TCRAP_Public/060922.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, September 22, 2006, Vol. 9, No. 189

                            Headlines

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

A&C STREET: Placed Under Voluntary Wind-Up
ADEO PTY: To Declare Final Dividend on October 4
ADSTEAM MARINE: Svitzerwijsmuller Extends Offer Until October 27
ADSTEAM MARINE: Pays Interim Dividend of 4.1 Cents Per Share
AIR NEW ZEALAND: Issues 2,634,365 Ordinary Shares Under DRP

AIT LAND: Enters Wind-Up Proceedings
ALL FRESH: Members Decide to Liquidate Business
ALLEN WALKER: Court to Hear Liquidation Bid on Sept. 28
BROOKLYN TRANSPORT: Names Glenn Anthony Crisp as Liquidator
BURNS PHILP: Overseas Investment Office Confirms Rank Offer

CORPERS (NO 10): Members Resolve to Wind Up Firm
CROESUS MINING: Six Interested Parties to Start Due Diligence
CROSSLAND INVESTMENTS: Final Meeting Scheduled for Oct. 9
DEEP MINING: Members Resolve to Wind Up Operations
EASTGATE REAL: Court Sets Date to Hear CIR's Liquidation Bid

FORMCO FORMWORKS: Final Meeting Slated for October 10
G&L KING: Enters Voluntary Liquidation
GJM PROPERTIES: Commences Wind-Up of Operations
GRANT CONNER: Faces Liquidation Proceedings
HOTEL-HOLIDAYS: Court Appoints Joint Liquidators

HOUSING WORLD: Final Meeting Slated for October 9
JOHNSON BUILDING: Members Opt to Shut Down Business
KORUCABS FRANCHISING: Liquidation Hearing Fixed on Sept. 28
MANY THOUGHTS: To Declare First and Final Dividend
MARAETAI HOLDINGS: Court Names Levin and Vance as Liquidators

MARJORIE BLACK: Members Opt to Close Operations
MERISANT CO: Court Dismisses Consumer Suit Over Equal Sugar Lite
MILLEARA MALL: Wind-Up Process Commenced
PEABODY ENERGY: Moody's Rates US$1.8 Bln Credit Facility at Ba1
PEABODY ENERGY: S&P Rates Proposed US$2.75 Bln Facilities at BB

PMW (2006) LIMITED: Appoints Joint and Several Liquidators
PRIMELIFE CORPORATION: Still in Talks with Babcock & Brown
PROVINCIAL FINANCE: Investors to Receive 25 Cents in the Dollar
RAZORBACK INTERNATIONAL: Liquidator to Present Wind-Up Report
RGQL PTY: To Declare First and Final Dividend on October 6

RICHMOND CINEMAS: Liquidator McCann to Present Wind-Up Report
ROIDON BUILDINGS: Commence Liquidation on August 14
ROWENA NOMINEES: Claimants Proofs of Debt Due on Oct. 3
SILVER BIRCH: Members Agree to Close Business Operations
STARENA INTERNATIONAL: To Declare Dividend on October 4

T J POWER: Creditors Must Prove Debts by Oct. 5
THE ENTERTAINING: Enters Liquidation Proceedings
TOPVIEW ENTERPRISES: Final Meeting Set on October 4
TRIPLE JAY: To Declare First and Final Dividend on October 9
VSF FORMWORKS: Prepares to Declare Dividend on October 4

W&B HOLDINGS: Members Opt to Liquidate Business
WAYNET ENTERPRISES: Final Meeting Slated for October 4
WYADUP BROOK: Creditors' Proofs of Debt Due on October 10
WELLSFORD PEST: Falls into Liquidation
YARRA VALLEY: Placed Under Members' Voluntary Wind-Up



C H I N A   &   H O N G  K O N G

ANDREW CORP: Expands Wireless Coverage at Brasilia Int'l Airport
ANDREW CORP: Names Elcoteq as Supplier for Filter Products
BAPTIST COMMUNICATIONS: Creditors' Proofs of Claim Due Oct. 16
BETHEL BIBLE: Gaspard Ceases to Act as Liquidator
CHONGGING CHANGAN: Fitch Assigns BB on Issuer Default Ratings

EDGEWOOD DEVELOPMENT: Creditors' Proofs of Debt Due on Oct. 20
FRITZ TRANSPORTATION: Members Resolve to Wind Up Operations
GLION ASIA: Creditors Must Prove Debts by October 15
INTERTRANS CARGO: Members Opt for Voluntary Wind-Up
INITIAL ENVIRONMENTAL: Final Meeting Slated for Oct. 16

LASERSIGHT INC: June 30 Balance Sheet Upside-Down by US$3.5 Mil.
LOGISTICS TERMINAL: Members Opt for Voluntary Wind-Up
LUNG TIN: Wind-Up Petition Hearing Set on November 1
MEDIMEDIA INTERNATIONAL: To Receive Liquidator's Report
MIRABAUD (FAR EAST): Appoints Joint Liquidators

SAMPOERNA HK: Kwan Named as Liquidator
SHEENSTAR (HK): Joint Liquidators Cease to Act for Company
SHEENWAY INTERNATIONAL: Court Sets Date to Hear Wind-Up Bid
STAR CRUISES: S&P Pares Credit Rating to BB-
TWIN WORLD BUSINESS: Creditors Must Prove Debts by Oct. 20

TWIN WORLD CORPORATE: Creditors Resolve to Halt Operations
TWIN WORLD MARKETING: Creditors' Proofs of Claim Due on Oct. 20
TWIN WORLD TEAM: Names Cheng Faat Ting Gary as Liquidator
UNITY WIRELESS: Joins Three Acquired Companies Into One Facility
VEGETARIAN SOCIETY: Appoint Simon as Liquidator

WAH MING: Lai Cease to Act as Liquidator


I N D I A

ALLAHABAD BANK: Insurance Venture With Sompo Is On-Track
BHARAT PETROLEUM: Penalizes Dealers for Snubbing LPG Scheme
CADMUS COMMS: Indian Unit Gets ISO/IEC Certification
EXIM BANK: Approved Loans Rise to INR204.89-B in FY2006
GENERAL MOTORS: Atty. General Lockyer Files Global Warming Suit

ICICI BANK: Sacks CEO of Hong Kong Arm
INDIAN OIL: Liquidates INR1,255 Crore of Oil Bonds
INDIAN OIL:  G. C. Daga Is New Marketing Director
JAMMU & KASHMIR: Sets Sight on Commodities Mart
KARUR VYSYA BANK: To Open 17 New Branches

LML LTD: BIFR Declares Company Sick
LML LTD: Labour Commissioner Demands INR84 Lakh in Back Wages
NTPC LTD.: Forms JV with Bihar State Electricity Board
NTPC LTD.: Posts 18.65% Increase in June Quarter Net Profit
NTPC LTD.: Signs MoU with Delhi Transco

ORIENTAL BANK: Among S&P's Global Challengers
PUNJAB NATIONAL: Among S&P's Global Challengers
SYNDICATE BANK: Business Level for 1st Quarter Crosses INR1 Lakh
SYNDICATE BANK: Gets New Director
TATA MOTORS: Plans to Float Units and Expand Operations

TATA MOTORS: To Outsource Components From Big Vendors
TATA POWER CO: Reveals AGM Outcome
TATA POWER CO: CRISIL Reaffirms 'AAA' Rating on Debentures
TATA POWER CO: Profit After Tax Up At INR121.85 Crore
UNITED WESTERN: Share Undervalued in IDBI Sale, SLIM Dir. Says

UTI BANK: One of S&P's Global Challengers
* Indian State Banks Cooperate to Beat Competition


I N D O N E S I A

CA INC: Shareholders Tender 41.2 Million Shares for US$989 Mln
CA INC: Declares Quarterly Cash Dividend of US$0.04 Per Share
CA INC: Inks Marketing & Distribution Pact with Spare Backup


J A P A N

DAIEI INCORPORATED: Wal-Mart Proposes Merger with Seiyu
DURA AUTOMOTIVE: Moody's Lowers Debt Ratings to Ca
FORD MOTOR: Named Defendant in Global Warming Suit
FORD MOTOR: Moody's Cuts Ratings on Consumer Preference Shift
FORD MOTOR: S&P Says Downgrades Have No Impact On CDO Ratings

JAPAN AIRLINES: International and Domestic Units to Merge Oct. 1
JAPAN AIRLINES: Revamps Overseas Routes
KIYO BANK: Moody's Affirms E+ Financial Strength Rating
LIVEDOOR: Major Witness Contradicts Earlier Testimony
MICRON TECHNOLOGY: Toshiba Settles Suit with US$288 Mil. Payment

MICRON TECHNOLOGY: Earns US$89MM of Net Income in 3rd Quarter
PACHINKO WORLD: McKennon Wilson Raises Going Concern Doubt


K O R E A

HANAROTELECOM: First Korean Carrier to Deploy VoIP Services
KOOKMIN BANK: To Emerge Major Player in Fin'l Industry, KH Says
KRISPY KREME: Sees US$110M Second-Quarter Revenues
KRISPY KREME: A.J. Schindler Joins Board as Independent Director
SANDISK CORP: Names Juha Raisanen as Senior Vice President


M A L A Y S I A

ANTAH HOLDINGS: Azam Suit Hearing Adjourned to Nov. 15
AYER MOLEK: Embarks on Palm Oil Activities in Sumatra
COMSA FARMS: Defaults on MYR50-Mil Unsecured Redeemable Bonds
COMSA FARMS: Wilmar Seeks Unit's Wind-Up; Claims US$1.3M
METROPLEX BERHAD: Court Adjourns Appeal Hearing to Oct. 17

MYCOM BERHAD: SC Extends Time to Complete Restructuring
OLYMPIA INDUSTRIES: Buys More Time to Implement Revamp Scheme
PAXELENT CORPORATION: Dibena Wants Default Judgment Set Aside
PROTON HOLDINGS: Unit to Launch New Models Under Revamp Plan
POLYMATE HOLDINGS: AmBank Files MYR4-million Suit

PSC INDUSTRIES: Unveils Internal Restructuring Updates
SUREMAX GROUP: Affin Bank Asserts Over MYR4-MIllion Claim
SUREMAX GROUP: Receives Another Summons from Affin Bank


P H I L I P P I N E S

NATIONAL POWER: Orders DiesoLIFT(TM) for Stationary Power Gen
PHILIPPINE AIRLINES: Plans to Transfer Operations to NAIA 3
PHILIPPINE LONG DISTANCE: Call Center Unit Partners With Infosys
SBARRO INC: Posts US$1.25 Mil. Net Loss in Quarter Ended July 16
* RP Government Posts 4th Budget Surplus in 2006

* Philippine Fiscal Targets Achievable, G. Teves Says


S I N G A P O R E

AAR CORPORATION: First Quarter Net Income Climbs to US$11 Mil.
ADVANCED SYSTEMS: Appoints Chairman; Reconstitutes Committees
DIGILAND INTERNATIONAL: Terminates Scheme of Arrangement
FREESCALE SEMICON: CEO Says No Major Changes After Going Private
MALAN NOODLE: Enters Wind-Up Proceedings

NEWSROOM BAR: High Court to Hear Wind-Up Petition on October 6
PETROLEO BRASILEIRO: Ends Hedge Pact With Empresa Petrolera
PETROLEO BRASILEIRO: Inks Exploration Pact With Turkyye
PETROLEO BRASILEIRO: Production Reached 2,042,14 Barrels in Aug.
POH LIAN: Commences Wind-Up of Operations

SEE HUP SENG: General Meeting Slated for October 6
TARGUS GROUP: Moody's Junks Rating on US$85 Mil. 2nd-Lien Loan


T H A I L A N D

AGRO INDUSTRIAL: Posts THB13.02Mil Net Profit in 2nd Quarter '06
BANGKOK BANK: Fitch Sets Ratings Under Negative Watch
G STEEL: Moody's Keeps Rating Amid Military Coup
KASIKORN BANK: Fitch Says Ratings Under Negative Watch
SIAM COMMERCIAL: Fitch Places Ratings Under Negative Watch

STANDARD CHARTERD (THAI): Fitch Puts Ratings On Watch Negative
TAC FINANCE B.V.: Moody's Rating Unaffected by Military Coup
TOTAL ACCESS: Coup Has No Impact on Ratings, Moody's Says
TRUE CORP: Moody's Says Coup Has No Immediate Impact on Ratings


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

A&C STREET: Placed Under Voluntary Wind-Up
------------------------------------------
The members of A&C Street Pty Ltd held a general meeting on
August 31, 2006, and agreed to voluntarily wind up the Company's
operations.

Accordingly, Joseph Loebenstein was named as liquidator.

The Liquidator can be reached at:

         Joseph Loebenstein
         Loebenstein Insolvency Services Pty Ltd
         203 Balaclava Road
         Caulfield, North Victoria 3161
         Australia


ADEO PTY: To Declare Final Dividend on October 4
------------------------------------------------
A final dividend will be declared on October 4, 2006, for the
creditors of Adeo Pty Ltd.

Liquidator James Stewart requires the creditors to file their
proofs of debt by October 3, 2006, for them to share in the
company's dividend distribution.

The Liquidator can be reached at:

         James Stewart
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia


ADSTEAM MARINE: Svitzerwijsmuller Extends Offer Until October 27
----------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific recently reported
that SvitzerWijsmuller A/S has until the end of this week to
decide whether it will extend its AU$2.54-a-share offer for
Adsteam Marine Ltd. that expires on September 29, 2006.

On September 21, 2006, SvitzerWijsmuller said it will continue
its Offer to purchase all of the outstanding Adsteam shares
under revised terms.  The key elements are:

   * an extension of the Offer until October 27, 2006;

   * approval for Adsteam to pay a dividend of 4.1 cents per
     share (in lieu of the final year 2006 dividend) while
     retaining the AU$2.54 per share offer price; and

   * the removal of the break fee.

The Offer remains conditional, including the satisfaction or
waiver of the U.K. regulatory condition and 90% shareholder
acceptance.

                     Adsteam Supports Extension

In a statement, the Adsteam Marine Board of Directors reveals
that it supports the extension.

The Adsteam Board explains that it has considered various
matters including:

   (a) the impact of an extended offer period and the length of
       the U.K. Competition Commission process, which is
       expected to conclude in February 2007; and

   (b) the possible effect of that process on Adsteam's business
       and its shareholders.

As reported in the TCR-AP on August 25, 2006, the
SvitzerWijsmuller Offer is subject to competition approval in
the United Kingdom.

The Board believes that the Offer is in the best interests of
the Company's shareholders particularly given that:

   * no higher offer has been received; and

   * agreement has been reached on changes to the Offer
     including the payment of a dividend.

With respect to the Competition Commission process, Adsteam and
SvitzerWijsmuller will work together to assist SvitzerWijsmuller
to present the case to the U.K. Commission.  SvitzerWijsmuller
has undertaken to reimburse Adsteam's reasonable external costs
directly associated with its assistance up to a limit of
GBP1.0 million.

As a consequence, the Board continues to believe that, in the
absence of a higher offer, the SvitzerWijsmuller Offer
represents the best value for Adsteam shareholders.

Accordingly, the Board continues to recommend that, in the
absence of a higher offer, Adsteam shareholders accept the
SvitzerWijsmuller Offer after the U.K. regulatory condition has
been satisfied or waived.

The U.K. Competition Commission's final decision on the proposed
merger will be disclosed on February 14, 2007, the TCR-AP noted.

                        Business as Usual

During the bid process, Adsteam assures that it has and
continues to operate on a "business as usual" basis, noting that
it Australian and UK businesses are trading satisfactorily in
the early stages of the 2007 financial year.

Adsteam will provide an update its operational performance at
the Annual General Meeting on November 7, 2006.

Costs associated with the Offer will be included in the reported
results for the six months ended December 31, 2006.

                     About SvitzerWijsmuller

SvitzerWijsmuller -- http://www.svitzerwijsmuller.com/-- is a
major global towage and salvage company headquartered in
Copenhagen, Denmark with activities in 35 countries within
harbor towage, terminal towage, salvage, emergency response and
rescue, ocean towage and crew boat operations.
SvitzerWijsmuller is a subsidiary of A.P. Moller - Maersk A/S.
Last year, SvitzerWijsmuller had a turnover of US$355 million
and it employs approximately 2,500 people.

                          About Adsteam

Headquartered in New South Wales, Australia, Australia Adsteam
Marine Ltd -- http://www.adsteam.com.au/-- currently has a
fleet of more than 200 vessels and also offers other maritime
services such as a shipping agency, fuel distribution and
salvage.

The Company had undertaken steps in a plan to divest non-core
businesses since May 2003 as part of its business transformation
program and has raised money to support its rescue plan designed
to trim down debts and repay borrowings.  Adsteam's debt was
estimated to be AU$360 million.  As of June 30, 2005, the
Company reported an "improved balance sheet" as it was able to
reduce its debt to AU$302 million, achieved through the sale of
non-core assets, improved earnings, improved debtor management
and a tight dividend policy.


ADSTEAM MARINE: Pays Interim Dividend of 4.1 Cents Per Share
------------------------------------------------------------
In statement filed with the Australian Stock Exchange dated
September 21, 2006, Adsteam Marine Ltd, disclosed that it will
pay an interim dividend of 4.1 cents per share, franked to 23%.

The Record Date for the interim dividend will be October 3,
2006.  At the close of business on that date, registered
shareholders will be entitled to receive the interim dividend.

The payment date for the interim dividend will be October 30,
2006.

Adsteam's shares will trade "ex-dividend" on September 26, 2006.

However, eligible shareholders who have already accepted the
offer by SvitzerWijsmuller A/S will still be entitled to receive
payment of the interim dividend.

While the SvitzerWijsmuller Offer remains open, the Directors
consider it appropriate to suspend the Dividend Reinvestment
Plan for this interim dividend because the Offer would not
extend to new shares issued under the DRP.

Accordingly, under Adsteam's DRP, the Directors advise they have
suspended the DRP for this interim dividend by giving the
shareholdeers one month's notice in writing.

For questions about the DRP, contact:

   Dominic Smith
   02-9369-9200

For questions in relation to SvitzerWijsmuller's Offer, call:

   * 1800-24-23-00 (within Australia) or

   * +61-2-9207-3622 (from outside Australia)
     between 8:00 a.m. and 6:00 p.m. (AEST)

                     About SvitzerWijsmuller

SvitzerWijsmuller -- http://www.svitzerwijsmuller.com/-- is a
major global towage and salvage company headquartered in
Copenhagen, Denmark with activities in 35 countries within
harbor towage, terminal towage, salvage, emergency response and
rescue, ocean towage and crew boat operations.
SvitzerWijsmuller is a subsidiary of A.P. Moller - Maersk A/S.
Last year, SvitzerWijsmuller had a turnover of US$355 million
and it employs approximately 2,500 people.

                          About Adsteam

Headquartered in New South Wales, Australia, Australia Adsteam
Marine Ltd -- http://www.adsteam.com.au/-- currently has a
fleet of more than 200 vessels and also offers other maritime
services such as a shipping agency, fuel distribution and
salvage.

The Company had undertaken steps in a plan to divest non-core
businesses since May 2003 as part of its business transformation
program and has raised money to support its rescue plan designed
to trim down debts and repay borrowings.  Adsteam's debt was
estimated to be AU$360 million.  As of June 30, 2005, the
Company reported an "improved balance sheet" as it was able to
reduce its debt to AU$302 million, achieved through the sale of
non-core assets, improved earnings, improved debtor management
and a tight dividend policy.


AIR NEW ZEALAND: Issues 2,634,365 Ordinary Shares Under DRP
-----------------------------------------------------------
Air New Zealand Limited advises the New Zealand Stock Exchange
that on September 21, 2006, it has issued 2,634,365 Ordinary
Shares pursuant to Air New Zealand's Dividend Reinvestment Plan.

The issue price is at NZ$1.1201 in cash payment which has been
fully paid.

The percentage of the total class of securities is 0.26%.  Thus,
after the issue, the total number of securities of the class is
1,006,112,193.

                     Qantas Coupon Payment

In addition to the dividend paid to the holders of ordinary
shares, Air New Zealand made a coupon payment to Qantas
Investment (NZ) Limited, as the holder of redeemable convertible
notes.

The payment to Qantas Limited is in accordance with the terms of
issue of the notes, of an amount equal to the dividend Qantas
Investment would have received if the redeemable convertible
notes had been converted to Air New Zealand ordinary shares
immediately prior to the dividend record date.

                      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.


AIT LAND: Enters Wind-Up Proceedings
------------------------------------
Members of Ait Land Corporation convened on September 1, 2006,
and resolved to wind up the Company's operations.

Peter Goodin was consequently appointed as liquidator.

The Liquidator can be reached at:

         Peter Goodin
         Chartered Accountant
         Brooke Bird & Co
         471 Riversdale Road
         East Hawthorn, 3123
         Australia
         Telephone: 9882 6666


ALL FRESH: Members Decide to Liquidate Business
-----------------------------------------------
At a general meeting on September 1, 2006, the members of All
Fresh Produce Pty Ltd agreed to liquidate the Company's
business.

In this regard, Nicholas Giasoumi and Roger Darren Grant were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Nicholas Giasoumi
         Roger Darren Grant
         Dye & Co Pty Ltd
         Chartered Accountants
         165 Camberwell Road, Hawthorn East 3123
         Australia


ALLEN WALKER: Court to Hear Liquidation Bid on Sept. 28
-------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
filed against Allen Walker Developments Ltd on September 28,
2006, at 10:45 a.m.

Brian Anthony Preston and Barbara Lauren Preston filed the
petition on June 26, 2006.

The Solicitor for the Plaintiff can be reached at:

         Edmond Yee
         Neumegen & Company, Solicitors
         P.O. Box 5968, Wellesley Street
         Auckland, New Zealand


BROOKLYN TRANSPORT: Names Glenn Anthony Crisp as Liquidator
-----------------------------------------------------------
The creditors of Brooklyn Transport Company Pty Ltd -- formerly
known as Total Transport & Logistics Pty Ltd -- convened on
Aug. 31, 2006, and resolved to voluntarily wind up the Company's
operations.

In this regard, Glenn Anthony Crisp was appointed liquidator.

The Liquidator can be reached at:

         Glenn Anthony Crisp
         RSM Bird Cameron Partners
         Level 8, 525 Collins Street
         Melbourne, Victoria 3000
         Australia


BURNS PHILP: Overseas Investment Office Confirms Rank Offer
-----------------------------------------------------------
In a filing with the Australian Stock Exchange, Rank Group
Australia Pty Limited gives advise in reference to the takeover
bid by Rank Australia for all the shares in Burns, Philp &
Company Limited not already held by Rank Group Limited and the
Bidder's Statement for the Offer dated, August 28, 2006.

Rank Australia has received confirmation from the New Zealand
Overseas Investment Office that consent has been granted for
Rank Australia to acquire the remaining shares in Burns, Philp &
Company Limited not already held by Rank Group Limited.

Accordingly, the Offer has been satisfied.

As reported in the Troubled Company Reporter - Asia Pacific on
August 28, 2006, Burns Philp & Company Limited disclosed that a
letter from the Company's major shareholder, Rank Group proposed
to make an offer for all the shares of the Company that it does
not currently hold.

Rank Group currently owns 57.6% of Burns Philp and, according to
the TCR-AP report, it will cost Rank Group AU$1.3 billion to mop
up the remaining stock at the offer price.

The TCR-AP said that the determination of value is assisted by
virtue of Burns Philp's assets primarily comprising cash and
Goodman Fielder shares.  The offer price has been calculated at
AU$1.10 per share having regard to the underlying net assets of
the company.

Questions regarding the takeover offer should be directed to the
Rank Offer Information Line:

   * 1300-657-039 -- for callers within Australia,

   * 0800-555-039 -- for callers within New Zealand, or

   * +613-9415-4353 -- for callers from outside Australia and
                       New Zealand

                        About Burns Philp

Burns Philp & Company Limited -- http://www.burnsphilp.com/--  
is an Australian based company involved in the production and
distribution of food ingredients and consumer branded food,
beverage and related products.  The Group operates
internationally with products including snack foods, breakfast
cereals and meal components.

Burns Philp has a 20% interest in Goodman Fielder Limited.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
August 24, 2006, that Standard & Poor's Ratings Services placed
its 'BB-' long-term corporate credit rating on Burns Philp on
CreditWatch with negative implications after the company
announced that its major shareholder, Rank Group Ltd., proposed
to make an offer for all Burns Philp shares that it does not
already hold.  Rank Group currently owns 57.6% of Burns Philp.


CORPERS (NO 10): Members Resolve to Wind Up Firm
------------------------------------------------
At a meeting on August 31, 2006, the members of Corpers (No 10)
Pty Ltd decided to voluntarily wind up the Company's operations
and appoint G. A. Lopez, E. R. Verge and C. A. L. Huxtable as
joint and several liquidators.

Consequently, the appointment of liquidators was confirmed at a
creditors' meeting held that same day.

The Joint and Several Liquidators can be reached at:

         G. A. Lopez
         E. R. Verge
         C. A. L. Huxtable
         Jones Condon, Chartered Accountants
         Unit 44B, Level 1
         Piccadilly Square West
         7 Aberdeen Street
         Perth, Western Australia
         Australia


CROESUS MINING: Six Interested Parties to Start Due Diligence
-------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
July 24, 2006, administrators were appointed for each of Croesus
Mining N.L.'s wholly owned subsidiaries:

     * Ambassador Resources Ltd.,
     * Croesus Resources N.L.,
     * Mining Resources (WA) Pty Ltd.,
     * Croesus Mining Services Pty Ltd, and
     * Central Norseman Gold Corporation Ltd.

The TCR-AP noted that Croesus Mining has appointed Bryan Hughes
and Vincent Smith -- of Pitcher Partners Accountants, Auditors,
& Advisors -- as joint and several administrators.

Mr. Smith stated that other than Central Norseman, the remaining
subsidiaries are effectively dormant and the Administrators have
recommended that they be placed into liquidation and be wound
up.

Mr. Smith also noted that the Administrators intended to seek
expressions of interest from parties for the acquisition of all
or part of the Group's assets or for a recapitalization and
restructure of Croesus and Central Norseman.  He further
confirmed that advertising for expressions of interest has
commenced.  Corporate Advisors (Prime Corporate Finance) was
appointed to assist in the process, the TCR-AP said.

In an update, a report from The West Australian reveals a short
list of six preferred bidders for Croesus:

   1. Perth junior Avoca Resources;
   2. South Africa's Harmony Gold;
   3. Mark Ashley-led explorer Apex Minerals;
   4. a British-listed miner;
   5. a North American gold producer; and
   6. a miner from the Eastern States

Existing Croesus shareholders, however, are unlikely to share in
any revival of the company, the report says.

The report cites administrator Bryan Hughes as saying that the
six parties had been short-listed to start due diligence this
week before the final bids were due, at the end of next month,
noting that the parties represented a mix of international,
local, and east coast companies.

According to Mr. Hughes, the identity of the parties is
confidential.  Mr. Hughes expects a positive result for what
remained a highly attractive asset, The West says.

Mr. Hughes says "[t]he field has produced 5.5 million ounces of
gold, which makes it one of the richest bits of gold-bearing
earth anywhere . . . and the place is absolutely littered with
the stuff still."

However, Mr. Hughes noted that the new owner would not be free
of Croesus' debts, meaning the enterprise value of the business
would be "considerably higher" than its market worth of AU$97
million at the time of its collapse, The West reveals.

According to The West, Avoca, which is developing the
neighboring Higginsville gold project to the north, previously
discussed both a potential merger and toll milling deal with
Croesus.

                   Kiernan Proposal Rejected

Croesus boss Michael Kiernan, whose Monarch Gold is planning to
start production at Croesus' former Davyhurst mine next year,
discloses that the Administrators rejected his proposal to
recapitalize and restructure the company, The West relates.

Mr. Kiernan disclosed that on September 19, 2006, he has raised
AU$11.5 million in a placement to sophisticated investors at 23
a share to ensure Monarch started production next year, The West
says.

Monarch would now seek debt funding to raise the remaining AU$15
million it needed to restart Davyhurst and the Minjar gold mine
in the Murchison, which should jointly be producing at 150,000
ounces a year by late next year, Mr. Kiernan revealed.

                      About Croesus Mining

Headquartered in Kalgoorlie, Western Australia, Croesus Mining
N.L. -- http://www.croesus.com.au/-- explores and produces gold
through its Davyhurst and Central Norseman exploration projects.

The Troubled Company Reporter - Asia Pacific reported on July 4,
2006, that Croesus Mining has gone into administration after
failing to restructure its finances and meet its hedging debts.
Bryan Hughes and Vincent Smith, of Pitcher Partners Accountants,
Auditors & Advisors, were appointed as joint and several
administrators pursuant to Section 436A of the Corporations Act.


CROSSLAND INVESTMENTS: Final Meeting Scheduled for Oct. 9
---------------------------------------------------------
Crossland Investments Pty Ltd, which is in liquidation, will
hold a final meeting for its members and creditors on October 9,
2006, at 10:00 a.m.

At the meeting, Liquidator Angus Blackwood will report on the
company's wind-up proceedings and property disposal exercises.

The Liquidator can be reached at:

         Angus Blackwood
         Ernst & Young
         Level 5, Waterfront Place
         1 Eagle Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3243 3636


DEEP MINING: Members Resolve to Wind Up Operations
--------------------------------------------------
The members of Deep Mining Pty Ltd held a general meeting on
September 1, 2006, and resolved to voluntarily wind up the
Company's operations.

Subsequently, Neil Cribb was appointed as joint and several
liquidator.

Mr. Cribb can be reached at:

         Neil Cribb
         c/o RSM Bird Cameron Partners
         Chartered Accountants
         8 St Georges Terrace
         Perth, West Australia 6000
         Australia
         Telephone:(08) 9261 9100
         Facsimile:(08) 9261 9340


EASTGATE REAL: Court Sets Date to Hear CIR's Liquidation Bid
------------------------------------------------------------
A liquidation petition filed against Eastgate Real Estate Ltd
will be heard before the High Court of Christchurch on Sept. 25,
2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on Aug. 8,
2006.

The Solicitor for the Plaintiff can be reached at:

         Julia Dykema
         Inland Revenue Department
         Technical and Legal Support Group
         South Island Service Centre
         Ground Floor Reception
         518 Colombo Street (P.O. Box 1782)
         Christchurch, New Zealand
         Telephone: (03) 968 0809
         Facsimile: (03) 977 9853


FORMCO FORMWORKS: Final Meeting Slated for October 10
-----------------------------------------------------
A final meeting will be held for the members and creditors of
Formco Formworks Pty Ltd on October 10, 2006, at 11:30 a.m.

The Liquidator can be reached at:

         P. A. Lucas
         P. A. Lucas & Co
         Chartered Accountants
         Level 8, ING Building
         100 Edward Street
         Brisbane, Queensland 4000
         Australia


G&L KING: Enters Voluntary Liquidation
--------------------------------------
Members of G&L King Nominees Pty Ltd convened on August 30,
2006, and resolved to voluntarily wind up the company's
operations.

In this regard, Robyn Erskine & Peter Goodin were appointed as
liquidators.

The Liquidators can be reached at:

         Robyn Erskine
         Peter Goodin
         Brooke Bird & Co
         Chartered Accountants
         471 Riversdale Road
         Hawthorn East, 3123
         Australia


GJM PROPERTIES: Commences Wind-Up of Operations
-----------------------------------------------
Members of GJM Properties Pty Ltd met on September 1, 2006, and
decided to wind up the company's operations.

Creditors appointed Nicholas Giasoumi and Roger Darren Grant as
joint and several liquidators at a separate meeting held later
that day.

