TCRAP_Public/061009.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

             Monday, October 9, 2006, Vol. 9, No. 200

                            Headlines

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

AIT LAND: Creditors' Proofs of Debt Due on October 20
ALEXANDER GLOBAL: Final Meeting Slated for October 12
ALEXANDER MANN: Members and Creditors to Hear Wind-Up Report
AUS MUSCLE: Creditors' Proofs of Claim Due on October 10
AVILIND PTY: Members' Final Meeting Fixed on October 16

BOARDRIDERS LIMITED: Court Names Fisk and Agnew as Liquidators
BOATARAMA: Placed Under Voluntary Administration
BRAVCO PTY: Members to Receive Liquidator's Report
BYMATTEL PTY: Will Declare Third Dividend on October 13
C & A PAPADOPOULOS: Courts Issue Wind-Up Order

CONSTELLATION BRANDS: Completes US$700 Million Debt Offering
D. TURNER CONSTRUCTION: Court Fix Date to Hear CIR's Petition
DALCOL PTY: Commences Wind-Up of Operations
FAENZA TRANSPORT: Members Agree to Liquidate Business
GRAHAM CAMPBELL: Creditors Must Prove Debts by October 10

HERD & HARRIS: Hearing of Liquidation Petition Set on Nov. 23
INVESTMENT PLUS: To Declare Third Dividend on October 13
JFLD PTY: Creditors to Wind Up Firm
JSP CONSULTING: Members and Creditors to Meet on October 12
JSP SEARCH: Liquidator Slattery to Give Wind-Up Report

KINGDOM BUILDERS: Creditors Proofs of Claim Due on Oct. 20
MERCHANT ACCOUNTING: Members Resolve to Shut Down Business
MORGAN HOWARD: Final Meeting Scheduled on October 16
NATIONAL ELECTRICITY: Members Resolve to Close Business
NATIONAL FINANCE 2000: Sells Loan Book for NZ$7.7 Million

NATIONAL FINANCE 2000: Disposes Loan Contract Interest
NUFARM FINANCE: S&P Rates Proposed AU$300 Mln Hybrid Issue "BB"
P. HARRIS JEWELLERS: Facing CIR's Liquidation Petition
PACIFIC COMMUNICATIONS: Liquidation Hearing Slated for Oct. 12
PURITY PROPERTY: Members Opt for Voluntary Wind-Up

STARRION HOLDINGS: Court to Hear CIR's Liquidation Petition
STARWEST GROUP: To Hold Joint Final Meeting on October 12
STEELWORKS INTL: Faces Liquidation Proceedings
STILLON NOMINEES: Placed Under Members' Voluntary Wind-Up
STOCKFORD (KEMP): Prepares to Declare Third Dividend

STOCKFORD (MANSFIELD): To Distribute Third Dividend on Oct. 13
STOCKFORD (NOCK): To Declare Third Dividend on October 13
TECHFORCE AUSTRALIA: Placed Under Voluntary Liquidation
TECHPEOPLE AUSTRALIA: Pass Resolution to Wind Up Operations
WELLMAN CONSTRUCTION: Creditors Must Prove Debts by October 12

WHITES HARDWARE: Members Opt for Voluntary Wind-Up
WILLIAMS INVESTMENT: Appoints Joint Liquidators
WORKFORCE HEADSTART: Placed Under Voluntary Wind-Up
WORKFORCE HIRE: Enters Voluntary Liquidation
WORKFORCE JOBS: Undergoes Wind-Up Proceedings

WORKFORCE LABOUR: Appoints Robert Knox Dobbie as Liquidator


C H I N A   &   H O N G  K O N G

BUSINESS INVESTMENT: Members Opt to Shut Down Operations
CRYSTAL JADE: Creditors and Contributories to Meet on Oct. 13
GREAT CHINA: Restates Fiscal-Year 2005 Financial Statements
JDH (CHINA): Liquidator to Present Wind-Up Report
KWAN FONG: Liquidator Fred Lee Step Aside

LINE ANALYTICS: Annual Meetings Scheduled on October 6
MASSEY ENERGY: S&P Revises Outlook to Developing from Stable
MEL APPEL: Shareholders Resolve to Wind-Up Operations
MULTI-TRADE LTD: Court Names Joint Liquidators
NORTHERN WET: Members' Final Meeting Set on October 31

REGENT BONUS: Appoints Jacky Chung Wing Muk as Liquidator
ROYAL FOCUS: Members to Receive Wind-Up Report
SAMMEI BAKERY: Court to Hear Wind-Up Petition on November 8
STEWART & STEVENSON: Moody's Assigns Loss-Given-Default Rating
SUCCESSFUL DYEING: Faces Wind-Up Proceedings

SUNNY BAY: Enters Voluntary Wind-Up
TAURUS NAVIGATION: Sole Member to Wind Up Firm
TREASURE WEALTH: Wind-Up Petition Hearing Set on November 15
* China's Commercial Banks Sees Drop in Bad Loans


I N D I A

INDUSTRIAL DEVELOPMENT: Nears 2008 Targets with UWB Merger
KOTAK MAHINDRA: Board to Meet Regarding Sept. 2006 Financials
STATE BANK OF INDIA: Upper Tier II Bonds Get CRISIL's 'AAA'
STEELCASE INC: Moody's Confirms Ba1 Corporate Family Rating
UCO BANK: CRISIL Enhances Ratings on CD Program

UTI BANK: Subsidiary Opens Branch Office in Bangalore


I N D O N E S I A

GOODYEAR TIRE: United Steelworkers Union Begins Strike
NORTEL NETWORKS: Moody's Assigns Loss-Given-Default Ratings
NORTEL NETWORKS: Gets US$23.6M U.S. Navy Litigation Support Pact


J A P A N

ALIXPARTNERS LLP: S&P Rates US$435 Million Sr. Facility at BB-
BANCO BRADESCO: Sees 25% Growth in Loan Portfolio
BANCO BRADESCO: Seguros Increases Billing to BRL10.1 Billion
BANCO BRADESCO: Paying Interests on Own Capital on Nov. 1
CURON MEDICAL: Posts US$275,000 Net Loss in 2006 Second Quarter

EMAGIN CORP: Posts US$4.8M Net Loss in Second Quarter of 2006
FTI CONSULTING: Closes Offer to Buy FD Int'l for US$260 Mil.
HITACHI ZOSEN: Posts JPY29-Bil. Net Loss For Year Ended Mar. '06
KOBE STEEL: Reports 65% Year-on-Year Rise in 2005-06 Net Income
LUMENIS LTD: Inks Pact With LM & Ofer to Buy 75% Equity

MACDERMID INC: Stock Purchase Proposal Cues S&P's Negative Watch
MACDERMID INC: Purchase Offer Prompts Moody's to Revise Outlook
MICRON TECH: Enters Into Settlement Deal with Tessera & Infeneon
MITSUBISHI MATERIALS: Robust Economy Triples June Quarter Income
MITSUBISHI MATERIALS: Raises Projections on Strong Earnings


K O R E A

ACTUANT CORP: Reports US$25.2-Mil Net Earnings in 4thQ/FY2006
ACTUANT CORP: CEO Adopts Prearranged Trading Plan
ASYST TECHNOLOGIES: Names Richard Janney as New Interim CFO
HYNIX SEMICONDUCTOR: Leading in 66-Nano DRAM Race with Samsung
* MOCIE Reports Korea's 2006 Export-Import Figures


M A L A Y S I A

COMSA FARMS: Gives Details of PQSB Purchase Agreement
COMSA FARMS: AmBank Seeks MYR43,000 Claim Payment from Units
KL INFRASTRUCTURE: Posts MYR22-Mln Loss for 1st Qtr. 2006-2007
PAN MALAYSIA: Buys Back 133,000 Shares for MYR37,450
OLYMPIA INDUSTRIES: To Seek Shareholders' Approval on Proposals

MYCOM BERHAD: Updates Restructuring Scheme


P H I L I P P I N E S

AFP-RSBS: To Close at Year-End Due to Financial Mismanagement
AFP-RSBS: AFP Mounts Information Campaign on Fund's Closure
BANCO DE ORO: Issues Series 3 CDs at 8.25% Yearly Interest Rate
BENPRES HOLDINGS: Disposes 0.035% Digitel Shares for PHP2.9 Mln
JG SUMMIT: Sells 7,261,525 Robinsons Land Shares

LAND BANK: Extends PHP613 Million to SMEs in Western Visayas
SAN MIGUEL CORP: Talks with Coca-Cola Continue


S I N G A P O R E

FLEXTRONICS INT'L: Moody's Assigns Loss-Given-Default Ratings
LINDETEVES-JACOBERG: Court Investigates German Subsidiary
PROLUX INTERNATIONAL: Creditors' Proofs of Claim Due on Oct. 11
SEE HUP SENG: SGX-ST Approves the Listing of 10,000,000 Shares
SEE HUP SENG: Posts Update on Proposed Speedo Shares Acquisition

YU THONG: Pays First and Final Dividend


T H A I L A N D

GOVT. HOUSING BANK: Reappoints Khan for Another Four-Year Term
KRUNG THAI: Increases Bond Size to US$220-Million

     - - - - - - - -

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

AIT LAND: Creditors' Proofs of Debt Due on October 20
-----------------------------------------------------
AIT Land Corporation (No. 1) Ltd, which is in liquidation, will
declare the first and final dividend on October 26, 2006.

