TCRAP_Public/061006.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Friday, October 06, 2006, Vol. 9, No. 199

                            Headlines

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

AMERICAN GOLF: Members Opt to Shut Down Operations
BIRKART FAIRS: Enters Voluntary Liquidation
COASTAL OIL & GAS: Members Agree to Liquidate Business
DARK ELF: Creditors Proofs of Claim Due on Oct.13
DEXTER INVESTMENTS: Commences Wind-Up of Operations

EDLAN PTY: Members and Creditors to Hold Final Meeting
EMERALD GATEWAY: Names Vance and McCallum as Liquidators
EZYZOO PTY: Receivers and Managers Cease to Act
FAIRWAY STAIRS: Enters Liquidation Proceedings
FAITH MARTIN: Placed Under Voluntary Wind-Up

FRESHWELL FOODS: Members Resolve to Wind Up Firm
HELA PHARMA: Court to Hear Liquidation Bid on Nov. 30
KNOX METAL: Members and Creditors to Meet on October 24
MCGLEW & CO: Wind-Up Process Commenced
MCGUIGAN PROPERTIES: Court Appoints Joint Liquidators

MULTIPLEX GROUP: Wins AU$340-Mil. Dubai Construction Contract
NIKIMIKI PROPERTIES: Creditors Must Prove Debts by Oct.9
O'PHEE & SONS: Liquidator Jessup to Present Wind-Up Report
ORGANISATIONAL SPECTRUM: Members Opt to Close Business
PORTVILLA PTY: Final Meeting Fixed on October 11

ROSSI PTY: Members Opt to Close Operations
SABATINO SECURITY: Final Meeting Scheduled on October 9
SHIRE HOMES: Liquidation Hearing Fixed on November 9
SOOMNET.COM: Court to Hear Liquidation Petition on October 16
STOCKFORD (BUSY BOOKKEEPING): Third Dividend Set on October 13

STOCKFORD (IIP): Prepares to Declare Third Dividend
STOCKFORD FINANCIAL: Set to Declare Third Dividend on October 13
STOCKFORD FINANCIAL: Prepares to Declare Dividend to Creditors
STOCKFORD FORSYTH: Will Declare Third Dividend on October 13
STOCKFORD PETER: To Distribute Third Dividend on October 13

SOUTH PACIFIC: Members Resolve to Wind Up Operations
TALLANGATTA MOBILE: Members' Final Meeting Slated for October 19
THE PRACTICE: Faces Liquidation Proceedings
THE FOCUS COMMERCIAL: Final Meeting Set on October 11
TOYO (AUSTRALIA): Faces Wind-Up Proceedings

TOYO DARLING: Members Decide to Wind Up Operations
TREE & GARDEN: Court Sets Liquidation Hearing on Oct. 9
VILLAGE ROADSHOW: Gains AU$130 Mil. from Austereo Share Offload
WALKERS BUSINESS: To Declare Third Dividend on October 13
WORKFORCE REGIONAL: Enters Wind-Up Proceedings

WORKFORCE TRAFFIC: Undergoes Wind-Up Proceedings
WISDOM TECHNOLOGIES: Shareholders Opt for Voluntary Liquidation
YOUR BUSINESS: To Declare Third Dividend on October 13


C H I N A   &   H O N G  K O N G

BANK SINOPAC: Moody's Keeps Individual D+ Rating, Outlook Stable
BROWNHILL TRADING: Official Liquidator Step Aside
CAPITAL SYSTEM: Creditors to Prove Claims on October 31
CHEONG SHING: First Meeting Scheduled on October 13
CHINATRUST BANK: S&P Affirms Individual C+ Rating

EASTERN WOOD: Names Jacky CW Muk as Liquidator
EVERBRIGHT CHUNG: Set to Pay Dividend on October 20
FIS CHINA: Liquidator Lawrence Step Aside
GOLDEN TOP: Appoints Tang Lai Sheung as Liquidator
GUARDECADE LTD: Court Sets Date to Hear Wind-Up Bid

GRACEFUL CHINA: Creditors Must Prove Debts by November 6
KENFIELD CORPORATION: Members' Final Meeting Slated for Oct. 31
JIN HAI AN: Faces Wind-Up Proceedings
L & M FOUNDATION: Court Names Arboit and Blade as Liquidators
MANHORN LTD: Court to Hear Wind-Up Bid on November 29

MODERN PHARM: To Declare First and Final Ordinary Dividend
QUANTUM NETWORKS: Court Appoints Joint Liquidators
RICH SOURCE: Court to Hear Wind-Up Petition on October 25
STARSTONE INTERNATIONAL: Liquidator to Present Wind-Up Report
UCS COMMUNICATIONS: Members to Receive Liquidator's Report

WAILY TECHNOLOGY: Members to Hold Final Meeting on October 31
WORLD UNIVERSAL: Gabriel Chi Kok Tam Ceased to Act as Liquidator


I N D I A

CORPORATION BANK: Court Okays Merger with Finance Housing Unit
GENERAL MOTORS: Ends Alliance Talks with Nissan and Renault
GENERAL MOTORS: Amends Bylaws & Corporate Governance Policies
HINDUSTAN PETROLEUM: Upgrades Refineries to Handle Heavier Crude
ICICI BANK: PM to Decide on Singapore's 20% Stake

PRIDE INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating
NAGARJUNA FERTILIZERS: S.V. Mathur Ends Director Post
STATE BANK OF INDIA: May Get Singapore's QFB Status in December
UTI BANK: To Raise INR214 Crore from Bond Issue


I N D O N E S I A

GAJAH TUNGGAL: S&P Affirms 'B' Long-Term Corporate Credit Rating
MGTI FINANCE: S&P Affirms 'B+' Rating on US$270-Million Bonds


J A P A N

FURUKAWA COMPANY: To Launch Micronized Coffee Mill
HANKYU HOLDINGS: Hanshin Merger Completed
HIGASHI-NIPPON BANK: JCR Affirms A-/Stable Rating on Sr. Debts
SUMITOMO MITSUI BANKING: Partners with Vietnam's Amata


K O R E A

KOREA DEVELOPMENT: To Manage Korea's US$1-Billion Bond Sale
WOORI BANK: Hong Kong Registers Unit as Deposit-Taking Co.
* Korea's Bancassurance Market Rapidly Expanding


M A L A Y S I A

ANTAH HOLDINGS: Court Hearing on ECK Case Moved to November 15
AYER HITAM: Court Dismisses KIY Design's Application with Costs
AVANGARDE RESOURCES: Court Extends Restraining Order to 2 Months
KL INFRASTRUCTURE: Updates on its Regularization Plan
PAN MALAYSIA: Buys Back 15,000 Shares for MYR4,242

POLY GLASS: Fong Wah Ka Acquires 8,000 Ordinary Shares
POLYMATE HOLDINGS: Revenue Lowers to MYR20 Mil. in 3rd Qtr. 2006
SUGAR BUN: Shareholders Approve Ordinary Resolutions 1 & 2


P H I L I P P I N E S

LAND BANK: Fitch Assigns 'BB' Long-Term Issuer Default Ratings


S I N G A P O R E

AMARANTH ADVISORS: Losses Prompt SEC to Probe Hedge Funds
AMARANTH ADVISORS: Retains Fortress Investment as Sub-Advisor
AVAGO TECHNOLOGIES: Revenue Increases by 11% Quarter by Quarter
COMPACT METAL: Inks Restructuring Exercise with Creditor Banks
ESTALAND PROPERTY: Court to Hear Wind-Up Petition on Sept.  21

GUL TECH: Posts US$32.13MM Shareholders' Deficit for 2nd Quarter
LEUN WAH: Creditors' Meeting Scheduled for October 4
UNION FABRICATION: Subjected to United Oversea Wind-Up Petition


T H A I L A N D

KRUNG THAI: Relaunches US$200-Million Bond Issue
KRUNG THAI: Moody's Reinstates Ba1 Rating to Tier-1 Issue


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

AMERICAN GOLF: Members Opt to Shut Down Operations
--------------------------------------------------
At a general meeting held on September 11, 2006, the members of
American Golf Australia Pty Ltd decided to shut down the
Company's operations.

The liquidator can be reached at:

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


BIRKART FAIRS: Enters Voluntary Liquidation
-------------------------------------------
At a general meeting of the members of Birkart Fairs & Events
Pty Ltd on September 10, 2006, a special resolution was passed
to voluntarily wind-up the company's operations.

The liquidators can be reached at:

         Stephen Graham Longley
         David Laurence McEvoy
         Freshwater Place
         2 Southbank Boulevard
         Southbank, Victoria 3006
         Australia


COASTAL OIL & GAS: Members Agree to Liquidate Business
------------------------------------------------------
On September 7, 2006, the members of Coastal Oil & Gas Australia
20 Pty Ltd resolved to voluntarily liquidate the company's
business and appointed Dino Travaglini as liquidator.

The Liquidator can be reached at:

         Dino Travaglini
         c/o Moore Stephens
         Chartered Accountants
         Level 3, 12 St Georges Terrace
         Perth, Western Australia 6000
         Australia
         Telephone:(08) 9225 5355


DARK ELF: Creditors Proofs of Claim Due on Oct.13
-------------------------------------------------
The High Court of Auckland on September 7, 2006, appointed John
Trevor Whitfield and Dennis John Wood as liquidators to oversee
the liquidation of Dark Elf Developments Ltd.

Accordingly, the Liquidators fixed October 13, 2006, as the last
day for the company's creditors to prove their debt.

The Troubled Company Reporter - Asia Pacific reported that the
Accident Compensation Commission filed a liquidation petition
against the company and was heard before the Court on
September 7, 2006.

The joint Liquidators can be reached at:

         D.J. Wood
         c/o Paul Reddy at McDonald Vague
         P.O. Box 6092, Wellesley Street Post Office
         Auckland, New Zealand
         Telephone: (09) 303 0506
         Facsimile: (09) 303 0508
         Web site: www.mvp.co.nz


DEXTER INVESTMENTS: Commences Wind-Up of Operations
---------------------------------------------------
Members of Dexter Investments Pty Ltd met at a general meeting
on September 8, 2006, and decided to wind up the company's
operations.

Subsequently, Ian John Snook was appointed as liquidator.

The Liquidator can be reached at:

         Ian John Snook
         William Buck (SA) Pty Ltd
         48 Greenhill Road
         Wayville, South Australia 5034
         Australia
         Telephone:(08) 8272 2333
         Facsimile:(08) 8272 1972


EDLAN PTY: Members and Creditors to Hold Final Meeting
------------------------------------------------------
The members and creditors of Edlan Pty Ltd, which is in
liquidation, will hold a final meeting on October 19, 2006, at
11:00 a.m., to receive the company's wind-up accounts from
Liquidator D. A. Turner.

The Liquidator can be reached at:

         D. A. Turner
         PKF
         Chartered Accountants
         11th Floor, 485 Latrobe Street
         Melbourne, Victoria 3000
         Australia


EMERALD GATEWAY: Names Vance and McCallum as Liquidators
--------------------------------------------------------
On September 11, 2006, David Vance and Bruce McCallum were
appointed as joint and several liquidators of Emerald Gateway
Consultancy Ltd.

Accordingly, the Liquidators required creditors' proofs of claim
to be filed by October 9, 2006.  Failure to present proofs will
exclude a creditor from sharing in any distribution the company
will make.

The Troubled Company Reporter - Asia Pacific reported that the
Commissioner of Inland Revenue filed a liquidation petition
against the company and was heard before the High Court of
Wellington on September 11, 2006.

The Joint Liquidators can be reached at:

         David Vance
         McCallum Petterson, Level Eight
         The Todd Building, 95 Customhouse Quay
         (P.O. Box 3156), Wellington
         New Zealand
         Telephone: (04) 499 7796
         Facsimile: (04) 499 7784


EZYZOO PTY: Receivers and Managers Cease to Act
-----------------------------------------------
Christopher John Honey and Murray Campbell Smith ceased to act
as receivers and managers of Ezyzoo Pty Ltd on September 7,
2006.

The former Receivers and Managers can be reached at:

         Christopher John Honey
         Murray Campbell Smith
         McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Web site: http://www.mcgrathnicol.com


FAIRWAY STAIRS: Enters Liquidation Proceedings
----------------------------------------------
At an extraordinary general meeting held on September 11, 2006,
the members of Fairway Stairs Pty Ltd agreed to voluntarily
liquidate the company's business.

Angus C. Gordon was subsequently appointed as liquidator at the
creditors' meeting held that same day.

The Liquidator can be reached at:

         Angus C. Gordon
         GHK Green Krejci
         Level 13, 1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


FAITH MARTIN: Placed Under Voluntary Wind-Up
--------------------------------------------
The members of Faith Martin Productions Pty Ltd held a general
meeting on September 11, 2006, and agreed to voluntarily wind up
the company's operations.

Subsequently, Angus C. Gordon was appointed liquidator at the
creditors' meeting held that same day.

The Liquidator can be reached at:

         Angus C. Gordon
         GHK Green Krejci
         Level 13, 1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


FRESHWELL FOODS: Members Resolve to Wind Up Firm
------------------------------------------------
Under a circulating resolution passed by shareholders on
September 1, 2006, the members of Freshwell Foods Pty Ltd
resolved to voluntarily wind up the company's operations and
distribute the proceeds of its assets disposal.

Subsequently, Anthony Simpson was appointed as liquidator.

The Liquidator can be reached at:

         Anthony Simpson
         Creighton Brown
         Chartered Accountants
         Suite 3, First Floor
         1156-1161 High Street
         Armadale, Victoria 3143
         Australia


HELA PHARMA: Court to Hear Liquidation Bid on Nov. 30
-----------------------------------------------------
The High Court of Auckland will hear a liquidation petition
filed against Hela Pharma Australasia Ltd on November 30, 2006,
at 10:45 a.m.

Hela Pharma AB filed the petition on September 4, 2006.

The Solicitor for the Petitioner can be reached at:

         Davey Salmon
         P.O. Box 2026, Shortland Street
         Auckland, New Zealand


KNOX METAL: Members and Creditors to Meet on October 24
-------------------------------------------------------
A final meeting will be held for the members and creditors of
Knox Metal Spinning Australia Pty Ltd, on October 24, 2006, at
10:00 a.m.