The Liquidators can be reached at:

         Nicholas Giasoumi
         Roger Darren Grant
         Dye & Co Pty Ltd
         Chartered Accountants
         165 Camberwell Road, Hawthorn East 3123
         Australia


GRANT CONNER: Faces Liquidation Proceedings
-------------------------------------------
P L Clarke Ltd filed with the High Court of Timaru a liquidation
petition against Granny Conner Contracting Ltd on July 25, 2006.

The petition will be heard before the Court on October 4, 2006,
at 11:00 a.m.

The Solicitor for the Plaintiff can be reached at:

         B. C. Nevell
         c/o Downie Stewart
         Eighth Floor, John Wickliffe House
         265 Princes Street
         (P.O. Box 1345), Dunedin
         New Zealand


HOTEL-HOLIDAYS: Court Appoints Joint Liquidators
------------------------------------------------
The High Court of Auckland on September 7, 2006, ordered the
appointment of Henry David Levin and Barry Phillip Jordan as
joint and several liquidators of Hotel-Holidays Ltd.

Accordingly, the Liquidators require the creditors of the
company to prove their debts by October 5, 2006.  Failure to
comply with this requirement will exclude a creditor from
sharing in any distribution the company will make.

The Troubled Company Reporter - Asia Pacific reported on August
7, 2006, that the Commissioner of Inland Revenue filed a
liquidation petition against the company on June 21, 2006.  The
petition was heard on September 7, 2006.

The Joint Liquidators can be reached at:

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


HOUSING WORLD: Final Meeting Slated for October 9
-------------------------------------------------
Members and creditors of Housing World II At Shell Cove Pty Ltd
will hold a final meeting on October 9, 2006, at 9:30 a.m.

During the meeting, Liquidator Danny Vrkic will report on the
manner in which the company's wind-up has been conducted and the
property of the company been disposed of.

According to the Troubled Company Reporter - Asia Pacific,
members of the Company convened on August 13, 2006, and decided
to wind up the Company's operations.

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


JOHNSON BUILDING: Members Opt to Shut Down Business
---------------------------------------------------
On September 1, 2006, members of Johnson Building Concepts Pty
Ltd passed a special resolution to voluntarily wind-up the
Company's operations.

In this regard, Timothy James Clifton and Mark Christopher Hall
were appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

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


KORUCABS FRANCHISING: Liquidation Hearing Fixed on Sept. 28
-----------------------------------------------------------
A petition to liquidate Korucabs Franchising Ltd will be heard
before the High Court of Auckland on September 28, 2006, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition on July 5,
2006.

The Solicitor for the Plaintiff can be reached at:

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


MANY THOUGHTS: To Declare First and Final Dividend
--------------------------------------------------
Many Thoughts Pty Ltd, which is in liquidation, will declare its
first and final dividend to creditors on September 29, 2006.

Creditors who cannot prove their debts by September 22, 2006,
will be excluded from sharing in the dividend distribution.

The liquidator can be reached at:

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


MARAETAI HOLDINGS: Court Names Levin and Vance as Liquidators
-------------------------------------------------------------
The High Court of Auckland on September 7, 2006, ordered the
appointment of Henry David Levin and David Stuart Vance to Act
as joint and several liquidators of Maraetai Holdings Ltd.

Subsequently, the Liquidators fixed October 5, 2006, as the last
day for the creditors to submit their proofs of claim in order
to share in any distribution the company will make.

The Troubled Company Reporter - Asia Pacific reported that the
Commissioner of Inland Revenue filed a liquidation petition
against the company on June 19, 2006.  The petition was heard on
September 7, 2006.

The Joint Liquidators can be reached at:

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


MARJORIE BLACK: Members Opt to Close Operations
-----------------------------------------------
At a general meeting on August 29, 2006, the members of Marjorie
Black House Incorporated resolved to shut down the Company's
operations.

Subsequently, Martin David Lewis was appointed as liquidator.

The Liquidator can be reached at:

         Martin David Lewis
         Level 6, 81 Flinders Street
         Adelaide, South Australia 5000
         Australia


MERISANT CO: Court Dismisses Consumer Suit Over Equal Sugar Lite
----------------------------------------------------------------
The United States District Court for the Northern District of
Illinois dismissed a purported consumer fraud class action filed
against Merisant Co. over allegations that the company's
packaging and advertisement of Equal Sugar Lite are misleading.

Filed on Feb. 15, 2006, the suit specifically alleges that on a
volumetric basis, Equal Sugar Lite does not deliver half the
calories of a cup of sugar.

On April 17, 2006, the company filed a motion to dismiss the
lawsuit for failure to state a claim upon which relief may be
granted.

On June 14, 2006, the court entered a stipulation of dismissal
of this lawsuit with prejudice.

The suit is "Markowitch v. Merisant Corp., Case No. 1:06-cv-
00846," filed in the U.S. District Court for the Northern
District of Illinois under Judge Rebecca R. Pallmeyer.

Representing the plaintiffs are Eduard Korsinsky and Joseph E.
Levi of Zimmerman Levi & Korsinsky, LLP, 226 St. Paul Street,
New York, NY 10006, Phone: (212) 363-7500.

Representing the defendants are Gregg F. LoCascio and Thomas M.
Monagan, III of Kirkland & Ellis, LLP, Phone: (202) 879-5290 and
(312) 861-2000, e-mail: tmonagan@kirkland.com

                    About Merisant Worldwide

Merisant is a global corporation that manufactures and markets a
variety of tabletop sweetener products with sales in more than
100 countries worldwide.

The company's Asia-Pacific operations is headquartered in
Sydney, Australia.

Standard & Poor's Ratings Services lowered several of its
ratings on Chicago, Illinois-based low-calorie sweetener
processor, packager, and marketer (of aspartame-based products)
Merisant Worldwide Inc. and its wholly owned subsidiary Merisant
Co.  The corporate credit rating was lowered to 'CCC' from
'CCC+' and the subordinated debt rating was lowered to 'CC' from
'CCC-'.

At the same time, Standard & Poor's affirmed its 'CCC+' bank
loan rating on Merisant's first-lien senior secured credit
facility.


MILLEARA MALL: Wind-Up Process Commenced
----------------------------------------
Members of Milleara Mall Tattersalls Pty Ltd held a general
meeting on August 31, 2006, and decided to wind up the Company's
business operations.

Subsequently, Paul Vartelas was appointed as liquidator at a
creditors' meeting held that same day.

The Liquidator can be reached at:

         Paul Vartelas
         B. K. Taylor & Co.
         8/F, 608 St Kilda Road, Melbourne
         Australia


PEABODY ENERGY: Moody's Rates US$1.8 Bln Credit Facility at Ba1
---------------------------------------------------------------
Moody's Investors Service assigned a Ba1 senior unsecured rating
to Peabody Energy Corporation's US$1.8 billion Revolving Credit
Facility and US$950 million Term Loan A.  At the same time,
Moody's raised the senior unsecured rating on the company's
existing senior unsecured notes to Ba1 from Ba2.  Moody's also
affirmed Peabody's Ba1 corporate family rating and its SGL-1
Speculative Grade Liquidity rating.  The revolver and term loan
are being put in place in part to fund Peabody's proposed
acquisition of Australian coal miner, Excel Corporation, for
US$1.5 billion.  The rating outlook remains negative.

Upgrades:

     * Issuer: Peabody Energy Corporation

     * Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1
       from Ba2

Assignments:

     * Issuer: Peabody Energy Corporation

     * Senior Unsecured Bank Credit Facility, Assigned Ba1

The Ba1 corporate family rating reflects:

   1) Peabody's currently low leverage ratio and good
      earnings ratios;

   2) its diversified low-cost operations;

   3) extensive and geographically diversified reserves of
      high quality coal;

   4) strong management; and

   5) portfolio of long-term coal supply agreements with a
      large number of electricity generation customers.

However, the rating also reflects the US$1.5 billion increase in
debt to be incurred to fund the Excel acquisition, which will
increase the company's pro form June 30, 2006 debt to EBITDA
ratio to 3.0x from 2.1x, based on the current EBITDA generated
by Excel.  The rating also considers the volatile nature of the
coal mining business, and operating and development cost
pressures that could constrain Peabody's free cash flow.

The senior unsecured notes were upgraded to Ba1, the same level
as the corporate family rating, reflecting that virtually all of
the company's senior debt is now unsecured with the release of
collateral for the new bank facilities.

Moody's last rating action on Peabody was a revision of the
outlook to negative in July 2006.

Headquartered in St. Louis, Missouri, Peabody Energy Corp.,
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's
largest private-sector coal company, with 2005 sales of 240
million tons of coal and U.S.US$4.6 billion in revenues.  Its
coal products fuel 10% of all U.S. and 3% of worldwide
electricity.  The company has coal operations in Australia.


PEABODY ENERGY: S&P Rates Proposed US$2.75 Bln Facilities at BB
---------------------------------------------------------------
Standard & Poor's Rating Services assigned its 'BB' rating to
Peabody Energy Corp.'s proposed US$2.75 billion of senior
unsecured credit facilities, consisting of a US$1.8 billion
revolving credit facility and US$950 million Term Loan A.

The Term Loan A is comprised of a US$440 million term loan, to
replace Peabody's existing Term loan A, and a US$510 million
delayed delayed-draw Term term loan.

At the same time, Standard & Poor's raised its existing ratings
on the company's senior unsecured notes to 'BB' from 'BB-'.

Peabody Energy, with a corporate credit rating of 'BB' and a
stable outlook, is based in St. Louis, Missouri.

"The upgrade of the senior unsecured notes reflects their
improved position in the capital structure due to the release of
collateral under the new credit facility," said Standard &
Poor's credit analyst Thomas Watters.

"The new facilities will be used to finance the US$1.6 billion
acquisition of Excel Coal Ltd. (including assumed debt) and to
refinance existing debt.  Pro forma for this transaction,
Peabody's total debt will increase by US$1.5 billion, to
US$2.9 billion."

Peabody's financial leverage is very aggressive.  For the 12
months ended June 30, 2006, pro forma total debt to EBITDA was a
very aggressive 4.9x.  Indeed, funds from operations to total
debt is a weak 15.5%, adjusted for onerous, debt-like health
care, pension, workers' compensation, and reclamation
liabilities, which totaled US$2.1 billion before tax at
December 31, 2005.

Total debt is also adjusted for operating leases, coal reserve
payments, and payments associated with the acquisitions of
reserves from the U.S. Bureau of Land Management in the Powder
River Basin.  Mr. Watters said, "We expect the company to
meaningfully reduce acquisition-related debt in the short term
through free cash flow or equity proceeds.  Current strong
industry conditions should benefit Peabody as it continues to
negotiate its unpriced future coal production.  This, in
combination with debt reduction, gives us some comfort that over
the intermediate term Peabody will be able to achieve credit
metrics commensurate with the current rating."

Mr. Watters added, "We could revise the outlook to positive if
we thought it possible that Peabody might be able to achieve and
sustain a funds from operations to adjusted total debt ratio of
20%-25%.  This would require a level of debt reduction greater
than what we are currently incorporating in the rating.  We
could revise the outlook to negative if the company does not
reduce debt, if costs continue to rise, offsetting higher
contracted coal realizations, or if industry conditions soften."

Headquartered in St. Louis, Missouri, Peabody Energy Corp.,
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's
largest private-sector coal company, with 2005 sales of 240
million tons of coal and U.S.US$4.6 billion in revenues.  Its
coal products fuel 10% of all U.S. and 3% of worldwide
electricity.  The company has coal operations in Australia.


PMW (2006) LIMITED: Appoints Joint and Several Liquidators
----------------------------------------------------------
On September 8, 2006, Grant Robert Graham and Brendon James
Gibson were appointed Joint and Several Liquidators to oversee
the liquidation of PMW (2006) Ltd -- formerly The New Zealand
School of Travel & Tourism Ltd.

The Joint Liquidators can be reached at:

         G. R. Graham
         Ferrier Hodgson & Co
         Level Sixteen, Tower Centre
         45 Queen Street (P.O. Box 982)
         Auckland, New Zealand
         Telephone: (09) 307 7865
         Facsimile: (09) 377 7794


PRIMELIFE CORPORATION: Still in Talks with Babcock & Brown
----------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
August 23, 2006, as part of its strategy to buy retirement
communities and bundle them into a fund, Babcock & Brown Ltd.
was looking to purchase Primelife Corporation.

In an update, Primelife advises the market that on September 7,
2006, it remained in discussions with Babcock & Brown about its
intentions to establish a specialized retirement and aged care
managed investment fund that would include Primelife and
PrimeLiving Trust.  These discussions are continuing.

However, given that September is almost over, it is unlikely
that any proposal about the creation of a new investment fund
will be announced and completed in this calendar year, Primelife
notes.

The market will still be kept informed and in particular if any
complete proposal is received, Primelife says.

                        About Primelife

Headquartered in Melbourne, Australia, Primelife Corporation --
http://www.primelife.com.au-- develops and manages properties
catering to a wide range of senior living needs, including
independent retirement living, serviced apartments, aged care or
low care hostels and high care nursing homes, and in-home care.

Primelife almost skidded into insolvency when, on September 23,
2004, the Australian Securities and Investments Commission filed
37 proceedings in the Federal Court of Australia seeking, among
other things, orders that an investigating accountant be
appointed over managed investment schemes under Primelife to
report to the Federal Court to ascertain the position of each of
the schemes.  ASIC also applied for the schemes to be wound up.

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

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


PROVINCIAL FINANCE: Investors to Receive 25 Cents in the Dollar
---------------------------------------------------------------
John Waller and Maurice Noone, partners at
PricewaterhouseCoopers, as receivers of Provincial Finance Ltd,
advise that a first interim principal repayment will be made to
debenture stock holders on September 29, 2006, aggregating
NZ$74 million.

This initial payment will see investors receive a better than
expected payout of 25 cents in the dollar.   This represents a
higher payout than previously predicted as a result of better
than expected recoveries, and some unexpected successes.

In addition, with their previous estimates the receivers had
been conservative in their forecasts to avoid unnecessarily
raising investors' hopes.

According to Stuff.co.nz, the payout was increased after
NZ$5 million that had previously been written off came in.

There are some 11,000 Provincial investors holding debenture
stock of around NZ$300 million.

Receiver Maurice Noone says the work at Provincial is
progressing well, adding that there is improved performance in
the areas of consumer and commercial loan collections.  Asset
sales and tax recoveries have boosted the amount available for
distribution, Mr. Noone adds.

According to Mr. Noone, they are planning to make quarterly
future repayments.  If the receivership continues its successful
progress, another repayment in December is expected.  However,
the future payments are likely to be between five and ten cents
in the dollar, Mr. Noone says.

Mr. Noon reveals that they are still working with interested
parties around restructuring plans, and potentially the sale of
certain parts of the books.

The Receivers remain optimistic that in the longer term,
debenture holders will get most -- if not all -- of their
principal back.

However, the forecast for preference shareholders remains bleak,
Mr. Noone says, noting that in the absence of a successful
restructure it is unlikely that preference shareholders will
receive any return on their investment.

They had previously told investors to expect a payout of between
10c and 20c in the dollar. Mr Noone said the previous estimate
had been cautious to avoid raising expectations.

The aim is to keep up the momentum in the market and recover as
much as possible, stuff.co.nz cites Mr. Noone, as saying.

Mr. Waller disclosed that talks are continuing with possible
buyers, stuff.co.nz says.

                    About Provincial Finance

Provincial Finance Limited --
http://www.provincialfinance.co.nz/-- is a New Zealand finance
company that provides consumer and commercial finance to
individuals and businesses across New Zealand, and promote a
range of investment opportunities.

As reported in the Troubled Company Reporter - Asia Pacific,
Provincial Finance was put into receivership on June 2, 2006,
due to breach of covenants and ratios in its Trust Deed, as well
as a multi-million write-down for bad debts.  The Company owes
NZ$300 million to 14,000 small investors.


RAZORBACK INTERNATIONAL: Liquidator to Present Wind-Up Report
-------------------------------------------------------------
Razorback International Pty Ltd, which is in liquidation, will
hold a final meeting for its members and creditors on October 4,
2006, at 2:00 p.m.

During 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


RGQL PTY: To Declare First and Final Dividend on October 6
-----------------------------------------------------------
RGQL Pty Ltd, which is in liquidation, will declare its first
and final dividend in respect of its unsecured creditors on
October 6, 2006.

Failure to file proofs of debts by September 26, 2006, will
exclude a creditor from sharing in the dividend distribution.

The Liquidator can be reached at:

         Nick Combis
         Vincents
         Chartered Accountants
         Level 27, 239 George Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3854 4555
         Facsimile:(07) 3236 2452
         Email: ncombis@vincents.com.au


RICHMOND CINEMAS: Liquidator McCann to Present Wind-Up Report
-------------------------------------------------------------
A joint final meeting of the members and creditors of Richmond
Cinemas Pty Ltd, which is in liquidation, will convene on
October 9, 2006, at 10:00 a.m.

During the meeting, Liquidator Michael W. Mccann will report on
the accounts of the company's wind-up 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


ROIDON BUILDINGS: Commence Liquidation on August 14
---------------------------------------------------
The liquidation of Roidon Buildings Ltd commenced on
August 14, 2006, with the appointment of Craig Richard Yarndley
as Liquidator.

The Liquidator can be reached at:

         C. R. Yarndley
         de Lautours.co, P.O. Box 269
         Te Awamutu, New Zealand
         Telephone: (07) 871 5019
         Facsimile: (07) 871 5501


ROWENA NOMINEES: Claimants Proofs of Debt Due on Oct. 3
--------------------------------------------------------
Rowena Nominees Pty Ltd, which is in liquidation, will declare
the first interim distribution for claimants on October 4, 2006.

Claimants must submit their proofs of debt by October 3, 2006,
to be included on the company's distribution.

The Liquidator can be reached at:

         Mark Conlan
         c/o RSM Bird Cameron Partners
         Chartered Accountants
         8 St Georges Terrace
         Perth, Western Australia 6000
         Australia
         Telephone:(08) 9261 9100
         Facsimile:(08) 9261 9340


SILVER BIRCH: Members Agree to Close Business Operations
--------------------------------------------------------
On September 1, 2006, members of Silver Birch Pty Ltd., resolved
to voluntarily liquidate the company's business and distribute
the proceeds of its assets among the members.

In this regard, Mark Christopher Hall and Timothy James Clifton
were appointed as the company's joint and several liquidators.

The Joint and Several Liquidators can be reached at:

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


STARENA INTERNATIONAL: To Declare Dividend on October 4
-------------------------------------------------------
Starena International Pty Ltd will declare the first and final
dividend for its priority creditors on October 4, 2006.

Creditors who are unable to prove their claims on October 3,
2006, will be excluded from the benefit of the dividend.

The Deed Administrator can be reached at:

         R. W. Whitton
         Lawler Partners
         Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia


T J POWER: Creditors Must Prove Debts by Oct. 5
-----------------------------------------------
Creditors of T J Power Ltd are required to submit their proofs
of claim to Joint Liquidators Henry David Levin and David Stuart
Vance on October 5, 2006.

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

The Joint Liquidators can be reached at:

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


THE ENTERTAINING: Enters Liquidation Proceedings
------------------------------------------------
At an extraordinary general meeting held on August 31, 2006, the
members of The Entertaining Event Company Pty Ltd agreed to
voluntarily liquidate the company's business.

Craig Crosbie was appointed as liquidator at the creditors'
meeting held that same day.

The Liquidator can be reached at:

         Craig Crosbie
         PPB
         Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria
         Australia


TOPVIEW ENTERPRISES: Final Meeting Set on October 4
---------------------------------------------------
A final meeting of the meeting of the members and creditors of
Topview Enterprises Pty Ltd, which is in liquidation, will be
held on October 4, 2006, at 3:00 p.m.

At the meeting, Liquidator M. D. Reilly will give the 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


TRIPLE JAY: To Declare First and Final Dividend on October 9
------------------------------------------------------------
Triple Jay Pty Ltd, will declare the first and final dividend
for its creditors on October 9, 2006, to the exclusion of
creditors who cannot prove their claims on that day.

The Liquidator can be reached at:

         A. A. Gaffney
         c/o RSM Bird Cameron
         4/F, 8 St George's Terrace
         Perth
         Western Australia 6000
         Australia
         Telephone:(08) 9261 9100


VSF FORMWORKS: Prepares to Declare Dividend on October 4
--------------------------------------------------------
VSF Formworks Pty Ltd, which is in liquidation, will declare
dividend on October 4, 2006.

Creditors who can prove their debts by September 20, 2006, will
be included in the distribution.

The Liquidator can be reached at:

         Scott Pascoe
         SimsPartners
         Chartered Accountants
         Level 24, Australia Square
         264 George Street
         Sydney, New South Wales 2000
         Australia


W&B HOLDINGS: Members Opt to Liquidate Business
-----------------------------------------------
Members of W&B Holdings Pty Ltd convened on August 31, 2006, and
decided to liquidate the company's business.

Accordingly, Nicholas Martin was named liquidator at the
creditors' meeting held that same day.

The Liquidator can be reached at:

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


WAYNET ENTERPRISES: Final Meeting Slated for October 4
------------------------------------------------------
Members and creditors of Waynet Enterprises Pty Ltd will convene
on October 4, 2006, at 1:00 p.m., to receive Liquidator Reilly's
report on 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


WYADUP BROOK: Creditors' Proofs of Debt Due on October 10
---------------------------------------------------------
Wyadup Brook Pty Ltd will declare the first and final dividend
on October 10, 2006 for its creditors.

Creditors' proofs of debt must be filed by October 10, 2006, to
be included in the company's distribution of dividend.

The Liquidator can be reached at:

         M. H. Lyford
         Lyfords
         Ogilvie House
         12 Kintail Road, Applecross
         Western Australia 6153
         Australia


WELLSFORD PEST: Falls into Liquidation
--------------------------------------
On September 8, 2006, the High Court of Auckland appointed Henry
David Levin and Barry Phillip Jordan as Joint and Several
Liquidators in the liquidation of Wellsford Pest Control Ltd.

Accordingly, the company's creditors are required to prove their
debts by October 5, 2006.  Failure to present proofs of claim
will exclude a creditor from sharing in nay distribution the
company will make.

As reported in the Troubled Company Reporter - Asia Pacific on
September 7, 2006, the company was facing a liquidation petition
filed by the Commissioner of Inland Revenue.  The petition was
heard on that day.

The Joint Liquidators can be reached at:

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


YARRA VALLEY: Placed Under Members' Voluntary Wind-Up
-----------------------------------------------------
At a general meeting of Yarra Valley Estates Pty Ltd on
August 31, 2006, the members decided to voluntarily wind up the
company's operations and appoint N. K. Cuthbert and D. G.
Cameron as liquidators.

The Liquidators can be reached at:

         N. K. Cuthbert
         D. G. Cameron
         64 Jolimont Street
         East Melbourne
         Australia


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

ANDREW CORP: Expands Wireless Coverage at Brasilia Int'l Airport
----------------------------------------------------------------
Andrew Corp. has provided quality wireless access for passengers
traveling through Brasilia International Airport in Brazil's
capital.

The Andrew in-building wireless solution to provide enhanced
voice and data coverage throughout Brazil's third busiest
airport includes the ION-B optical fiber distributed antenna
system, Cell-Max indoor antennas, and HELIAX coaxial cables.

"Andrew's coverage and capacity systems, which transmit in all
wireless frequencies and modulation standards with perfect
integrity, are easy to install and flexible to cover indoor
areas of any size," said Bob Hudzik, group president, Wireless
Innovations, Andrew Corp.  "That's part of the reason Andrew
systems are chosen for installation in airports and similar
indoor environments around the world.  We are pleased to bring
our coverage and capacity expertise to the many people who visit
the Brasilia International Airport."

Brasilia International Airport is a connection point for
destinations nationwide with operational capacity of 555,000
landings and take-offs per year.  Work is being done to expand
the capacity of the terminal to accommodate 16 million
passengers annually.

Andrew offers a complete line of robust and field-proven
distributed communications system solutions for difficult
coverage areas, tunnels, metros, and buildings, and has more
than 15 years of experience in designing, installing, and
managing large and complex radio frequency distribution systems
for metropolitan railways, building owners, and public mobile
radio and telephone operators throughout the world.  Major
projects include the Hong Kong metro, Dallas-Ft. Worth
International Airport, Sydney Olympics, Montreal metro, Turin
metro, and Germany's Inter-City Express high speed rail.

                          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: Names Elcoteq as Supplier for Filter Products
----------------------------------------------------------
In its continuing drive toward global supply chain excellence,
Andrew Corporation, a global leader in communications systems
and products, has undertaken strategic actions that include
naming Elcoteq SE its strategic supplier for filter products in
Europe and North America and selling to Elcoteq certain filter
manufacturing assets in Europe.

The strategic actions continue efforts by Andrew to simplify,
reduce costs in, and add flexibility to its global filter
operations, and include:

   -- Signing a multi-year strategic supply agreement with
      Elcoteq, which will serve as manufacturer of Andrew's
      high-volume filter products in Europe and North America.
      Elcoteq's manufacturing in lower-cost areas of Europe and
      North America, combined with Andrew's existing Shenzhen,
      China manufacturing location, provides Andrew with a
      global source for low-cost, regionally-produced filter
      products.

   -- Selling filter manufacturing assets -- including
      inventory, facility leases, employment contracts, and
      manufacturing and testing equipment -- at its Arad,
      Romania facility to Elcoteq, which will assume immediate
      operating responsibility for the location.  Elcoteq will
      retain all of the approximately 250 employee positions in
      Arad.

   -- Notifying workers in Italy of its intent to discontinue
      high-volume filter production at Capriate and eliminate
      approximately 215 employee and contractor jobs combined at
      both its Capriate and Agrate locations.  Andrew will
      retain low-volume filter production, supply chain
      management, and repair services in Capriate, while, in
      Agrate, Andrew will retain a variety of functions that
      include product line management, customer sales, research
      and development, quality, repair, supply chain management,
      new product introduction, engineering, and staff support.
      Completion of the workforce reductions is pending labor
      negotiation.

   -- Ceasing filter production in Amesbury, MA, and,
      eventually, Nogales, Mexico, and centralizing future
      North American filter production with Elcoteq in Juarez,
      Mexico.  Andrew will close the Amesbury facility by
      year-end, completing the ongoing transfer of filter
      manufacturing there to lower-cost locations in Mexico
      and China.  All manufacturing related jobs
      -- approximately 80 -- in Amesbury will be eliminated,
      while the remaining 30 positions in R&D and new product
      introduction will be relocated to Andrew's Warren, NJ,
      location.  Filter production in Nogales involving
      approximately 30 workers will continue over the next
      several months until capabilities are ramped up by
      Elcoteq in Juarez.  The remainder of Andrew's workforce
      and operations in Nogales for non-filter production are
      not affected by these changes.

Under the agreements, Elcoteq will pay approximately US$20
million for the Andrew filter manufacturing assets, while Andrew
is anticipating purchasing approximately US$100 million in
Elcoteq-produced products during the first year of this multi-
year supply agreement to serve its growing global customer base.

Andrew's cost to implement these strategic actions is estimated
to be in the range of US$15 million to US$20 million, including
severance and asset write-offs.  These costs are expected to be
incurred over the next two to three quarters.

In addition to continuing to operate its high-volume, world
class Shenzhen filter manufacturing location, Andrew also will
retain in-house the production of low-volume filters and value-
added, specialized functions such as testing, research and
development, new product introduction, product engineering,
design, and quality control in key regions around the world.

"With the rapid growth in Andrew's filter business over the past
few years, we continue efforts to ensure that our filter supply
chain remains as flexible, cost-efficient, and regionally-
focused as possible in support of our customers' evolving
network requirements around the world," said Mickey Miller,
group president, Base Station Subsystems Group, Andrew
Corporation.

"Through this strategic relationship with Elcoteq, we are
establishing a world-class, flexible manufacturing
infrastructure and supply chain for filters that will grow with
our business and our customers' needs."

"We are extremely honored that Andrew, one of the leaders in its
industry, decided to expand its collaboration with Elcoteq,"
said Jouni Hartikainen, chief executive officer, Elcoteq SE.
"This agreement strengthens the solid relationship that started
in 2001.  We believe that we can bring many solutions to Andre
based on our profound experience in communications technology.
For us this agreement boosts our Communications Network
Equipment business in line with our strategy."

                        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.


BAPTIST COMMUNICATIONS: Creditors' Proofs of Claim Due Oct. 16
--------------------------------------------------------------
Baptist Communications Center (International) Ltd, which is
being voluntary wound up, requires its creditors to submit their
proofs of claim by October 16, 2006, to Liquidator Ng Sau Wa,
Sylvia.

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

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


BETHEL BIBLE: Gaspard Ceases to Act as Liquidator
-------------------------------------------------
Lam Kam To Gaspard ceased to act as liquidator of Bethel Bible
Seminary (H.K.) Ltd on August 29, 2006.

According to the Troubled Company Reporter - Asia Pacific,
members of the Company received Liquidator Lam Kam To Gaspard's
final report on the Company's wind-up on August 28, 2006.

The Liquidator can be reached at:

         Lam Kam To Gaspard
         45-47 Grampian Road
         Kowloon
         Hong Kong


CHONGGING CHANGAN: Fitch Assigns BB on Issuer Default Ratings
-------------------------------------------------------------
Fitch Rating assigned on September 20, 2006, a Long-term foreign
and local currency Issuer Default ratings of BB to China-based
Chongqing Changan Automobile Co. Ltd.  The rating Outlook is
Stable.

The ratings reflect the company's established market position in
the Chinese automotive industry and, in particular, its leading
position in the mini vehicle and small car segments.

"This position will be strengthened by the Chinese government's
regulations, which encourage the use of environmentally friendly
and fuel-efficient vehicles, in response to high oil prices and
surging car ownership," said Matthew Kong, associate director in
Fitch's Asia-Pacific Corporates Group.

Changan Auto also benefits from its partnerships with Ford and
Suzuki, as both have complementary expertise in distinct
automobile segments.  Fitch views the company's independent
research and development capabilities as positive as they help
to reduce its reliance on its foreign partners.  These strengths
are off-set by the recent weakness in Changan's operational and
financial performance and some uncertainty over whether it will
be able to reverse a declining margin trend and prevent ongoing
negative free cash flow from affecting its financial flexibility
to a material degree.

Changan Auto currently maintains a sound capital structure,
reflected in its net cash position of HKD1.7 billion at FYE2005,
with total adjusted debt/total adjusted capitalization of 24.8%.
Interest coverage remains comfortable, with operating
EBITDAR/gross interest expense of 11.4x at FYE05.  However,
Changan Auto's financial profile is being impaired by
deteriorating profitability, reflecting price cuts to boost
sales and high operating costs incurred last year.

The company's operating EBITDAR margin fell sharply to a five
year low of 4.5% from 10.6%, reflecting weak performance at
Changan Suzuki, where sales fell 18% y-o-y, as well as rising
raw material costs and severe price competition.

Also, financial flexibility tightened in 2005, with total
adjusted debt/operating EBITDAR rising to 3.2x from 0.8x in
2004.  Fitch expects that the company's gross leverage ratios
are likely to reflect continuing upward pressure as a
consequence of increasing debt arising from ongoing capital
expenditure needs as investment in new capacity continues.
However, its current healthy level of cash on balance sheet
means that net financial leverage should remain negligible for
the foreseeable future.

The Stable Outlook reflects Fitch's expectation that Changan
Auto will maintain its advantageous market position, and that
its earnings and cash flow are likely to improve with the advent
of new competitive car models and cost control measures.

"Going forward, Changan Ford should maintain its strong
performance, mainly buoyed by the strong sales of Focus, its
popular family car, while Changan Suzuki is expected to make a
recovery from the sluggish sales that it experienced in 2005
owing to an updated product mix launched in 2006, although sales
are still susceptible to rapidly changing demand patterns,"
Mr. Kong commented.


