seoul and the regional Japanese cities of
Komatsu, Niigata and Sapporo.

                        About Korean Air

Korean Air Lines Co., Ltd. is a Korea-based company engaged in
the civil aviation industry.  Its principal activities consist
of the provision of domestic and international airline services;
the production of aircraft, including military aircraft; the
provision of aircraft maintenance and engineering services, and
the sale of duty-free goods.  It is also involved in the
provision of in-flight meals for third parties.  In addition to
passenger transportation services, Korean Air Lines is a cargo
carrier that operates freighters worldwide.  During the year
ended December 31, 2005 its operations spanned 77 cities in 30
countries with a fleet of 116 aircraft and it carried 21,710,000
passengers and 1,980,000 tons of freight.

                      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 ratings on the Company.


MITSUBISHI MOTORS: Says Thai Operations Run as Usual Amid Coup
--------------------------------------------------------------
Mitsubishi Motors Corporation assured that its Thai facilities
are operating normally despite the political tension in the
nation, Easybourse reports.

The Associated Press relates that Thailand's military overthrew
popularly elected Prime Minister Thaksin Shinawatra on
September 19, 2006, amid mounting criticism that he had
undermined democracy.

Striking when Mr. Thaksin was in New York at the United Nations
General Assembly, army commander Gen. Sondhi Boonyaratkalin sent
tanks and troops and ringed Mr. Thaksin's offices, seized
control of television stations and declared a provisional
authority loyal to the king, AP reveals.

On Wednesday, in his first public appearance since seizing
power, Mr. Sondhi asked for the public's support and declared
the coup was necessary to end serious conflicts within Thai
society that Mr. Thaksin had created, according to AP.

Initially, the coup went largely unnoticed in Thailand's popular
tourist districts; but word raced among street vendors who
packed up their carts quickly and started heading home, AP adds.

Amid the confusion, Mitsubishi Thailand said it is the workers'
prerogative whether or not they would come to work.  The
bloodless coup did nothing to hamper operations of manufacturing
facilities in Thailand, a Mitsubishi Motors spokeswoman told
Easybourse.

According to Dow Jones Newswires, Mitsubishi Motors has an
annual production capacity of 180,000 vehicles in Thailand,
where it produces the Triton pickup truck, Lancer passenger
model and Grandis minivan.  This capacity accounts for 13% of
Mitsubishi Motors' output volume of 1.34 million vehicles the
company produced globally in the last fiscal year through March.  

The company exports pickup trucks from the Thai plant, but said
there has been no impact on shipments so far from the coup, Dow
Jones adds.

Meanwhile, production at other Japanese automakers' factories in
Thailand was disrupted on Wednesday, with Nissan Motor Co.,
Mazda Motor Corp. and others calling off work for the day,
Reuters reports.

                     About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few  
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The Company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the "Mitsubishi
Motors Revitalization Plan" on January 28, 2005, as its three-
year business plan covering fiscal 2005 through 2007, after
investor DaimlerChrysler backed out from the Company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

Mitsubishi Motors North America Inc. is responsible for
allmanufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States.  Mitsubishi Motors sells coupes,
convertibles, sedans, sport utility vehicles, and light trucks
through a network of approximately 540 dealers.

                          *     *     *

Japan Credit Rating Agency, Ltd., on July 18, 2006, upgraded the
Company's senior debts rating to BB- from B- with a stable
outlook, as its restructuring has been going well as planned,
with Mitsubishi group firms increasing their stakes in MMC to
34.3% as of March 31, 2006.

Rating & Investment Information Inc. had on July 31, 2006,
upgraded its issuer rating on Mitsubishi Motors Corp. from CCC+
to B with a stable outlook and its commercial paper rating from
c to b, and has removed the rating from its monitor at the same
time.


MITSUBISHI MOTORS: Selects Ruder Finn as Agency of Record
---------------------------------------------------------
Mitsubishi Motors Corporation on September 19, 2006, selected
Ruder Finn, Inc., as public relations - Agency of Record for the
company's United States business.

As part of the two-year contract, Ruder Finn will work with
Mitsubishi North America to enhance product and brand
communications, as well as support the company's dealer
communications and auto show presence.  Ruder Finn/West along
with its New York office will service the account.

Ruder Finn/West Managing Director, Howard Solomon will manage
the overall account.  Lisa Duszak Novak, vice president of Ruder
Finn/West will serve as day-to-day account team leader, working
closely with Ruder Finn New York and Bob Seltzer, head of the
firm's Marketing Practice.

"After a methodical and extensive search for a PR partner, we
chose Ruder Finn based on its solid reputation and track record
of helping global companies achieve communication objectives and
establishing themselves as market leaders in their respective
categories," said Hiroshi Harunari, president and CEO.

"Mitsubishi Motors has had both its share of successes and
challenges in the United States marketplace.  With the planned
release of several very exciting new models, we're eager to tell
our story more broadly.  We feel Ruder Finn is the right partner
to help us amplify our message."

"Mitsubishi Motors is an extremely important account for Ruder
Finn," said Richard Funess, president of Ruder Finn Americas.
"We're excited to work with the Company's leadership team and
use PR as a strategic lever to drive increased sales for the
company.  We're equally excited about the company's new line-up
for 2007 and we look forward to telling the U.S. market about
the new Mitsubishi Motors."

                     About Ruder Finn, Inc.

Ruder Finn is a leading independent communications, counseling
and services Agency with more than 57 years of experience. The
Ruder Finn Group maintains offices in Boston, Chicago, Los
Angeles, New York, San Francisco, Washington, London, Paris, and
Jerusalem. Asia Pacific offices include Sydney, Beijing,
Guangzhou, Hong Kong, Shanghai and Singapore. The Agency also
works with leading independent affiliates in major markets
throughout the U.S., Europe and Latin America. Ruder Finn is
ranked No. 1 in New York in revenues and staff size by the
Council of Public Relations Firms and the PR trade newsletter,
O'Dwyer's, The Agency serves the global and local communications
needs of more than 250 corporations and nonprofit organizations.

                  About Mitsubishi North America

Mitsubishi Motors North America Inc., is responsible for all
manufacturing, finance, sales, marketing, and research and
development operations of the Mitsubishi Motors Corporation in
the United States.  Mitsubishi Motors sells coupes,
convertibles, sedans, sport utility vehicles, and light trucks
through a network of approximately 540 dealers.

                     About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few  
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The Company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the "Mitsubishi
Motors Revitalization Plan" on January 28, 2005, as its three-
year business plan covering fiscal 2005 through 2007, after
investor DaimlerChrysler backed out from the Company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

Mitsubishi Motors North America Inc. is responsible for
allmanufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States.  Mitsubishi Motors sells coupes,
convertibles, sedans, sport utility vehicles, and light trucks
through a network of approximately 540 dealers.

                          *     *     *

Japan Credit Rating Agency, Ltd., on July 18, 2006, upgraded the
Company's senior debts rating to BB- from B- with a stable
outlook, as its restructuring has been going well as planned,
with Mitsubishi group firms increasing their stakes in MMC to
34.3% as of March 31, 2006.

Rating & Investment Information Inc. had on July 31, 2006,
upgraded its issuer rating on Mitsubishi Motors Corp. from CCC+
to B with a stable outlook and its commercial paper rating from
c to b, and has removed the rating from its monitor at the same
time.


SOFTBANK CORP: S&P Affirms 'BB-' Long-Term Ratings
--------------------------------------------------
Standard & Poor's Ratings Services on September 19, 2006,
affirmed its 'BB-' long-term corporate credit and senior
unsecured debt ratings on Softbank Corporation, excluding
Softbank's euro-denominated senior unsecured notes due 2011.  At
the same time, the ratings were removed from CreditWatch, where
they were placed on March 6, 2006, following the announcement of
the company's acquisition of Vodafone K.K., a Japanese
subsidiary of Vodafone Group PLC. Softbank's capital structure
is deteriorating due to the increased debt burden as a result of
the acquisition.

However, Standard & Poor's believes that the company's improving
earnings will make further deterioration less likely.  The
outlook on the ratings on Softbank is stable.

At the same time, Standard & Poor's said that its 'BB-' rating
on Softbank's EUR400 million euro-denominated senior unsecured
notes due March 15, 2011, remains on CreditWatch with positive
implications, as Standard & Poor's has not fully confirmed the
effectiveness of the legal structuring of the legal defeasance.

In April 2006, Softbank acquired 99.54% of the outstanding
shares of Vodafone K.K., which became a wholly owned subsidiary
in August.  The name of Vodafone K.K. is scheduled to change to
Softbank Mobile Co. Ltd. on Oct. 1, 2006.  The acquisition price
was JPY1,690 billion, which was funded primarily through
JPY1,166 billion in bridge financing from 17 financial
institutions.  As a result, Softbank's consolidated net debt
ratio deteriorated to 77% as of June 30, 2006, from 57% at March
2006 and 68% at March 2005.  By around the end of this month,
Softbank is likely to decide on a plan to refinance the bridge
loans into long-term financing. Given its relationship with the
lender financial institutions and its latent profits on
securities, refinancing and liquidity risks should be limited.

