TCRAP_Public/061003.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Tuesday, October 3, 2006, Vol. 9, No. 196

                            Headlines

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

10 H.S. LIMITED: Creditors' Proofs of Claim Due on October 16
AIR NEW ZEALAND: To Outsource 70 Finance Clerical Jobs to Fiji
BLOCKS & ROLLS: Names Bartley as Liquidator
BURNS PHILP: Rank Group Offer to Close on October 20, 2006
BUSHLANE CORPORATION: Final Meeting Slated for October 18

CORPORATE HOST: Liquidation Hearing Slated for October 12
DEZKON GROUP: Members Agree to Liquidate Business
DSJ TRANSPORT: Members Opt to Close Business
E-CLIPS INTELLIGENT: Members Agree to Close Business
ENTERPRISE RETAIL: Members Opt to Shut Down Operations

GDC COMMUNICATIONS: Liquidation Hearing Fixed for October 12
GLOBAL RETAIL: Final Meeting Fixed on October 11
GOODBAY HOLDINGS: Liquidator to Present Wind-Up Report
HAMMET LOGGING: Court to Hear CIR Liquidation Petition on Oct. 9
HOPMAN BULBS: Court Appoints Joint Liquidators

IPF VA LTD: Faces Liquidation Proceedings
JALNA PARK: Members' Final Meeting Set for October 17
JAMES HARDIE: NSW Government Further Extends FFA to October 31
JAMES HARDIE: Submits Annual Report on Form 20-F to ASX & SEC
KNIGHTLINE PTY: Liquidator Crowe to Present Wind-Up Report

LEBOWSKI HOLDINGS: Commences Liquidation & Appoints Liquidator
LIAM HAYES BRICKLAYING: To Hold Final Meeting on October 18
LIAM HAYES GROUP: Members and Creditors Meeting Set on Oct. 18
MITCHAM LEGAL: Members Resolve to Wind Up Operations
MONEY FOR LIVING: Court Findings May be Used as Evidence

PET BRANDS: Enters Voluntary Liquidation
S.C.I. ACQUISITIONS: Undergoes Wind-Up Proceedings
S.C.I SECURITIES: Members Resolve to Close Business
SCIS PTY: Enters Wind-Up Proceedings
SIMDALE PTY: Members and Creditors to Meet on October 18

ST GEORGE MOTOR: Commences Wind-Up of Operations
ST GEORGE SECURITY: Placed Under Members' Voluntary Wind-Up
ST GEORGE STAFF: Members Pass Resolution to Wind Up Operations
STOCKFORD (MJAJL): To Distribute Dividend on October 13
STOCKFORD (MJDJL): To Declare Third Dividend on October 13

STOCKFORD (MJGCN): Creditors' Proofs of Claim Due on October 3
STOCKFORD (MJHRD): Creditors Must Prove Debts by October 3
STOCKFORD (MJJGB): To Declare Third Dividend on October 13
STOCKFORD (PURKISS PARTNERS): To Declare Third Dividend
STOCKFORD SMITH-BUTLERS: To Declare Third Dividend on October 13

STOCKFORD SMITH-CHAPMAN: Creditors to Prove Claims on October 3
TRIPLE JAY: Final Meeting Scheduled on October 18
WESTERN BAY: Sells Loans to Finance Now for NZ27.9 Million
XTREME MACHINES: Court to Hear Liquidation Bid on Oct. 9
Y2K CAR COMPANY: Creditors Must Prove Debts by October 27

YOUR COMPUTER: Members Opt to Shut Down Firm


C H I N A   &   H O N G  K O N G

ACI-THE FINANCIAL: Members' Final Meeting Set on October 31
ACCORD CONTAINER: Creditors and Members to Meet on Oct. 16
AESTHETIC ENGINEERING: Court Appoints Liquidators
ASHER & CO: Liquidators Cease to Act for the Company
BENQ: Funding Cut to German Affiliate Hurts Infineon, Fitch Says

CHALENDER LTD: Members Opt to Close Operations
CHINA CONSTRUCTION: Former Head Admits Guilt to Bribe Charges
DR. B.M. KOTEWALL: Members Opt for Voluntary Wind-Up
EASTERN ALPHA: CK Tam Ceased to Act as Liquidator
EPA LIMITED: Court Favors Wind-Up

FAR EAST & SINO: Creditors to Prove Claims on October 29
GLORIEUX INDUSTRIAL: Members Wants Voluntary Wind-Up
GRACEFUL CHINA: Enters Voluntary Liquidation
HSINCHU INTL: Fitch Keeps C/D Individual Rating
JIH SUN FINANCIAL: Fitch Removes Ratings from Watch Positive

JIH SUN INTL: Fitch Lifts Ratings from Watch Positive
JIH SUN SECURITIES: Ratings Out of Watch Positive, Fitch Says
JOYGOLD LTD: Creditors to Prove Claims on October 31
NAM YEUNG: Appoints Lau Vui Cheong as Liquidator
NEW CHINA PROPERTIES: To Hold Annual Meeting on October 10

NEW CHINA ADVERTISING: Annual Meeting Slated for October 10
PANVA GAS: S&P Revises BB Credit Rating Outlook to Negative
PROSPERITY INDUSTRIAL: Members Agree to Wind Up Operations
RAY WILSON: Liquidator to Present Wind-Up Report
SW CYBERWORKS: Members Resolve to Wind Up Operations

SHANGHAI LIFESTYLE: Placed Under Voluntary Wind-Up
SHING FU: Creditors to Meet on October 25
TCL MULTIMEDIA: Market Share Dips, LG and Samsung Take Control
TRANFORD TRADING: Undergoes Voluntary Liquidation


I N D I A

ICICI BANK: Holds Back Loans to Special Economic Zones
ICICI BANK: To Hire 40,000 Workers Yearly to Meet Banking Demand
GULFMARK OFFSHORE: S&P Downgrades Corporate Credit Rating to B+
NTPC LTD: Signs Up for Two Hydro-Electric Plants
NTPC LTD: Boosts Uttar Pradesh Thermal Power Capacity

ORIENTAL BANK: Signs Strategic Alliance MOI with Two Banks
QUEBECOR WORLD: S&P Downgrades Rating to B+ With Negative Watch
RELIANCE INDUSTRIES: Puts US$300M in US Private Placement Market
RELIANCE INDUSTRIES: Discovers Gas at Krishna Godavari
RELIANCE INDUSTRIES: Reduces Petrol & Diesel's Retail Price

SYNDICATE BANK: Bags IDBRT's Banking Technology Excellence Award
UCO BANK: To Delist from Calcutta Stock Exchange
UNION BANK OF INDIA: Posts INR1.7-Bil Profit in '06 2nd Quarter


I N D O N E S I A

BANK NEGARA: Seeks US$150-Million Syndicated Loans
DIRECTED ELECTRONICS: Moody's Puts LGD3 Rating to Secured Loans


J A P A N

AMERICAN SEAFOODS: VP Amy Humphreys Resigns
ASAHI MUTUAL: R&I Lifts Insurance Claims Paying Ability to BB+
BOMBARDIER RECREATIONAL: Moody's Assigns LGD4 Rtg. to Term Loan
FENDER MUSICAL: Moody's Assigns LGD5 Rtg. to Secured Second Lien
MOMIJI BANK: Fitch Upgrades Individual Rating to 'D' from 'D/E'

SOJITZ CORPORATION: S&P Lifts Long-Term Credit Rating to 'BB'
SUMITOMO MITSUI BANKING: Fitch Affirms Individual 'C/D' Rating
YAMAGUCHI BANK: Fitch Affirms Individual Rating at 'C'


K O R E A

BURGER KING: Moody's Assigns Loss-Given-Default Rating
DURA AUTOMOTIVE: Receives Nasdaq Notice of Price Non-Compliance
SK CORP: To Acquire Stake in Australia's Cockatoo Coal
WOORI BANK: Deletes Shinwoo from Subsidiary List


M A L A Y S I A

AYER HITAM: Bursa Malaysia to Delist Securities
ELBA HOLDINGS: Proposed Disposal Not Completed as Expected
JIN LIN: SC Approves Proposed Scheme of Arrangement
KL INFRASTRUCTURE: Triggers Practice Note 17 Criterion
LITYAN HOLDINGS: SC Rejects Application for Review of Scheme

MBF CORPORATION: Members & Creditors Want Subsidiary Wound Up
PAN MALAYSIA CAPITAL: Completes Par Value Reduction Exercises
PAN MALAYSIA CORP: Buys Back 60,000 Ordinary Shares
PAN MALAYSIA HOLDINGS: Concludes Capital Reconstruction Exercise
PAN MALAYSIAN: Shareholders Approve Resolutions at 44th AGM

POLYMATE HOLDINGS: Still Fails to Submit 4th Quarter Report


P H I L I P P I N E S

EXPORT & INDUSTRY BANK: 2nd Supplement to PDIC MoA Approved
EXPORT & INDUSTRY BANK: Board Approves Appointment of Officers
MIRANT CORP: Board Authorizes US$100MM Share Repurchase Program
PHILIPPINE LONG DISTANCE: Subsidiary Acquires PhilWeb Shares


S I N G A P O R E

AMARANTH ADVISORS: To Close Down Operations
CHEMTURA CORP: Moody's Assigns Loss-Given-Default Rating
ELIZABETH ARDEN: Moody's Affirms Senior. Sub. Rating at B1
INTERMEC INC: Fitch Affirms Double-B Ratings With Stable Outlook
LIANG HUAT: Posts Update on the Group's Financial Position

PRIMEFIELD COMPANY: Concludes Disposal of All Issued Shares
SEAGATE TECH: To Launch US$1.25-Billion Debt Offer
SELCO NAVIGATION: Creditors' Meeting Set on October 9
SPECTRUM BRANDS: Moody's Assigns Loss-Given-Default Rating


T H A I L A N D

BANGKOK STEEL: Seeks to Modify Rehabilitation Plan
DOLE FOOD: To Buy JP Fruit Distributors from Jamaica Producers
KRUNG THAI: Inks Deal With Land Department to Facilitate Payment
SAHAMITR PRESSURE: Posts THB1.25MM Net Profit in 2006 1st Half
* Thai Banks to Survive Political Turmoil into '07, Fitch Says

* Moody's Positive on Thailand's Newly Created Economic Team
* U.S. Freezes US$24-Mil. Aid in Response to Military Coup


* BOND PRICING: For the Week 2 October to 6 October 2006

     - - - - - - - -

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

10 H.S. LIMITED: Creditors' Proofs of Claim Due on October 16
-------------------------------------------------------------
Creditors of 10 H.S. Ltd, which is in liquidation, are required
by joint and several liquidators Stephen Mark Lawrence and
Anthony John McCullagh to submit their proofs of claim by
October 16, 2006.  

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

The Joint and Several Liquidators can be reached at:

         Chris McCullagh
         Horwath Corporate (Auckland) Limited
         P.O. Box 3678, Auckland
         New Zealand
         Telephone: (09) 306 3440
         Facsimile: (09) 302 0536


AIR NEW ZEALAND: To Outsource 70 Finance Clerical Jobs to Fiji
--------------------------------------------------------------
Air New Zealand Limited will outsource 70 finance department
clerical workers' jobs to Fiji, the New Zealand Press
Association reports.

NZPA cites an Air NZ spokeswoman as saying that workers who are
affected by the decision were informed through an internal-only
announcement.

About 70 clerical jobs in Air NZ's finance business area, now
called Financial Shared Services, will go to Fiji starting
January 2007, the New Zealand Herald relates.

According to the paper, the Service and Food Workers Union --
the union representing the finance workers -- said that members
had been in a constant state of consultation and restructuring
for years and noted the airline's lack of response to their
submissions.

Union regional secretary Jill Ovens asserts that Air NZ
corporate management was driven by ideology.  The focus was to
secure a low-paid workforce who were passive and compliant, NZ
Herald cites Ms. Ovens, as saying.  It is likely more jobs in
finance would go over the next 18 months, Ms. Ovens adds.

As reported in the Troubled Company Reporter - Asia Pacific on
August 21, 2006, Air New Zealand was preparing to outsource more
than half of its Finance Department to take advantage of cheaper
labor overseas.  Air New Zealand confirmed that at least 160
engineering services and finance staff would be affected by the
plan and that some finance functions would now be outsourced,
probably to Fiji, the TCR-AP cited a report from The Dominion
Post.

                      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.


BLOCKS & ROLLS: Names Bartley as Liquidator
-------------------------------------------
On September 14, 2006, shareholders of Blocks & Rolls
Investments Ltd appointed Paul Bartley to act as the company's
liquidator.

In this regard, Mr. Bartley requires the creditors of the
company to prove their debts by October 30, 2006.  Failure to
present proof will exclude a creditor from sharing in any
distribution the company will make.

The Liquidator can be reached at:

         Paul Bartley
         Level Two, 70 The Terrace (P.O. Box 5260)
         Wellington, New Zealand
         Telephone: (04) 413 5515


BURNS PHILP: Rank Group Offer to Close on October 20, 2006
----------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
September 22 and 28, 2006, that the Foreign Investment Review
Board in Australia and the Overseas Investment Office in New
Zealand have approved the proposed offer of Burns Philp &
Company Limited's major shareholder, Rank Group Limited, for all
of Burns Philp's shares it does not already hold.

The TCR-AP previously noted that the offer was subject on
certain conditions, including Rank Group receiving approvals
from the Foreign Investment and the Overseas Investment Office.

In a filing with the Australian Stock Exchange, Rank Group
advises that it has already completed the required nine-business
day period to extend its offer period for shareholders to submit
their acceptances.  The offer is now scheduled to close at
7:00 p.m. (Sydney time) on October 20, 2006.

Pursuant to the Corporations Act 2001, the date for giving
notice of the status of the conditions of the Offer is Oct. 12,
2006.

Cash payment of AU$1.10 per share will be made to shareholders
within five business days from the later payment of a
shareholder's valid acceptance being received.  

Rank Group declares that the offer is unconditional, noting that
no brokerage is payable on this transaction.

As of September 29, 2006, Rank Group notes that:

   (a) it has not freed the Offer from any of the conditions;

   (b) the Offer has been satisfied with respect to the Foreign
       Investment and Overseas Investment's approval; and

   (c) none of the other conditions to the Offer has been
       fulfilled.

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.

  
BUSHLANE CORPORATION: Final Meeting Slated for October 18
---------------------------------------------------------
The members and creditors of Bushlane Corporation Pty Ltd will
hold a final meeting on October 18, 2006, at 11:00 a.m.

At the meeting, Liquidator Peter Crowe will present the report
and give explanations on the company's wind-up proceedings and
property disposal exercises.

The Liquidator can be reached at:

         Peter Crowe
         A. K. Graham & Co
         Chartered Accountants
         PO Box 203
         Subiaco, Western Australia 6904
         Australia
         Telephone:(08) 9388 9917


CORPORATE HOST: Liquidation Hearing Slated for October 12
---------------------------------------------------------
Epsom Custodians Ltd, Greenlane Custodians Ltd and J & R
Education Ltd filed on August 1, 2006, a petition to liquidate
Corporate Host Event Management Ltd before the High Court of
Auckland.

The Court will hear the Petition on October 12, 2006, at
10:45 a.m.

The Solicitor for the Petitioner can be reached at:

         Brett Morley
         Hesketh Henry, Lawyers
         Level Eleven, 41 Shortland Street
         (Private Bag 92-093) Auckland
         New Zealand


DEZKON GROUP: Members Agree to Liquidate Business
-------------------------------------------------
On August 31, 2006, members of Dezkon Group Pty Ltd decided to
voluntarily liquidate the company's business.

Accordingly, P. Ngan was appointed as liquidator.  The
appointment was confirmed at the creditors' meeting held on that
day.

The Liquidator can be reached at:

         P. Ngan
         Ngan & Co
         Chartered Accountants
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


DSJ TRANSPORT: Members Opt to Close Business
--------------------------------------------
At a general meeting held on September 11, 2006, the members of
DSJ Transport Pty Ltd agreed to voluntarily liquidate the
company's business.

In this regard, Kimberley Andrew Strickland and Christopher
Michael Williamson were appointed as joint and several
liquidators.  The appointments were confirmed at the creditors'
meeting held that same day.

The Joint and Several Liquidator can be reached at:

         Kimberley Andrew Strickland
         Christopher Michael Williamson
         SimsPartners
         Level 12, 40 St George's Terrace
         Perth, Western Australia 6000
         Australia


E-CLIPS INTELLIGENT: Members Agree to Close Business
----------------------------------------------------
On September 6, 2006, the members of E-Clips Intelligent Agent
Technologies Pty Ltd resolved to voluntarily wind-up the
company's operations.

In this regard, Gregory Stuart Andrews was appointed as
liquidator.

The Liquidator can be reached at:

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


ENTERPRISE RETAIL: Members Opt to Shut Down Operations
------------------------------------------------------
At a general meeting held on September 4, 2006, the members of
Enterprise Retail Software Pty Ltd decided to shut down the
Company's operations and appointed Luciana Larkin as liquidator.

The Liquidator can be reached at:

         Luciana Larkin
         Tregloans
         10 Greenhill Road
         Wayville, South Australia 5034
         Australia


GDC COMMUNICATIONS: Liquidation Hearing Fixed for October 12
------------------------------------------------------------
On August 2, 2006, the Commissioner of Inland Revenue filed a
petition to liquidate GDC Communications Ltd before the High
Court of Auckland.

The petition will be heard in October 12, 2006, at 10:45 a.m.

The Solicitor for the CIR can be reached at:

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


GLOBAL RETAIL: Final Meeting Fixed on October 11
------------------------------------------------
On September 4, 2006, the members of Global Retail Solutions Pty
Ltd passed a special resolution to voluntarily wind-up the
company's operations and appoint Luciana Larkin as liquidator.

The Liquidator can be reached at:

         Luciana Larkin
         Tregloans
         10 Greenhill Road
         Wayville, South Australia 5034
         Australia


GOODBAY HOLDINGS: Liquidator to Present Wind-Up Report
------------------------------------------------------
The members and creditors of Goodbay Holdings Pty Ltd will hold
a final meeting on October 18, 2006, at 11:00 a.m.

During the meeting, Liquidator Peter Crowe will report the
company's wind-up proceedings and the manner of property
disposal.

The Liquidator can be reached at:

         Peter Crowe
         A. K. Graham & Co
         Chartered Accountants
         PO Box 203
         Subiaco, Western Australia 6904
         Australia
         Telephone:(08) 9388 9917


HAMMET LOGGING: Court to Hear CIR Liquidation Petition on Oct. 9
----------------------------------------------------------------
A petition to liquidate Hammet Logging Ltd will be heard before
the High Court of Wellington on October 9, 2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on August 23, 2006.

The Solicitor for CIR can be reached at:

         E. M. Duncan-Sittlington
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone: (07) 959 0471


HOPMAN BULBS: Court Appoints Joint Liquidators
----------------------------------------------
The High Court of Auckland, on September 14, 2006, appointed
Bruce Mc Callum and Henry David Levin as liquidators to act
jointly and severally in the liquidation of Hopman Bulbs New
Zealand Ltd.

Accordingly, the Liquidators require creditors to file proofs of
claim by October 12, 2006, or otherwise be excluded from sharing
in any distribution the company will make.

On September 11, 2006, the Troubled Company Reporter - Asia
Pacific reported that the Commissioner of Inland Revenue filed
the liquidation petition against Hopman Bulbs on April 13.

The Joint Liquidators can be reached at:

         Henry David Levin
         c/o Sarah Fitzgerald at 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


IPF VA LTD: Faces Liquidation Proceedings
-----------------------------------------
A liquidation petition filed against IPF VA Ltd will be heard
before the High Court of Rotorua on October 9, 2006, at
10:45 a.m.

AB Rental Ltd and AB Equipment Ltd filed the petition with the
Court on August 8, 2006.

The Solicitor for the Petitioners can be reached at:

         G. P. Blanchard
         Kensington Swan, Solicitors
         18 Viaduct Harbour Avenue
         Auckland, New Zealand


JALNA PARK: Members' Final Meeting Set for October 17
-----------------------------------------------------
The final meeting of the members of Jalna Park Pty Ltd will be
held on October 17, 2006, at 10:30 a.m.

During the meeting, Liquidator Vasudevan will present the
accounts on the company's wind-up proceedings and property
disposal exercises.

According to the Troubled Company Reporter - Asia Pacific, the
company was placed under a members' voluntary liquidation on
June 2, 2006.

The Liquidator can be reached at:

         D. R. Vasudevan
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia


JAMES HARDIE: NSW Government Further Extends FFA to October 31
--------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported that the
NSW Government has extended until September 30, 2006, the
deadline for James Hardie Industries Ltd. to satisfy certain
conditions precedent to the Final Funding Agreement.

In an update, James Hardie and the NSW Government have agreed to
further extend the deadline to October 31, 2006.

The extension recognizes the fact that James Hardie remains
involved in discussions with the NSW Government and the
Australian Taxation Office to resolve outstanding issues
relating to the tax treatment of the Special Purpose Fund.

According to a recent TCR-AP report, James Hardie was in
discussions with the NSW Government in relation to potential and
limited amendments to the FFA and related agreements to achieve
a satisfactory outcome for all stakeholders which would enable
the substantive obligations agreed in the FFA to be implemented
in full.  James Hardie said progress was being made towards
achieving this outcome.

The TCR-AP also noted that James Hardie met with the ATO to seek
fresh binding rulings in relation to the tax treatment of the
SPF, once the proposed amendments have been agreed.  The ATO
will treat the determination of the tax treatment as a priority,
the TCR-AP said.

James Hardie CEO Louis Gries says "these are complex
arrangements that are regrettably taking longer to finalize than
expected.  However, there is considerable goodwill and
cooperation amongst all stakeholders to remove any remaining
barriers to the implementation of the FFA."