EDGEWOOD DEVELOPMENT: Creditors' Proofs of Debt Due on Oct. 20
--------------------------------------------------------------
Creditors of Edgewood Development Ltd convened on September 4,
2006, and decided to liquidate the company's business.

Accordingly, Cheng Faat Ting Gary's appointment as liquidator
was confirmed at a creditors' meeting held that same day.

The Liquidator requires the company's creditors to file their
proofs of claim by October 20, 2006, or be excluded from sharing
in the Company's distribution.

The Liquidator can be reached at:

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


FRITZ TRANSPORTATION: Members Resolve to Wind Up Operations
-----------------------------------------------------------
On September 6, 2006, members of Fritz Transportation
International Xiamen (H.K.) Ltd passed a special resolution to
wind up the company's operations.

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

The Joint Liquidators can be reached at:

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


GLION ASIA: Creditors Must Prove Debts by October 15
----------------------------------------------------
Glion Asia Ltd, which is in liquidation, requires creditors to
submit their proofs of claim to Liquidators Chiu Soo Ching,
Katherine and Cho Che Kwong, Alex by October 15, 2006.

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

The Liquidators can be reached at:

         Chiu Soo Ching, Katherine
         Cho Che Kwong, Alex
         c/o Fortis Intertrust
         Corporate Services Limited
         2001 Central Plaza
         18 Harbour Road
         Wanchai, Hong Kong


INTERTRANS CARGO: Members Opt for Voluntary Wind-Up
---------------------------------------------------
The members of Intertrans Cargo Services (H.K.) Ltd resolved on
September 6, 2006, to voluntary wind-up the company's
operations.

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

The Joint Liquidators can be reached at:

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


INITIAL ENVIRONMENTAL: Final Meeting Slated for Oct. 16
-------------------------------------------------------
Members of Initial Environmental Services Ltd, which is in
liquidation, will convene on October 16, 2006, 10:00 a.m., at
Level 28 Three Pacific Place, 1 Queen's Road East, Hong Kong.

At the meeting, Liquidators Ying Hing Chiu and Chung Miu Yin,
Diana will present a report regarding the company's wind-up and
property disposal activities.


LASERSIGHT INC: June 30 Balance Sheet Upside-Down by US$3.5 Mil.
----------------------------------------------------------------
LaserSight, Inc., reported a US$223,027 net loss on US$296,528
of net revenues for the three months ended June 30, 2006,
compared to a US$93,048 net income on US$1,515,875 of net
revenues in 2005, the Company disclosed in its first quarter
financial statements on Form-10QSB to the Securities and
Exchange Commission.

At June 30, 2006, the Company's balance sheet showed
US$2,803,386 in total assets and US$6,359,792 in total
liabilities, resulting in a US$3,556,406 stockholders' deficit.

A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?11cc

                        Going Concern Doubt

As reported in the Troubled Company Reporter on May 5, 2006,
Moore Stephens Lovelace, PA, expressed substantial doubt about
LaserSight Inc.'s ability to continue as a going concern after
it audited the Company's financial statements for the years
ended Dec. 31, 2005, 2004 and 2003.  The auditing firm pointed
to the Company's substantial losses since its inception, and
negative working capital at Dec. 31, 2005.

                        About LaserSight

Headquartered in Winter Park, Florida, LaserSight, Inc.
-- http://www.lase.com/-- is principally engaged in the
manufacture and supply of narrow beam scanning excimer laser
systems, topography-based diagnostic workstations, and other
related products used to perform procedures that correct common
refractive vision disorders such as nearsightedness,
farsightedness and astigmatism.  Since 1994, it has marketed it
laser systems commercially in over 30 countries worldwide.  It
is currently focused on selling in selected international
markets; primarily China.


LOGISTICS TERMINAL: Members Opt for Voluntary Wind-Up
-----------------------------------------------------
On September 6, 2006, the members of Logistics Terminal Ltd
resolved to wind up the company's business operations.

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

The Joint Liquidators can be reached at:

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


LUNG TIN: Wind-Up Petition Hearing Set on November 1
----------------------------------------------------
Bank of China (Hong Kong) Ltd on August 31, 2006, filed before
the High Court of Hong Kong a petition to wind-up the operations
of Lung Tin International Ltd.

The Court will hear the petition on November 1, 2006, at 9:30
a.m.

The Solicitors for the Petitioner can be reached at:

         K. W. Ng & Co.
         11/F., Wings Building
         110 Queen's Road Central
         Hong Kong


MEDIMEDIA INTERNATIONAL: To Receive Liquidator's Report
-------------------------------------------------------
Members of Medimedia International Ltd will hold a final general
meeting on October 17, 2006, 11:00 a.m., at 20/F, Prince's
Building, Central in Hong Kong.

During the meeting, Liquidator John James Toohey will present
final accounts of the Company's wind-up and disposal activities.


MIRABAUD (FAR EAST): Appoints Joint Liquidators
-----------------------------------------------
Shareholders of Mirabaud (Far East) Ltd, on September 1, 2006,
resolved to voluntarily wind-up the company's operations.

In this regard, Natalia K M Seng and Susan Y H Lo were appointed
as joint and several liquidators.

The Joint 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


SAMPOERNA HK: Kwan Named as Liquidator
--------------------------------------
On September 4, 2006, members of Sampoerna Hong Kong Co. Ltd
appointed Cheung Po Kwan as liquidator for the company.

The Liquidator can be reached at:

         Cheung Po Kwan
         20/F, Euro Trade Centre
         21-23 Des Voeux Road, Central
         Hong Kong


SHEENSTAR (HK): Joint Liquidators Cease to Act for Company
----------------------------------------------------------
Lui Wan Ho and Lui Yee Lin ceased to act as joint and several
liquidators of Sheenstar (HK) Ltd on September 11, 2006.

On that day, the Liquidators presented the accounts of the
Company's wind-up and property disposal, the Troubled Company
Reporter - Asia Pacific said.

The Joint Liquidators can be reached at:

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


SHEENWAY INTERNATIONAL: Court Sets Date to Hear Wind-Up Bid
-----------------------------------------------------------
The High Court of Hong Kong will hear the wind-up petition
against Sheenway International Ltd on October 18, 2006, at 9:30
a.m.

The Bank of China (Hong Kong) Ltd filed the petition with the
Court on August 18, 2006.

The Solicitors for the Petitioner can be reached at:

         Tsang, Chan & Wong
         16/F, Wing On House
         No. 71 Des Voeux Road, Central
         Hong Kong


STAR CRUISES: S&P Pares Credit Rating to BB-
--------------------------------------------
On September 20, 2006, Standard & Poor's Ratings Services
lowered its corporate credit ratings on Star Cruises Ltd. and
its wholly owned subsidiary, NCL Corp. Ltd., to BB- from BB.
The outlook is stable.

At the same time, Standard & Poor's lowered the rating on the
senior unsecured foreign currency debt of NCL Corp. Ltd. to B
from B+.  The corporate credit ratings were removed from
CreditWatch with negative implications, where they were placed
on Sept. 8, 2006.

Star Cruises is the third-largest cruise operator globally, and
NCL is the North American arm of the group.

"The downgrade reflects our concerns over the aggressive and
further weakening in the financial risk profile resulting from
the proposed acquisition of two new vessels by NCL," said
Standard & Poor's credit analyst Greg Pau.

NCL has ordered two new cruise ships, each with a capacity of
more than 4,200 passengers.  The ships will be delivered in the
fourth quarter of 2009 and the second quarter of 2010.  The
price of each ship is contracted at ?735 million.  In addition,
NCL has an option to buy a third ship of similar size at ?700
million, exercisable on or before Aug. 31, 2007. Standard &
Poor's understands that the ships will be funded substantially
by debt.

"Star Cruises' current financial measures, reflected in debt to
EBITDA of 8x and funds from operations to debt of 7% in 2005,
are weaker than companies at similar rating levels.  The
proposed acquisitions will further deteriorate and also delay
our earlier expected improvement in the financial metrics by at
least three years," Mr. Pau said.

"We have not factored in the option exercisable for the third
ship.  The financial profile could weaken further and the rating
will be under pressure if NCL exercises its option and uses
substantial debt to finance the purchase," he said.

The rating on Star Cruises reflects its strategic importance to
its parent, Malaysia-based Genting Bhd. (BBB+/Stable/--), and
Star Cruises' established position in the Asian cruise market.
However, the rating remains constrained by Star Cruises'
inferior market position relative to its two main competitors,
and its less competitive and profitable fleet.

The rating is also weakened by intense industry competition, and
Star Cruises' very aggressive financial profile.

"The rating on NCL takes into account the wider Star Cruises
group's strong influence on its business operations and
financial policies, and the operational integration between the
entities. Hence, the rating on NCL is highly correlated to the
credit profile of Star Cruises," added Mr. Pau.

The stable outlook reflects Standard & Poor's expectation of
continued support from Genting and the founding Lim family,
given that Star Cruises continues to play an important role in
the broader group's core leisure and hospitality business.
Standard & Poor's has not factored in the impact from
Singapore's integrated resort on Star Cruises' financials, if
the group wins the bid.

"Any deterioration in the credit profile of Genting or a further
weakening financial profile of Star Cruises or NCL Corp. due to
ambitious acquisition or expansion has the potential for a
downgrade in the ratings.

Improvement in the financial profile due to sizeable capital
infusion at the group level, proportionately by shareholders,
has the potential for a positive impact on the rating," Mr. Pau
said.


TWIN WORLD BUSINESS: Creditors Must Prove Debts by Oct. 20
----------------------------------------------------------
On September 4, 2006, creditors of Twin World Business Linkage
Technologies Holdings Ltd decided to voluntarily wind-up the
company's operations and appoint Cheng Faat Ting, Gary as
liquidator.

The Liquidator then requires creditors to prove their claims to
by October 20, 2006.

The Liquidator can be reached at:

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


TWIN WORLD CORPORATE: Creditors Resolve to Halt Operations
----------------------------------------------------------
The creditors of Twin World Corporate Finance Management
Services Ltd decided on September 4, 2006, to shut down the
company's operations.

In this regard, Cheng Faat Ting Gary was appointed liquidator
and confirmed at the creditors' meeting held that same day.

The Liquidator can be reached at:

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


TWIN WORLD MARKETING: Creditors' Proofs of Claim Due on Oct. 20
---------------------------------------------------------------
Liquidator Cheng Faat Ting Gary requires creditors of Twin World
Marketing (Asia) Ltd to submit their proofs of claim by October
20, 2006, or be excluded from sharing in the distribution of
dividends.

On September 4, 2006, the company's creditors passed a special
resolution to wind up the company's operations.

The Liquidator can be reached at:

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


TWIN WORLD TEAM: Names Cheng Faat Ting Gary as Liquidator
---------------------------------------------------------
On September 4, 2006, creditors of Twin World Team Concept Ltd
resolved to voluntarily liquidate the company's business and
appoint Cheng Faat Ting, Gary as liquidator.

At the creditors' meeting held that same day, the appointment of
the Liquidator was confirmed.

The Liquidator can be reached at:

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


UNITY WIRELESS: Joins Three Acquired Companies Into One Facility
---------------------------------------------------------------
Unity Wireless Corporation completed the consolidation of the
operations of three recently acquired companies into one
facility, harmonized its sales and marketing initiatives under
the Unity Wireless brand and has completed a corporate
restructuring to reduce headcount in redundant positions.

The combination of consolidating the facilities of the three
acquired companies and reducing the employee headcount from
approximately 135 to 80 people is expected to result in
significant savings for the integrated company.

With the harmonization of the sales and marketing groups
completed, cross-selling opportunities are being exploited and
are already generating significant interest in many accounts
around the world -- particularly in accounts where one of the
pre-acquisition companies had a strong presence prior to the
transactions.  Unity Wireless now has an established presence in
many of the most active markets for wireless infrastructure
products around the world.

The Company anticipates efficiencies that come from increased
levels of business should result in reducing the overall cost of
many of the Company's product lines in many different ways.  The
consolidation of operations and harmonization of the sales and
marketing functions across Unity Wireless and the three recently
acquired companies are expected to significantly contribute to
the ability of Unity Wireless to become profitable.

                      About Unity Wireless

Based in Bellingham, Washington, Unity Wireless Corporation
(OTCBB: UTYW) -- http://www.unitywireless.com/-- is a developer
of wireless subsystems and coverage-enhancement solutions for
wireless communications networks.  It maintains operations in
Canada, the United States, Israel, China, and the United
Kingdom.

At June 30, the Company's Balance sheet showed a stockholders'
deficit of US$2,370,166, compared to a deficit of US$760,000 at
December 31, 2005.

KPMG LLP expressed doubt about Unity Wireless' ability to
continue as a going concern after auditing the Company's 2005
financial statements.  The auditing firm pointed to the
Company's recurring losses from operations.


VEGETARIAN SOCIETY: Appoint Simon as Liquidator
-----------------------------------------------
On August 28, 2006, members of The Vegetarian Society of Hong
Kong Ltd resolved to voluntarily wind-up the Company's
operations.

In this regard, Chau Sui Cheong Simon was appointed as
liquidator.

The Liquidator can be reached at:

         Chau Sui Cheong Simon
         6 Villa Paloma, Shuen Wan
         Taipo, New Territories
         Hong Kong


WAH MING: Lai Cease to Act as Liquidator
----------------------------------------
Yu Hung Lai of Wah Ming Engineering (HK) Ltd ceased to act as
Liquidator on September 6, 2006.

According to the Troubled Company Reporter - Asia Pacific, on
September 6, 2006, Liquidator Yu Hung Lai presented to the
members of the Company a report on the Company's wind-up.


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

ALLAHABAD BANK: Insurance Venture With Sompo Is On-Track
--------------------------------------------------------
Sompo Japan Insurance's participation in the Allahabad Bank-led
general insurance consortium is now certain, MoneyControl.Com
reports.

The promoters have decided to contribute their share of the
capital at a 22% premium to the proposed insurance venture,
MoneyControl says.

The other stakeholders in the joint venture company are Indian
Overseas Bank, Karnataka Bank and Dabur, reports Economic Times.

MoneyControl recounts that Sompo's participation had become
doubtful after it faced three separate business suspension
orders from the Financial Services Agency, in June 2006.  "All
suspension orders have been withdrawn in phases with the last
one being on August 25," SK Goel, executive director at
Allahabad Bank told ET.  Following this, the Indian partners are
comfortable with Sompo's position and have decided to go ahead
with the insurance venture.

"The proposed company will commence operation with an initial
paid-up capital of INR200 crore, while total shareholder
infusion will be to the tune of INR244 crore (including the
premium)," Mr. Goel said.

"The 22% premium has been arrived at after taking the future
profit projection of the venture," Mr. Goel explains.  Analysts
feel that a general insurer takes at least five years to break
even.  In fact, Sompo has already deposited a token sum of
INR5 crore towards equity contribution, according to Mr. Goel.
The Japanese insurer will take a 26% stake in the proposed
venture and will have to pump in another INR58.44 crore.
Sompo's India representative Koji Otsuka, when contacted by ET,
however, refused to comment.

Allahabad Bank will hold 30%, while IOB and Karnataka Bank will
hold 19% and 15%, respectively.  The non-bank partner in the
venture, Dabur, will pick up 10%.  "We will be signing the
shareholder's agreement by month end.  Thereafter, we will
approach the Registrar of Companies for its incorporation,"
Mr. Goel mentioned.

The partners will then have to submit its business proposal with
Insurance Regulatory and Development Authority for a clearance.
It is likely that the venture will start operations directly in
the detariffed regime, wherein it would be free to fix premium
for all products.  Currently, the Tariff Advisory Committee
decides on premiums for motor, fire and engineering insurance
policies.

                       About Sompo Japan

Sompo Japan Insurance, Inc. --
http://www.sompo-japan.co.jp/english/-- was formed from the
merger of The Yasuda Fire and Marine Insurance Company with
Nissan Fire & Marine Insurance Co. Limited, in July 2002.  The
company provides non-life insurances including voluntary
automobile insurance, fire insurance, marine insurance, personal
accident insurance and compulsory automobile liability
insurance, as well as life insurance through its stake in former
CIGNA subsidiary Sompo Japan Himawari Life.  It also provides
reinsurance, asset management, and venture capital.


                      About Allahabad Bank

Allahabad Bank -- http://www.allahabadbank.com/-- is a public
sector bank in India.  The company's offerings include personal
loans, AllBank-Expo scheme, loan against National Savings
Certificate and Kisan Vikas Patra, housing finance, furnishing
loan, car finance and education loan.  The Company offers a
range of deposit schemes to the non-resident Indians.  The
company has retail banking boutique branches all over India.
The company's other services include AllBank-Property, All
Ayushman Bima Yojana, Cash Management Services, Kisan Credit
Card, Flexi-Fix Deposit, Gold Deposit, SSI Finance, Gold Card
Scheme for Exporters, Kisan Shakti Yojana, Bancassurance and
Mutual fund, Real Time Gross Settlement and Clean Note Policy.

The Troubled Company Reporter - Asia Pacific reported on
September 14, 2006, that Fitch Ratings assigned an Individual
rating of C/D to Allahabad Bank.  The Support rating is affirmed
at '4'.  The outlook on the rating is stable.


BHARAT PETROLEUM: Penalizes Dealers for Snubbing LPG Scheme
-----------------------------------------------------------
Bharat Petroleum Corporation Limited has issued show cause
notices to three liquefied petroleum gas dealers in Punjab, who
proposed that the company discontinue its "Beyond LPG Scheme",
Express India reveals.

Under the scheme, the dealers, apart from selling LPG cylinder,
are required to sell products like tea leaves, pressure cookers,
utensils, mosquito repellents, and water filters through
delivery boys.

According to the report, the scheme was launched two years ago
but the dealers said they hardly sold anything, saying it was
awkward to send the products through their delivery staff along
with the LPG cylinder.  Moreover, the dealers said that the
products are cheaper to buy in the market.

As of now, the Bharat Petroleum has only seven distributorships
in the city, Express India says.  The Indian Oil Corporation
Limited and Hindustan Petroleum Corporation Limited also have
plans to start some schemes on the same lines, the report adds.

                     About Bharat Petroleum

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

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

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

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

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


CADMUS COMMS: Indian Unit Gets ISO/IEC Certification
----------------------------------------------------
Cadmus Communications Corporation has announced that
KnowledgeWorks Global Limited, its wholly owned India-based
content processing subsidiary, has been awarded ISO/IEC
27001:2005 certification to protect the confidentiality,
integrity and availability of information assets for its
customers in a global environment, Cadmus announced in a press
release.

KGL provides copy-editing, composition and data conversion
services to scholarly, professional and educational publishers
from facilities in Mumbai and Chennai, India.

"This certification will help us continue to enter new content
markets and sustain the aggressive growth we are experiencing at
KGL," stated Bruce Thomas, president and chief executive officer
of Cadmus.  "The level of interest from organizations wishing to
partner with service providers who offer a formal information
security management system that is compliant with international
security standards continues to expand.  This achievement
showcases KGL's commitment to protect publishers' content from a
wide range of increasingly sophisticated global threats to
information systems whether from deliberate, accidental,
external or internal sources."

"Our approach to information security is strategic and
operational, as well as technological," added Atul Goel,
president and chief operating officer of KGL in India.  "The
full implementation of ISO/IEC 27001:2005 compliant security
policies throughout our India-based facilities assures effective
security measurements are in place.  Preventing unauthorized
disclosure of information stored or processed on KGL's
information systems is paramount to providing the level of
customer service our clients require. This level of excellence
in security hinders accidental or deliberate destruction of data
on a 24x7 global basis."

ISO/IEC 27001:2005 replaces BS7799-2 and is the international
information security standard encompassing people, processes and
technology systems through widely recognized best practices.  It
provides organizations a framework for building best-in-class
Information Security Management Systems to protect and preserve
information assets.

The requirements for KGL's ISO/IEC 27001:2005 certification were
audited by BSI Management Systems, headquartered in London.

                           About KGL

With facilities in Mumbai and Chennai, India, KnowledgeWorks
Global Limited -- http://www.kwglobal.com/-- is an Indian-based
content services company that is owned by Cadmus Communications
Corporation.  KGL provides a full range of content processing,
content management, XML coding and related services to
scholarly, educational, and trade publishers around the world.
KGL operates two processing centers in India, Mumbai and
Chennai, with employees skilled in major publishing production
platforms including XyVision, 3B2, TeX, Quark and InDesign.
Additional information about KGL is available at

                   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.


EXIM BANK: Approved Loans Rise to INR204.89-B in FY2006
-------------------------------------------------------
During 2005-06 (April-March), Export-Import Bank Of India
approved loans aggregating INR204.89 billion under various
lending programs as against the INR158.53 billion worth of loans
it approved in the year 2004-05 (April-March), registering a
growth of 29%, the bank said in a press release.

Disbursements during the year were INR150.39 billion as against
INR114.35 billion during 2004-05, representing 32% growth.  Loan
assets as of March 31, 2006, were INR180.28 billion, registering
an increase of 34% over the previous year.

During the year, the bank approved guarantees aggregating
INR43.26 billion as against INR15.89 billion in 2004-05.
Guarantees issued amounted to INR21.96 billion as against
INR16.60 billion in 2004-05.

Guarantees in the books of the Bank as on March 31, 2006, were
INR34.02 billion as against INR23.73 billion as of March 31,
2005.

Rupee loans and advances accounted for 60% of the total loan
assets as on March 31, 2006 while the balance 40% were in
foreign currency.  Short-term loans accounted for 30% of the
total loans and advances.  The bank registered profit before tax
of INR3.77 billion on account of General Fund during 2005-06 as
against a profit of INR3.14 billion for the year 2004-05.  After
providing for income tax of INR1.06 billion, profit after tax
amounted to INR2.71 billion during 2005-06 as against
INR2.58 billion during 2004-05.

Out of this profit, INR867.50 million accounts for dividend to
the Government of India.  A provision of INR121.70 million has
been made for tax on distributed profit by way of dividend.  An
amount of INR428.14 million is transferred to Reserve Fund.  In
addition, the bank has transferred INR50 million to Investment
Fluctuation Reserve, INR100 million to Sinking Fund and
INR500 million to Special Reserve of the Income Tax Act, 1961.

Profit before tax of the Export Development Fund during 2005-06
was INR19.21 million as against INR17.08 million during 2004-05.
After providing for tax of INR6.47 million, the post tax profit
amounted to INR12.74 million as against INR10.83 million during
2004-05.  The profit of INR12.74 million is carried forward to
next year.

                        About Exim Bank

Export-Import Bank of India -- http://www.eximbankindia.com/--  
was set up by an Act of Parliament in September 1981.  The
special purpose bank is wholly owned by the Government of India.
It aims to provide financial assistance to exporters and
importers, and to function as the principal financial
institution for coordinating the working of institutions engaged
in financing export and import of goods and services.

Headquartered in Mumbai, India, the bank also has overseas
offices in Budapest, Johannesburg, London, Singapore, Washington
DC.

On February 2, 2005, Standard and Poor's Ratings Service gave
Exim Bank's long-term foreign issuer credit a BB+ rating.


GENERAL MOTORS: Atty. General Lockyer Files Global Warming Suit
---------------------------------------------------------------
Attorney General Bill Lockyer filed on September 20, 2006, a
lawsuit against U.S. and Japanese auto manufacturers, alleging
their vehicles' emissions have contributed significantly to
global warming, harmed the resources, infrastructure and
environmental health of California, and cost the state millions
of dollars to address current and future effects.

"Global warming is causing significant harm to California's
environment, economy, agriculture and public health.  The
impacts are already costing millions of dollars and the price
tag is increasing," said Mr. Lockyer.  "Vehicle emissions are
the single most rapidly growing source of the carbon emissions
contributing to global warming, yet the federal government and
automakers have refused to act.  It is time to hold these
companies responsible for their contribution to this crisis."

Filed in United States District Court for the Northern District
of California, the complaint names as defendants: Chrysler
Motors Corporation, General Motors Corporation, Ford Motor
Company, Toyota Motor North America, Inc., Honda North America,
and Nissan North America.  The lawsuit is the first of its kind
to seek to hold manufacturers liable for the damages caused by
greenhouse gases that their products emit.  Mr. Lockyer filed
the lawsuit on behalf of the People of the State of California.

The complaint alleges that under federal and state common law
the automakers have created a public nuisance by producing
"millions of vehicles that collectively emit massive quantities
of carbon dioxide," a greenhouse gas that traps atmospheric heat
and causes global warming.  Under the law, a "public nuisance"
is an unreasonable interference with a public right, or an
action that interferes with or causes harm to life, health or
property.  The complaint asks the court to hold the defendants
liable for damages, including future harm, caused by their
ongoing, substantial contribution to the public nuisance of
global warming.

As stated in the complaint, the automakers produce vehicles that
emit a combined 289 million metric tons of carbon dioxide in the
United States each year.  Those emissions, the complaint
alleges, currently account for nearly 20 percent of the carbon
dioxide emissions in the United States and more than 30 percent
in California.  The defendants rank "among the world's largest
contributors to global warming and the adverse impacts on
California," according to the complaint.

The filing comes as Mr. Lockyer fights the auto industry's
attempt to invalidate California's landmark global warming
regulations curbing tailpipe emissions.  In their federal-court
lawsuit, the automakers claim the regulations, adopted in 2005
through legislation sponsored by Assembly Member Fran Pavley,
are pre-empted by federal law.  Lockyer is defending the rules
against the industry's legal challenge.

Mr. Lockyer noted the Bush Administration's inaction on global
warming has forced California and other states to take action on
their own.  The U.S. Supreme Court is currently reviewing a
lawsuit filed by Lockyer, 11 other Attorneys General, two cities
and major environmental groups challenging the U.S.
Environmental Protection Agency's refusal to regulate greenhouse
gas emissions.  Numerous parties have submitted amicus briefs
supporting the states, including climate scientists, three
former EPA Administrators, former Secretary of State Madeleine
Albright, and environmental and religious groups.

In addition, Mr. Lockyer, along with nine other state Attorneys
General, the District of Columbia and the City of New York,
filed a lawsuit earlier this year challenging the Bush
Administration's new fuel economy standards for SUVs and light
trucks.  That complaint alleges the rules fail to address the
effects on the environment and global warming.

"We are seeing the harmful impacts of global warming today, and
if we continue with 'business as usual,' we can expect to see
more and larger impacts in the future," said Mr. Lockyer.  "As a
coastal state, an agricultural state, and a state that relies on
its Sierra snow pack, California has an enormous stake in acting
now to combat global warming."

                     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.  In India, GM is
headquartered in Panchmahals, Gujrat.

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: Sacks CEO of Hong Kong Arm
--------------------------------------
ICICI Bank decided to fire the chief executive officer for its
Hong Kong operations following an investigation by the Hong Kong
Monetary Authority into alleged illegal selling of mutual funds,
The Financial Express reveals.

The bank sacked Arnab Basu a few weeks back and appointed Madhav
Kalyan as its new chief executive, the report says.  Mr. Kalyan
was earlier heading the bank's United States operations.

The HKMA had pointed out that the bank was selling mutual fund
products and security products without having a license to do
so.  As a result, HKMA ordered an inquiry in April and the
results of the investigation are expected shortly, The Financial
Express says.

In the meantime, Mr. Basu is asked not to leave the country
until the probe is over, the report adds.

ICICI Bank here has declined to comment on the development.

                        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: Liquidates INR1,255 Crore of Oil Bonds
--------------------------------------------------
Indian Oil Corporation Limited has successfully liquidated
INR1,255 crore worth of oil bonds of various maturities ranging
from three to nine years in the secondary market trade, the
company said in a press release.

The Government of India issued the Bonds to Indian Oil in March
2006 in lieu of the under-recoveries suffered by the oil
companies on the sale of LPG & SKO.

The secondary market liquidation of the Bonds was concluded on
September 8, 2006, through the book-building route.  The issue
size was INR250 crore with a green shoe option.  Amidst rising
yield trend, the issue generated good response.  The arrangers
to the issue were A.K. Capital Services Ltd., Allianz Securities
Ltd., ICICI Securities Ltd. and UTI Bank Ltd.

Earlier, in April 2006, IndianOil successfully liquidated
INR860 crore worth of bonds in the three-year and nine-year
category and again in June 2006, liquidated INR835 crore worth
of three-year bonds.

                   About Indian Oil Corporation

Headquartered in New Delhi, Indian Oil Corporation Limited --
http://www.iocl.com/-- is engaged in the sale of petroleum
products.  Other businesses comprise the sale of imported crude
oil, sale of gas, petrochemicals and oil and gas exploration
activities jointly undertaken in the form of unincorporated
joint ventures.  The company's premium fuels include XTRAPREMIUM
petrol and XTRAMILE diesel.  AutoGas is Indian Oil's auto liquid
petroleum gas brand and sells SERVO lubricants in 10 countries.
The aviation fuel supply business caters to the aviation fuel
requirements of the defense services, national carriers,
scheduled private airlines and international airlines.  The
Digboi Refinery of the Assam Oil Division processes crude oil
and its marketing network comprises 366 retail outlets, 399
kerosene/light diesel oil dealerships, and 271 Indane
distributors.  It owns and operates 18 refineries with a
combined refining capacity of 54.20 million tones per annum (1.1
million barrels per day).

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
April 21, 2006 that Standard & Poor's Ratings Services revised
the outlook on India Oil to positive from stable.  At the same
time, S&P affirmed the 'BB+' issuer credit rating on the
Company.  The outlook revision follows the revision in the
outlook on the sovereign credit ratings on India
(BB+/Positive/B) on April 19, 2006.

Additionally, Moody's Investors Service gave Indian Oil a Ba1
long-term corporate family rating and a Ba2 issuer rating on
March 3, 2005.


INDIAN OIL:  G. C. Daga Is New Marketing Director
-------------------------------------------------
G.C. Daga has joined the Indian Oil Corporation Limited Board as
its Director for Marketing, the company said in a press release.

Prior to joining Indian Oil, Mr. Daga, a chartered accountant,
was the Director for Finance of Steel Authority of India
Limited.

For Mr. Daga, the return to Indian Oil after a two-year stint at
SAIL, is virtually a homecoming, having joined Indian Oil in
1975 where he continued until 2004.  Before joining SAIL in
2004, Mr. Daga handled several key portfolios at Indian Oil
including International Trade, Finance, Retail, Direct Consumer,
LPG, Aviation besides other marketing functions.

Mr. Daga assumes office at a crucial juncture when Indian Oil,
currently India's largest company, is focusing its vision to
emerge as a fully integrated and transnational energy major with
presence across the entire hydrocarbon value chain.

At a time when the Indian petroleum market is experiencing a
cross wind of challenges and change, Mr. Daga will be
spearheading Indian Oil's battle for enhancing both mind and
market share.

Widely traveled, Mr. Daga has presented several papers in
national and international seminars and conferences.

                   About Indian Oil Corporation

Headquartered in New Delhi, Indian Oil Corporation Limited --
http://www.iocl.com/-- is engaged in the sale of petroleum
products.  Other businesses comprise the sale of imported crude
oil, sale of gas, petrochemicals and oil and gas exploration
activities jointly undertaken in the form of unincorporated
joint ventures.  The company's premium fuels include XTRAPREMIUM
petrol and XTRAMILE diesel.  AutoGas is Indian Oil's auto liquid
petroleum gas brand and sells SERVO lubricants in 10 countries.
The aviation fuel supply business caters to the aviation fuel
requirements of the defense services, national carriers,
scheduled private airlines and international airlines.  The
Digboi Refinery of the Assam Oil Division processes crude oil
and its marketing network comprises 366 retail outlets, 399
kerosene/light diesel oil dealerships, and 271 Indane
distributors.  It owns and operates 18 refineries with a
combined refining capacity of 54.20 million tones per annum (1.1
million barrels per day).