On the other hand, Softbank's consolidated operating profit
recovered in the second quarter of fiscal 2005 from July through
September 2005, as its broadband infrastructure business,
specifically Asymmetric Digital Subscriber Lines (ADSL)
services, turned a profit.  Fixed-line communications, which had
posted deficits since the acquisition of Japan Telecom Co. in
2004, also became profitable from the fourth quarter of fiscal
2005 from January through March 2006, backed by restructuring of
its marketing strategy.  Softbank's aggressive investments to
enhance its mobile communications network are likely to drag on
earnings in the near term.  Its overall earnings, however, are
improving and should lower the chances of further deterioration
in its capital structure.

The acquisition of Vodafone K.K. turned Softbank into a
comprehensive telecom service provider offering a wide range of
fixed-line, mobile, and Internet-related services. However,
Vodafone K.K. (BB+/Watch Neg/--) suffers from a weaker business
franchise in Japan than NTT Docomo Inc. (AA-/Stable/A-1+) and
KDDI Corp. (A-/Stable/--).  Its market share is far below that
of the top two service providers, its churn rate is higher, and
its average revenue per user (ARPU) is lower.  In order to
achieve synergy effects, Softbank needs to rapidly strengthen
its mobile communications business while dealing with its
increased debt burden, and the prospect of achieving these goals
remains uncertain.

Nevertheless, Softbank's business profile in the Internet-
related field and its strengths in the content business, such as
its Yahoo! Japan portal, are likely to serve as competitive
advantages, as content delivery is expected to become more
important for the mobile phone companies in Japan.  Following
the introduction of mobile phone number portability on
Oct. 24, 2006, churn rates are expected to increase.  However,
Standard & Poor's believes that a significant shift in market
shares among operators is not very likely.

                       About Softbank Corp.

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

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

                          *     *     *

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

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


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

ASYST TECHNOLOGIES: Corporate Controller Resigns
------------------------------------------------
In a regulatory filing with the United States Securities and
Exchange Commission, Asyst Technologies, Inc., disclosed that
James Wheat, the company's acting principal financial and
accounting officer and corporate controller, left the company on
September 15, 2006.

Mr. Wheat, who notified the company of his plans on September 1,
2006, "wanted to pursue other opportunities," the SEC filing
revealed.

On June 13, 2006, Mr. Wheat was designated as acting principal
financial officer while Asyst conducted a search for a
replacement Chief Financial Officer.  The Company's former CFO,
Robert J. Nikl left the Company in June 2006.

The Company did not say if who will replace Mr. Wheat, or if it
has found a new CFO.

                  About Asyst Technologies

Headquartered in Fremont, California, Asyst Technologies Inc. --
http://www.asyst.com/-- provides automation solutions for the  
semiconductor, flat panel display, and related industries
worldwide.  The company also maintains offices in Korea, China,
Japan, Malaysia, Singapore, and Taiwan.

U.S. Bank National Association, the trustee under the indenture
related to Asyst's 5-3/4% convertible subordinated notes due
2008, asserted that the firm is in default under the indenture
because of "the previously announced delays in filing its Form
10-K for the fiscal year ended March 31, 2006, and Form 10-Q for
the fiscal quarter ended June 30, 2006."  The company previously
disclosed that it is not in a position to report full financial
results or file its delayed reports until a special committee of
independent directors completes its previously announced inquiry
into the company's past stock option grants and practices, and
the company and its independent auditors complete the related
accounting review.


KOREA EXCHANGE: Rejects Stock Manipulation Allegations
------------------------------------------------------
Korea Exchange Bank denies allegations of stock price
manipulation relating to the November 2003 deal with KEB Credit
Services, XFN-Asia says, citing a statement made by the bank.

XFN-Asia relates that a South Korean news agency reported that
Korea's Financial Supervisory Service has been probing into KEB
over allegations of stock price-manipulation.  The report noted
that KEB, after being purchased by United States-based Lone Star
Funds, spread a rumor of capital write-down by KEB Credit in
2003 to get a cheap deal.

The rumor helped reduce by more than 60% the unit's price in
just two weeks.

According to XFN-Asia, KEB found the media reports as containing
many factual inaccuracies.  KEB added that it will cooperate
closely with investigators.

As reported in the Troubled Company Reporter - Asia Pacific,
investigators had been looking into Lone Star's 2003 purchase of
KEB, and had been examining whether the acquisition was
appropriate.  The probe will focus on alleged charges of the
bank's cheap sale and manipulation of the Bank for International
Settlement equity rate.

                      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.


SAMSUNG CARD: To Write Off 80% of Capital, Bloomberg Says
---------------------------------------------------------
To improve finances, South Korea's Samsung Card Co. intends to
write off its capital by 80% on November 1, Young-Sam Cho of
Bloomberg News reports.

Pursuant to a plan to perk up its finances, Samsung Card
proposes to reduce its capital from KRW2.5 trillion to
KRW496.4 billion -- from 496.4 million shares to 99 million
shares -- Bloomberg says, citing a Samsung Card regulatory
filing as its source.

Shareholders will vote to accept or reject the plan at a meeting
on October 20, Bloomberg adds.

                         About Samsung Card

Headquartered in Jongro-Gu, Seoul, Korea, Samsung Card --
http://samsungcard.co.kr/-- offers credit card services  
including issuing cards, one-time payments, installments and
cash advance services.  The Company also provides other
financial services like leasing and loan services.

Formerly the No.1 credit card issuer, Samsung Card fell to third
place (after Kookmin Card and LG Card) following a liquidity
crunch in 2003, because of a rise in overdue credit card bills.  
Samsung Card suffered an 18% increase in net loss for 2005 to
KRW1.31 trillion.  The Company recorded net losses of
KRW1.299 trillion and KRW1.103 trillion in 2003 and 2004,
respectively.


WOORI BANK: Denies North Korea's Account Application
----------------------------------------------------
South Korea's Woori Bank reportedly denied North Korea's
application to open a bank account.

A spokesperson at the Ministry of Unification confirmed that on
September 14, 2005, Pyongyang sought to open a Woori Bank
Account in the Kaesong Industrial Park, The Korea Times reports.  

Kaesong Industrial Region is a special administrative region of
North Korea.  The Industrial Park, developed in that region, is
a collaborative economic development with South Korea.

The Dong-A Ilbo news agency, citing a Grand National Party
lawmaker, relates that Pyongyang's Central Special Zone
Development called Woori Bank's Kaesong Branch to open an
account last December.  It wanted to use the account for
collecting income tax from South Korean workers in Kaesong Park
and collecting wages for North Korean workers, Pyongyang
purportedly explained.

At the time of the application, the United States Government
toughened sanctions on North Korea, freezing an account for
alleged counterfeiting and money laundering, Dong-A Ilbo noted.  
Banco Delta Asia in Macao was blacklisted for its purported role
in the scam.

A North Korean National Security official was said to threaten a
closing of Woori Bank's Kaesong branch if it refused the account
application, Dong-A Ilbo says.

In March, according to Dong-A Ilbo, the South Korean Government
met with Woori Bank and other relevant parties to address the
matter.  Many disagreed to allowing the Pyongyang account.

However, Dong-A Ilbo adds, citing the Korean Government
statement official, nothing has been decided on this issue as of
September 18 even if negative opinions outnumbered positive ones
during the March meeting.

                        About Woori Bank

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

                          *     *     *

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

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


* Foreign Currency-Denominated Insurance Products Popular
---------------------------------------------------------
Foreign currency-denominated insurance products have become
popular among consumers who will need foreign currency in the
future and want to hedge against foreign currency risk, South
Korea's Financial Supervisory Service states in its weekly
newsletter.  These types of insurance products were first
introduced in September 2003.

Currently, according to the FSS, seven life insurers sell nine
different products, which are mostly denominated in US dollars
and sold through bancassurance.

The FSS noted the sharp rise in revenue from foreign currency-
denominated insurance products -- KRW26.0 billion in FY2003,
KRW559.4 billion in FY2004.

The increase, the FSS explained, was caused by:

   -- the debate on redenomination of the Korean won; and

   -- a higher interest rate for deposits in US dollars than
      Korean won.

With the appreciation of the Korean won against US dollar,
however, revenue in FY2005 for those products decreased 12.4% to
KRW490.2 billion.

The FSS believes that the strengthening of the won will not
affect the financial soundness of life insurers as they use a
matching strategy where their assets are managed in the same
currency as their liabilities.


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

AYER MOLEK: Decision on Default Judgment Appeal Postponed
---------------------------------------------------------
The Deputy Registrar of the Kuala Lumpur High Court postponed to
September 25, 2006, his decision on The Ayer Molek Rubber
Company's application to set aside a default judgment, entered
against it by Mirra Sdn Bhd.  The Court's decision was
originally set for release on September 15.