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

The Liquidator can be reached at:

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


MCGLEW & CO: Wind-Up Process Commenced
--------------------------------------
Members of McGlew & Co Pty Ltd held a general meeting on
September 8, 2006, and passed a special resolution to wind-up
the company's operations.

In this regard, Ian John Snook was appointed as liquidator.

The Liquidator can be reached at:

         Ian John Snook
         William Buck (SA) Pty Ltd
         48 Greenhill Road
         Wayville, South Australia 5034
         Australia
         Telephone:(08) 8272 2333
         Facsimile:(08) 8272 1972


MCGUIGAN PROPERTIES: Court Appoints Joint Liquidators
-----------------------------------------------------
The High Court of Wellington on September 11, 2006, appointed
David Vance and Barry Jordan as joint and several liquidators of
McGuigan Properties Ltd.

In this regard, creditors of the company are required to prove
their debts to the liquidators by October 9, 2006, for them to
participate in any distribution the company will make.

The Troubled Company Reporter - Asia Pacific reported that the
commissioner of Inland Revenue filed a liquidation petition
against the company on July 24, 2006.  The petition was heard on
September 11, 2006.

The Joint Liquidators can be reached at:

         David Vance
         McCallum Petterson, Level Eight
         The Todd Building, 95 Customhouse Quay
         (P.O. Box 3156), Wellington
         New Zealand
         Telephone: (04) 499 7796
         Facsimile: (04) 499 7784


MULTIPLEX GROUP: Wins AU$340-Mil. Dubai Construction Contract
-------------------------------------------------------------
Multiplex Group has been awarded a AU$340 million contract for
the construction of an office tower complex in Dubai, The Age
reports.

According to the Australian Associated Press, work on the Union
Properties project is due to begin later this month and
completion is expected in late 2008.

Multiplex, AAP notes, said that the Motor City Automall Showroom
and Office Tower complex, on the outskirts of Dubai,
incorporates a 38-storey office tower and a three-level auto
showroom.

The contract was awarded to Multiplex's construction division in
the United Arab Emirates, Nasa Multiplex.

                         About Multiplex

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its  
revenue from property funds management, construction, property
development, and facilities management.  The Group employs over
2,000 people and has established operations and offices
throughout Australia, New Zealand, the United Kingdom and the
Middle East.  In December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group,
raising a total of AU$1.2 billion.  Multiplex Group was formed
by combining the various businesses of Multiplex Limited and the
newly established portfolio of investments held by Multiplex
Property Trust.

Early in 2005, Multiplex began facing cost pressures on its
reconstruction project for the Wembley Stadium in London,
prompting it to conduct its own internal investigation into the
Wembley difficulties.  Its auditor, KPMG, later conducted its
own thorough review of the problems, leading to an unpredicted
write-down.  In February 2005, stunned investors sold down
Multiplex shares after the Company reversed its stance on two
United Kingdom projects, writing off AU$68.3 million from its
profits.  This started a series of profit downgrades throughout
2005.

The Company's troubles continue with plunging share prices,
extortion attempts, and threats of class action from disgruntled
shareholders.  The Roberts family, as founder and controlling
shareholder of Multiplex, opte d to offer AU$50 million
indemnity in a bid to appease dissatisfied shareholders.  In May
2005, Multiplex admitted that its troubled Wembley Stadium
construction project may end up with a multimillion loss.  As of
February 2006, the Company is faced with liquidity crisis after
posting a massive AU$474 million loss on Wembley and is
currently in talks to bring down possible delay fees, pegged at
AU$138,000 per day beyond the scheduled March 31, 2006,
completion date.

The Troubled Company Reporter - Asia Pacific reported on August
18, 2006, that Multiplex Group financial results for the year
ended June 30, 2006, noted that the Wembley project in the
United Kingdom incurred a pretax loss of AU$364.3 million or
AU$255 million after tax loss.  The project loss position has
remained unchanged since December 31, 2005.


NIKIMIKI PROPERTIES: Creditors Must Prove Debts by Oct.9
--------------------------------------------------------
David Vance and Barry Jordan, appointed by the High Court of
Wellington as joint and several liquidators of Nikimiki
Properties Ltd.  

Creditors are required to prove their debts by October 9, 2006.
Failure to present proofs of debt will exclude a creditor from
sharing in any distribution the company will make.

On September 12, 2006, the Troubled Company Reporter - Asia
Pacific reported that the company was facing liquidation
proceeding from a petition filed by the Commissioner of Inland
Revenue.  The petition was heard on September 11, 2006.

The Joint Liquidators can be reached at:

         David Vance
         McCallum Petterson, Level Eight
         The Todd Building, 95 Customhouse Quay
         (P.O. Box 3156), Wellington
         New Zealand
         Telephone: (04) 499 7796
         Facsimile: (04) 499 7784


O'PHEE & SONS: Liquidator Jessup to Present Wind-Up Report
----------------------------------------------------------
O'Phee & Sons Constructions Pty Ltd, which is in liquidation,
will hold an annual general meeting for the members on October
4, 2006, at 11:00 a.m.

During the meeting, Liquidator I. D. Jessup will present the
account on the company's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

         I. D. Jessup
         Jessup & Partners
         1st Floor, 488 Mulgrave Road
         Earlville, Queensland
         Australia


ORGANISATIONAL SPECTRUM: Members Opt to Close Business
------------------------------------------------------
At a general meeting held on September 11, 2006, the members of
Organisational Spectrum Group Pty Ltd agreed to voluntarily
liquidate the company's business.

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

The Joint and Several Liquidators can be reached at:

         Philip Newman
         Clyde Peter White
         HLB Mann Judd
         Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne 3000
         Australia


PORTVILLA PTY: Final Meeting Fixed on October 11
------------------------------------------------
Portvilla Pty Ltd, which is in liquidation, will be hold a final
meeting on October 11, 2006, at 10:00 a.m., to receive
Liquidator M. D. Reilly's final accounts on the company's wind-
up proceedings.

The Liquidator can be reached at:

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


ROSSI PTY: Members Opt to Close Operations
------------------------------------------
At an extraordinary general meeting on September 6, 2006, the
members of Rossi Pty Ltd resolved to voluntarily wind up the
company's operations.

Subsequently, Will Colwell and Gregory Moloney were appointed as
joint and several liquidators at the creditors' meeting held
that same day.

The Joint and Several Liquidators can be reached at:

         Will Colwell
         Gregory Moloney
         c/o Ferrier Hodgson (Queensland)
         Level 7, 145 Eagle Street
         Brisbane, Queensland 4000
         Australia


SABATINO SECURITY: Final Meeting Scheduled on October 9
-------------------------------------------------------
Members and creditors of Sabatino Security Services Pty Ltd will
hold a final meeting on October 9, 2006, at 9:00 a.m.

During the meeting, Liquidator Michael Griffin will report on
the company's wind-up proceedings and property disposal
exercises.

The Liquidator can be reached at:

         Michael Griffin
         Worrells
         Solvency & Forensic Accountants
         8th Floor, 102 Adelaide Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3225 4377
         Facsimile:(07) 3225 4311
         Web site: http://www.worrells.net.au


SHIRE HOMES: Liquidation Hearing Fixed on November 9
----------------------------------------------------
The High Court of Auckland will hear the liquidation petition
filed against Shire Homes Ltd on November 9, 2006, at 10:45 a.m.

Crane Distribution (NZ) Ltd filed the petition on August 21,
2006.

The Solicitor for the Petitioner can be reached at:

         J.E.M. Connell
         Connell & Connell, Solicitors
         Level Fifteen, ASB Bank Centre
         135 Albert Street, Auckland City
         New Zealand


SOOMNET.COM: Court to Hear Liquidation Petition on October 16
-------------------------------------------------------------
On August 22, 2006, the Commissioner of Inland Revenue filed a
liquidation petition against Sommnet.Com Ltd before the High
Court of Whangarei.

The petition will be heard on October 16, 2006, at 10:45 a.m.

The Solicitor for the Petitioner can be reached at:

         M.B. Smith
         P. J. Smith, Crown Solicitor
         Marsden Woods Inskip & Smith, Solicitors
         122 Bank Street (P.O. Box 146)
         Whangarei, New Zealand


STOCKFORD (BUSY BOOKKEEPING): Third Dividend Set on October 13
--------------------------------------------------------------
Stockford (Busy Bookkeeping) Pty Ltd will declare the third
dividend for its creditors on October 13, 2006.

Creditors who were unable to formally prove their debts by
October 3, 2006, are excluded 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 (IIP): Prepares to Declare Third Dividend
---------------------------------------------------
A third dividend is to be declared for the creditors of
Stockford (IIP) Pty Ltd on October 13, 2006.

Creditors who failed to submit their proofs of debt by Oct. 3,
2006, will be excluded in the benefit of dividend.

The Deed Administrator can be reached at:

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


STOCKFORD FINANCIAL: Set to Declare Third Dividend on October 13
----------------------------------------------------------------
Stockford Financial Services Ltd will declare the third dividend
for its creditors on October 13, 2006, to the exclusion of those
who were unable to prove their claims on October 3, 2006.

The Deed Administrator can be reached at:

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


STOCKFORD FINANCIAL: Prepares to Declare Dividend to Creditors
--------------------------------------------------------------
Stockford Financial Planning Pty Ltd will declare the third
dividend to its creditors on October 13, 2006.

Creditors who were not able to prove their claims on October 3,
2006, are excluded from sharing in any distribution the company
will make.

The Deed Administrator can be reached at:

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


STOCKFORD FORSYTH: Will Declare Third Dividend on October 13
------------------------------------------------------------
Stockford (Forsyth Financial Planning) Pty Ltd will declare the
third dividend to its creditors on October 13, 2006.

Creditors who were not able to prove their claims by October 3,
2006, are 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 PETER: To Distribute Third Dividend on October 13
-----------------------------------------------------------
Stockford (Peter Smith Financial) Pty Ltd will declare the third
dividend for its creditors on October 13, 2006, to the exclusion
of those who were not able to prove their claims on October 3,
2006.

The Deed Administrator can be reached at:

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


SOUTH PACIFIC: Members Resolve to Wind Up Operations
----------------------------------------------------
On September 11, 2006, the members of South Pacific Golf
Properties Pty Ltd held a general meeting and passed a special
resolution to voluntary wind up its operations.

The liquidator can be reached at:

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


TALLANGATTA MOBILE: Members' Final Meeting Slated for October 19
----------------------------------------------------------------
Members of Tallangatta Mobile Pre-School Inc will hold a final
meeting on October 19, 2006, at 2:00 p.m.

At the meeting, Liquidator Frank Lo Pilato will give final
accounts on the company's wind-up proceedings.

The Liquidator can be reached at:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         55 Berry Street
         Wagga Wagga, New South Wales 2650
         Australia
         Telephone:(02) 6921 9055
         Facsimile:(02) 6921 9032


THE PRACTICE: Faces Liquidation Proceedings
-------------------------------------------
A petition to liquidate The Practice Ltd will be heard before
the High Court of Auckland on October 12, 2006, at 10:45 a.m.

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

The Solicitor for the Petitioner 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


THE FOCUS COMMERCIAL: Final Meeting Set on October 11
-----------------------------------------------------
The Focus Commercial Cleaning Group Pty Ltd, which is in
liquidation, will hold a final meeting on October 11, 2006, at
11:00 a.m.

At the meeting, Liquidator M. D. Reilly will present a final
report on the company's wind-up proceedings.

The Liquidator can be reached at:

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


TOYO (AUSTRALIA): Faces Wind-Up Proceedings
-------------------------------------------
At a general meeting held on September 11, 2006, the members of
Toyo Real Estate (Australia) Pty Ltd passed a special resolution
to voluntarily wind-up the company's operations.

The liquidators can be reached at:

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


TOYO DARLING: Members Decide to Wind Up Operations
--------------------------------------------------
On September 11, 2006, the members of Toyo Real Estate Darling
Park One Pty Ltd held a general meeting and agreed to wind up
the company's operations.

The Liquidators can be reached at:

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


TREE & GARDEN: Court Sets Liquidation Hearing on Oct. 9
-------------------------------------------------------
The High court of Wellington will hear a liquidation petition
filed against Tree & Garden Services Ltd on October 9, 2006, at
10:00 a.m.

A petition was filed by the Commissioner of Inland Revenue on
August 8, 2006.

The Solicitor for the Petitioner can be reached at:

         Kerryn Marie Watt
         Technical and Legal Support Group
         Wellington Service Centre
         1st Floor, New Zealand Post House
         7-27 Waterloo Quay (P.O. Box 1462)
         Wellington, New Zealand
         Telephone: (04) 890 1095
         Facsimile: (04) 890 0009


VILLAGE ROADSHOW: Gains AU$130 Mil. from Austereo Share Offload
---------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
Aug. 30, 2006, that Austereo, owner of the Triple M and Fox FM
duopolies and 67.3% owned by Village Roadshow Limited, revealed
that it would spend AU$34 million buying 18.9 million shares or
5% of the company this year.  This plan, according to the TCR-
AP, will potentially lift Village Roadshow's stake to 70.8%.

However, in an update, the Sydney Morning Herald relates that
Austereo has firmed as a takeover target after Village Roadshow
continued to dump its stake in the radio network.

Village Roadshow confirmed in a statement with the Australian
Stock Exchange that it had sold more than 35.5 million shares on
market since last week.  Thus, the company has now raised more
than AU$130 million in a matter of weeks, lowering its stake
from 67.3% to 50% as of October 4, 4006.

The Sydney Herald notes that this figure does not include the
proceeds from the sale of 19 million shares into Austereo's
share buyback.

According to the report, there are speculations in the market
that Village Roadshow would sell the rest of its stake if a
buyer came along with the right price.  Based on the latest
selldown, Village is a willing seller at AU$1.70 a share.

                     About Village Roadshow

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

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

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

                          *     *     *

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

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


WALKERS BUSINESS: To Declare Third Dividend on October 13
---------------------------------------------------------
Walkers Business Consulting Pty Ltd will declare the third
dividend for its creditors on October 13, 2006.