The extension will also enable James Hardie to finalize options
to provide interim funding assistance to the Medical Research
and Compensation Foundation in the event that the MRCF's liquid
assets are exhausted before the FFA is implemented in full.

The company reiterated that the MRCF continues to provide
compensation for all proven asbestos-related claims against the
former James Hardie subsidiaries.

                       About James Hardie

James Hardie Industries Limited -- http://www.jameshardie.com/-
- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives.  On July 2, 1998, the then
public company announced a plan of reorganization and capital
restructuring.  James Hardie N.V. was incorporated in August
1998 as an intermediary holding company, with all of its common
stock owned by indirect subsidiaries of JHIL.  Effective as of
November 1998, JHIL contributed its fiber cement businesses, its
United States gypsum wallboard business, its Australian and New
Zealand building systems businesses and its Australian windows
business to JHNV and its subsidiaries.

On July 24, 2001, JHIL announced a further plan of
reorganization and capital restructuring, which reorganization
was completed on October 19, 2001.  In connection with the 2001
Reorganization, James Hardie Industries N.V., formerly RCI
Netherlands Holdings B.V., issued common shares represented by
CHESS Units of Foreign Securities on a one for one basis to
existing JHIL shareholders in exchange for their shares such
that JHINV became the new ultimate holding company for JHIL and
JHNV.  Following the 2001 Reorganization, JHINV controls the
same assets and liabilities as JHIL controlled immediately prior
to the 2001 Reorganization.

The Company's troubles began with its "under-funded" allocation
for asbestos claims, which were brought in by people who suffer
or may have diseases caused by exposure to the asbestos-related
products produced by JHIL.  In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims.  The Foundation has
warned that it could run out of money within five years.  The
Asbestos Diseases Foundation of Australia and workers  unions
called for all the Company's asbestos profits to be immediately
placed in the fund.  James Hardie was later accused of topping
up the dwindling asbestos fund it established.

By 2004, James Hardie's former asbestos manufacturing
subsidiaries -- Amaca Pty Ltd, Amaba Pty Ltd, and ABN 60 Pty Ltd
-- are three of around 150 defendants in asbestos litigation,
and based on the Foundation's own figures, they account for
US$1,000,000,000 of the predicted US$6,000,000,000 future
asbestos liabilities in Australia.  Although James Hardie
stopped making asbestos products in 1987, the average 35-year
latency of mesothelioma, an asbestos-related disease, means
asbestos compensation funds will be needed until mid-century.  
In a 2005 report by a company-hired actuary from KPMG, it was
predicted that 4,915 Australians would contract mesothelioma
from exposure to Hardie products in the coming decades.  When
less serious forms of asbestos-related disease are included,
James Hardie should expect to compensate 8,725 victims.

On December 1, 2005, the Company announced that the NSW
Government and a wholly owned Australian subsidiary of the
Company -- LGTDD Pty Ltd -- had entered into a conditional
agreement to provide long-term funding to a special purpose fund
that will provide compensation for Australian asbestos-related
personal injury claims against certain former James Hardie
asbestos companies.  The amount of the asbestos provision of
AU$1 billion, at March 31, 2006, is the Company's best estimate
of the probable outcome, which estimate includes an actuarial
calculation prepared by KPMG Actuaries Pty Ltd of the projected
future cash outflows, undiscounted and uninflated, and the
anticipated tax deduction arising from Australian legislation
which came into force on April 6, 2006.


JAMES HARDIE: Submits Annual Report on Form 20-F to ASX & SEC
-------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
July 4, 2006, the Australian Stock Exchange extended the date
within which James Hardie Industries Limited must file the Dutch
GAAP accounts for the year ended March 31, 2006, under the ASX
Listing Rules, until the accounts are lodged with the Australian
Securities and Investments Commission.

To coincide with its lodgment with the United States Securities
and Exchange Commission on September 29, 2006, in Washington DC,
James Hardie lodged its annual report on Form 20-F to the ASX on
September 30, 2006.

James Hardie explained that as a foreign private issuer listed
on the New York Stock Exchange, it must file its Form 20-F
within six months after its fiscal year end.  In James Hardie's
case, this date is September 30, 2006.

The company noted that the appendices to the Form 20-F include
the Final Funding Agreement signed by James Hardie and the NSW
Government on December 1, 2005, and associated documents.

James Hardie further noted that its announcement dated Dec. 1,
2005, entitled "James Hardie Board approves Final Funding
Agreement -- agreement to be signed today" included a summary of
the agreement's key features, which remain substantially
unchanged.

Should the remaining conditions precedent to the full
implementation of the FFA be satisfied or waived, the James
Hardie Board would then put the proposed asbestos compensation
arrangements to shareholders for their consideration at an
Extraordinary General Meeting.  

A detailed summary of the FFA and associated documents would be
circulated to shareholders in an Explanatory Memorandum prepared
in advance of the Extraordinary General Meeting.

A full-text copy of James Hardie's Form 20-F filed with the SEC
is available for free at:

http://www.sec.gov/Archives/edgar/data/1159152/00009501370601053
9/a19156e20vf.htm

                       About James Hardie

James Hardie Industries Limited -- http://www.jameshardie.com/-
- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives.  On July 2, 1998, the then
public company announced a plan of reorganization and capital
restructuring.  James Hardie N.V. was incorporated in August
1998 as an intermediary holding company, with all of its common
stock owned by indirect subsidiaries of JHIL.  Effective as of
November 1998, JHIL contributed its fiber cement businesses, its
United States gypsum wallboard business, its Australian and New
Zealand building systems businesses and its Australian windows
business to JHNV and its subsidiaries.

On July 24, 2001, JHIL announced a further plan of
reorganization and capital restructuring, which reorganization
was completed on October 19, 2001.  In connection with the 2001
Reorganization, James Hardie Industries N.V., formerly RCI
Netherlands Holdings B.V., issued common shares represented by
CHESS Units of Foreign Securities on a one for one basis to
existing JHIL shareholders in exchange for their shares such
that JHINV became the new ultimate holding company for JHIL and
JHNV.  Following the 2001 Reorganization, JHINV controls the
same assets and liabilities as JHIL controlled immediately prior
to the 2001 Reorganization.

The Company's troubles began with its "under-funded" allocation
for asbestos claims, which were brought in by people who suffer
or may have diseases caused by exposure to the asbestos-related
products produced by JHIL.  In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims.  The Foundation has
warned that it could run out of money within five years.  The
Asbestos Diseases Foundation of Australia and workers  unions
called for all the Company's asbestos profits to be immediately
placed in the fund.  James Hardie was later accused of topping
up the dwindling asbestos fund it established.

By 2004, James Hardie's former asbestos manufacturing
subsidiaries -- Amaca Pty Ltd, Amaba Pty Ltd, and ABN 60 Pty Ltd
-- are three of around 150 defendants in asbestos litigation,
and based on the Foundation's own figures, they account for
US$1,000,000,000 of the predicted US$6,000,000,000 future
asbestos liabilities in Australia.  Although James Hardie
stopped making asbestos products in 1987, the average 35-year
latency of mesothelioma, an asbestos-related disease, means
asbestos compensation funds will be needed until mid-century.  
In a 2005 report by a company-hired actuary from KPMG, it was
predicted that 4,915 Australians would contract mesothelioma
from exposure to Hardie products in the coming decades.  When
less serious forms of asbestos-related disease are included,
James Hardie should expect to compensate 8,725 victims.

On December 1, 2005, the Company announced that the NSW
Government and a wholly owned Australian subsidiary of the
Company -- LGTDD Pty Ltd -- had entered into a conditional
agreement to provide long-term funding to a special purpose fund
that will provide compensation for Australian asbestos-related
personal injury claims against certain former James Hardie
asbestos companies.  The amount of the asbestos provision of
AU$1 billion, at March 31, 2006, is the Company's best estimate
of the probable outcome, which estimate includes an actuarial
calculation prepared by KPMG Actuaries Pty Ltd of the projected
future cash outflows, undiscounted and uninflated, and the
anticipated tax deduction arising from Australian legislation
which came into force on April 6, 2006.


KNIGHTLINE PTY: Liquidator Crowe to Present Wind-Up Report
----------------------------------------------------------
A final meeting of the members and creditors of Knightline Pty
Ltd, which is in liquidation, will be held on October 18, 2006,
at 11:00 a.m.

At the meeting, Liquidator Peter Crowe will report the accounts
of the company's wind-up proceedings and property disposal
exercises.

The Liquidator can be reached at:

         Peter Crowe
         A. K. Graham & Co
         Chartered Accountants
         PO Box 203
         Subiaco, Western Australia 6904
         Australia
         Telephone:(08) 9388 9917

LEBOWSKI HOLDINGS: Commences Liquidation & Appoints Liquidator
--------------------------------------------------------------
The liquidation of Lebowski Holdings Ltd commenced with the
appointment of John Michael Gilbert as liquidator on Sept. 13,
2006.

Mr. Gilbert subsequently required the creditors of the company
to prove their debt by October 11, 2006.  Failure to comply with
the requirement will exclude a creditor from sharing in any
distribution the company will make.

The Liquidator can be reached at:

         J. M. Gilbert
         c/o Di Jin at C & C Strategic Limited
         Private Bag 47-927, Ponsonby, Auckland
         New Zealand
         Telephone: (09) 376 7506
         Facsimile: (09) 376 6441


LIAM HAYES BRICKLAYING: To Hold Final Meeting on October 18
-----------------------------------------------------------
A final meeting of the members and creditors of Liam Hayes
Bricklaying Pty Ltd will be held on October 18, 2006, at 11:00
a.m.

During the meeting, Liquidator Peter Crowe will give final
accounts of the company's wind-up proceedings.

The Liquidator can be reached at:

         Peter Crowe
         A. K. Graham & Co
         Chartered Accountants
         PO Box 203
         Subiaco, Western Australia 6904
         Australia
         Telephone:(08) 9388 9917


LIAM HAYES GROUP: Members and Creditors Meeting Set on Oct. 18
--------------------------------------------------------------
Liam Hayes Group Pty Ltd will hold a final meeting for its
members and creditors on October 18, 2006, at 11:00 a.m., to
receive Liquidator Crowe's report on the company's wind-up
proceedings and property disposal exercises.

As reported by the Troubled Company Reporter - Asia Pacific, on
November 14, 2005, the company commenced a wind-up of its
operations on October 12, 2005.

The Liquidator can be reached at:

         Peter Crowe
         A. K. Graham & Co
         Chartered Accountants
         PO Box 203
         Subiaco, Western Australia 6904
         Australia
         Telephone:(08) 9388 9917


MITCHAM LEGAL: Members Resolve to Wind Up Operations
----------------------------------------------------
On August 31, 2006, the members of Mitcham Legal Services Pty
Ltd resolved to voluntary wind up its operations.

Accordingly, James Patrick Downey was appointed as liquidator.

The Liquidator can be reached at:

         James Patrick Downey
         Cole Downey & Co
         Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia

MONEY FOR LIVING: Court Findings May be Used as Evidence
--------------------------------------------------------
On September 29, 2006, the Federal Court delivered judgment in
relation to an application by the Australian Stock Exchange
Investments Commission relating to its proceedings against Money
For Living (Aust) Pty Ltd, MFL Property Holdings Pty Ltd, and
their directors:

   * Stephen O'Neill,
   * Gary O'Neill, and
   * Jolanta Olszewski

The application was sought to assist the purchasers of products
offered by MFL and MFLPH in:

   1. pursuing a class action or other proceedings against the
      companies and its directors; and

   2. to obtain clear determinations of law in relation to the
      nature of the financial interest that MFL offered to
      purchasers and the way in which it was promoted.

The ASIC argued that the product offered by MFL was a financial
product as defined under the Corporations Act and the ASIC Act,
for the purposes of provisions relating to misleading and
deceptive conduct.

In support of the ASIC's application, Justice Finkelstein found
that MFL:

   (a) offered the vendors a financial product under the general
       definition of the law;

   (b) made false and misleading statements in the brochure and
       on the Web site; and

   (c) made false and misleading statements in the Agreements
       with the vendors.

"This judgment is significant in that it confirms ASIC's view
that the products offered by MFL were financial products or
financial services.  The clarification of the legal position
will assist elderly people who purchased MFL's products in
pursuing action against the companies and its directors,"
Executive Director of Enforcement, Jan Redfern says.

Significantly, Judge Finkelstein also found that the vendors
life tenancies are secure, that is their tenancies are
"guaranteed" to survive any adverse claims made, based on his
conclusion on the Transfer of Land Act 1958 (Vic) and the
equivalent provision in the Torrens legislation in other states.

The private law firms of Slater & Gordon, Russell Kennedy, and
Dellios West currently represent the 117 vendors who purchased
MFL's product are currently being represented -- in three
related proceedings.  The firms' representations have been
issued in either the Federal Court of Australia or the Supreme
Court of Victoria.

Pursuant to the ASIC Act 2001, the September 29 findings of fact
by Judge Finkelstein may be used as evidence in these related
proceedings.

"ASIC also welcomes clarification by His Honour as to what
constitutes a financial product or service.  It will assist both
ASIC and third parties in pursuing future actions in relation to
similar products," Ms. Redfern adds.

                            Background

On October 20, 2005, the ASIC commenced civil proceedings in the
Federal Court of Australia seeking declarations that false and
misleading representations were made by MFL, MFLPH and the
companies' directors:

   * Stephen O'Neill,
   * Gary O'Neill, and
   * Jolanta Olszewski

The ASIC alleged that the Money for Living Group made false and
misleading representations in various agreements and materials,
including in communications to 117 vendors who sold their homes
under what MFL described as "a unique system that allows people
-- generally over 55 -- to access the equity in their home."

The 117 vendors sold their homes to MFL or MFLPH since
September 17, 2004, and the total value of the properties is
AU$27,815,000.  About 71 of those properties were sold to third
party purchasers.  ASIC collected the evidence of the key
transactions for the 117 vendors and summarized the evidence in
a spreadsheet for all parties.

                        *     *     *

MFL and MFLPH were placed into voluntary administration on
September 26, 2005, with George Georges and Peter McCluskey of
Ferrier Hodgson appointed as administrators.

ASIC has also commenced criminal proceedings against:

   (a) Stephen O'Neill, who is charged with:

       -- four counts of obtaining financial advantage by    
          deception;

       -- four counts of dishonest use of position as an officer
          of a corporation; and

       -- two counts of managing a corporation while
          disqualified; and

   (b) Gary O'Neill, who is charged with:

       -- four counts of obtaining financial advantage by
          deception; and

       -- seven counts of dishonestly using his position as a
          director of a corporation.

The ASIC alleges that the O'Neills obtained mortgages from a
financier totaling almost AU$1 million, by submitting loan
applications that failed to disclose the life tenancies attached
to the mortgaged properties.

The O'Neill brothers' bail has been extended on their own
undertaking and the matter is listed for a committal hearing in
March 2007.

The Commonwealth Director of Public Prosecutions is prosecuting
the charges.


PET BRANDS: Enters Voluntary Liquidation
----------------------------------------
Members of Pet Brands Pty Ltd held a meeting on September 1,
2006, and agreed to close the company's business.

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

The Liquidator can be reached at:

         Paul Vartelas
         Taylor & Co.
         8th Floor, 608 St Kilda Road
         Melbourne
         Australia


S.C.I. ACQUISITIONS: Undergoes Wind-Up Proceedings
--------------------------------------------------
On September 12, 2006, the members of S.C.I. Acquisitions Pty
Ltd held a general meeting and agreed to voluntarily wind up the
company's operations.

The Joint and Several Liquidators can be reached at:

         Salvatore Algeri
         Tim Norman
         Deloitte Touche Tohmatsu
         180 Lonsdale Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9208 7000


S.C.I SECURITIES: Members Resolve to Close Business
---------------------------------------------------
At a general meeting held on September 12, 2006, the members of
S.C.I. Securities Pty Ltd passed a special resolution to
voluntarily wind up the company's operations.

The Joint and Several Liquidators can be reached at:

         Salvatore Algeri
         Tim Norman
         Deloitte Touche Tohmatsu
         180 Lonsdale Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9208 7000


SCIS PTY: Enters Wind-Up Proceedings
------------------------------------
The members of SCIS Pty Ltd passed a special resolution to wind
up the company's operations at a general meeting held on
September 12, 2006.

The Joint and Several Liquidators can be reached at:

         Salvatore Algeri
         Tim Norman
         Deloitte Touche Tohmatsu
         180 Lonsdale Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9208 7000


SIMDALE PTY: Members and Creditors to Meet on October 18
--------------------------------------------------------
A final meeting of the members and creditors of Simdale Pty Ltd,
which is in liquidation, will be held on October 18, 2006, at
11:00 a.m.

During the meeting, Liquidator Steven Nicols will report on the
accounts of the company's wind-up proceedings.

The Liquidator can be reached at:

         Steven Nicols
         Nicols + Brien
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia
         Web site: http://www.bankrupt.com.au


ST GEORGE MOTOR: Commences Wind-Up of Operations
--------------------------------------------------
At a general meeting held on September 8, 2006, the members of
St. George Motor Wholesale Pty Ltd resolved to voluntarily wind
up the company's operations and appoint M. C. Smith as
liquidator.

The Liquidator can be reached at:

         M. C. Smith
         c/o McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9338 2666
         Web site: http://www.mcgrathnicol.com.au


ST GEORGE SECURITY: Placed Under Members' Voluntary Wind-Up
-----------------------------------------------------------
Members of St George Security and Custody Pty Ltd decided to
voluntarily wind up the company's operations on September 8,
2006.

In this regard, M. C. Smith was appointed as liquidator.

The Liquidator can be reached at:

         M. C. Smith
         c/o McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9338 2666
         Web site: http://www.mcgrathnicol.com.au


ST GEORGE STAFF: Members Pass Resolution to Wind Up Operations
--------------------------------------------------------------
On September 8, 2006, the members of St George Staff Retirement
Fund Pty Ltd passed a special resolution to wind up the
company's operations.

Accordingly, M. C. Smith was appointed as liquidator.

The Liquidator can be reached at:

         M. C. Smith
         c/o McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9338 2666
         Web site: http://www.mcgrathnicol.com.au


STOCKFORD (MJAJL): To Distribute Dividend on October 13
-------------------------------------------------------
Stockford (MJAJL) Pty Ltd will distribute the third dividend for
its creditors on October 13, 2006.

Creditors who cannot prove their debts by October 3, 2006, will
be excluded from sharing in the dividend distribution.

The Deed Administrator can be reached at:

         Mark A. Korda
         Kordamentha
         Level 24, 333 Collins Street
         Melbourne, Victoria 3000
         Australia


STOCKFORD (MJDJL): To Declare Third Dividend on October 13
----------------------------------------------------------
Stockford (MJDJL) Pty Ltd will declare the third dividend for
its creditors on October 13, 2006.

Creditors must submit proofs of debt by October 3, 2006, to
prove their debts to be included in the company's distribution
of dividend.

The Deed Administrator can be reached at:

         Mark A. Korda
         Kordamentha
         Level 24, 333 Collins Street
         Melbourne, Victoria 3000
         Australia


STOCKFORD (MJGCN): Creditors' Proofs of Claim Due on October 3
--------------------------------------------------------------
Stockford (MJGCN) Pty Ltd will declare the third dividend for
its creditors on October 13, 2006.

Creditors who fail to prove their claims by October 3, 2006,
will be excluded from sharing in the company's dividend
distribution.

The Deed Administrator can be reached at:

         Mark A. Korda
         Kordamentha
         Level 24, 333 Collins Street
         Melbourne, Victoria 3000
         Australia


STOCKFORD (MJHRD): Creditors Must Prove Debts by October 3
----------------------------------------------------------
The Deed Administrator of Stockford (MJHRD) Pty Ltd will declare
the third dividend for the company's creditors on October 13,
2006.

In this regard, creditors are required to submit their proofs of
debt by October 3, 2006, to be included in the company's
distribution of dividend.

The Deed Administrator can be reached at:

         Mark A. Korda
         Kordamentha
         Level 24, 333 Collins Street
         Melbourne, Victoria 3000
         Australia


STOCKFORD (MJJGB): To Declare Third Dividend on October 13
----------------------------------------------------------
Stockford (MJJGB) Pty Ltd will declare the third dividend for
its creditors on October 13, 2006, to the exclusion of those who
were not able to submit their proofs of debt by October 3, 2006.

The Deed Administrator can be reached at:

         Mark A. Korda
         Kordamentha
         Level 24, 333 Collins Street
         Melbourne, Victoria 3000
         Australia


STOCKFORD (PURKISS PARTNERS): To Declare Third Dividend
-------------------------------------------------------
Stockford (Purkiss Partners) Pty Ltd will declare the third
dividend for its creditors on October 13, 2006.

Accordingly, creditors are required to formally prove their
debts by October 3, 2006, or they will be excluded from the
benefit of the dividend.

The Deed Administrator can be reached at:

         Mark A. Korda
         Kordamentha
         Level 24, 333 Collins Street
         Melbourne, Victoria 3000
         Australia


STOCKFORD SMITH-BUTLERS: To Declare Third Dividend on October 13
----------------------------------------------------------------
Stockford Billerwell Powers & Smith-Butlers Pty Ltd will declare
the third dividend to its creditors on October 13, 2006.

Creditors are required to submit their proofs of debt by
October 3, 2006, to be included in the benefit of the dividend.

The Deed Administrator can be reached at:

         Mark A. Korda
         Kordamentha
         Level 24, 333 Collins Street
         Melbourne, Victoria 3000
         Australia


STOCKFORD SMITH-CHAPMAN: Creditors to Prove Claims on October 3
---------------------------------------------------------------
Stockford Billerwell Powers & Smith-Chapman Pty Ltd, which is
subject to a deed of company arrangement, will declare the third
dividend for its creditors on October 13, 2006.