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
April 21, 2006 that Standard & Poor's Ratings Services revised
the outlook on Indian Oil to positive from stable.  At the same
time, S&P affirmed the 'BB+' issuer credit rating on the
Company.  The outlook revision follows the revision in the
outlook on the sovereign credit ratings on India
(BB+/Positive/B) on April 19, 2006.

Additionally, Moody's Investors Service gave Indian Oil a Ba1
long-term corporate family rating and a Ba2 issuer rating on
March 3, 2005.


JAMMU & KASHMIR: Sets Sight on Commodities Mart
-----------------------------------------------
Jammu & Kashmir Bank Limited is drawing up a strategy to
position itself as a "super-specialist" in the emerging high-
potential commodities sector, The Business Standard reports.

In the national market, it is also setting up a chain of super-
specialist branches in key centers, which will offer products
and services designed for specific industries.

Such products will command better premiums and yield higher
margins as compared with plain vanilla products commonly offered
in the market, the bank said.

"The bank is looking at a leather chain in Chennai, Kanpur, Agra
and Kolkata.  Similarly, spice branches in southern India and
castor branches in western India are in the process of being set
up," said Haseeb Drabu, chairman and CEO of the bank.

"Depending on the way the experiment shapes up, the bank can
become a super-specialty bank focusing on financing commodities.
In addition to creating an identity outside J&K, this strategy
will have forward linkages with large corporate businesses as
most large Indian companies are essentially commodity
corporates," Mr. Drabu pointed out.

J&K Bank's board today also approved a proposal to increase the
limit for foreign institutional investments in the bank to 40%
from 33% earlier.

Over the past decade, J&K Bank has followed the model of raising
low-cost deposits in J&K and lending outside the state.  The
focus will now be on increasing lending within the state at
relatively higher rates.

"By increasing this, the bank enhances margins and boosts the
virtuous cycle of savings and lending," Mr. Drabu said.

"This macro aspect combined with the micro reality of advances
yield being much higher in J&K than outside gives the shift in
business composition an unassailable and compelling logic.  At
the macro-level, it gives the bank a self-perpetuating business
growth and at the micro-level it is margin-enhancing for the
bank," said Mr. Drabu.

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.


KARUR VYSYA BANK: To Open 17 New Branches
-----------------------------------------
Karur Vysya Bank Ltd has announced that it is in the process of
opening 17 new branches, according to MyIris.Com.

The seven branches in Tamil Nadu will be situated at Ambattur,
Urappakkam, Chennai - Egmore, Singapperumalkoil, Chennai - R.A.
Puram, Erode - Sampath Nagar and Sholingananallur.

There will be seven branches in Andhra Pradesh, at Adilabad,
Hyderabad - Malkajgiri, Hyderabad - Kapra, Poranki, Kankipadu,
Manikonda and Ravulapalem.

Two branches will be located at Mulund and Chembur in Mumbai,
Maharashtra.

One branch will be at Panipat, Haryana.

                     About Karur Vysya Bank

Karur Vysya Bank Limited -- http://www.kvb.co.in/-- is a
commercial bank that offers personal and corporate banking
services and products, such as saving and current accounts,
deposits, a variety of loans, credit/debit cards, general and
life insurance, and multicity accounts.  The bank offers
companies in India a full range of banking services, including
working capital finance, trade finance and foreign exchange.  It
also offers a Green Card scheme.  In addition, the bank offers
mobile top-up facility, Internet banking, mobile banking and
automated teller machine services.

Fitch Ratings gave Karur Vysya Bank's a '5' support rating on
November 3, 2005.


LML LTD: BIFR Declares Company Sick
-----------------------------------
Plagued by a lockout at its Kanpur plant coupled with a massive
erosion in demand for its motorcycles has eroded the entire net
worth of two-wheeler maker LML Ltd, turning it into a sick
enterprise, the Hindustan Times reports.

LML, in a regulatory filing with the Bombay Stock Exchange,
discloses that the board of directors of the company, at its
meeting on September 8, 2006, has decided that LML has become a
sick industrial company under Sick Industrial Companies (Special
Provisions Act) 1985.

The company cited these reasons:

   * the continued lock-out of two-wheeler operations,

   * the present prevailing condition of the company,

   * the uncertainty of generation of profits in near future,
     and

   * the decision to reverse the provision of deferred tax
     assets.

The disclosure continues that the board accordingly approved the
audited accounts of the company for the period April 1, 2005, to
August 31, 2006, and has decided to make reference to the Board
for Industrial and Financial Reconstruction.

The Hindustan Times explains that LML's woes in the two-wheeler
market had started with the sudden shift in customer preference
nearly half a decade ago from scooters to motorcycles.  LML,
which was predominantly a scooter manufacturer, tried to step
into the motorcycle market to keep pace with the changing market
dynamics, and even joined hands with South Korean company
Daelim, but it did not work.

                       About LML Limited

Headquartered in Kanpur, India, LML Limited manufactures
scooters and motorcycles.  The LML NV, manufactured with
Piaggio, is a scooter that is loaded with features such as a
large taillight, cushioned backrest, improved handlebar design
and speedometer, a utility box and a large glove compartment.
The Company's motorcycles, which are made in collaboration with
Daelim of Korea, feature a three-valve, 109-cubic centimeter
engine, a long wheelbase and broad tires.  The Energy FX model
features a four-speed gearbox, while the Adreno FX sports a
five-speed unit.  The bikes come in a large variety of colors
offer other features such as disc brakes and electronic
ignition.


LML LTD: Labour Commissioner Demands INR84 Lakh in Back Wages
-------------------------------------------------------------
India's labour commissioner is planning to hand over a salary
recovery notice to LML Ltd, the Hindustan Times reports.

LML owes about 3,000 employees a total of INR84 lakh for eight
months worth of salaries, since the lockout was declared at
LML's plant at Panki.

Talking to Hindustan Times, Labour Commissioner Sharda Prasad
said that the decision of the LML management to hand over the
case to the BIFR without informing the labor office has been
taken as a breach of trust.  Therefore, a salary recovery notice
will be served on the LML management soon.

The State Government has also expressed its reservation over the
LML's decision to hand over its case to the BIFR without taking
it into confidence.  The LML Limited Mazdoor Union also held a
meeting with the labor commissioner and expressed concern over
the management's decision to hand over the case to the BIFR.

Union president JP Pandey said that the State Government had
also taken serious note of the LML management's decision.  "A
strict action relating to declaring the lockout as 'illegal'
could also be taken by the State Government in near future,"
stated Mr. Pandey.

However, the agitated employees are in no mood to relent.  Even
after the assurance of all help from the State Government, the
employees are planning to stage a demonstration in front of the
Vidhan Sabha.

"The labour commissioner has assured us of all possible help but
the employees do want to be complacent.  Therefore, we have
decided to stage a demonstration in front of the Vidhan Sabha on
September 22," stated Mr. Pandey.

To put forward the viewpoint of employees, Mr. Pandey would also
personally present the case before the BIFR authorities
concerned on September 25.

                       About LML Limited

Headquartered in Kanpur, India, LML Limited manufactures
scooters and motorcycles.  The LML NV, manufactured with
Piaggio, is a scooter that is loaded with features such as a
large taillight, cushioned backrest, improved handlebar design
and speedometer, a utility box and a large glove compartment.
The Company's motorcycles, which are made in collaboration with
Daelim of Korea, feature a three-valve, 109-cubic centimeter
engine, a long wheelbase and broad tires.  The Energy FX model
features a four-speed gearbox, while the Adreno FX sports a
five-speed unit.  The bikes come in a large variety of colors
offer other features such as disc brakes and electronic
ignition.

The Troubled Company Reporter - Asia Pacific reports that LML
Ltd, in a regulatory filing to the Bombay Stock Exchange,
discloses that the board of directors of the company at a
meeting held on September 8, 2006, has decided that LML has
become a sick industrial Company under Sick Industrial Companies
(Special Provisions Act) 1985.


NTPC LTD.: Forms JV with Bihar State Electricity Board
------------------------------------------------------
NTPC Limited forms a joint venture with Bihar State Electricity
Board, the company announced in a press release.

The joint venture, Vaishali Power Generating Company Ltd., comes
after the Government of India decided to take over the
Muzaffarpur Thermal Power Station located in the state of Bihar.
Vaishali Power will be a subsidiary of NTPC, which holds a 51%
of equity capital in the new company.

                        About NTPC Ltd.

Headquartered in New Delhi, India, NTPC Limited --
http://www.ntpc.co.in/-- formerly known as National Thermal
Power Corporation Limited, is engaged in generation and sale of
bulk power.  It operates in two business segments: Generation
and Other business.  The company is also engaged in providing
consultancy, project management and supervision, oil and gas
exploration and coal mining.  NTPC Limited operates coal
stations and Gas stations.

On February 2, 2005, Standard and Poor's Ratings Service gave
NTPC Ltd's long-term foreign issuer credit a BB+ rating.


NTPC LTD.: Posts 18.65% Increase in June Quarter Net Profit
-----------------------------------------------------------
NTPC Limited posted an 18.65% increase in net profit from
INR13.09 billion in the quarter ending June 30, 2005, to
INR15.53 billion in the quarter ending June 30, 2006, according
to the company's financials.

Income from operations increased 18.11% to INR71.54 billion.
Other income likewise increased to INR6.37 billion.

Total expenses amounted to INR48.90 billion in the quarter ended
June 30, 2006.

The company's financials includes these financial data (in INR
millions):

                                         Quarter ended
                                 June 30, 2006   June 30, 2005
                                 -------------   -------------
   Income from operations              71,536          60,567
   Other Income                         6,369           5,528
   Total Expenditure                   48,901          42,740
   Interest & Finance Charges           5,238           2,357
   Depreciation                         4,755           4,873
   Profit before Tax                   16,336          13,724
   Provision for tax (net)                808             637
   Net profit after tax                15,528          13,087

                        About NTPC Ltd.

Headquartered in New Delhi, India, NTPC Limited --
http://www.ntpc.co.in/-- formerly known as National Thermal
Power Corporation Limited, is engaged in generation and sale of
bulk power.  It operates in two business segments: Generation
and Other business.  The company is also engaged in providing
consultancy, project management and supervision, oil and gas
exploration and coal mining.  NTPC Limited operates coal
stations and gas stations.

On February 2, 2005, Standard and Poor's Ratings Service gave
NTPC Ltd's long-term foreign issuer credit a BB+ rating.


NTPC LTD.: Signs MoU with Delhi Transco
---------------------------------------
NTPC Ltd. has signed a Memorandum of Understanding with Delhi
Transco Ltd. the company announced in a press release.

The MoU is for exploring the possibility of expanding NTPC's
Badarpur Thermal Power Station in New Delhi by adding 2 x 490 MW
Units subject to environmental and other clearances.

NTPC has also signed a Memorandum of Understanding with Haryana
Power Generation Corporation Ltd. and Indraprastha Power
Generation Co. Ltd. to establish a 1500 MW Coal Based Power
Plant in the State of Haryana, subject to establishment of
techno-commercial feasibility and necessary clearances and
approvals.  The Plant will be set up by NTPC on concept to
commissioning basis for the exclusive use of Haryana and Delhi
on long-term management contract of at least 25 years on terms
to be decided.

                        About NTPC Ltd.

Headquartered in New Delhi, India, NTPC Limited --
http://www.ntpc.co.in/-- formerly known as National Thermal
Power Corporation Limited, is engaged in generation and sale of
bulk power.  It operates in two business segments: Generation
and Other business.  The company is also engaged in providing
consultancy, project management and supervision, oil and gas
exploration and coal mining.  NTPC Limited operates coal
stations and gas stations.

On February 2, 2005, Standard and Poor's Ratings Service gave
NTPC Ltd's long-term foreign issuer credit a BB+ rating.


ORIENTAL BANK: Among S&P's Global Challengers
---------------------------------------------
Oriental Bank of Commerce is included in a global list of index
provider Standard & Poor's 300 mid-size companies that are
expected to emerge as challengers to the world's leading blue
chip companies, Financial Express reports.

Oriental Bank is one of only seven India-based companies
included in the list.  Other Indian companies are Bharat Forge,
Siemens India, Chennai Petroleum, UTI Bank, Punjab National
Bank, and Nicholas Piramal.

Designated the S&P Global Challengers, the list comprises
publicly traded companies that show the highest growth
characteristics along dimensions encompassing intrinsic and
extrinsic growth.  S&P will publish the list on an annual basis,
and will track the companies' performance through annual
publications, S&P said in a press release.

The list is based on a methodology that applies consistent
standards across multiple countries.  The attributes used to
identify the companies are share price appreciation, sales
growth, earnings growth and employee growth.  However, the list
did not consider ADRs/GDRs.  But in the case of multiple
listings on different exchanges by the same company, only the
listing in the home-country was considered.  All eligible
companies had at least US$500 million in total market
capitalisation, and at most, US$5 billion.  The 2006 edition of
the list has representation from 32 countries and 10 sectors.

"The quintessential quest for growth by corporate executives,
consultants, marketers and investors needs a robust, globally
consistent leader board," said S&P Index Strategist Srikant
Dash.

The list can be used by service providers such as consultants
and marketers analyzing global growth trends or seeking client
engagement opportunities, by strategy formulators assessing
future partners or competitors, and product providers
structuring investment vehicles that offer exposure to fast
growing mid-size companies.

                About Oriental Bank of Commerce

Headquartered in New Delhi, India, Oriental Bank of Commerce --
http://www.obcindia.com/-- is a scheduled commercial bank.  The
company's domestic services include deposits, comprised of term
deposits, savings accounts, current accounts and the Suvidha
deposit scheme; advances, which consist of corporate advances, a
range of retail credit products and specialty schemes, and
government business, comprised of direct tax collection, pension
disbursement and savings bonds.  It also provides non-resident
Indian banking solutions, including non-resident external
accounts, non-resident ordinary accounts, foreign currency non-
resident accounts and resident foreign currency accounts. It
also offers debit card services.  The bank also provides
treasury services and merchant banking services.  The bank has
introduced products and services, such as Anywhere Branch
Banking, Cash Management Service, Telebanking, automated teller
machines and Internet banking through select branches.  During
the fiscal year ended March 31, 2006, the Bank had a total of
1,148 branches.

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
August 21, 2006, that Fitch Ratings has assigned a long-term
foreign currency issuer default rating of BB+ to Oriental Bank
of Commerce.  The individual and support ratings have been
affirmed at C/D and 4, respectively.  The outlook on the ratings
is stable.


PUNJAB NATIONAL: Among S&P's Global Challengers
-----------------------------------------------
Punjab National Bank is included in a global list of index
provider Standard & Poor's 300 mid-size companies that are
expected to emerge as challengers to the world's leading blue
chip companies, Financial Express reports.

Punjab National Bank is one of only seven India-based companies
included in the list.  Other Indian companies are Bharat Forge,
Siemens India, Chennai Petroleum, UTI Bank, Nicholas Piramal and
Oriental Bank of Commerce.

Designated the S&P Global Challengers, the list comprises
publicly traded companies that show the highest growth
characteristics along dimensions encompassing intrinsic and
extrinsic growth. S&P will publish the list on an annual basis,
and will track the companies' performance through annual
publications, S&P said in a press release.

The list is based upon a methodology that applies consistent
standards across multiple countries.  The attributes used to
identify the companies are share price appreciation, sales
growth, earnings growth and employee growth.  However, the list
did not consider ADRs/GDRs.  But in the case of multiple
listings on different exchanges by the same company, only the
listing in the home-country was considered.  All eligible
companies had at least US$500 million in total market
capitalisation, and at most, US$5 billion.  The 2006 edition of
the list has representation from 32 countries and 10 sectors.

"The quintessential quest for growth by corporate executives,
consultants, marketers and investors needs a robust, globally
consistent leader board," said S&P Index Strategist Srikant
Dash.

The list can be used by service providers such as consultants
and marketers analyzing global growth trends or seeking client
engagement opportunities, by strategy formulators assessing
future partners or competitors, and product providers
structuring investment vehicles that offer exposure to fast
growing mid-size companies.

                  About Punjab National Bank

Headquartered in New Delhi, India, Punjab National Bank --
http://www.pnbindia.com/-- is a public-sector commercial bank
in India, offering banking products and services to corporate
and commercial, retail and agricultural customers.  The bank has
expanded its operations to provide products and services to over
36 million customers across India through more than 4,510
branches.  Its banking operations for corporate and commercial
customers include a range of products and services for large-
corporate customers, as well as for small- and middle-market
businesses and government entities.  It also caters to the
financing needs of the agricultural sector and other priority
sectors, including small-scale industries.  Its retail credit
products include home loans, personal loans and automobile
loans.  Through its subsidiaries and joint ventures, the Bank
deals in Indian government securities and provides housing
finance and asset-management services.

Fitch Ratings gave Punjab National Bank a 'D' individual rating
on June 1, 2005.


SYNDICATE BANK: Business Level for 1st Quarter Crosses INR1 Lakh
----------------------------------------------------------------
Syndicate Bank Ltd. has reached a significant milestone in the
first quarter ended June 30, 2006, by achieving a business level
of more than INR1 lakh crore of business.  The business level as
of June 30, 2006, stood at INR105,143 crores as against
INR72,165 crore as of June 30, 2005 registering a growth of 46%.
The increase in Q1 of current fiscal was 15%.

The bank's total deposits grew by 47% and reached a level of
INR63,829 crore as of June 30, 2006, from INR43,449 crore as of
June 30, 2005.  The growth of deposits in the 2006 first quarter
was 19%.  The low cost deposits (Savings bank plus current
account) increased by 23% to INR20,374 crore as of June 30,
2006, from INR16,602 crore as of June 30, 2005.  The bank has
aimed to increase the customer base by 2 million during the year
2006-07 and a deposit mobilization campaign has been launched to
mobilize new deposit accounts.

The gross advances as of June 30, 2006, scaled to a level of
INR41,314 crore from INR28,716 crore as of June 30, 2005, a
year-on-year growth of 44%.  The growth in the first quarter was
10%.  The CD ratio as of June 30, 2006, was placed at 65% as
against 66% reported as of June 30, 2005.

The operating profit for the quarter ended June 30, 2006, stood
at INR302 crore as against INR291 crore reported for the quarter
ended June 30, 2005.  Despite the reduced profit on sale of
investments by 37%, the year-on-year growth of operating profit
works out to INR11 crore (4%) and the growth compared to Q4 of
2005-06 works out to26%.

The bank has recorded net profit of INR181 crore for the quarter
ended June 30, 2006 compared to INR163 crore reported for the
quarter ended June 30, 2005.  The year-on-year growth of net
profit works out to 11%.

The considerable growth in overall interest income has enabled
the bank to record overall total income of INR1,365 crore for
the quarter ended June 30, 2006 in comparison to INR1,096 crore
for the quarter ended June 30, 2005; a growth of 25%.

Interest income for the quarter ended June 30, 2006 improved to
INR1,231 crore from INR953 crore reported for the quarter ended
June 30, 2005.  While the overall growth in interest income
works out to 29%, the increase in interest on advances was to
the extent of 42%.

The profit on sale of investments was to the extent of INR24
crore for the quarter ended June 30, 2006 as against INR38 crore
earned for the quarter ended June 30, 2005.  The fee based
income increased by 17% to INR109 crore for the quarter ended
June 30, 2006 from INR93 crore for the quarter ended
June 30, 2005.

The net interest income for the quarter ended June 30, 2006,
grew by 7% and stood at INR506 crore as against INR472 crore for
the quarter ended June 30, 2005.  The growth compared to Q4 of
2005-06 was 29%.

                           Net Worth

The net worth of the bank increased to INR3,014 crore as of
June 30, 2006, from INR2,361 crore as of June 30, 2005.  The net
worth as of March 31, 2006, was placed at INR2,834 crore.

                         NPA Management

Gross NPA came down to 3.85% as of June 30, 2006 from 5.10% as
of June 30, 2005.  Net NPA came down to 0.86% as of June 30,
2006 from 1.54% as of June 30, 2005.  The gross NPA and net NPA
stood at 4% and 0.86% respectively as of March 31, 2006.

The bank has maintained sufficient cushion towards provision
requirement to cover up the unexpected defaults.  The provision
coverage was 76% as of June 30, 2006 as against 68% as of June
30, 2005.  The bank has floating provision to the extent of
INR213 crore as of June 30, 2006.

                    Capital Adequacy Ratio

The CAR stood at 11.03% as of June 30, 2006, well above the
stipulated mark of 9%.  The Tier I ratio was placed at 6.94% as
of June 30, 2006 and the Tier II ratio stood at 4.09%.

                          Investments

The investment portfolio increased to INR22,880 crore as of
June 30, 2006, from INR15,949 cores as of June 30, 2005.

The investment under "Available for Sale" category was 41% as of
June 30, 2006 and investments under "Held to Maturity" and "Held
for Trading" was 57% and 2% respectively.

                   Other Financial Parameters

  i. Return on Assets: The return on assets improved from 0.91%
     as of March 31, 2006, to 1.02% as of June 30, 2006.

ii. Earning per share (EPS): EPS improved from INR10.60 as of
     March 31, 2006, to INR13.84 (Annualized) as of June 30,
     2006.

iii. Book Vale per Share: The Book Value per share increased
     from INR54.29 as of March 31, 2006, to INR57.74 as of
     June 30, 2006.

iv. Employee Productivity: Business per employee improved from
     INR3.48 crore as of March 31, 2006, to INR4.04 crore as of
     June 30, 2006.

There are 668 branches under Core Banking Solution covering
around 65% of business.  The number of ATMs increased to 427.

                       Other Initiatives

   * The Bank introduced 3 new products, SyndVidyarthi (a novel
     credit facility to professional college students),
     SyndNivas plus (additional loan facilities for housing loan
     customers), SyndSenior  (a new loan scheme for pensioners).

   * SyndBank Debit Cards issued under SyndVidyarthi Product.

   * SyndJaiKisan scheme - To provide hassle free long term farm
     credit to farmers for meeting their credit requirements
     related to investment on farm development, contingencies,
     consumption and other pressing social obligations.  The
     eligible amount of loan is INR50000 to INR7.50 lakhs.

   * With a view to bring waste lands under cultivation and to
     step up agriculture production, the Bank has modified and
     simplified the scheme for financing farmers for purchase of
     land for agricultural purposes.

   * As per Government guidelines, short term crop production
     credit up to INR3 lakh is being extended to farmers at
     interest rate of 7% with effect from Kharif and Rabi
     2006-07 season.

   * Launched Special OTS scheme for recovery of loss assets
     with book balance up to INR10 lakhs.

   * The three Regional Rural Banks in Andhra Pradesh have been
     merged into a single Regional Rural Bank called "Andhra
     Pragati Gramena Bank."  The new entity has a network of 332
     branches and total business of INR3886 crore.

Syndicate's financial report for the quarter ended June 30,
2006, is available for free at:

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

                      About Syndicate Bank

Syndicate Bank Ltd. -- http://syndicatebank.in/-- provides a
range of banking services.  The bank's services include
deposits, loans, recoveries and electronic funds transfer.  The
bank has also tied up with United India Insurance Company to
provide general insurance.  As of March 31, 2006, the bank had
2006 branches.  The bank has 38 specialized branches, which
focus on business segments, such as small and medium
enterprises.

Fitch Ratings, on June 1, 2005, gave Syndicate Bank a 'D'
individual rating.


SYNDICATE BANK: Gets New Director
---------------------------------
Syndicate Bank Ltd. has informed the Bombay Stock Exchange in a
regulatory filing that the Central Government has nominated Sri
Salim Gangadharan as director on the bank's board of directors
with immediate effect and until further order.

The move is in exercise of the powers conferred by Clause (c)
Sub-Section (3) Section 9 of the Banking Companies (Acquisition
and Transfer of Undertakings) Act, 1970/1980, read with sub-
clause (1) of Clause 3 of the Nationalised Banks (Management and
Miscellaneous Provisions) Scheme, 1970/1980.

                      About Syndicate Bank

Syndicate Bank Ltd. -- http://syndicatebank.in/-- provides a
range of banking services.  The bank's services include
deposits, loans, recoveries and electronic funds transfer.  The
bank has also tied up with United India Insurance Company to
provide general insurance.  As of March 31, 2006, the bank had
2006 branches.  The bank has 38 specialized branches, which
focus on business segments, such as small and medium
enterprises.

Fitch Ratings, on June 1, 2005, gave Syndicate Bank a 'D'
individual rating.


TATA MOTORS: Plans to Float Units and Expand Operations
-------------------------------------------------------
Tata Motors Limited is keen on floating two wholly owned
subsidiaries in a bid to partly finance its expansion program,
XFN-Asia reports.

The company is already in talks with bankers who are willing to
invest in HV Axles and HV Transmissions, the report says.  The
initial public offerings are expected to be scheduled by the end
of the current fiscal year to March 2007.

According to the Economic Times, Tata Motors may seek strategic
partners for both companies and may look at selling part of its
holdings in the units before the proposed IPO.  ArvinMeritor is
reportedly among those being considered for a strategic
alliance.

The planned float is part of a larger corporate restructuring
program being implemented by the company, the Times adds.

Antara News reports that Tata Motors will invest INR100 to
INR120 billion over the next three to four years for vehicle
sales and component sourcing.

Tata Motors Managing Director Ravi Kant told Antara that the
company was considering developing Russia as an important market
for selling light trucks, buses and pick-ups.  The company was
looking at increased component sourcing in China 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.


TATA MOTORS: To Outsource Components From Big Vendors
-----------------------------------------------------
Tata Motors Ltd will outsource automotive components for its
proposed small car project from big vendors, People's Daily
Online reports.

Tata's deputy chief of the strategic sourcing department, B.B.
Parekh, said that Tata Motors is looking for big sized suppliers
of auto components so that the vendor can ramp up capacity and
invest in technology whenever required.

Tata Motors would be able to accommodate less than 100 vendors
in the vendor park in 300 acres of area at the proposed plant in
Singur in Hooghly district of West Bengal, Indo-Asian News
Service quoted Mr. Parekh as saying.

The production of the proposed small car is expected in the
region of more than 200,000 per annum and a major portion of the
automotive components would be outsourced, Mr. Parekh said.

Mr. Parekh said as part of the policy the company is reducing
its vendor base to accommodate only big players, who can invest
in technology and ramp up capacity when required.

The company has already reduced its vendor base to 700 vendors
from the earlier 1,400 to move away from multiple vendor base
system, which was not viable.

The company is outsourcing a major chunk of automotive
components and the outsourcing is expected to go up to 80% in
the near future, Mr. Parekh said.

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 POWER CO: Reveals AGM Outcome
----------------------------------
In a regulatory filing with the Bombay Stock Exchange, Tata
Power Company Ltd disclosed that at the 87th Annual General
Meeting of the company on August 1, 2006, the members, inter
alia, have accorded:

   1. the adoption of the Audited Profit and Loss Account for
      the year ended March 31, 2006, and the Balance Sheet as at
      that date, together with the reports of the directors and
      the auditors;

   2. the declaration of dividend of INR8.50 per share on the
      equity shares for the year ended March 31, 2006;

   3. the re-appointment of H S Vachha and R N Tata, as
      directors of the company;

   4. the re-appointment of P K Kukde as Executive Director of
      the company for the period from January 23, 2006, to
      March 31, 2006, on remuneration, terms and conditions;

   5. the revision in the remuneration payable to
      S Ramakrishnan, executive director of the company with
      effect from April 1, 2006, for the remainder of the tenure
      of his contract;

   6. authority for the Board to borrow from time to time
      any amount not exceeding INR10,000 crore on such terms and
      conditions as the Board may deem fit, notwithstanding that
      the amount to be borrowed together with the amount already
      borrowed by the company (apart from the temporary loans
      obtained from the company's bankers in the ordinary course
      of business) will exceed the aggregate of the paid-up
      share capital of the company and its free reserves, that
      is to say, reserves not set apart for any specific
      purpose, subject to necessary provisions and approvals;

   7. authority for the Board to create mortgages, charges and
      hypothecations in addition to the existing mortgages,
      charges and hypothecations created by the company, on such
      movable and immovable properties, both present and future,
      and in such manner as the board may deem fit, together
      with the power to take over the management and concern of
      the company in certain events, to or in favor of all or
      any of the financial institutions/banks/other investing
      agencies/trustees for the holders of
      debentures/bonds/other instruments which may be issued to
      and subscribed by way of private placement or otherwise,
      to secure rupee/foreign currency loans, debentures,
      bonds or other instruments (Loans) provided that the total
      amount of Loans together with interest thereon at the
      respective agreed rates, additional interest, compound
      interest, liquidated damages, commitment charges, premia
      on pre-payment, or on redemption, costs, charges, expenses
      and all other amounts payable by the company to the
      parties or any of them under the Agreements/Arrangements
      entered into/to be entered into by the company in respect
      of the said Loans, will not, at any time, exceed the limit
      of INR10,000 crore, subject to necessary provisions and
      approvals;

   8. the appointment of Deloitte Haskins & Sells, Chartered
      Accounts, as Statutory Auditors of the company to hold
      office from the conclusion of the AGM until the conclusion
      of the company's next AGM, on remuneration, terms and
      conditions; and

   9. the appointment of Hoda Vasi Chowdhury & Co., Bangladesh,
      as branch auditors of the company to hold office from the
      conclusion of the AGM up to the conclusion of the next AGM
      of the company, on remuneration, terms and conditions.

                        Director Resigns

Tata Power Company Ltd also informed the BSE in a separate
disclosure that C P Mistry has stepped down as a director of the
company effective September 18, 2006.

                        About Tata Power

Headquartered in Mumbai, India, Tata Power Company Limited --
http://www.tatapower.com/-- is engaged in the business of
generation, transmission and distribution of electricity with
operations in the states of Maharashtra, Jharkhand and
Karnataka.  The company operates two business segments: the
power business segment and the other business segment.  Its
power business segment is engaged in the generation,
transmission and distribution of electricity.  The company's
other business segment includes electronics and project
consultancy.  During the fiscal year ended March 31, 2006, the
power business contributed about 94% of the Company's revenues.
On December 2, 2005, it completed the acquisition of 74% equity
stake in Maithon Power Limited from Damodar Valley Corporation.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 10, 2005, that Standard & Poor's Ratings Services
affirmed its 'BB+' long-term foreign and local currency
corporate credit ratings for Tata Power.  The outlook is stable.


TATA POWER CO: CRISIL Reaffirms 'AAA' Rating on Debentures
----------------------------------------------------------
The Credit Rating Information Services of India Limited, on
August 30, 2006, reaffirms Tata Power Company Limited's Long-
Term Debentures at 'AAA'.  The outlook is stable.

The debt instruments and ratings actions are:

   * INR5 Billion Short Term Debt Programme (Enhanced from
     INR2 Billion) - P1+

   * INR5 Billion Non-Convertible Debenture Programme -
     AAA /Stable (Reaffirmed)

   * INR5 Billion Non-Convertible Debenture Programme -
     AAA /Stable (Reaffirmed)

   * INR5 Billion Non-Convertible Debenture Programme -
     AAA /Stable (Reaffirmed)

CRISIL's ratings continue to reflect Tata Power's stable
business with regulated returns, sound and improving operational
efficiencies, strong financial risk profile, and increased focus
on core business.  The company's large investment plans outside
the license area, and the long-term threats it faces from the
Open Access regime temper these rating strengths.

Tata Power has stable income from its licensee business,
underpinned by the regulatory protection it enjoys with respect
to pricing and competition in the Mumbai license area.  The
regulatory authorities determine the energy charges for
licensees so that licensees can realize reasonable after-tax
returns on their capital, after accounting for all costs.  Tata
Power's operations benefit from its diverse fuel mix and
periodic refurbishment of generating facilities.  The efficiency
of its thermal stations has improved considerably in recent
years.