As reported in the Troubled Company Reporter - Asia Pacific, the
Kuala Lumpur High Court, on April 13, 2006, heard a wind-up
petition filed by Mirra against Ayer Molek.

Mirra asserted a MYR3,224,690 claim against Ayer Molek relating
to a Judgment in Default dated November 22, 2005, on account of
work done for Ayer Molek.  The interest under the statement of
claim is at 8% per annum on MYR2,097,316, from March 24, 1999,
up to the full settlement of the claim.

                    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.


KOMARKORP: Plans Share Buyback & Renewal of Shareholders Mandate
----------------------------------------------------------------
Komarkorp Berhad's board of directors is proposing to seek
renewal of the authority from the shareholders of Komarkorp at
the company's 10th Annual General Meeting to purchase and hold
in aggregate such number of ordinary shares of MYR each in
Komarkorp representing up to 10% of the issued and paid-up share
capital of Komarkorp through Bursa Malaysia Securities Berhad,
subject to all other applicable and prevailing laws, rules,
regulations, orders, guidelines and requirements.

The board also seeks renewal of shareholders' mandate for
recurrent related party transactio9ns of a revenue or trading
nature, which are in the ordinary course of business of
Komarkorp and its subsidiaries pursuant to Paragraph 10.09 of
the Listing Requirements of Bursa Securities at the 10th AGM
still to be convened.

                    Details of the Proposals

At the company's 9th AGM on October 28, 2005, the board obtained
shareholders' approval for Komarkorp to undertake the Share Buy-
Back of up to 10% of the issued and paid-up share capital of
Komarkorp through Bursa Securities.  The authority to undertake
the share buy-back shall lapse at the conclusion of the 10th AGM
of Komarkorp to be convened, unless the authority is renewed.

The board therefore proposes to seek the renewal of the
authority from the shareholders of Komarkcorp for the Company to
purchase and hold in aggregate such number of Komarkcorp Shares

Furthermore, the board obtained shareholders' mandate for
Recurrent Transactions of the Komarkcorp Group.  However, this
mandate will lapse at the conclusion of the Tenth AGM of
Komarkcorp to be convened, unless it is renewed.

The board therefore proposes to seek the approval of the
shareholders of Komarkcorp for the Proposed Shareholders'
Mandate at the 10th AGM to be convened.

A circular containing further detail on the Proposed Share Buy-
Back and Proposed Shareholders' Mandate will be dispatched to
the shareholders of Komarkcorp in due course.

                        About Komarkcorp

Komarkcorp Berhad -- http://www.komark.com.my/-- is engaged in  
investment holding and provides management services through its
subsidiaries.  The Company operates in two business segments:
manufacturing of self-adhesive labels and trading of related
products, and manufacture of automatic labeling machines.
Manufacturing of automatic labeling machineries is operated in
Malaysia.

The company has been incurring losses in the past three years.  
For the fourth quarter ended April 30, 2006, the Group incurred
a net loss of MYR30,000, as against a net loss of MYR226,000 in
the same quarter last fiscal year.

As of April 30, 2006, the Company's balance sheet revealed
strained liquidity with current assets of MYR73,224,000
available to pay liabilities of MYR84,324,000 due in the next 12
months.  The Company has a net current deficit of MYR11,100,000.


MALAYSIA AIRLINES: Second Quarter Post-Tax Loss Drops to MYR177M
----------------------------------------------------------------
Malaysia Airlines released its unaudited financial report for
the second quarter ended June 30, 2006.

For the quarter under review, the group made an operating loss
of MYR160.7 million compared to an operating loss of
MYR278.3 million for the corresponding quarter last year
primarily due to the higher operating revenue, improved yields
and savings arising from cost-cutting measures which limits the
overall increase in expenses implemented under the business
turnaround plan initiatives.

Operating revenue for the quarter reduced to MYR2.946 billion
from MYR2.971 billion in the preceding quarter.  The Group made
a loss after tax of MYR177.1 million compared with a loss after
tax of MYR321.1 million in the preceding quarter.  The reduced
loss was primarily contributed by improved yields implemented
under the business turnaround plan initiatives and the savings
arising from costs-cutting measures.

The directors did not recommend any dividend for the quarter
ended June 30, 2006.

                     Current Year Prospects

The domestic route rationalization took effect on August 1,
2006, with Malaysia Airlines now operating 23 trunk routes
within Malaysia offering premium services.  As the carrier is
now responsible for the Profit and Loss of these routes,
Malaysia Airlines will now has full flexibility in determining
the flight frequency, capacity, type of aircraft and airfare for
the domestic services.

The first six months showed strong traffic performance and this
is expected to continue for the airline industry for 2006.  
However, competition remains intense with no sign of a slowing
down of new capacity injection on Asian routes.  

Malaysia Airlines has been revamping its network in phases
targeted to increase yields and improve network efficiency.  In
shifting from a 'point-to-point' to a 'hub-and-spoke' strategy,
the carrier has withdrawn from certain unprofitable routes and
reconfigured its network and retimed its schedules to increase
direct connectivity between Kuala Lumpur and international
destinations.  Phase 1 and Phase 2 of the international network
rationalization have been completed and now reviewing the routes
under Phase 3.  To ensure that Malaysia Airlines' loyal
passengers can continue to travel to destinations that have been
withdrawn, MAS plan to enter into new code share agreements with
other airlines.

In addition, a weakening economic scenario in the United States
caused by higher interest rate and fuel price could impact
global growth and air travel.  This is particularly so given the
recent security concerns in the United Kingdom, which has
affected flights into and out of London Heathrow.  The
continuing uncertainty has meant that the risk of a slowdown in
traffic is still high.  With oil prices remaining high due to
uncertainties following the Lebanon conflict and tensions in the
Middle East, the continued imposition of high fuel surcharges by
airlines could dampen discretionary travel demand.

In the cargo division, Malaysia Airlines has received delivery
of the second of two new Boeing 747-400F freighters on June 3,
2006.  These two freighters are expected to elevate cargo's
business to its full potential come 2008, and provide additional
capacity to key markets.  With the changes that are currently
being implemented, we are cautiously optimistic that our yields
and load factors will continue to improve.  As of June 30, 2006,
the company said its is on track to meet our internal targets as
outlined in the Business Turnaround Plan.

Malaysia Airlines' Second Quarter Report is available for free
at:

http://bankrupt.com/misc/tcrap_malaysiaairlines092006.pdf

                     About Malaysia Airlines

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

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


MALAYSIA AIRLINES: Holding Firm Redeems RCPS from Intelek
---------------------------------------------------------
Malaysia Airlines' holding company, Penerbangan Malaysia Berhad,
has redeemed for and on behalf of Malaysia Airlines, 800,000,000
Redeemable Convertible Preference Shares from Intelek Perkasa
Berhad, the RCPS holder.

The redemption value of the RCPS, issued on September 11, 2002,
was MYR1,030,000,000 plus interest accrued from the fifth
anniversary date.

The undertaking by Penerbangan to redeem the RCPS, for and on
behalf of Malaysia Airlines from Intelek was part of the
Widespread Asset Unbundling, which was approved by the
shareholders in the Extraordinary General Meeting held on
November 5, 2002.

                     About Malaysia Airlines

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

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


MALAYSIA AIRLINES: Flights to Thailand on Schedule
--------------------------------------------------
Malaysia Airlines' operations in Thailand are unaffected
following the declaration of a public holiday on Sept. 20, 2006,
after the military coup, The Edge Daily says.  

Thailand's army chief, General Sonthi Boonyaratglin, carried out
a bloodless coup against billionaire Prime Minister Thaksin
Shinawatra on Sept. 19, 2006, media reports reveal.

Malaysia Airlines' airport operations in Bangkok and Phuket were
continuing as normal.  The carrier said flight MH784 from Kuala
Lumpur International Airport to Bangkok departed on schedule at
1000 GMT.  The return flight would also operate as scheduled out
of Bangkok, The Edge reveals.  The remaining Malaysia Airlines
flights between Kuala Lumpur and Bangkok as well as Phuket are
also on schedule.

According to The Edge, the airline operates three daily flights
between KLIA and Bangkok as well as two daily flights between
Kuala Lumpur and Phuket.

                     About Malaysia Airlines

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

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


MANGIUM INDUSTRIES: Unit Default Totals MYR15.76M as of Aug. 31
---------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
August 26, 2006, that Mangium Industries Bhd's wholly owned
subsidiary, Mangium Sawmill Sdn Bhd, has defaulted in its
repayments on credit facilities granted by Standard Chartered
Bank Malaysia Berhad and Southern Bank Berhad.  The loans are
unsecured.

In an update, Mangium Industries disclosed that Sawmill's
default under those loans total MYR15,760,249 as of August 31,
2006.