Creditors who cannot prove their claims by October 3, 2006, will
be excluded from sharing in the dividend distribution.

The Deed Administrator can be reached at:

         Mark A. Korda
         Kordamentha
         Level 24, 333 Collins Street
         Melbourne, Victoria 3000
         Australia


TRIPLE JAY: Final Meeting Scheduled on October 18
-------------------------------------------------
Triple Jay Pty Ltd will hold a final meeting for its members on
October 18, 2006, at 10:00 a.m.

At the meeting, Liquidator Gaffney will present the accounts of
the company's wind-up proceedings and property disposal.

The Troubled Company Reporter - Asia Pacific previously reported
that Triple Jay will declare its first and final dividend on
October 9, 2006.

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


WESTERN BAY: Sells Loans to Finance Now for NZ27.9 Million
----------------------------------------------------------
The receivers of Western Bay Finance have agreed to sell a
portion of the company's loan book to Southland Building Society
subsidiary Finance Now, the New Zealand Press Association
reports.

As reported in the Troubled Company Reporter - Asia Pacific on
August 21, 2006, Finance Now was believed to have an offer on
the table for about NZ$30 million to buy over half of Western
Bay's assets.

Receivers Grant Graham and Brendon Gibson disclose that loans
with a face value of NZ$30 million were sold for NZ$27.9 million
in cash, the New Zealand Herald reports.

The transaction was due to settle on October 2, 2006.  The
proceeds of the sale, combined with collections as of Sept. 29,
2006, would enable a first dividend of 65 cents in the dollar,
the NZ Herald relates.

According to the paper, that first dividend should be in the
hands of debenture holders by the middle of October.

The timing of further payments from realizations of remaining
assets depended on the timing of further collections, NZPA
notes.

NZPA cites the receivers, as saying deal was consistent with
their earlier recovery estimate of 75 to 80 cents in the dollar.

However, in a TCR-AP report, the Receivers noted that there
remain some risks to this estimate, given the profile of the
book.  In the interim, they projected to be able to pay a first
dividend to debenture holders of 10 cents in the dollar, before
the end of September, the TCR-AP noted.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on August
4, 2006, that Western Bay Finance has been put into
receivership, leaving more than 3,000 investors in limbo.  
Receivers Ferrier Hodgson were called to assess the quality of
Western Bay's loan book, which has about 10,000 loans totaling
NZ$53 million.

An earlier TCR-AP report stated that Standard & Poor's Ratings
Services downgraded its insurer financial strength rating on New
Zealand general insurer Linsa Insurance Ltd. -- previously named
Premium Insurance Ltd. -- to 'CC' from 'B-'.   At the same time,
Linsa was placed on CreditWatch with negative implications.  The
report stated that the rating actions follow heightened
financial difficulties facing sister company Western Bay Finance
Ltd.  S&P noted that Western Bay Finance is not rated.

Jim Smylie established Western Bay Finance 17 years ago.


XTREME MACHINES: Court to Hear Liquidation Bid on Oct. 9
--------------------------------------------------------
The High Court of Rotorua will hear a liquidation petition filed
against Xtreme Machines Ltd on October 9, 2006, at 10:45 a.m.

UDC Finance Ltd filed the petition with the Court on September
1, 2006.

The Solicitor for the Plaintiff can be reached at:

         Z. G. Kennedy
         Minter Ellison Rudd Watts, Solicitors
         Level Twenty, Lumley Centre
         88 Shortland Street
         (P.O. Box 3798 or D.X. C.P. 24-061)
         Auckland, New Zealand


Y2K CAR COMPANY: Creditors Must Prove Debts by October 27
---------------------------------------------------------
Creditors of Y2K Car Company Ltd -- trading as Largo Wholesale -
- are required by Joint Liquidators Peri Micaela Finnigan and
Boris van Delden to prove their debts on or before October 27,
2006.  

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

The Joint Liquidators can be reached at:

         Peri Finnigan
         McDonald Vague, P.O. Box 6092
         Wellesley Street Post Office
         Auckland, New Zealand
         Telephone: (09) 303 0506
         Facsimile: (09) 303 0508
         Web site: http://www.mvp.co.nz/


YOUR COMPUTER: Members Opt to Shut Down Firm
--------------------------------------------
After a general meeting held on August 29, 2006, the members of
Your Computer Zone Pty Ltd resolved to shut down the company's
operations.

Robert Molesworth Hobill Cole was subsequently appointed as
liquidator at the creditors' meeting held that same day.

The Liquidator can be reached at:

         Robert Molesworth Hobill Cole
         Cole Downey & Co
         Chartered Accountants
         Unit 2, 6 Moorabool Street
         Geelong, Victoria 3220
         Australia


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

ACI-THE FINANCIAL: Members' Final Meeting Set on October 31
-----------------------------------------------------------
Members of ACI-The Financial Markets Association of Hong Kong
will convene for their final meeting on October 31, 2006, 5:00
p.m., at Unit 303, 3/F., Fu Fai Commercial Centre, 27 Hillier
Street, Sheung Wan, Hong Kong.

At the meeting, Liquidator Li Fui Lung, Danny will present a
report regarding the company's wind-up and its property disposal
activities.


ACCORD CONTAINER: Creditors and Members to Meet on Oct. 16
----------------------------------------------------------
Separate meetings of creditors and contributories of Accord
Container Line (HK) Ltd will be held at 2/F., Wing Yee
Commercial Building, 5 Wing Kut Street, Central, Hong Kong, on
October 16, 2006, for the purposes provided for the different
Sections of the Companies Ordinance.


AESTHETIC ENGINEERING: Court Appoints Liquidators
-------------------------------------------------
The High Court of Hong Kong appointed Bruno Arboit and Simon
Richard Blade as joint and several liquidators of Aesthetic
Engineering Company Ltd on August 10, 2006.

The Joint Liquidators can be reached at:

         Bruno Arboit
         Simon Richard Blade
         12/F, China Merchants Tower
         Shun Tak Centre, 168-200 Connaught Road
         Central, Hong Kong


ASHER & CO: Liquidators Cease to Act for the Company
----------------------------------------------------
On July 10, 2006, Bruno Arboit and Simon Blade ceased to act as
Joint Liquidators of Asher & Co (Hong Kong) Ltd.

The former Liquidators can be reached at:

         Bruno Arboit
         Simon Blade
         1203-1213, China Merchants Tower
         Shun Tak Centre, 168-200 Connaught Road
         Central, Hong Kong


BENQ: Funding Cut to German Affiliate Hurts Infineon, Fitch Says
----------------------------------------------------------------
On September 29, 2006, Fitch Ratings said that the decision by
Taiwan's BenQ Corporation to stop funding its German subsidiary
BenQ Mobile GmbH, precipitating the insolvency of this business,
would add to the challenges faced by Infineon Technologies AG's
in its communications division.

Fitch also notes that despite the LBO market's current appetite
for transactions in the technology sector, particularly
semiconductors, it does not see a potential private equity deal
involving Infineon's memory spin-off, Qimonda, as a likely
candidate.

"Today's announcement is not good news for Infineon, which has
been working to turn around its loss-making communication's
division," says Stuart Reid, a Director in Fitch's European TMT
team, "BenQ only acquired the Siemens handsets business in 2005,
and as recently as August 2006 affirmed its commitment to its
mobile phones business.  As Infineon's single largest customer,
the potential closure of BenQ Mobile's German operations would
be expected to have an impact on Infineon."

The development comes at an awkward time for Infineon's
communications division; for the nine months to June 2006 the
unit recorded EBIT losses of EUR249 million on sales of EUR908m.  
With BenQ Mobile's German operations estimated to account for
around 15% of the division's revenues, Infineon will face
increased pressure in its efforts to turn the division around.

Today's news further highlights the challenges faced by the
smaller handsets vendors in a market increasingly dominated by
Nokia Corporation ('A+'/Stable) and Motorola Inc. ('A-' (A
minus)/ Stable).

Fitch reiterates that mobile handsets are a high-volume
business, with scale in both sales and research and development
a key differentiator for the industry.  Both Nokia and Motorola
enjoy such scale, together accounting for more than 50% of world
handsets sales.  Volume production, good design and strong
branding support these companies' earnings and cash flow.

"The demise of BenQ Mobile's German operations is a salutary
tale," says Mr. Reid. The handsets division of German industrial
giant, Siemens AG ('AA-' (AA minus)/Negative had struggled
throughout the first half of the decade.  The unit had been
consistently challenging for the number four position in the
market, but failed to make a material contribution to Siemens'
results.  In 2004 (the last year for which Siemen's reported
separately for the mobile division) mobile handsets made an
operating loss of EUR152m despite an estimated market share of
around 7.2%.

Siemens effectively paid BenQ to take the handsets business off
its hands in 2005, notwithstanding a revenue base of around EUR5
billion. The disposal of the loss-making division was viewed to
be positive for Siemens' rating.

In Fitch's view Infineon's Qimonda is unlikely to be the subject
of LBO interest, despite the current fervour in technology from
private equity investors. While Qimonda enjoys a strong market
position in memory markets, it does not display the "asset
light" qualities enjoyed by the likes of Freescale ('BB+'/Watch
Negative) and Philips Semiconductors, both of which are
currently the subject of LBO transactions.  While Qimonda's
share price has traded up since its IPO last month, memory
markets exhibit more volatility than other semiconductor
markets.

With a market cap of USD5.4bn at the current share price,
Qimonda, nonetheless represents significant value for Infineon,
although the volatility of earnings and its large capital
expenditure requirements may deter private equity investors.  
With the amount of liquidity currently available from private
equity funds however, interest in the company cannot be
discounted completely.

                          *     *     *

Headquartered in Taiwan, Republic of China, BenQ Corporation,
Inc. -- http://www.benq.com/-- is principally engaged in  
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.  BenQ
Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.

Taiwan Ratings Corp on August 17, 2006, lowered its long-term
corporate credit rating and unsecured corporate bond rating on
BenQ Corporation to twBB+ from twBBB.  At the same time, the
short-term corporate rating on the Company was lowered to twB
from twA-3.  All ratings remain on CreditWatch with negative
implications, where they were placed on March 14, 2006.


CHALENDER LTD: Members Opt to Close Operations
----------------------------------------------
Members of Chalender Ltd resolved on September 23, 2006, to wind
up the company's operations and appointed Yuen Shu Tong as
liquidator.

The Liquidator can be reached at:

         Yuen Shu Tong
         3/F., Malaysia Building
         50 Gloucester Road, Wanchai
         Hong Kong


CHINA CONSTRUCTION: Former Head Admits Guilt to Bribe Charges
-------------------------------------------------------------
Zhang Enzhao, the former chairman of China Construction Bank
pleaded guilty before Beijing No.1 Intermediate People's Court
for taking bribes worth CNY4.15 million to arrange loans,
Beijing News reports.

According to various reports, Mr. Zhang pleaded guilty in court
where he was charged with 19 counts of taking cash and property
bribes for helping people get loans from China Construction.  
The reports however did not specify Mr. Zhang's penalty.

Mr. Zhang's lawyer, Gao Zicheng argued that the real amount of
the bribes is only CNY1.5 million, saying that a CNY2.65 million
house considered by the prosecutors to be a bribe was given to
Zhang by an old friend, People Daily relates.

Moreover, Mr. Gao told the court that Mr. Zhang had provided all
the evidence against himself, as the prosecutors had nothing on
him when he was detained after facing a separate case in
California, China Daily adds.

Various reports said that Mr. Zhang is accused in California of
taking a US$1 million bribe in exchange for arranging for a
U.S.-based company to obtain contracts.

Mr. Zhang vacated his post in China Construction 16 months ago
citing personal reasons.  However, the bank later disclosed he
was suspected of unspecified wrongdoing, China Daily relates.

China Daily also recounts that a former China Construction
president, Wang Xuebing, was sentenced in 2003 to 12 years in
prison on charges of taking bribes while in a former post as New
York City branch manager of another major Chinese bank -- Bank
of China Ltd.

Bank of China agreed to pay a US$20 million fine to U.S. and
Chinese regulators, China Daily notes.

                          *     *     *

The China Construction Bank -- http://www.ccb.cn/-- is one of  
the "big four" banks in the People's Republic of China.  It was
founded on October 1, 1954 under the name of "People's
Construction Bank of China" and later changed to "China
Construction Bank" on March 26, 1996.

On August 28, 2006, the Troubled Company Reporter - Asia Pacific
reported that Moody's Rating affirmed the bank's A2 long-term
deposit rating with a positive outlook and a bank financial
strength rating of D- with a stable outlook.  At the same time,
Moody's has put Bank of
America Asia's A1/Prime-1 foreign and Aa3/Prime-1 local currency
deposit ratings on review for possible downgrade.

In addition, Fitch Ratings affirmed on September 15, 2006, China
Construction Bank's long-term foreign currency IDR at A- and
Individual Rating at D.


DR. B.M. KOTEWALL: Members Opt for Voluntary Wind-Up
----------------------------------------------------
On September 25, 2006, members of Dr. B. M. Kotewall Foundation
Ltd resolved to voluntarily wind up the company's operations.

Subsequently, Chan Yu Ling was appointed as liquidator.

The Liquidator can be reached at:

         Chan Yu Ling
         33 Macdonnell Road
         Hong Kong


EASTERN ALPHA: CK Tam Ceased to Act as Liquidator
-------------------------------------------------
On September 26, 2006, Gabriel Chi Kok Tam ceased to act as
liquidator for Eastern Alpha Investment Ltd.

According to the Troubled Company Reporter - Asia Pacific,
members and creditors of the Company held an annual meeting on
November 29, 2005, to receive Liquidator Tam's report on the
wind-up of the company's operations.

The former Liquidator can be reached at:

         Gabriel Chi Kok Tam
         8/F, Prince's Bulding
         10 Chater Road, Central
         Hong Kong


EPA LIMITED: Court Favors Wind-Up
---------------------------------
The High Court of Hong Kong issued a wind-up order against Epa
Ltd on September 13, 2006.

According to the Troubled Company Reporter - Asia Pacific, Ng
Chak Fai filed the petition with the Court on June 3, 2006.


FAR EAST & SINO: Creditors to Prove Claims on October 29
--------------------------------------------------------
Liquidator Yuen Shu Tong require the creditors of Far East &
Sino Company Ltd, which is in liquidation, to submit their
proofs of claim by October 29, 2006, or be excluded from the
benefit of any distribution the company will make.

The Liquidator can be reached at:

         Yuen Shu Tong
         3/F., Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


GLORIEUX INDUSTRIAL: Members Wants Voluntary Wind-Up
----------------------------------------------------
On September 21, 2006, members of Glorieux Industrial Ltd passed
a resolution that a voluntary wind-up of the company's
operations is necessary.

Accordingly, Thomas Andrew Corkhill and Iain Ferguson were
appointed as joint and several liquidators.

The Joint Liquidators can be reached at:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark, 11 Pedder Street
         Central, Hong Kong


GRACEFUL CHINA: Enters Voluntary Liquidation
--------------------------------------------
On September 28, 2006, members of Graceful China International
Ltd held a general meeting and agreed to voluntarily wind up the
company's operations.

In this regard, Lam Tak Yeung was appointed as liquidator.

The Liquidator can be reached at:

         Lam Tak Keung
         Suite 504, South Tower
         World Finance Centre, Harbour City
         17-19 Canton Road, Tsimshatsui
         Kowloon, Hong Kong


HSINCHU INTL: Fitch Keeps C/D Individual Rating
------------------------------------------------  
On September 9, 2006, Fitch Ratings has placed the ratings of
Taiwan's Hsinchu International Bank on Rating Watch Positive:

    * Issuer Default Rating at BBB-
    * Short-term F3;
    * National Long-term A(twn);
    * National Short-term F1(twn); and
    * Support 4

Hsinchu's Individual rating is affirmed at C/D.

At the same time, the agency affirmed Standard Chartered Bank
Limited's ratings at:

    * Issuer Default A+;
    * Short-term F1;
    * Individual B; and
    * Support 3

The Outlook on the Issuer Default rating is Stable.

The rating action follows today's announcement that Standard
Chartered has made a tender offer for Hsinchu.

"Taiwan is a tough, competitive banking market and Hsinchu's
franchise is relatively limited," says James Longsdon, Senior
Director in Fitch's Financial Institutions group in London.  
"Nevertheless, Taiwan fits Standard Chartered's footprint well
and we take comfort from the bank's great experience in the
region and its track record in delivering synergies in similar
transactions."

As Standard Chartered will be raising approximately USD1.2
billion in fresh equity to finance the acquisition,
capitalization will remain satisfactory and comfortably within
its target range (tier 1 target range: 7%-9%).

Hsinchu, like many other Taiwanese banks, has suffered from a
sharp spike in credit losses on sub-prime consumer lending.  
This and a one-time charge-off of its legacy problematic
corporate lending resulted in Hsinchu reporting an operating
loss in H106 and a weakening in its capital ratios.  There is a
risk of further problems in these portfolios, but Fitch notes
that the most at risk portfolios are a relatively small part of
Hsinchu's balance sheet and that the bank has focused more on
the prime segment in its unsecured consumer lending.

For Standard Chartered, the greatest opportunity appears to be
enhancing revenue generation in Hsinchu's underexploited branch
network, particularly in the areas of wealth management and
wholesale banking.

The RWP placed on Hsinchu's ratings reflects the enhanced level
of support that Fitch considers would become available to
Hsinchu were it to be acquired by Standard Chartered.  The RWP
would likely be resolved upon completion of the transaction.

Standard Chartered is the main subsidiary of UK-listed Standard
Chartered Bank.  The group has consumer and wholesale banking
operations in over 50 countries, largely in Asia, the Middle
East, and Africa and had consolidated assets of USD238 billion
and equity of USD13.9 billion at end-H106.  

Hsinchu is one of Taiwan's oldest privately owned banks and has
83 branches, mainly in the Hsinchu region.  It is a relatively
small bank, with assets of USD12.8 billion and equity of USD532
million at end-H106.


JIH SUN FINANCIAL: Fitch Removes Ratings from Watch Positive
------------------------------------------------------------
On September 29, 2006, Fitch Ratings removed the Issuer Default,
Short-term, National Long-term, National Short-term and
Individual ratings of Jih Sun Group and its wholly owned
subsidiary, Jih Sun Financial Holdings Co. Ltd from Rating Watch
Positive, which they were placed on May 14, 2006.

After the rating action, Jih Sun Financial's ratings are:

    * Long-term IDR BB+;
    * Short-term B;
    * National Long-term A-(twn);
    * National Short-term F2(twn);
    * Individual D; and
    * Support 5

The Outlook is Stable.  JSH's subordinated bonds issued in
December 2005 are upgraded to National Long-term 'BBB+(twn).

The rating action was in response to the improved financial
profile of the group after JSH received large capital injections
totaling TWD12 billion mainly from Shinsei Bank in July 2006 to
recapitalize its bad debt-affected banking subsidiary JSIB.  The
recapitalization markedly raised JSIB's previously nearly
depleted capital base to a healthy level with total CAR at 10.2%
and Tier 1 ratio at 7.2%.

The new capital also helps moderate the holding company's double
leverage ratio to a more acceptable 118%.  JSH's sum-of-parts
capital ratio currently stands at 128%, which exceeds the
statutory requirement for 100%.

Fitch views Shinsei's involvement in the Jih Sun Group's
management and strategic formation as rating positive.  The
strategic alliance could have a positive impact on the
profitability of both groups as Shinsei has the opportunity to
leverage its expertise in non-performing loan disposal at JSIB.  
JSH is working to revitalize its commercial banking franchise by
developing fee-based banking services, trimming high risk
credits, and rationalizing operating cost.

However, the reform will take some years to benefit the bottom-
line given the competitive landscape of Taiwan's banking
industry.  The Outlook of the Jih Sun Group's ratings is Stable
post the latest capital injection despite the group's still weak
earnings prospects.  Improvements in the bank's asset quality
and overall credit risk culture will be important to support the
group's current ratings.

JSH was established in February 2002 and wholly owns JSS and
JSIB.  JSH currently ranks the smallest by assets among Taiwan's
14 financial holding companies.  In July 2006, JSH formed a
strategic alliance with Shinsei and received a total TWD12
billion from the bank and a smaller private equity fund.

After the transactions, Shinsei has a 32% stake of JSH and holds
three out of 11 seats on JSH's board.  Shinsei has appointed
chief risk officer and credit officer to better the group's risk
management.  The original founders of Jih Sun group Chen family
and their associated investment companies still hold majority
ownership in JSH.

JIH SUN INTL: Fitch Lifts Ratings from Watch Positive
-----------------------------------------------------
Fitch Ratings on September 29, 2006, removed the Issuer Default,
Short-term, National Long-term, National Short-term and
Individual ratings of Jih Sun Group and its wholly owned
subsidiary, Jih Sun International Bank (JSIB) from Rating Watch
Positive, which they were placed on 14 May 2006.

After the rating action, Jih Sun International's ratings are as
follows:

    * Long-term IDR BB+;
    * Short-term B;
    * National Long-term A-(twn);
    * National Short-term 'F2(twn);
    * Individual D; and
    * Support 3.  

The Outlook is Stable.  JSIB's subordinated bonds issued in
September 2002, October 2004 and July 2005 are assigned
'BBB+(twn).

The rating action was in response to the improved financial
profile of the group after JSH received large capital injections
totaling TWD12 billion mainly from Shinsei Bank in July 2006 to
recapitalize its bad debt-affected banking subsidiary JSIB.  The
recapitalization markedly raised JSIB's previously nearly
depleted capital base to a healthy level with total CAR and Tier
1 ratio at 10.2% and 7.2%, respectively.