Creditors must submit their proofs of debt by October 20, 2006,
to be included in the company's distribution of dividend.

The Liquidator can be reached at:

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


ALEXANDER GLOBAL: Final Meeting Slated for October 12
-----------------------------------------------------
A joint final general meeting of the members and creditors of
Alexander Mann Australia Global Markets Pty Ltd, which is in
liquidation, will be held on October 12, 2006, at 11:00 a.m.

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

The Liquidator can be reached at:

         Rod Slattery
         PPB
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia
         Telephone: +61-3-9653-6204
         E-mail   : rslattery@ppbvic.com.au


ALEXANDER MANN: Members and Creditors to Hear Wind-Up Report
------------------------------------------------------------
Members and creditors of Alexander Mann Australia Pty Ltd, which
is in liquidation, will hold a joint final general meeting on
October 12, 2006, at 11:00 a.m., to receive Liquidator
Slattery's report on the company's wind-up proceedings and
property disposal exercises.

The Liquidator can be reached at:

         Rod Slattery
         PPB
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia
         Telephone: +61-3-9653-6204
         E-mail   : rslattery@ppbvic.com.au


AUS MUSCLE: Creditors' Proofs of Claim Due on October 10
--------------------------------------------------------
AUS Muscle Spray & Sound Pty Ltd, which is in liquidation, will
declare its first and final dividend to its creditors on
October 10, 2006.

Creditors are required to submit their proofs of debt to be
included in the company's distribution of dividend.

The Liquidator can be reached at:

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


AVILIND PTY: Members' Final Meeting Fixed on October 16
-------------------------------------------------------
Avilind Pty Ltd will hold a final meeting for its members on
October 16, 2006 at 10:00 a.m., to receive Liquidator
Cunningham's report on the company's wind-up proceedings.

The Troubled Company Reporter - Asia Pacific, reported that on
February 22, 2006, the Company commenced a wind-up of its
operations.

The Liquidator can be reached at:

         J. W. Cunningham
         Ramsay Clout
         Suite 2, 63 The Esplanade
         Maroochydore, Queensland 4558
         Australia
         Telephone:(07) 5479 6411
         Facsimile:(07) 5479 6350


BOARDRIDERS LIMITED: Court Names Fisk and Agnew as Liquidators
--------------------------------------------------------------
On September 11, 2006, the High Court of Wellington appointed
John Howard Ross Fisk and Richard Dale Agnew as joint and
several liquidators for Boardriders Ltd.

Accordingly, the liquidators required the company's creditors to
file proofs of claim by October 31, 2006.  Failure to prove
their debt will exclude a creditor from sharing in any
distribution the company will make.

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

The Joint Liquidators can be reached at:

         J.H. Fisk
         c/o PricewaterhouseCoopers
         113-119 The Terrace (P.O. Box 243)
         Wellington, New Zealand
         Telephone: (04) 462 7000
         Facsimile: (04) 462 7492


BOATARAMA: Placed Under Voluntary Administration
------------------------------------------------
Damien Hodgkinson and Anthony Elkerton, of Pitcher Partners,
have been appointed as administrators for Boatarama, the
Queensland-based dealer of marine brands that include Four
Winns, Zodiac, Wellcraft, and Yamaha, bymnews.com reports.

According to The Gold Coast Bulletin, the company was placed
under voluntary administration after hitting stormy waters over
the past six months.  The administrators are undertaking a
restructure of the business.

At the first creditors meeting held on October 3, 2006, the
administrators said that the company had encountered
difficulties in disposing of stock that had been delivered in
late 2005, because high fuel prices, rising interest rates, and
changing tax levels had adversely affected boat sales.

The administrators will report to creditors at a later date
after completing a review of the business, which will continue
to operate normally.

No staff has been affected by the administration process, GC
Bulletin notes.  In the meantime, the business would remain open
and continue to operate normally.

The Boatarama Cruiser Sales business is operated through Gold
Coast Boatarama Pty Ltd, which is controlled by Brett David, the
business's dealer-principal.

The GC Bulletin relates that Mr. David is believed to have
bought the business in May 2005 for AU$3 million from Scott and
Lia Williams.  At the time of its sale, the Boatarama business
had an estimated turnover of AU$20 million.

                          *     *     *

The Boatarama Cruiser Sales -- http://www.boatarama.com.au/--  
is operated through Gold Coast Boatarama Pty Ltd, which is
controlled by Brett David, the business's dealer-principal.
According to GC Bulletin, the company is one of Australia's
largest marine dealers.


BRAVCO PTY: Members to Receive Liquidator's Report
--------------------------------------------------
Bravco Pty Ltd, which is in liquidation, will hold a general
meeting for its members on October 17, 2006, at 10:00 a.m.

At the meeting, Liquidator N. K. Cuthbert will present an
account on the company's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

         N. K. Cuthbert
         W. Marshall & Associates
         64 Jolimont Street
         East Melbourne, Victoria 3002
         Australia


BYMATTEL PTY: Will Declare Third Dividend on October 13
-------------------------------------------------------
Bymattel Pty Ltd, which is subject to a deed of company
arrangement, will declare the third dividend for its creditors
on October 13, 2006.

Creditors who were unable to prove their claims by October 3,
2006, are excluded in the company's distribution of dividend.

The Deed Administrator can be reached at:

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


C & A PAPADOPOULOS: Courts Issue Wind-Up Order
----------------------------------------------
On September 8, 2006, the Federal Court of Australia issued an
order to wind up C & A Papadopoulos Pty Ltd.

The Supreme Court of New South Wales also issued a wind-up order
against the company on September 12, 2006.

Accordingly, Steven Nicols was appointed as liquidator.

The Liquidator can be reached at:

         Steven Nicols
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia


CONSTELLATION BRANDS: Completes US$700 Million Debt Offering
------------------------------------------------------------
Constellation Brands, Inc., completed the sale of US$700 million
aggregate principal amount of Senior Notes, due 2016, with a
7.25% coupon at a price of 99.02% of the principal amount of the
Senior Notes.

The notes are senior obligations that rank equally with all of
the Company's other senior unsecured indebtedness.

The notes will be fully and unconditionally guaranteed by the
subsidiaries that are guarantors under Constellation Brands'
senior bank credit facility.

Constellation Brands is using the $685 million in net proceeds
(after estimated expenses of the offering and underwriters
discounts) from the sale of the notes to reduce a corresponding
amount of borrowings under its senior bank credit facility.

The offering was made only by means of a prospectus supplement
and the accompanying prospectus, copies of which may be obtained
by contacting:

     Kim Bruzzese
     Citigroup Global Markets Inc.
     Telephone (212) 723-6046

                   About Constellation Brands

Constellation Brands, Inc. (NYSE:STZ, ASX:CBR), --
http://www.cbrands.com/-- is an international producer and
marketer of beverage alcohol brands with a broad portfolio
across the wine, spirits and imported beer categories.  Well-
known brands in Constellation's portfolio include: Almaden,
Arbor Mist, Vendange, Woodbridge by Robert Mondavi, Hardys,
Goundrey, Nobilo, Kim Crawford, Alice White, Ruffino, Kumala,
Robert Mondavi Private Selection, Rex Goliath, Toasted Head,
Blackstone, Ravenswood, Estancia, Franciscan Oakville Estate,
Inniskillin, Jackson-Triggs, Simi, Robert Mondavi Winery,
Stowells, Blackthorn, Black Velvet, Mr. Boston, Fleischmann's,
Paul Masson Grande Amber Brandy, Chi-Chi's, 99 Schnapps,
Ridgemont Reserve 1792, Effen Vodka, Corona Extra, Corona Light,
Pacifico, Modelo Especial, Negra Modelo, St. Pauli Girl,
Tsingtao.   The company has operations in Australia, Japan, and
New Zealand

                          *     *     *

As reported in the Troubled Company Reporter on August 14, 2006,
Moody's Investors Service assigned a (P)Ba2 rating to
Constellation Brands, Inc.'s new shelf and concurrently, a Ba2
rating to Constellation's new $500 million senior unsecured
note, due 2016.  Constellation's existing ratings are not
affected by these actions, and have been affirmed.  The ratings
outlook remains negative.