The company has a strong financial risk profile, marked by
stable cash flows, long-tenor loans, a low gearing of 0.50 times
as on March 31, 2006, strong debt protection measures with an
interest coverage of 5 times, and adequate financial
flexibility.  Tata Power's exposure to the Tata Group's
telecommunication ventures has decreased from INR28.79 billion
to INR20.13 billion as on June 30, 2006; this is due to the
company's efforts to reduce its levels of deposits and
guarantees.  The company's sale of unrelated investments also
reflects Tata Power's focus to concentrate on its core business
of power distribution.

Tata Power has diversified its business outside the Mumbai
license area across the power sector.  Tata Power's management
has also stated that while it has stayed away from large
independent power projects in the past, it is now open to
acquiring brown field plants.  However risks associated with
these expansions are mitigated to an extent, as the management
has adopted a cautious approach in implementing new projects.
Competition due to the advent of the Open Access regime remains
a long-term business threat for the company.

Outlook: Stable

CRISIL's stable outlook on Tata Power is based on the strong
cash flows generated from its Mumbai licence business.  CRISIL
expects Tata Power to pursue growth opportunities that are
synergistic with its existing business.  Tata Power is therefore
expected to maintain a strong financial profile backed by stable
cash flows from its regulated businesses.

                        About Tata Power

Headquartered in Mumbai, India, Tata Power Company Limited --
http://www.tatapower.com/-- is engaged in the business of
generation, transmission and distribution of electricity with
operations in the states of Maharashtra, Jharkhand and
Karnataka.  The company operates two business segments: the
power business segment and the other business segment.  Its
power business segment is engaged in the generation,
transmission and distribution of electricity.  The company's
other business segment includes electronics and project
consultancy.  During the fiscal year ended March 31, 2006
(fiscal 2006), the power business contributed about 94% of the
Company's revenues.  On December 2, 2005, it completed the
acquisition of 74% equity stake in Maithon Power Limited from
Damodar Valley Corporation.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reports on November
10, 2005 that Standard & Poor's Ratings Services affirmed its
'BB+' long-term foreign and local currency corporate credit
ratings for Tata Power.  The outlook is stable.


TATA POWER CO: Profit After Tax Up At INR121.85 Crore
-----------------------------------------------------
Tata Power Company Ltd. has reported profits of INR121.85 crore
and revenues of INR1376.61 crore, the company announced in a
press release.

During the corresponding period last year, profits and revenues
were INR118.40 crore and INR1,098.75 crore respectively

Sales volume showed increase by 5.25% to 3807 MUs.  The Jojobera
Thermal Power Station recorded generation of 717 MUs as compared
to the corresponding quarter's generation of 575 MUs.
Furthermore, Jojobera Power Plant won the "Golden Peacock
Environment Management Award" for FY06.

Depreciation of Rupee led to higher Interest and Finance Charges
by INR14.13 crore.

Work has commenced on the 250 MW (unit 8) coal based Plant at
Trombay, to meet Mumbai's future power requirement.  The project
is scheduled to be commissioned in next 28 months.  Further,
work has also progressed on the short gestation 100 MW DG Sets.

During the quarter, order has been placed for 50 MW Wind Farm at
Khandke, Ahmednagar.  2X 1000 MW Coastal Power Plants in
Maharashtra are being pursued and actions are in hand to acquire
the land required.

During the quarter, work on another 120 MW Project (Unit 6) at
Jamshedpur has started.  This unit is a captive plant for Tata
Steel, which is based on utilizing the waste gases from the
steel making process.  The project is expected to be
commissioned in 26 months.

The company has received required coal linkages for the 1,000 MW
Maithon Right Bank Thermal Power Project a joint venture with
Damodar Valley Corporation.  About 55% of the land has been
acquired, while the rest of the land is in the process of being
acquired.  The project has been targeted for commissioning in FY
2010.

The 100% coal linkage for a 1000 MW coal based Power Project at
Chola has also been achieved.  This mega power plant will also
supply power to Northern States including NDPL.

The company is setting up a met coke oven gas based 120 MW IPP
at Haldia, West Bengal.  The project is scheduled to be
commissioned in FY09.

Ultra Mega Power Projects: Tata Power has entered into a
Development Agreement with Siemens Project Ventures GmbH to
jointly participate in the tariff based bidding for the Govt. of
India initiated UMPPs based at Sasan and Mundra.  The Company
has received the Request for Qualification for the two projects.
In the Quarter, Tata Power also announced a strategic tie-up
with Siemens Power Generation, Germany and Doosan Heavy
Industries & Construction Pvt. Ltd., Korea to form an EPC
consortium for the design and construction of power plants based
on super critical technology.

North Delhi Power Limited: The Joint Venture between Tata Power
and the State of Delhi for distributing power in the North &
North-West parts of Delhi has continued to improve its
performance, with its AT&C losses touching an all time low of
28% as on June 2006, down from 53% in June 2002.  The company
also launched the unique scheme of home delivery for new
connections where a consumer does not need to move from the
premises to get a new connection or service and has to just call
the company.

Commenting on the company's performance, Adi Engineer, director
of Tata Power, said: "The company is now in the implementation
phase of several new projects which have been envisioned in the
last quarter.  This augurs well for the future growth of the
Company and will reflect in better operating results in due
course.  Participation in the Ultra Mega Power Projects and also
implementing Company's own mega power plants will lead to a step
change in the Company's size of operations."

                        About Tata Power

Headquartered in Mumbai, India, Tata Power Company Limited --
http://www.tatapower.com/-- is engaged in the business of
generation, transmission and distribution of electricity with
operations in the states of Maharashtra, Jharkhand and
Karnataka.  The company operates two business segments: the
power business segment and the other business segment.  Its
power business segment is engaged in the generation,
transmission and distribution of electricity.  The company's
other business segment includes electronics and project
consultancy.  During the fiscal year ended March 31, 2006, the
power business contributed about 94% of the Company's revenues.
On December 2, 2005, it completed the acquisition of 74% equity
stake in Maithon Power Limited from Damodar Valley Corporation.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reports on November
10, 2005 that Standard & Poor's Ratings Services affirmed its
'BB+' long-term foreign and local currency corporate credit
ratings for Tata Power. The outlook is stable.


UNITED WESTERN: Share Undervalued in IDBI Sale, SLIM Dir. Says
--------------------------------------------------------------
Industrial Development Bank of India Ltd appears to be the
gainer in its upcoming merger with United Western Bank, paying a
cheaper price for the IDBI, Gujarat Global News relates, citing
Additional Director of Som Lalit Institute of Management
Jagadish Joshipura.

According to Dr. Joshipura, though upfront payment of INR28 for
every fully paid share of the United Western is higher than
INR21 of last time; hence, the bank is undervalued.

At the same time, he said, it is clear that lower share price is
because of poor management and not fundamentals.  This can be
substantially increased with little efforts because of strong
fundamentals.

Dr. Joshipura, therefore, urges the Reserve Bank of India, to
re-examine the merger, Gujarat Global says.

As reported by the Troubled Company Reporter - Asia Pacific on
September 15, 2006, United Western will be bought by state-run
IDBI for INR1.5 billion.

The TCR-AP said that the deal would see IDBI, a long-term-
lender-turned-bank, which has been struggling to grow in the
absence ofan extensive branch network, gain United Western's 230
branches and about 2 million customers.  IDBI now has 195
branches in 109 cities.  The added branches would more than
doubled IBDI's branches, giving it access to the affluent
agricultural community of Maharashtra.

Shareholders have until Sept. 27, 2006, to consider the merger
plan, the TCR-AP added.

Meanwhile, a group of depositors of United Western Bank filed an
application with the Bombay High Court, challenging the Reserve
Bank of India's decision to place the bank under moratorium, Zee
News reports.

The depositors request the lifting of the moratorium, which was
imposed by the Reserve Bank on September 2, 2006, due to growing
losses of the bank that resulted to capital erosion.

                    About United Western Bank

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

                          *     *     *

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


UTI BANK: One of S&P's Global Challengers
-----------------------------------------
UTI Bank is included in a global list of index provider Standard
& Poor's 300 mid-size companies that are expected to emerge as
challengers to the world's leading blue chip companies,
Financial Express reports.

UTI Bank is one of only seven India-based companies included in
the list.  Other Indian companies are Bharat Forge, Siemens
India, Chennai Petroleum, Oriental Bank of Commerce, Punjab
National Bank, and Nicholas Piramal.

Designated the S&P Global Challengers, the list comprises
publicly traded companies that show the highest growth
characteristics along dimensions encompassing intrinsic and
extrinsic growth.  S&P will publish the list on an annual basis,
and will track the companies' performance through annual
publications, S&P said in a press release.

The list is based upon a methodology that applies consistent
standards across multiple countries.  The attributes used to
identify the companies are share price appreciation, sales
growth, earnings growth and employee growth.  However, the list
did not consider ADRs/GDRs.  But in the case of multiple
listings on different exchanges by the same company, only the
listing in the home-country was considered.  All eligible
companies had at least US$500 million in total market
capitalisation, and at most, US$5 billion.  The 2006 edition of
the list has representation from 32 countries and 10 sectors.

"The quintessential quest for growth by corporate executives,
consultants, marketers and investors needs a robust, globally
consistent leader board," said S&P Index Strategist Srikant
Dash.

The list can be used by service providers such as consultants
and marketers analyzing global growth trends or seeking client
engagement opportunities, by strategy formulators assessing
future partners or competitors, and product providers
structuring investment vehicles that offer exposure to fast
growing mid-size companies.

                         About UTI Bank

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

                          *     *      *

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

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

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


* Indian State Banks Cooperate to Beat Competition
--------------------------------------------------
Corporation Bank, Oriental Bank of Commerce and Indian Bank have
agreed to collaborate, in a bid to cut costs and compete with
bigger rivals, Bloomberg News reports.  The parties, however,
are ruling out a merger.

The tie-up is expected to help the loss-making banks improve
their return on equity and increase productivity, while
protecting their individual entities, Bloomberg says.

According to the report, an alliance that stops short of a
merger would enable them to overcome political obstacles and
union resistance blocking mergers.  Indian communist parties and
labor unions have opposed mergers among state banks because of
concerns about possible job losses in an industry that employs
about 1 million people.

Together, Corporation Bank, Oriental Bank and Indian Bank
control a third of the assets held by State Bank of India, the
nation's No. 1 lender, Bloomberg relates.  Even after the tie-
up, their market share is not expected to exceed 5%.


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

CA INC: Shareholders Tender 41.2 Million Shares for US$989 Mln
--------------------------------------------------------------
CA Inc. disclosed Friday preliminary results of its tender offer
that expired at 5:00 p.m., New York City time, on Sept. 14,
2006.  In the tender offer, CA offered to purchase for cash up
to 40,816,327 shares of its common stock, par value US$0.10 per
share, including the associated rights to purchase Series One
Junior Participating Preferred Stock, Class A at a per share
purchase price of not less than US$22.50 nor greater than
US$24.50 per share, net to the seller in cash, without interest.

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

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

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

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

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

                          About CA Inc.

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

                          *     *     *

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

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


CA INC: Declares Quarterly Cash Dividend of US$0.04 Per Share
-------------------------------------------------------------
CA, Inc., declared a regular, quarterly cash dividend of US$0.04
per share.  The dividend will be paid on Sept. 29, 2006, to
stockholders of record at the close of business on
Sept. 22, 2006.

                          About CA Inc.

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

                          *     *     *

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

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


CA INC: Inks Marketing & Distribution Pact with Spare Backup
------------------------------------------------------------
Spare Backup, Inc., disclosed a joint marketing and software
distribution agreement with CA, Inc., to provide its customers
with state-of-the-art security tools.

Under the agreement, CA will provide Spare with virus scanning
on data uploaded by customers to Spare's servers for remote
encrypted backup, helping to ensure that critical files are free
of potential virus outbreaks.  In addition Spare will provide
certain bundled offerings to customers including CA's Internet
Security Suite, which provides comprehensive protection against
viruses, hackers, identity thieves, spyware, spam and any online
threats that can jeopardize privacy, data or PCs' performance.

This agreement positions Spare as a provider of remote backup
and comprehensive PC internet security for one low subscription
price on a monthly or annual basis.

"This agreement marks a significant milestone for our company,"
said Cery Perle, CEO of Spare Backup, Inc.  "Through the
alliance with CA, one of the premier and most trusted companies
in the world, we are transforming our company into a full
service provider of PC security, backup and restoration,
enabling our customers to have complete protection of their PC
and data.  Partnering with a company of the caliber of CA
represents a substantial leap forward in our goal of providing a
one stop shop for PC protection and backup.  We are excited at
the opportunity to forge and expand a relationship with CA,
Inc., one of the leaders and pioneers in the software industry."

"Pairing CA's antivirus and security tools with Spare Backup
software represents an important step in the relationship
between our two companies," said Adam Famularo, Vice President
CA's Global OEM Division.  "CA understands the ever increasing
importance of providing an easy to use, secure online backup
solution in a cost effective manner.  We believe that Spare
offers that solution and look forward to providing our security
tools to their valuable customers."

                     About Spare Backup

Spare Backup, Inc., specializes in helping consumers, small
office/home office users, and small to mid-sized businesses
protect their computer data quickly, automatically and cost-
effectively.  The company's flagship Spare Backup(TM) product is
the first totally automated online backup service that
intelligently selects, secures and stores files without any user
intervention, automatically backing up documents, email, music,
photos and other PC files on a nightly basis or according to the
schedule of the user's choice.

                          About CA Inc.

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

                          *     *     *

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

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


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

DAIEI INCORPORATED: Wal-Mart Proposes Merger with Seiyu
-------------------------------------------------------
United States-based Wal-Mart Stores Incorporated urged Japanese
trading house Marubeni Corp. to merge affiliate Daiei Inc. with
Wal-Mart's local unit, Seiyu Ltd, The Yomiuri Shimbun reports.

According to Reuters, Wal-Mart wanted to merge the operations of
Daiei and Seiyu to create Japan's third-biggest retail group
after Seven & I Holdings and Aeon.  Wal-Mart also proposed to
eventually unify the Daiei and Seiyu brands.

A spokeswoman at Wal-Mart's Japan unit declined to comment,
Reuters relates.  A spokesman for Marubeni, the biggest
shareholder in Daiei, said that the trading house intended to
choose a partner by the end of October but declined to comment
further.

As reported by the Troubled Company Reporter - Asia Pacific on
September 1, 2006, Marubeni Corporation was keen on selling part
of its 44.6% holding in Daiei Inc. to either Aeon Co. or Wal-
Mart Stores.

The TCR-AP further reported on September 7, 2006, that Wal-Mart
and Aeon had submitted their bids to form a business tie-up with
Daiei.  Marubeni had reportedly asked the two retail giants to
make proposals by next month on plans to restructure Daiei.

                         About Daiei Inc.

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

Daiei has been rehabilitated under the auspices of the
Industrial Revitalization Corp. of Japan after accumulating huge
debts during the bubble economy of the late 1980s.  With the
IRCJ's help since late 2004, Daiei's finances have started to
show a recovery as it has shut down unprofitable stores and sold
subsidiaries.

As reported by the Troubled Company Reporter - Asia Pacific on
August 18, 2006, Marubeni Corporation assumed the leading role
in Daiei's turnaround efforts by acquiring the entire 33.67%
stake held by the IRCJ in Daiei.  Marubeni now holds a 44.6%
stake in Daiei.

A subsequent TCR-AP report on September 1, 2006, stated that
Marubeni is keen on selling part of its 44.6% holding in Daiei
to either Aeon Co or Wal-Mart Stores Inc.  However, in order for
the retail giants to accept Marubeni's proposal, Daiei's
liabilities must be trimmed to an acceptable level.  Although
Daiei cut its group interest-bearing liabilities to about
JPY400 billion as of the end of February 2006 from more than
JPY1 trillion a year earlier, Marubeni views the debt level as
still being too high.


DURA AUTOMOTIVE: Moody's Lowers Debt Ratings to Ca
--------------------------------------------------
Moody's Investors Service on Septemeber 20, 2006, lowered the
ratings of Dura Operating Corp., and its direct parent, Dura
Automotive Systems, Inc.  Dura Automotive's Corporate Family
Rating has been lowered to Ca from Caa1.

Moody's also assigned a probability of default rating of Caa3 to
Dura Automotive.  Dura Operating Corp.'s senior secured second
lien ratings were lowered to Caa2 from Caa1, the senior
unsecured notes were lowered to Ca from Caa3; and the senior
subordinated notes were lowered to C from Ca. Dura Automotive
Systems Capital Trust's preferred securities also were lowered
to C from Ca.

The lowered ratings reflect the company's ongoing operating
pressures in the automotive supplier sector which have recently
been exacerbated by the announcement of additional production
declines in the second half of 2006.

Sales to Ford and GM approximate 23% and 20% of revenue,
respectively, with roughly half of Ford exposure, and 75% of GM
exposure derived in the United States.  Combined with the
company's announced restructuring program and interest payments
on its senior unsecured and senior subordinated notes in the
fourth quarter, the lower expected production in the second half
of 2006 will increase the cash flow pressure on the company.
The company's Atwood division is expected to be impacted by non-
recurring FEMA sales resulting from hurricane Katrina and higher
fuel cost.

The outlook remains negative reflecting the continuing industry
pressures of lower Big 3 production in North America, raw
material pricing pressures, and published reports indicating the
company has hired restructuring advisors.

Ratings Assigned:

Probability-of-Default rating of Caa3

Ratings lowered:

Dura Automotive Systems, Inc.:

Corporate Family Rating to Ca from Caa1;

Dura Operating Corp.:

US$150 million guaranteed senior secured second-lien term loan
due May 2011, to Caa2 (LGD 3, 35%) from Caa1;

US$75 million guaranteed senior secured second-lien add-on term
loan due May 2011, to Caa2 (LGD 3, 35%) from Caa1;

US$400 million of 8.625% guaranteed senior unsecured notes due
April 2012 (consisting of US$350 million and $50 million
tranches), to Ca (LGD 4, 61%) from Caa3;

US$456 million of 9% guaranteed senior subordinated notes due
May 2009, to C (LGD 6, 92%) from Ca;

EUR100 million of 9% guaranteed senior subordinated notes due
May 2009, to C (LGD 6, 92%) from Ca;

Dura Automotive Systems Capital Trust:

US$55.25 million of 7.5% convertible trust preferred securities
due 2028, to C (LGD 6, 98%) from Ca

Ratings affirmed:

SGL-4 Speculative Grade Liquidity Rating

Dura Automotive's US$175 million guaranteed senior secured
first-lien asset-based revolving credit is not rated by Moody's.

The last rating action was July 28, 2006 when the ratings were
lowered.

                     About DURA Automotive

Headquarted in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It has 59 manufacturing and product development
facilities located in the United States, Brazil, Canada, China,
Czech Republic, France, Germany, Mexico, Portugal, Slovakia,
Spain and the United Kingdom.  The group also has a presence in
India and Japan.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 1, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Dura Automotive Systems Inc. to 'CCC' from 'B-'.  The
rating outlook is negative.

Moody's lowered Dura Automotive's Corporate Family Rating to Ca
from Caa1.


FORD MOTOR: Named Defendant in Global Warming Suit
--------------------------------------------------
Attorney General Bill Lockyer yesterday filed a lawsuit against
United States and Japanese auto manufacturers, alleging their
vehicles' emissions have contributed significantly to global
warming, harmed the resources, infrastructure and environmental
health of California, and cost the state millions of dollars to
address current and future effects.

"Global warming is causing significant harm to California's
environment, economy, agriculture and public health.  The
impacts are already costing millions of dollars and the price
tag is increasing," said Mr. Lockyer.  "Vehicle emissions are
the single most rapidly growing source of the carbon emissions
contributing to global warming, yet the federal government and
automakers have refused to act.  It is time to hold these
companies responsible for their contribution to this crisis."

Filed in United States District Court for the Northern District
of California, the complaint names as defendants: Chrysler
Motors Corporation, General Motors Corporation, Ford Motor
Company, Toyota Motor North America, Inc., Honda North America,
and Nissan North America.  The lawsuit is the first of its kind
to seek to hold manufacturers liable for the damages caused by
greenhouse gases that their products emit.  Mr. Lockyer filed
the lawsuit on behalf of the People of the State of California.

The complaint alleges that under federal and state common law
the automakers have created a public nuisance by producing
"millions of vehicles that collectively emit massive quantities
of carbon dioxide," a greenhouse gas that traps atmospheric heat
and causes global warming.  Under the law, a "public nuisance"
is an unreasonable interference with a public right, or an
action that interferes with or causes harm to life, health or
property.  The complaint asks the court to hold the defendants
liable for damages, including future harm, caused by their
ongoing, substantial contribution to the public nuisance of
global warming.

As stated in the complaint, the automakers produce vehicles that
emit a combined 289 million metric tons of carbon dioxide in the
United States each year.  Those emissions, the complaint
alleges, currently account for nearly 20 percent of the carbon
dioxide emissions in the United States and more than 30 percent
in California.  The defendants rank "among the world's largest
contributors to global warming and the adverse impacts on
California," according to the complaint.

The filing comes as Mr. Lockyer fights the auto industry's
attempt to invalidate California's landmark global warming
regulations curbing tailpipe emissions.  In their federal-court
lawsuit, the automakers claim the regulations, adopted in 2005
through legislation sponsored by Assembly Member Fran Pavley,
are pre-empted by federal law. Lockyer is defending the rules
against the industry's legal challenge.

Mr. Lockyer noted the Bush Administration's inaction on global
warming has forced California and other states to take action on
their own.  The U.S. Supreme Court is currently reviewing a
lawsuit filed by Lockyer, 11 other Attorneys General, two cities
and major environmental groups challenging the U.S.
Environmental Protection Agency's refusal to regulate greenhouse
gas emissions.  Numerous parties have submitted amicus briefs
supporting the states, including climate scientists, three
former EPA Administrators, former Secretary of State Madeleine
Albright, and environmental and religious groups.

In addition, Mr. Lockyer, along with nine other state Attorneys
General, the District of Columbia and the City of New York,
filed a lawsuit earlier this year challenging the Bush
Administration's new fuel economy standards for SUVs and light
trucks.  That complaint alleges the rules fail to address the
effects on the environment and global warming.

"We are seeing the harmful impacts of global warming today, and
if we continue with 'business as usual,' we can expect to see
more and larger impacts in the future," said Mr. Lockyer.  "As a
coastal state, an agricultural state, and a state that relies on
its Sierra snow pack, California has an enormous stake in acting
now to combat global warming."

                        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.

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.

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: Moody's Cuts Ratings on Consumer Preference Shift
-------------------------------------------------------------
Moody's Investors Service lowered the ratings of Ford Motor
Company (corporate family rating and senior unsecured to B3 from
B2) and Ford Motor Credit Company (senior unsecured to B1 from
Ba3).  Ford's Speculative Grade Liquidity rating has also been
lowered to SGL-3 from SGL-1.  The rating outlook is negative.
These rating actions conclude a review for possible downgrade
that was initiated on Aug. 18, 2006.

The downgrade of Ford's long-term ratings reflects the intense
pressure the company is facing as a result of the shift in
consumer preference away from trucks and SUVs, and toward more
fuel efficient vehicles.  Although Ford's recently reported
initiative to accelerate its Way Forward restructuring plan will
attempt to address all of the key risks arising from this shift
in demand, Moody's believes the company's operating performance
and cash flow will be very weak through 2009 even if the
execution of the plan is highly successful.  Moreover, the
rating agency anticipates that it will be challenging for the
company to achieve all of the cost, revenue and pricing
objectives contemplated by the plan.  As Ford attempts the
transition toward its new business model, it will be critical
for the company to maintain strong liquidity in order to cover
the considerable cash outflows it will face during 2006 and
2007.

Bruce Clark, senior vice president with Moody's said, "Ford's
US$23 billion in cash and $6 billion in committed bank lines
give it a sizable cushion to cover near-term expenditures.
However, the company's historically robust liquidity will be
significantly reduced by these expenditures and could be further
eroded by events such as a slowdown in the U.S. economy, a spike
in oil prices, an escalation in price discounting, or a UAW work
action in 2007.  Consequently, Ford may need to supplement these
resources with asset sales and other strategic alternatives that
are currently being investigated."

Mr. Clark went on to note that, "Ford will also have to be
consistently successful in executing each element of this plan
without any major missteps.  If it doesn't remain solidly on
track for reestablishing a viable business model by 2009,
additional restructurings would likely be necessary.  But, by
then the company will have run through much of its liquidity.
Ford really has to get it right this time."

The lowering of the Speculative Grade Liquidity rating to SGL-3
reflects the sizable cash outflow that will result from
operating losses and restructuring charges during the next
twelve months, and the resulting erosion in Ford's liquidity
position.

The negative outlook reflects the considerable challenges that
Ford will face in executing the key elements of its
restructuring plan during the next three years.  It also
acknowledges that factors beyond Ford's control could further
undermine the company's financial performance despite any
progress in executing the plan.  These factors include a more
competitive pricing environment, rising fuel prices, continued
erosion in its domestic supplier base, or a slowdown in the US
or European economies.

In downgrading Ford Credit's rating, Moody's maintained a two-
notch rating differential from Ford's rating, reflecting Ford
Credit's lower expected loss as well as its extensive business
and financial ties with its parent.  Moody's believes that
creditors of Ford Credit would experience better asset recovery
than would creditors of Ford in a default scenario.  However,
heightened uncertainty relating to Ford's deeper operating
challenges and execution risks associated with its
implementation of the Way Forward plan limit the possibility of
a wider notching differential.

Moody's vice president Mark Wasden said, "The negative operating
trends at Ford have increased Ford Credit's stand-alone risk
profile; of particular concern, Ford's longer turnaround horizon
means that Ford Credit's opportunity to access unsecured funding
will be constrained for a longer period of time, to the
detriment of its liquidity profile."  Mr. Wasden added that he
believes that management is likely to pursue a number of
strategies to bolster overall liquidity, including greater use
of asset securitization.  Higher levels of securitization,
though, could increase asset recovery risks for unsecured
creditors, in that their claims on Ford Credit's assets are
structurally subordinated to those of secured creditors, which
risk is included in the rating.

The rating also incorporates Moody's expectation that Ford
Credit's operating results are expected to be pressured by lower
origination volumes and asset levels and narrower interest
margins.  These challenges notwithstanding, Moody's believes
Ford Credit's stand-alone profile is modestly stronger than its
current debt rating would indicate.

"Ford's assertion that it intends to maintain control of Ford
Credit means that Ford Credit's profile continues to be subject
to the direction and oversight provided by
Ford, which links Ford Credit's ratings with Ford's," said
Wasden.

The major elements of Ford's accelerated restructuring plan
include:

     -- reducing hourly employment levels by 25,000 to 30,000
        workers and thereby achieving 100% manned capacity
        utilization by 2008;

     -- lowering operating costs by $5 billion; increasing the
        product renewal rate in North American from an
        originally planned level of approximately 55% to 70%
        during the next two and a half years; and

     -- maintaining US market share at 14% to 15% despite the
        discontinuance of the high volume Taurus and Freestar
        lines.

                        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 Says Downgrades Have No Impact On CDO Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services said that the Sept. 19, 2006,
lowering of the long-term credit ratings on Ford Motor Co.
(Ford; B/Negative/B-3) and Ford Motor Credit Co.
(Ford Credit; B/Negative/B-3) would have no impact on the
ratings assigned to its global rated synthetic CDO (SCDO)
transactions. Before the downgrade, the ratings on Ford and Ford
Credit were 'B+' and were on CreditWatch with negative
implications.

Out of North America, Europe, and Japan, 1,317 of Standard &
Poor's publicly and privately rated SCDO transactions had Ford
and/or Ford Credit as reference obligors in their portfolios. In
Asia (excluding Japan), 57 of Standard & Poor's publicly rated
SCDO transactions had Ford and/or Ford Credit as reference
obligors in their portfolios.

NUMBER OF SCDO TRANSACTIONS WITH EXPOSURE TO FORD AND FORD
CREDIT
                                      Ford Motor    Total No. of
unique
Region               Ford Motor Co.   Credit Co.
transactions*
Europe               614              548           982
North America        130              142           241
Japan                58               66            94
Asia (excl. Japan)** 21               36            57

*Unique transactions represent the number of transactions that
have exposure to either Ford, Ford Credit, or both, counting a
transaction with exposure to both names once.  **Asia (excl.
Japan) includes only publicly rated SCDO transactions.

Relative to the total universe of rated SCDOs, the number of
transactions with exposure to Ford and Ford Credit is moderate,
accounting for approximately 40% of globally rated SCDO
transactions.

Because Standard & Poor's policy for SCDO surveillance requires
corporate obligors with ratings on CreditWatch negative to be
treated as if they were already downgraded one notch,
yesterday's Ford downgrades will have no impact on the ratings
assigned to Standard & Poor's rated SCDO transactions.

                        About Ford Motor

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

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

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

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

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


JAPAN AIRLINES: International and Domestic Units to Merge Oct. 1
----------------------------------------------------------------
Starting October 1, 2006, Japan Airlines will be a single
operating company, following the unification of the present two
operating companies, JAL International and JAL Domestic.  This
change will complete the process of integrating the former Japan
Airlines and Japan Air System.

The new single operating company will bear the name Japan
Airlines International.

Unification of the two JAL operating companies will achieve
greater efficiency and cost reduction by the elimination of
duplication and will improve intra-company communications.

JAL International and JAL Domestic were formed in April 2004 to
take over the roles of the former Japan Airlines and the former
Japan Air System.  The two JAL Group operating companies were
based on the legal entities of their separate predecessors.
Overseeing their operations was a holding company, Japan
Airlines Corporation, which remains in that role.

During the initial process of integration of Japan Airlines and
Japan Air Systems, which took place from October 2002 to April
2004, the group concentrated on enhancing collective strength
and corporate value.  But this has been negatively impacted by a
series of adverse global events: terrorism, the war in Iraq,
SARS outbreaks and most recently by record-breaking fuel prices.

As a result of this impact and its effect on fundamental changes
in the business environment, JAL management felt that further
integration was both necessary and desirable to create a new
organization by blending the two operating companies into one.
The decision to create the new unified company was announced on
February 4, 2005, with the target for completion in FY2006.

Under a streamlined administrative structure, the new unified
JAL Group organization will be capable of flexibly coping with
the continued upheaval in the international business
environment.

The original plan for integration of the two former competitors,
JAL and Japan Air Systems, brought the new organization huge
cost benefits in Japan.  They were able to combine sales and
ticket offices, airport facilities including check-in counters,
administration offices, flight operations departments and ground
service facilities.  Taking into account staff reductions,
economies through fleet reduction and other effects, the net
integration were estimated at about 50 billion yen for 2005.

Integration created a stronger, more competitive airline with a
50% domestic market share, matching chief rival All Nippon
Airways in terms of domestic capacity and network power.

Traditionally, the Japan domestic market is more stable than the
international marketplace and the combination of the domestic
revenues of JAL and Japan Air Systems gave the new JAL Group
added financial strength. Domestic revenue generated by the
integration now matches JAL international passenger revenues,
creating a better revenue balance.  Before integration, JAL
domestic revenues accounted for only 30 percent of total sales
revenues and international revenue accounted for 70 percent,
making the former JAL over-reliant on the more volatile
international market.

Measures now being taken to unify operations further include
merging the cabin attendants' organization by blending crews of
JAL International and the former JAL Domestic.  This involves
international crew training for JAL Domestic crew.  There will
also be exchanges in cabin crew management teams.

                      About Japan Airlines

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

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

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

                          *     *     *

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


JAPAN AIRLINES: Revamps Overseas Routes
---------------------------------------
Japan Airlines Corporation will suspend starting March 2007
seven weekly flights in the unprofitable routes between Osaka,
Japan and Brisbane and Sydney, Australia, The Asahi Shimbun
reveals.

Earlier, Japan Airlines has unveiled plans to halt by next month
four weekly Nagoya-Manila flights and halve the 14 weekly Tokyo-
Chicago flights, the report says.