Since Mangium Industries is the guarantor for the loans, it is
liable for the full amount and any further interest and
financial cost levied there or until the settlement of the
debts.

Mangium attributes insufficient cash flow from operations as
cause of the Company's inability to pay interest and principal
obligations when they fell due.

                 About Mangium Industries Berhad

Headquartered in Kuala Lumpur, Malaysia, Mangium Industries
Berhad -- formerly known as Serisar Industries Berhad --
manufactures and trades timber and timber related products.  The
Company   also provides printing services, publisher, printer
consultants and advertisers, trading of alcoholic beverages,
general trading of office furniture and investment holding.  Due
to the unfavorable timber market and depressed prices for timber
and timber related products throughout Asia since the financial
crisis in the year 1997, many of the MIB Group's buyers were
adversely affected and are facing financial difficulties leading
to their inability to settle their outstanding balances.  As a
result, the cash flow generated from operations was not
sufficient to service the interest and principal obligations to
the lenders as and when they fell due.

As of March 31, 2006, the Company registered accumulated losses
of MYR16.29 million, as against accumulated losses of
MYR19.25 million as of March 31, 2005.  For the quarter ended
March 31, 2006, the Company has a cash flow deficit of
MYR25.9 million.


POLYMATE HOLDINGS: Faces HSBC Bank Malaysia Suit
------------------------------------------------
On September 15, 2006, HSBC Bank Malaysia Berhad served Polymate
Holdings Berhad and its wholly owned subsidiary, ABI Malaysia
Sdn Bhd, a writ of summons and statement of claim.

HSBC Malaysia, formerly known as Hongkong Bank Malaysia Berhad,
is asserting a claim for amounts due and owing on five
facilities granted to Polymate and ABI:
         
   Facility     Principal Due       Interest
   --------     -------------       --------
   Overdraft    MYR364,946 due as   Interest on MYR364,946 at    
   Facility     of May 1, 2006      1.50% per annum on daily
                                    rests above HSBC's Base
                                    Lending Rate from May 2,
                                    2006, until full payment
                                    and debit monthly to ABI
                                    Malaysia's current account.

   Term Loan    MYR6,426,228 as     Interest on MYR5.99 million
   Facility     of May 1, 2006      at 2.50% per annum on
                                    daily rests above HSBC's
                                    Base Lending Rate from May 2
                                    until full payment.

   Interest     MYR533,813 as       Interest on MYR533,813 at
   Rate Swap    of May 1, 2006      default rate of 4.85% per
   Facility                         annum on daily rests from    
                                    May 2 until full payment.

   Bankers      MYR156,743 as       Interest on MYR149,000 at
   Acceptance   of May 1, 2006      3.50% per annum above HSBC's
   (Import)                         Base Lending Rate from May 2
   Facility                         until full payment.

   Bankers      MYR10,205,109 as    Interest on RM9.778 million
   Acceptance   of May 1, 2006      at 3.50% per annum above
   (Export)                         HSBC's Base Lending Rate
   Facility                         from May 2 until full
                                    payment.

HSBC Malaysia's Base Lending Rate is at 6.75% per annum as of
May 1, 2006, subject to fluctuations at its discretion.

HSBC Malaysia also seeks payment for legal costs.

The Troubled Company Reporter - Asia Pacific reported on
September 15, 2006, that Polymate is also facing suits from
Bumiputra Commerce Bank Berhad and Titan Petchem (M) Sdn Bhd.  
Bumiputra and Titan asserted claims against the Company totaling
more than MYR15 million.

                     About Polymate Holdings

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

Polymate is negotiating with its lenders to restructure the
Group's credit facilities and is working on various schemes to
regulate its financial position.


UNITED CHEMICAL: Provides Default Update
----------------------------------------
United Chemical Industries Berhad discloses that as of
August 31, 2006, its total default stands at MYR10,034,115,
which comprises of:

   -- MYR6,294,509 owed to RHB Bank Berhad as an unsecured term
      loan; and

   -- MYR3,739,606 owed to Bank Industri Malaysia Berhad as
      secured term and revolving credits.

The Troubled Company Report - Asia Pacific recounts that as of
July 31, 2006, United Chemical's outstanding loans defaulted
aggregated to MYR9,956,665.

                 About United Chemical Industries

United Chemical Industries Berhad, a company incorporated and
domiciled in Malaysia, is a public company limited by shares,
and is listed on the Second Board of Bursa Malaysia Securities
Berhad.  United Chemical is an investment holding company that
was previously involved in the manufacture and sale of
polypropylene and polyethylene woven bags together with its
allied products.  Its subsidiary company, Geotextiles (M) Sdn
Bhd, was previously involved in the manufacture and sale of
geotextile fabrics together with its allied products.

As of March 31, 2006, the Company posted accumulated losses of
MYR94,030,173 and a shareholders' deficit of MYR72,349,087.


* Economist Says 6% GDP Growth Target for 2007 Can Be Met
---------------------------------------------------------
A 6% gross domestic product growth for Malaysia is achievable
next year amidst the expectation of slower economic growth in
the United States, Bernama News relates, citing Standard
Chartered Bank Singapore economist Joseph Tan.

However, a lot would depend on the proper execution of the 2007
budgetary measures announced recently, Mr. Tan said.  A slower
economic growth in the U.S. would impact exports from this part
of the region, mainly electrical and electronic products, he
added.

As for the 2006 GDP forecast, Mr. Tan said the bank's target was
a 5.5% growth, lower than that of the Finance Minister's target
of 5.8%.  He added there could also be a mild impact on the
government's revenue target as oil royalties, which make up 40%
of revenue could decline in line with the currently declining
world market crude oil prices.

According to Bernama, the Finance Ministry recently said that
the government's 2007 revenue could rise 11.8% to
MYR134.8 billion due to high oil prices.

On the Overnight Policy Rate, Mr. Tan said Bank Negara Malaysia
would likely retain the rate at 3.5% in the second quarter of
2007 and give a 25 basis point cut in the third quarter,
bringing the OPR to 3.25%.  He added that inflation could also
moderate to 2.5 percent next year as the impact of high fuel
price has been completely seen in 2006.

As for the Ringgit's performance, Mr. Tan said it could be
trading between MYR3.59 and MYR3.62 per U.S. dollar from
December 2006 to September 2007.  He said the Ringgit was the
third most underperforming currency in the region but eventually
it could rise on its own strength or ride on other currency
movement and appreciate further.


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

BANK OF THE PHIL. ISLANDS: Fitch Sets Individual Rating at C
------------------------------------------------------------
Fitch Ratings affirms the ratings of the Bank of the Philippine
Islands at Individual 'C' and Support '3' after a review of the
bank.

BPI's ratings reflect its adequate balance sheet strength and
profitability, which in turn has arisen out of the bank's very
good deposit-taking and lending franchises as well as its
prudent risk management.  Loans were well spread across the
major markets with a 39%:36%:25% split between corporate, middle
market, and consumer loans at end-2005 (vs 46%:30%:24% at end-
2001).  Amidst an environment of anemic credit demand especially
for corporate lending, the bank has been leveraging on its well-
developed distribution network of 896 branches to focus on the
higher yielding middle market and consumer segment.

BPI's balance sheet grew 13% over 2005 predominantly due to the
acquisition Prudential Bank in August 2005.  While the
additional impaired assets from PB saw a rise in BPI's non-
performing asset ratio of 17.4% versus the previous year's
15.3%, it remains better than the industry average of 20.0%.  In
addition, like other Philippine banks, BPI has gone some way to
addressing its high level of impaired assets over recent years
through both auctions to the retail market and bulk discounted
sales to managers of distressed assets.

BPI's profitability was particularly strong over the two years
to end-2005 with an above average ROA and ROE of 1.7% and 14.8%
p.a. (versus the industry's 1.1% and 8.7%) as supported by very
good margins due to a focus on SME and consumer loans and a low-
cost deposit base.  BPI also achieves a good level of non-
interest income with major contributions coming from its asset
management, insurance and credit card business.  In addition,
BPI's 2005 profitability was 24% higher than the previous year's
due to wider margins as the bank took advantage of rising
interest rates to re-price its loan book.

Despite acquiring additional NPLs from PB, capitalisation has
been maintained at an adequate level through earnings retention.
At end-2005, BPI's total CAR stood at a satisfactory 16.3%,
comfortably above the regulatory minimum of 10% but lower than
the previous year's 19.9%.  While the acquisition of PB has
brought with it a significant level of impaired assets, this
should in time be offset by the revenue and cost synergies
arising from it.

Established in 1851, BPI is the oldest bank in the Philippines.
While listed, its main shareholders are the Ayala group (36%),
DBS Bank Singapore (20%) and the Roman Catholic Archdiocese of
Manila (9%).