Creditors who were unable to prove their claims on October 3,
2006, are excluded from sharing in the distribution the Company
will make.

The Deed Administrator can be reached at:

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


WORKFORCE REGIONAL: Enters Wind-Up Proceedings
----------------------------------------------
At a general meeting held on September 11, 2006, shareholders of
Workforce Regional Pty Ltd passed a special resolution to
voluntarily wind-up the company's operations.

Accordingly, Robert Knox Dobbie was appointed as liquidator.

The Liquidator can be reached at:

         Robert Knox Dobbie
         Dobbie Services Pty Limited
         Certified Practising Accountants
         Level 7, 16-20 Barrack Street
         Sydney, New South Wales
         Australia


WORKFORCE TRAFFIC: Undergoes Wind-Up Proceedings
------------------------------------------------
On September 11, 2006, shareholders of Workforce Traffic Control
(North Coast No. 1) Pty Ltd resolved to voluntarily wind up the
company's operations and distribute the proceeds of its assets
disposal.

In this regard, Robert Knox Dobbie was appointed as liquidator.

The Liquidator can be reached at:

         Robert Knox Dobbie
         Dobbie Services Pty Limited
         Certified Practising Accountants
         Level 7, 16-20 Barrack Street
         Sydney, New South Wales
         Australia


WISDOM TECHNOLOGIES: Shareholders Opt for Voluntary Liquidation
---------------------------------------------------------------
Shareholders of Wisdom Technologies Ltd resolved on September
12, 2006, for the voluntary liquidation of the company.  The
shareholders appointed Kenneth David Trehearne as liquidator.

Mr. Trehearne subsequently required the creditors of the company
to prove their debts by October 20, 2006, for them to share in
any distribution the company will make.

The Liquidator can be reached at:

         K. D. Trehearne
         Ken Trehearne & Associates
         39A Torrance Street, Epsom
         Auckland, New Zealand
         Telephone: (09) 625 4751
         Facsimile: (09) 624 3776


YOUR BUSINESS: To Declare Third Dividend on October 13
------------------------------------------------------
Your Business Works Pty Ltd will declare the third dividend for
its creditors on October 13, 2006.

Creditors who were unable to prove their claims by October 3,
2006, are 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


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

BANK SINOPAC: Moody's Keeps Individual D+ Rating, Outlook Stable
----------------------------------------------------------------
On October 4, 2006, Moody's Investors Service revised the
outlook for SinoPac Holdings and Bank SinoPac to stable from
developing.  This follows regulatory approval of the merger
between BSP, the surviving bank, and another banking subsidiary
of SinoPac Holdings, the International Bank of Taipei, the
deceasing bank.  The effective date of the merger is November 13
2006, according to SinoPac Holdings.

Meanwhile, the post-merger BSP bank's financial strength rating
is affirmed at D+ and foreign currency long/short term deposit
at Baa2/P-3.  Accordingly, SinoPac Holdings' foreign currency
issuer rating is affirmed at Baa3 after the merger.

IBT, originally a regional bank focusing on northern Taiwan, had
total assets of NTD434.6 billion and equity of NTD36.5 billion
at end-2005.  The bank merger will nearly double BSP's size to
an NTD1 trillion asset base and to an NTD64.1 billion equity
base.

The merger will also help BSP increase its loan/deposit market
share from around 2% to nearer 4% and branch network from 45 to
129, making it the 12th largest bank and 4th largest private
bank in Taiwan, in terms of total assets.

The affirmed rating of D+ BFSR reflects the new BSP's moderate,
albeit enhanced, market position and niche franchise in certain
products.  It also takes into account the bank's prudent risk
management framework but at the same time its modest risk-
adjusted profitability.  The combined bank's pro forma financial
ratios are comparable to the legacy BSP's stand-alone ratios.

The benefits of scale and the resulting synergies from the
merger might eventually result in upward pressure on ratings,
but will depend on the speed and effectiveness on the
integration of the two banks.

In addition to cost synergies, the larger client base and
distribution network might yield revenue synergies.  IBT's
branches are mainly in north Taiwan, where more affluent
customers are located, and these offer opportunities to develop
consumer banking/wealth management business.

The post-merger bank's Baa2 foreign currency deposit rating
incorporates some credit enhancement from regulatory and
parental support.  Taiwan's regulatory environment has been
supportive, and Moody's believes a certain level of liquidity
support would be available to mid-sized banks like BSP if
needed.

SinoPac Holdings' Baa3 foreign currency issuer rating is one
notch below that of BSP, its key banking subsidiary and accounts
for more than 90% of the group's assets.  The one notch
difference reflects the structural subordination of the parent's
legal obligation to the claims on its operating subsidiaries.

Bank SinoPac and SinoPac Holdings are both headquartered in
Taipei, Taiwan.  SinoPac Holdings reported consolidated assets
of NT$1,099 billion (approximately US$33.8 billion) at end-2005.


BROWNHILL TRADING: Official Liquidator Step Aside
-------------------------------------------------
David J. Lawrence ceased to act as liquidator of Brownhill
Trading Company Ltd on September 21, 2006.

The Troubled Company Reporter - Asia Pacific reported that Mr.
Lawrence presented a report on the company's wind-up proceedings
at the members' final meeting on September 20, 2006.


CAPITAL SYSTEM: Creditors to Prove Claims on October 31
-------------------------------------------------------
Joint Liquidators Chan Wah Tip, Michael and Ho Man Kei, Keith
require the creditors of Capital System Ltd to submit their
proofs of claims by October 31, 2006, or be excluded from any
distribution the company will make.

The Joint Liquidators can be reached at:

         Chan Wah Tip, Michael
         Ho Man Kei, Keith
         601 Prince's Building
         Chater Road, Central
         Hong Kong


CHEONG SHING: First Meeting Scheduled on October 13
---------------------------------------------------
Creditors and contributories of Cheong Shing Repair &
Maintenance Ltd will hold separate meetings on October 13, 2006,
at Units 1-3, 5/F., Far East Consortium Building, 121 Des Voeux
Road Central, Hong Kong.


CHINATRUST BANK: S&P Affirms Individual C+ Rating
-------------------------------------------------
On October 4, 2006, Standard & Poor's Ratings Services affirmed
its long and short-term counterparty credit ratings on
Chinatrust Financial Holding Co and its core subsidiary,
Chinatrust Commercial Bank (Chinatrust Bank, A-/Positive/A-2).  
The C+ bank fundamental strength rating on Chinatrust Bank was
also affirmed.  The outlook on both companies is positive.

"The ratings on the Chinatrust FHC group reflect its competitive
position in Taiwan's banking market, good underlying
profitability, and above-average asset quality," credit analyst
Chun Huang said.  Counterbalancing factors include its
relatively aggressive strategy, particularly toward expansion.  
The ratings on Chinatrust FHC also factor in its relative
subordination to its core operating subsidiary.

The Chinatrust group is one of the most competitive banking
groups in Taiwan.  With a highly professional management team,
the group is likely to sustain its lead over its domestic peers.

The positive outlook is based on the view that the group's
underlying performance is likely to continue to improve.  The
ratings may be raised if the bank can further improve its
competitiveness, and elevates and sustains its earnings.  
However, the group's credit strength may come under pressure if
credit costs associated with consumer products significantly
exceed expectations or aggressive expansion significantly
dilutes the group's resources.


EASTERN WOOD: Names Jacky CW Muk as Liquidator
----------------------------------------------
On September 26, 2006, creditors of Eastern Wood Investment Ltd
appointed Jacky Chung Wing Muk as the company's liquidator.

The Liquidator can be reached at:

         Jacky Chung Wing Muk
         KPMG
         8/F, Prince's Bulding
         10 Chater Road, Central
         Hong Kong


EVERBRIGHT CHUNG: Set to Pay Dividend on October 20
---------------------------------------------------
Everbright Chung Cheong DVD Company Ltd will pay dividend to
ordinary creditors on October 20, 2006.

The payment will be administered by the Liquidators at Baker
Tilly Hong Kong, 12/F, China Merchants Tower, Shun Tak Centre,
168-200 Connaught Road Central, Hong Kong.


FIS CHINA: Liquidator Lawrence Step Aside
-----------------------------------------
On September 21, 2006, David John Lawrence ceased to act as
liquidator of FIS China Ltd.

The Troubled Company Reporter - Asia Pacific reported that
members of the Company convened on September 20, 2006, to
receive Liquidator Lawrence's report regarding the company's
wind-up and the manner its properties were disposed of.

The former Liquidator can be reached at:

         David J. Lawrence
         7/F, Alexandra House
         18 Chater Road Central
         Hong Kong


GOLDEN TOP: Appoints Tang Lai Sheung as Liquidator
--------------------------------------------------
Shareholders of Golden Top Industries Ltd appointed Tang Lai
Sheung as liquidator by virtue of a special resolution on
September 18, 2006.

The appointment of Liquidator was subsequently confirmed at the
creditors' meeting held that same day.

The Liquidator can be reached at:

         Tang Lai Sheung
         Room 1206, 12/F, New Victory House
         93 Wing Lok Street, Central
         Hong Kong


GUARDECADE LTD: Court Sets Date to Hear Wind-Up Bid
---------------------------------------------------
The High Court of Hong Kong will hear the wind-up petition
against Guardecade Ltd on November 22, 2006, at 9:30 a.m.

Ma Hing Ming filed the petition with the Court on September 14,
2006.

The Solicitors for Ma Hing Ming can be reached at:

         Foo, Leung & Yeung
         Unit 2, 18/F, C.M.A. Building
         64 Connaught Road Central
         Hong Kong


GRACEFUL CHINA: Creditors Must Prove Debts by November 6
--------------------------------------------------------
Creditors of Graceful China International Ltd are required to
submit their proofs of debts by November 6, 2006, to Liquidator
Lam Tak Keung.

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:

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


KENFIELD CORPORATION: Members' Final Meeting Slated for Oct. 31
---------------------------------------------------------------
Members of Kenfield Corporation Ltd will convene for their final
meeting on October 31, 2006, at 10:30 a.m.

At the meeting, members will hear a report from Liquidator
Raymond Tang Wai Man regarding the company's wind-up and
property disposal exercises.

The Liquidator can be reached at:

         Raymond Tang Wai Man
         Room 1109-10 C C Wu Bldg
         302-8 Hennessy Road
         Wanchai, Hong Kong


JIN HAI AN: Faces Wind-Up Proceedings
-------------------------------------
The High Court of Hong Kong will hear on November 15, 2006, at
9:30 a.m., the wind-up petition filed against Jin Hai An
Construction Engineering Ltd.

The Bank of China (Hong Kong) Ltd filed the petition before the
Court on September 14, 2006.

The Solicitors for The Bank of China can be reached at:

         Liu, Chan and Lam
         Rooms 1710-18, 17/F
         Hutchison House
         No. 10 Harcourt Road
         Central, Hong Kong


L & M FOUNDATION: Court Names Arboit and Blade as Liquidators
-------------------------------------------------------------
The High Court of Hong Kong appointed on August 25, 2006, Bruno
Arboit and Simon Richard Blade as liquidators to act jointly and
severally in the wind up L & M Foundation Specialist Ltd.

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


MANHORN LTD: Court to Hear Wind-Up Bid on November 29
-----------------------------------------------------
Bank of China (Hong Kong) Ltd on September 20, 2006, filed
before the High Court of Hong Kong a petition to wind up the
operations of Manhorn Ltd.

The Court will hear the petition on November 29, 2006, at 9:30
a.m.

The Solicitors for the Petitioner can be reached at:

         Tony Kan & Co.
         Suite 1408, 77 Des Voeux Road, Central
         Hong Kong


MODERN PHARM: To Declare First and Final Ordinary Dividend
----------------------------------------------------------
Modern Pharm Ltd, which is in liquidation, will declare its
first and final ordinary dividend to its creditors.

In this regard, the company's creditors are required to submit
their proofs of claim by October 23, 2006, to Liquidator Kong
Chi How, Johnson, or be excluded from sharing in the dividend
distribution.


QUANTUM NETWORKS: Court Appoints Joint Liquidators
--------------------------------------------------
The High Court of Hong Kong on September 6, 2006, appointed
Roderick John Sutton and Desmond Chung Seng Chiong as joint and
several liquidators of Quantum Networks Asia Pacific Ltd.

The Joint Liquidators can be reached at:

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


RICH SOURCE: Court to Hear Wind-Up Petition on October 25
---------------------------------------------------------
The wind-up petition filed against Rich Source Engineering Ltd
will be heard before the High Court of Hong Kong on October 25,
2006, at 9:30 a.m.

Cheung Ho Electric Co. Ltd filed the petition before the Court
on August 21, 2006.

The Solicitors for the Petitioner can be reached at:

         Lam, Lee and Lai
         Room 2609, 26/F
         Tower II, Lippo Centre
         No. 89 Queensway
         Hong Kong


STARSTONE INTERNATIONAL: Liquidator to Present Wind-Up Report
-------------------------------------------------------------
Starstone International Ltd, which is in members' voluntary
wind-up, will hold a final meeting for its members on October
31, 2006, 10:00 a.m., at 7th Floor, Allied Kajima Building, 138
Gloucester Road, Hong Kong.

During the meeting, Liquidators Wong Poh Weng and Bruce William
Dunlop will present the final accounts on the company's wind-up
proceedings and property disposal exercises.


UCS COMMUNICATIONS: Members to Receive Liquidator's Report
----------------------------------------------------------
A final meeting of the members of UCS Communications Ltd will be
held on November 2, 2006, 10:30 a.m., at 35th Floor, One Pacific
Place, 88 Queensway, Hong Kong.

During the meeting, Joint Liquidators Lai Kar Yan, Derek and
Darach E. Haughey will present an account of the company's wind-
up proceedings and property disposal exercises.


WAILY TECHNOLOGY: Members to Hold Final Meeting on October 31
-------------------------------------------------------------
The members of Waily Technology Ltd, which company is currently
winding up its operations, will hold a final meeting on October
31, 2006, 10:00 a.m., at 7/F., New Henry House, 10 Ice House
Street, Central, Hong Kong.