Instead, the carrier will increase flights connecting Tokyo with
Guangzhou, Amoy and Los Angeles from October, the report adds.

                    About Japan Airlines

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

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

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

                          *     *     *

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


KIYO BANK: Moody's Affirms E+ Financial Strength Rating
-------------------------------------------------------
Moody's Investors Service affirmed on September 21, 2006, Kiyo
Bank, Ltd.'s Baa2/Prime-2 long-term/short-term deposit ratings
and E+ bank financial strength rating.  The rating outlook is
positive.  This affirmation follows Kiyo Holdings Inc.'s
application for public funds amounting to JPY31.5bn in the form
of convertible preferred stocks.

Moody's notes that following the receipt of the funds, applied
for under the Financial Function Strengthening Law, Kiyo Bank's
Tier 1 ratio is to increase by around 2%, as the holding company
intends to inject all the funds into the bank and thus
strengthen its capital.

Moody's understands that Kiyo Bank's capital increase is in line
with its plan to actively expand its business, utilizing the
Financial Function Strengthening Law.  That said, Kiyo Holdings
is likely to buy back injected preferred stocks in the near
term, using accumulated earnings at Kiyo Bank.  As these stocks
are not permanent capital, the capitalization is likely to have
a minimal impact on their credit fundamentals.

Going forward, Moody's will continue to monitor progress in Kiyo
Bank's operating performance.  If the bank successfully improves
its profitability and operating efficiency and then quickly
accumulates earnings, there could be a positive impact on the
ratings.  On the other hand, if the bank faces profitability
deterioration or credit cost increases, there could be a
negative impact on the ratings.

Kiyo Bank, Ltd., headquartered in Wakayama City, is the largest
regional bank in Wakayama Prefecture.  Its total asset size was
around JPY2.8 trillion as of March 2006. It plans to merge on
October 10, 2006 with The Wakayama Bank, Ltd., which had a total
asset size of JPY0.4 trillion as of March 2006.


LIVEDOOR: Major Witness Contradicts Earlier Testimony
-----------------------------------------------------
A top witness in the trial of Livedoor Company's founder and
former president, Takafumi Horie, reversed his earlier
statements and said he believes that Mr. Horie is unaware about
the allegations hurled against him, The Japan Times reports,
citing the Associated Press.

As reported by the Troubled Company Reporter - Asia Pacific on
September 18, 2006, former Livedoor Chief Financial Officer
Ryoji Miyauchi on September 15, 2006, appeared before the Tokyo
District Court to testify at Mr. Horie's fifth hearing.  Mr.
Miyauchi told the court that Mr. Horie directed efforts to
falsify Livedoor's financial information.

However, Mr. Miyauchi surprised the court in September 20, 2006,
when he said Mr. Horie told him he didn't know about a scheme
that used fabricated sales to inflate earnings to gain illicit
cash from stock swaps, Japan Times reports.

According to Business Week, Mr. Miyauchi is the critical link
between Mr. Horie and the allegations outlined by prosecutors,
who accuse Mr. Horie of using "dummy" companies to buy and sell
shares to inflate Livedoor's profits.

Mr. Miyauchi's testimony, however, failed to point Mr. Horie as
the mastermind of the alleged scam, Business Week reveals.  Like
previous witnesses, Mr. Miyauchi told the court that Hideaki
Noguchi, another Livedoor executive, had engineered and proposed
the scheme.  Mr. Noguchi died in what police said was a suicide
after the Livedoor investigation surfaced this year.

Mr. Horie and Mr. Miyauchi are among the former Livedoor
executives accused of tampering with the company's financial
statements for the year ended Sept. 30, 2004, and spreading
false information on a subsidiary's takeover of a publisher in
October-November 2004 to raise the subsidiary's stock price and
corporate value, the TCR-AP said.

While Mr. Miyauchi pleaded guilty to securities violations to
try to win a lighter sentence, Mr. Horie pleaded not guilty to
the charges against him.  The defense claims Mr. Horie lacked
the accounting acumen to concoct the plot alleged by prosecutors
and was too busy with publicity campaigns for Livedoor, Japan
Times says.

As reported by the TCR-AP, Mr. Miyauchi is scheduled to testify
as a key witness for the prosecution at Mr. Horie's trial
through the ninth hearing slated for Sept. 29.  Mr. Horie's
trial kicked off on Sept. 4.  The court is slated to hold a
total of 26 hearings by Nov. 28 in an attempt to hand down a
ruling before next March.

                          *     *     *

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

The Troubled Company Reporter - Asia Pacific reported on January
18, 2006, that former Livedoor President Takafumi Horie and
other Livedoor directors were found to have conspired to cover
up the Company's JPY310-million pre-tax loss for the business
year ended September 2004, by tampering financial accounts to
instead show an inflated pre-tax profit of
JPY5.03 billion.  Moreover, Mr. Horie and the Company executives
allegedly relayed false information on a merger, with the intent
to boost the stock price of Livedoor Marketing Co.

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


MICRON TECHNOLOGY: Toshiba Settles Suit with US$288 Mil. Payment
----------------------------------------------------------------
Micron Technology, Inc., has entered into agreements with
Toshiba Corp. for the purchase of certain of Micron's
semiconductor technology patents and license patents previously
owned by Lexar Media, Inc. in exchange for payments totaling
US$288 million.

The agreements settle all outstanding NAND flash memory-related
litigation between Toshiba Corp., its subsidiaries and Lexar
Media, Inc., which Micron acquired in June.  As a result of the
license and purchase agreements, the litigation pending between
Toshiba and Lexar in the Northern District of California U.S.
District Court, the International Trade Commission and
California Court of Appeals will be dismissed.

"We appreciate that Micron approached this issue in a positive
spirit that allowed the parties to work together to bring all
outstanding litigation and claims to a full and final
resolution," said Masashi Muromachi, corporate executive vice
president of Toshiba Corp. and president and CEO of Toshiba's
Semiconductor Company.  "Going forward, we will continue to
contribute to the growth and development of the NAND flash
industry."

"We have enjoyed a strong relationship with Toshiba for a number
of years, have the highest respect for Toshiba as an innovator
in flash technology and see no merit in continuing to pursue
this litigation," said Steve Appleton, Micron chairman, CEO and
president.

                         About Toshiba

Toshiba -- http://www.toshiba.co.jp/-- is a diversified
manufacturer and marketer of advanced electronic and electrical
products spanning information and communications equipment and
systems, digital consumer products, electronic devices and
components, power systems, industrial and social infrastructure
systems, and home appliances.  Toshiba has 172,000 employees
worldwide and annual sales of over US$54 billion.

                          About Micron

Micron Technology, Inc. (NYSE:MU) -- http://www.micron.com-- is
a worldwide provider of semiconductor solutions.  Through its
worldwide operations, Micron manufactures and markets DRAMs,
NAND flash memory, CMOS image sensors, other semiconductor
components, and memory modules for use in leading-edge
computing, consumer, networking, and mobile products.  Micron
has worldwide locations including those in China, India, Japan,
Korea, Singapore, and Taiwan.  Micron's presence in Japan
includes offices in Tokyo and Osaka, a fabrication facility in
Nishiwaki, and design centers in Tsukuba and in Tokyo.

                          *     *     *

On Dec. 8, 2005, Moody's Investors Service revised its ratings
outlook on Micron Technology to stable (Corporate Family Rating
at Ba3).  Moody's affirmed the Company's Ba3 Senior Implied
rating, Ba3 Issuer rating, (P) Ba3 Senior unsecured shelf
registration rating, (P) B2 Subordinated shelf registration
rating, B2 rating on US$632 million 2.5% convertible
subordinated notes due Feb. 2010 and B2 rating on US$210 million
6.5%, junior subordinated notes.


MICRON TECHNOLOGY: Earns US$89MM of Net Income in 3rd Quarter
-------------------------------------------------------------
Micron Technology, Inc., reported US$89 million net income on
net sales of US$1.3 billion for its third quarter of fiscal
2006, ended June 1, 2006.  For the first nine months of fiscal
2006, the Company reported net income of US$344 million on net
sales of US$3.9 billion.

The Company's gross margin increased from 19 percent in the
second quarter to 25 percent in the third quarter due to
increases in DRAM pricing and production shifts to higher margin
products including CMOS image sensors.  Net sales of CMOS image
sensors increased 34 percent in the third quarter of fiscal 2006
while net sales of Memory products increased slightly.  Imaging
sales grew to approximately 16 percent of the Company's net
sales for the third quarter of fiscal 2006 as a result of strong
customer demand for Micron's industry-leading Digital
Clarity(TM) products.

Steven R. Appleton, Micron's chairman, CEO and president,
commented, "Micron continues to focus its resources on higher
margin product offerings in markets outside the traditional PC
DRAM arena.  For the first time, as a result of our successful
diversification efforts, sales of products other than PC DRAM
devices comprised a majority of Micron's sales."

In the third quarter, megabit average selling prices for DDR and
DDR2 memory products increased approximately 20 percent.
Megabit sales of these products decreased approximately 15
percent compared to the second quarter as production resources
were shifted to Imaging and NAND flash memory products.  Sales
of NAND flash memory products represented five percent of the
Company's total net sales in the third quarter of fiscal 2006.

At the end of the third quarter of fiscal 2006, the Company had
US$2.8 billion in cash and short-term investments.
Approximately US$748 million of the cash and short-term
investments are held at, and anticipated to be used in the near
term by, IM Flash and TECH Semiconductor.  During the third
quarter, the Company generated US$384 million in cash from
operations and invested US$417 million in capital expenditures.
The Company anticipates capital additions for fiscal year 2006
to be approximately US$2.2 billion.

On June 21, 2006, the Company acquired all of the outstanding
common stock of Lexar Media, Inc., in a stock-for-stock merger.
Under the terms of the merger agreement, each outstanding share
of Lexar common stock was eligible to receive 0.5925 shares of
common stock of the Company.  The Company issued approximately
50 million shares of common stock to former shareholders of
Lexar.  The aggregate purchase price reflected in the merger,
including the value of stock options converted from Lexar's
employee stock option plan, is expected to be approximately
US$900 million.  The Company's fourth fiscal quarter revenue is
not expected to increase measurably as a result of the Lexar
acquisition as the Company will not recognize revenue from Lexar
products in the distribution channel at the June 21, 2006
acquisition date.

                          About Micron

Micron Technology, Inc. (NYSE:MU) -- http://www.micron.com-- is
a worldwide provider of semiconductor solutions.  Through its
worldwide operations, Micron manufactures and markets DRAMs,
NAND flash memory, CMOS image sensors, other semiconductor
components, and memory modules for use in leading-edge
computing, consumer, networking, and mobile products.  Micron
has worldwide locations including those in China, India, Japan,
Korea, Singapore, and Taiwan.  Micron's presence in Japan
includes offices in Tokyo and Osaka, a fabrication facility in
Nishiwaki, and design centers in Tsukuba and in Tokyo.

                          *     *     *

On Dec. 8, 2005, Moody's Investors Service revised its ratings
outlook on Micron Technology to stable (Corporate Family Rating
at Ba3).  Moody's affirmed the Company's Ba3 Senior Implied
rating, Ba3 Issuer rating, (P) Ba3 Senior unsecured shelf
registration rating, (P) B2 Subordinated shelf registration
rating, B2 rating on US$632 million 2.5% convertible
subordinated notes due Feb. 2010 and B2 rating on US$210 million
6.5%, junior subordinated notes.


PACHINKO WORLD: McKennon Wilson Raises Going Concern Doubt
----------------------------------------------------------
McKennon, Wilson & Morgan LLP expressed substantial doubt about
Pachinko World, Inc.'s ability to continue as a going concern
after auditing the Company's financial statements for the fiscal
year ended May 31, 2006.  The auditing firm pointed to the
Company's working capital deficiency at May 31, 2006.

Pachinko World, Inc., incurred a US$109,000 net loss for the
fiscal ear ended May 31, 2006, versus a net loss of US$2.7
million in 2005.

Gaming revenues for the fiscal year ended May 31, 2006, which
consist of patron wagers less payouts, increased by
approximately US$3.6 million, or 14.4%, to approximately US$28.4
million, from US$24.8 million in fiscal 2005.  In each of fiscal
years 2005 and 2006, gaming revenues were negatively impacted by
the higher patron payouts that the Company incurs in building
the customer base for each newly opened pachinko store.  Gaming
revenues as a percentage of total patron wagers increased by 110
basis points year over year, from 11.3% in fiscal 2005 to 12.4%
in fiscal 2006.

Gross wagers increased by approximately US$9.3 million, or 4.2%,
from approximately US$219.4 million in the 2005 fiscal year to
US$228.7 million in fiscal 2006.  The Company's newest store,
which opened in December 2005, contributed US$32.9 million of
the year-over-year increase in gross wagers.  Same-store wagers
were down at all the Company's other stores in fiscal 2006
versus fiscal 2005. While payouts increased by US$5.7 million,
or 3%, from US$194.6 million in fiscal 2005 to US$200.3 million
in fiscal 2006, payouts as a percentage of wagers decreased from
88.7% to 87.6% year over year.

                      Fourth-Quarter Results

Pachinko World's gaming revenues for the three months ended May
31, 2006, which consist of patron wagers less payouts, increased
by approximately US$1.1 million, or 14.7%, to approximately
US$8.4 million, from US$7.3 million in the fourth quarter of
fiscal 2005.

The Company's net income for the fiscal 2006 fourth quarter
ended May 31 totaled approximately US$595,000, versus a net loss
of approximately US$1.6 million in the fiscal 2005 fourth
quarter.

"Pachinko World's revenue base has grown consistently in the
past three years.  Our fiscal 2006 results reflect cost savings
achieved through operational streamlining, as well as adopting
new marketing strategies, which have enabled us to achieve
profitability in the fiscal 2006 fourth quarter," commented
Henry Miyano, Pachinko World's Corporate Secretary.

"Our overall improved performance is largely attributable to the
larger, up-to-date design of our newer locations.  One of these
locations, Oyama, suffered higher-than-expected losses in the
first twelve months after opening, due to competition with a
store run by a larger pachinko chain.  But we have reversed this
trend and Oyama is now profitable.  We believe that the enhanced
profitability of our larger new-store format is proven, once a
new store has established its customer base, and plan to
replicate it for stores we open in the future.  We have three
older stores, which have been posting declining wagers and
revenues, and we are exploring remodeling, closing or putting
these stores to alternative uses to further improve our overall
profitability."

Mr. Miyano concluded, "We were pleased to recognize net income
in the fourth quarter of fiscal 2006 totaling approximately
US$595,000, or US$0.03 per share.  We are seeing the
continuation of positive operating trends during the first
quarter of fiscal 2007 and continue to look forward to an
additional store opening late in the 2007 fiscal year."

A full-text copy of the Company's annual report is available for
free at http://researcharchives.com/t/s?11f7

                      About Pachinko World

Pachinko World, fka Exam U.S.A., Inc., through its subsidiaries,
engages in the ownership and operation of stores in Japan
offering pachinko gaming entertainment.  As of May 31, 2006, the
Company operated seven stores, comprising 3,392 pachinko and
pachislo machines.  Its stores are located in the Aichi
prefecture and Tochigi prefecture in the north of Japan's
greater Kanto area.  The Company is also involved in the sale of
cigarettes, non-alcoholic beverages, and sundry items, as well
as in the operation of two small restaurants.  Founded by Yoneji
Hirabayashi in 1956, the Company is headquartered in Huntington
Beach, California.


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

HANAROTELECOM: First Korean Carrier to Deploy VoIP Services
-----------------------------------------------------------
hanarotelecom Inc. is the first Korean carrier to offer carrier-
based Voice over the Internet Protocol Services to businesses,
United States-based Lucent Technologies pointed out in a press
release.  Lucent struck a deal with hanarotelecom allowing the
Korean service provider to deploy Lucent's VoIP solution.

According to Lucent, its VoIP solution will enable hanarotelecom
to provide traditional business voice services, like call
forwarding and conference calling, as well as innovative IP-
based features that can include interactive voice response, one-
number calling and Web-based integrated business features that
allow customers to manage their voice services via their
computers.

Lucent Worldwide Services will provide professional services
including engineering and installation for the deployment.

"In order to grow revenues, [hanarotelecom] is focusing on the
enterprise market and expanding its services portfolio for
business customers," the release quoted hanarotelecom Senior VP
SeungSeog Lee as saying.  "We believe that Lucent will help us
successfully deploy VoIP services to enterprise customers."

                    About hanarotelecom

hanarotelecom Inc. -- http://www.hanaro.com/-- is the second
largest player in the Korean local telephone market.  It
provides high-speed Internet services in Korea.  It provides
high-speed Internet services in Korea.  In June 2001, the
company integrated broadband Internet access services which
included ADSL, Hybrid Fiber Coaxial cables and Broadband
Wireless Local Loop into a single brand called HanaFOS.
hanarotelecom offers VoIP services to its broadband business
customers as a bundled service and also as a stand alone
service.

                          *     *     *

Moody's Investor Service has given hanarotelecom's long-term
corporate family and senior unsecured debt 'Ba2' ratings.

Standard and Poor's gave both hanarotelecom's long-term foreign
issuer credit and long-term local foreign issuer credit 'BB'
ratings.


KOOKMIN BANK: To Emerge Major Player in Fin'l Industry, KH Says
---------------------------------------------------------------
Kookmin Bank is set to become an undisputed powerhouse in
Korea's financial industry, according to Park Jung-youn of The
Korea Herald.

As support for his statement, Mr. Park points out Kookmin Bank's
imminent acquisition of Korea Exchange Bank and its strong
earning records.

As widely reported, United States-based Lone Star Funds agreed
to sell its majority stake in KEB to Kookmin.  The completion of
the sale, however, has been delayed because of pricing
disagreements and the ongoing investigation by South Korean
authorities into Lone Star.

"Expectations over synergy with KEB is high; Kookmin will
benefit from KEB's overseas business experience in its quest for
overseas growth," The Herald quotes the Seoul Securities Co. as
saying in a recent report.

The Herald also points out the sharp rise in Kookmin Bank's net
earnings.  The Company earned more than KRW1.58 trillion in the
first half this year, almost an 80% increase in the past year.

Furthermore, The Herald adds, Kookmin Bank's asset quality
continues to improve.

Mr. Park also believes that profit opportunities abound for the
Company, including the sale of its stake in LG Card.

Han Jung-tae, an analyst at Mirae Asset Securities Co., told the
Herald that Mirae Asset maintains "a rating of 'top pick' on
Kookmin, since its corporate value will rise quickly as its
asset structure is becoming healthier."

                      About Kookmin Bank

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

                          *     *     *

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

Fitch Ratings gave the bank a B/C rating.


KRISPY KREME: Sees US$110M Second-Quarter Revenues
--------------------------------------------------
Krispy Kreme Doughnuts, Inc., on a preliminary basis, expects to
report revenues of approximately US$110 million for the second
quarter of fiscal 2007, which ended July 30, 2006, compared to
revenues of approximately US$140 million for the second quarter
of fiscal 2006.

The decrease in revenues reflects a decline in the number of
Company stores as well as lower sales to franchisees by the
Company's Manufacturing and Distribution segment.

Systemwide sales fell approximately 15% in the second quarter of
fiscal 2007 compared to the second quarter of the prior year
primarily due to an approximately 17% decrease in the number of
factory stores to 303 (total stores, including satellites,
decreased approximately 6%).

Average weekly sales per factory store (which is computed by
dividing sales from all factory and satellite stores by the
number of factory stores in operation) increased approximately
8% and 5% in Company stores and systemwide, respectively,
compared to the second quarter of fiscal 2006.

Average weekly sales per store (which is computed by dividing
sales from all factory and satellite stores by the aggregate
number of all the stores in operation) increased approximately
7% for Company stores and decreased approximately 8% systemwide,
compared to the second quarter of fiscal 2006.

Systemwide average sales per store declined while Company
average sales per store rose principally because the growth in
satellite stores, which have lower average sales than factory
stores, largely has been concentrated in franchise stores and
not in Company stores.  The average sales per unit data reflect,
among other things, store closures and the related shift in off-
premises doughnut production into a smaller number of stores.

Systemwide sales data include sales at all Company and franchise
locations.  Systemwide sales is a non-GAAP financial measure;
however, the Company believes systemwide sales information is
useful in assessing the overall performance of the Krispy Kreme
brand and, ultimately, the performance of the Company.

"We continue to make progress in Krispy Kreme's turnaround,"
said Daryl Brewster, President and Chief Executive Officer. "In
the past quarter we resolved several legal disputes with
franchisees. We reduced our guarantees of franchisee obligations
from approximately US$22 million to approximately US$14 million
and successfully executed pricing to offset rising input costs.
In the United States, we saw signs of stability in company
stores as evidenced by average weekly sales trends. We also
advanced our international expansion plans with the signing of
franchisees in six new markets."

The Company noted that its financial results continue to be
adversely affected by the substantial costs associated with the
legal and regulatory matters previously disclosed by the
Company.  The Company expects to report a net loss for the
second quarter of fiscal 2007.

                        Financial Position

The Company believes that cash flow from operations, combined
with other anticipated cash inflows, will be sufficient to meet
its liquidity needs.  As of July 30, 2006, the Company's cash
balance was approximately US$28 million and its indebtedness was
approximately US$121 million (including capital lease
obligations), compared to approximately US$16 million and
US$123 million, respectively, at January 29, 2006.  The January
amounts exclude amounts relating to Glazed Investments, its sole
consolidated franchisee at the time.  As of July 30, 2006, the
Company had no consolidated franchisees.

                       About Krispy Kreme

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) --http://www.krispykreme.com/-- is a leading
branded specialty retailer of premium quality doughnuts,
including the Company's signature Hot Original Glazed.  There
are currently approximately 300 Krispy Kreme stores and 90
satellites operating systemwide in the U.S., Australia, Canada,
Mexico, the United Kingdom and the Republic of South Korea.

Headquartered in Winston-Salem, North Carolina, Freedom Rings
LLC is a majority-owned subsidiary and franchisee partner of
Krispy Kreme Doughnuts, Inc., in the Philadelphia region.  The
Debtor operates six out of the approximately 360 Krispy Kreme
stores and 50 satellites located worldwide.  The Company filed
for chapter 11 protection on Oct. 16, 2005 (Bankr. D. Del. Case
No. 05-14268).

M. Blake Cleary, Esq., Margaret B. Whiteman, Esq., and Matthew
Barry Lunn, Esq., at Young Conaway Stargatt & Taylor, LLP,
represent the Debtor in its restructuring efforts.  When the
Debtor filed for protection from its creditors, it estimated
US$10 million to US$50 million in assets and debts.

Headquartered in Oak Brook, Illinois, Glazed Investments, LLC,
is a 97%-owned unit of Krispy Kreme.  Glazed filed for chapter
11 protection on Feb. 3, 2006 (Bankr. N.D. Ill. Case No. 06-
00932).

The bankruptcy filing will facilitate the sale of 12 Krispy
Kreme stores, as well as the franchise development rights for
Colorado, Minnesota and Wisconsin, for approximately $10 million
to Westward Dough, the Krispy Kreme area developer for Nevada,
Utah, Idaho, Wyoming and Montana.  Daniel A. Zazove, Esq., at
Perkins Coie LLP represents Glazed in its restructuring efforts.
When Glazed filed for protection from its creditors, it
estimated assets and debts between US$10 million to US$50
million.

KremeKo, Inc., Krispy Kreme's Canadian franchisee, is currently
restructuring under the Companies' Creditors Arrangement Act.
Pursuant to the Court's Initial Order, Ernst & Young Inc. was
appointed as Monitor in KremeKo's CCAA proceedings.  The Monitor
is attempting to sell the KremeKo business.


KRISPY KREME: A.J. Schindler Joins Board as Independent Director
----------------------------------------------------------------
Krispy Kreme Doughnuts, Inc., revealed the appointment of Andrew
J. Schindler to its Board of Directors.

Mr. Schindler was formerly Chairman and Chief Executive Officer
of R.J. Reynolds Tobacco Holdings and Chairman of Reynolds
American Inc., a company formed in 2004 by the merging of R.J.
Reynolds Tobacco Holdings and the U.S. operations of Brown &
Williamson Tobacco Corporation.  In over thirty years with
Reynolds, Mr. Schindler held various senior management
positions, including Director of Manufacturing for Nabisco
Foods, Vice President of Personnel, Executive Vice President of
Operations and Chief Operating Officer.  In addition to Krispy
Kreme's board, Mr. Schindler currently serves on the board of
directors of ArvinMeritor Inc., Pike Electric Company, and
Hanesbrands Inc.

"We are pleased that Andy is joining our board as a new
independent director," said James H. Morgan, Chairman of the
Board of Krispy Kreme. "Andy's broad perspective as a chief
executive officer and his skills in marketing, operations,
strategic change and personnel development will serve Krispy
Kreme's shareholders well. He is highly regarded for his
leadership skills and we look forward to his contributions as we
continue our progress in the Company's turnaround."

Mr. Schindler's appointment is the result of a Board resolution
creating an additional directorship, effective as of
September 19, 2006.
                       About Krispy Kreme

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) --http://www.krispykreme.com/-- is a leading
branded specialty retailer of premium quality doughnuts,
including the Company's signature Hot Original Glazed.  There
are currently approximately 300 Krispy Kreme stores and 90
satellites operating systemwide in the U.S., Australia, Canada,
Mexico, the United Kingdom and the Republic of South Korea.

Headquartered in Winston-Salem, North Carolina, Freedom Rings
LLC is a majority-owned subsidiary and franchisee partner of
Krispy Kreme Doughnuts, Inc., in the Philadelphia region.  The
Debtor operates six out of the approximately 360 Krispy Kreme
stores and 50 satellites located worldwide.  The Company filed
for chapter 11 protection on Oct. 16, 2005 (Bankr. D. Del. Case
No. 05-14268).

M. Blake Cleary, Esq., Margaret B. Whiteman, Esq., and Matthew
Barry Lunn, Esq., at Young Conaway Stargatt & Taylor, LLP,
represent the Debtor in its restructuring efforts.  When the
Debtor filed for protection from its creditors, it estimated
US$10 million to US$50 million in assets and debts.

Headquartered in Oak Brook, Illinois, Glazed Investments, LLC,
is a 97%-owned unit of Krispy Kreme.  Glazed filed for chapter
11 protection on Feb. 3, 2006 (Bankr. N.D. Ill. Case No. 06-
00932).

The bankruptcy filing will facilitate the sale of 12 Krispy
Kreme stores, as well as the franchise development rights for
Colorado, Minnesota and Wisconsin, for approximately $10 million
to Westward Dough, the Krispy Kreme area developer for Nevada,
Utah, Idaho, Wyoming and Montana.  Daniel A. Zazove, Esq., at
Perkins Coie LLP represents Glazed in its restructuring efforts.
When Glazed filed for protection from its creditors, it
estimated assets and debts between US$10 million to US$50
million.

KremeKo, Inc., Krispy Kreme's Canadian franchisee, is currently
restructuring under the Companies' Creditors Arrangement Act.
Pursuant to the Court's Initial Order, Ernst & Young Inc. was
appointed as Monitor in KremeKo's CCAA proceedings.  The Monitor
is attempting to sell the KremeKo business.


SANDISK CORP: Names Juha Raisanen as Senior Vice President
----------------------------------------------------------
SanDisk(R) Corporation announced the appointment of Juha
Raisanen as senior vice president.  Mr. Raisanen, who brings
more than 20 years of industry experience in demand management
and supply chain operations, will be responsible for the
company's worldwide operations and supply chain and will report
to Dr. Randhir Thakur, executive vice president of technology
and worldwide operations.

To manage SanDisk's global manufacturing that includes locations
throughout Asia, Mr. Raisanen will be stationed in Shanghai,
where he will be responsible for managing end-to-end supply
chain and overseeing the worldwide manufacturing operations
organization.  In addition, he will continue to drive
operational efficiency and effectiveness to further strengthen
SanDisk's leadership in the areas of product cost, quality and
customer satisfaction.  The strategic transformation of the
supply chain is an important step for the next phase of growth
for the company.

Dr. Thakur said, "Juha's extensive experience and management
skills will be of tremendous value to manage our growth and
leverage our extensive manufacturing operations to meet the
increasing worldwide demand for our products.  His understanding
of our customer base is vital in scaling our operations and
infrastructure for our growing retail and OEM businesses."

Most recently, Mr. Raisanen was vice president at Nokia
Corporation, where he was in charge of the supply chain and
operations process as well as systems solutions development for
the entire corporation.  Previously, he was in charge of various
operations, logistics and sourcing organizations on a regional
or business division level in both Asia and Europe.  Prior to
Nokia, he worked in various executive roles including operations
management at ICL Fujitsu.  In addition, he served as editor and
co-editor for a variety of industry publications.

Raisanen holds a M.S. degree in Industrial Engineering,
Information Technology and Mechanical Engineering from Helsinki
University of Technology.

                       About Sandisk Corp.

Headquartered in Milpitas, Calif., SanDisk Corp. (NASDAQ:SNDK)
-- http://www.sandisk.com/-- manufactures various formats of
flash memory cards for use in consumer electronics products,
including digital cameras, mobile phones, and game systems.  In
addition, the company produces devices such as USB drives and
MP3 music players.  SanDisk has worldwide locations in China,
Ireland, India, Israel, Japan, Taiwan and Korea.

                          *     *     *

As reported in the Troubled Company Reporter on May 11, 2006,
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Sunnyvale, California-based SanDisk Corp.'s proposed issue of
$1.0 billion of senior unsecured convertible notes due 2013.
The 'BB-' corporate credit rating on SanDisk was affirmed.  The
rating outlook is stable.


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

ANTAH HOLDINGS: Azam Suit Hearing Adjourned to Nov. 15
------------------------------------------------------
The hearing to consider a lawsuit filed by Azam Developer &
Construction Sdn Bhd against Antah Holdings Berhad's subsidiary,
Kaseh Lebuhraya Sdn Bhd, is postponed to November 15, 2006.

The hearing was previously set for September 19.

As reported by the Troubled Company Reporter - Asia Pacific on
August 1, 2006, Kaseh Lebuhraya received a Writ of Summons from
Azam Developer.  Azam asserted a MYR19.4-million compensation
claim and sought an injunction order against Antah's subsidiary.

The Kuala Lumpur High Court later denied the injunction.

Azam also sought payment of interest on the compensation claim
and costs associated with the suit.

                     About Antah Holdings

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Antah Holdings Berhad -- http://www.antah.com.my/--  
manufactures and trades pharmaceutical products and fluid
engineering and manufacturing.  The Company's other activities
include retailing of houseware and kitchenware, property
development, insurance broking, provision of management
services, and investment holding.  The Group discontinued its
beverage and security services operations.  The Group operates
in Malaysia, Australia, United Kingdom, and Singapore.

The Company's balance sheet as of June 30, 2006, showed total
assets of MYR678.492 million and total liabilities of
MYR1.039 billion, resulting into a shareholders' deficit of
MYR361.167 million.


AYER MOLEK: Embarks on Palm Oil Activities in Sumatra
-----------------------------------------------------
The Ayer Molek Rubber Company Berhad's wholly owned subsidiary,
The Ayer Molek Industries Sdn Bhd, has entered into agreements
with oil palm plantation owners in Central Sumatra to undertake
the development of six palm oil mills.

The six mills are expected to be built with a production
capacity of 60 metric tonne per hour, and shall be exclusively
owned, managed, erected and commissioned by The Ayer Molek
Industries.

The development of the mills is expected to be completed by
early 2008.

                     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.


COMSA FARMS: Defaults on MYR50-Mil Unsecured Redeemable Bonds
-------------------------------------------------------------
Comsa Farms Berhad's Board of Directors informs Bursa Malaysia
Securities Berhad that the Company has defaulted on the
repayment of principal and interests outstanding to holders of
MYR50 million redeemable unsecured bonds.