EQUITABLE PCI: Board Promotes Senior Officers, Accepts Sy Offer
---------------------------------------------------------------
At its regular meeting on September 19, 2006, the Board of
Directors of Equitable PCI Bank, Inc., confirmed the promotion
of three senior officers effective October 1, 2006:

   1) Lesmes L. Garate, as Senior Vice President, in his
      capacity as Division Head, Transaction Banking Visayas,
      Retail Banking Segment;

   2) Domingo A. Ramos, Jr., as Senior Vice President, in his
      capacity as Division Head, Personal Banking Mindanao,
      Retail Banking Segment; and

   3) Roberto E. Lapid, as Senior Vice President, in his
      capacity as Division Head, Metro Manila Division - PCI
      Leasing & Finance, Inc. - Institutional Banking Segment.

The Board likewise approved the assignment of Dennis B.
Velasquez, Executive Vice President and Head of Operations Group
of Equitable PCI also as Officer-in-Charge of Equitable Card
Network, Inc., a wholly owned subsidiary of Equitable PCI,
effective October 1, 2006.

At the same meeting, the Board of Equitable PCI also confirmed,
approved, and ratified the action of the bank's nominees in the
Board of Directors of EBC Investments, Inc., in causing the
EBCII Board to adopt a resolution on August 31, 2006, accepting
the binding offer of Teresita T. Sy on behalf of the Sy Family
and their nominees to buy all of Equitable PCI's common shares
owned by EBCII.

The Troubled Company Reporter - Asia Pacific reported on
August 31, 2006, that the Sy Family presented a binding offer to
buy all the Equitable PCI Bank common shares owned by EBC
Investments, Inc., for PHP92 per share, or for a total
consideration of PHP7,250,253,016, payable in cash.

The TCR-AP subsequently reported the Board of Directors of EBCII
resolved that EBCII accepts the offer.

                      About Equitable PCI

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

                          *     *     *

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

Fitch Ratings gave the bank a 'BB' Long-term Issuer Default
rating, a 'B' Short-term rating, a 'D' Individual rating, and
A '3' Support rating.

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


EQUITABLE PCI: Fitch Affirms Long-term IDR at BB
------------------------------------------------
After a review of Equitable PCI Bank, Fitch Ratings affirms the
bank's:

   * Long-term Issuer Default rating at 'BB,'

   * Short-term rating at 'B,'

   * Individual at "D," and

   * Support at "3"

The Outlook on the Long-term rating is Stable.

The agency notes that EPCI has historically focused on corporate
and commercial lending, but is gradually diversifying into
consumer lending. Amidst an environment of anemic credit demand,
loans growth was just 3% over 2005, achieved mainly by the
transfer of receivables from other parts of the balance sheet as
required by the adoption of new Philippine Financial Reporting
Standards.  Meanwhile, securities (predominantly government-
issued long-term fixed rate debt paper) continue to be an
investment outlet for excess liquidity.  Net loans and
securities stood at 45% and 24% of assets, respectively, at end-
2005.

EPCI's end-2005 non-performing loan ratio of 6.7% is notably
lower than the previous year's 12.0% thanks to the sale of its
impaired loans to asset management companies.  The bank's
impairment reserves at 102% of its NPLs should also prove
adequate.  Foreclosed property assets, meanwhile, stood at 5.8%
of assets.  The agency notes that rental income on these assets
is negligible and not much in the way of sales has taken place.
Fitch is concerned about the almost complete lack of reserves
for these properties.

EPCI's revenues have been improving over recent years thanks to
wider margins (4.2% at end-2005) as a result of a favourable
interest rate environment.  That said, the bank's core
profitability is somewhat limited (with a end-2005 RoA and RoE
of just 0.9% and 7.0% vs the industry average of 1.1% and 8.7%,
respectively), due to non-accrual drag, high credit costs and,
in particular, a very high level of operating costs (with a
cost-income ratio of 62%).

EPCI was established in late-1999 when Equitable Bank acquired
and merged with PCIBank, creating the third largest bank in the
country.  Pending the finalization of the share sale in October
2006, EPCI would be 36% owned by the SM Group (a family-
controlled property developer and retailing conglomerate).


METROPOLITAN BANK: Fitch Upgrades Individual Rating to D
--------------------------------------------------------
Fitch Ratings upgrades Metropolitan Bank and Trust Company's
Individual rating to 'D' from 'D/E'.  All the bank's other
ratings are affirmed:

   * Long-term Issuer Default rating 'BB-,'

   * Short-term rating 'B,'

   * Support rating '3.'

The Outlook on the Long-term rating is stable.

The upgrade is in recognition of the bank's improving and
satisfactory core earnings of the past couple of years and the
use of these to bolster its reserves and capitalization and
thereby its overall balance sheet strength.  

In 2005, the bank achieved a very good pre-provisioning return
on assets of 2.36% vs 1.24% in 2004 due to a much stronger level
of net interest income on the back of rising interest rates
given the bank's substantial portion of "sticky" low cost
deposit funding.  

While the net return on assets was lower in 2005 at 0.77% vs
2004's 0.90%, this was mainly due to the much needed and long
overdue provisioning charges on impaired assets that have
plagued the bank for many years.

That said, at end-2005, Metrobank's uncovered impaired assets
remained substantial and Fitch believes additional charges will
be required going forward -- possibly amounting to as much as 5%
of assets.  But with reasonably strong earnings likely to
continue, this should be manageable over time as there is no
impairment of the bank's capitalization.  At end-2005, the
bank's equity-to-assets ratio stood at 9.1%, which Fitch
considers to be quite satisfactory in the context of an emerging
and potentially volatile market as that in the Philippines.  Its
capitalization was further bolstered in H106 by the issuance of
hybrid Tier I securities equating to 1.1% of assets.

Established in 1962 and listed in 1980, Metrobank is the largest
bank in the Philippines with assets of PHP585 billion (US$11
billion) and a network of 561 branches and 710 ATM.  It is
controlled by the Ty family group.


PHILIPPINE LONG DISTANCE: Forex Rates to Impact 3Q2006 Results
--------------------------------------------------------------
Philippine Long Distance Telephone Co. quotes a report from the
BusinessMirror entitled "PLDT profit goal on track with forex
gain," dated September 19, 2006, which stated:

   "Philippine Long Distance Telephone Co. (PLDT) incurred
   foreign exchange gains in August, as the peso continued to
   appreciate for the past two months, an official said Monday.  
   PLDT treasurer Anabelle Chua said in a text message that the
   phone giant gained from the strong performance of the peso.     
   Chua did not provide specific numbers though. 'The peso
   appreciated in July and August, so we have forex gains,' she
   said. . ..  In July, PLDT registered a forex gain of PHP1.2
   billion. . .."

In a filing with the Philippine Stock Exchange, PLDT advises
that it anticipates that movements in the U.S. dollar and
Philippine peso exchange rates will impact its financial results
in the third quarter of 2006.  The appreciation of the peso
since July 2006 is expected to result in foreign exchange gains
arising from the revaluation of PLDT's foreign currency
denominated assets and liabilities.  The amount of foreign
exchange revaluation gains/losses, however, has been
significantly declining as a result of PLDT paying down its
foreign currency debts.

On the other hand, the stronger peso is also anticipated to
reduce the peso equivalent of PLDT's U.S. dollar-linked revenues
generated from its international long distance and local
exchange business.

PLDT notes that it is not currently in a position to provide
estimates on the combined impact of these items on its financial
results for the three-month period ended September 30, 2006.  
The company also emphasizes that there are several factors,
aside from foreign exchange movements, which impact its
financial results.  

PLDT Group's third quarter results are expected to be announced
on November 7, 2006.

                           About PLDT

Based in Makati City, Philippines, Philippine Long Distance
Telephone Co. -- http://www.pldt.com.ph/-- is the leading  
national telecommunications service provider in the Philippines.  
Through three principal business groups -- wireless, fixed line,
and information and communications technology -- the company
offers a wide range of telecommunications services to over 22
million subscribers in the Philippines across the nation's most
extensive fiber optic backbone and fixed line, cellular and
satellite networks.

                          *     *     *

Moody's Investors Service placed a Ba1 local currency corporate
family rating on PLDT.  Moody's also affirmed the company's Ba2
foreign currency senior unsecured ratings, with a negative
outlook.

Standard & Poor's placed the company's long-term foreign issuer
credit rating at BB+.

Standard & Poor's also affirmed its 'BB+' foreign currency
rating on the company with a stable outlook.


RIZAL COMMERCIAL BANKING: Fitch Affirms Long-term IDR at BB-
------------------------------------------------------------
Fitch Ratings affirms Rizal Commercial Banking Corporation's
ratings at Long-term Issuer Default rating 'BB-', Individual
"D/E" and Support "3" after a review of the bank.  The Outlook
of the Long-term rating is Stable.