At the meeting, Joint Liquidators Ng Ping Yan Raymond and Ho Man
Kit will give the company's wind-up accounts and property
disposal activities.


WORLD UNIVERSAL: Gabriel Chi Kok Tam Ceased to Act as Liquidator
----------------------------------------------------------------
Gabriel Chi Kok Tam ceased to act as liquidator of World
Universal Investment Ltd on September 26, 2006.

According to the Troubled Company Reporter - Asia Pacific,
members and creditors of the Company receive Mr. Tam's report
regarding the company's wind-up proceedings on November 29,
2005.

The former Liquidator can be reached at:

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


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

CORPORATION BANK: Court Okays Merger with Finance Housing Unit
--------------------------------------------------------------
The High Court of Karnataka approves the scheme of Amalgamation
between Corporation Bank and its wholly owned housing finance
subsidiary, Corpbank Homes Ltd pursuant to an order dated
August 11, 2006.

With the Court Order filed with the Registrar of Companies,
Karnataka at Bangalore on October 04, 2006, the amalgamation is
effected from October 4, 2006.

                        About Corp Bank

Headquartered in Mangalore, India, Corporation Bank --
http://www.corpbank.com/-- offers a range of deposit schemes   
and loan products to customers.  The various products offered by
the bank include Corp Pragathi savings bank account, current
account products and term deposits.  Corporation Bank offers
housing loans, education loans, consumer loans for purchase of
consumer durables, loans against future rent receivables on
leased out building/premises, loans to purchase two wheelers and
four wheelers, loans against shares, loans for purchase of
medical and other such equipments, loan to acquire office
premises/building and furniture, personal loans, loans to women
to buy gold/jewelry, and loan against mortgage of property.  It
also offers a range of non-resident Indian services, as
well as debit and credit cards.

Fitch Ratings gave Corp Bank a 'C' individual rating on June 1,
2005.


GENERAL MOTORS: Ends Alliance Talks with Nissan and Renault
-----------------------------------------------------------
General Motors Corporation, Renault and Nissan have agreed to
terminate discussions regarding a proposed alliance among them.

The parties mutually recognized that significant aggregate
synergies might result from the alliance.  However, the parties
did not agree on either the total amount of aggregate synergies
or the distribution of those benefits.

Based on its conclusions, GM had proposed that Renault and
Nissan provide compensation as part of a potential alliance and
for potentially precluding GM from entering other alliance
opportunities if Renault-Nissan had made a significant
investment in GM.

Renault and Nissan concluded that the principle of compensation
is contrary to the spirit of any successful alliance.

The three automakers had agreed to conduct a 90-day study of the
benefits of a possible alliance after GM shareholder Kirk
Kerkorian, who owns a 9.9% stake in the company, broached the
idea early this year.

Sarah Karush at the Associated Press reports that Kerkorian's
Tracinda Corp. was disappointed over the outcome of the Nissan-
Renault negotiations.  "We believe that General Motors'
participation in a global alliance with Renault and Nissan would
have enabled GM to realize substantial synergies and cost
savings," AP quotes Tracinda spokeswoman Carrie Bloom.

Mr. Kerkorian had tried to convince GM's Board to conduct an
independent review of the Nissan-Renault deal days before the
alliance negotiations.

                       About General Motors

General Motors Corp. -- http://www.gm.com/-- the world's  
largest automaker, has been the global industry sales leader for
75 years.  With global headquarters in Detroit, GM manufactures
its cars and trucks in 33 countries.  In India, GM is
headquartered in Panchmahals, Gujarat.

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

On June 22, 2006, Fitch assigned a rating of 'BB' and a
RecoveryRating of 'RR1' to General Motor's new US$4.48 billion
seniorsecured bank facility.  The 'RR1' (recovery of 90%-100%)
isbased on the collateral package and other protections that
areexpected to provide full recovery in the event of a
bankruptcyfiling.

On June 21, 2006, Moody's Investors Service assigned a B2
ratingto the secured tranches of the amended and extended
securedcredit facility of up to US$4.5 billion being proposed
byGeneral Motors Corporation, affirmed the company's B3
corporatefamily and SGL-3 speculative grade liquidity ratings,
andlowered its senior unsecured rating to Caa1 from B3.  
Moody'ssaid the rating outlook is negative.


GENERAL MOTORS: Amends Bylaws & Corporate Governance Policies
-------------------------------------------------------------
General Motors Corp.'s Board of Directors voted to amend the
Company's Bylaws and corporate governance policies to address
stockholder views raised at this year's Annual Meeting.  The
changes include adoption of the majority-voting standard for the
election of directors and a stronger policy to recover unearned
incentive compensation from executive officers in cases of
fraud, misconduct, or negligence.

The amendments are effective immediately.

"Earlier this year, our stockholders expressed a desire for
change surrounding the election of directors and a more defined
policy of accountability for senior officers," GM chairman and
chief executive officer Rick Wagoner said.  "We listened to
their views, and after careful consideration, the Board voted to
make changes to certain Bylaws and corporate governance policies
that are in line with stockholders' input."

The Board agreed to adopt a majority-voting standard in
uncontested elections of directors, when the number of nominees
does not exceed the number of directors to be elected.  Majority
voting requires that nominees to the Board receive more than 50%
of the votes cast to be elected.  Abstentions will not be
included towards counting a majority.  Directors were previously
elected by plurality in uncontested elections.

In accordance with the majority-voting Bylaw, the Board will
require director nominees to submit irrevocable resignations as
a condition to being nominated.  The Board could accept these
resignations if a director do not receive a majority of the
votes cast.  Under a related governance policy, the Board will
accept the resignation of an unsuccessful incumbent absent a
compelling reason to reject the resignation, in accordance with
criteria set out in the policy.  The Bylaws were also amended to
fix the number of directors at the current level of 12, subject
to future change by the Board.

The majority-voting standard received 59% of the affirmative
vote at GM's Annual Meeting in June.  Shortly after the meeting,
the Delaware Legislature amended the state's corporation law to
better facilitate majority voting.

The Board chose not to adopt cumulative voting, which was the
subject of a stockholder proposal that was supported by 54% of
votes cast.  The Board believes that a director has the
fiduciary duty to represent all stockholders and is concerned
that cumulative voting could lead to the election of
constituency directors who feel a duty to the electorate forming
their constituency.  Also, in a company with majority voting,
the addition of cumulative voting would raise the possibility of
accumulating "withhold" or "against" votes.  This could create
the potential for small groups of stockholders to overcome the
interests of the majority.

The Board also adopted a corporate policy under which the
company may require reimbursement of bonus or incentive
compensation that may have been paid to executive officers in
the event it is later determined that fraud, misconduct, or
negligence significantly contributed to a restatement of
financial results that led to the awarding of unearned incentive
compensation.  A stockholder proposal on this issue was
supported by 42% of the shares voted at the Annual Meeting.
Although this proposal did not receive majority support, the
Board voted to respond to the stockholders desire to see a
policy that reflects the robust manner in which GM has and would
deal with such circumstances.

In addition to these governance actions, the Board has amended
the Bylaws to specify the procedures applicable to consent
solicitations initiated by stockholders, which complements the
existing procedures for stockholder initiatives at meetings.
These changes also provide a framework for the conduct of
solicitations in accordance with Delaware law.

The amended Bylaws and corporate governance policies will be
filed with the U.S. Securities and Exchange Commission.

                       About General Motors

General Motors Corp. -- http://www.gm.com/-- the world's  
largest automaker, has been the global industry sales leader for
75 years.  With global headquarters in Detroit, GM manufactures
its cars and trucks in 33 countries.  In India, GM is
headquartered in Panchmahals, Gujarat.

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

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

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


HINDUSTAN PETROLEUM: Upgrades Refineries to Handle Heavier Crude
----------------------------------------------------------------
Hindustan Petroleum Corporation Ltd will upgrade its Mumbai and
Vizag refineries to handle heavier crude and for conversion of
heavy fuels for producing lighter products and distillates,
Telugu Portal reports.  At the same time, the company will also
be expanding the Vizag Refinery.

Currently HPCL processes 55% of heavy crude oil, which costs
less than sweet or lighter crude.  After the upgrade, the
Company expects to be able to process 100% of the heavy crude.

According to Telugo Portal, the upgrade will be completed by
2010.

                    About Hindustan Petroleum

Mumbai-based Hindustan Petroleum Corporation Ltd
-- http://www.hindustanpetroleum.com/-- was formed in 1974 on  
nationalization of ESSO India operations.  The operations of
Caltex were merged in 1976.  With two refineries at Mumbai and
Vizag, Hindustan Petroleum is currently is the second largest
player in both the Indian oil sector as well as the highly
competitive lubricants market.

However, the Company has lately been incurring losses due to a
government mandate to sell fuel at subsidized prices.  The TCR-
AP reported on July 31, 2006, that Hindustan Petroleum
registered a net loss of INR6.08 billion during the first
quarter ending June 30, 2006, due to under-recoveries in sales
of petrol, diesel, cooking gas and kerosene.  This net loss
figure is INR1 billion more than the INR5.08-billion loss booked
in the same quarter in 2005.

The Company is counting on a Government bailout to save it from
bankruptcy.


ICICI BANK: PM to Decide on Singapore's 20% Stake
-------------------------------------------------
Indian Prime Minister Manmohan Singh will decide if he will
allow two Singapore-run investment entities to increase their
combined interest in ICICI Bank to 20%, Bloomberg News reports,
citing a government official as source.

The Singapore Government's Temasek Holdings Pte and Government
of Singapore Investment Corp. sought to increase their stakes in
ICICI to 10% each, Bloomberg says.

Pursuant to regulations issued by the Reserve Bank of India, the
collective interest of an overseas investor and related entities
in a private bank in India is limited to only 10%.

Hence, RBI denied the Singapore entities' offer.

Bloomberg notes that the 10% stake has a market value equal to
US$1.36 billion at ICICI's closing share price on the Bombay
Stock Exchange on October 4, 2006.

The Singaporean official anticipates the Prime Minister's
decision after October 14, when he returns from Europe.

                        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.


PRIDE INTERNATIONAL: 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 oilfield service and refining and marketing
sectors this week, the rating agency confirmed its Ba1 Corporate
Family Rating for Pride International, Inc.

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
   ----------           -------  -------  ------   ----------
   7.375% Sr.
   Unsec. Global
   Notes due 2014         Ba2      Ba2    LGD5        71%

   Sr. Sec.
   Revolving Credit
   Facility due 2009      Ba1      Baa2   LGD2        13%

   Multiple Seniority
   Shelf (Sr. Unsec.)   (P)Ba2   (P)Ba2   LGD5        71%

   Multiple Seniority
   Shelf (Subordinate)  (P)Ba3   (P)Ba2   LGD6        97%

   Multiple Seniority
   Shelf (Preferred)    (P)B1    (P)Ba2   LGD6        97%

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%).

Headquartered in Houston, Texas, Pride International, Inc. --
http://www.prideinternational.com/-- is a drilling contractor.    
The company provides onshore and offshore drilling and related
services in more than 25 countries, operating a diverse fleet of
278 rigs, including two ultra-deepwater drillships, 12
semisubmersible rigs, 28 jackup rigs, 18 tender-assisted, barge
and platform rigs, and 218 land rigs.  The company has worldwide
operations, including in India and Malaysia.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on contract driller Pride International Inc. and
removed the rating from CreditWatch with negative implications.
The outlook is stable.  As of June 30, 2006, the Houston, Texas-
based Pride had US$1.01 billion in adjusted debt.

Fitch Ratings raised Pride International's Issuer Default Rating
to 'BB' from 'BB-'.  Fitch also raised the ratings on Pride's
senior secured revolving credit facility, senior unsecured notes
and their convertible senior notes.


NAGARJUNA FERTILIZERS: S.V. Mathur Ends Director Post
-----------------------------------------------------
Nagarjuna Fertilizers & Chemicals Ltd said in a filing with the
Bombay Stock Exchange that Shri Vishwanath Mathur ceased to be a
director of the company effective September 20, 2006.

                 About Nagarjuna Fertilizers

Headquartered in Andhra Pradesh, India, Nagarjuna Fertilizers &
Chemicals -- http://www.nagarjunafertilizers.com/--  
manufactures and distributes ammonia, urea and several plant
protection products that consist of herbicides, insecticides and
fungicides.  The Company also sells fertilizers, seeds and
provides assistance of cultivation practices, pest control and
planting destiny.

Credit Analysis and Research Limited gave the Company's Senior
Unsecured Debt and Fixed Deposit 'D' ratings.


STATE BANK OF INDIA: May Get Singapore's QFB Status in December
---------------------------------------------------------------
The State Bank of India will likely get Singapore's Qualifying
Full Banking License by December, The Indian Express reports,
citing official sources.

Currently, Singapore's Monetary Authority is evaluating SBI's
QBF application, the newspaper says.  The process would include
assessing SBI's capital adequacy ratio, deposit to credit ratio
and outstanding bad loans, among others.  The evaluation is
expected to take a few more weeks

Indian Express explains that a QBF license allows overseas banks
to open more branches in Singapore.  At present, SBI has
merchant banking status in the island State, operating through a
couple of branches.

                    About State Bank of India

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

                          *     *      *

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

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

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


UTI BANK: To Raise INR214 Crore from Bond Issue
-----------------------------------------------
UTI Bank Limited will raise INR214 crore in capital through the
issuance of unsecured subordinated bonds.

The Bank's Board of Directors recently approved the allotment of
Unsecured Redeemable Non-Convertible Debentures, on private
placement basis, as its Tier I capital, a filing with the Bombay
Stock Exchange reveals.

The Bonds, issued at par (INR10,000,000), carries a coupon rate
of 10.05% payable semi-annually up to 10 years.  Maturity is
perpetual.

The Bank will have an option to redeem the Bonds at par at the
end of the 10th Year from the Deemed Date of Allotment --
September 30, 2016 -- and on every interest payment date and
thereafter.  The call option is exercisable only with the
approval of the Reserve Bank of India.