D. TURNER CONSTRUCTION: Court Fix Date to Hear CIR's Petition
-------------------------------------------------------------
A petition to liquidate Dan Turner Construction Ltd will be
heard before the High Court of Wellington on November 9, 2006,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on August 15, 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


DALCOL PTY: Commences Wind-Up of Operations
-------------------------------------------
Members of Dalcol Pty Ltd held a general meeting on
September 12, 2006, and resolved to voluntarily wind up the
company's operations.

In this regard, Garth Desmond Olling and Paul Andrew Billingham
were nominated as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Garth Desmond Olling
         Paul Andrew Billingham
         Grant Thornton
         Level 17, 383 Kent Street
         Sydney, New South Wales 2000
         Australia


FAENZA TRANSPORT: Members Agree to Liquidate Business
-----------------------------------------------------
At a general meeting of Faenza Transport Pty Ltd held on
September 12, 2006, the company's members passed a special
resolution to voluntarily liquidate the company's business.

The Liquidator can be reached at:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner, ACT 2612
         Australia
         Telephone:(02) 6247 5988


GRAHAM CAMPBELL: Creditors Must Prove Debts by October 10
---------------------------------------------------------
Graham Campbell Ferrum Australia Pty Ltd, which is subject to a
deed of company arrangement, will declare the first and final
dividend to its creditors on November 7, 2006, to the exclusion
of those who will not be able to formally prove their debts by
October 10, 2006.

The Deed Administrator can be reached at:

         Gregory J. Shilton
         Gregory J. Shilton & Co
         Suite 4/58 Dow Street
         South Melbourne 3205
         Australia


HERD & HARRIS: Hearing of Liquidation Petition Set on Nov. 23
-------------------------------------------------------------
The High Court of Nelson will hear a liquidation petition filed
against Herd & Harris Jewellers Ltd on November 23, 2006, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
September 1, 2006.

The Solicitor for the Petitioner can be reached at:

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


INVESTMENT PLUS: To Declare Third Dividend on October 13
--------------------------------------------------------
Investment Plus Pty Ltd, which is subject to a deed of company
arrangement, will declare the third dividend for its creditors
on October 13, 2006.

Creditors who were able to admit their debts by October 3, 2006,
are included in the benefit of the dividend.

The Deed Administrator can be reached at:

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


JFLD PTY: Creditors to Wind Up Firm
------------------------------------
On September 11, 2006, creditors of JFLD Pty Ltd resolved to
wind up the company's operations.

Accordingly, Robert Molesworth Hobill was appointed as
liquidator.

The Liquidator can be reached at:

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


JSP CONSULTING: Members and Creditors to Meet on October 12
-----------------------------------------------------------
Members and creditors of JSP Associates Consulting Pty Ltd,
which is in liquidation, will hold a joint final meeting on
October 12, 2006, at 11:00 a.m.

At the meeting, Liquidator Rod Slattery will present a report
regarding the company's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

         Rod Slattery
         PPB
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia
         Telephone: +61-3-9653-6204
         E-mail   : rslattery@ppbvic.com.au


JSP SEARCH: Liquidator Slattery to Give Wind-Up Report
------------------------------------------------------
A joint final meeting will be held on October 12, 2006, at 11:00
a.m., for the members and creditors of JSP Associates Search Pty
Ltd, which is in liquidation.

During the meeting, Liquidator Slattery will give an account
regarding the company's wind-up and property disposal
activities.

The Liquidator can be reached at:

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


KINGDOM BUILDERS: Creditors Proofs of Claim Due on Oct. 20
----------------------------------------------------------
Creditors of Kingdom Builders Ltd are required to prove their
debts to Liquidators John Trevor Whittfield and Dennis John Wood
by October 20, 2006.

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

As reported in the Troubled Company Reporter - Asia Pacific on
September 1, 2006, the Accident Compensation Commission filed
with the High Court of Auckland, a liquidation petition against
the company.

The petition was heard before the Court on September 7, 2006.

The Joint Liquidators can be reached at:

         J. T. Whittfield
         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


MERCHANT ACCOUNTING: Members Resolve to Shut Down Business
----------------------------------------------------------
On September 11, 2006, members of Merchant Accounting Pty Ltd
resolved to wind up the company's operations and appointed Peter
Goodin as liquidator.

The Liquidator can be reached at:

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


MORGAN HOWARD: Final Meeting Scheduled on October 16
----------------------------------------------------
A final meeting of the members and creditors of Morgan Howard
(Australia) Pty Ltd, which is in liquidation, will be held on
October 16, 2006, at 10:00 a.m., to receive Liquidator
Grosvernor's account on the company's wind-up proceedings and
property disposal exercises.

The Liquidator can be reached at:

         Rodney Charles Grosvenor
         Grosvenor Schiliro
         Level 2, 333 George Street
         Sydney, New South Wales 2000
         Australia


NATIONAL ELECTRICITY: Members Resolve to Close Business
-------------------------------------------------------
Members of National Electricity Code Administrator Ltd held a
general meeting on September 11, 2006, and resolved to close the
company's business.

In this regard, Samuel Charles Davies and Colin McIntosh Nicol
were appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Samuel Charles Davies
         Colin McIntosh Nicol
         c/o McGrathNicol+Partners
         Level 13, 99 Gawler Place
         Adelaide, South Australia 5000
         Australia
         Telephone: 08 8468 3700
         Web site: http://www.mcgrathnicol.com


NATIONAL FINANCE 2000: Sells Loan Book for NZ$7.7 Million
---------------------------------------------------------
Investors in National Finance 2000 Limited will get a partial
repayment, after the company's loan book was sold for
NZ$7.7 million to a party associated with Cynotech Holdings Ltd,
New Zealand Press Association

Colin McCloy, a partner at PriceWaterhouseCoopers, as the
company's receivers, disclosed that an initial dividend of 30%
would be made this week to secured debenture holders, ShareChat
News relates, noting that subordinated investors would still not
receive anything from the receivership.

NZPA cites Mr. McCloy as saying that the company's remaining
assets are still being realized.  Once it is completed, the
debenture holders could expect to get 40-45% of their original
investment back, NZPA says.

"This is at the higher end of the 30%-50% scale that we
estimated in June," Mr. McCloy notes.

As reported in the Troubled Company Reporter - Asia Pacific on
June 8, 2006, secured debenture stockholders were likely to
recover between 30% and 50% of their investment, but
subordinated investors won't recover anything.

Various government bodies are continuing their investigations
into National Finance, Mr. McCloy relates.

According to ShareChat, National Finance's receivers were able
to return around NZ$750,000 to a small number of investors whose
deposits have been held in a trust since the company collapsed.

                          *     *     *

A report by the TCR-AP on May 12, 2006, said that National
Finance 2000 is the first major finance company to collapse in
recent years and has re-ignited fears of a wider rout in a
sector weighed down by debt after several years of strong
economic growth.

National Finance's managing director, Allan Ludlow, shouldered
the blame for the Company's collapse, but assured that he will
work closely with the receivers appointed by Covenant Trustee
Company -- John Waller and Colin McCloy of
PricewaterhouseCoopers -- to get the maximum amount of money
back for investors.

Business Review previously said that National Finance's troubles
escalated when Nichibo Motor Company of Japan, the supplier of
Mr. Ludlow's Payless Car, lost patience over debts of up to
NZ$3 million.  Those debts prompted Mr. Ludlow to launch a
prime-time ad campaign to seduce potential National Finance
investors with an offer of 10% debenture stock.

Information relating to National Finance's receivership is
available for free at:

http://www.pwc.com/Extweb/service.nsf/docid/292DC94B9EA08D3ACA25716B0072DAD0


NATIONAL FINANCE 2000: Disposes Loan Contract Interest
------------------------------------------------------
The receivers of National Finance 2000 Limited advises the
company's clients that by Deed of Assignment of Debt dated
October 6, 2006, National Finance has disposed of its interest
under the loan contract between itself and its clients to
Wairahi Finance Limited.

The parties have contracted Budget Loans Ltd as their manager
and agent.