RCBC has historically focused on corporate lending, but is
increasingly diversifying into the small and medium-sized
enterprise market and especially consumer lending.  Due to the
block sale of its non-performing loans and the adoption of a
cautious lending stance, RCBC's loan portfolio contracted by 17%
over 2005.  Its modest asset growth of 2% was largely achieved
through the purchase of government-issued long-term fixed rate
debt paper, which accounted for c.23% of total assets.

At end-2005, RCBC's reported impaired asset ratio (comprising
NPLs and foreclosed properties) stood at 21.9% compared to an
industry average of 20.0%.  The bank's end-2005 NPL ratio and
reserves coverage stood at 11.2% and 94%, respectively, which is
slightly better than 12.7% and 78% at end-2004, predominantly
due to the bulk sales of NPLs over recent years.  However, the
losses on NPLs sold (amounting to as much as PHP6.7 billion,
depending on some payments still due to RCBC) have been
deferred, with the bank required to provide for these over the
coming 10 years.

Additionally, foreclosed property assets are significant,
amounting to PHP11.5 billion or 6.2% of total assets.  Fitch is
concerned that the bank had not made any impairment losses on
the properties, given that the rental income on these non-
earning assets is negligible and not much in the way of sales
has taken place.  While RCBC's balance sheet strength is limited
after taking its uncovered impaired assets into account, its
total capital adequacy ratio of 14.0% remains above the
regulatory minimum of 10.0%.

Meanwhile, RCBC's revenues have been improving over recent years
thanks to improved margins (4.5% at end-2005) as a result of a
favorable interest rate environment, although this is
substantially offset by high operating costs and high loan loss
provisioning charges arising from its significant holdings of
impaired assets.  Consequently, the bank's profitability is
constrained with its RoA of just 0.8% (vs an already low
industry average of 1.1%).

Going forward, improvements to the bank's stand-alone financial
position would depend on its ability to strengthen its balance
sheet as it considers various capital raising options.


STENIEL MANUFACTURING: Still Contemplating Rehabilitation
---------------------------------------------------------
On July 5, 2006, during Steniel Manufacturing Corporation's  
Joint Stockholder and Directors Meeting, shareholders
representing at least two-third of the company's authorized and
outstanding capital stock approved Steniel's entry into
rehabilitation proceedings.

In a letter dated September 13, 2006, the Philippine Stock
Exchange asked Steniel Manufacturing Corporation to disclose the
status of its rehabilitation proceedings.

Accordingly, Steniel discloses that it is still contemplating
whether or not it:

   (a) will pursue corporate rehabilitation; and

   (b) is in the best interest of Steniel and its shareholders.

                     About Steniel Manufacturing

Steniel Manufacturing Corporation -- http://www.steniel.com/--  
was incorporated in 1963 primarily to engage in manufacturing,
processing, and selling all kinds of paper products, paper board
and corrugated carton containers, and all other allied products
and processes.  The Company and its subsidiaries have
established a strong foothold in the packaging industry by
offering a broad line of packaging products from corrugated
carton boxes to paper, plastic containers, and flexible
packaging.  STN stands as the single largest independent
manufacturer of corrugated fibreboard containers in the
Philippines.  About 99% of its revenues come from the corrugated
packaging business while the remaining 1% is from rigid
plastics.

On October 30, 2000, Metro Pacific Corporation and Philippine
International Paper Corporation entered into a Sale and Purchase
Agreement with Steniel (Netherlands) Holdings B.V. whereby all
the 636,193,025 common shares collectively owned by MPC and PIPC
representing approximately 72.6% of the issued and outstanding
capital stock of the company were sold to Steniel (Netherlands)
in accordance with the terms and conditions provided for in the
SPA.

                          *     *     *

Steniel Manufacturing did not meet its maturing obligations due
as of December 31, 2005, to certain lender banks.  Management
has submitted its proposed plans and programs for the repayment
of the loans, which include, among others, the disposal of idle
assets of subsidiary companies, proceeds of which will be used
to pay off the loans, and extension of the repayment term of the
loans.


UNION BANK: Fitch Affirms Ratings at Individual C/D & Support 4
---------------------------------------------------------------
Fitch Ratings affirms Union Bank of the Philippines' ratings at
Individual "C/D" and Support "4" after a review of the bank.

The bank is an active trader of debt paper (predominantly long-
term fixed rate government securities), and shifts between its
holdings of debt paper and interbank placements are volatile.
This was particularly so over 2005 with its debt paper declining
by 26% to 30% of assets as the bank took profit from the sale of
bonds.

Meanwhile interbank loans increased 68% to 46% of assets as it
became an outlet for excess liquidity.  Loans on the other hand,
have remained at a negligible level accounting for just 13% of
assets at end-2005, after excluding receivables reclassified as
loans under the new Philippine Financial Reporting Standards.

Going forward, the agency notes that UBP's loans growth may well
continue to be muted due to a stagnant credit environment and as
the bank moves away from larger corporate loans to selectively
focus on loans to small and medium-sized enterprises.

In terms of asset quality, the bank's end-2005 impaired assets
(comprising non-performing loans and foreclosed assets) remained
high at 38% compared to the industry average of 20% and its
reserves coverage was fairly limited at 41%.  The high
impairment ratio reflects UPB's lack of loans growth since the
difficult environment after the Asian financial crisis of 1998,
rather than any particular credit risk management deficiencies.
Indeed, the bank experienced little in the way of new impaired
loans in 2005, with the NPL formation rate at less than 1%
amidst a benign operating environment.

Meanwhile, UBP recorded a strong RoE and RoA of 15.9% and 2.6%,
respectively, versus the industry's average of 8.7% and 1.1%,
supported by a good level of debt paper trading gains as long-
term rates declined.  That said, with long-term rates likely to
rise going forward, the profit levels are unlikely to be
repeated.

After UBP's acquisition of a 99% stake in the International
Exchange Bank on June 2006, its equity-to-asset ratio would
decline from a very high 17.3% to a still satisfactory 11.3%
after deducting the c.PHP6.4 billion of goodwill arising out of
the acquisition.  

UBP plans to strengthen its capital by raising fresh funds,
although the resultant rating implication of this will depend on
the actual form of capital raised.

From a strategic point of view, iBank will provide UBP with an
expanded network with greater access to the consumer and
commercial markets, complementing its strengths in corporate
cash management and debt-paper trading.  In addition, the
completion of the merger between UBP and iBank in the coming
months will create the country's ninth largest bank with total
assets of PHP165 billion.  Even then, the likelihood of the
Philippine government supporting the enlarged entity in the
unlikely event of need remains limited, as it will not pose a
systemic risk with just 4% of system assets.

Fitch will continue to monitor the merger of UBP and iBank
closely and the progress towards cost savings and other
synergies.


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

EAMACO SHIPPING: Enters Wind-Up Proceedings
-------------------------------------------
United Timber Traders has on September 1, 2006, filed an
application to wind up Eamaco Shipping Co Pte Ltd.

Creditors are required to submit their proofs of claim to the
company's liquidator, for them to share in the company's
dividend distribution.

The liquidator can be reached at:

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


DELL INC: Schatz & Nobel Reveals N.Y. Securities Suit Filing
------------------------------------------------------------
The law firm of Schatz & Nobel, P.C., disclosed that a lawsuit
seeking class-action status has been filed in the United States
District Court for the Western District of Texas on behalf of
all persons who purchased the publicly traded securities of
Dell, Inc. between Feb. 13, 2003 and Sept. 8, 2006.

The complaint alleges that Dell violated federal securities laws
by reporting inflated financial results, including its accrual
and reserves.

It is alleged that the defendants concealed that the U.S.
Securities and Exchange Commission was investigating Dell's
revenue recognition and accounting practices.

Defendants began reducing sales and profit projections as Dell
began missing its own revenue, EPS and unit sales growth
targets, causing significant declines in its stock price.

In order to support the company's stock price, defendants
continued concealing the full extent of Dell's problems and
promising a quick turnaround.

On Aug. 17, 2006, Dell announced its fifth consecutive quarter
of disappointing results, again significantly missing its
revenue and EPS targets.

The company also revealed that the SEC had begun investigating
its revenue recognition and accounting practices in August 2005,
and in connection with its own internal accounting review it had
recently discovered information that raised potential issues
relating to certain periods prior to fiscal 2006.  Dell also
disclosed that its Audit Committee was undertaking a full
review.

Finally, on Sept. 11, 2006, defendants disclosed that Dell would
not be able to file its interim financial report for its second
quarter of 2007 and that the U.S. Attorney's Office for the
Southern District of New York had served Dell with a subpoena
requesting documents concerning its accounting and financial
reporting between 2002 and 2006.

Interested parties may move the court for appointment as lead
plaintiff no later than Nov. 13, 2006.

                          About Dell Inc.

Dell, Inc. (NASDAQ: DELL) -- http://www.dell.com-- designs,  
develops, manufactures, markets, sells, and provides support for
various computer systems and services to customers worldwide.