The new capital also helps moderate the holding company's double
leverage ratio to a more acceptable 118%.  JSH's sum-of-parts
capital ratio currently stands at 128% which exceeds the
statutory requirement for 100%.

Fitch views Shinsei's involvement in the Jih Sun Group's
management and strategic formation as rating positive.  The
strategic alliance could have a positive impact on the
profitability of both groups as Shinsei has the opportunity to
leverage its expertise in non-performing loan disposal at JSIB.  
JSH is working to revitalize its commercial banking franchise by
developing fee-based banking services, trimming high risk
credits, and rationalizing operating cost.

However, the reform will take some years to benefit the bottom-
line given the competitive landscape of Taiwan's banking
industry.  The Outlook of the Jih Sun Group's ratings is Stable
post the latest capital injection despite the group's still weak
earnings prospects.  Improvements in the bank's asset quality
and overall credit risk culture will be important to support the
group's current ratings.

JSH was established in February 2002 and wholly owns JSS and
JSIB.  JSH currently ranks the smallest by assets among Taiwan's
14 financial holding companies.  In July 2006, JSH formed a
strategic alliance with Shinsei and received a total TWD12 bn
from the bank and a smaller private equity fund.  After the
transactions, Shinsei has a 32% stake of JSH and holds three out
of 11 seats on JSH's board.  Shinsei has appointed chief risk
officer and credit officer to better the group's risk
management.  The original founders of Jih Sun group Chen family
and their associated investment companies still hold majority
ownership in JSH.


JIH SUN SECURITIES: Ratings Out of Watch Positive, Fitch Says
-------------------------------------------------------------
Fitch Ratings on September 29, 2006, removed the Issuer Default,
Short-term, National Long-term, National Short-term and
Individual ratings of Jih Sun Group and its wholly owned
subsidiary, Jih Sun Securities from Rating Watch Positive, which
they were placed on 14 May 2006.

After the rating action, Jih Sun Securities' ratings are as
follows:

    * Long-term IDR BBB-;
    * Short-term F3;
    * National Long-term A(twn);
    * National Short-term F1(twn);
    * Individual C/D; and
    * Support 5.

The Outlook is Stable.

The rating action was in response to the improved financial
profile of the group after JSH received large capital injections
totaling TWD12 billion mainly from Shinsei Bank in July 2006 to
recapitalize its bad debt-affected banking subsidiary JSIB.  The
recapitalization markedly raised JSIB's previously nearly
depleted capital base to a healthy level with total CAR and Tier
1 ratio at 10.2% and 7.2%, respectively.

The new capital also helps moderate the holding company's double
leverage ratio to a more acceptable 118%.  JSH's sum-of-parts
capital ratio currently stands at 128%, which exceeds the
statutory requirement for 100%.

Fitch views Shinsei's involvement in the Jih Sun Group's
management and strategic formation as rating positive.  The
strategic alliance could have a positive impact on the
profitability of both groups as Shinsei has the opportunity to
leverage its expertise in non-performing loan disposal at JSIB.  
JSH is working to revitalize its commercial banking franchise by
developing fee-based banking services, trimming high risk
credits, and rationalizing operating cost.

However, the reform will take some years to benefit the bottom-
line given the competitive landscape of Taiwan's banking
industry.  The Outlook of the Jih Sun Group's ratings is Stable
post the latest capital injection despite the group's still weak
earnings prospects. Improvements in the bank's asset quality and
overall credit risk culture will be important to support the
group's current ratings.

JSH was established in February 2002 and wholly owns JSS and
JSIB.  JSH currently ranks the smallest by assets among Taiwan's
14 financial holding companies.  In July 2006, JSH formed a
strategic alliance with Shinsei and received a total TWD12 bn
from the bank and a smaller private equity fund.  After the
transactions, Shinsei has a 32% stake of JSH and holds three out
of 11 seats on JSH's board.  Shinsei has appointed chief risk
officer and credit officer to better the group's risk
management.  The original founders of Jih Sun group Chen family
and their associated investment companies still hold majority
ownership in JSH.


JOYGOLD LTD: Creditors to Prove Claims on October 31
----------------------------------------------------
Joint Liquidators Andrew C.C. Ma and Felix K.L. Lee require
creditors of Joygold Ltd to submit their proofs of claim by
October 31, 2006, or be excluded from the benefit of any
distribution the company will make.

The Troubled Company Reporter - Asia Pacific reported that on
September 18, 2006, members of the company resolved to wind up
its operations.

The Joint and Several Liquidators can be reached at:

         Andrew C.C. Ma  
         Felix K.L. Lee
         19/F, Seaview Commercial Building
         21-24 Connaught Road
         West, Hong Kong


NAM YEUNG: Appoints Lau Vui Cheong as Liquidator
------------------------------------------------
Shareholders of Nam Yeung Ginseng Ltd resolved on September 20,
2006, to voluntarily wind up the company's operations and
appointed Lau Vui Cheong as liquidator.

The Liquidator can be reached at:

         Lau Vui Cheong    
         7/F, Hong Kong Trade Centre
         161-167 Des Voeux
         Road Central, Hong Kong


NEW CHINA PROPERTIES: To Hold Annual Meeting on October 10
----------------------------------------------------------
The members and creditors of The New China Hong Kong Properties
Ltd will hold a separate annual general meeting on October 10,
2006, at Room 1601-02, 16th Floor, One Hysan Avenue, Causeway
Bay, Hong Kong, at 11:00 a.m. and 11:30 a.m. respectively.

At the meeting, Liquidator James Wardell will present a report
on the company's wind-up proceedings during the preceding year.


NEW CHINA ADVERTISING: Annual Meeting Slated for October 10
-----------------------------------------------------------
The annual general meeting of the members and creditors of The
New China Hong Kong Advertising Ltd will be held at Room 1601-
02, 16th Floor, One Hysan Avenue, Causeway Bay, Hong Kong, on
October 10, 2006, at 2:00 p.m. and 2:30 p.m. respectively.

During the meeting, Liquidator James Wardell will give an
account of the company's wind-up proceedings.


PANVA GAS: S&P Revises BB Credit Rating Outlook to Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services on September 28, 2006,
announced that it had revised the outlook on its BB corporate
credit rating on Panva Gas Holdings to negative from stable
following weaker-than-expected results for the half year ended
June 30, 2006.  At the same time the rating was affirmed.

In the six-month period under review, Panva recorded a net loss
of HKD190 million, compared with a profit of HKD144 million in
the previous corresponding period, due mainly to a non-cash
accounting provision of HKD182 million as a result of interest
rate swaps on derivative financial instruments.

"The outlook revision is based on Panva's declining operating
performance and weaker balance sheet liquidity," said Standard &
Poor's credit analyst John Bailey.

The company's operating performance weakened in the first half
of 2006 because of a slowdown in penetration growth, lower
average connection fees, and higher restructuring costs
associated with newly acquired projects.  The number of new
connections made by the company in the first half of 2006
decreased by 20.6% year on year to 50,400 households.  
Connection fees also fell due to lower average fees from new
projects in northeast China and a slowdown in domestic property
developments as a result of government measures to cool the
economy.

While the scale of the subsequent unwinding of the interest rate
swap arrangements has been within Standard & Poor's
expectations, the original transactions nevertheless weakened
the company's financial flexibility.

However, now that the swaps have been terminated, Panva's bond
interest costs will decline to 8.25% from over 15% previously.
     
The company is a piped-gas supplier, operating 42 gas projects
in 12 provinces in China.  It is expanding its network to take
advantage of increased use of natural gas in line with
government attempts to promote consumption of cleaner-burning
fuels.
     
The rating may be lowered if the company's connection fee income
weakens further, if demand slows, or if there is a significant
increase in operating costs resulting in weaker credit metrics.  
The outlook could be revised to stable if there are clear
indications that the company can successfully expand its
business and restructure newly acquired projects.


PROSPERITY INDUSTRIAL: Members Agree to Wind Up Operations
----------------------------------------------------------
On September 25, 2006, members of Prosperity Industrial Chemical
Company Ltd passed a resolution to voluntarily wind up the
company's operations and appoint Choi Wai Kin as liquidator.

The Liquidator can be reached at:

         Choi Wai Kin
         Room 208, Wang Sun House
         Wang Fuk Court, Tai Po
         New Territories, Hong Kong


RAY WILSON: Liquidator to Present Wind-Up Report
------------------------------------------------
A final meeting of the members of Ray Wilson California Fitness
Ltd, which is in liquidation, will be held on October 25, 2006,
9:30 a.m., at Suites 2205-06, Island Place Tower, 510 King's
Road, North Point, Hong Kong.

During the meeting, Liquidator Chan Mo Po will report on the
accounts of the company's wind-up proceedings and property
disposal exercises.


SW CYBERWORKS: Members Resolve to Wind Up Operations
----------------------------------------------------
On September 18, 2006, members of SW Cyberworks Ltd passed a
special resolution to wind up the company's operations.

Au Yeung Huen Ying was consequently appointed as liquidator.

The Liquidator can be reached at:

         Au Yeung Huen Ying
         8/F., Shum Tower
         268 Des Voeux Road, Central
         Hong Kong


SHANGHAI LIFESTYLE: Placed Under Voluntary Wind-Up
--------------------------------------------------
On September 28, 2006, the members of Shanghai Lifestyle
International Company Ltd resolved to voluntarily wind up the
company's operations and appoint Lee Shu Leung as liquidator.

The Liquidator can be reached at:

         Lee Shu Leung, Alexis
         Room 4908, Office Tower
         Convention Plaza, 1 Harbour Road
         Wanchai, Hong Kong


SHING FU: Creditors to Meet on October 25
-----------------------------------------
Shing Fu International Ltd will hold a meeting for its creditors
on October 25, 2006, 2:15 p.m., at the Board Room, Basement 2,
The Charterhouse Hotel, 209-219 Wanchai Road, Hong Kong.


TCL MULTIMEDIA: Market Share Dips, LG and Samsung Take Control
--------------------------------------------------------------
South Korea's LG Electronics Inc and Samsung Electronics Co Ltd
have overtaken China's TCL Multimedia as the world's top two
television sellers in the second quarter of this year, Financial
Express reports.

Financial Express, citing data released by iSuppli Corp, relates
LG Electronics' market share for global television unit
shipments stood at 11% in the second quarter, up from 9.7% in
the first quarter, mainly due to its strong line-up of thin-
screen TVs.

In addition, Samsung also saw its second-quarter market share
rise to 10% from 8.6% in the previous quarter.

TCL, which rocketed to the number one spot with its purchase of
the money-losing TV assets of France's Thomson in 2004, has
fallen to number three position, the paper said.  Its market
share dropped to 9% from 11.2%.  The first time it lost its
ranking as world number one was in the fourth quarter of last
year.

iSuppli said that TCL's loss in the second quarter resulted from
a slowdown in shipments in its domestic market as the Chinese
New Year season, which normally boosts sales, ended.

"The rapid decline in cathode ray tube television shipments is
rippling through the market as flat-panel TVs become
increasingly price competitive," the paper quoted Riddhi Patel,
principal analyst for television systems with iSuppli, as
saying.

                          *     *     *

Headquartered in New Territories, Hong Kong, TCL Multimedia
Technology Holdings Limited -- http://www.tclcom.com/-- is  
formerly known as TCL International Holdings Limited.  The
Group's principal activities are designing, manufacturing and
selling electronic products like colored TV, DVD players, VCD
players, home cinema hi-fi systems, mobile handsets, internet
related information technology products, refrigerators and
washing machines.  Its other activity includes trading
electronic parts and components used in the production of color
television sets.

On August 31, 2006, the Troubled Company Reporter - Asia Pacific
reported that the company posted CNY763 million losses of TCL
Multimedia Technology Holdings Limited's European operations,
which caused losses of the TCL Corp. group to widen to CNY737.56
million.

TCR - AP recounts that in 2004, TCL acquired the TV unit of
French electronics firm Thomson, which uses the Thomson brand in
Europe and RCA in North America.  TCL grouped all its TV
businesses under TMT.


TRANFORD TRADING: Undergoes Voluntary Liquidation
-------------------------------------------------
Shareholders of Tranford Trading Ltd on September 18, 2006,
resolved to voluntarily liquidate the company's business.

Subsequently, Poon Ka Lee, Barry, was appointed as liquidator.

The Liquidator can be reached at:

         Poon Ka Lee, Barry
         1607, ING Tower
         308 Des Voeux Road, Central
         Hong Kong


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

ICICI BANK: Holds Back Loans to Special Economic Zones
------------------------------------------------------
ICICI Bank Ltd. will wait for the Indian Government to remove
the uncertainty surrounding special economic zones before it
will consider lending to these tax-free projects, The Financial
Express reports.

The India Times relates that lately, certain government sectors
have not seen eye to eye on whether SEZs would bring economic
gains to the country.

Financial Express recounts that the Reserve Bank of India had
directed banks to treat loans to SEZs the same as when lending
to real estate projects.

RBI's move, according to The Times, is expected to choke credit
flow to the zones.

India's commerce minister, Kamal Nath, believes that the zones
would stimulate investments and earn INR44,000 crore in yearly
revenues to the Government, The Times says.

Mr. Nath told The Times that he has sought the Prime Minister's
intervention against RBI's move, which has prompted ICICI Bank
to hold back loans.

Yet, the finance ministry asserts that the SEZs could lead the
Government to loss in revenues from direct taxes, customs and
duties.

                        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.


ICICI BANK: To Hire 40,000 Workers Yearly to Meet Banking Demand
----------------------------------------------------------------
ICICI Bank Limited plans to hire up to 40,000 people each year
for the next three to five years, Rediff News says, citing The
Financial Times.

The Bank arrived at this decision so as to meet the expected
demand from India's robust economic activity that is opening up
new vistas for the banking and insurance sectors, ICCI officer
KV Kamath explained during an interview with Rediff.

According to the FT report, ICICI will be setting up a financial
training services establishment with an IT training company.  
The Bank offers to recruit all the students of the first batch
as officers upon the completion of the training, FT adds.

                        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.


GULFMARK OFFSHORE: S&P Downgrades Corporate Credit Rating to B+
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered the corporate credit
rating on marine services company GulfMark Offshore Inc. to 'B+'
from 'BB-'.

At the same time, GulfMark's senior unsecured rating was lowered
to 'B' from 'B+'.  Finally, the outlook was revised to stable
from negative.

As of June 30, 2006, Houston, Texas-based GulfMark had about
US$241 million of debt.
      
"The rating actions reflect lower-than-expected deleveraging
during the past year, combined with expectations for limited
debt repayment over the next 12 to 18 months, as GulfMark must
fund elevated capital expense levels related to new vessel
construction during 2007," said Standard & Poor's credit analyst
Paul B. Harvey.

"Despite the anticipated strong near-term market conditions,
the debt funding needed for new vessel deliveries during 2007, a
lack of contracts on the new vessels, as well as limited
contracted cash flows beyond 2007, raise concerns that market
conditions could sour at a time of elevated debt levels and
contract renewals," he continued.

The stable outlook reflects expectations for continued, solid
near-term market conditions and modest debt repayment in advance
of 2007 spending plans.

If GulfMark continues to improve operating performance and
exhibits a greater degree of financial discipline with regard to
its newbuild programs, the ratings have the potential to improve
over the medium term.  However, if debt levels fail to improve
over the medium term and aggressive growth is pursued to the
detriment of financial strength, ratings could be lowered.

GulfMark Offshore, Inc. -- http://www.gulfmark.com/--  
headquartered in Houston, Texas, is a provider of offshore
marine services primarily to oil and gas exploration production
firms in India, Brazil and West Africa, among others.

Moody's Investors Service upgraded GulfMark Offshore, Inc.'s
corporate family rating from B1 to Ba3 and its US$160-million
senior unsecured notes due 2014 from B2 to B1.  The outlook is
stable.


NTPC LTD: Signs Up for Two Hydro-Electric Plants
------------------------------------------------
NTPC Limited informs the Bombay Stock Exchange that it has
signed a Memorandum of Agreement on September 21, 2006, with the
Government of Arunachal Pradesh.

Under the MOA, NTPC is to implement two hydro-electric power
projects in the States of Arunachal Pradesh:

   1. Etalin, having a capacity of 4,000 megawatts; and

   2. Attunli, having a capacity of 500 megawatts.

                         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: Boosts Uttar Pradesh Thermal Power Capacity
-----------------------------------------------------
NTPC Ltd informed the Bombay Stock Exchange that it has
successfully test synchronized a 210-megawatt unit of the Feroze
Gandhi Unchahar Thermal Power Project-Stage III on September 28,
2006.

The project is located in the state of Uttar Pradesh.

With the commissioning of the unit, the installed capacity of
the Feroze Gandhi Unchahar Thermal Power Project has become 1050
MW.  The total installed capacity of NTPC including those owned
through joint venture companies has become 26,404 MW.

                         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: Signs Strategic Alliance MOI with Two Banks
----------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
September 18, 2006, the chairman and managing director of
Oriental Bank of Commerce, the Corporation Bank and Indian Bank
met to discuss a strategic business association for the mutual
benefit of their customers.

In an update, Oriental Bank informed the Bombay Stock Exchange
that, in a meeting held on September 15, the three CMDs arrived
at a broad understanding and signed a Memorandum of Intent on
strategic alliance.

Specifically, the three agreed on these areas of collaboration
and cooperation:

   -- Build e-payment system;

   -- Share IT Resources;

   -- Share Treasury resources.

   -- Foray Capital Markets and International and other
      financial ventures;

   -- Bancassurance;

   -- Business syndications and sharing;

   -- Share Training Resources;

   -- Common procurement of IT and other assets, wherever
      feasible; and

   -- Any other mutually acceptable and beneficial areas.

                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 assigned a long-term foreign
currency issuer default rating of BB+ to Oriental Bank of
Commerce.  The Bank's individual and support ratings have been
affirmed at C/D and 4, respectively.  The outlook on the ratings
is stable.


QUEBECOR WORLD: S&P Downgrades Rating to B+ With Negative Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
commercial printer Quebecor World Inc., including its long-term
corporate credit rating to 'B+' from 'BB-', and placed the
ratings on CreditWatch with negative implications.

"The downgrade and CreditWatch placement reflect concerns that
earnings and credit measures at Quebecor World may weaken
further in the medium term due to a challenging pricing
environment, operating losses in the company's European
division, inefficiencies related to the installation of new
printing presses, and intense competition," said Standard &
Poor's credit analyst Lori Harris.

"Furthermore, the company is expected to be a borrower in the
near term, increasing debt levels to fund negative discretionary
cash flow at a time when the cushion in credit facility
covenants has narrowed," Ms. Harris added.

In addition, unfavorable shifts in product mix and higher energy
costs are adding to the company's challenges and are expected to
result in margins well below historical levels.  Free cash flow
will continue to be negatively affected by the significant
reduction in earnings and increased investments being made in
the company's manufacturing platform.

The ratings on Quebecor World reflect:

   * the company's highly leveraged financial profile;

   * its weakness in revenues, earnings, and free cash flow
     despite restructuring efforts;

   * challenges within the European operations; and

   * difficult industry conditions.

   * Quebecor World remains the world's second-largest printer,
     supported by its product and global diversity.

To resolve its CreditWatch listing, Standard & Poor's will meet
with management and review Quebecor World's overall financial
policies, as well as its operating and financial strategies.

The company has global facilities, including in India, France
and Argentina.


RELIANCE INDUSTRIES: Puts US$300M in US Private Placement Market
----------------------------------------------------------------
Reliance Industries Limited successfully closed and funded the
first ever United States private debt placement by an Indian
issuer.  Taking advantage of increasing investor confidence in
India and its major industrial enterprises, RIL launched a
US$200,000,000 issue in the U.S. Traditional Private Placement
market led by Banc of America Securities, ABN Amro and HSBC, and
was able to substantially oversubscribe the transaction
resulting in it being increased in size to US$300,000,000.

The senior unsecured notes have been placed for a period of 10
and 12 years with US Insurance companies marking the first
meaningful transaction in the Regulation D market since the
early 1990's from Asia.  It is also a highly successful deal for
a debut issuer from the emerging markets.  RIL is the only
active corporate issuer of bonds out of India and this
successful debut issue continues in that tradition.  RIL was the
first Asian issuer of 100 year bonds in the international bond
markets in 1997.  The Company had earlier this year also
successfully closed the first ever 10 year Euro yen issue by an
Asian corporate.

Alok Agarwal, Chief Financial Officer, RIL stated: "We are very
pleased with the strong investor response to our inaugural, U.S.
private placement.  Accessing this important source of capital
not only increases our financial flexibility, but also serves to
extend the average maturity of our debt.  We are particularly
pleased that this transaction afforded us the opportunity to
establish a partnership with some of the foremost institutional
investors in the United States."

RIL was able to take advantage of the robust demand in the U.S.
Private Placement Market for strong, investment grade credits.
The issue was purchased by a group of 10 large U.S. insurance
companies, led by AIG, AEGON and ING.  The transaction was
structured to include bullet maturities of 10 and 12 years,
which served to lengthen the Company's overall debt maturity
schedule and to further diversify its sources of funding.  The
Company intends to use the proceeds of the financing for capital
expenditure.

                  About Reliance Industries

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

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

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


RELIANCE INDUSTRIES: Discovers Gas at Krishna Godavari
------------------------------------------------------
Reliance Industries Limited informed the Government of India
about the discovery of gas in the KG-OSN-2001/1 block in Krishna
Godavari basin off the east coast of India.

The discovery has been named Dhirubhai 28.  The notification has
been made in terms of the Production Sharing Contract entered
into by Reliance and the Government.

Reliance is working on producing gas from an area adjacent to
the new find, India Infoline relates.

According to Infoline, the discovered field "will produce enough
gas each day to generate 15,000 megawatts of electricity, or 15%
of India's power needs.  The project will boost India's gas
output by 50% and help to alleviate energy shortages,
encouraging investment by companies that are considering
expansion in India."