Wairahi Finance and Budget Loans have the same offices at Level
4, National Bank Building, 187 Broadway, in Newmarket, Auckland.

All payments of principal, interest, or other money due after
October 6, 2006, are to continue to be made to the same bank
account at the BNZ as per previous arrangements, or the
alternate account as may be instructed from time to time.

                          *     *     *

A report by the TCR-AP on May 12, 2006, said that National
Finance 2000 is the first major finance company to collapse in
recent years and has re-ignited fears of a wider rout in a
sector weighed down by debt after several years of strong
economic growth.

National Finance's managing director, Allan Ludlow, shouldered
the blame for the Company's collapse, but assured that he will
work closely with the receivers appointed by Covenant Trustee
Company -- John Waller and Colin McCloy of
PricewaterhouseCoopers -- to get the maximum amount of money
back for investors.

Business Review previously said that National Finance's troubles
escalated when Nichibo Motor Company of Japan, the supplier of
Mr. Ludlow's Payless Car, lost patience over debts of up to
NZ$3 million.  Those debts prompted Mr. Ludlow to launch a
prime-time ad campaign to seduce potential National Finance
investors with an offer of 10% debenture stock.

Information relating to National Finance's receivership is
available for free at:

http://www.pwc.com/Extweb/service.nsf/docid/292DC94B9EA08D3ACA25716B0072DAD0


NUFARM FINANCE: S&P Rates Proposed AU$300 Mln Hybrid Issue "BB"
---------------------------------------------------------------
On October 5, 2006, Standard & Poor's Ratings Services assigned
its 'BB' long-term credit rating to Nufarm Finance (NZ) Ltd.'s
proposed step-up securities, which are guaranteed by Nufarm Ltd.
(Nufarm; BBB-/Positive/--).

Nufarm intends to issue up to AU$300 million of the securities,
which are in the form of perpetual, non-cumulative, unsecured,
subordinated notes.  The notes are rated two notches below
Nufarm's long-term credit rating because they are subordinated
to the company's senior creditors, and because distributions on
the notes can be cancelled at the sole discretion of the
company's directors.

Importantly for the Nufarm corporate credit rating, Standard &
Poor's assigned "intermediate" equity credit to the NSS, which
means that we recognize the material equity-like features of
this debt instrument.  The proceeds of the NSS will largely be
used to finance the redemption of existing subordinated notes.

The key features of the NSS are:

   -- The NSS have no fixed maturity or repayment date, and
      redemption can occur only in limited circumstances;

   -- The notes are subordinated to all senior creditors of
      Nufarm;

   -- Coupons are payable at the discretion of Nufarm's
      directors and unpaid coupons are non-cumulative.
      Importantly, non-payment of a coupon does not represent an
      event of default under the NSS terms.  However, Nufarm
      would be prohibited from paying a dividend on ordinary
      shares or executing a capital return while coupons are not
      being paid.

   -- Nufarm can remarket the NSS at each remarketing date, the
      first of which is in November 2011.  If the remarketing is
      unsuccessful or a remarketing process does not occur, then
      an additional step-up margin of 200 basis points is
      payable.

In conjunction with issuing the NSS, Nufarm has entered into a
replacement capital deed in favor of senior lenders to the
company, in which Nufarm undertakes to keep this or a similar
security as a long-term part of their capital structure.  If
redeemed, the notes will need to be replaced by an amount of
ordinary equity or another similar hybrid instrument with equity
content equal to the redeemed amount (unless the redemption
would not cause a downgrade of Nufarm's long-term corporate
credit rating by Standard & Poor's).

"From the perspective of Nufarm's corporate credit rating, this
legally binding replacement covenant is the key credit feature
of the NSS," credit analyst Brenda Wardlaw said.  "This clearly
evidences Nufarm's intention to maintain this or a similar
instrument as a permanent part of its capital structure,
notwithstanding the potential 200 basis point margin step-up at
the remarketing date."

Ms. Wardlaw added: "The permanency and loss-absorption
properties of this instrument are important to Nufarm's existing
'BBB-' long-term credit rating, which has a positive rating
outlook.  As noted in our media release dated August 8, 2006,
the outlook remains positive despite the negative impact on
Nufarm's fiscal 2006 results principally arising from adverse
seasonal conditions in Brazil.  A rating upgrade is predicated
on improved financial performance."

Nufarm is a growth-oriented company that manufactures and
distributes a selected range of crop-protection products in
global markets.  The company reported net operating profit for
the year ended July 31, 2006, of AU$121.1 million, marginally
lower than the AU$121.7 million reported for fiscal 2005.

Improved performances from most of Nufarm's core crop-protection
operations were more than offset by an anticipated weaker result
from its Agripec investment in Brazil.  Nufarm continued its
bolt-on growth strategy, with small acquisitions in the seed
area and in the Italian crop-protection market (after balance
date). Divestments included the animal health business and the
foreshadowed sale of Nufarm's 80% share in the Nufarm Coogee
chlor alkali joint venture to its partner Coogee Chemicals.

Nufarm's total debt of AU$622.8 million at July 31, 2006, was up
15%, due in part to significantly higher working capital.


P. HARRIS JEWELLERS: Facing CIR's Liquidation Petition
------------------------------------------------------
Paul Harris Jewellers Ltd is facing a liquidation petition filed
by the Commissioner of Inland Revenue on September 1, 2006,
before the High Court of Nelson.

The petition is slated for hearing on November 23, 2006, at
10:00 a.m.

The Solicitor for the Petitioner can be reached at:

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


PACIFIC COMMUNICATIONS: Liquidation Hearing Slated for Oct. 12
--------------------------------------------------------------
A petition to liquidate Pacific Communications Co Ltd will be
heard before the High Court of Auckland on October 12, 2006, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition on July
25, 2006.

The Solicitor for the Petitioner can be reached at:

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


PURITY PROPERTY: Members Opt for Voluntary Wind-Up
--------------------------------------------------
At an extraordinary general meeting held on September 11, 2006,
the members of Purity Property Services Pty Ltd resolved to
voluntarily wind up the company's operations.

Creditors appointed Andrew Stewart Reed Hewitt as liquidator at
a separate meeting held later that day.

The Liquidator can be reached at:

         Andrew Stewart Reed Hewitt
         Grant Thornton
         Rialto Towers, Level 35
         South Tower, 525 Collins Street
         Melbourne, Victoria 3000
         Australia


STARRION HOLDINGS: Court to Hear CIR's Liquidation Petition
-----------------------------------------------------------
On July 28, 2006, the Commissioner of Inland Revenue filed a
liquidation petition against Starrion Holdings Ltd with the High
Court of Auckland.

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

The Solicitor for the Petitioner can be reached at:

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


STARWEST GROUP: To Hold Joint Final Meeting on October 12
---------------------------------------------------------
A joint final meeting of the members and creditors of Starwest
Group Pty Ltd, which is in liquidation, will be held on Oct.12,
2006, at 11:30 a.m.

During the meeting, the members and creditors will receive
Liquidator Gamble's report on the activities that transpired
during the wind-up period.

The Liquidator can be reached at:

        Ron Gamble
        c/o BDO
        8th Floor, 256 St George's Terrace
        Perth, Western Australia 6000
        Australia
        Telephone:(08) 9360 4200


STEELWORKS INTL: Faces Liquidation Proceedings
----------------------------------------------
Christchurch Helicopters Ltd filed on August 28, 2006, a
liquidation petition against Steelworks International Ltd with
the High Court of Timaru.

The petition will be heard on November 29, 2006, at 11:00 a.m.

The Solicitor for the Petitioner can be reached at:

         Owen Goodfrey Paulsen
         Cavell Leitch Pringle & Boyle, Solicitors
         Level 15, Clarendon Tower
         corner of Worcester Street and Oxford Terrace
         (P.O. Box 799), Christchurch
         New Zealand
         Telephone: (03) 379 9940
         Facsimile: (03) 379 2408


STILLON NOMINEES: Placed Under Members' Voluntary Wind-Up
---------------------------------------------------------
The members of Stillon Nominees Pty Ltd resolved on Sept.11,
2006, to voluntarily wind up the company's operations and
appoint C. A. Huxtable, G. A. Lopez and E. R. Verge as joint and
several liquidators.

The appointment of the liquidators was consequently confirmed at
the creditors' meeting held that same day.

The Joint and Several Liquidators can be reached at:

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


STOCKFORD (KEMP): Prepares to Declare Third Dividend
----------------------------------------------------
Stockford (Kemp) Pty Ltd, which is subject to a deed of company
arrangement, will declare the third dividend for its creditors
on October 13, 2006.