In Asia, Dell is headquartered in Singapore, with manufacturing
facilities in Malaysia and China and regional offices in these
Asia Pacific countries: Australia, China, India, Indonesia,
Japan, Korea, Malaysia, Philippines, Singapore, Taiwan and
Thailand.

                          *     *     *

Troubled Company Reporter - Asia Pacific reports that the
company disclosed that it is unable to file its quarterly report
because of questions raised in connection with an informal
investigation by the U.S. Securities and Exchange Commission
into certain accounting and financial reporting matters and the
subsequently initiated independent investigation by the Audit
Committee of its board of directors.


GETRONICS N.V.: KZA Management Completes Full Buyout
----------------------------------------------------
Getronics N.V. revealed that the management buyout of KZA, a
100% owned subsidiary of Getronics in the Netherlands, has been
successfully concluded.  The management buyout was financed by
Strikwerda Investments.

Getronics and KZA will continue to work together as partners.

Strikwerda Group is a financial investor active in Western
Europe in various industries.  Strikwerda Investments, the Dutch
investment company, focuses on ICT, Professional Services,
Finance, FMCG and Aviation.

                   About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages    
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.  
Its shares are traded on Euronext Amsterdam.

                       *     *     *

As reported in Troubled Company Reporter - Asia Pacific
Getronics N.V.'s 'B' long-term corporate credit rating, along
with the 'CCC+' senior unsecured debt, 'B' bank loan, and '3'
recovery ratings on CreditWatch with negative implications,
where they had originally been placed on Jan. 19.

The '3' recovery rating indicates Standard & Poor's expectation
of meaningful (50%-80%) recovery of principal for secured
lenders in the event of a payment default.      

As reported in TCR-AP, Moody's Investors Service downgraded
Getronics' corporate family rating to B2 from B1 and placed the
ratings on review for possible downgrade following the company's
announcement of half year results showing a widening of net
losses and fall in margins below the company's expectations.  
Concurrently the rating on the EUR100 million senior unsecured
convertible Dutch bonds due 2008 has been downgraded to Caa1
from B3.  


GETRONICS N.V.: Security Package Spurs S&P to Revise Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its recovery rating
on Dutch IT services group Getronics N.V.'s (B-/Negative/--)
EUR284 million senior secured credit facility to '4' from '3'.
The '4' recovery rating indicates our expectation of marginal
(25%-50%) recovery of principal for senior secured lenders in
the case of a payment default.

At the same time, the recovery rating was removed from
CreditWatch with negative implications, where it had been placed
on Jan. 19, 2006.

"The recovery rating revision reflects a diminution in the value
of Getronics' security package following asset disposals both
completed and forthcoming, and no consequent permanent debt
reduction," said Standard & Poor's credit analyst Marc Lewis.

The proceeds of announced disposals will be principally used to
repay revolver drawings, but will not result in a permanent
cancellation of debt facilities.

In addition, a deterioration in Getronics' trading performance
compared with our original expectations, as well as weak trading
in some of the group's European operations, has led us to revise
our hypothetical default scenario and valuation expectations.

The rating on Getronics continues to reflect ongoing margin
pressure in the company's core managed services operations, a
very weak free cash flow track record, and resulting aggressive
debt measures.

Getronics' EUR284 million facility, maturing in March 2008,
primarily supports the group's working capital requirements.

                     Recovery Analysis

The '4' recovery rating reflects the nature of Getronics'
security package, which is limited to a pledge of the shares in
Getronics Nederland B.V. and in a number of the group's
PinkRoccade subsidiaries.  Although guarantors are provided from
most of the group's operations, these will be subject to
limitations in certain jurisdictions.

Nevertheless, the group's balance of activities is predominantly
tilted towards insolvency regimes that are relatively favorable
to secured creditors where guarantee enforceability is more
certain and where debt has been pushed down.

The revolving portion of the facilities is borrowed at operating
company level in the Netherlands, U.K., Spain, and Belgium,
which would enable secured lenders to rank pari passu with
unsecured creditors of those operations, assuming effective
enforcement under the guarantees.

Due to the contract-based nature of the group's business and its
negligible tangible assets, Standard & Poor's continues to
believe that the value of the security package--for loan
recovery assessment under our simulated default scenario--is
best analyzed using an enterprise valuation.

Our hypothetical default scenario envisages a combination of
flat revenues and moderately declining profit margins as
operating cost increases outpace any growth in contract prices
from existing or new contracts.  The significant seasonality of
cash flows and large swings in working capital are, however,
likely to be a key trigger of default, which Standard & Poor's
would most likely expect in early 2008, in line with the
maturity of the group's current debt facilities.

In valuing Getronics in default, Standard & Poor's has
considered a number of approaches to reflect significant
differences in performance between some of the group's
operations.  All approaches yield similar results and include
valuing the entire group as a going concern, or various
combinations of partial sales and liquidations.

Based on a blended discounted cash flow and market multiple
valuation, Standard & Poor's values the group at about EUR550
million in a hypothetical default scenario.  This is
significantly in excess of outstanding senior debt totaling
EUR284 million.  Taking into account trade and other liabilities
of the borrower operating companies that would rank pari passu
with the senior secured facilities, cover levels reduce to 25%-
50%: hence the recovery rating of '4'.

This level of cover also takes into account a moderate increase
in payables in the run-up to a hypothetical default, which could
dilute senior recoveries.  Most of the group's other debt
obligations are provided at holding company level, Getronics
N.V., and are therefore excluded from our assessment of pari
passu obligations.

As a result of their structural and de facto subordination to
operating and secured debt, Getronics' convertible bonds are
rated 'CCC', two notches below the corporate credit rating.

                      About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages    
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.  
Its shares are traded on Euronext Amsterdam.

                       *     *     *

As reported in Troubled Company Reporter - Asia Pacific
Getronics N.V.'s 'B' long-term corporate credit rating, along
with the 'CCC+' senior unsecured debt, 'B' bank loan, and '3'
recovery ratings on CreditWatch with negative implications,
where they had originally been placed on Jan. 19.

The '3' recovery rating indicates Standard & Poor's expectation
of meaningful (50%-80%) recovery of principal for secured
lenders in the event of a payment default.      

As reported in TCR-AP, Moody's Investors Service downgraded
Getronics' corporate family rating to B2 from B1 and placed the
ratings on review for possible downgrade following the company's
announcement of half year results showing a widening of net
losses and fall in margins below the company's expectations.  
Concurrently the rating on the EUR100 million senior unsecured
convertible Dutch bonds due 2008 has been downgraded to Caa1
from B3.


KOREA LEASING: Pays Fourth and Final Dividend
---------------------------------------------
Korea Leasing (Singapore) Pte Ltd has paid its fourth and final
dividend to creditors on September 15, 2006.

Creditors received 2.6 cents in a dollar on all their admitted
claims.

The Liquidator can be reached at:

         Chaly Mah Chee Kheong
         c/o 6 Shenton Way, #32-00
         DBS Building Tower Two
         Singapore 068809


MEWASA PTE: Creditors' Proofs of Claim Due on September 29
----------------------------------------------------------
The creditors of Mewasa Pte Ltd are required to submit their
proofs of claim by September 29, 2006, to the company's
liquidator.

Failure to comply with the requirement will exclude a creditor
from sharing in the company's dividend distribution.

The liquidator can be reached at:

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


SPECTRUM BRANDS: Oral Arguments Yet to be Set for Ga. Stock Suit
----------------------------------------------------------------
No date has been set yet for oral arguments on the motion to
dismiss the consolidated securities class action pending in the
United States District Court for the Northern District of
Georgia against Spectrum Brands, Inc.

On Sept. 26, 2005, the company, along with Chairman and Chief
Executive Officer David A. Jones, and Executive Vice President
and Chief Financial Officer Randall J. Steward, were named
defendants in a purported class action "Jain v. Spectrum Brands
Inc. et al., Civil Action No. 05-2494-WSD."  The suit was filed
in the U.S. District Court for the Northern District of Georgia.

The complaint alleges violations of Sections 10(b) and 20(a) of
the U.S. Securities Exchange Act of 1934, as amended, and Rule
10b-5 promulgated thereunder.

It was purportedly brought on behalf of all purchasers of the
company's publicly traded securities between Jan. 4, 2005 and  
Sept. 6, 2005.  

Plaintiff generally alleges that the company and the
individually named defendants made materially false and
misleading public statements concerning the company's
operational and financial condition, thereby allegedly causing
plaintiff to purchase company securities at artificially
inflated prices.  

Plaintiff seeks unspecified damages, as well as interest, costs
and attorneys' fees.  