If the Bank does not exercise the option, the interest rate will
increase to 11.05% payable semi-annually starting September 30,
2016.

The arrangers for the Bond issue are Allianz Securities Ltd.,
Citibank, N.A, and Darashaw & Company (P) Ltd.

The Debentures will be listed on BSE and The National Stock
Exchange in India.

                        About UTI Bank

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

                          *     *      *

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

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

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


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

GAJAH TUNGGAL: S&P Affirms 'B' Long-Term Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on Indonesia's PT Gajah Tunggal Tbk.  
The outlook is stable.  At the same time, it affirmed the 'B'
issue rating on the five-year US$325 million senior unsecured
bonds issued by GT2005 Bonds B.V., and irrevocably and
unconditionally guaranteed by Gajah Tunggal.

Gajah Tunggal is a leading tire manufacturing company based in
Indonesia with total assets of about IDR7.4 trillion (US$787
million) as at June 30, 2006.

"The rating on Gajah Tunggal reflects its highly leveraged
financial profile, weak cash flow protection measures, and
inherent industry risk.  These weaknesses are partially offset
by its low cost profile, strong domestic market position,
geographic diversity in sales, and its strategic alliance,"
said Standard & Poor's credit analyst Yasmin Wirjawan.

Gajah Tunggal's financial risk profile is highly leveraged.
Despite significant improvement over the past three years, its
debt to capital remained high at 65% at June 30, 2006.  It is
expected to remain above 60%, given the company's ongoing
capacity expansion program.  Furthermore, the company's
liquidity is constrained by the need for additional working
capital requirements to meet the higher capacity utilization.

Gajah Tunggal has rescheduled and extended its project
implementation by at least two years, due to weaker-than-
expected demand scenario and depressed margins.  The company's
cash flow measures are expected to remain weak during this
period.  The company's funds from operations to debt and EBITDA
interest coverage are projected to average 13% and about 2x,
respectively.

The rating on Gajah Tunggal is also constrained by inherent risk
in the competitive and capital-intensive tire industry.  As a
relatively smaller player in the fragmented tire market, Gajah
Tunggal's ability to pass on input cost rises is limited.  Raw
material prices can be volatile, thereby placing pressure on
profit margin, if price hikes are not passed on to customers.
Recently, natural rubber prices increased to US$2.70 per kg in
May-June 2006, compared with US$1.70 per kg a year ago, thereby
curbing margins.

Nevertheless, the company's operation is supported by its low
cost profile due to low labor cost in Indonesia.  Its
operational integration further allows its synthetic rubber and
tire cord requirements to be met internally, thereby saving 10%-
15% off the market price.

The credit profile of Gajah Tunggal also reflects its geographic
sales diversity; about 50% of total sales are from exports,
reducing its exposure to the high-risk domestic market and
providing a natural hedge against its U.S.-dollar-denominated
debts. In addition, Gajah Tunggal's alliance with Compagnie
Generale des Etablissements Michelin S.C.A. (Michelin:
BBB/Negative/A-3), the world's largest tire producer, enhances
its profile in the market and provides operating benefits from
technology transfers.

"Any upside rating potential in the next two to three years is
constrained by the company's large capital expenditure program.
The stable outlook is based on the expectation that the company
would be in a position to achieve its higher capacity
utilization targets and also pass on any price increases to its
customers, given its higher focus on the replacement markets,"
said Ms. Wirjawan.

"Downside risk is limited by the expected strong demand growth
in the domestic replacement market and the positive impact on
revenues and margins expected from the price increases initiated
by the company recently.  However, any unexpected pressure on
margins and, consequently, the company's inability to curtail
borrowings has the potential to weaken the financial profile,
thereby placing pressure for a downgrade in the rating or a
negative outlook," she added.


MGTI FINANCE: S&P Affirms 'B+' Rating on US$270-Million Bonds
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' issue
rating on Indonesia MGTI Finance Co. Ltd.'s US$270 million
senior secured bonds.  The outlook is stable.

"The rating reflects the weak legal enforceability risk in
Indonesia, the company's highly dependence on a single revenue
source, and low debt-service-coverage ratio of only 1.2x," said
Standard & Poor's credit analyst, Yasmin Wirjawan.  However,
these weaknesses are offset by strong contractual framework and
no direct exposure to any competitive and operational risks.

Given that MGTI's operations and assets are located in Indonesia
and its revenue stream is derived from Telkom, an Indonesian
operating company, the uncertain legal environment in Indonesia
may affect the enforceability of contractual provisions on which
the revenue streams are based.

MGTI's cash flow is mainly dependent on Telkom's ability to meet
its fixed monthly revenue obligation to MGTI.  Any adverse
business, financial, and economic conditions will likely impair
its capacity or willingness to meet its financial commitment.  
If Telkom defaults on its obligations to MGTI, MGTI may exercise
its right to take over operational and financial control of KSO
IV while continuing to have recourse on Telkom.  However, MGTI
may not be able to assume the operations of KSO IV in a timely
and efficient manner due to limited expertise and employees.

Nevertheless, under the KSO agreement, Telkom is contractually
and unconditionally obligated to pay a fixed monthly U.S. dollar
amount (investor revenues) to MGTI through the KSO IV account
and make up any deficiency in the investor revenues payable to
MGTI.  To the extent the contractual framework could be enforced
in Indonesia, such obligation ranks pari passu with Telkom's
other unsecured obligations, and nonpayment can lead to a cross
default on Telkom's other debt.  Under the bond structure, MGTI
will ensure that Telkom will continue paying investor revenues
to the trustee, and will render all performance due to the
trustee in the event of MGTI's default or bankruptcy.

Such arrangement reduces the counterparty risk of the lenders to
the issuer and guarantors.  In addition, Telkom has full
operational control and is responsible for capital expenditure
for all new installations in the Central Java operating area.
MGTI is not obligated to fund capital expenditure or operating
expenses.

"The stable outlook reflects MGTI's steady cash flow from its
fixed monthly investor revenues from Telkom," Ms. Wirjawan
noted.  "As Telkom is the main counterparty, an upgrade in
Telkom's rating will be a positive credit development for the
bond issue.  However, it may not necessarily lead to an
upgrade of MGTI due to the weak legal enforcement in Indonesia,"
she said.

MGTI's outlook and rating will be negatively pressured if there
is any material change on the KSO agreement between Telkom and
MGTI, which could affect MGTI's cash flows.  They could also be
adversely affected if Telkom defaults on its obligations to
MGTI.


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

FURUKAWA COMPANY: To Launch Micronized Coffee Mill
--------------------------------------------------
Furukawa Co., Ltd., in collaboration with Corso Idea and Unicafe
Inc., will launch Micron Coffee, a coffee mill that utilizes
dream mill technology for producing finely ground coffee beans,
the company said in a press release.

The micronization process prevents the beans from losing their
flavor as a result of heat denaturation.

The three companies have succeeded in making smooth surfaced
coffee beans and have already filed a patent application for
their technology.  Going forward, Micron Coffee will be on
display at the Powder Technology Exhibition on November 7, 2006.

Headquartered in Tokyo, Japan, Furukawa Company Limited --
http://www.furukawakk.co.jp/-- is a diversified manufacturer of  
machinery products, metal smelting, and electronics materials
with a strong presence in truck-mounted cranes and mining
machinery.  The company's revenue for HYE9/2005 was
JPY82.6 billion.

The company has overseas branches in the Netherlands, Thailand,
China, the United States, Korea and Australia.

As reported in the Troubled Company Reporter - Asia Pacific, on
March 8, 2006, Moody's Investors Service raised the senior
unsecured long-term debt rating of Furukawa Company to  Ba2 from
B1.   

Additionally, Furukawa Co.'s issuer rating was given a BB rating
by the Rating And Investment Information, Inc., on May 22, 2006.  
At the same time, R&I rated the company's senior debt a BB.


HANKYU HOLDINGS: Hanshin Merger Completed
-----------------------------------------
Hankyu Holdings Inc. and Hanshin Electric Railway Co. merged
into Hankyu Hanshin Holdings Inc. on October 1, 2006, the Japan
Times reports.

About 20 Hankyu Hanshin executives, including President Kazuo
Sumi, formerly president of Hankyu Holdings, gathered in Osaka
to mark the launch of the company and discuss management
strategy.

The Times says that Hankyu Holdings and Hanshin Electric Railway
had been rivals for almost a century.

According to the report, Hankyu Hanshin was created by Hankyu
making Hanshin a wholly owned subsidiary through stock swaps.
The deal came after the investment fund headed by Yoshiaki
Murakami terminated a hostile takeover bid for Hanshin by
selling most of its stake in Hanshin to Hankyu in June.

The holding company is expected to announce in March a mid-term
management plan through March 2010.

Hankyu Hanshin Holdings,Inc., formerly Hankyu Holdings, Inc., is
a holding company with seven business segments. The City
Transportation segment is involved in the railway, bus, taxi,
automobile maintenance, car rental and vehicle manufacturing
businesses.  The Real Estate segment leases, purchases, sells
and manages real estates and operates investment assets.  Travel
and International Transportation segment is involved in
traveling and cargo delivery services.  Hotel segment is engaged
in the hotel business.  Entertainment and Communication segment
is involved in the opera business, theater operations,
advertising agency services and the publishing business.  Retail
segment is engaged in the retail, as well as food and drink
businesses.  Others segment is involved in finance services,
information, human resource and accounting agency services, golf
course management, movie entertainment, construction and
broadcasting.  Headquartered in Osaka, Japan, it has 68
subsidiaries and 12 associates.

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

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


HIGASHI-NIPPON BANK: JCR Affirms A-/Stable Rating on Sr. Debts
--------------------------------------------------------------
Japan Credit Rating Agency, Ltd., has affirmed the A-/Stable
rating on senior debts of the issuer.

JCR reasons that Higashi-Nippon Bank is a second-tier regional
bank having head office in Chuo-ku, Tokyo.  Its funds total
JPY1.6 trillion.  It differentiates itself from peers through
sales strategy emphasizing sales in narrow areas centered on the
vicinities of its branches and intimate relationships with
clients there.  The Tier I ratio was a high 8.0% as of the end
of March 2006.  However, Tire I capital includes preferred
shares amounting 20 billion yen injected as public funds in
March 2001.  The bank plans to use its surplus to repurchase the
preferred shares without having impact on the price of its
common stocks.  It will be able to ensure surplus that exceeds
20 billion yen by the end of September 2006 if all goes
smoothly.  Given the impacts of repurchase of preferred shares
and repayment of public funds such as decline in its Tier I
ratio, however, the bank should improve quality of capital
further.  Rating outlook for the bank is stable.

Headquartered in Tokyo, Japan, Higashi-Nippon Bank, Limited --
http://www.higashi-nipponbank.co.jp/-- is a regional financial  
institution.  The bank operates in two main business segments,
banking and leasing.  The banking segment offers financial
services that include deposits, loans, foreign exchange
transactions, credit guarantee, telephone banking and Internet
banking, as well as financial products that include mutual
funds, life insurance, credit/debit cards and other financial
products.  The Leasing segment offers leasing services.  
Additionally, the bank is engaged in the provision of staffing
services and system development services for individual and
corporate customers.  As of March 31, 2006, the bank had 74
branches and five consolidated subsidiaries.

Fitch Ratings Services placed a C/D individual rating on
Higashi-Nippon Bank on January 31, 2006.


SUMITOMO MITSUI BANKING: Partners with Vietnam's Amata
------------------------------------------------------   
Sumitomo Mitsui Banking Corporation has entered into a
partnership deal with Amata Vietnam Co. Ltd. to support Japanese
companies planning to run businesses in Vietnam, Thanhnien News
reports.

According to the report, the two companies signed a memorandum
of understanding on October 3, 2006, under which they will build
up cooperation plans in various areas like banking and finance
services, offering land in industrial parks and other supporting
services for business managements for Japanese investors.

Vietnam News relates that Amata President Huynh Ngoc Phien and
Isao Aramaki, general manager of Sumitomo Mitsui's Ho Chi Minh
City branch, signed the MoU.

"We strongly believe that in the years to come, Viet Nam will be
among the few countries with the best investment environment,"
Vietnam News cites Mr. Phien as saying.

The cultural similarities between Viet Nam and Japan, he said,
would help make Viet Nam the best alternative destination to
China for Japanese investors, Mr. Phien adds.

The MoU should serve to introduce more Japanese investors into
the Amata Industrial Park, Thanhnien says, citing an SMBC
representative.

Thanhien notes that Sumitomo Mitsui is set to open office in the
industrial park to offer financial and banking services for
Japanese businesses as well as other investors upcoming time.

Amata IP with high quality infrastructure and good services, has
attracted 38 Japanese enterprises with total investment worth
US$800 million, making up for 40% of the total investment in the
zone, the report says.

SMBC is the third Japanese bank that has received the go-ahead
from the State Bank of Vietnam to set up a branch in Vietnam
behind Mizuho Corporate Bank and Bank of Tokyo-Mitsubishi UFJ.

                          About Amata

Amata City Bien Hoa is the premier choice for new facilities in
Vietnam; especially those that need easy access to shipping,
reliable power and water supplies, and a quality environment to
attract and retain high quality employees.  Amata (Vietnam) Co.,
Ltd. was established in December 1994, as a joint venture
Project between Amata Corporation Public Company Limited,
Thailand and Sonadezi Bien Hoa, Vietnam.

                      About Sumitomo Mitsui

Headquartered at Chiyoda-ku, in Tokyo, Japan, Sumitomo Mitsui
Banking Corporation -- http://www.smbc.co.jp/-- provides  
commercial banking services including deposits, loans, foreign
exchange transactions, and correspondents banking services
around the world.  The bank also provides leasing, securities
brokerages, credit cards, consumer loans, venture capital, and
mortgage securitization services.

The Troubled Company Reporter - Asia Pacific reported on
July 17, 2006, that Moody's Investors Service has upgraded the
bank financial strength rating of Sumitomo Mitsui Banking
Corporation to D+ from D.

A subsequent TCR-AP report on Oct. 3, 2006, stated that Fitch
Ratings has affirmed Sumitomo Mitsui's Individual Rating at
'C/D'.