Creditors who failed to submit their proofs of claim on
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 (MANSFIELD): To Distribute Third Dividend on Oct. 13
--------------------------------------------------------------
Stockford (Mansfield) Pty Ltd, which is subject to a deed of
company arrangement, will distribute the third dividend for its
creditors on October 13, 2006.

Only those creditors who were able to prove their debts by
October 3, 2006, are included 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 (NOCK): To Declare Third Dividend on October 13
---------------------------------------------------------
Stockford (Nock) Pty Ltd, which is subject to a deed of company
arrangement, 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 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


TECHFORCE AUSTRALIA: Placed Under Voluntary Liquidation
----------------------------------------------------------
Shareholders of Techforce Australia Pty Ltd on September 11,
2006, agreed to voluntarily liquidate the company's business and
distribute the proceeds of its assets disposal.

Subsequently, Robert Knox Dobbie was appointed as liquidator.

The Liquidator can be reached at:

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


TECHPEOPLE AUSTRALIA: Pass Resolution to Wind Up Operations
-----------------------------------------------------------
At a general meeting held on September 11, 2006, shareholders of
Techpeople Australia Pty Ltd passed a special resolution to
voluntarily wind up the company's operations and distribute the
proceeds from 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
         Level 7, 16-20 Barrack Street
         Sydney, New South Wales
         Australia


WELLMAN CONSTRUCTION: Creditors Must Prove Debts by October 12
--------------------------------------------------------------
Jeffrey Philip Meltzer and Michael Lamacraft, acting as joint
and several liquidators in the liquidation of Wellman
Construction Ltd, required the company's creditors to prove
their debts by October 12, 2006.

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

The Joint Liquidators can be reached at:

         M. Lamacraft
         Meltzer Mason Heath
         Chartered Accountants
         P.O. Box 6302, Wellesley Street
         Auckland, New Zealand
         Telephone: (09) 357 6150
         Facsimile: (09) 357 6152


WHITES HARDWARE: Members Opt for Voluntary Wind-Up
--------------------------------------------------
On September 11, 2006, the members of Whites Hardware Pty Ltd
held a general meeting and agreed to voluntarily wind up the
company's operations.

Subsequently, George Divitkos was appointed as liquidator.

The Liquidator can be reached at:

         George Divitkos
         BDO
         Chartered Accountants & Advisers
         248 Flinders Street
         Adelaide, South Australia 5000
         Australia


WILLIAMS INVESTMENT: Appoints Joint Liquidators
-----------------------------------------------
The appointment of Peter Reginald Jollands and Rory Iain Grieve
as liquidators on September 11, 2006, commenced the liquidation
of Williams Investment Group Ltd.

In this regard, the company's creditors are required to submit
their proofs of claim by October 20, 2006.  Failure to prove
their debts will exclude a creditor from sharing in any
distribution the company will make.

The Joint Liquidators can be reached at:

         Rory Iain Grieve
         Jollands Callander
         Accountants and Insolvency Practitioners
         Level Four, 3-13 Shortland Street
         Auckland, P.O. Box 106-141
         New Zealand
         Web site: http://www.jollandscallander.co.nz
         Telephone: (09) 379 0463
         Facsimile: (09) 379 0465
         E-mail: rory@jollandscallander.co.nz


WORKFORCE HEADSTART: Placed Under Voluntary Wind-Up
---------------------------------------------------
Shareholders of Workforce Headstart Pty Ltd met on September 11,
2006, and agreed 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
         Level 7, 16-20 Barrack Street
         Sydney, New South Wales
         Australia


WORKFORCE HIRE: Enters Voluntary Liquidation
--------------------------------------------
On September 11, 2006, Workforce Hire Pty Ltd held a general
meeting and resolved to voluntarily wind up the company's
operations and distribute the proceeds from the disposal of its
assets.

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

The Liquidator can be reached at:

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


WORKFORCE JOBS: Undergoes Wind-Up Proceedings
---------------------------------------------
At a general meeting held on September 11, 2006, shareholders of
Workforce Jobs Pty Ltd resolved that a voluntary wind-up of the
company's operations is appropriate and necessary.

Robert Knox Dobbie was consequently appointed as liquidator.

The Liquidator can be reached at:

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


WORKFORCE LABOUR: Appoints Robert Knox Dobbie as Liquidator
-----------------------------------------------------------
Workforce Labour Hire (North Coast No. 1) Pty Ltd held a general
meeting on September 11, 2006, and resolved to voluntarily wind
up the company's operations and distribute the proceeds of its
assets disposal.

Robert Knox Dobbie was subsequently appointed as liquidator.

The Liquidator can be reached at:

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


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

BUSINESS INVESTMENT: Members Opt to Shut Down Operations
--------------------------------------------------------
At an extraordinary general meeting held on September 30, 2006,
the members of Business Investment Ltd passed a special
resolution to voluntarily wind up the company's operations.

In this regard, Chan Yee Por, Simon was appointed as liquidator.

The Liquidator can be reached at:

         Chan Yee Por, Simon
         15/F., Pico Tower
         66 Gloucester Road
         Wanchai, Hong Kong


CRYSTAL JADE: Creditors and Contributories to Meet on Oct. 13
-------------------------------------------------------------
Creditors and contributories of Crystal Jade Restaurant Ltd, in
compulsory liquidation, will hold their first separate meetings
on October 13, 2006.

Proofs of debt and proxies to be used at the meeting must be
lodged by October 12, 2006 at 5:00 p.m. to Liquidator Bruno
Arboit.

The Liquidator can be reached at:

         Bruno Arboit
         c/o Baker Tilly Hong Kong
         12/F, China Merchants Tower
         Shun Tak Centre, 168-200 Connaught Road
         Central, Hong Kong
         Tel: 2525 0171
         Fax: 2810 1417


GREAT CHINA: Restates Fiscal-Year 2005 Financial Statements
-----------------------------------------------------------
Great China International Holdings, Inc., has delivered its
amended financial statements on Form 10-KSB/A for the fiscal
year ended December 31, 2005, to the Securities and Exchange
Commission.

The amended annual report restates the company's financial
statements to correct errors related to construction costs and
the allocation of common area costs.

                      Restated Financials

For the full year ended December 31, 2005, the company reported
US$80,394 of net income on US$26.5 million of net revenues,
compared to a US$597,248 net loss on US$29.6 million of net
revenues in 2005.

At December 31, 2005, the company's balance sheet showed US$79.4
million in total assets and US$79.9 million in total liabilities
resulting in a US$559,102 stockholders equity' deficit.

The company's December 31 balance sheet also showed strained
liquidity with US$32 million in total current assets available
to pay US$76.7 million in total current liabilities coming due
within the next 12 months.

A full-text copy of the company's Amended Annual Report is
available for free at:

             http://researcharchives.com/t/s?12f5

                        Going Concern Doubt

Murrell, Hall, McIntosh & Co., PLLP, expressed substantial doubt
about Great China International Holdings' ability to continue as
a going concern after it audited the company's financial
statements for the year ended December 31, 2005.  The auditing
firm pointed to the company's working capital deficit and bank
loan defaults.

                        About Great China

Founded in 1989, Great China International Holdings'
(OTCBB:GCIH) wholly owned subsidiary, Shenyang Maryland
International Industry Co., Ltd., is one of the largest non-
state-owned real estate developers in Northeast China.  The
company's core business is premium residential and commercial
development and management.

It currently owns and manages the President Building, which was
completed in April 2002, with 25 tenants comprised of Fortune
500 companies, including General Electric (China) Co., Ltd.,
Johnson & Johnson, Kodak, and Philip Morris.

The company's prior developments included the Maryland Building,
Roma Resort Garden, Qiyun New Village, Peacock Garden,
University Campus of Shenyang Teacher's University, and
Chenglong Garden, mostly located in Shenyang.


JDH (CHINA): Liquidator to Present Wind-Up Report
-------------------------------------------------
Members of JDH (China) Ltd will convene for a final general
meeting on November 2, 2006, 11:00 a.m., at 20/F, Prince's
Building, Central, Hong Kong.

During the meeting, Liquidator Rainier Hok Chung Lam will give
an account regarding the company's wind-up and property
disposal.


KWAN FONG: Liquidator Fred Lee Step Aside
-----------------------------------------
On September 19, 2006, Fred Lee ceased to act as liquidator of
Kwan Fong Charitable Foundation Ltd.