The suit was followed by these additional cases:

     -- "Dague v. Spectrum Brands Inc., David A. Jones and
        Randall J. Steward, Civil Action No. 05-0580-C," filed
        Oct. 3, 2005 in the U.S. District Court for the Western
        District of Wisconsin (Wisconsin Action);

     -- "Davies v. Spectrum Brands Inc., David A. Jones and
        Randall J. Steward, Civil Action No. 05-2814," filed on
        Oct. 31, 2005 in the U.S. District Court for the
        Northern District of Georgia; and

     -- "Hunkapiller v. Spectrum Brands Inc., David A. Jones and
        Randall J. Steward, Civil Action No. 05-2911-WSD," filed
        Nov. 14, 2005 in the U.S. District Court for the
        Northern District of Georgia, purportedly brought on
        behalf of all purchasers of the company's publicly-
        traded securities between Jan. 4, 2005 and Nov. 11,
        2005.

By Order dated Nov. 18, 2005, all cases pending in the U.S.  
District Court for the Northern District of Georgia were
consolidated, and the court entered a scheduling order providing
for the filing of a consolidated amended complaint and briefing
schedule for defendants' motion to dismiss.  On Dec. 22, 2005,
plaintiff in the Wisconsin action dismissed the complaint.  

On Nov. 28, 2005, a motion was filed in the Georgia Action to
appoint lead plaintiffs and approve selection of co-lead
counsel.  

On Dec. 30, 2005, the court entered an order granting
plaintiffs' motion.  Pursuant to the scheduling order entered on
Nov. 18, 2005, on Feb. 2, 2006, lead plaintiffs filed a
consolidated amended complaint.  

On March 6, 2006, defendants filed a motion to dismiss the
consolidated amended complaint.  Briefing of defendants' motion
to dismiss was completed on April 28, 2006.

On Aug. 3, 2006, defendants filed a motion seeking leave to
submit a supplemental brief informing the court of the
termination of the investigation by the U.S. Attorney's Office
of the Northern District of Georgia.  Oral argument on
defendants' motion to dismiss has not yet been set.  

The suit is "In re: Spectrum Brands Inc. Securities Litigation,
Case No. 1:05-cv-02494-WSD," filed in the U.S. District Court
for the Northern District of California under Judge William S.
Duffey, Jr.   

Representing the plaintiffs are:

     (1) Martin D. Chitwood of Chitwood Harley Harnes, LLP, 1230
         Peachtree Street, N.E., 2300 Promenade II, Atlanta, GA
         30309, Phone: 404-873-3900, Fax: 404-876-4476, e-mail:
         mdc@classlaw.com;

     (2) Christopher S. Jones of Milberg Weiss Bershad &
         Schulman, 5200 Town Center Circle, Tower One, Suite
         600, Boca Raton, FL 33486, Phone: 561-361-5000, Fax:
         561-367-8400, E-mail: cjones@milbergweiss.com; and

     (3) Trevan Borum of Schiffrin & Barroway, 280 King of
         Prussia Road, Radnor, PA 19087, Phone: 610-667-7706,
         e-mail: tborum@sbclasslaw.com.

                      About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products    
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.

                           *     *     *

As reported in the Troubled Company Reporter on June 15, 2006,
Standard & Poor's Ratings Services affirmed its ratings on
Spectrum Brands Inc., including the 'B-' corporate credit
rating. At the same time, the ratings were removed from
CreditWatch, where they were placed with negative implications
April 6, 2006, following the Company's substantially lowered
earnings guidance for the second quarter.  The rating outlook is
negative.

As reported in the Troubled Company Reporter on June 13, 2006,
Moody's Investors Service downgraded all ratings of Spectrum
Brands, Inc.  The outlook for the ratings is stable.  The action
concluded the review for downgrade that was initiated on
April 7, 2006.  Ratings downgraded include Corporate family
rating to B3 from B2; US$300 million senior secured revolving
credit facilities to B2 from B1; US$1.2 billion senior secured
term loan facilities to B2 from B1; US$700 million senior
subordinated notes due 2015 to Caa2 from Caa1, and US$350
million senior subordinated notes due 2013 to Caa2 from Caa1.


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

AGRO INDUSTRIAL: Posts THB5.43-Mil. Net Profit in 1stQ '06
----------------------------------------------------------
Agro Industrial Machinery Pcl submitted its financial statement
for the first quarter period ended March 31, 2006, to the
Securities and Exchange of Thailand.

The company posted a THB5.43-million net profit on
THB30.54 million revenues in its first quarter operations.  

Its balance sheet as of March 31, 2006, showed total current
assets of THB47.261 million and total current liabilities of
THB18.6 million.  

Total assets of the company at the end of the first quarter
period amounted to THB107.820 million and its liabilities
totaled THB18.6 million.  Shareholders' equity in the company
reached THB89.222 million as of March 31, 2006.

                          *     *     *

Agro Industrial Machinery Public Company Limited --
http://www.thaiengine.com/-- was formerly known as Thai Engine  
Manufacturing Public Company Limited until February 9, 2006.  
The Company manufactures small diesel engines under the
Mitsubishi brand.  It is also the sole Mitsubishi agent in
Thailand and Indo-China countries.

The Company is currently undergoing rehabilitation.

On November 7, 2000, a creditors' meeting voted in favor of the
Company's rehabilitation plan and on December 20, 2000, the
Central Bankruptcy Court approved the rehabilitation plan as
well as appointed Churchill Pryce Planner Company Limited as
plan administrator.  The rehabilitation plan subsequently went
through some amendments.

On July 7, 2005, the Central Bankruptcy Court adjudicated to
consent that the Company becomes the new plan administrator.

The Troubled Company Reporter - Asia Pacific reported on
March 30, 2006, that Agro Industrial and its subsidiaries posted
a net profit of THB6.65 billion in the year ending December 31,
2005, a 950% increase from the THB7.03 million net profit in
2004, as a result of operating under the rehabilitation plan.  
In 2005, the Company completely paid the debts to its creditors
under the plan.  The discharge of all the debts resulted in a
profit of THB4.13 billion from business rehabilitation.

The Company is currently listed under the "non-Performing Group"
Sector of the Stock Exchange of Thailand.


KRUNG THAI: Fitch Places Ratings Under Negative Watch
-----------------------------------------------------
Fitch Ratings placed on September 19, 2006, the ratings of Krung
Thai Bank on Rating Watch Negative.

    * Long-term foreign currency Issuer Default rating at BBB+;
    * Short-term foreign currency F2;
    * Individual C/D;
    * Support 2;
    * Subordinated debt rating BBB;
    * Tier-1 hybrid BBB-

This action follows a similar action on Fitch's sovereign rating
on the Kingdom of Thailand.

On September 19 2006, Fitch placed the following ratings for the
Kingdom of Thailand on Rating Watch Negative:

-- Foreign currency Issuer Default Rating (IDR) 'BBB+';
-- Local currency Issuer Default Rating (IDR) 'A'.

Fitch's action reflects the increased uncertainty about
sovereign credit trends in Thailand in light of the apparent
coup attempt launched in Bangkok.  Fitch will monitor near-term
developments closely to resolve the Rating Watch and determine
if a rating action is warranted.

If the Thai sovereign rating and the Thai Country Ceiling were
to be lowered, this would lead to a lowering of the following
four banks' ratings given that their ratings are linked to the
sovereign's -- Krung Thai Bank and Export Import Bank of
Thailand ]-- or that they are foreign-owned banks that have
ratings constrained by the Country Ceiling -- United Overseas
Bank (Thai) and Standard Chartered Bank (Thai).

Any further rating action on these banks will follow a
resolution of the Rating Watch on the Thai sovereign rating.


UNITED OVERSEAS: Ratings Placed under Negative Watch by Fitch
-------------------------------------------------------------
On September 19, 2006, Fitch Ratings placed the ratings of
United Overseas Bank (Thai) on Rating Watch Negative following a
similar action by Fitch on Sovereign Ratings of Thailand.

United Overseas currently carries Fitch rating at:

    -- Long-term foreign currency IDR A-;
    -- Short-term foreign currency F2;
    -- Individual C/D;
    -- Support 1.    

Fitch Ratings placed the following ratings for the Kingdom of
Thailand on Rating Watch Negative:

    --Foreign currency Issuer Default Rating (IDR) 'BBB+';
    --Local currency Issuer Default Rating (IDR) 'A'.

Fitch's action reflects the increased uncertainty about
sovereign credit trends in Thailand in light of the apparent
coup attempt launched in Bangkok today.  Fitch will monitor
near-term developments closely to resolve the Rating Watch and
determine if a rating action is warranted.

If the Thai sovereign rating and the Thai Country Ceiling were
to be lowered, this would lead to a lowering of the following
four banks' ratings given that their ratings are linked to the
sovereign's -- Krung Thai Bank and Export Import Bank of
Thailand ]-- or that they are foreign-owned banks that have
ratings constrained by the Country Ceiling -- United Overseas
Bank (Thai) and Standard Chartered Bank (Thai).

Any further rating action on these banks will follow a
resolution of the Rating Watch on the Thai sovereign rating.




                            *********

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 ***