The Bonds, issued on November 6, 2000, matured on November 4,
2005.  By the Maturity Date, Comsa Farms have paid the
MYR10 million principal.  The MYR40-million balance remained
outstanding.

On May 8, 2006, Comsa entered into agreement with Malaysian
Assurance Alliance Berhad, as lender, for a MYR100-million
working capital loan facility.  Comsa intends to use the
proceeds of the Facility in this manner:

   1. MYR38 million to redeem the existing legal charges created
      on two parcels of leasehold lands together with all
      existing buildings and structure erected on it, located
      at, Quoin Hill, District of Tawau in favor of OCBC Bank
      (Malaysia) Berhad;

   2. MYR40 million to be released to AmTustee Berhad, as
      Trustee, for the purpose of redeeming the Bonds;

   3. MYR8 million to deposited with Malaysian Assurance as 12
      months' upfront interest payment for the Facility; and

   4. MYR14.0 million as working capital for the Comsa Group.

Bondholders Malaysian Assurance and Commerce International
Merchant Bankers Berhad, on May 19, 2006, permitted Comsa to
repay the outstanding amount due on the Bonds and defer the
enforcement of their existing rights under the Bonds from
November 4, 2005, to August 31, 2006.

On May 26, 2006, Malaysian Assurance registered a third-party
first charge over the Tawau Lands to secure the first tranche of
the Facility of up to MYR38 million.

On June 2, 2006, the Bondholders registered a third-party second
charge over the Tawau Lands to secure the MYR40-million
principal and the accrued interest.

On August 15, 2006, Malaysian Assurance informed Comsa that it
disallows any of the remaining tranches to be drawn down until
and unless there is any great improvement to the Company's
current financial situation.

On August 31, 2006, the expiry date of the Reprieve Period,
Comsa failed to pay the principal and the accrued interest due.

Comsa Farms is currently in the process of exploring the
possibility of undertaking a restructuring exercise to
regularize its financial positions.

The Company believes the defaults will not have any material
financial implications on it since the financing facilities
involved had already been recognized as current and non-current
liabilities in its audited financial statements as of March 31,
2005.

In term of legal aspect, the Bondholders or Trustee are entitled
to enforce any of their rights and remedies under a Trust Deed
dated November 6, 2000, Comsa Farms adds.

                   About Comsa Farms Berhad

Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff.  Its other activities include livestock,
aqua feed milling, poultry feeding, hatchery operations, and
layer farming.

On April 10, 2006, the Company was declared a Practice Note 17
company by Bursa Malaysia due to a stockholders' equity deficit.
As an affected listed issuer, Comsa Farms is required to submit
a plan to regularize its financial condition.

The Company's balance sheet as of March 31, 2006, showed total
assets of MYR200,072,000 and total liabilities of MYR273,643,000
resulting into a stockholders' deficit of MYR73,571,000.


COMSA FARMS: Wilmar Seeks Unit's Wind-Up; Claims US$1.3M
--------------------------------------------------------
Wilmar Trading Pte Ltd instituted a wind-up petition against
Comsa Farms Berhad's wholly owned subsidiary, Comsa Feedmills
Sdn Bhd.  The petition, dated April 6, 2006, was filed in the
High Court in Sabah and Sarawak at Sandakan Company.

Before the wind-up request, Wilmar sued Comsa Feedmills
asserting claims aggregating US$1,336,621 plus accrued interest
for grains supplied to the subsidiary.  The Court entered a
judgment in Wilmar's favor in October 2005.

CFSB appealed the decision.

At about the same time Wilmar filed the application for wind-up,
Comsar Feedmills also filed an application for stay of execution
and injunction.

In June 2006, the subsidiary offered to pay Wilmar MYR25,000 per
month starting July 1, 2006, and afterwards on the 1st day of
each succeeding month until the appeal has been finally
disposed.  Wilmar has not decided to accept or reject on the
proposal.

The Court will convene a hearing on October 10, 2006, to
consider the issues.

Comsa Feedmills' attorneys believe that:

   -- Comsa Feedmills will be liable for the amount claimed;

   -- the dispute will be on the time of full payment; and

   -- there are reasonable grounds to defeat the wind-up
      application if Comsa Feedmills could honor MYR25,000
      monthly payment.

                   About Comsa Farms Berhad

Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff.  Its other activities include livestock,
aqua feed milling, poultry feeding, hatchery operations, and
layer farming.

On April 10, 2006, the Company was declared a Practice Note 17
company by Bursa Malaysia due to a stockholders' equity deficit.
As an affected listed issuer, Comsa Farms is required to submit
a plan to regularize its financial condition.

The Company's balance sheet as of March 31, 2006, showed total
assets of MYR200,072,000 and total liabilities of MYR273,643,000
resulting into a stockholders' deficit of MYR73,571,000.


METROPLEX BERHAD: Court Adjourns Appeal Hearing to Oct. 17
----------------------------------------------------------
The Kuala Lumpur High Court further postponed to October 17,
2006, the hearing of Metroplex Project Management Sdn Bhd's
request to set aside a default judgment.

Metroplex Project is the wholly owned subsidiary of Metroplex
Berhad.

The Default Judgment relates to a wind-up petition filed before
the Court on March 23, 2006, by Lau Ah Kow and Choong Bee Yok
against the subsidiary.  The Petitioners assert a MYR56,437
claim covering arrears of rental of a condominium leased by
Metroplex Projects.

As reported by the Troubled Company Reporter - Asia Pacific
reported on July 21, 2006, the Petitioners also sought:

   -- an 8% annual interest accrued from the date of default
      judgment until the date of full and final settlement; and

   -- MYR1,182 as payment for other costs.

The Court adjourned the hearing on the default-judgment appeal
to allow the Petitioners to file supplementary affidavit to
adduce evidence that their assignee bank consents to their
action to claim rentals.

The wind-up petition against Metroplex Project was fixed for
mention before the Court on October 20, 2006.

                    About Metroplex Berhad

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

On April 28, 2005, Morgan Stanley Emerging Markets Inc. had
filed a wind-up petition against the Company with the Kuala
Lumpur High Court.  In the event the wind-up petition succeeds,
the Company will be put into liquidation.

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

As of August 31, 2006, Metroplex's payment default reached
MYR1,790,952,181.


MYCOM BERHAD: SC Extends Time to Complete Restructuring
-------------------------------------------------------
Alliance Investment Bank Berhad, on behalf of Mycom Berhad,
advised that the Securities Commission, on September 15, 2006,
granted among others:

   -- an extension of another 12 months until December 31, 2006,
      for Mycom to complete its restructuring scheme; and

   -- an extension of another 12 months from the completion of
      the restructuring scheme for Mycom to complete the
      implementation of the remaining portion of the special
      issue of shares.

The Securities Commission informed Alliance and Mycom that the
extensions stipulated in the approval are deemed final.

                       About Mycom Berhad

Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad is engaged
in the provisions of granite quarry services, manufactures and
sells latex rubber thread, tape, plywood, laminated board and
sawn timber, cultivates oil palm fruits, and develops property.
The Company is also involved in hotel operation, provision of
management and financial services and investment holding.
Operations of the Group are carried out in Malaysia and South
Africa.

Mycom is in the advanced stage of negotiations to settle its
foreign debts.  The proposed capital reduction and consolidation
by Mycom, as well as the proposed share premium account
reduction will reduce the Company's accumulated losses.  As of
March 31, 2006, the Company registered accumulated losses of
MYR1,155,517,000. The Company's June 30, 2006, balance sheet
revealed total assets of MYR817,965,000 and total liabilities of
MYR1,351,772,000, resulting into a stockholders' deficit of
MYR521,083,000.


OLYMPIA INDUSTRIES: Buys More Time to Implement Revamp Scheme
-------------------------------------------------------------
The Securities Commission, on September 15, 2006, granted
Olympia Industries Berhad until December 31 to complete its
restructuring scheme.

The SC also extended for nine months until December 31, 2006,
the time for Olympia's subsidiary, Jupiter Securities Sdn Bhd,
to merge with at least one other stock-broking company.

The SC further advised that dates stipulated in the approval are
deemed final.

                     About Olympia Industries

Headquartered in Kuala Lumpur, Malaysia, Olympia Industries
Berhad organizing and managing numbers forecast pools and public
lotteries, operation of recreation clubs, investment holding and
property development.  Other activities include trading in
securities, paint spraying of aluminium, other metal products
and architectural products, letting of properties, maintaining
and operating internet based transaction facilities and
services, food and beverage business, events organizer and
project management, travel and tours agency, servicing of oil
and gas pipeline, asset management, money lending and
stockbroking.  Operations are carried out in Malaysia, Papua New
Guinea and Singapore.  The Company has incurred continuous
losses in the past and has also been fined many times by Bursa
Malaysia Securities for failing to maintain appropriate
standards of corporate responsibility and accountability to the
investing public.

The company's June 30, 2006, balance sheet revealed a
stockholders' deficit of MYR1,041,766,000 resulting from total
liabilities of MYR2,035,268,000 exceeding total assets of
MYR1,001,289,000.


PAXELENT CORPORATION: Dibena Wants Default Judgment Set Aside
-------------------------------------------------------------
Dibena Enterprise Sdn Bhd filed on September 15, 2006, an
application to set aside a judgment in default obtained by
Paxelent Corporation Berhad's subsidiary, Mass Media Interactive
Sdn Bhd, on August 28, 2006.

Under the judgment, Mass Media is asserting payment of
MYR1,000,000 together with pre-judgment interest of MYR9,424 and
post-judgment interest at the rate of 8% per annum on the whole
sum of MYR1,009,424 from the date of judgment until the date of
full payment, the TCR-AP added.

Pursuant to Dibena's application, an unsealed copy of the
Summons in Chamber together with the Supporting Affidavit were
served on Mass Media Interactive on September 19, 2006.

Mass Media Interactive would be filing in an affidavit in reply
to Dibena's application

                   About Paxelent Corporation

Paxelent Corporation is engaged in investment holding.  The
principal activities of the subsidiaries are property
investment, provision of information technology solutions,
investment holding, marketing and sale of hard disk drive
components.  The Company is a public limited liability company,
incorporated and domiciled in Malaysia, and is listed on the
Second Board of Bursa Malaysia Securities Berhad.

The Company is actively pursuing various restructuring schemes
to address its default issues.  These schemes would involve
raising funds through partial disposal of assets, potential
debts waivers and rescheduling of the debts.


PROTON HOLDINGS: Unit to Launch New Models Under Revamp Plan
------------------------------------------------------------
Proton Holdings Berhad's subsidiary, Group Lotus, disclosed on
Setpember 20, 2006, that the company plans to launch three new
models in the next three years, which include the new Esprit, a
new mid-range Lotus model and a Lotus/Proton high-performance
vehicle.

Group Lotus Chief Executive Officer, Michael J. Kimberley, said
that the Lotus/Proton high-performance vehicle is targeted for
launch in May 2008, followed by the new mid-range Lotus in
December 2008.  The flagship new Esprit has been extended to
incorporate more Lotus "DNA" and other enhancements to meet the
changing needs of the global marketplace, will be unveiled in
December 2009.

This is part of the company's five-year strategic business plan
that focuses on the underlying strength of the company, as
recommended through a comprehensive study on Lotus businesses.
The business plan also provides opportunities for global growth
in the high technology engineering consultancy business,
including expansion into new markets, joint ventures and
strategic alliances.

Michael Kimberley said, "This business plan will definitely set
a brighter future for Lotus. We have some great opportunities
ahead of us and some already under way. It's a very bright
future but we have to work hard to bring all opportunities to
fruition."

Meanwhile, Mr. Kimberley also stressed that the company has to
pursue cost reduction initiatives as a short-term measure to
strengthen the company's efficiency and finances to ensure that
Lotus contributes effectively to the Proton Group.

"This exercise is to match capacity with the global demand. It
is essential that we respond fast to market conditions while we
drive forward this exciting long-term plan," added Mr.
Kimberley.

Mr. Kimberley disclosed that one of the cost reduction
initiatives will be to streamline the organization. The company
plans to "right-size" its workforce through a voluntary exercise
and is expected to be completed by the end of this year.

"This will mean that a leaner, more cost effective and efficient
Lotus will be far more globally competitive and realigned for
business growth, as members of Proton."

Meanwhile, the Managing Director of Proton Holdings Berhad, Syed
Zainal Abidin Syed Mohamed Tahir mentioned that the decisions
made by the management in the United Kingdom are critical to
achieve the objectives of Lotus given the fast-changing market
conditions.

"Proton, together with the management of Group Lotus, is
determined to see that the strategic plans, company realignment
and expansion of model range will positively redefine how the
business is carried out in the markets where Lotus has presence.
These initiatives further enhance its future operational and
financial viability, as Lotus remains an important component of
the Proton Group," said Mr. Syed Zainal Abidin.

"We strongly believe that Lotus has an important role to play in
the group to enable us to become a successful automotive
engineering and manufacturing entity, and a prominent brand
globally," he added.

                     About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad
-- http://www.proton-edar.com.my/-- is engaged in
manufacturing, assembling, trading and provision of engineering
and other services in respect of motor vehicles and related
products.  Its other activities include property development,
trading of steel and related products, engine and technologies
research, development of automotive related technologies,
investment holding, importation and distribution of motor
vehicles, related spare parts and accessories, holds
intellectual property, provides engineering consultancy,
operates single make race series and carries out specific
engineering contracts.  The Group's operations are carried out
in Malaysia, England, Australia, Socialist Republic of Vietnam
and the United States of America.

Proton was reported to be among Malaysia's worst-performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter - Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner by the end of this
year.


POLYMATE HOLDINGS: AmBank Files MYR4-million Suit
-------------------------------------------------
AmBank (M) Berhad served Polymate Holdings Berhad and its
subsidiary, Polymate Packaging Sdn Bhd, a Writ of Summons and
Statement of Claim dated August 3, 2006.

AmBank asks Polymate to pay MYR4,138,386 due and owing as of
April 30, 2006, on the Bankers Acceptance issued under the
Islamic Trade Facilities.

Furthermore, AmBank seeks compensation at the rate equivalent to
the prevailing Interbank Islamic Money Market rate from May 1,
2006 to the date of full and final settlement, and costs
associated with the litigation.

As reported by the Troubled Company Reporter - Asia Pacific
yesterday, HSBC Bank Malaysia Berhad slapped Polymate and
another subsidiary a suit for more MYR17.7 million.

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.


PSC INDUSTRIES: Unveils Internal Restructuring Updates
------------------------------------------------------
As part of an internal restructuring exercise to streamline the
operations of the companies of the PSC Industries Berhad group,
PSC Petroleum Sdn Bhd's entire shareholding has been transferred
from the wholly owned subsidiary, Penang Shipbuilding &
Construction Sdn Bhd to PSC Industries.

None of the directors or substantial shareholders or persons
connected to directors and substantial shareholders of PSC
Industries has any interest, either direct or indirect, in this
restructuring exercise.

                      About PSC Industries

PSC Industries Berhad's principal activities are shipbuilding
and ship repairing. It is also involved in heavy engineering
construction, provision of shipping management services,
manufacturing of aluminium fast passenger sea ferries, supplies
equipment and machineries, marketing and distributing Exocet
Weapon system, manufacturing of confectioneries, snack food and
related products, general trading, power plant construction and
its support activities, printing, property development, and
property and investment holding.  The Group operates in
Malaysia, Australia and the Republic of Ghana.

The Company is currently formulating a regularization plan for
the Group pursuant to Practice Note 17/2005 of the Bursa
Malaysia Securities Berhad's Listing Requirements.  As of
March 31, 2006, the Company's balance sheet showed
MYR212,330,000 in total assets and MYR677,272,000 in total
liabilities, resulting in a MYR464,942,000 stockholders'
deficit.


SUREMAX GROUP: Affin Bank Asserts Over MYR4-MIllion Claim
---------------------------------------------------------
Suremax Group Berhad was served on September 19, 2006, with a
Writ of Summons and Statement of Claim, both dated September 8,
2006, by Affin Bank Berhad.

Affin Bank is asserting a claim of MYR4,247,020 as of June 15,
2006, plus an annual interest rate of 3.5% from June 16, 2006,
until the date of full settlement.

The plaintiff is also demanding payment for legal costs and
other relief as the Kuala Lumpur High Court deems reasonable.

Suremax said that the Summons will not have a material impact on
the group.  Nevertheless, the company will seek advice from its
solicitors on the next course of action.

                       About Suremax Group

Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.

Suremax Group has suffered losses since 2004 due to sluggish
market demand.  For the second quarter of the financial year
ended August 31, 2006, Suremax booked a pre-tax loss of
MYR1.32 million.  The Company is also trying to avert a series
of winding up actions against its subsidiaries.  On May 9, 2006,
Suremax was identified as a Practice Note 17 company and was
required to regularize its financial condition pursuant to the
Bursa Malaysia Securities Berhad's Listing Requirements.


SUREMAX GROUP: Receives Another Summons from Affin Bank
--------------------------------------------------------
On September 19, 2006, Affin Bank Berhad served a Writ of
Summons and Statement of Claim on Suremax Group and Suremax
Builders Sdn Bhd.

Under the suit, Affin Bank is claiming payment for debt incurred
MYR4,247,020 as of May 31, 2006, plus an annual interest rate of
3.5% from June 16, 2006, until the date of full settlement.

Affin is demanding payment for legal costs and other relief as
the Kuala Lumpur High Court deems reasonable.

Suremax said that the Summons will not have a material impact on
the group.  Nevertheless, the company will seek advice from its
solicitors on the next course of action.

                       About Suremax Group

Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.

Suremax Group has suffered losses since 2004 due to sluggish
market demand.  For the second quarter of the financial year
ended August 31, 2006, Suremax booked a pre-tax loss of
MYR1.32 million.  The Company is also trying to avert a series
of winding up actions against its subsidiaries.  On May 9, 2006,
Suremax was identified as a Practice Note 17 company and was
required to regularize its financial condition pursuant to the
Bursa Malaysia Securities Berhad's Listing Requirements.


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

NATIONAL POWER: Orders DiesoLIFT(TM) for Stationary Power Gen
-------------------------------------------------------------
International Fuel Technology, Inc., will make the first major
commercial shipment of its DiesoLIFT(TM) fuel additive to the
Philippines intended for National Power Corporation to use in
diesel-fueled stationary power generation units.  This shipment
will also provide supply to big diesel fuel industrial users
like the other power generation companies, mining and
construction companies, transportation, and other utility
companies throughout the Philippines.

Napocor's order is for DiesoLIFT to improve fuel performance of
stationary power generation units that use diesel fuel.
Napocor, which currently consumes in excess of 150,000 tons of
diesel fuel annually, expects to realize substantial fuel cost
savings.  New field trials using DiesoLIFT in bunker fuel --
which Napocor uses four times as much as diesel -- have produced
positive initial results.

Final steps in the government approval process are underway.
IFT and its exclusive distributor Equipment Engineers Inc.,
believe this process will be completed in due time.

Equipment Engineers VP and General Manager Herminio R. Morelos
state, "We feel confident we are passing the final milestone in
the NPC orderly procurement process and want to be prepared to
supply DiesoLIFT immediately to NPC and other industrial users.
This shipment will permit us to do that."

Napocor's approval process for this contract follows extensive
field trials of a number of products directed by the Philippines
Department of Energy.  The six-month-long trial established that
DiesoLIFT improved fuel economy by an average of over 6%, as
well as producing a noticeable reduction in smoke emissions.
DiesoLIFT is the only one of the technologies tested by Napocor
that delivered significant fuel economy savings.

Napocor produces more than 40,000 gigawatt-hours of electricity,
about the same amount as generated in the states of New
Hampshire, Vermont, Rhode Island, and Delaware combined.  In
2004, just under 14% of Napocor's electricity came from oil-
based sources.

"This is an important recognition of the value our technology
delivers to improve fuel economy and reduce emissions,"  IFT
Chief Executive Officer Jonathan Burst says.  "This conclusive
demonstration in real-world operating circumstances of a 6%
increase in fuel economy with a corresponding reduction in CO2
emissions means IFT's technology can bring us closer to
moderately priced energy and a reduced reliance on hydrocarbon
than any other alternative fuel source will be able to over the
next 10 years.  We hope these results will be the foundation for
numerous additional opportunities for IFT in the Philippines and
elsewhere in the world."

IFT's distribution partner in the Philippines, Equipment
Engineers, Inc., will take delivery of the DiesoLIFT and handle
all import and distribution logistics in the Philippines.  EE is
a wholly owned subsidiary of EEI Corporation, which is a member
of the Yuchengco Group of Companies of the Philippines.

International Fuel Technology is a fuel performance enhancement
company focused on providing its technology to large, industrial
consumers of liquid hydrocarbon-based fuels.

                      About National Power

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power generating facilities.  It works
with independent producers under a build-operate-transfer
program.  With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the Company has begun
selling off its generation assets to help pay for its estimated
debt of PHP600 billion.  It also separated its transmission
operations into a new subsidiary, the National Transmission
Corporation.

                          *     *     *

National Power first incurred losses in 1998 after the Asian
financial crisis and expensive contract terms from independent
power producers.  The Company posted a PHP29.9 billion loss in
2004, after a net loss of PHP117 billion in 2003.

The Government absorbed National Power's PHP200 billion debt,
which was incurred when the government-owned-and-controlled
corporation adopted international accounting standards, forcing
the Company to report its foreign exchange losses.

The Troubled Company Reporter - Asia Pacific reported on
April 5, 2006, that for 2005, National Power posted a
PHP16-million profit for the first time in seven years, on the
Energy Regulation Commission's approval of a rate increase, the
use of improved fuel mix and better fuel prices.


PHILIPPINE AIRLINES: Plans to Transfer Operations to NAIA 3
-----------------------------------------------------------
The Manila International Airport Authority disclosed that it
plans to allow Philippine Airlines to transfer domestic and
international operations at the Ninoy Aquino International
Airport Terminal 3 to develop the country as a hub, Darwin G.
Amojelar of the Manila Times reports.

The report cites Alfonso Cusi, MIAA general manager, as saying
he had discussed with Jaime J. Bautista, president of PAL, the
airline's plan to transfer its operations to the NAIA 3.

"We understand the wisdom of PAL to be together for operational
flexibility, financial advantages, cost wise and service
efficiency at the same time they want to develop the country as
a hub," Manila Times cites Mr. Cusi, as telling reporters.

With PAL's proposal, Mr. Cusi said they are reconsidering the
plan for the NAIA 3, Manila Times relates.

According to Mr. Cusi, the NAIA 3 cannot accommodate all the
international airlines PAL's request is granted.  "What I see is
that maybe some of the international airlines will be transfer
to Terminal 2.  These are the things that we need to plan," Mr.
Cusi says, emphasizing that these are all proposals.

Mr. Cusi also said that he will meet all international airlines
together with Board of Airlines Representatives to get their
comment on the proposals, Manila Times notes.

Mr. Cusi noted that PAL is open to fund any improvement in the
Terminal 3 to accommodate its request, Manila Times says.

The paper recounts that MIAA said there's a need to construct an
annex to accommodate PAL's domestic and international
operations.

The government earlier paid PHP3 billion to the Philippine
International Air Terminals Co., a consortium including
Germany's Fraport AG, after building the new airport facility,
Manila Times relates.

                   About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  As of 2005, it claims
to serve 21 domestic airports and 31 foreign cities.  Its main
hub is the Ninoy Aquino International Airport in the capital
city of Manila.

Following labor problems and its failure to settle debts, PAL
filed for rehabilitation in June 1998, and is slated to complete
its 10-year debt rehabilitation program in 2009.

A March 21, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the airline company will continue a
government-led rehabilitation program even as creditors neither
approved nor rejected the program to leave the protection of the
Securities and Exchange Commission.

A report by the Manila Times in July 2006 said that since its
corporate rehabilitation in 1998, PAL reduced its debts to
PHP237.23 billion from PHP496.02 billion by selling assets and
using the proceeds to pay off maturing debts.


PHILIPPINE LONG DISTANCE: Call Center Unit Partners With Infosys
----------------------------------------------------------------
Ventus, the call center company of Philippine Long Distance
Telephone Co's unit ePLDT Inc., has entered a partnership
agreement with Infosys BPO Ltd, the Manila Bulletin reports.

According to the report, Infosys is a business process
outsourcing subsidiary of Nasdaq-listed Infosys Technologies of
India, which handles the data and voice requirements of its
customers in the US.

Manila Bulletin cites Ventus president Rose Montenegro, as
saying the agreement would enable both companies to reach
additional markets and offer expanded services to customers.

"It's a double win for Ventus and PLDT because PLDT earns rental
income from the use of the facilities, while Ventus gets
preferential pricing since it is a fully owned subsidiary," Ms.
Montenegro says.

Financial details were not disclosed, Manila Bulletin notes.

Ventus has 4,500 seats in seven sites in the country that are
using PLDT facilities.  It expects to increase the number of
seats to 5,000 by the end of 2006, and to 6,000 in 2007, Manila
Bulletin says.

Infosys BPO Ltd., currently provides BPO solutions for a number
of industries that include customer service, finance and
accounting, human resource, order management and procurement.

                          About Ventus

Ventus is the call center arm of ePLDT, the information and
communications technology vehicle of PLDT.  Ventus operates
multiple call centers located in multiple sites in Metro Manila
and Metro Iloilo, serving the top Fortune 500 companies. With
5,000 outsource call center seats, Ventus holds 11% of the total
market share in the country.  It is also Account holder
Information Security (AIS)-certified for 2005 and is the only
Philippine-owned call center company. Its services include
inbound customer care, inbound technical support, inbound sales,
outbound sales, email support, and website maintenance.

                           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.


SBARRO INC: Posts US$1.25 Mil. Net Loss in Quarter Ended July 16
----------------------------------------------------------------
Sbarro, Inc., incurred a US$1,258,000 net loss on US$75,661,000
of revenues for the three months ended July 16, 2006, compared
to a US$3,311,000 net loss on US$74,644,000 or revenues for the
three months ended July 17, 2005.

At July 16, 2006, the Company's balance sheet showed
US$382,035,000 in total assets, US$40,467,000 in current
liabilities, US$268,621,000 in long-term debt, deferred rent of
US$8,782,000 and stockholders' equity of US$64,165,000.

A full-text copy of the Company's quarterly report is available
for free at:

             http://researcharchives.com/t/s?1185

Sbarro, Inc. -- http://www.sbarro.com/-- headquartered in
Melville, New York, is a leading quick service restaurant chain
that serves Italian specialty foods.  As of April 23, 2006, the
company owned and operated 482 and franchised 491 restaurants
worldwide under brand names such as "Sbarro," "Umberto's," and
"Carmela's Pizzeria".  Total revenues for fiscal 2005 were
approximately US$348 million.  The company has restaurants in
Australia, Japan, New Zealand and the Philippines.

                          *     *     *

Moody's Investors Service upgraded on July 10, 2006, both the
corporate family and senior unsecured ratings of Sbarro, Inc.,
to Caa1 from Caa2 while at the same time changed the ratings
outlook to positive from negative.


* RP Government Posts 4th Budget Surplus in 2006
------------------------------------------------
The national government achieved a budget surplus of
PHP14.3 billion in August, helped by restricted spending in the
absence of a new budget and higher revenue collections, the
Department of Finance says.

The news was accompanied by the announcement of a wider balance
of payments surplus in August.  The stock market jumped 2.75%
percent and the peso hovered at four-year highs against the
dollar.

"We are hopeful that the strong revenue performance is
sustained, so that we will continue to have resources for our
social services and infrastructure requirements," Finance
Secretary Margarito Teves tells reporters from Singapore where
he is attending the IMF/World Bank annual meetings.

The government has had surpluses in four of the last eight
months, which helped narrow its cumulative budget deficit since
January to PHP34.2 billion or just 27.4% of the full-year target
of PHP125 billion or 2.1% of gross domestic product.

                         *     *     *

"Standard & Poor's Ratings Services assigned its 'BB-' senior
unsecured rating to the Republic of Philippines' proposed new
bond issue that will mature in 2024, as well as the new debt
under the series of 7.75% Global Bonds due in 2031.  The
government is offering these bonds in exchange for some of its
existing debt.  At the same time, Standard & Poor's also
affirmed its 'BB-' ratings on the bonds that are eligible for
exchange."


* Philippine Fiscal Targets Achievable, G. Teves Says
-----------------------------------------------------
President Gloria Macapagal-Arroyo remains focused on her targets
as the Administration clears the runway for economic take-off.

Finance Secretary Gary Teves says the government is confident in
achieving the fiscal targets towards the end of this year as it
continues to seal revenue leakages, run after tax cheats and
corrupt officials, and sustain the programs of stern fiscal
discipline.

The Administration's winning formula is making headway and has
been reaping investor confidence and upbeat economic indicators,
which are flowing down to the grassroots in terms of jobs,
infrastructure and solid social benefits, Mr. Teves says.

According to Mr. Teves, the government has come up with measures
to ensure efficient tax collections.  When there are resources,
there will be local infrastructure projects as well as funds for
other projects, Mr. Teves adds.

Mr. Teves also recognizes the support of the Countryside
Financial Institutions in the countrysides adding that the CFIs
be linked to international financing institutions to undertake
projects especially in the countrysides.

Mr. Teves also reminds the government-owned and controlled
corporations to perform like the private sector and maximize
profits.  He says it should undertake projects but with least
cost for the government.

The government should not engage in business where it doesn't
have the competitive advantage.  We do not need to go into
business when we do not have the advantage, Mr. Teves further
says.

Mr. Teves asserts that the country is on the right track of
political stability and economic strength, and winning back the
world through solid reforms will have a meaningful payback to
the Filipino people.

The 6.4% inflation rate, strong peso at PHP50.73 to a dollar,
5.5% GDP growth in the second quarter of 2006, 14% increase in
the remittances of OFWs, and the improving outlook of credit
rating agencies and reputable international institutions like
the Development Bank of Singapore that forecasts a stronger peso
to breach the PHP50:US$1 rate will continue to take the country
to the promised land of economic progress.

The surpluses incurred during the past months and the continuous
strengthening of the peso lead the momentum of gains that are
fueling investments, jobs and infrastructure, Mr. Teves notes.

The country is now on the road to a debt-free status on top of a
balanced budget by 2008 when the debt payment will then be
reduced by half, Mr. Teves says.

                         *     *     *

"Standard & Poor's Ratings Services assigned its 'BB-' senior
unsecured rating to the Republic of Philippines' proposed new
bond issue that will mature in 2024, as well as the new debt
under the series of 7.75% Global Bonds due in 2031.  The
government is offering these bonds in exchange for some of its
existing debt.  At the same time, Standard & Poor's also
affirmed its 'BB-' ratings on the bonds that are eligible for
exchange."


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

AAR CORPORATION: First Quarter Net Income Climbs to US$11 Mil.
--------------------------------------------------------------
AAR Corporation has released its unaudited financial statement
for the first quarter of 2007, ended August 31, 2006.

The group's financial statement showed that its net income
increased to US$11.78 million in the period ended August 2006,
as compared to US$5.23 million in the same quarter last year.
Moreover, AAR reported an income from continuing operations of
US$11.9 million, in the fiscal 2007 first quarter, an increase
of 127% as compared to last year's US$5.26 million.  Net sales
increased 21% from last year's US$199.59 million to US$242.2
million as each segment of the company experienced double digit
sales growth.

As of August 31, 2006, the company's balance sheet showed total
assets of US$978.80 million and total liabilities of US$544.24,
resulting into US$434.66 million in shareholders' equity.

"We continue to benefit from our position as an industry-leading
provider of supply chain solutions, expanded MRO capabilities,
investment in aircraft and the design and manufacturing of
products for new applications," said David P. Storch, Chairman,
President and Chief Executive Officer of AAR Corporation.