The Troubled Company Reporter - Asia Pacific reported that
members of the company received on September 29, 2006,
Liquidator Lee's report regarding the company's wind-up.

The former Liquidator can be reached at:

         Fred Lee
         2803A, 28/F, Wu Chung House
         213 Queen's Road East
         Wanchai, Hong Kong


LINE ANALYTICS: Annual Meetings Scheduled on October 6
------------------------------------------------------
The members and creditors Line Analytics Ltd held separate
annual meetings on October 6, 2006, at office of Baker Tilly
Hong Kong, 12/F., China Merchants Tower, Shun Tak Centre, 168-
200 Connaught Road, Central, Hong Kong.

At the meeting, the members and creditors received an account of
the company's wind-up and property disposal exercises since
July 7, 2003, from Liquidator Simon Blade.


MASSEY ENERGY: S&P Revises Outlook to Developing from Stable
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook to
developing from stable on Massey Energy Co., which has a
corporate credit rating of 'B+'.  A developing outlook means the
ratings can be raised, lowered, or affirmed.

"The outlook revision follows the company's announcement that it
has engaged the services of Goldman, Sachs & Co. to assist in
its review of strategic opportunities to maximize shareholder
value," Standard & Poor's credit analyst Dominick D'Ascoli,
said.

Massey Energy Co. has limited geographic diversity, exposure to
the difficult operating environment of Central Appalachia, high
cost position, and aggressive financial leverage.

Standard & Poor's continues to believe that Central Appalachian
coal will continue to lose market share to the Illinois and
Northern Appalachian coal-producing regions over the next
several years as coal-burning power plants install emission-
control equipment, allowing them to burn high-sulfur coal from
these regions.

The direction of possible ratings movement will primarily be
influenced by the outcome of the company's review of strategic
opportunities to enhance shareholder value.  Standard & Poor's
assumes that all the opportunities are being considered.

"We could revise the outlook to positive, raise our ratings, or
affirm them if Massey is acquired or mergers with a stronger
company or if Massey acquires another company without using
significant debt financing," Mr. D'Ascoli said.

"We could revise the outlook to negative, or lower our ratings,
if Massey retains its aggressive financial leverage and again
revises downward its estimate of future production or margins.
We could also lower our ratings if the company implements
additional shareholder initiatives at a meaningful detriment to
the balance sheet.  The ratings could be affirmed if we come to
expect total debt to EBITDA and funds from operations to total
debt to approximate around 4x and 15%, respectively, through an
industry cycle."

Based in Richmond, Virginia, Massey Energy Company (NYSE: MEE) -
- http://www.masseyenergyco.com/-- produces Central Appalachian
coal, with subsidiaries serving more than 125 utility,
industrial and metallurgical customers around the world.  The
company has operations in China.


MEL APPEL: Shareholders Resolve to Wind-Up Operations
-----------------------------------------------------
On September 28, 2006, shareholders of Mel Appel Ltd resolved to
voluntarily wind up the company's operations.

Subsequently, Tam Chi Chung was appointed as liquidator.

The Liquidator can be reached at:

         Tam Chi Chung
         Room 804, Cheong K. Building
         84-86 Des Voeux Road
         Central, Hong Kong


MULTI-TRADE LTD: Court Names Joint Liquidators
----------------------------------------------
On August 30, 2006, the High Court of Hong Kong appointed Wong
Man Chung, Francis and Wong Wai Man, Cliff as joint and several
liquidators for the winding up of Multi-Trade Ltd.

The Joint Liquidators can be reached at:

         Wong Man Chung, Francis
         Wong Wai Man, Cliff
         19/F, No. 3 Lockhart Road
         Wanchai, Hong Kong


NORTHERN WET: Members' Final Meeting Set on October 31
------------------------------------------------------
A final general meeting of the members of Northern Wet Market
Management Ltd, which is under voluntary liquidation, will be
held on October 31, 2006, 3:30 p.m., at Room 1005 Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong.

During the meeting, Liquidator Lam Ying Sui will present a
report on the company's wind-up and property disposal exercises.


REGENT BONUS: Appoints Jacky Chung Wing Muk as Liquidator
---------------------------------------------------------
Jacky Chung Wing Muk was appointed liquidator of Regent Bonus
Investment Ltd on September 26, 2006 at the creditors annual
meetings held that day.

As previously reported by the Troubled Company Reporter - Asia
Pacific, Gabriel Chi Kok Tam ceased to act as liquidator of the
company on September 26, 2006.

The new Liquidator can be reached at:

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


ROYAL FOCUS: Members to Receive Wind-Up Report
----------------------------------------------
Members of Royal Focus Ltd, which is in liquidation, will hold a
final general meeting on October 31, 2006, 4:00 p.m., at Room
1005 Allied Kajima Building, 138 Gloucester Road in Wanchai,
Hong Kong.

At the meeting, the members will receive Liquidator Lam Ying
Sui's account on the company's wind-up and property disposal
activities.


SAMMEI BAKERY: Court to Hear Wind-Up Petition on November 8
-----------------------------------------------------------
A wind-up petition filed against Sammei Bakery Company Ltd will
be heard before the High Court of Hong Kong on November 8, 2006,
at 9:30 a.m.

Royal Food Marketing Ltd filed the petition with the Court on
September 12, 2006.

The Solicitors for the Petitioner can be reached at:

         Christine M. Koo & Ip
         Room 601, 6/F, Tower 1
         Admiralty Centre, 18 Harcourt Road
         Hong Kong


STEWART & STEVENSON: 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 last week, the rating agency affirmed its B2 Corporate
Family Rating for Stewart & Stevenson LLC.

Moody's also affirmed its B3 rating on the company's 10% Senior
Unsecured Global Notes Due 2014, and assigned those debentures
an LGD5 rating suggesting a projected loss-given default of 74%.

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

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

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

Headquartered in Houston, Texas, Stewart & Stevenson LLC
-- http://www.stewartandstevenson.com/-- provides capital and
rental equipment and aftermarket parts and services that
supports the specific requirements of global clients within the
oil and gas industry.

The company has international locations in China, Colombia,
Russia and Venezuela.


SUCCESSFUL DYEING: Faces Wind-Up Proceedings
--------------------------------------------
A petition to wind up Successful Dyeing Factory Ltd will be
heard before the High Court of Hong Kong on November 15, 2006,
at 9:30 a.m.

Tam Ho Yin presented the petition with the Court on
September 15, 2006.

The Solicitors for the Petitioner can be reached at:

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


SUNNY BAY: Enters Voluntary Wind-Up
-----------------------------------
The members of Sunny Bay Industrial Ltd held a general meeting
on September 25, 2006, and agreed to voluntarily wind up the
company's operations.

Leung Hok Lim and Leong Ting Kwok David were consequently
appointed as joint and several liquidators.

The Joint Liquidators can be reached at:

         Leung Hok Lim
         Leong Ting Kwok, David
         26/F, Citicorp Centre
         18 Whitfield Road, Causeway Bay
         Hong Kong


TAURUS NAVIGATION: Sole Member to Wind Up Firm
----------------------------------------------
On September 26, 2006, the sole member of Taurus Navigation
Corporation Ltd passed a special resolution to voluntarily wind
up the company's operations.

Accordingly, Cheng Seng Chong Edward and Leung Kwai Ying were
appointed as joint and several liquidators.

The Joint Liquidators can be reached at:

         Cheng Seng Chong Edward
         Leung Kwai Ying
         Room 1802 Harbour Centre
         25 Harbour Road, Wanchai
         Hong Kong


TREASURE WEALTH: Wind-Up Petition Hearing Set on November 15
------------------------------------------------------------
Ever Light Ltd on September 18, 2006, filed before the High
Court of Hong Kong a petition to wind up the operation of
Treasure Wealth Ltd.

The Court will hear the petition on November 15, 2006, at 9:30
a.m.

The Solicitors for the Petitioner can be reached at:

         Vincent T. K. Cheung, Yap & Co.
         15/F., Alexandra House
         18 Chater Road
         Central, Hong Kong


* China's Commercial Banks Sees Drop in Bad Loans
-------------------------------------------------
China's commercial banks saw their non-performing loan ratio
drop 1.1 percentage points to 7.5% from January to June 2006,
Xinhuanet News says, citing a report from China Banking
Regulatory Commission.

According to the state regulator, the fall indicates that the
banking industry had improved its ability to fend off risks.
CBRC's data shows that by the end of June 2006, non-performing
loans stood at CNY1.28 trillion or US$160 billion,
CNY43.5 billion down from the beginning of the year.