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

KOREA DEVELOPMENT: To Manage Korea's US$1-Billion Bond Sale
-----------------------------------------------------------
Korea Development Bank was selected as a lead manager for
Korea's planned sale of US$1 billion in foreign currency bond,
the Government's Web site says.

The global bond sale is Korea's first sovereign offering since
October 2005, when the country borrowed about US$1 billion in
international capital markets, the Web site notes.

To help establish benchmark yields for other issuers from Korea,
the country's Ministry of Finance and Economy intends to offer
sovereign bonds abroad yearly if possible.

Barclays Capital, Citigroup Inc., and Credit Suisse were also
named as co-managers in the bond sale.

                   About Korea Development Bank

Korea Development Bank -- http://www.kdb.co.kr/-- is South  
Korea's long-term funds provider to major industrial projects.
The company is wholly owned by the Korean Government.  KDB also
offers short and long-term loans, investments, guarantees and
trusts to international finance.  Its major funding sources are
Industrial Finance Bonds, client deposits, special-purpose funds
and foreign-currency funds.

Moody's Investors Service gave KDB a 'D-' Bank Financial
Strength Rating effective on January 24, 2006.


WOORI BANK: Hong Kong Registers Unit as Deposit-Taking Co.
----------------------------------------------------------
Hong Kong's Monetary Authority registered Woori Bank's wholly
owned subsidiary, Woori Global Markets Asia, as a deposit-taking
company pursuant to the regulator's ordinance.

The registration took effect on Sept. 29, 2006, China's Peoples
Daily online says, citing a statement from the Monetary
Authority.

Hong Kong maintains a three-tier system of deposit-taking
institutions -- licensed banks, restricted license banks, and
deposit-taking companies -- the regulator explains in the
government Web site.  These institutions are collectively known
as authorized institutions.

Deposit-taking companies are mostly owned by, or associated with
banks, the Web site notes.  These companies engage in a range of
specialized activities, including consumer finance and
securities business.  They can take deposits of HK$100,000 or
above, with an original term of maturity of at least three
months, the Hong Kong government Web site explains.

Woori Global is incorporated in Hong Kong.

                      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.


* Korea's Bancassurance Market Rapidly Expanding
------------------------------------------------
Korea's market for the sale of insurance policies at banks --
bancassurance -- is rapidly expanding, the Government's Web site
says, citing a statement made by the Financial Supervisory
Service.

According to FSS data, Insurers earned KRW1.6 trillion (US$1.7
billion) of insurance premium trough bancassurance for the
quarter ended June 30, 2006.  The figure is almost a 40% rise
from last year's.

The life insurers obtaining the highest insurance premiums for
the quarter ended June 30, 2006, are:

   1. Korea Life Insurance Co. (KRW148.9 billion)

   2. Kyobo Life Insurance Co. (KRW140.9 billion)

   3. Samsung Life Insurance Co. (KRW115.5 billion)

The top three earners in non-life insurers for that quarter are:

   1. LIG Insurance Co. (KRW63.9 billion)

   2. Dongbu Insurance Co. (KRW56.8 billion)

   3. Hyundai Fire & Marine Insurance Co. (KRW48.9 billion)

Banks accounted for around 99% of entities selling bancassurance
products, the FSS said.  Kookmin Bank's bancassurance sales came
to 28.8% of the total, the financial regulator added.


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

ANTAH HOLDINGS: Court Hearing on ECK Case Moved to November 15
-------------------------------------------------------------
The hearing of the legal matter between Kaseh Lebuhraya Sdn Bhd,
a wholly owned subsidiary of Antah Holdings Berhad, and ECK
Construction Sdn Bhd is moved to November 15, 2006.  The case,
which was originally set for hearing on October 2, will be heard
before the High Court of Kuala Lumpur.

As reported by the Troubled Company Reporter - Asia Pacific, the
Kuala Lumpur High Court decided to extend an Ad-Interim
Injunction it granted to Kaseh Lebuhraya until August 1, 2006.
Previous TCR-AP reports stated that Kaseh Lebuhraya obtained on
June 5, 2006, an Ad-Interim Injunction against ECK Construction,
preventing it from filing a wind-up petition against Kaseh.

ECK is claiming MYR19.8 million from Kaseh as payment for
construction fees.  ECK served the demand notice on Kaseh on
May 16, 2006.

Kaseh, however, disputed ECK's claim as Kaseh's previous sub-
contractor had already settled the full outstanding amount owed
to ECK.  Thus, Kaseh insisted that there is no debt to which it
is liable to ECK.  Kaseh asserted that ECK's statutory right
under Section 218 of CA 1965 does not arise.

The TCR-AP also noted that Kaseh has commenced a legal
action against ECK for a court declaration that it does not owe
any amount to ECK.  Kaseh is asking MYR300,000 from ECK as
payment for damages.

                       About Antah Holdings

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Antah Holdings Berhad -- http://www.antah.com.my/--   
manufactures and trades pharmaceutical products and fluid
engineering and manufacturing.  The Company's other activities
include retailing of houseware and kitchenware, property
development, insurance broking, provision of management
services, and investment holding.  The Group discontinued its
beverage and security services operations.  The Group operates
in Malaysia, Australia, United Kingdom, and Singapore.

The Company's balance sheet as of June 30, 2006, showed total
assets of MYR678.492 million and total liabilities of
MYR1.039 billion, resulting into a shareholders' deficit of
MYR361.167 million.


AYER HITAM: Court Dismisses KIY Design's Application with Costs
---------------------------------------------------------------
On October 4, 2006, the High Court of Kuala Lumpur has dismissed
with costs the application filed by KIY Design & Interior (M)
Sdn Bhd against Ayer Hitam Tin Dredging Malaysia Berhad and its
subsidiary, Motif Harta Sdn Bhd to intervene in Ayer Hitam's
legal proceedings and to set aside the restraining order
previously entered in the Company's favor and the Proposed
Restructuring Scheme.

As reported in the Troubled Company - Reporter Asia Pacific, a
Statutory Demand dated October 7, 2005, pursuant to Section 218
of the Companies Act, 1965, has been served on Motif Harta by
the solicitors of KIY.

The Demand states that Motif Harta is indebted to KIY in the sum
of MYR260,953.06 consisting of MYR159,215.59 in principal
amount, MYR91,952.47 interest, and MYR9,785 in costs, in respect
of an Amended Judgment entered against Motif Harta on August 22,
2005.

The Debt is for amounts alleged to be a commission for the
procurement of supply of goods and services for the hotel-in-
progress.

                      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.

On Sept. 29, 2006, Bursa Securities 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.


AVANGARDE RESOURCES: Court Extends Restraining Order to 2 Months
----------------------------------------------------------------
Pursuant to Section 176(10) of the Companies Act, 1965, the High
Court of Shah Alam, on October 4, 2006, has extended the
Restraining Order pertaining to Avangarde Resources Berhad and
its subsidiary P.C. Building Systems Sdn Bhd, for a period of
two months through December 5, 2006.

As reported in the Troubled Company Reporter - Asia Pacific on
April 7, 2006, the High Court had approved an application filed
by Avangarde and its subsidiary seeking an extension of the
Restraining Order for a six-month period from April 5, 2006.

The procurement of the Restraining Order was necessitated by
several factors including, but not limited to, legal proceedings
being instituted by creditors against Avangarde.

                 About Avangarde Resources

Headquartered in Kuala Lumpur, Malaysia, Avangarde Resources
Berhad is involved in the construction and development of
housing projects.  The Group has incurred huge losses due to
provision of doubtful debts and writing off of bad debts.  It
was delisted from the Official List of Bursa Malaysia Securities
Berhad due to its inadequate financial condition and its failure
to meet with the requirements of the Bourse.  The Company is now
preparing the Proposed Scheme of Arrangement pursuant to the
Section 176 of the Companies Act to regularize its financial
condition.  The Company will unveil its Proposed Scheme once it
is finalized.

The Company's balance sheet as of June 30, 2006, showed total
assets of MYR20.349 million and total liabilities of
MYR147.824 million, resulting into a stockholders' deficit of
MYR127.475 million.


KL INFRASTRUCTURE: Updates on its Regularization Plan
-----------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
September 1, 2006, that KL Infrastructure Group Berhad 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 ability to continue as a going concern.

In an update on Oct. 2, 2006, KL stated that is in the midst of
formulating a Regularization Plan to be submitted to the
Securities Commission for approval and, for this purpose, is in
the process of appointing a merchant banker to undertake the
task.

Pursuant to Paragraph 4.1 of PN 17/2005, KL must submit the
Regularization Plan to the Securities Commission for approval
within eight months from the date of the first announcement.  As
at to date, the Submission Timeframe will end in January 2007.

                 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.

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.


PAN MALAYSIA: Buys Back 15,000 Shares for MYR4,242
--------------------------------------------------
Pan Malaysia Corporation Berhad has bought back 15,000 ordinary
shares at MYR0.50 each for MYR4,242.00.

The maximum price paid for each share purchased was MYR0.295 and
the minimum price paid was MYR0.275.

After the purchase, the cumulative outstanding treasury shares
reached 59,996,400.

                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.


POLY GLASS: Fong Wah Ka Acquires 8,000 Ordinary Shares
------------------------------------------------------
Pursuant to Paragraph 14.08 of the Listing Requirements of the
Bursa Malaysia Securities Berhad, Fong Wah Ka, Executive
Director of Poly Glass Fibre (M) Berhad, has indirectly acquired
8,000 ordinary shares at MYR1.00 each in the company's shares on
October 3, 2006.

After the acquisition, Mr. Fong holds 6,317,500 direct
securities with 3.95% and 60,299,100 indirect securities with
37.69%.

            About Poly Glass Fibre (Malaysia) Berhad

Headquartered in Penang, Malaysia, Poly Glass Fibre (Malaysia)
Bhd -- http://www.polyglass.com.my/-- is a leading manufacturer  
and marketer of premium-quality fiber glass wool building
insulation, HVAC insulation, and other specialty products for
thermal and acoustic insulation for commercial, industrial, and
residential applications.  The Company is under Bursa Malaysia
Securities' PN17 category, which requires the Company to
regularize its financial condition or risk possible delisting
from the Exchange.  On March 8, 2006, Bursa Malaysia Securities
Berhad has granted the Company up to June 30, 2006, to implement
and regularize its financial condition pursuant to the Bourse's
Listing Requirements.


POLYMATE HOLDINGS: Revenue Lowers to MYR20 Mil. in 3rd Qtr. 2006
----------------------------------------------------------------
Polymate Holdings has submitted its financial report for the
third quarter ended June 30, 2006, to the Bursa Securities on
October 3.

The financials showed that for the third quarter, the company's
revenue had significantly reduced to MYR19.71 million as
compared with last fiscal year's corresponding period revenue of
MYR92.83 million.

Loss before tax was recorded at MYR58.35 million for the third
quarter of 2006, as compared with MYR86.18 million for the third
quarter of 2005.  For the current year quarter, the company has
also accumulated loss of MYR58.42 million, as compared with last
year's MYR86.30 million.  

There is no dividend paid in the third quarter ended June 30,
2006.

                  About Polymate Holdings

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

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


SUGAR BUN: Shareholders Approve Ordinary Resolutions 1 & 2
----------------------------------------------------------
At an extraordinary general meeting on October 3, 2006, the
shareholders of Sugar Bun Corporation Berhad approved
resolutions relating to:

   -- the proposed new employee share option scheme for the
      eligible employees and directors of Sugar Bun and its
      subsidiaries, save for subsidiaries which are dormant;
      and

   -- the proposed granting of options under the proposed new
      employee share option scheme to the executive director of
      Sugar Bun.

                       About Sugar Bun

Sugar Bun Corporation Bhd -- http://www.sugarbun.com/-- is  
engaged in the operation and franchising of restaurants,
bakeries, and confectioneries.  Its other activities include
general trading of machinery, spare parts and phone cards,
investment holding and provision of administrative, management
and marketing services.  Operations of the Group are carried out
mainly in Malaysia.

The Company is currently undertaking a corporate and debt
restructuring program to wipe out its accumulated losses.  As of
July 31, 2006, the Company has accumulated losses of
MYR3,256,000.


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

LAND BANK: Fitch Assigns 'BB' Long-Term Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings has assigned a Long-term foreign currency and
local currency Issuer Default rating of 'BB', and a National
Long-term rating of 'AA(phi)' to Land Bank of the Philippines.
The Outlook on the ratings is Stable.  At the same time, the
agency also assigned an expected rating of 'BB-' to LBP's
planned subordinated debt issue of up to US$100 million to
US$150 million.  Fitch also affirmed the bank's Individual and
Support ratings at 'D' and '3', respectively.

The rating on the issue is one notch lower than LBP's Long-term
local currency IDR of 'BB' and is in accordance with Fitch's
criteria of rating subordinated debt instruments of financial
institutions.  This issue will rank pari passu with all existing
and future subordinated debt of LBP on a consolidated basis, but
will be subordinated to the claims of senior creditors and will
rank senior to all share capital of the bank and its Tier-1
securities.

The ratings reflect a considerable likelihood of support for LBP
if needed by its 100% shareholder, the Philippine government
(whose capacity is limited, as per its Sovereign local currency
IDR of 'BB+').  Notably, the government provides support to the
bank's operations by providing full guarantees and covering the
foreign exchange risk on loans from multilateral lending
institutions.

As a state-owned policy bank focusing on the agricultural
sector, LBP principally lends to rural-based small- and medium-
sized enterprises and farmer/fisher-folk - mostly through rural
banks, co-operatives and government agencies as conduits - which
account for 67% of its customer portfolio at end-2005; loans to
government-owned and private corporations involved in
agribusiness and rural infrastructure account for the balance.