The company ended the quarter with US$119 million in cash on
hand and announced that it closed on a US$140 million senior,
unsecured revolving credit facility on August 31, 2006.  This
new facility replaces the company's US$30 million secured
revolving credit facility, which has been cancelled, and its
US$50 million accounts receivable securitization facility, which
will be cancelled by the end of the second quarter.

A full-text copy of this press release is available for free at:

        http://bankrupt.com/misc/tcrap_aarcorp1stqtr07.htm

                      About AAR Corporation

AAR Corp., (NYSE: AIR) -- http://www.aarcorp.com/-- provides
products and value-added services to the worldwide
aviation/aerospace industry.  With facilities and sales
locations around the world, AAR uses its close-to-the-customer
business model to serve airline and defense customers through
Aviation Supply Chain; Maintenance, Repair and Overhaul;
Structures and Systems and Aircraft Sales and Leasing.  In Asia
Pacific, the company has offices in Singapore, China, Japan and
Australia.

                          *     *     *

Standard & Poor's Ratings Services assigned its 'BB-' rating to
AAR Corp.'s 1.75% US$125 million convertible senior notes due
2026 sold via SEC Rule 144A with registration rights.  At the
same time, Standard & Poor's affirmed its ratings, including the
'BB-' corporate credit rating, assigned effective June 16, 2003,
on the aviation support services provider.  S&P said the rating
outlook is stable.


ADVANCED SYSTEMS: Appoints Chairman; Reconstitutes Committees
-------------------------------------------------------------
Advanced Systems Automation Limited has appointed Michael Loh
Soon Gnee as Chairman of the Board of Directors on
September 20, 2006.

Subsequently, the Audit, Nominating and Remuneration Committees
have been reconstituted and now comprise:

Audit Committee
   * Tay Chin Kwang (Chairman)
   * Khor Gark Kim
   * Charles Cher Lew Siang

Nominating Committee
   * Charles Cher Lew Siang (Chairman)
   * Khor Gark Kim
   * Tay Chin Kwang

Remuneration Committee
   * Charles Cher Lew Siang (Chairman)
   * Khor Gark Kim
   * Tay Chin Kwang

Moreover, Wong Juar Ming has been appointed as the new Joint
Company Secretary in place of Nancy Quek Sok Cher who has
resigned.  Dorothy Ho Lai Yong remains as the other Joint
Company Secretary.

              About Advanced Systems Automation

Advanced Systems Automation Limited -- http://www.asa.com.sg--  
is a Singapore-based company that is engaged in the design and
manufacture of automatic molding machines and other back-ended
assembly equipment for the semiconductor industry. The company's
subsidiaries include Avalon Technology Pte. Ltd.; Microfits Pte.
Ltd.; Beijing Microfits Precision Electronics Engineering Co.,
Ltd. and Beijing Advanced Precision Electronics Engineering Co.,
Ltd., both of which are engaged in the manufacture of precision
tools, dies and moulds; Acetech Solutions Ltd.; Advanced Systems
Automation, Inc., and Advanced Systems Automation (Europe)
Limited, which is engaged in the sale and provision of services
to the European semiconductor manufacturing market.

                          *     *     *
As reported in the Troubled Company Reporter - Asia Pacific on
August 8, 2006, auditors Ernst & Young reported in the company's
Annual Report that, "The group has incurred significant losses
and has been experiencing severe cash shortage in the past four
financial years. The group incurred a net loss of SGD3.4 million
for the financial year ended March 31, 2006, and the group's and
the company's current liabilities exceeded current assets by
SGD20.9 million and SGD22.9 million respectively. As of March
31, 2006, the group and the company were in net shareholders'
deficit positions of SGD13.8 million and SGD11.2 million
respectively.  These matters described above indicate the
existence of a material uncertainty, which may cast significant
doubt about the group and company's ability to continue as going
concerns.

"Ernst and Young adds that the ability of the group and the
company to continue as going concern is dependent on the
completion of the proposed renounceable rights issue, disposal
of non-core assets and business restructuring.


DIGILAND INTERNATIONAL: Terminates Scheme of Arrangement
--------------------------------------------------------
Digiland International Limited refers to the report on Sept. 1,
2006, which states that the company's outstanding obligations
under a Scheme of Arrangement consisted of the payment of
SG$408,517.07 and US$642,899.61 plus interest to the Scheme
Creditors which the company has paid on that same day.

On September 20, 2006, the company's Scheme Manager has reported
that that company has completely performed all its obligations
under the scheme.

No entitlements or payments were made to the Scheme Creditor
under the Scheme by September 19, 2006.  Accordingly, the Scheme
was terminated in accordance with its provisions, and KPMG
ceased to act as Scheme Managers and Special Consultants on that
same day.

                           About Digiland

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


FREESCALE SEMICON: CEO Says No Major Changes After Going Private
----------------------------------------------------------------
Freescale Semiconductor Inc. is not contemplating major changes
to either organizational or leadership structure when the
company completes its going private transaction, MarketWatch
reports citing company Chairman and CEO Michel Mayer.

"As a private company, we will have significant flexibility to
manage our business and the ability to make faster decisions,"
Mr. Mayer told employees Friday.

As reported in TCR-Europe on Sept. 18, Freescale entered into a
definitive merger agreement to be acquired by a private equity
consortium in a transaction with a total equity value of US$17.6
billion.  The consortium is led by The Blackstone Group, and
includes The Carlyle Group, Permira Funds and Texas Pacific
Group.

According to MarketWatch, other private equity groups can submit
bids for the U.S. chip supplier until Nov. 3.  A group led by
Kohlberg Kravis Roberts Company and Silver Lake Partners has
also submitted a rival bid for Freescale.

According to UBS analyst Tom Thornhill, the "KKR group may be
able to offer a higher bid for Freescale based on potential cost
savings," if the private equity shops can merge the company with
the operations of Philips Semi, now named NXP Semiconductors,
MarketWatch relates.

Freescale will be required to pay either a US$150 million or
US$300 million breakup fee if it accepts another bid, depending
on the timing of any deal termination, among other factors, Matt
Andrejczak writes for MarketWatch.

                 About Freescale Semiconductor

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale became a publicly traded company in July 2004.  The
company has design, research and development, manufacturing or
sales operations in more than 30 countries, including Australia,
China, Hong Kong, India, Japan, Korea, Malaysia, Singapore and
Taiwan.

The company's 7-1/8% Senior Notes due 2014 carry Moody's
Investors Service's Ba1 rating.


MALAN NOODLE: Enters Wind-Up Proceedings
----------------------------------------
Malan Noodle Fastfood Chain Store has commenced a wind-up of its
operations on September 8, 2006.

Hong Leong Finance Limited filed the wind-up petition against
the company.

The liquidator can be reached at:

         The Officer Receiver
         45 Maxwell Road
         #05-11/#06-11 The URA Centre (East Wing)
         Singapore 069118


NEWSROOM BAR: High Court to Hear Wind-Up Petition on October 6
--------------------------------------------------------------
Hock Tong Huat Pte Ltd has filed a wind-up petition against The
Newsroom Bar Pte Ltd on September 11, 2006.

The High Court of Singapore will hear the wind-up petition on
October 6, 2006, at 10:00 a.m.

The Solicitors for the Plaintiffs can be reached at:

         Belinda Ang Choo Poh
         Peter Low Tang
         Belinda Ang
         No. 19 Carpenter Street #03-00
         Singapore 059908


PETROLEO BRASILEIRO: Ends Hedge Pact With Empresa Petrolera
-----------------------------------------------------------
Petroleo Brasileiro S.A. aka Petrobras has terminated the hedge
agreement, the so-called Natural Gas Price Volatility Reduction
Agreement or PVRA, it signed in October 2002 with Empresa
Petrolera Andina.  The purpose of the agreement was to reduce
the company's exposure to possible excessive variations in the
prices paid for Bolivian natural gas purchased through the Gas
Supply Agreement or GSA.

Agreement termination was decided after changes were made to
Bolivian regulations.  Petrobras had been evaluating the
possible economic and legal impacts these changes had on the
PVRA.  Petrobras and Andina construed the agreement differently
and decided to terminate it. Petrobras now is entitled to a
restitution of US$41.3 million.

Pursuant to the Brazilian accounting principles, the remaining
PVRA credit, which is US$76.7 million, will be identified as a
loss in the third quarter 2006.

                        About Petrobras

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
S.A. aka Petrobras - http://www2.petrobras.com.br/-- was
founded in 1953.  The company explores, produces, refines,
transports, markets, distributes oil and natural gas and power
to various wholesale customers and retail distributors in
Brazil.  Petrobras has operations in China, Japan, and
Singapore.


                        *    *    *

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's and its foreign currency long-term debt is
rated BB- by Fitch.

                        *    *    *

As reported in the Troubled Company Reporter on April 26, 2006,
in conjunction with the roll out of Issuer Default Ratings and
Recovery Ratings for Latin America Corporates, Fitch Ratings has
taken rating actions on Petroleo de Brasileiro SA.  These
ratings were affected:

  Foreign Currency:

    -- Previous Rating: 'BB-'
    -- New RR: 'BB', Rating Outlook Positive

  US$2.5 billion, Senior Unsecured Notes due 2008, 2013, 2014
  and 2018:

    -- Previous Rating: 'BB-'
    -- New IDR: 'BB+'


PETROLEO BRASILEIRO: Inks Exploration Pact With Turkyye
-------------------------------------------------------
Petroleo Brasileiro S.A. aka Petrobras and the Turkish national
oil company, Turkyye Petrollery Anonym Ortaklidi, signed two
agreements for exploration in the Black Sea deepwaters.

Petrobras and Turkyye Petrollery will have a 50/50 partnership,
exploring and producing in blocks 3920 (Kirklarelli) and 3922
(Sinop).  The blocks present major geological potential, with
the possibility of large volumes of hydrocarbons being found.

In the Kirklarelli block, located in the western Turkish sector
of the Black Sea, average water depth is 1,200.  Meanwhile,
Sinop, located in the easternmost area, has a depth around 2,200
meters.

The Turkish region of the Black Sea remains largely unexplored,
but presents perspectives of good results.  Turkey is surrounded
by important producing basins and its territory is cut by a
large network of oil and gas pipelines that supply Europe.

Petrobras' entry in Turkey is in line with its Strategic Plan to
work as an integrated energy company with a selective expansion
in its international activities.

                        About Petrobras

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
S.A. aka Petrobras - http://www2.petrobras.com.br/-- was
founded in 1953.  The company explores, produces, refines,
transports, markets, distributes oil and natural gas and power
to various wholesale customers and retail distributors in
Brazil.  Petrobras has operations in China, Japan, and in Wisma
Atria, Singapore.


                        *    *    *

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's and its foreign currency long-term debt is
rated BB- by Fitch.

                        *    *    *

As reported in the Troubled Company Reporter on April 26, 2006,
in conjunction with the roll out of Issuer Default Ratings and
Recovery Ratings for Latin America Corporates, Fitch Ratings has
taken rating actions on Petroleo de Brasileiro SA.  These
ratings were affected:

  Foreign Currency:

    -- Previous Rating: 'BB-'
    -- New RR: 'BB', Rating Outlook Positive

  US$2.5 billion, Senior Unsecured Notes due 2008, 2013, 2014
  and 2018:

    -- Previous Rating: 'BB-'
    -- New IDR: 'BB+'


PETROLEO BRASILEIRO: Production Reached 2,042,14 Barrels in Aug.
----------------------------------------------------------------
Petroleo Brasileiro S.A. aka Petrobras' average oil and gas
production in Brazil in August reached 2,042,314 barrels of oil
equivalent per day, a 3.8% increase compared to the same month
last year, and a 1.2% reduction relative to July 2006.

This small reduction resulted from the scheduled shutdown of
platform P-20 in the Marlim field, Campos Basin.  Including the
production abroad, the average daily oil and natural gas
production, last month, was 2,291,002 barrels of oil equivalent,
a 1% decrease compared to July and to the same month in 2005.

In this same unit, oil and natural gas production, coming from
the eight countries where Petrobras has assets, topped at
248,688 barrels/day, a 1.4% rise compared to the previous
month's total.  This was due to the higher production in Bolivia
and in the United States.

Compared to Aug. 2005, international production was 5.7% lower,
reflecting an operational contract migration in Venezuela to the
mixed company mode with majority participation of PDVSA, that
country's national oil company.  For the same reason, the
company's exclusive oil production abroad, 140,565 barrels, was
below the 156,204 achieved in the same month last year.

Natural gas production in domestic fields was 45,275 m3 a day,
2.2% more than in Aug. 2005 and 2.1% below last month's total.

                       About Petrobras

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
S.A. aka Petrobras - http://www2.petrobras.com.br/-- was
founded in 1953.  The company explores, produces, refines,
transports, markets, distributes oil and natural gas and power
to various wholesale customers and retail distributors in
Brazil.  Petrobras has operations in China, Japan, and in Wisma
Atria, Singapore.


                        *    *    *

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

                        *    *    *

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


POH LIAN: Commences Wind-Up of Operations
-----------------------------------------
Shia Chong Yian filed on September 8, 2006, an application to
wind up Poh Lian Shipping Pte Ltd.

In this regard, creditors are required to submit their proofs of
debt to Liquidator Goh Boon Kok, for them to share in any
distribution the company will make.

The Liquidator can be reached at:

         Goh Boon Kok
         c/o GOH BOON KOK & CO
         1 Stadium Walk
         Kallang Theatre
         Singapore 397688


SEE HUP SENG: General Meeting Slated for October 6
--------------------------------------------------
See Hup Seng Limited will hold a general meeting on October 6,
2006, at 10:30 a.m., at 81 Tuas South Street 5 in Singapore
637651.

At the meeting, the members of the company will be asked to
consider and, if thought fit, pass ordinary resolutions to
authorize and allot the Directors to issue an aggregate of up to
10,000,000 new ordinary shares "Consideration Shares" at an
issue price of SG$0.185 per Consideration Share to C T Holdings
Pte Ltd, making an aggregate of SG$1,850,000 as partial
satisfaction of the purchase consideration of SG$3,500,000 under
the sale and purchase agreement dated July 25, 2006, entered
between See Hup Seng and C T Holdings for the acquisition of
200,000 ordinary shares, representing the entire issued and paid
up share capital of Speedo Corrosion Control Pte Ltd.

Moreover, a General Mandate will be passed under the Section 161
of the Companies Act, Cap. 50 and Rule 806 of the Listing Manual
of the Singapore Exchange Securities Trading Limited.  It states
that the Directors will be empowered to allot and issue shares
and convertible securities in the company at any time and upon
the terms and conditions.  Furthermore the aggregate number of
shares to be allotted and issued under this Resolution shall not
exceed fifty per cent 50% of the issued shares in the capital of
the company at the time of which the aggregate number of shares
and convertible securities to be issued other than on a pro rata
basis to all shareholders of the Company shall not exceed twenty
per cent 20% of the issued shares in the company's capital.

                     About See Hup Seng

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

                       Significant Doubt

As reported in the Troubled Company Reporter - Asia Pacific on
May 24, 2006, after reviewing the company's full year financials
for the year 2005, Moore Stephens--See Hup Seng's independent
auditors--expressed a significant doubt in the company's ability
to continue as going concern on April 7, 2006, citing the
company's losses and net current liabilities.  Moore Stephens
adds that the ability of the group and the company to continue
as going concerns is dependent the company's debt restructuring
exercise.


TARGUS GROUP: Moody's Junks Rating on US$85 Mil. 2nd-Lien Loan
--------------------------------------------------------------
Moody's Investors Service downgraded all ratings of Targus Group
International, Inc. including the first-lien secured bank loan
to B2 and the second-lien secured bank loan to Caa1.

The ratings downgrades are prompted by the decline in operating
margin over the past year that has caused substantial
deterioration in credit metrics.  Operating profit has risen at
a much slower pace than revenue as the company has written off
obsolete inventory, one of the company's major customers has
transitioned to a consignment relationship, and the company
ended up paying for unplanned air freight and repackaging costs
in order to meet retailer deadlines for new products.  The
rating outlook is revised to negative from stable.

These are the ratings downgraded:

   * US$230 million first-lien secured bank facilities to B2
     from B1,

   * US$85 million second-lien secured term loan to Caa1 from
     B3,

   * Corporate family rating to B2 from B1.

The downgrade of the corporate family rating to B2 of Targus
reflects the decline in quantitative credit metrics that have
occurred since the November 2005 rating assignment of B1, when
Moody's expected that leverage would begin to improve in 2006.
Certain qualitative credit metrics also have not proved as
stable as believed when ratings were originally assigned.
Virtually all key credit metrics, such as leverage, interest
coverage, free cash flow, and scale, are consistent with Caa
characteristics.  EBIT margin has deteriorated to B-rating
levels and bargaining power with customers has declined to Ba-
rating levels over the previous year.  However, partially
offsetting these risks are the revenue diversity from a
worldwide geographic footprint, three separate distribution
channels (retailers, original equipment manufacturers, and
computer distributors), and two major product categories
(notebook cases and computer accessories) and the favorable
growth trends for notebook cases and computer accessories as
global notebook computer unit sales continue to rapidly
increase.

The negative outlook recognizes Moody's concern that ratings
could decline over the next 12 to 18 months if operating
performance, free cash flow, and leverage remain weak.
Significant deterioration in the company's currently solid
liquidity position would also place downward pressure on the
ratings.  Ratings would decline if, over a reasonable period,
debt to EBITDA does not improve from levels currently in excess
of 7 times, outflows for cash interest expense, capital
expenditures, and working capital cause continued free cash flow
deficits, or liquidity declines such that the revolving credit
facility is utilized over an extended period.  Greater than
expected downward pricing pressure or inability to grow
shipments at the same pace as notebook computer shipments could
also cause further downward rating pressure.  Given the negative
outlook, Moody's currently believes that an upgrade is unlikely.
In Moody's opinion, stabilization of ratings at current levels
would require greater financial flexibility as represented by
working capital efficiency improving to historical norms,
achievement of break-even cash flow, and a sustained reversal of
weakening credit metrics such that free cash flow to debt
improves to positive low-single digit figures, leverage falls
toward 6 times, and EBIT completely covers interest expense.

                       About Targus Group

Targus Group International, Inc, headquartered in Anaheim,
California, designs, develops, and distributes notebook computer
cases and computer accessories.  The company sells its products
to original equipment manufacturers, third-party distributors,
and retailers worldwide.  Targus generated revenue of US$432
million for the twelve months ending June 30, 2006.

Targus has operations in the Asia Pacific, specifically in
Australia & New Zealand, China, Hong Kong, Japan, Korea, and
Singapore.


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

AGRO INDUSTRIAL: Posts THB13.02Mil Net Profit in 2nd Quarter '06
----------------------------------------------------------------
Agro Industrial Machinery Pcl gained THB13.024 million in net
profit on a THB35.54-million revenue from its second quarter
operations ended June 30, 2006.

The company's balance sheet as of June 30, showed total current
assets of THB87 million and total current liabilities of
THB49.68 million.

Total assets of the company amounted to THB146.502 million while
total liabilities was at THB49.685 million at the end of June
2006.  Shareholders' equity in the company reached
THB96.817 million.

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.


BANGKOK BANK: Fitch Sets Ratings Under Negative Watch
-----------------------------------------------------
Fitch Ratings Services placed on September 19, 2006, the ratings
of Bangkok Bank on Rating Watch Negative pending a resolution of
the political crisis that triggered the coup in Thailand.

Ratings affected are:

    * Long-term foreign currency IDR at BBB+;
    * Short-term foreign currency at F2;
    * Individual at C;
    * Support at 2; and
    * Subordinated debt at BBB.

If resolved quickly and confidence is restored after the past
several months of political turmoil then the implications for
the Thai economy and for the bank could even be positive.

But if the crisis is not resolved quickly and peacefully, the
negative effects on the economy and ultimately on the bank could
be significant, Fitch says.


G STEEL: Moody's Keeps Rating Amid Military Coup
------------------------------------------------
Moody's Investors Service said on September 20, 2006, that the
military coup in Thailand should have no immediate effect on G
Steel's ratings.

G Steel currently carries Moody's corporate family and senior
unsecured bond ratings at B1 and is on review for possible
downgrade.

Moody's will closely monitor developments and assess the
resultant impact, if any, on the credit profile of the company.

Moody's further comment that company's with refinancing
requirements in the near term may face higher refinancing risk,
should limitations on their accessibility to the bank and
capital markets emerge, the rating agency however, will
accordingly continue to evaluate the situation and keep the
market informed of any rating impact.

For government related issuers, principally the PTT group,
Moody's does not expect that their ratings -- which have
factored in government support -- will be affected, even with a
change in the sovereign rating, a scenario that the rating
agency does not contemplate at this stage.


KASIKORN BANK: Fitch Says Ratings Under Negative Watch
------------------------------------------------------
Fitch Ratings Services placed on September 19, 2006, the ratings
of Kasikorn Bank on Rating Watch Negative pending a resolution
of the political crisis that triggered the coup in Thailand.

Ratings affected are:

    * Long-term foreign currency IDR BBB+;
    * Short-term foreign currency F2;
    * Individual C;
    * Support 2; and
    * Subordinated debt BBB

If resolved quickly and confidence is restored after the past
several months of political turmoil then the implications for
the Thai economy and for the bank could even be positive.

But if the crisis is not resolved quickly and peacefully, the
negative effects on the economy and ultimately on the bank could
be significant, Fitch says.


SIAM COMMERCIAL: Fitch Places Ratings Under Negative Watch
----------------------------------------------------------
Fitch Ratings Services placed on September 19, 2006, the ratings
of Siam Commercial Bank on Rating Watch Negative pending a
resolution of the political crisis that triggered the coup in
Thailand.

Ratings affected are:

    * Long-term foreign currency IDR BBB+;
    * Short-term foreign currency F2;
    * Individual C;
    * Support 2;
    * Senior unsecured debt BBB+;
    * Subordinated debt BBB.

If resolved quickly and confidence is restored after the past
several months of political turmoil then the implications for
the Thai economy and for the bank could even be positive.

But if the crisis is not resolved quickly and peacefully, the
negative effects on the economy and ultimately on the bank could
be significant, Fitch says.


STANDARD CHARTERD (THAI): Fitch Puts Ratings On Watch Negative
--------------------------------------------------------------
On September 19, 2006, Fitch Ratings placed the ratings of
standard Chartered Bank (Thai) on Rating Watch Negative
following a similar action by Fitch on Sovereign Ratings of
Thailand.

Standard Chartered currently carries Fitch rating at:

    * Long-term foreign and local currency IDR A-;
    * Short-term foreign and local currency F2;
    * Individual C;
    * 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.


TAC FINANCE B.V.: Moody's Rating Unaffected by Military Coup
------------------------------------------------------------
On September 20, 2006, Moody's Investors Service announced that
the military coup in Thailand should have no immediate effect on
Total Access Finance B.V.

TAC Finance currently carries Moody's backed senior unsecured
bond rating at Ba1 with positive outlook.

Moody's will closely monitor developments and assess the
resultant impact - if any - on the credit profile of the
company.

Moody's further comment that company's with refinancing
requirements in the near term may face higher refinancing risk,
should limitations on their accessibility to the bank and
capital markets emerge, the rating agency however, will
accordingly continue to evaluate the situation and keep the
market informed of any rating impact.

For government related issuers, principally the PTT group,
Moody's does not expect that their ratings -- which have
factored in government support -- will be affected, even with a
change in the sovereign rating, a scenario that the rating
agency does not contemplate at this stage.


TOTAL ACCESS: Coup Has No Impact on Ratings, Moody's Says
---------------------------------------------------------
Moody's Investors Service said on September 20, 2006, that the
military coup in Thailand should have no immediate effect on
Total Access Communication Pcl.

Total Access currently carries Moody's corporate family rating
at Ba1, with positive outlook.

Moody's will closely monitor developments and assess the
resultant impact, if any, on the credit profile of the company.

Moody's further comment that company's with refinancing
requirements in the near term may face higher refinancing risk,
should limitations on their accessibility to the bank and
capital markets emerge, the rating agency however, will
accordingly continue to evaluate the situation and keep the
market informed of any rating impact.

For government related issuers, principally the PTT group,
Moody's does not expect that their ratings -- which have
factored in government support -- will be affected, even with a
change in the sovereign rating, a scenario that the rating
agency does not contemplate at this stage.


TRUE CORP: Moody's Says Coup Has No Immediate Impact on Ratings
---------------------------------------------------------------
On September 20, 2006, Moody's Investors Service announced that
the military coup in Thailand should have no immediate effect on
True Corp Pcl.

True Corp currently carries Moody's corporate family rating at
Ba3, with stable outlook.

Moody's will closely monitor developments and assess the
resultant impact, if any, on the credit profile of the company.

Moody's further comment that company's with refinancing
requirements in the near term may face higher refinancing risk,
should limitations on their accessibility to the bank and
capital markets emerge, the rating agency however, will
accordingly continue to evaluate the situation and keep the
market informed of any rating impact.

For government related issuers, principally the PTT group,
Moody's does not expect that their ratings -- which have
factored in government support -- will be affected, even with a
change in the sovereign rating, a scenario that the rating
agency does not contemplate at this stage.


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

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

AUSTRALIA

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

CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931        29.19     -18.65
Asia Telemedia Limited            376        10.89      -5.50
Anhui Feicai Vehicle Co. Ltd.     887       129.80      -7.00
Bestway International             718        25.00      -0.67
Chang Ling Group                  561        77.48     -76.83
Chengdu Book - A               600083        21.50      -3.07
China Liaoning International
  Cooperation Holdings Ltd.       638        25.79     -43.45
China Kejian Co. Ltd.              35        54.71    -179.23
Datasys Technology Holdings      8057        14.10      -2.07
Eforce Holdings Limited           943        10.31      -0.51
Everpride Biopharmaceutical
   Company Limited               8019        10.16      -2.16
Fujian Changyuan Investment
   Holdings Limited               592        31.36     -54.04
Gold-Face Holdings Limited        396        40.60     -63.11
Guangdong Meiya Group
   Company Ltd.                   529       107.16     -49.54
Guangdong Sunrise Group
   Company Ltd-A                   30        35.98    -182.94
Guangdong Sunrise Group
   Co. Ltd-B                   200030        35.98    -182.94
Guangxi Wuzhou Zhongheng
   Group Co Ltd.                  557        62.19    -115.50
Hainan Dadonghai Tourism          613        19.74      -5.81
Hainan Dadongh-A               200613        19.74      -5.81
Hainan Overseas Chinese
   Investment Co. Ltd.         600759        32.70     -15.28
Hans Energy Company Limited       554        94.75     -10.76
Heilong Jiang Long Di Co. Ltd.    832       134.62     -61.22
Heilongjiang Sun & Field
   Science & Tech.                620        29.96     -49.18
Heilongjiang Black Dragon
   Co. Ltd.                    600187       121.30     -74.45
Hualing Holdings Limited          382       242.26     -28.15
Huda Technology & Education
   Development Co. Ltd.        600892        17.29      -0.19
Hunan Anplas Co., Ltd.            156        94.17     -65.04
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286        87.44     -68.55
Innovo Leisure Recreation
   Holdings Ltd.                  703        13.68      -2.01
Jiangsu Chinese.com Co. Ltd.      805        15.86     -34.56
Jiangxi Paper Industry
   Co. Ltd                     600053        19.58     -12.80
Loulan Holdings Limited          8039        13.01      -1.04
Magnum International Holdings
   Limited                        305        10.35      -5.83
Mindong Electric Group Co., Ltd.  536        21.63      -1.50
New City (Beijing) Development
   Limited                        456       151.61     -19.15
New World Mobile Holdings Ltd     862       215.47    -126.57
Orient Power Holdings Ltd.        615       176.86     -64.20
Plus Holdings Ltd                1013        24.00      -3.15
Prosperity International
   Holdings (HK) Limited         8139        10.73      -2.45
Shandong Jintai Group Co. Ltd.  600385       19.58     -12.18
Shanghai Xingye Housing
   Company Ltd                 600603        14.90     -72.98
Shenyang Hejin Holding
   Company Ltd.                   633        83.18     -20.87
Shenz China Bi-A                   17        39.13    -224.64
Shenz China Bi-B                   17        39.13    -224.64
Shenzhen Dawncom Business Tech
   And Service Co., Ltd           863        79.84     -37.30
Shenzhen Shenxin Taifeng Group
   Co. Ltd.                        34        95.27     -44.65
Shenzen Techo Telecom Co., Ltd.   555        14.84      -6.25
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137        13.11     -72.76
Sichuan Topsoft Investment
   Company Limited                583       113.12    -148.61
SMI Publishing Group Ltd.        8010        10.48      -7.83
Songliao Automobile Co. Ltd.   600715        49.56      -3.76
Sun's Group Manufacturing
   Company Limited                988       103.02     -72.80
Taiyuan Tianlong Group Co.
   Ltd                         600234        13.47     -87.63
Theme International
   Holdings Limited               990        22.46      -0.77
UDL Holdings Limited              620        12.48      -7.15
Wealthmark International
   (Holdings) Limited              39        11.32      -2.43
Winowner Group Co. Ltd.        600681        38.03     -62.88
Xinjiang Hops Co. Ltd          600090       101.34    -135.99
Yantai Hualian Development
   Group Co. Ltd.              600766        59.99      -7.66
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622        49.89     -17.71
Zarva Technology Co. Ltd.         688       101.76    -102.01

INDIA

PT Dharmala Intiland             DILD       197.91      -6.62

INDONESIA

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

JAPAN

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

MALAYSIA

Antah Holdings Bhd                ANT       184.65     -98.29
Ark Resources Berhad              ARK        25.91     -28.35
CHG Industries Bhd                CHG        25.95     -41.38
Cygal Bhd                         CYG        58.47     -69.79
Comsa Farms Bhd                   CFB        63.60      -5.00
Consolidated Farms Berhad       CFARM        36.32     -17.21
Emico Holdings Bhd                EMI        42.56      -1.92
Jin Lin Wood Industries Berhad    JLW        21.68      -1.74
Kig Glass Industrial Berhad       KIG        15.76     -24.61
Lankhorst Bhd                    LKHT        25.91     -28.35
Mentiga Corporation Berhad       MENT        22.13     -18.25
Metroplex Bhd                     MEX       323.51     -49.28
Mycom Bhd                         MYC       227.68    -114.64
Lityan Holdings Bhd               LIT        22.22     -19.11
Olympia Industries Bhd           OLYM       255.84    -227.85
Panglobal Bhd                     PGL       189.92     -50.36
Park May Bhd                      PMY        11.04     -13.58
PSC Industries Bhd                PSC        62.80    -116.18
Polymate Holdings Bhd            PYMT        64.73      -7.28
Setegap Berhad                    STG        19.92     -26.88
Tru-Tech Holdings Berhad          TRU        15.86     -16.71
Wembley Industries Holdings Bhd   WMY       111.72    -204.61

PHILIPPINES

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

SINGAPORE

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

SOUTH KOREA

BHK Inc                          3990        24.36     -17.38
C & C Enterprise Co. Ltd.       38420        28.05     -14.50
Cenicone Co. Ltd.               56060        36.82      -1.46
Cheil Entech Co. Ltd.           53330        37.25      -0.31
Dewell Elecom Inc.              32590        10.93      -6.92
Everex Inc.                     47600        23.15      -5.10
EG Greentech Co.                55250       186.00      -1.50
EG Semicon Co. Ltd.             38720       166.70     -12.34
Inno Metal Inc.                 70080        25.61       1.41
KP&L Company Limited             9810        15.03      -3.81
Radix Co. Ltd.                  16160        53.78     -17.69
Quality & Tech                  15260        32.33      -1.14
Shinil Industrial Co., Ltd.      2700        41.51      -3.44
SungKwang Co., Ltd.             41140        19.06      -1.60
Tong Yang Major                  1520      2332.81     -86.95
TriGem Computer Inc             14900       629.32    -292.96

THAILAND

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




                            *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  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 ***