State-owned commercial banks had bad loans of CNY1.055 trillion,
CNY16.5 billion less than the start of the year, with their NPL
ratio falling one percentage point to 9.5%.

In addition, Xinhua relates that in the first six months, 480
criminal acts were reported in financial institutions of the
banking industry, 89 cases fewer than the same period last year.


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

INDUSTRIAL DEVELOPMENT: Nears 2008 Targets with UWB Merger
----------------------------------------------------------
Industrial Development Bank of India's merger with United
Western Bank brings IDBI's branch network from 200 to 430
branches, Moneycontrol.com points out in a report.  IDBI is
targeting 500 branches by 2008.

Furthermore, IDBI aims to have an asset portfolio of
INR1.10 trillion by 2008 and set up branches in Singapore,
Bahrain and Dubai, according to India Infoline.

Media reports also note that with the merger, the number of IDBI
employees will be increased by 3,200.  Currently, the Bank's
staff number 4,600.

By the end of fiscal year 2007, IDBI is also targeting an
increase in interest rate spreads to more than 2% and an
increase in NIM to 1%, IDBI Chairman VP Shetty told Infoline.

IDBI will operate UWB's branch network as strategic business
unit to cater to agriculture, traders, small and medium
enterprises and socially downtrodden sectors, Infoline adds.

               About Industrial Development Bank

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

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
July 28, 2006, that Moody's Investors Service assigned a D-
financial strength rating and Ba2/Not-Prime long- and short-term
foreign currency deposit ratings to Industrial Development Bank
of India Limited.  All ratings have stable outlooks.  The bank's
existing Baa2 foreign currency senior unsecured debt rating was
unaffected by this action.

Additionally, Standard & Poor's Ratings Services gave IDBI's
long-term foreign issuer credit a BB+ rating on April 19, 2006.


KOTAK MAHINDRA: Board to Meet Regarding Sept. 2006 Financials
-------------------------------------------------------------
Kotak Mahindra Bank Ltd's board of directors will hold a meeting
on October 19, 2006, to, inter alia, take on record the
unaudited financial results of the Bank for the quarter and
half-year periods ended September 30, 2006.

The Troubled Company Reporter - Asia Pacific reported on
September 21, 2006, the company's results for the previous
quarter.  Pursuant to the report, the Bank posted a consolidated
profit after tax of INR104.43 crore for the quarter ended
June 30, 2006.

                      About Kotak Mahindra

Headquartered in Mumbai, India, Kotak Mahindra Bank Limited --
http://www.kotak.com/-- is a commercial bank.  The Commercial
Banking segment includes money market, forex market, derivatives
and investments; wholesale borrowings and lendings and services;
retail borrowings covering savings and current accounts and
banking branch network and services, and commercial vehicle
finance, personal loans, home loans, agriculture finance and
other loans/services.  Corporate Centre segment includes
strategic investment and activities.  Car Finance segment offers
car financing.  Broking segment includes brokerage related to
secondary market transactions, services rendered in connection
with primary market subscription mobilization.  Investment
Banking segment includes advisory and transactional services
providing financial advisory services.  Trading/Principal
Investments segment includes dealing in debt, equity, money
market and loans/deposits.  Insurance segment offers life
insurance.  Others segment includes forex broking, asset
management services and others.

Fitch Ratings assigned a '5' Support rating to Kotak Mahindra
Bank.


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

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

SBI is the largest bank in India with a deposit base of INR3,800
billion and advances of INR2,616 billion as on March 31, 2006.
SBI's strong franchise (9,177 branches and 70 overseas offices
as on March 31, 2006) has enabled it to access stable retail
funds that constituted about 60 per cent of the total deposits
as on March 31, 2006 (56 per cent as on March 31, 2004).  The
bank's cost of deposits (excluding Indian Millennium Deposits)
reduced to 4.49 per cent in 2005-06 (refers to financial year,
April 1 to March 31) from 4.69 per cent in 2004-05 due to re-
pricing of the relatively higher cost term deposits which
matured in 2005-06.  SBI's strong liquidity position supports
its resource profile.  Its strong liquidity is marked by healthy
accretion to deposits, large limits in the call market, and
significant surplus statutory liquidity ratio (SLR) investments;
the SLR, as on March 31, 2006 was at about 35 per cent of the
net demand and time liabilities, against a minimum regulatory
requirement of 25 per cent.

SBI's large net worth base of INR276 billion (as on March 31,
2006) strengthens its capital position; as on March 31, 2006,
the bank's Tier I capital adequacy as a proportion of risk
weighted assets was 9.36 per cent.  The bank's comfortable
capital position also reflects in the net worth coverage for net
non-performing assets of 5.6 times as on March 31, 2006, up from
3.67 times as on March 31, 2004.

SBI's rating is also supported by its satisfactory profitability
levels.  The bank's return on assets has remained at around 0.9-
1.0 per cent per annum for the last three years.  The bank's fee
income, as a proportion of its assets deployed, stood at 1.19
per cent in 2005-06.  However, the bank's net profitability
margin has dropped to 1.21 per cent in 2005-06 from 1.58 per
cent in 2004-05.  The drop in NPM is mainly on account of an
increase in the operating expenses by about 17 per cent and a
sharp fall in the income from its investments portfolio.  Also
the bank did not re-price its advances early enough, further
contributing to the dip in NPM levels in 2005-06.  Despite this,
SBI reported a growth in profit after tax of 2.4 per cent in
2005-06 because of an increase in other income levels of a non-
recurring nature.

SBI's rating is supported by a good management team that has
effectively adapted to the changing banking environment by
devising appropriate business growth and product diversification
strategies.

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

                            Outlook

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

                    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.


STEELCASE INC: Moody's Confirms Ba1 Corporate Family Rating
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Consumer Products sector, the rating
agency confirmed its Ba1 Corporate Family Rating for Steelcase,
Inc. and its Ba1 rating on the company's US$250 million senior
unsecured notes.  Additionally, Moody's assigned an LGD4 rating
to those bonds, suggesting noteholders will experience a 59%
loss in the event of a default.

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

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

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

Headquartered in Grand Rapids, Michigan, Steelcase, Inc.,
(NYSE: SCS) -- http://www.steelcase.com/-- designs and
manufactures architecture, furniture and technology products.
Founded in 1912, Steelcase serves customers through a network of
more than 800 independent dealers and approximately 13,000
employees worldwide.

The company has Asian presence, including in Australia, China,
Hong Kong, Indonesia and India.


UCO BANK: CRISIL Enhances Ratings on CD Program
-----------------------------------------------
The Credit Rating Information Services of India Limited has
enhanced the rated amount of UCO Bank's Certificate of Deposit
Programme.  The ratings on UCO Bank's debt instruments continue
to reflect the benefits of majority ownership by the Government
of India.  The ratings also reflect the bank's adequate
liquidity position and resource profile.  These rating strengths
are, however, tempered by the bank's modest Tier I capital
adequacy ratio, and average earnings profile and asset quality.

The ratings on UCO Bank's Tier I perpetual debt issues and upper
Tier II debt issues also take into account the unique features
of the instruments, including the conditional debt-servicing
characteristic.  CRISIL has also factored into the ratings the
bank's current and projected capital adequacy levels, and
ability to raise fresh capital (both equity and hybrid Tier I).

UCO Bank's Tier I capital adequacy, as a proportion of its risk-
weighted assets, has improved to 6.1 per cent as on March 31,
2006, from 5.75 per cent as on March 31, 2005, owing to an issue
of Tier I perpetual debt in March 2006.  CRISIL believes that
the current high level of GoI holding in UCO Bank provides the
bank with substantial room to raise fresh capital from the
market.

The bank's stated intention to raise fresh equity capital is
another factor that should enable it to maintain its overall
capital adequacy well above the minimum regulatory level.

The ratings on Tier I perpetual debt and upper Tier II bonds
centrally factor in UCO Bank's policy of maintaining its overall
capital adequacy ratio above 11 per cent, and plans to raise
additional capital through a follow-on public issue over the
next 12 months.

The likelihood of systemic support in the event of distress is a
key factor that drives the ratings of several Indian Public
Sector Banks.  Public sector banks such as UCO Bank also receive
additional support from GoI owing to its moral obligation as
their owner to provide such support; GoI currently holds 74.98
per cent of the UCO Bank's equity.

UCO Bank's liquidity profile is adequate, with large statutory
liquidity ratio investments and access to the call market. UCO
Bank's resource profile has benefited from the above average
deposit growth, at a compounded annual growth rate of 20 per
cent during the last three years, and reasonable proportion of
low-cost current and savings account deposits.  The bank's
earnings profile is average, with a net profitability margin of
1.29 per cent in 2004-05 (refers to financial year, April 1 to
March 31), compared with around 1.25-1.50 per cent for the
overall banking system.