Infoline believes that commercially viable deposits in the site
may help Reliance meet India's growing requirement for gas for
power plants and fertilizer companies.

                  About Reliance Industries

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

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

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


RELIANCE INDUSTRIES: Reduces Petrol & Diesel's Retail Price
-----------------------------------------------------------
Reliance Industries Limited decided to reduce the retail selling
price of its petrol and diesel by INR1 per liter.  The reduction
in prices would be effective from 6:00 a.m. on October 1, 2006,
at more than 1,300 Reliance retail outlets across the country.

Unlike PSU marketing companies, private sector companies
including RIL are not getting any support from the Government.
Increase in crude prices to unprecedented levels from the
beginning of this year left RIL with no choice but to price its
fuels higher than PSU oil marketing companies from June 2006, in
order to partially pass on the impact of crude prices to
customers.  International crude prices have softened to some
extent recently, therefore, RIL has decided to pass on the
benefit to customers although it continues to suffer its under
recoveries.

RIL's outlets were selling almost four times the average sales
of PSU outlets until May 2006.  The sales volumes of RIL outlets
fell significantly after the price increase.  Its market share,
which stood at 14% has dropped to 2% after the price
differential with PSUs.  Over 50 lakhs regular customers who had
been patronizing RIL outlets known for their quality and
quantity assurance had chosen to switch to other outlets.

RIL has chosen to pass on the benefit of recent reduction in
crude prices to its customers.  RIL's fuels will now retail at
INR1.5 per liter higher than nearest PSU outlet as compared to
INR2.5 per liter differential earlier.  RIL continues to pursue
its case with the Government to treat it at par with its
competition with regard to price support through oil bonds and
supply of crude by ONGC and OIL at discounted prices.

Following the forced price increase, RIL had announced several
measures and packages to mitigate the viability concerns of its
dealers due to reduced volumes.  The recently announced package
has been very well received by almost all the dealers.

RIL remains committed to the long-term growth of its petroleum
retail business by serving the interests of its customers,
channel partners and other stakeholders.

                  About Reliance Industries

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

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

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


SYNDICATE BANK: Bags IDBRT's Banking Technology Excellence Award
----------------------------------------------------------------
Institute for Development and Research in Banking Technology,
established by Reserve Bank of India, has conferred Syndicate
Bank with "Special Award for Use of IT for Customer Service in
Semi-Urban and Rural Areas."  The award was given to Shri C P
Swarnkar, chairman and managing director of Syndicate Bank by
Dr. Y.V. Reddy, Honorable Governor of Reserve Bank on Sept. 2,
2006, at Hyderabad.  Syndicate Bank's general manager, Shri CM
Raman, was also present at the occasion.

IDRBT has set up this Banking Technology Award to encourage
banks that are using information technology in an efficient way.
The various parameters for selecting this award included
efficient and secure deployment of Information Security
Management System, Management of CBS, Delivery Channels and
other IT projects.

The award to Syndicate Bank is an acknowledgement for the good
work done in the area of Information Technology deployment in
not only metros but in semi-urban and rural areas as well.  
Presently Syndicate Bank has over 762 branches under Core
Banking System with 456 ATMs and other delivery channels like
Internet Banking, Telebanking etc.

                      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.


UCO BANK: To Delist from Calcutta Stock Exchange
------------------------------------------------
UCO Bank Ltd will remove its equity shares from the Calcutta
Stock Exchange.

The move is pursuant to a special resolution approved by its
shareholders at the annual general meeting held on June 10,
2006, UCO Bank said in a filing with the Bombay Stock Exchange.

Specifically, the special resolution directs the Bank to take
steps to delist its equity stock from the Calcutta market.

                        About UCO Bank

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

                          *     *      *

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


UNION BANK OF INDIA: Posts INR1.7-Bil Profit in '06 2nd Quarter
---------------------------------------------------------------
The Union Bank of India earned INR1.668 billion in net profit
(INR3.3 earnings per share) for the quarter ended June 30, 2006,
according to the Bank's regulatory filing with the Bombay Stock
Exchange.

Interest on advances of INR11.169 billion contributed the most
to the Bank's gross operating income of INR16.657 billion for
the period.

During the period, the Bank incurred interest expenses totaling
INR10.312 billion.  Operating expenses aggregate
INR3.730 billion.

For the quarter ended June 30, 2005, the Bank looked much
healthier with net profit recorded at INR2.403 billion.

                   About Union Bank of India

Headquartered in Mumbai, India, Union Bank of India --
http://www.unionbankofindia.com/-- is a scheduled commercial   
bank.  The bank offers a range of deposit schemes, including
Union Cumulative Deposit Scheme, cumulative deposit schemes,
deposit reinvestment certificates, monthly income schemes, Union
Flexi Deposit Scheme, capital gains exemption deposit schemes,
senior citizen deposit schemes, floating-rate deposit schemes
and Multi Gains Current Account scheme.  It offers various types
of loans, which include home loans, education loans and mortgage
loans.  It offers Internet banking facility under the name Union
E-Banking, which caters to both retail and corporate customers,
and individuals.  Through its tie-up with HDFC Standard Life
Insurance Co., the Bank offers group insurance products under
the name Union Suraksha.

Moody's Investors Service gave the bank's foreign long-term bank
deposits a Ba2 rating.


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

BANK NEGARA: Seeks US$150-Million Syndicated Loans
--------------------------------------------------
PT Bank Negara Indonesia has appointed three foreign banks --
Standard Chartered Bank, Mizuho and ABN-Amro -- to help it
secure US$150 million in syndicated loans, The Jakarta Post
reports.

The loan is a strategic way of financing, and will be used to
fund the operations of Bank Negara's foreign branches, The Post
cites Bank Negara corporate secretary Intan Abdams Katoppo as
saying in a report to the Jakarta Stock Exchange.

The Post relates that the syndicated loan will mature in two to
three years.

                       About Bank Negara

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id-- is an Indonesia-based  
financial institution. The bank's products and services include:
Individual, Business, Syariah, Micro Banking, and Online
Feature. The Bank has approximately 700 correspondent banks, 914
local branches and five oversea branches located in New York,
London, Tokyo, Hong Kong and Singapore. The bank has five
subsidiaries: PT BNI Multi Finance, a financial services
company; PT BNI Securities, a securities company; PT BNI Life
Insurance, an insurance provider; PT BNI Nomura Jafco Manajemen
Ventura, a venture capital company, and PT BNJI Ventura Satu, a
venture capital company.

                         *     *     *

A Troubled Company Reporter - Asia Pacific report on May 22,
2006 says that Moody's Investors Service has lifted Bank Negara
Indonesia's senior debt rating to B1 from B2, and long-term
deposit rating to B2 from B3.  The revised ratings carry a
stable outlook.  Bank Negara's short-term deposit rating of Not-
Prime, and bank financial strength rating of E are unaffected.

Another TCR-AP report on May 24, 2006 stated that Fitch Ratings
affirmed Bank Negara's:

   * Long-term Foreign and Local Currency Issuer Default Ratings
     at 'BB-';

   * Short-term rating at 'B';

   * Individual rating at 'D'; and

   * Support rating at '4'.

Further, another subsequent TCR-AP report on July 17, 2006, said
that Standard & Poor's Ratings Services revised the outlook on
the local currency counterparty credit rating on Bank Negara to
stable from positive.  At the same time, Standard & Poor's
affirmed its foreign and local currency ratings on BNI
(B+/Stable/B).


DIRECTED ELECTRONICS: Moody's Puts LGD3 Rating to Secured Loans
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors and
Agricultural Cooperative sectors, Directed Electronics carries
the rating agency's B2 PDR rating, confirmed its B1 rating on
the company's US$100 million senior secured revolver and its B1
rating on the company's US$307 million senior secured term loan.  

Additionally, Moody's assigned an LGD3 rating to the US$100
million senior secured revolver, suggesting noteholders will
experience a 32% loss in the event of a default and an LGD3
rating to the US$307 million senior secured term loan,
suggesting noteholders will experience a 32% loss in the event
of a default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Directed Electronics, Inc. (Nasdaq: DEIX) -
http://www.directed.com/-- is the largest designer and marketer  
of consumer branded vehicle security and convenience systems in
the United States based on sales and a major supplier of home
audio, mobile audio and video, and satellite radio products.  As
the sales leader in the vehicle security and convenience
category, Directed offers a broad range of products, including
security, remote start, hybrid systems, GPS tracking and
navigation, and accessories, which are sold under its Viper(R),
Clifford(R), Python(R), and other brand names.  In the home
audio market, Directed designs and markets award-winning
Definitive Technology(R) and a/d/s/(R) premium loudspeakers.
Directed's mobile audio products include speakers, subwoofers,
and amplifiers sold under its Orion(R), Precision Power(R),
Directed Audio(R), a/d/s/(R), and Xtreme(R) brand names.
Directed also markets a variety of mobile video systems under
the Directed Video(R), Directed Mobile Media(R) and Automate(R)
brand names. Directed also markets and sells certain SIRIUS-
branded satellite radio products, with exclusive distribution
rights for such products to Directed's existing U.S. retailer
customer base.

The company has Asian Sales offices in Indonesia, India, Japan,
Malaysia, Singapore, Korea and Thailand.

Standard & Poor's Ratings Services placed its 'BB-' corporate
credit rating on consumer electronics maker Directed Electronics
Inc. on CreditWatch with negative implications.  The rating
action follows the company's announcement that it intends to
acquire Polk Audio Inc., a provider of loudspeakers and audio
equipment for homes and cars, for US$136 million in cash.


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

AMERICAN SEAFOODS: VP Amy Humphreys Resigns
-------------------------------------------
American Seafoods Group and its parent company, ASG Consolidated
disclosed that Amy Humphreys, Vice President, Finance and
Corporate Development and Treasurer, has announced her intention
to resign in order to accept a position as the chief financial
officer of a non-seafood related organization.

American Seafoods stated it has begun a search for a successor
and that Ms. Humphreys would remain with the company through
November 3, 2006, to assist in the transition.

Bernt O. Bodal, American Seafoods' Chief Executive Officer,
said, "Amy joined American Seafoods in 1995 and has contributed
greatly to the growth and success of this organization.  Amy has
been an integral part of developing our internal financial
capabilities and leading our growth initiatives.  She now has an
opportunity to further expand her professional experience.  We
will miss her and know that she will continue her outstanding
track record in her new ventures."

Ms. Humphreys said, "I have thoroughly enjoyed the years that I
have served at American Seafoods.  It has been a privilege to be
a part of such a strong company and to participate in its
development and growth. American Seafoods is a great company
with talented employees throughout the organization.  I believe
the company is well-positioned to continue its leadership in the
industry."

                   About American Seafoods

American Seafoods Group -- http://www.americanseafoods.com/--  
harvests and processes a variety of fish species aboard its
catcher-processor vessels, its freezer-longliner vessels, and at
its land-based processing facilities.  The company markets its
products to a diverse group of customers in North America, Asia,
and Europe.  In the United States, American Seafoods is the
largest harvester and at-sea processor of pollock and hake and
the largest processor of catfish.  The company also harvests and
processes cod, scallops, and yellowfin sole.  The company
maintains an international marketing network through its United
States, European and Japan sales offices.

The Troubled Company Reporter - Asia Pacific reported on Sept.
29, 2006, that in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. Consumer Products,
Beverage, Toy, Natural Product Processors, Packaged Food
Processors, and Agricultural Cooperative sectors, the rating
agency confirmed its B1 Corporate Family Rating for American
Seafoods Group LLC.

Additionally, Moody's revised or confirmed its probability-of-
default ratings and assigned loss-given-default ratings on these
loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Gtd. Sr. Sec.
Revolving Credit
Facility Due 2011         B1       Ba3     LGD3       39%

Gtd. Sr. Sec.
Term Loan A Due 2012      B1       Ba3     LGD3       39%

Gtd. Sr. Sec.
Term Loan B Due 2013      B1       Ba3     LGD3       39%


ASAHI MUTUAL: R&I Lifts Insurance Claims Paying Ability to BB+
--------------------------------------------------------------
Rating and Investment Information, Inc., has completed a review
of the insurance claims paying ability rating and commercial
paper rating assigned to Asahi Mutual Life Insurance Co. and
upgrades the ratings to BB+ from BB-.  The outlook is stable.

Signs of improvement in the operational base of Asahi Life
Insurance are also becoming visible.  Focusing on increasing
corporate worth as its main business goal, Asahi Mutual has
devoted efforts to improving its policy retention rate and
business efficiency.  The upgrade in rating this time reflects
the outcomes that are gradually being achieved as a result of
the insurer's efforts in management reform.

Asahi Mutual had been suffering from a worsening in its
financial position and a high level of policy cancellation, it
put its efforts into establishing a new earnings-oriented
business model by concentrating management resources on
insurance for individuals and shifting its focus to policy
retention and, as a result, has been achieving consistent
results in this area.

There have also been positive outcomes on the financial side.  
In addition to shrinking stockholding risk, the insurer has been
promoting accumulation of retained earnings, and solvency has
been improving as a result.

Taking the above factors into consideration, R&I has upgraded
the rating by two notches to BB+.  On the other hand, negative
spread is higher than that of other insurers and there is ample
room for improvement in fundamental earning power.  R&I will
follow progress in the insurer's business strategies to
determine whether it can supplement the decline in earnings
accompanying a fall in the number of policies in force by
concentrating business development on "third sector"
products.  The company's solvency also remains at an
insufficient level and therefore continued efforts to increase
retained earnings are required.


BOMBARDIER RECREATIONAL: Moody's Assigns LGD4 Rtg. to Term Loan
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors and
Agricultural Cooperative sectors, the rating agency confirmed
its B1 Corporate Family Rating for Bombardier Recreational
Products Inc., confirmed its Ba2 rating on the company's
US$250 million secured revolver and its B1 rating on the
company's US$880 million secured term loan.  

Additionally, Moody's assigned an LGD2 rating to the
US$250 million secured revolver, suggesting noteholders will
experience a 25% loss in the event of a default and an LGD4
rating to the US$880 million secured term loan, suggesting
noteholders will experience a 51% loss in the event of a
default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Quebec, Canada, Bombardier Recreational
Products Inc. -- http://www.brp.com/-- a privately held  
company, is a world leader in the design, development,
manufacturing, distribution and marketing of motorised
recreational vehicles.  The company's portfolio of brands and
products includes: Ski-Doo(R) and Lynx(TM) snowmobiles, Sea-
Doo(R) watercraft and sport boats, Johnson(R) and Evinrude(R)
outboard engines, direct injection technologies such as Evinrude
E-TEC(R), Can-Am(TM) all-terrain vehicles, Rotax(R) engines and
karts.

The company has operations in Japan, Australia, Brazil, France,
the Netherlands, Norway, the United Kingdom, and the United
States, among others.


FENDER MUSICAL: Moody's Assigns LGD5 Rtg. to Secured Second Lien
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors and
Agricultural Cooperative sectors, the rating agency confirmed
its B2 Corporate Family Rating for Fender Musical Instruments
Corp. upgraded its B2 rating to B1, on the company's
US$50 million 1st lien senior secured revolver; its B2 rating to
B1 on the company's US$170 million secured term loan; and
affirmed its Caa1 rating on the company's US$100 million secured
2nd lien.  

Additionally, Moody's assigned an LGD3 rating to the US$50
million 1st lien secured revolver, suggesting noteholders will
experience a 34% loss in the event of a default, an LGD3 rating
to the US$170 million senior secured term loan, suggesting
noteholders will experience a 34% loss in the event of a
default, and an LGD5 rating on the company's US$100 million
secured 2nd lien, suggesting noteholders will experience an 84%
loss in the event of a default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Fender Musical Instruments Corp. -- http://www.fender.com/-- is  
the world's foremost manufacturer of guitars, basses, amplifiers
and related equipment.  The FMIC family includes several other
distinctive musical instrument brands: Charvel(R), Gretsch(R),
Guild(R), Jackson(R), Olympia(R), Orpheum(R), SWR(R), Squier(R)
and Tacoma(R).  FMIC also manufactures a complete line of
professional audio equipment under the Fender brand, including
the Passport(R) portable sound system.  Fender also offers a
complete line of accessories, including strings, authorized
replacement parts, cases, straps and clothing among others.

FMIC's U.S. facilities are located in Arizona, California,
Tennessee and Washington, with international facilities in
England, France, Germany, Japan, Mexico, Spain and Sweden.


MOMIJI BANK: Fitch Upgrades Individual Rating to 'D' from 'D/E'
---------------------------------------------------------------
Fitch Ratings assigned Momiji Bank 'BBB+' Long-term foreign and
local currency issuer default ratings with a Stable Outlook and
a 'F2' Short-term foreign and local currency IDRs.  At the same
time, Fitch upgraded Momiji's Support rating to '2' from '3' and
simultaneously removed it from Rating Watch Positive where it
was placed on February 13, 2006.  The agency also upgraded
Momiji's Individual rating to 'D' from 'D/E'.

The rating actions follow the consolidation of Yamaguchi Bank
and Momiji and consequently the formation of a joint-holding
company, Yamaguchi Financial Group on October 2, 2006.  Prior to
the consolidation, Yamaguchi had injected JPY48.6 billion into
Momiji of which JPY25 billion (JPY20 billion issued value) was
utilized to repay the entire Tier 1 public funds it received
from the Japanese government in 1999.

Momiji's asset quality has improved significantly from its
record lows in the financial year ending 2003 though the agency
notes that its current level is still below the regional bank
average.  As Yamaguchi and Momiji will operate independently
under the holding company -- Yamaguchi Financial Group -- their
standalone financial strength is different.  However, since the
holding company is liable for the soundness of its core banking
subsidiaries, both banks' IDRs are rated the same.

Yamaguchi Financial Group is now the largest banking group in
Chugoku and Shikoku region with total assets estimated to be
over JPY7 trillion.  The group has a dominant position in
Yamaguchi prefecture and plans to consolidate its position and
expand its franchise in Hiroshima prefecture and the neighboring
areas.


SOJITZ CORPORATION: S&P Lifts Long-Term Credit Rating to 'BB'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Sojitz Corp. to 'BB' from 'BB-' and
its long-term senior unsecured debt rating on the company to
'BBB-' from 'BB+', reflecting Sojitz's improved capitalization
and profitability.  The corporate credit rating remains on
CreditWatch with positive implications, while the long-term
senior unsecured debt rating was removed from CreditWatch.

The ratings were placed on CreditWatch with positive
implications on April 28, 2006, following Sojitz's announcement
of its plan to issue JPY300 billion in convertible bonds and buy
back preferred stock worth JPY560.4 billion.

"Sojitz has refocused on its core businesses after completing a
financial restructuring plan started in fiscal 2004," said
Standard & Poor's credit analyst Koichi Iwama.  "As a result,
the company's profitability has improved, while its risk volume
has declined considerably."

Accumulation of profits have also helped to improve Sojitz's
financial profile.  The company posted JPY43.7 billion in net
profit in fiscal 2005 (ended in March 31, 2005), and its solid
performance carried over to the first quarter of fiscal 2006.  
As a result, profitability and capitalization relative to asset
risk have improved.

Weak capital quality has been a constraint on the ratings on
Sojitz.  The company had issued a huge amount of preferred
shares in exchange for financial support from financial
institutions.  However, its capital quality should rapidly
improve in line with its preferred share buybacks and
conversions of convertible bonds.  As of September 21, 2006, the
company had converted JPY100 billion of its bonds into common
shares.

The corporate credit rating remains on CreditWatch with positive
implications, as Standard & Poor's is likely to raise the rating
once Sojitz completes its preferred share buyback and conversion
of convertible bonds, of which about JPY200 billion remain.  Any
upgrade is expected to be by one notch.  

On the other hand, the company's stock price has dropped
considerably from the issuance level to JPY393 per share at the
close of September 28, hovering close to the conversion price
floor of JPY341.3.  Although the underlying performance of the
company is solid, if the stock price falls further and remains
below the conversion price floor, underwriters may exercise
their put options and request early redemption of the
convertible bonds.  If underwriters exercise their put options,
it could hinder the planned buyback of preferred shares,
reducing the chance of another upgrade.

The removal of the long-term senior unsecured debt rating from
CreditWatch reflects the probability that the rating will remain
at 'BBB-' if the long-term corporate credit rating is raised to
'BB+', thereby narrowing the gap between the two ratings to one
notch.

The rating on the long-term senior bonds issued by the company
is two notches higher than the long-term issuer rating on the
company, reflecting the assumption that bondholders would incur
no losses from a default, as Standard & Poor's believes there is
a probability that any default by the company would take the
form of a loan waiver, rather than bankruptcy.  However, the
higher a company's credit quality, the more difficult it is to
predict how a potential default will play out.  Therefore, the
argument for assigning relatively higher ratings to senior debt
may weaken.

                       About Sojitz Corp.

The Sojitz Group was essentially formed through the business
integration between Nichimen Corporation and Nissho Iwai
Corporation, two companies with over a century of history. This
business integration took shape in December 2002 and was
followed on April 1, 2003, by the incorporation of a joint
holding company.  As a public listed company, this holding
company was incorporated to pursue business integration,
management supervision and comprehensive disclosure. Heralding a
new era, the principal operating arms of the Group, Nichimen
Corporation and Nissho Iwai Corporation were merged to form a
new single entity, Sojitz Corporation on April 1, 2004.  On
October 1, 2005, the final phase of business integration was
completed through the merger of the holding company and Sojitz
Corporation

                          *     *     *

Standard & Poor's Ratings Services raised on Sept. 29, 2006, its
long-term corporate credit rating on Sojitz Corp. to 'BB' from
'BB-' and its long-term senior unsecured debt rating on the
company to 'BBB-' from 'BB+', reflecting Sojitz's improved
capitalization and profitability.  The corporate credit rating
remains on CreditWatch with positive implications, while the
long-term senior unsecured debt rating was removed from
CreditWatch.