At end-2005, LBP's impaired asset ratio (comprising non-
performing loans and foreclosed properties) stood at 19.4%,
notably improved from 27.8% in 2004, thanks to the bulk sales of
PHP 13.1bn in NPLs.  Consequently, end-2005's impairment
reserves stood at a high 140%.  However, some of these may well
be required to offset PHP2.1 billion in deferred losses on the
NPLs sale which is to be amortised over 10 years.  Additionally,
foreclosed property assets are significant, amounting to
PHP16.7bn or 5.1% of total assets.  Fitch is concerned that the
bank does not maintain any loss reserves for the properties,
given that little have been sold despite having been with the
bank now for numerous years.  After taking uncovered impaired
assets into account, LBP's balance sheet strength is quite
limited.

Meanwhile, LBP's profitability is average with a RoA of 1%
compared to the industry average of 1.1%.  Although LBP's net
interest margin of 4.3% is good thanks to some two-thirds of its
deposit base being low-cost government deposits and most of its
borrowings obtained at concessional rates from multilateral
agencies such as the World Bank, this is offset by limited fee
income and a high cost base (with a cost-income ratio of 72%
compared to the industry's 67%), partly arising from its policy
role of administering the government's Comprehensive Agrarian
Reform Program.

Established in 1963, LBP is the Philippines' fourth-largest bank
with 7.5% of system-wide assets.  It has a wide network of 342
branches and 680 ATMs.


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

AMARANTH ADVISORS: Losses Prompt SEC to Probe Hedge Funds
---------------------------------------------------------
The United States Securities and Exchange Commission is
investigating the reason behind Amaranth Advisors' big losses,
Hartford Courant reports citing a top SEC official.

According to the report, the probe centers on whether Amaranth,
whose losses resulted from bad bets on natural gas prices,
misled its investors.

The DailyFX relates that Amaranth's investors saw the value of
their investment decline by 35% after being up as much as 20%
this year -- an overall draw down of 50% all in a remarkably
short period of time.  Some institutional clients like San Diego
County Employees Retirement Association were badly hurt.

SDCERA, which oversees more than US$7 billion for its retirees
and employees, invested US$175 million in Amaranth last year.  
But with Amaranth down about 35% so far in 2006, SDCERA may have
lost more than US$50 million on its investment this year alone,
DailyFX reveals.

SEC Commissioner, Annette L. Nazareth said, "From an enforcement
perspective, it's really whether investors received misleading
information."  Ms. Nazareth, added that SEC is not focused on
the roles of big United States banks that did business with
Amaranth in the months leading up to its disclosure last week of
about US$6 billion in losses.

"The banks and broker-dealers don't seem to have been exposed to
those losses and have done a good job managing their risk.  SEC
is interested in further oversight of hedge funds because of
concerns that major implosions could pose systemic risks.  In
the Amaranth case, however, any such risks appear to have been
contained," Ms. Nazareth said.

Amaranth faces multiple regulatory probes and possible lawsuits
in the wake of its losses.  Connecticut Attorney General Richard
Blumenthal had previously disclosed that he is collecting
evidence and reviewing facts concerning the large losses at
Amaranth.

                          *     *     *

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.

A subsequent TCR-AP report on Oct. 3, 2006, stated that Amaranth
Advisors is set to close down its operations.  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.


AMARANTH ADVISORS: Retains Fortress Investment as Sub-Advisor
-------------------------------------------------------------
Amaranth Advisors has retained Fortress Investment Group LLC, a
New York based US$24 billion alternative asset manager, as a
sub-advisor to the Amaranth multi-strategy funds.  Fortress will
assist the Amaranth team in facilitating the orderly disposition
of the funds' investment assets.

Amaranth announced on Friday that its multi-strategy funds had
suspended redemptions to allow for the sale of their investment
assets in an orderly fashion so as to generate liquidity for
investors.  Terms of the sub-advisory agreement were not
disclosed, but Amaranth indicated that the economic burden of
the fees associated with this arrangement will be borne by
Amaranth and not the Amaranth funds.

"We look forward to bringing together talented professionals
from both Amaranth and Fortress with the goal of maximizing
value for our investors.  Fortress is highly regarded in the
investor community and will provide the Amaranth team with an
independent perspective, as well as potential strategic
support," said Nick Maounis, Amaranth's Chief Executive Officer.

Peter L. Briger, Jr., principal of Fortress added, "Fortress
expects to provide strategic and tactical advice to Amaranth
with the objective of maximizing value for investors, and will
work with Nick and the Amaranth team to preserve the value of
the platform that they have created."

                          *     *     *

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.

A subsequent TCR-AP report on Oct. 3, 2006, stated that Amaranth
Advisors is set to close down its operations.  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.


AVAGO TECHNOLOGIES: Revenue Increases by 11% Quarter by Quarter
---------------------------------------------------------------
Avago Technologies has released on Sept. 21, 2006, its financial
results for the third quarter ended July 31, 2006.

Net revenue for the third quarter increased 11% sequentially to
US$423 million, compared with US$380 million in the second
quarter of fiscal year 2006.  Supported by the higher revenue
levels, gross margin for the third quarter was 37%, compared
with 34% in the previous quarter.  Operating expenses, including
a US$4 million restructuring charge, were US$147 million,
essentially flat with second quarter.  

Cash balances at the end of July 2006 were approximately
US$200 million, compared with approximately US$210 million at
the end of April.  The primary changes in cash included
receiving US$245 million from the sale of the company's Printer
ASICs business on May 1, and using US$249 million to retire all
outstanding term loans as well as US$47 million to settle the
semi-annual interest obligations.

"We posted another quarter of strong financial results with
revenue up 11% and gross margin improving about 300 basis points
sequentially.  Growth was solid across most end markets, with
particular strength in our wireless communications, fiber optics
and computer peripherals businesses," said Hock E. Tan,
president and CEO of Avago Technologies.  

"I am also pleased to report that in early August we
successfully completed the implementation of our ERP system,
which was the last significant milestone in the process to
become a stand alone company." Mr. Tan added.

            About China Aviation Oil (Singapore)

Incorporated in 1983, China Aviation Oil (Singapore) Corp.
Limited -- http://www.caosco.com/-- deals primarily in jet fuel   
procurement, although it is also active in international oil
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for
China's civil aviation industry, and has expanded its market to
include ASEAN countries, the Far East and the United States.

The Company's Restructuring Plan was approved by shareholders on
March 3, 2006, and sanctioned by the High Court of Singapore on
March 21, 2006. It became effective on March 28, 2006.

The Company is currently working with an insolvent balance
sheet, according to a TCR-AP report on August 4, 2006, with a
US$390.07 million shareholder's equity deficit on total assets
of US$211.96 million.


COMPACT METAL: Inks Restructuring Exercise with Creditor Banks
--------------------------------------------------------------
Compact Metal Industries Ltd has entered into a restructuring
exercise with its creditor banks and Singapore investor, Chng
Gim Huat, on October 4, 2006.

The debt restructuring is conditional upon approvals from the
Securities Industry Council and the Singapore Exchange
Securities Trading Limited, including CMI shareholders' approval
to be obtained at a general meeting that will be held later this
year.  With the approval and vote, Mr. Chng expects to become
the majority shareholder in Compact Metal with at least 51%
holdings.

The deal includes:

   -- sale and assignment to, and purchase by Mr. Chng, of bank
      debts of US$34.77 million owing to seven creditor banks
      including DBS, OCBC and UOB for a consideration of
      US$9.82 million;

   -- conversion of the purchased debt by Mr. Chng into new
      ordinary shares at 2 cents for each share;

   -- conversion by the creditor banks of about US$18.80 million
      of their total remaining debts into new ordinary shares at
      2 cents for each share;

   -- balance bank debt - about US$30.72 million to become
      restructured facilities "term loan, overdraft etc" to five
      remaining banks, with additional security to be provided;

   -- a rights issue of about 221 million new shares at 2 cents
      each with one free warrant attached to each rights share.
      Unsubscribed rights shares with free warrants will be
      placed to Mr. Chng;

   -- CMI to convert a minimum of US$2 million up to US$4
      million of debts owing to trade creditors into shares at 2
      cents each.

   -- the grant of management options to certain members of the
      existing management and the investor to subscribe up to 80
      million new shares at 1.32 cents each.

Mr. Chng's flagship property is the Orchard Grand Court.  Mr.
Chng is also the developer of Paya Ubi Industrial Park.

                   About Compact Metal

Headquartered in Singapore, with offices in Malaysia, Compact
Metal Industries Limited manufactures, fabricates, and sells
aluminum windows and doors, aluminum sections, and other metal
products.  The company also manufactures and sells bricks,
undertakes aluminum architectural contracts and engineering
works, and sub-contracts building projects.  Its other
activities include trading aluminium and related products, and
hotel ownership and others.  The Group operates in Singapore,
Malaysia, Indonesia, the Philippines, and Australia

As reported by the Troubled Company Reporter - Asia Pacific on
August 10, 2006, Auditors KPMG raised significant doubt on the
Group's ability to continue as a going concern, citing the
Group's recurring loses and inability to meet repayment
obligations.

As of June 30, 2006, Compact Metal's consolidated financial
statement showed a net loss of SGD3,829,000, which is an
improvement from the SGD9,796,000 net loss recorded in the same
quarter of 2005.


ESTALAND PROPERTY: Court to Hear Wind-Up Petition on Sept.  21
--------------------------------------------------------------
The Management Corporation Strata Title Plan No. 1489 has filed
on September 21, 2006, an application to wind up Estaland
Property Associates Pte Ltd.

The High Court of Singapore will hear the wind-up petition on
October 13, 2006, at 10:00 a.m.

The Solicitors for the Petitioner can be reached at:

         Clifford Law Corporation
         24 Raffles Place
         #19-05, Clifford Centre
         Singapore 048621


GUL TECH: Posts US$32.13MM Shareholders' Deficit for 2nd Quarter
----------------------------------------------------------------
Gul Technologies Singapore Limited has submitted its second
quarter financial report for the period ended June 30, 2006, to
the Singapore Stock Exchange.

For the quarter under review, the group has posted a revenue of
US$51.61 million, compared with the revenue of US$42.14 million
for the same quarter last year.

The group's financial statement for the 2006 second quarter
revealed a total loss of US$43.73 million, against the
US$49-million loss for the corresponding quarter in 2005.

The group's balance sheet showed US$150.38 million in total
assets and US$182.51 million in total liabilities, resulting to
a shareholders' deficit of US$32.13 million.

The group's financial statement for the quarter ended June 30,
2006, is available for free at:

                http://bankrupt.com/misc/Gul

                  About Gul Technologies

Incorporated in Singapore, Gul Technologies Singapore Limited --
http://www.gultech.com/-- is a global supplier with sales and  
representative offices in North America, Asia and Europe.  Its
printed circuit boards are supplied to the Automotive industry
(electronic engine control, power control module, anti-lock
braking systems, speed controls, clusters, telematics etc),
Telecommunications industry (mobile phones, digital enhanced
cordless telephones, land mobile radios), Information Technology
industry (disk and tape drives for computers, network routers,
servers, firewalls, port adapters, voice over internet protocol,
wireless local area network), Healthcare industry (hearing aids,
infusion pumps, glucose monitoring devices), and other products
like instrumentation (programmable logic controllers, industrial
controllers, bar code readers), digital cameras and avionics.  
The company manufactures its products in its production
facilities in China.                        

                          *     *     *

PricewaterhouseCoopers, the company's independent auditors,
raised a going concern issue in their report on the company's
financial statements for the year ended December 31, 2005.  PwC
cited these reasons:   

* The group incurred a net loss of US$48.24 million for the     
  financial year ended Dec. 31, 2005, and a net loss of     
  US$21.75 million for the year 2004.   

* As of Dec. 31, 2005, the group and the company are in a     
  net liabiltities position of US$27.74 million and US$30.31       
  million, respectively.   

* The company has not complied with certain debt covenants     
  relating to bank borrowings amounting to US$19.82 million.     
  Such non-compliance has resulted in the related bank     
  borrowing becoming repayable on demand.   

* Tuan Sing Holdings Ltd., the ultimate holding corporation,     
  has indicated its intention to provide continuing financial     
  support to enable the group and the company to meet their     
  obligations provided that the group remains a subsidiary.     
  However, on Sept. 7, 2005, the company entered into a     
  subscription agreement with Nuri Pacific Pte. Ltd which     
  would result in the cessation of Tuan Sing's position as     
  the ultimate holding corporation of the group.


LEUN WAH: Creditors' Meeting Scheduled for October 4
----------------------------------------------------
The creditors of Leun Wah Electric Company (Private) Ltd, which
was placed under a compulsory liquidation, will hold a meeting
for its creditors on October 4, 2006, at 10:00 a.m.

At the meeting, the creditors will be asked to:

   -- discuss outstanding litigation matters;

   -- discuss the various recovery scenarios;

   -- approve the professional fees of the liquidators and
      solicitors; and

   -- discuss other matters.

The liquidator can be reached at:

         Tam Chee Chong
         6 Shenton Way
         #32-00, DBS Building Tower Two
         Singapore 068809


UNION FABRICATION: Subjected to United Oversea Wind-Up Petition
---------------------------------------------------------------
On September 15, 2006, United Overseas Bank Limited has filed a
petition to wind up Union Fabrication & Engineering Pte Ltd.

All creditors of Union Fabrication & Engineering Pte Ltd are
required to submit their proofs of debt to be included in the
company's distribution of dividend.

The liquidator can be reached at:

         Rajah & Tann
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118


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

KRUNG THAI: Relaunches US$200-Million Bond Issue
------------------------------------------------
Krung Thai Bank has relaunched its US$200-million bond issue,
which was previously cancelled due to Thailand's recent coup and
heightened political risk, Reuters reports.

The Bangkok Post recounts that Krung Thai priced the bond on
September 19, 2006, at 265 basis points over U.S. debt, but
withdrew it on September 21, prior to issuance, when the spread
widened along with other Thai U.S.-dollar-denominated bonds.

The perpetual bond is now on offer at a spread of 280-285 basis
points over 10-year U.S. Treasury bonds, a person familiar with
the deal said told The Post.

Merrill Lynch is the lead manger for the offering, which is due
to be priced within this week.

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.


KRUNG THAI: Moody's Reinstates Ba1 Rating to Tier-1 Issue
---------------------------------------------------------
Moody's has reinstated the Ba1 rating previously assigned to
Krung Thai Bank Public Company Ltd's (KTB, D-/Baa1/P-2) Hybrid
Tier 1 securities being issued via its Singapore branch.  The
rating outlook is stable.