SUMITOMO MITSUI BANKING: Fitch Affirms Individual 'C/D' Rating
--------------------------------------------------------------  
Fitch Ratings has affirmed Sumitomo Mitsui Banking Corporation's
ratings at foreign and local currency Issuer Default 'A-',
Short-term foreign and local currency 'F1', Individual 'C/D' and
Support '1'.  The Outlook remains Positive.

The rating action follows Sumitomo Mitsui Financial Group's
announcement that it will repay JPY500 billion (issued value) of
its currently outstanding balance of JPY695 billion (issued
value) of government-owned preferred stock.  SMFG repays
JPY450 billion (JPY653 billion approximate market value) through
a repurchase and cancellation of preferred stock.  An additional
JPY50 billion is converted by the Resolution and Collection
Corporation into common stock at the request of SMFG, which
intends to acquire the common stock.  The group is expecting to
repay the remaining balance of JPY195 billion by the end of
FYE07.

By the steps described, the capital adequacy ratios will be
constrained somewhat despite forecast net income of JPY570
billion for FYE07 (FYE06 JPY686bn actual) and growth in risk
assets more modest than that during FYE06.  Although Tier 1
capital ratios are expected to drop to mid-5% level from 7.1% at
end-March 2006, contingent to its ability to internally generate
capital, this should only be a passing point as SMFG's reduction
in outstanding public funds will contribute further to the trend
of improving capital quality, at SMBC as well.  Furthermore the
repayment of the last portion of public funds will enable SMBC
to flee from any regulatory guidelines imposed on banking groups
having public funds.  Fitch retains the positive outlook as we
expect SMBC's capital to be quickly rebuilt from retained
earnings which should be sizable given the now benign operating
environment for credit quality in Japan, limited growth in risk
assets and SMBC's superior core profitability compared with its
peers.


YAMAGUCHI BANK: Fitch Affirms Individual Rating at 'C'
------------------------------------------------------
Fitch Ratings has affirmed Yamaguchi Bank's ratings as follows:

   -- Long-term foreign and local currency Issuer Default
      ratings at 'BBB+' with Stable Outlook;

   -- Short-term foreign and local currency IDRs at 'F2';

   -- Individual at 'C'; and

   -- Support '2'.

The agency also assigned Momiji Bank 'BBB+' Long-term foreign
and local currency IDRs with a Stable Outlook and a 'F2' Short-
term foreign and local currency IDRs.  At the same time, Fitch
upgraded Momiji's Support rating to '2' from '3' and
simultaneously removed it from Rating Watch Positive where it
was placed on February 13, 2006.  The agency also upgraded
Momiji's Individual rating to 'D' from 'D/E'.

The rating actions follow the consolidation of Yamaguchi and
Momiji and consequently the formation of a joint-holding
company, Yamaguchi Financial Group on 2 October 2006. Prior to
the consolidation, Yamaguchi had injected JPY48.6 billion into
Momiji of which JPY25bn (JPY20bn issued value) was utilised to
repay the entire Tier 1 public funds it received from the
Japanese government in 1999.

Yamaguchi's ratings reflect its adequate capitalisation and
satisfactory asset quality, while the bank's ratings are
constrained by Momiji's weak financial profile.  Momiji's asset
quality has improved significantly from its record lows in the
financial year ending 2003 though the agency notes that its
current level is still below the regional bank average.  As
Yamaguchi and Momiji will operate independently under the
holding company - Yamaguchi Financial Group - their standalone
financial strength is different.  However, since the holding
company is liable for the soundness of its core banking
subsidiaries, both banks' IDRs are rated the same.

Yamaguchi Financial Group is now the largest banking group in
Chugoku and Shikoku region with total assets estimated to be
over JPY7 trillion.  The group has a dominant position in
Yamaguchi prefecture and plans to consolidate its position and
expand its franchise in Hiroshima prefecture and the neighboring
areas.


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

BURGER KING: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency
confirmed its Ba2 Corporate Family Rating and assigned its Ba3
probability-of-default rating for Burger King Corp.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities
based on proposed IPO and proposed bank financing with corporate
family rating of B1:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$150 million
   Sr. Sec. Revolver
   due 2011               Ba2      Ba2    LGD3        35%

   US$250 million
   Sr. Sec. Term
   Loan A due 2011        Ba2      Ba2    LGD3        35%

   US$1100 Sr. Sec.
   Term Loan B
   due 2012               Ba2      Ba2    LGD3        35%


Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

                      About Burger King(R)

The Burger King(R) system (NYSE: BKC) -- http://www.bk.com/--   
operates more than 11,100 restaurants in all 50 states and in
more than 65 countries and U.S. territories worldwide, including
Korea, Australia, China, Hong Kong, Malaysia, New Zealand,
Philippines, Singapore, Taiwan and Thailand.  Approximately 90%
of Burger King restaurants are owned and operated by independent
franchisees, many of them family-owned operations that have been
in business for decades.

                          *     *     *

Fitch assigned initial ratings for Burger King Corp., the
world's second largest fast food hamburger restaurant chain.
Fitch assigned the Company its 'B+' Issuer Default Rating.
Fitch also rated the Company's US$150 million revolving credit
facility maturing June 2011; and US$967 million aggregate
remaining term loan A and B outstandings maturing June 2011 and
June 2012, respectively, at 'BB/RR2'.  Fitch said that the
Outlook on all Ratings is Positive.

The Troubled Company Reporter - Asia Pacific reported on
September 15, 2006, that Standard & Poor's Ratings Services
raised the corporate credit and senior secured debt ratings on
Burger King to 'BB-' from 'B+' to reflect improved operating
performance.  The outlook is stable.


DURA AUTOMOTIVE: Receives Nasdaq Notice of Price Non-Compliance
---------------------------------------------------------------
Dura Automotive Systems, Inc., has received a letter from The
Nasdaq Stock Market notifying the company that, for 30
consecutive business days, the bid price of the company's Class
A common stock closed below the minimum US$1.00 per share
requirement for continued inclusion under Nasdaq Marketplace
Rule 4450(b)(4).

Dura Automotive has 180 days to regain compliance with the
Nasdaq's Global Market US$1.00 minimum bid price rule.  If at
any time before March 12, 2007, the bid price of the company's
common stock closes at US$1.00 per share or more for a minimum
of 10 consecutive business days, Nasdaq may notify the company
that it is in compliance with the Rule.  However, Nasdaq has the
discretion to require a period in excess of 10 business days
before determining that the ability to maintain long-term
compliance has been demonstrated.  If the company does not
regain compliance by March 12, 2007, and it meets the Nasdaq
Capital Market initial inclusion requirements except for bid
price, it may apply to transfer from the Nasdaq Global Market to
the Nasdaq Capital Market.  If the Nasdaq Capital Market
application is approved, pursuant to Nasdaq Capital Market rules
the company would be granted an additional 180-day period to
regain compliance with the minimum bid price requirement.

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 currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.  The company has three locations in Asia,
specifically in China, Japan and Korea.

                          *     *     *

Standard & Poor's Ratings Services lowered its corporate credit
rating on Dura Automotive Systems Inc. to 'CCC' from 'B-'.  The
rating outlook is negative.

As reported by the Troubled Company Reporter - Asia Pacific,
Moody's Investors Service, on September 20, 2006, lowered Dura
Automotive's Corporate Family Rating to 'Ca' from 'Caa1'.


SK CORP: To Acquire Stake in Australia's Cockatoo Coal
------------------------------------------------------
SK Corporation, together with Korea Resources Corp., will
acquire a 15%-stake in Cockatoo Coal Ltd. to develop coal mines
in Australia.

According to Reuters, the two Korean companies will jointly
shell out KRW6.6 billion (US$7 million) for the Cockatoo shares.

The deal will allow South Korea's access to four mines in
Australia that can produce the equivalent of 15% of South
Korea's annual coal needs, Agence France-Presse says.

South Korea is eager to develop mines to take advantage of
soaring global prices, Reuters points out.

                   About SK Corporation

Headquartered in Seoul, South Korea, SK Corporation --
http://eng.skcorp.com/-- is an energy and petrochemical company     
with 4,916 employees and 22 offices around the world in 2005.  
The company is strategically positioned as Korea's largest and
Asia's leading refiner next to Sinopec and PetroChina.  SK Corp.
currently explores, develops and produces oil in 13 nations that
span Africa, Asia and the Americas.

Moody's Investors Service gave SK Corp. a 'Ba1' Foreign Currency
Long-Term Debt Rating effective February 17, 2006.


WOORI BANK: Deletes Shinwoo from Subsidiary List
------------------------------------------------
Woori Bank deletes its Shinwoo CRV from its list of subsidiaries
effective September 29, 2006.

In a regular filing with the United States Securities and
Exchange Commission, Woori Bank disclosed that Shinwoo is
liquidation registered, hence the deletion.

As of September 22, 2006, Shinwoo has assets totaling
KRW3,101,513,006 and shareholders' equity of KRW3,101,513,006,
with a paid-in capital of KRW2,852,190,000.

Shinwoo, also a wholly owned subsidiary of Woori Finance
Holdings, is into the corporate restructuring business.

                       About Woori Bank

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

                          *     *     *

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

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


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

AYER HITAM: Bursa Malaysia to Delist Securities
------------------------------------------------
On Sept. 29, 2006, Bursa Securities Malaysia Berhad has decided
to delist the securities of Ayer Hitam Tin Dredging Malaysia
Berhad from the Official List of Bursa Securities as the company
does not have an adequate level of financial condition to
warrant continued listing on the Official List.

Accordingly, the Company's securities will be removed from the
Official List at 9:00 a.m. on October 11, 2006.

                        About Ayer Hitam

Headquartered in Kuala Lumpur, Malaysia, Ayer Hitam Tin Dredging
Malaysia Berhad -- http://www.ahtin.com.my/-- is involved in   
property development and the trading of promotional products and
services in Malaysia.  The Company is also engaged in the
trading of uninterrupted power supply equipment and magnetic
fuel treatment systems and the provision of investment holding,
nominee services, hotel development and management and
renovation services.

The Company has been incurring losses in the past years and has
defaulted on several loan facilities.  As of August 31, 2006,
Ayer Hitam's payment default has reached MYR41,715,961.

The Company has presented a restructuring proposal, which was
rejected by the Securities Commission after determining that the
Scheme is not a comprehensive proposal capable of resolving all
the financial issues faced by the Company.


ELBA HOLDINGS: Proposed Disposal Not Completed as Expected
----------------------------------------------------------
Elba Group Sdn Bhd, a wholly owned subsidiary of Elba Holdings
Berhad, entered into a sale and purchase agreement with MT
Ventures Sdn Bhd for the proposed disposal of a piece of
leasehold land held under PN 10194, Lot No. 31593, Mukim of
Petaling, in the District of Kuala Lumpur, State of Wilayah
Persekutuan, measuring approximately 943 square meters, together
with a factory erected, for MYR2.4 million.

In an update, Elba Group has confirmed that the proposed asset
disposal will not be completed by the third quarter of 2006, for
the transfer of the property is still pending.

                  About Elba Holdings

Elba Holdings Berhad -- http://www.elbaholdings.com.my/-- is a   
Malaysia-based investment holding company engaged in the
provision of management consultancy services to its
subsidiaries.  Through its subsidiaries, the Company
manufactures, distributes and trades in apparels.  

The company disclosed on May 8, 2006, that it is an affected
listed issuer of the Amended Practice Note 17 category of the
Listing requirements.  Based on the audited consolidated results
for the year ended December 31, 2005, the company's
shareholders' equity on consolidated basis was less than 25% of
its issued and paid up capital and less than the minimum issued
and paid up capital as required by the Listing Requirements.  In
addition, the company's auditors have expressed a debt with
emphasis on the company's going concern for fiscal 2005.

As of June 30, 2006, Elba has total assets of MYR85,230,000 and
total liabilities of MYR90,799,000, resulting into a
stockholders' deficit of MYR5,569,000.


JIN LIN: SC Approves Proposed Scheme of Arrangement
---------------------------------------------------
The Securities Commission approved on September 29, 2006, the
Proposed Scheme of Arrangement of Jin Lin Wood Industries Berhad
in respect of the Company's proposed restructuring scheme.

As reported in the Troubled Company Reporter - Asia Pacific, on
Aug. 29, 2006, the Company's shareholders have approved the
Company's Proposed Scheme of Arrangement at a Court convened
meeting on August 25.

                       About Jin Lin

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

As of June 30, 2006, the Company's balance sheet showed total
assets of MYR66,849,000 and total liabilities of MYR100,292,000,
resulting into a stockholders' deficit of MYR33,443,000.

The Malaya High Court approves Jin Lin Wood Industries Berhad's
proposed scheme of arrangement with shareholders and proposed
restructuring scheme of arrangement with creditors.

The approval, granted on September 8, 2006, also permitted the
reduction in the issued and paid-up share capital of Jin Lin
pursuant to the Proposed Scheme of Arrangement.


KL INFRASTRUCTURE: Triggers Practice Note 17 Criterion
------------------------------------------------------
KL Infrastructure Group Berhad disclosed on Sept. 28, 2006, that
it has become an affected listed issuer pursuant to the
provisions of Amended Practice Note 17/2005, as its auditors
have expressed a modified opinion on its going concern and based
on its nine months accounts from January 31, 2006.  KLINFRA's
shareholders' equity on a consolidated basis is less than 50% of
the issued and paid-up capital.

As an affected listed issuer, KLINFRA is required to formulate
and implement a plan to regularize its financial condition
within a timeframe stipulated by relevant authorities.

In the event KLINFRA fails to comply with all the provisions of
Amended PN 17, Bursa Securities may commence delisting
proceedings against the company.

                About KL Infrastructure Group

KL Infrastructure Group is principally engaged in the concession
and operation of an intra-city public transit system called the
KL Monorail.  Its other activities include provision of
advertising space on columns and stations along KL Monorail
project route, property development and investment holding.  The
Group's activities are carried out principally in Malaysia.

The Group has been incurring losses in the past years due to its
high operating expenses and loan-interest payments.  For the
fourth quarter ended April 30, 2006, the Company booked a net
loss of MYR23.27 million.

KL Infrastructure Group Berhad disclosed on Sept. 28, 2006, that
it has become an affected listed issuer pursuant to the
provisions of Amended Practice Note 17/2005, as its auditors
have expressed doubt on its ability to continue as a going
concern.


LITYAN HOLDINGS: SC Rejects Application for Review of Scheme
------------------------------------------------------------
The Securities Commission has rejected the application of Lityan
Holdings Berhad for a review of the company's Proposed
Restructuring Scheme.

The Troubled Company Reporter - Asia Pacific reported that the
Securities Commission, on June 9, 2006, denied Lityan Holdings'
restructuring proposal, as there were issues that raised
concerns regarding the Scheme.

A subsequent TCR-AP report on July 12, 2006, stated that Lityan
had submitted an application for a review of the SC's rejection
of its restructuring plan.

On Aug. 10, 2006, the TCR-AP stated that Bursa Malaysia
Securities Berhad informed Lityan Holdings that it has decided
to await the outcome of its appeal for a review of the
Securities Commission's decision to reject the company's
proposed restructuring scheme.

                      About Lityan Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides   
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.   

On May 10, 2005, the Company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring the Company onto stronger financial footing via an
injection of new viable businesses.  

Lityan's consolidated balance sheet as of June 30, 2006,
revealed current assets of MYR38,695,000 available to pay total
liabilities of MYR142,144,000 coming due within the next 12
months.  The company has total assets of MYR70,551,000 and total
liabilities of MYR145,676,000, resulting into a stockholders'
deficit of MYR78,839,000.


MBF CORPORATION: Members & Creditors Want Subsidiary Wound Up
-------------------------------------------------------------
The members and creditors of MBf Capital, a subsidiary of MBf
Corporation Berhad, held separate meetings on September 28,
2006.

At the meeting, the members resolved to voluntarily wind up MBf
Capital's business due to its inability to pay debts.  Tam Kok
Meng was then appointed as liquidator for MBf Capital.

The creditors confirmed the appointment of Tam Kok Meng as the
company's liquidator during their meeting.
                       
                     About MBf Capital

MBf Capital was incorporated on October 29, 1991, and the
principal activity was investment holding before it became
dormant in September 2003 pursuant to its Scheme of Arrangement
under Section 176 of the Companies Act, 1965.  The authorized
share capital of MBf Capital is MYR5,000,000,000 comprising
5,000,000,000 ordinary shares of MYR1 each of which 19,557,850
ordinary shares have been issued and fully paid-up.

                     About MBf Corporation

Headquartered in Kuala Lumpur, Malaysia, MBf Corporation Berhad
is principally involved in promoting and selling property, club
and timeshare memberships; leasing factoring facilities, credit
cards, consumer financing and related products and property
development. Other activity include investment holding.  The
Group operates in three main areas, namely, Malaysia, Indonesia
and Hong Kong and Taiwan collectively.  The Group's principal
activities are mainly operated in Malaysia except for the credit
card business, which is carried out in Indonesia.  The Group has
no significant operations in Hong Kong and Taiwan other than
certain residual assets from a subsidiary that has since been
liquidated in Taiwan.

The Company is classified under Bursa Malaysia Securities
Berhad's Practice Note 17 category and is required to formulate
a plan to raise its shareholders' equity to avoid getting
delisted.


PAN MALAYSIA CAPITAL: Completes Par Value Reduction Exercises
-------------------------------------------------------------
Pan Malaysia Capital Berhad unveils the completion of the Par
Value Reduction exercises on September 29, 2006, as part of its
efforts to regularize its financial condition.  

The Par Value of Pan Malaysia Capital shares has been reduced
from MYR1.00 to MYR0.40 per share that will take effect from
9:00 a.m. on September 29, 2006.

As reported by the Troubled Company Reporter - Asia Pacific on
June 12, 2006, the Company's shareholders approved the proposed
par value reduction at an extraordinary general meeting on
May 15, 2006.

Upon completion of the Proposed Par Value Reduction, the
Company's present issued and paid-up share capital would be
reduced from MYR815.31 million to approximately
MYR326.12 million.  Based on the reduced share capital, the
Company would need to achieve revenue on a consolidated basis of
not less than approximately MYR16.34 million per annum, which
represents more than 5% of the Reduced Share Capital to
regularize its level of operations pursuant to Practice Note 17
of Bursa Malaysia Securities Berhad's Listing Requirements.

The High Court of Kuala Lumpur has approved on August 28, 2006,
the Company's Petition for the Capital Reconstruction.  An
office copy of the order of the Court has been lodged with the
Companies Commission of Malaysia on September 13, 2006.

The Capital Reconstruction created a credit amounting to
approximately MYR870.71 million which has been utilized to set
off the accumulated losses of the Company.  Accordingly, the
Company's audited accumulated losses of MYR872.86 million as at
December 31, 2005, have been reduced to MYR2.15 million.

Moreover, the Company's Shareholders should note that the Par
Value Reduction does not affect the number or the rights
attaching to the ordinary shares held by them.

              About Pan Malaysia Capital Berhad

Pan Malaysia Capital Berhad is involved in stock and share
broking.  Its other activities include provision of corporate
advisory, research and fund management and nominee and custodian
services, options and financial futures broking, property and
investment holding and share registration.  Operations of the
Group are principally carried out in Malaysia.  The Company's
existing ordinary shares of MYR1.00 each have been trading on
the stock exchange substantially below par for a long period of
time.  The last traded price of PM Cap shares on March 1, 2006,
was MYR0.095 per share.  The Company has proposed to reduce
capital to erase its accumulated losses. Pan Malaysia Capital
was categorized by Bursa Malaysia Securities Berhad as a
Practice Note 17/2005 company due to its insignificant business
operations for the financial year ended December 31, 2005.


PAN MALAYSIA CORP: Buys Back 60,000 Ordinary Shares
---------------------------------------------------
On September 29, 2006, Pan Malaysia Corporation Berhad bought
back 60,000 ordinary shares of MYR.50 each for MYR17,911.60.

The minimum price paid for each share purchased was MYR0.290 and
the maximum was MYR0.300.

After the purchase, the cumulative outstanding treasury shares
reached 59,981,400.

               About Pan Malaysia Corporation

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia
Corporation Berhad provides management services and the
manufacturing, marketing and distribution of confectionery and
cocoa-based and other food products.  The Company also operates
departmental and specialty stores, construction and property
investment and investment holding.  The Group operates in
Malaysia, Australia and the rest of Asia-Pacific.

Pan Malaysia has suffered consecutive losses in the past due to
skyrocketing operating expenses.  The group has been selling
assets to curb losses.  In the fiscal year ending December 31,
2005, the Company booked a net loss of MYR6.8 million.


PAN MALAYSIA HOLDINGS: Concludes Capital Reconstruction Exercise
----------------------------------------------------------------
Pan Malaysia Holdings Berhad has concluded its Capital
Reconstruction Exercise on September 29, 2006.

Moreover, the Par Value Reduction of shares from MYR1.00 to
MYR0.10 per share was implemented on September 29, 2006, from
9:00 a.m.

Accordingly, MYR34,734,007 will be reduced from the share
premium pursuant to Sections 64(1) and 60(2) of the Companies
Act.

The High Court of Kuala Lumpur has approved on August 28, 2006,
the Company's Petition for the Capital Reconstruction.  An
office copy of the order of the Court has been lodged with the
Companies Commission of Malaysia on September 13, 2006.

The Capital Reconstruction created a credit amounting to
approximately MYR870.71 million which has been utilized to set
off the accumulated losses of the Company.  Accordingly, the
Company's audited accumulated losses of MYR872.86 million as at
December 31, 2005, have been reduced to MYR2.15 million.

Moreover, the Company's Shareholders should note that the Par
Value Reduction does not affect the number or the rights
attaching to the ordinary shares held by them.

               About Pan Malaysia Holdings Berhad

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia Holdings
Berhad engaged in the provision of financial services, property
and leisure, investment holding and dealing and manufacturing
and selling of self-adhesive sticker labels.  The Group also
manufactures carton boxes and general packaging products.  Other
activities relating to financial services are stockbroking,
options and financial futures broker, research fund management
services and money lending.

As reported by Troubled Company Reporter - Asia Pacific on
March 14, 2006, Pan Malaysia Holdings has drafted a capital
reorganization plan following its admission to Bursa Malaysia's
Practice Note 17.  Pan Malaysia Holdings proposed to cancel 90
sen of the par value of each existing share of MYR1.00 each.  On
completion of the capital reconstruction, it is expected that
the Company's accumulated losses of MYR872.5 million at end-2005
would be reduced to MYR1.8 million.


PAN MALAYSIAN: Shareholders Approve Resolutions at 44th AGM
-----------------------------------------------------------
The shareholders of Pan Malaysian Industries Berhad have
approved all the resolutions and special business presented at
their 44th Annual General Meeting held on September 29, 2006.

The Resolutions passed during the annual general meeting are:

     -- to consider and if thought fit, re-elect as directors:

          * Haji Ibrahim bin Abdul Rahman;
          * Ngui Chon Hee @ Ngui Choo Hee; and
          * Mohd Ibrahim bin Mohd Zain;

     -- to reappoint BDO Binder as auditors and to authorize the
        Directors to fix their remuneration;

     -- to authorize the Directors to allot and issue shares in
        the Company at any time until the conclusion of the next
        Annual General Meeting or until the expiration of the
        period within which the next Annual General Meeting,
        provided always that the aggregate number of shares to
        be issued pursuant to this resolution does not exceed
        10% the issued and paid-up share capital of the Company
        for the time being; and

     -- to transact any other matters of which due notice will
        be given.

                 About Pan Malaysian Industries

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysian
Industries Berhad is involved in the operation of departmental
and specialty stores and hypermarket.  Its other activities
include investment and property holding.  The Group's operation
is predominantly in Malaysia, Hong Kong and Singapore.

The Company has been suffering recurring losses since 1999.  
Moreover, as of June 30, 2006, Pan Malaysian has total assets of
MYR705,300,000 and total liabilities of MYR727,790,000,
resulting into a stockholders' deficit of MYR33,338,000.


POLYMATE HOLDINGS: Still Fails to Submit 4th Quarter Report
-----------------------------------------------------------
Polymate Holdings Berhad said that it was unable to submit its
financial report for the quarter ended June 30, 2006, to Bursa
Securities, as there were significant changes to the quarterly
results.  The June Quarter Report was due on Sept. 29, 2006.

The Company stated that further provisions and write-offs will
be made for its various subsidiaries, as the applications for
deregistration of ABI (VIC) Pty Limited and ABI (SA) Pty Limited
were approved by Australian Securities and Investments
Commission, and the Company has proposed to de-register Battery
Supermarkets (Aust) Pty Ltd under the provisions of the
Australian Companies Act.  The Company is also seeking steps to
wind up ABI-BSM Pty Limited, ABI (NSW) Pty Ltd and ABI Australia
Ltd.

                  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 its
credit facilities and is working on various schemes to
regulate its financial position.

The TCR-AP has disclosed that the Australian Securities and
Investments Commission has approved deregistration of its two
subsidiaries -- ABI Victoria Pty Ltd and ABI South Australia
Limited on September 28, 2006.


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

EXPORT & INDUSTRY BANK: 2nd Supplement to PDIC MoA Approved
-----------------------------------------------------------
The Troubled Company Reporter - Asia Pacific previously reported
that Export & Industry Bank's Board of Directors approved,
confirmed, and ratified the bank's execution of a Supplement to
a Memorandum of Agreement dated December 29, 2005, between the
bank and the Philippine Deposit Insurance Corp., among other
parties.  The Supplement to the MoA was executed on April 28,
2006, the TCR-AP noted.

On September 29, 2006, the Board further supplemented the MoA.  
The Second Supplement embodies the inclusion of Zest-O
Corporation and Asiawide Refreshments Corporation as parties to
the MoA as if they were original parties to it.

The first and second supplements are treated as one integrated
document.

                  About Export & Industry Bank

Headquartered in Makati City, Manila, Export and Industry Bank -
- http://exportbank.com.ph/-- has 50 branches and has revived  
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.

The Bank is saddled with the PHP10 billion non-performing assets
it inherited from Urban Bank when the two banks merged in 2002.  

The TCR-AP reported on May 10, 2006, that Exportbank is
scheduled to complete a rehabilitation program, which was
proposed in order to reverse a 2005 net loss of PHP1.66 million,
by 2007.

Under an agreement dated December 29, 2005, the Philippine
Deposit Insurance Corp. will extend annual financial aid of
PHP600 million to the Bank.


EXPORT & INDUSTRY BANK: Board Approves Appointment of Officers
--------------------------------------------------------------
Export and Industry Bank advises the Philippine Stock Exchange
that at the Board of Directors' Meeting held on September 29,
2006, the Board approved:

   (a) the retirement of the bank's internal auditor -- Benigno
       J. Aquino and assistant vice president, Romulo D.
       Carandang;

   (b) the resignation of Ma. Luisa I. Caraig as head of the
       human resources management group, and Atty. Ma.
       Esmeralda R. Cunanan as legal officer and alternate
       corporate information officer; and

   (c) the appointment of new officers who will assume the
       functions of Mr. Aquino and Ms. Caraig:

       * Jorge S. Payawal         -- Head, Audit Group

       * Ma. Lilibeth C. Paradero -- Head, Human Resources and
                                     Management Group

                  About Export & Industry Bank

Headquartered in Makati City, Manila, Export and Industry Bank -
- http://exportbank.com.ph/-- has 50 branches and has revived  
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.

The Bank is saddled with the PHP10 billion non-performing assets
it inherited from Urban Bank when the two banks merged in 2002.  

The TCR-AP reported on May 10, 2006, that Exportbank is
scheduled to complete a rehabilitation program, which was
proposed in order to reverse a 2005 net loss of PHP1.66 million,
by 2007.

Under an agreement dated December 29, 2005, the Philippine
Deposit Insurance Corp. will extend annual financial aid of
PHP600 million to the Bank.


MIRANT CORP: Board Authorizes US$100MM Share Repurchase Program
---------------------------------------------------------------
On September 28, 2006, Mirant Corporation's Board of Directors
has authorized a US$100 million share repurchase program.  The
company intends, from time to time until September 30, 2007, as
business conditions warrant, to purchase common stock on the
open market or in negotiated transactions.

August 21, 2006, marked the expiration of the company's recent
"Dutch auction" self tender offer, in which the company
repurchased 43,000,000 shares of common stock for an aggregate
of approximately US$1.23 billion.  As of September 8, 2006,
Mirant had approximately 257 million shares of common stock
(basic) outstanding and approximately US$1 billion in cash and
short-term investments.

                          About Mirant

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

                          *     *     *

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

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

On July 13, 2006, the TCR-AP reported that Fitch Ratings placed
the ratings of Mirant Corp., including the Issuer Default Rating
of 'B+', and its subsidiaries on Rating Watch Negative following
its announced plans to buy back stock and sell its Philippine
and Caribbean assets.

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

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

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


PHILIPPINE LONG DISTANCE: Subsidiary Acquires PhilWeb Shares
------------------------------------------------------------
Philippine Long Distance Telephone Company discloses to the
Philippine Stock Exchange that at a regular meeting of its Board
of Directors on October 2, 2006, the Board approved the
acquisition by its wholly owned subsidiary, ePLDT, Inc., of an
additional 8,037,692,308 shares of Philweb Corporation at
PHP.026 centavos per share, aggregating PHP208,980,000.

The acquisition represents an additional 6.2% of the outstanding
shares of PhilWeb, raising ePLDT's total stake to 25.5%.

                           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.


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

AMARANTH ADVISORS: To Close Down Operations
-------------------------------------------
Amaranth Advisors is set to close down its operations, reveals
The New York Times.

According to the report, Nicholas Maounis, founder of Amaranth
Advisors, has sent a letter to investors on Sept. 29, 2006,
informing them that the fund was suspending all redemptions for
Sept. 30 and Oct. 31, to enable the Amaranth funds to generate
liquidity for investors in an orderly fashion.

The Times says that the letter represents a turnabout for Mr.
Maounis, who had earlier expressed hope that he would be able to
continue the fund's operations.

The letter also states that when investors are allowed to take
money out of the fund, redemption fees and charges will be
waived and cash distributions will be divided up
proportionately.

Moreover, it was disclosed in the letter that Amaranth has lost
US$6.4 billion and assets were down 65% to 70% for the month and
55% to 60% for the year.

At different points, the fund was in discussions with buyers
that might have acquired some of the remaining assets.  Yet, The
Times notes, with investors demanding to get their money back,
the sale would be difficult.

                          *     *     *

Amaranth Advisors is based in Greenwich, Connecticut with
offices in Toronto, Canada, London, England and George Street,
Singapore is an investment management firm.  Amaranth
specializes in a broad spectrum of alternative investments and
trading strategies, through a multi-strategy investment fund and
fund dedicated to long-short equities.  

The Troubled Company Reporter  - Asia Pacific reported on
September 25, 2006, that the company has made significant losses
in its energy-related investments after a dramatic move in
natural gas prices.  Moreover, the company has transferred its
energy portfolio to Citadel Investment Group and J.P. Morgan
Chase & Co.


CHEMTURA CORP: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Chemicals and Allied Products sector, the
rating agency confirmed its Ba1 Corporate Family Rating for
Chemtura Corp.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:
   
                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$500mm
   6.875% Gtd.
   Sr. Notes
   due June 2016          Ba1     Ba1     LGD4        53%

   US$150mm
   6.875% Sr. Sec.
   Debentures
   due Feb 2026           Ba1     Ba1     LGD4        53%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%)

                   About Chemtura

Headquartered in Middlebury, Connecticut, Chemtura Corp. (NYSE:
CEM) -- http://www.chemtura.com/-- is a global manufacturer and  
marketer of specialty chemicals, crop protection and pool, spa
and home care products.  The Company has approximately 6,400
employees around the world and sells its products in more than
100 countries.  In Asia Pacific, Chemtura has facilities in
Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, and Thailand.


ELIZABETH ARDEN: Moody's Affirms Senior. Sub. Rating at B1
----------------------------------------------------------
Moody's lowered the speculative grade liquidity rating of
Elizabeth Arden, Inc., to SGL-3 from SGL-2.  Moody's also
affirmed the RDEN's corporate family rating of Ba3 and its
senior subordinated rating of B1.

Ratings downgraded:

   * Specualtive Grade Liquidity Rating downgraded to SGL-3 from
     SGL-2.

Ratings affirmed include the following:

   * Corporate family rating of Ba3;

   * US$225 million senior subordinated rating of B1.

The SGL-3 rating recognizes the company's increased utilization
of the revolving credit facility to fund acquisitions and, more
importantly, the increased reliance on the facility for
strategic and financial initiatives other than normal seasonal
working capital requirements.  While Moody's expects a
significant portion of the revolving indebtedness to be repaid
following the upcoming peak holiday selling season, Moody's
notes that over the next four quarters, expected cash flow from
operations will not be sufficient to repay all of the revolving
credit borrowings.  

In addition, Moody's is mindful that future acquisitions;
ongoing share repurchases, inventory challenges in certain
retail channels and product categories, as well as heightened
brand support spending behind new product launches may result in
lower levels of excess cash and/or higher levels of revolver
borrowings over the next four quarters.  Nonetheless, Moody's
expects the company to appropriately manage its spending
relative to its borrowing capacity, and notes RDEN's success in
recent years in expanding its sales and brand portfolio while
maintaining adequate annual profit and cash flow.

The company's US$300 million asset based revolving credit
agreement contains only one, easily achievable financial
covenant (1.10x fixed charge coverage covenant; applies only if
average borrowing availability declines to less than US$25
million - or US$35 million from November 30 through May 30).

While the US$100 million increase in the committed amount to
US$300 million in August facilitated the recent acquisition of
Sovereign, LLC, the balance of the facility still provides the
appropriate size, flexibility and borrowing base advance rates
to meet RDEN's upcoming highly seasonal working capital needs.
This facility, however, will be reduced back to US$250 million
at 12/31/06. Although the company does have some unpledged
trademark assets that could be monetized, alternative sources of
liquidity should be considered modest given that their value
could deteriorate substantially in a distress scenario.

While a further lowering of the SGL rating is unlikely over the
near-term, an upgrade is not probable until RDEN is able to
generate positive free cash flow after share repurchases and
acquisitions over four quarters while at the same time
demonstrating a significant reduction or elimination of non-
seasonal borrowings under its revolving credit facility.

Elizabeth Arden (NASDAQ: RDEN) -- http://www.elizabetharden.com/
-- is a global prestige beauty products company.  The company's
portfolio of brands includes the fragrance brands of Elizabeth
Arden: Red Door, Red Door Revealed, Elizabeth Arden 5th Avenue,
Elizabeth Arden after five, Elizabeth Arden green tea, and
Elizabeth Arden Provocative Woman; the fragrance brands of
Elizabeth Taylor: White Diamonds and Passion; the fragrances
brands of Britney Spears: curious, curious In Control and
fantasy; the Daytona 500 and GANT adventure men's fragrances;
and the fragrances White Shoulders, Geoffrey Beene's Grey
Flannel, the Halston brands, Halston and Halston Z-14, PS Fine
Cologne for Men, Design and Wings; the Elizabeth Arden skin care
lines, including Ceramide and Eight Hour Cream, PREVAGE(TM)
anti-aging treatment and the Elizabeth Arden color cosmetics
line.

The company has corporate presence in Singapore, Australia,
Austria, China, Italy, Spain, and the United States, among
others.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the US Consumer Products, Beverage, Toy, Natural
Product Processors, Packaged Food Processors and Agricultural
Cooperative sectors, the rating agency confirmed its Ba3
Corporate Family Rating for Elizabeth Arden and upgraded its B2
rating on the company's US$225 million senior subordinated notes
to B1.  In addition, Moody's assigned an LGD5 rating to notes,
suggesting noteholders will experience a 70% loss in the event
of a default.


INTERMEC INC: Fitch Affirms Double-B Ratings With Stable Outlook
----------------------------------------------------------------
On September 28, 2006, Fitch has affirmed the ratings for
Intermec, Inc.

Fitch affirmed Intermec, Inc.'s ratings:

   -- Issuer Default Rating 'BB-'
   -- Secured bank facility 'BB+'
   -- Senior unsecured debt 'BB-'

The Rating Outlook is Stable.

The ratings reflect Intermec's:

   -- strong credit protection measures driven by limited
      outstanding debt and solid operating performance;

   -- potential for earnings growth and margin expansion arising
      from the monetization of its radio frequency
      identification patent portfolio through its Rapid Start
      License Program, despite slower-than-anticipated industry
      rollouts to date of RFID products based on Gen 2
      standards; and

   -- broad product and patent portfolios, which Fitch believes
      should enable Intermec to capitalize on the solid market
      growth for Automated Information and Data Collection
      products and services, especially RFID.

Fitch's rating concerns consist of:

   -- strong competition from traditional bar code companies and
      new entrants, which include larger, better capitalized
      companies intent on capitalizing on the expected strong
      growth of the AIDC market;

   -- the extent to which the transition to RFID could
      potentially cannibalize Intermec's existing bar code
      business;

   -- risks of rapid technological change in the AIDC industry
      as RFID standards evolve or alternate technologies emerge,
      both of which are mitigated by Intermec's significant
      product and patent portfolios, supply chain expertise
      cultivated through years of bar code technology
      deployments and ability to leverage existing customer
      relationships.

As a result of solid operating performance and minor debt
reduction in the past year, leverage, total debt/operating
EBITDA, excluding volatile intellectual property settlements,
declined to 1.4x for the latest 12 months ended July 2, 2006
from 1.8x in the corresponding year-ago period.

Interest coverage operating EBITDA/gross interest expense,
excluding IP settlements, improved to 8x in the LTM period from
4.1x in the corresponding year-ago period.  

Fitch expects a slight improvement in these metrics near-term
due to continued operating profit growth rather than debt
reduction since Fitch believes Intermec is unlikely to call its
last remaining debt issue prior to maturity on March 15, 2008.

Intermec's liquidity at July 2, 2006, consisted of approximately
US$323 million of cash and cash equivalents and a US$50 million
asset-based revolving credit facility that expires September
2007.

As of July 2, 2006, no borrowings were outstanding under the
facility, but Intermec had borrowing capacity of only US$18.2
million due to outstanding letters of credit.

In addition, Fitch estimates Intermec generated free cash flow
of approximately US$45 million for the LTM ended July 2, 2006,
excluding non-recurring cash flow attributable to discontinued
operations, IP settlements and RSLP origination fees, compared
with nearly US$28 million in 2005.

Lastly, Intermec has US$8.2 million of assets, primarily excess
real estate, available for sale.  Fitch believes Intermec has
more than sufficient liquidity and financial flexibility to meet
operational requirements and satisfy its remaining US$100
million debt maturity in March 2008.

As of July 2, 2006, total debt was US$100 million, down slightly
from US$108.5 million as of July 3, 2005.  Intermec redeemed an
US$8.5 million industrial revenue bond upon maturity in July
2005, reducing total debt to US$100 million.  Intermec's sole
remaining outstanding debt issue, consisting of US$100 million
of 7% senior unsecured notes, matures on March 15, 2008.

                   About Intermec Inc.

Intermec Inc. -- http://www.intermec.com/-- develops,  
manufactures and integrates technologies that identify, track
and manage supply chain assets.  Core technologies include RFID,
mobile computing and data collection systems, bar code printers
and label media.  

The company has locations in Singapore, Australia, Bolivia,
Brazil, China, France, Hong Kong, and the United Kingdom.


LIANG HUAT: Posts Update on the Group's Financial Position
----------------------------------------------------------
Liang Huat Aluminium Limited has posted an update on the group's
monthly position on September 29, 2006.

As reported in the TCR-AP on August 29, 2006, Liang Huat was
making modifications to the Modifies Schemes.  Pursuant to the
Modified Schemes, Liang Huat requested Ho Lee Group Pte Ltd to
invest a sum of SGD3,000,000.  Moreover, on April 13, 2006,
Liang Huat disclosed that it has entered into a conditional
investment agreement with the Ho Lee Group for a subscription of
Liang Huat's new shares representing a controlling stake for a
cash consideration of SGD3,000,000.

Upon completion of the Investment Agreement, Ho Lee Group will
own 70% of all issued ordinary shares of Liang Huat after taking
into account the number of shares that will be issued pursuant
to the Modified Schemes and the Investment Agreement.  Under the
Investment Agreement, the cash consideration in respect of the
Investment is SGD3,000,000 and is to be satisfied in full by the
allotment and issuance of 70% of all issued ordinary shares of
Liang Huat upon completion.

Accordingly, on June 6, 2006, Liang Huat revealed that Ho Lee
Group and the parties acting with it have obtained a whitewash
waiver.  In this regard, Ho Lee Group and the parties acting
with it will not be required to make a mandatory general offer
for all the remaining shares in Liang Huat which they do not
already own.  

In addition, on July 18, 2006, Liang Huat disclosed the
appointment of MS Corporate Finance Pte Ltd as the Independent
Financial Advisor to advise the Independent Shareholders on the
proposed whitewash resolutions.

Moreover, Liang Huat revealed on August 10, 2006, the proposed
modifications to the Schemes and notice of meeting to creditors.
In this regard, Liang Huat disclosed on August 25, 2006, that at
the creditors' meetings held on August 25, 2006, the Principal
Scheme Creditors, the LHAI Scheme Creditors and the Durabeau
Scheme Creditors have each respectively approved the proposed
modifications to the Modified Schemes.

In addition, on September 25, 2006, Liang Huat disclosed that
Maybank and the parties acting with it have obtained the
relevant whitewash waiver on September 22, 2006.  In this
regard, Maybank and the parties acting with it will not be
required to make a mandatory general offer for all the remaining
shares which they do not already own.

                        About Liang Huat

Liang Huat Aluminium -- http://www.lianghuatgroup.com.sg/-- is   
a vertically integrated, professionally run group of companies
based in Singapore focusing on producing high quality aluminum
products and processed glass for both the industrial and
construction industries.  It also supplies and installs aluminum
and processed glass for major commercial and residential
projects mainly in Singapore.  Liang Huat was the subject of a
wind-up petition filed by Lim Ah Siong trading as Lian Siong
Aluminium & Trading on August 26, 2004.  Presently, the company
is undergoing a financial restructuring exercise.  It is also
working a Scheme of Arrangement with its major creditor banks.


PRIMEFIELD COMPANY: Concludes Disposal of All Issued Shares
-----------------------------------------------------------
Primefield Company Pte Ltd, formerly known as LKN-Primefield
Limited, disclosed on September 29, 2006, that it has completed
the disposal of all the issued shares in its capital to DBS Bank
Ltd.

               About Primefield Company Pte Ltd

Primefield Company Pte Ltd formerly known as LKN-Primefield Ltd
is a Singapore-based company involved in investment holding and
investing in property for rental.  Through a number of
subsidiaries, the company is engaged in building and civil
engineering construction; the construction of crude oil tanks
and piping systems; commercial and home repair works and the
provision of related maintenance services; property development,
investment and management; property rental; the operation of
hotels and restaurants, and the provision of hotel management
and consultancy.  Primefield is also involved in the
manufacture, retail sale, distribution, import and export of
computer hardware (including computer peripherals) and software,
and the development of multimedia transactional payphone kiosks.  
In addition, it is an ESDN electronic service delivery network
provider that owns and operates a large network of public
broadband transactional terminals. The company's operations are
mainly concentrated in Singapore, China and Indonesia.  