The securities are being issued under the Bank of Thailand's new
guidelines governing Hybrid-Tier 1 securities.  KTB re-launched
the issue, originally halted in September 2006 in light of the
political situation in Thailand.

"The Ba1 rating reflects the structure of the issue, KTB's
moderate financial fundamentals and Thailand's supportive
regulatory regime," comments Leo Wah, a Moody's Assistant Vice
President/Analyst.

Under the terms of the securities, the issuer can call the
securities after 10 years.  Typical of many Tier I capital-
qualifying hybrid security issues, interest on KTB's Hybrid Tier
1 securities is non-cumulative and under certain circumstances
may be deferred. If implemented, such provisions, while not
legally constituting an event of default, could result in
payment terms appreciably different from senior securities.

"This distinction and the ranking of the securities in
liquidation -- after subordinated debt, but before common and
preferred shares -- are reflected in the three-notch rating
differential between the institution's senior obligations and
this subordinated debt issue," adds Wah.

The instrument will, in Moody's view, have sufficient equity-
like features to allow it to receive basket B treatment, i.e.
25% equity and 75% debt, for financial leverage purposes.

The rating of the Hybrid Tier-1 issue is subject to receipt,
review, and approval of final documentation with terms and
conditions which show no material change from those already
reviewed by Moody's.

Headquartered in Bangkok, Thailand, KTB is Thailand's second
largest bank, with total assets of Bt 1,188 billion (US$32
billion) as of June 30, 2006.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
Company                        Ticker      ($MM)      ($MM)
------                         ------     ------   ------------

AUSTRALIA

Acma Engineering & Const.
   Group Limited                  ACX      21.39       -2.24
Allstate Explorations NL          ALX      12.65      -51.62
Austar United Communications Ltd. AUN     231.54      -52.58
Global Wine Ventures Limited      GWV      22.04       -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1696.65     -786.31
Indophil Resources NL             IRN      37.79      -69.96
Intellect Holdings Limited        IHG      23.98      -11.13
KH Foods Ltd                      KHF      62.30       -1.71
Namberry Limited                  NMB      15.12       -4.26
Orbital Corporation Limited       OEC      14.01       -4.86
RMG Limited                       RMG      22.33       -2.16
Stadium Australia Group           SAX     135.23      -41.84
Tooth & Company Limited           TTH      99.25      -74.39
Tourism, Hotels & Leisure Ltd.    TLC      15.76       -0.66


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      10.89       -5.50
Anhui Feicai Vehicle Co. Ltd.     887     129.80       -7.00
Bestway International             718      25.00       -0.67
Chang Ling Group                  561      77.48      -76.83
Chengdu Book - A               600083      21.50       -3.07
China Liaoning International
  Cooperation Holdings Ltd.       638      25.79      -43.45
China Kejian Co. Ltd.              35      54.71     -179.23
Datasys Technology Holdings      8057      14.10       -2.07
Eforce Holdings Limited           943      10.31       -0.51
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      31.36      -54.04
Gold-Face Holdings Limited        396      40.60      -63.11
Guangdong Meiya Group
   Company Ltd.                   529     107.16      -49.54  
Guangdong Sunrise Group
   Company Ltd-A                   30      35.98     -182.94
Guangdong Sunrise Group
   Co. Ltd-B                   200030      35.98     -182.94
Guangxi Wuzhou Zhongheng
   Group Co Ltd.                  557      62.19     -115.50
Hainan Dadonghai Tourism          613      19.74       -5.81
Hainan Dadongh-A               200613      19.74       -5.81
Hainan Overseas Chinese
   Investment Co. Ltd.         600759      32.70      -15.28
Hans Energy Company Limited       554      94.75      -10.76
Heilong Jiang Long Di Co. Ltd.    832     134.62      -61.22
Heilongjiang Sun & Field
   Science & Tech.                620      29.96      -49.18
Heilongjiang Black Dragon
   Co. Ltd.                    600187     121.30      -74.45
Hualing Holdings Limited          382     242.26      -28.15
Huda Technology & Education
   Development Co. Ltd.        600892      17.29       -0.19
Hunan Anplas Co., Ltd.            156      94.17      -65.04
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286      87.44      -68.55
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.68       -2.01
Jiangsu Chinese.com Co. Ltd.      805      15.86      -34.56
Jiangxi Paper Industry
   Co. Ltd                     600053      19.58      -12.80
Loulan Holdings Limited          8039      13.01       -1.04
Magnum International Holdings
   Limited                        305      10.35       -5.83
Mindong Electric Group Co., Ltd.  536      21.63       -1.50
New City (Beijing) Development
   Limited                        456     151.61      -19.15
New World Mobile Holdings Ltd     862     215.47     -126.57
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd                1013      24.00       -3.15
Prosperity International
   Holdings (HK) Limited         8139      10.73       -2.45
Shandong Jintai Group Co. Ltd.  600385     19.58      -12.18
Shanghai Xingye Housing
   Company Ltd                 600603      14.90      -72.98
Shenyang Hejin Holding
   Company Ltd.                   633      83.18      -20.87
Shenz China Bi-A                   17      39.13     -224.64
Shenz China Bi-B                   17      39.13     -224.64
Shenzhen Dawncom Business Tech
   And Service Co., Ltd           863      79.84      -37.30
Shenzhen Shenxin Taifeng Group
   Co. Ltd.                        34      95.27      -44.65
Shenzen Techo Telecom Co., Ltd.   555      14.84       -6.25  
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137      13.11      -72.76
Sichuan Topsoft Investment
   Company Limited                583     113.12     -148.61
SMI Publishing Group Ltd.        8010      10.48       -7.83
Songliao Automobile Co. Ltd.   600715      49.56       -3.76
Sun's Group Manufacturing
   Company Limited                988     103.02      -72.80
Taiyuan Tianlong Group Co.
   Ltd                         600234      13.47      -87.63
Theme International
   Holdings Limited               990      22.46       -0.77
UDL Holdings Limited              620      12.48       -7.15
Wealthmark International
   (Holdings) Limited              39      11.32       -2.43
Winowner Group Co. Ltd.        600681      38.03      -62.88
Xinjiang Hops Co. Ltd          600090     101.34     -135.99
Yantai Hualian Development
   Group Co. Ltd.              600766      59.99       -7.66
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      49.89      -17.71
Zarva Technology Co. Ltd.         688     101.76     -102.01


INDIA

PT Dharmala Intiland             DILD     197.91       -6.62


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Bukaka Teknik Utama Tbk          BUKK      44.45     -107.00
Hotel Sahid Jaya                 SHID      71.05       -4.26
Jakarta Kyoei Ste                JKSW      44.72      -38.57
Mulialand Tbk                    MLND     160.45      -19.82
Multibreeder Adirama Indonesia   MBAI      64.54       -2.31
Pakuwon Jati Tbk                 PWON     188.41      -50.78
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82
PT Steady Safe                   SAFE      19.65       -2.43
PT Toba Pulp Lestrari Tbk        INRU     403.58     -198.86
PT Unitex Tbk                    UNTX      29.08       -5.87
PT Voksel Electric Tbk           VOKS      44.01      -11.74
PT Wicaksana Overseas
   International Tbk             WICO      84.36      -32.88
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Steady Safe Tbk                  SAFE      19.65       -2.43
Suba Indah Tbk                   SUBA      85.17       -9.18
Surya Dumai Industri Tbk         SUDI     105.06      -30.49
Unitex Tbk                       UNTX      29.08       -5.87


JAPAN

Hanaten Co., Ltd.                9870     167.79       -1.63
Mamiya-OP Co., Ltd.              7991     152.37      -67.11
Montecarlo Co. Ltd.              7569      66.29       -3.05
Nihon Seimitsu Sokki Co., Ltd.   7771      23.82       -1.10
Sumiya Co., Ltd.                 9939      89.32      -11.57
Tenryu Lumber Co., Ltd.          7904     187.75      -44.48
Tokai Aluminum Foil Co., Ltd.    5756     106.49      -12.55
Yakinikuya Sakai Co., Ltd.       7622      79.44      -11.14


MALAYSIA

Antah Holdings Bhd                ANT     184.65      -98.29
Ark Resources Berhad              ARK      25.91      -28.35
CHG Industries Bhd                CHG      25.95      -41.38
Cygal Bhd                         CYG      58.47      -69.79
Comsa Farms Bhd                   CFB      63.60       -5.00
Consolidated Farms Berhad       CFARM      36.32      -17.21
Emico Holdings Bhd                EMI      42.56       -1.92
Jin Lin Wood Industries Berhad    JLW      21.68       -1.74
Kig Glass Industrial Berhad       KIG      15.76      -24.61
Lankhorst Bhd                    LKHT      25.91      -28.35
Mentiga Corporation Berhad       MENT      22.13      -18.25
Metroplex Bhd                     MEX     323.51      -49.28
Mycom Bhd                         MYC     227.68     -114.64
Lityan Holdings Bhd               LIT      22.22      -19.11
Olympia Industries Bhd           OLYM     255.84     -227.85
Pan Malay Industries             PMRI     199.08       -6.30
Panglobal Bhd                     PGL     189.92      -50.36
Park May Bhd                      PMY      11.04      -13.58
PSC Industries Bhd                PSC      62.80     -116.18
Polymate Holdings Bhd            PYMT      64.73       -7.28
Setegap Berhad                    STG      19.92      -26.88
Tru-Tech Holdings Berhad          TRU      15.86      -16.71
Wembley Industries Holdings Bhd   WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      67.04     -163.14
Atlas Consolidated Mining and
   Development Corp.               AT      33.59      -57.17
Cyber Bay Corporation            CYBR      11.54      -58.06
East Asia Power Resources Corp.   PWR      92.55      -64.61
Fil-Estate Corporation             FC      33.30       -5.80
Filsyn Corporation                FYN      19.20       -8.83
Filsyn Corporation               FYNB      19.20       -8.83
Global Equities Inc.              GEI      24.18       -1.81
Gotesco Land, Inc.                 GO      17.34       -9.59
Gotesco Land, Inc.                GOB      17.34       -9.59
Prime Media Holdings Inc.        PRIM      11.12      -15.52
Prime Orion Philippines Inc.     POPI      98.36      -74.34
Swift Foods Inc.                  SFI      26.95       -8.23
Unioil Resources & Holdings             
   Company Inc.                   UNI      10.64       -9.86
United Paragon Mining Corp.       UPM      21.19      -21.52
Universal Rightfield Property
   Holdings Inc.                   UP      45.12      -13.48
Uniwide Holdings Inc.              UW      61.45      -30.31
Victorias Milling Company Inc.    VMC     127.83      -32.21
Vitarich Corporation             VITA      75.04       -4.27


SINGAPORE

China Aviation Oil (Singapore)
   Corporation                    CAO     211.96     -390.07
Compact Metal Industries Ltd.     CMI      54.36      -25.64
Digiland Intl.                   DIGI      31.32      -11.94
Falmac Limited                    FAL      10.90       -0.73
Gul Technologies Singapore
   Limited                        GUL     152.80      -27.74
Informatics Holdings Ltd         INFO      22.30       -9.14
L&M Group of Companies            LNM      56.91      -10.59
Liang Huat Aluminium Ltd.         LHA      19.30      -76.43
Lindeteves-Jacoberg Limited        LJ     225.52      -53.23
LKN-Primefield Limited            LKN     150.70      -12.72
Mae Engineering Ltd               MAE      11.42       -7.79
PDC Corporation Limited           PDC       0.72      -12.07
Pacific Century Regional          PAC    1381.26     -107.11
See Hup Seng Ltd.                 SHS      17.36       -0.09


SOUTH KOREA

BHK Inc                          3990      24.36      -17.38
C & C Enterprise Co. Ltd.       38420      28.05      -14.50
Cenicone Co. Ltd.               56060      36.82       -1.46
Cheil Entech Co. Ltd.           53330      37.25       -0.31
Dewell Elecom Inc.              32590      10.93       -6.92
Everex Inc.                     47600      23.15       -5.10
EG Greentech Co.                55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
Inno Metal Inc.                 70080      25.61        1.41
KP&L Company Limited             9810      15.03       -3.81
Radix Co. Ltd.                  16160      53.78      -17.69
Quality & Tech                  15260      32.33       -1.14
Shinil Industrial Co., Ltd.      2700      41.51       -3.44
SungKwang Co., Ltd.             41140      19.06       -1.60
Tong Yang Major                  1520    2332.81      -86.95
TriGem Computer Inc             14900     629.32     -292.96  


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98
Bangkok Rubber PCL              BRC/F      70.19      -56.98
Central Paper Industry PCL      CPICO      40.41      -37.02
Central Paper Industry PCL    CPICO/F      40.41      -37.02
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80
Circuit Electronic
   Industries PCL            CIRKIT/F      20.37      -64.80
Daidomon Group Pcl              DAIDO      12.92       -8.51
Daidomon Group Pcl            DAIDO/F      12.92       -8.51
Datamat PCL                       DTM      17.55       -1.72
Datamat PCL                     DTM/F      17.55       -1.72
Diana Department Store Pcl      DIANA      12.71       -1.71
Diana Department Store Pcl    DIANA/F      12.71       -1.71
Everland Public Company Ltd      EVER      56.71     -311.47
Everland Public Company Ltd    EVER/F      39.12      -12.05
Hantex PCl                        HTX       7.51       -7.88
Hantex PCl                      HTX/F       7.51       -7.88
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Sri Thai Food -F                SRI/F      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Tanayong PCL -F               TYONG/F     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.88
Thai-Denmark -F               DMARK/F      21.37      -18.88
Thai-Wah PCL                      TWC      91.56      -41.24
Thai-Wah PCL -F                 TWC/F      91.56      -41.24



                            *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.  
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.  
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Nolie Christy Alaba, Valerie Udtuhan, Francis
James Chicano, Catherine Gutib, Tara Eliza Tecarro, Reiza
Dejito, Freya Natasha Fernandez, and Peter A. Chapman, Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***