On November 29, 2004, Primefield and certain of its subsidiaries
entered into a debt restructuring plan with the company's
bondholders.  HSBC Trustee (Singapore) Ltd. acted as the trustee
for the bondholders; KPMG Business Advisory Pte. Ltd. acted as
New Restructuring Agent/Independent Special Consultant/Paying
Agent.


SEAGATE TECH: To Launch US$1.25-Billion Debt Offer
--------------------------------------------------
Seagate Technology disclosed on September 26, 2006, that it
intends to offer, subject to market and other conditions, three
series of debt securities for an aggregate principal amount of
US$1.25 billion.  Seagate expects the US$1.25 billion senior
unsecured notes will be comprised of three-year floating rate
notes, and five- and ten-year fixed rate notes.  The notes are
expected to be issued by Seagate Technology HDD Holdings, a
direct wholly owned subsidiary of Seagate Technology, and
guaranteed by Seagate Technology on a full and unconditional
basis.

Seagate intends to use the net proceeds from the offering to
redeem the US$400 million principal amount of its 8% Senior
Notes due on 2009, to fund a portion of its previously announced
US$2.5 billion stock repurchase program and for general
corporate purposes.

Morgan Stanley, JPMorgan and Goldman, Sachs & Co. are acting as
joint book-running managers of the offering.

Seagate also announced that it intends to enter into an amended
and restated unsecured revolving credit facility providing for
borrowings of up to US$500 million with a five-year maturity.

                         *     *     *

Moody's Investors Service affirmed the Ba1 Corporate Family
Rating of Seagate Technology HDD Holdings.

At the same time, Moody's assigned new ratings to a proposed new
debt issuance of $1.25 billion to finance Seagate's recently
announced US$2.5 billion stock buyback program, as well as
refinance Seagate's existing US$400 million 2009 notes.  Ratings
assigned include a Ba1 rating on Floating rate notes due on
2009, and a Ba1 rating on Senior notes due on 2011 and 2016.


SELCO NAVIGATION: Creditors' Meeting Set on October 9
-----------------------------------------------------
The creditors of Selco Navigation Pte Ltd, which is in
liquidation, will hold a meeting on October 9, 2006, at
3:00 p.m.

At the meeting, the creditors will be asked to:

   -- receive the liquidator's report on the proceedings of the
      Company's wind-up;

   -- approve the remuneration of the liquidator and
      disbursements; and

   -- discuss other maters.

The liquidator can be reached at:

         Ramasamy Subramaniam Iyer
         c/o PricewaterhouseCoopers
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


SPECTRUM BRANDS: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the consumer products sector, the rating agency
confirmed its B3 Corporate Family Rating for Spectrum Brands.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$300 million
   Revolving Credit       B2       B1     LGD2        27%

   US$1,143 million
   Term Loan              B2       B1     LGD2        27%

   US$700 million
   Sr. Sub. Notes        Caa2     Caa2    LGD5        82%

   US$350 million
   Sr. Sub. Notes        Caa2     Caa2    LGD5        82%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).   

                  About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC) -
- http://www.spectrumbrands.com/-- is a consumer products    
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.  
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.


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

BANGKOK STEEL: Seeks to Modify Rehabilitation Plan
--------------------------------------------------
Economic Intellect Co., Ltd., and C.J. Morgan Co., Ltd, as plan
administrators for Bangkok Steel Industry Pcl, filed a petition
on September 22, 2006, with the Central Bankruptcy Court seeking
approval to modify its rehabilitation plan.

The plan administrators, in a statement to the SET, said that
they are facing several problems in fulfilling several points in
the rehabilitation plan due to lack of specification in details.

"A modification in the plan is deemed necessary in order for the
plan to be accomplished efficiently" the plan administrators
said.  

A list was presented before the SET pointing several issues for
modification.

    * To restructure the capital by allocating the increased
      share capital to pay debt -- in case of converting debt to
      capital -- not exceeding 1,440 million shares based on the
      guidelines on distributing shares to minor shareholders as
      regulated by the Stock Exchange of Thailand.

    * To pay debt on behalf of the company by an outsider who
      mortgaged its assets as collateral by specifying the
      method of payment based on the negotiation between
      outsiders and creditors to avoid double payment of the
      company and the outsider.  

    * To let the plan administrators adjust the repayment
      schedule and retrieve the assets or over payment amount
      which the creditors have received for the company's
      benefit.  The official receiver has presently ordered the
      reduction of the amount receiving performance for several
      creditors approx.  THB13,542 million and is under the
      consideration of the court.

    * To allow the plan administrators pay debt before maturity
      period by letting the creditors receive the payment equal
      to the present value.

    * To adjust the remuneration to the plan administrators to
      be THB2,000,000 per month (exclusive of valued add tax) as
      stipulated in the plan which was presented to all
      creditors on December 19, 2004.

Creditors of the company are called to attend a meeting on
October 27, 2006, at 9.30 a.m. to be held at Conference Room
1105, 11th Floor, Bangkok Insurance Bldg., in South Sathorn
Road, Bangkok.  The purpose of the meeting is for them to
consider the various modifications presented by the plan
administrators.

Bangkok Steel Industry Public Company Limited --
http://www.bangkoksteel.co.th/-- manufactures reinforcing steel  
bars including deformed steel bars under "BSI" brand name, and
galvanized iron flat sheets under "Singha" brand name.  
Additionally, the Company provides steel fabrication services
for machinery installations and large containers, and is a
licensee of "Kone" cranes from Finland.

On December 22, 2003, the Supreme Court ordered the Company to
rehabilitate its business in accordance with Thailand's
Bankruptcy Act.  On April 19, 2004, the Central Bankruptcy Court
appointed C.J. Morgan Co., Ltd. and Panya Intellect Co., Ltd. to
be its business rehabilitation planners.  The comptroller of
Bankruptcy head invited the debtors, creditors and lenders to
lodge the claim for settlement of debts with the Company.  The
total claims lodged by the appellants amounted to approximately
THB59.09 billion which were the outstanding balance in the
Company's accounts approximately THB18.91 billion and
commitments and contingent liabilities of THB40.18 billion.

On October 02, 2006, the Troubled Company Reporter - Asia
Pacific reported that BSI, based on the company's consolidated
financial statement for the first half period ended June 30,
2006, showed THB654.696 million in net loss on THB5.60 billion
revenues in its first half operations, compared with THB944.38
million net profit on THB8.019-billion revenues posted in the
first half of 2005.

The company is currently listed under the "Non-Performing Group"
sector of the Stock Exchange of Thailand.


DOLE FOOD: To Buy JP Fruit Distributors from Jamaica Producers
--------------------------------------------------------------
Dole Food Company, Inc., disclosed that pursuant to pre-existing
agreements, it initiated a buy-sell process under which the
company either will buy the 65% of JP Fruit Distributors Ltd. it
does not already own, or else will sell the 35% of JPFD that it
does own.

The owner of the 65% interest in JPFD, Jamaica Producers Group
Ltd., is required either to accept the company's offer to buy
JPG's 65% interest or, alternatively, to accept the company's
offer to sell its 35% interest in JPFD.  The company expects the
JPG Board to consider the offers by on Oct. 2, 2006.  The
company is considering expressions of interest by potential
partners with respect to the ownership and operation of JPFD, if
it ends up as the buyer.

                 About JP Fruit Distributors Ltd.

JP Fruit Distributors Ltd. imports and sells fresh produce in
the United Kingdom.  Jamaica Producers Group Ltd. is the owner
of the 65% interest in JPFD.

                        About Dole Food

Headquartered in Westlake Village, California, Dole Food
Company's -- http://www.dole.com/-- is a producer and marketer  
of fresh fruit, fresh vegetables and fresh-cut flowers, and
markets a line of packaged foods.  The company has four primary
operating segments.  The fresh fruit segment produces and
markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia.  The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods.  Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
Colombia and Ecuador, primarily to wholesale florists and
supermarkets in the United States.

Dole has three canneries in Asia: two in Thailand and one in the
Philippines.

Standard & Poor's Ratings Services' ratings for Dole Food Co.
Inc. remained on CreditWatch with negative implications
following the company's announcement that consumers should
dispose of Dole-branded packaged fresh spinach products
(including "Spinach," "Baby Spinach," and "Spring Mix" names)
stamped with a Best-If-Used-By date of Aug. 17, through Oct. 1,
2006.  The warning follows an outbreak of E. coli in several
states that was believed to have originated from spinach
products.


KRUNG THAI: Inks Deal With Land Department to Facilitate Payment
----------------------------------------------------------------
Krung Thai Bank revealed that on Sept. 28, 2006, it entered an
agreement with the Lands Department to facilitate payments for
land fees and transactions starting next year, The Bangkok Post
reports.

The Post relates that starting January 2007, Krung Thai will
provide a variety of payment services, including land
registration payments, documentation verification, valuation
inquiries and assessments.

Pursuant to the Agreement, customers can pay fees to the Lands
Department through Krung Thai branches nationwide for a THB10
fee per transaction.  Registration can be made at the Lands
Department Web site at http://www.dol.go.th

Apisak Tantivorawong, Krung Thai's president, told The Post that
Krung Thai hopes to become the country's top bank in terms of
payment services in the next few years by also extending its
expertise and resources to private sectors.

The Nation relates that KTB already had the highest market share
in terms of volume of payment services provided to state-owned
organizations, but its fee-based income from such services is
relatively low compared with that of other large banks, because
most of its services are provided free to state-run
organizations.

Mr. Apisak said that the bank's fees income account for just 10%
of Krung Thai's total income, compared with 20% to 30% at other
leading Thai banks and 40% to 50% for foreign banks.

"We hope that over that period, the bank can offer the services
to all government agencies," Mr. Apisak said, adding that 40-50%
would be a suitable percentage for fee-based income.

The Nation notes that Krung Thai serves 225 government agencies
and holds about THB340 billion worth of deposits from them,
while government lending accounts for 5.2% of its outstanding
loans.

Krung Thai Bank Public Company Limited -- http://www.ktb.co.th/
-- began its operation on March 14, 1966, through the merger of
business between the Agricultural Bank Limited and the
Provincial Bank Limited with the Ministry of Finance as its
major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business-oriented and public utility types.  
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

Fitch Ratings, on September 12, 2006, affirmed the individual
C/D rating of Krung Thai Bank Public Company Limited.

The bank currently carries Moody's Investors Service's bank
financial strength rating of D, and foreign currency long-
term/short-term deposit ratings of Baa1/P-2.


SAHAMITR PRESSURE: Posts THB1.25MM Net Profit in 2006 1st Half
--------------------------------------------------------------
Sahamitr Pressure Container Pcl posted THB1.249 million in net
profit on THB874.57 million revenues in the first half ended
June 30, 2006, compared with the THB42.15-million net loss
recorded in the first half of 2005.

The company's balance sheet at June 30, 2006, showed strained
liquidity with total current assets of THB472.917 million
available to pay THB604.387 million of current liabilities
coming due within the next 12 months.

Sahamitr Pressure's balance sheet at end June 2006 also
reflected total assets at THB968.093 million and total
liabilities of THB2.120 billion, resulting in a capital
deficiency of THB968.093 million.

After auditing the Company's first quarter 2006 results, Somckid
Tiatragul stated that the Company's going concern ability is
still significantly uncertain.  

Mr. Tiatragul said that the Company's operations as a going
concern are subject to:

    a) the ability of the Company to operate successfully in the
       future, to change its capital structure and to find new
       strategic partners including its ability to comply with
       the conditions throughout the terms of its debt
       restructuring agreement to relieve the Company's
       guarantee obligation; and

    b) the Company's ability to operate successfully in the
       future and to comply with the conditions throughout the
       terms of the debt restructuring agreement.

Sahamitr Pressure Container Public Company Limited --
http://www.smpcplc.com/-- produces pressure containers for  
liquefied petroleum gas for local and overseas markets under its
SMPC brand name.

The Company's capital deficit started in 2003, at
THB1.19 billion.  The trend continued going downward with 2005's
THB1.15-billion deficit.  Also in 2003, the Company posted a
THB1.29 billion net loss, which it was able to turn around with
a THB20.63 million profit in 2004.

During the years 1998 to 2000, the creditors of a related
company -- Sahamitr Steel -- filed court cases demanding for
loan repayments totaling approximately THB1.80 billion.  The
Company, being a guarantor to the related firm's liabilities,
was named as a joint defendant in the lawsuit with a liability
of THB1.35 billion.  

Sahamitr Steel entered into a debt restructuring agreement with
creditor banks rescheduling the repayments of loans, from 2002
to 2011.  The Company, as a loan guarantor, is obliged to
provide a cash advance to Sahamitr Steel for loan repayments
should the related company not have enough cash.  The balance of
the obligation totaled THB1.29 billion as of December 31, 2005,
and the Office of the Securities and Exchange Commission ordered
the Company, in a letter dated April 23, 2004, to take up the
possible damage, including the possible loss on non-collection
of advances to directors who jointly guaranteed Sahamitr Steel's
loans for the obligation in the accounts.  

The Company had been classified under the REHABCO Sector --
Companies under Rehabilitation -- of the Stock Exchange of
Thailand for several years.  In July 2006, the SET reclassified
the whole sector and categorized the Company under the "non-
performing group."  Companies under the group will retain their
listing status and will be obligated to comply with the SET
requirements.


* Thai Banks to Survive Political Turmoil into '07, Fitch Says
--------------------------------------------------------------
Fitch Ratings commented on October 2, 2006, that Thailand's
major banks should be able to absorb the short-term negative
impact of the political crisis on economic growth and already
declining consumer and business confidence.

The agency made these comments after the appointment of the
country's interim prime minister, which it said is a positive
first step in stabilising the political situation.

"If the political crisis is resolved quickly and confidence is
restored after the past several months of political turmoil,
then the implications for the Thai economy and for the banks
could even be positive," said Vincent Milton, managing director
at Fitch Ratings Thailand.  "However if the crisis is prolonged,
the negative effects on the economy and ultimately on the banks,
could be significant," warned Mr. Milton.

The agency placed the sovereign ratings of the Kingdom of
Thailand and the ratings of seven major Thai banks on Rating
Watch Negative following the military coup on September 19,
2006.

"Based on assessment of trends in recently released full year
accounts for the first half of 2006, the larger Thai banks,
particularly Siam Commercial Bank and Kasikornbank, continue to
perform strongly, although performance could weaken in H206 due
to low loan growth," said Mr. Milton in a recently published
report entitled "Major Thai Banks-Weathering the Storm into
2007".
Average loan growth year-to-date has fallen significantly short
of expectations, being affected by weaker consumer and corporate
loan demand as retail sales slowed, particularly autos and
housing, and corporate investment plans have been delayed.  The
agency also notes that the improvement in asset quality for most
Thai banks appears to have stalled, with some signs of
deterioration due to the relapse of restructured loans. Ongoing
political uncertainty could affect economic growth and lead to
pressure on asset quality in 2007.

On the other hand, if confidence is restored quickly, a rebound
in consumer and investment spending could see higher growth in
2007. Most Thai banks still expect impaired loans to fall to
about 5% by end-2007.

The lagged effect of the fixed deposit rate increase and slower
loan growth is likely to affect margins in H206, particularly
for smaller banks focused on autos and consumer finance.  Fitch
cautioned that any extension of the political turmoil and
economic slowdown could affect the Thai property market, which
has fallen back since 2005 following strong price rises over the
previous two years, and lenders may see some defaults by
developers and mortgage borrowers.

The asset quality of auto and consumer finance lenders could
also worsen in light of the aggressive high growth strategy they
have actively pursued over the past several years. Fitch also
sees some evidence of rising credit card delinquencies but they
are generally not high by international standards, with the
agency noting that trends at the sub-prime level are more
worrying.

While GE Capital's acquisition of a significant stake in Bank of
Ayudhya was postponed to January 2007, the agency expects this
to proceed provided the political situation stabilises.

"Given the strength of GE's balance sheet and global expertise
in consumer banking, this should significantly improve BAY's
financial strength and franchise, as well as positively impact
the overall development of retail banking and risk management
standards in Thailand in the medium term," said Mr. Milton.
"This could lead other large banks to consider strategic tie-ups
with other global players, which would result in greater
consolidation pressure on the smaller banks," he added.


* Moody's Positive on Thailand's Newly Created Economic Team
------------------------------------------------------------
Moody's Investors Service reacted positively to the creation of
Thailand's new economic advisory committee appointed by the
military leadership that took power on Sept 19, 2006.  The
committee is the creation of the military's Council for
Democratic Reform that now governs the country.

"The committee may help bolster confidence by ensuring sound
economic policies," said Moody's Vice President Thomas Byrne. He
noted that the committee is chaired by the governor of the Bank
of Thailand, Pridiyathorn Devakula, who has steadily steered
monetary and exchange rate policy as the central bank amassed a
substantial amount of international reserves, US$60 billion,
which is larger than Thailand's total external debt.

"There has also been noticeable progress in the restructuring of
the Thai banking system, and the central bank has curbed
excessive lending by state-owned financial institutions," said
Byrne.

While he called the formation of a pragmatic and conservative
advisory committee "a good step forward," Moody's lead analyst
for Thailand said the articulation of economic policies by the
CDR would help further boost confidence, which had eroded during
the political tensions of the past nine months before receiving
an additional jolt from the coup.

"We recognize that uncertainty still exists over future
political and economic developments and will closely monitor how
events unfold," said Byrne.

He said that fiscal and external indicators of Thailand's
creditworthiness suggest that the country has a low level of
vulnerability to exchange rate and interest rate shocks, or to
an adverse shift in foreign creditor confidence.

"This should provide some breathing room for restoring
Thailand's democratic and constitutional institutions, on which
the long-run economic and financial stability of the country
most likely depend."


* U.S. Freezes US$24-Mil. Aid in Response to Military Coup
----------------------------------------------------------
The United States has suspended nearly US$24 million in aid to
Thailand in response to the September 19, 2006 military coup,
Kyodo News reports, citing a statement by the U.S. State
Department.

"The United States continues to urge a rapid return to
democratic rule and early elections in Thailand," said
department spokesman Sean McCormack.  "We look forward to being
able to reinstate the suspended programs after a democratically
elected government takes office."

Kyodo relates that the frozen aid includes US$16 million for
Thai military education and training for purposes such as
counter-terrorism, and US$4 million for Thai arms purchases.

Mr. McCormack said the action will not affect humanitarian aid
aimed at preventing the spread of AIDS, preparing for the
possibility of a bird flu outbreak and similar programs.

"What we want to see is Thailand get back as quickly as possible
onto the pathway of democracy," Mr. McCormack said, calling for
political parties to be allowed to form and debate freely,
freedom of expression, and an interim government committed to
the principles of democracy and acting on those principles.


* BOND PRICING: For the Week 2 October to 6 October 2006
--------------------------------------------------------

Issuer                               Coupon     Maturity  Price
------                               ------     --------  -----

AUSTRALIA & NEW ZEALAND
-----------------------
Ainsworth Game                        8.000%    12/31/09     1
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     8
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%    06/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     9
Capital Properties NZ Ltd             8.500%    04/15/07     8
Capital Properties NZ Ltd             8.500%    04/15/09     7
Capital Properties NZ Ltd             8.000%    04/15/10     8
Cardno Limited                        9.000%    06/30/08     5
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    25
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%    03/15/08     7
Fletcher Building Ltd                 7.800%    03/15/09     8
Fletcher Building Ltd                 8.850%    03/15/10     7
Fletcher Building Ltd                 7.550%    03/15/11     7
Fernz Corp Ltd                        8.560%    10/15/06     8
Futuris Corporation Ltd               7.000%    12/31/07     2
Hy-Fi Securities Ltd                  7.000%    08/15/08     8
Hy-Fi Securities Ltd                  8.750%    08/15/08    11
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    06/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Kagara Zinc Ltd                       9.750%    05/06/07     4
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    11
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     8
Sapphire Securities Ltd               7.410%    09/20/35     7
Sapphire Securities Ltd               9.160%    09/20/35     9
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Speirs Group Ltd.                    10.000%    06/30/49    50
Tower Finance Ltd                     8.750%    10/15/07     8
Tower Finance Ltd                     8.650%    10/15/09     8
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%    09/15/12     7
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     3

MALAYSIA
--------
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
AHB Holdings Bhd                      5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Bumiputra-Commerce                    2.500%    07/17/08     1
Camerlin Group Bhd                    5.500%    07/15/07     2
Crescendo Corporation Bhd             3.000%    08/25/07     1
Eastern & Oriental Hotel              8.000%    07/25/11     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Kosmo Technology Industrial Bhd       2.000%    06/23/08     1
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Malaysian Government                  4.837%    07/15/25     4
Media Prima Bhd                       2.000%    07/18/08     1
Mithril Bhd                           8.000%    04/05/09     1
Mithril Bhd                           3.000%    04/05/12     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     1
Pelikan International Corp Bhd        3.000%    04/08/10     1
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    3.000%    12/23/12     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Senai-Desaru Expressway Bhd           3.500%    12/07/18    73
Senai-Desaru Expressway Bhd           3.500%    06/07/19    72
Senai-Desaru Expressway Bhd           3.500%    06/09/20    69
Senai-Desaru Expressway Bhd           3.500%    12/09/20    68
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
Tradewinds Plantations Bhd            3.000%    02/28/16     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     3
YTL Cement Bhd                        4.000%    11/10/15     1

SINGAPORE
---------
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1
Tampines Assets                       6.000%    12/07/06     1


                            *********

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.
   
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mail.  Additional e-mail subscriptions for members of the same
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thereof are $25 each.  For subscription information, contact
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                 *** End of Transmission ***