CRISIL expects that UCO Bank's operations will continue to
remain profitable over the near to medium term.

                             Outlook

The outlook on all the above ratings is stable.  CRISIL expects
GoI's support, and UCO Bank's adequate liquidity, to continue to
offset the bank's modest capitalisation and average asset
quality levels.

CRISIL has enhanced the rated amount of UCO Bank's CD Programme
as follows:

   * INR60 Billion Certificate of Deposit Programme: P1+
     (Enhanced from INR50 Billion)

   * INR2.5 Billion Tier I Perpetual Debt Issue:
     AA/Stable(Reaffirmed)

   * INR2.0 Billion Tier I Perpetual Debt Issue:
     AA/Stable(Reaffirmed)

   * INR5.0 Billion Upper Tier II Bond Issue:
     AA/Stable(Reaffirmed)

   * INR3.0 Billion Upper Tier II Bond issue:
     AA/Stable(Reaffirmed)

   * INR3.0 Billion Lower Tier II Bond Issue:
     AA/Stable(Reaffirmed)

   * INR2.5 Billion Lower Tier II Bond Issue:
     AA/Stable(Reaffirmed)

   * INR1.5 Billion Lower Tier II Bond Issue:
     AA/Stable(Reaffirmed)

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

                          *     *     *

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


UTI BANK: Subsidiary Opens Branch Office in Bangalore
-----------------------------------------------------
UBL Sales Ltd., a wholly owned subsidiary of UTI Bank Ltd., has
opened its first branch office at Bangalore.  Shri S.
Chatterjee, Chairman of the Subsidiary Company & Executive
Director of UTI Bank, graced the Branch Inauguration ceremony.

UBL Sales will market asset products such as retail loans and
credit cards of UTI Bank and will be launching its operations at
42 locations across the country by March 2007, hiring around
3,500 sales staff for marketing the financial asset products of
UTI Bank.  The subsidiary company will set up an effective sales
model that will attract a better quality of sales personnel,
optimize sales force productivity and provide better control &
monitoring of the sales effort vis-a-vis the prevailing DSA
model.

On this occasion, Shri S. Chatterjee said "UTI Bank by way of
its nationwide presence and considerable retail customer base,
is in a position to offer and cross-sell various retail products
to its existing customers.  The creation of the subsidiary
company is in alignment with UTI Bank's strategy to provide a
significant thrust to the sales of its retail asset products and
establish itself as a significant player in the retail-financing
segment.  The subsidiary company, being a sales outfit, will
concentrate solely on driving sales of various products to the
existing & new customers with a view to significantly thrust its
retail assets portfolio."

Shri Sanjay Silas, Managing Director, UBL Sales Ltd said "The
objective of the subsidiary will be to build competitive
advantage in the marketing of credit cards and retail loans
through skilled and trained manpower, effective geographical
reach covering high potential & less serviced centers,
specialized business processes to build efficiencies and
adopting best practices & benchmarking with the relevant
markets."

                        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
=================

GOODYEAR TIRE: United Steelworkers Union Begins Strike
------------------------------------------------------
The United Steelworkers reported that it struck Goodyear Tire
and Rubber Company beginning at 1:00 p.m. EDT, Oct. 5, 2006.
The USW delivered the required 72-hour notice to terminate the
contract on Monday.  Both sides had been working on a day-to-day
extension agreement signed in July that extended a three-year
pact.

"The company left us with no option," said USW executive vice
president Ron Hoover.  "We cannot allow additional plant
closures after the sacrifices we made three years ago to help
this company survive."

In the 2003 agreement, the USW agreed to a closure of the
Huntsville, Ala. facility as well providing Goodyear with
additional financial flexibility by accepting wage, pension and
health care cuts.

"We worked very hard with the company in 2003 to deal with a
difficult situation," said Hoover.  "While more work can be
done, Goodyear has rebounded and other stakeholders have been
rewarded accordingly. Now the company seems determined to only
take more away from our members."

The strike will impact 15,000 USW members and operations at 16
plants in the United States and Canada.

"Closing more plants would not only cause additional job losses
and devastate the communities where the operations would cease,
but it would also threaten the long-term viability of Goodyear,"
said Hoover.  "You can't build long-term, viability by
continuing to give up market share."

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world, including Indonesia, Australia, China, India,
Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,
and Thailand.  Goodyear employs more than 80,000 people
worldwide.  The company's Asia Pacific headquarters is in
Shanghai, China.

                          *     *     *

Fitch affirmed The Goodyear Tire & Rubber Company's Issuer
Default Rating at 'B'; US$1.5 billion first lien credit facility
at 'BB/RR1'; US$1.2 billion second lien term loan at 'BB/RR1';
US$300 million third lien term loan at 'B/RR4'; US$650 million
third lien senior secured notes at 'B/RR4'; and Senior Unsecured
Debt at 'CCC+/RR6'.

Moody's Investors Service assigned a B3 rating to Goodyear Tire
& Rubber Company's US$400 million ten-year senior unsecured
notes.

Standard & Poor's Ratings Services assigned its 'B-' rating to
Goodyear Tire & Rubber Co.'s US$400 million senior notes due
2015 and affirmed its 'B+' corporate credit rating


NORTEL NETWORKS: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation
of its new Probability-of-Default and Loss-Given-Default
rating methodology, the rating agency upgraded its B3 Corporate
Family Rating for Nortel Networks Corp. to B2.

Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on these loans and bond
debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$1.8 billion 4.25%
   Convertible Senior
   Notes 2008              B3      B3      LGD4       67%

   US$200 million 6.875%
   Senior Notes
   due 2023                B3      B3      LGD4       67%

   US$450 million 10.75%
   Senior Notes
   due 2016                B3      B3      LGD4       67%

   US$550 million 10.125%
   Senior Notes
   due 2013                B3      B3      LGD4       67%

   US$1 billion Floating
   Rate Senior
   Notes 2011 (L+425)      B3      B3      LGD4       67%

   US$150 million 7.875%
   Senior Notes
   due 2026                B3      B3      LGD4       67%

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

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

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

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.
Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest


NORTEL NETWORKS: Gets US$23.6M U.S. Navy Litigation Support Pact
----------------------------------------------------------------
Nortel Networks Corporation's wholly owned U.S. company, Nortel
Government Solutions, disclosed that it is providing litigation
support services on behalf of the U.S. Navy Office of the
General Counsel under a five-year, US$23.6 million contract.

The services are required by the Navy to assist the U.S. State
Department Office of the Legal Advisor in providing the defense
before the Iran-United States Claims Tribunal in The Hague
against certain claims by Iran arising from sales of military
equipment to Iran before the 1979-81 hostage crisis.

The company is providing claims research, analysis of discovery
and claims documentation, financial and logistical
reconciliation, report preparation and other litigation services
in support of U.S. Navy-managed cases and weapons systems
related to Iran's claims.

"We have a wealth of knowledge and experience with Foreign
Military Sales that is instrumental in providing an effective
defense in these proceedings," Bob Veschi, president, Defense
Sector, said.  "This expertise and a solid reputation for
excellent service were instrumental in our selection."

               About Nortel Government Solutions

Headquartered in Fairfax, Va., Nortel Government Solutions
-- http://www.nortelgov.com/-- is a U.S. company wholly owned
by Nortel.  It is a network-centric integrator, providing the
services expertise, mission-critical systems and secure
communications that empower government to ensure the security,
livelihood, and well being of its citizens. Nortel Government
Solutions offers a one-stop shop for solutions designed to
improve workforce productivity, reduce operating costs, and
streamline inter-agency communications.

                  About Nortel Networks Corp.

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.
Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest challenges.  Nortel does business in more than 150
countries including Indonesia, Philippines, Singapore, Taiwan
and Thailand.

                          *     *     *

Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  All trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.

Additionally, Moody's Investors Service affirmed the B3
corporate family rating of Nortel; assigned a B3 rating to the
proposed US$2billion senior note issue; downgraded the US$200
million 6.875% Senior Notes due 2023 and revised the outlook to
stable from negative.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on the company, and assigned
its 'B-' senior unsecured debt rating to the company's proposed
US$2 billion notes.  The outlook is stable.


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

ALIXPARTNERS LLP: S&P Rates US$435 Million Sr. Facility at BB-
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating and stable outlook to Southfield, Michigan-based
business consulting firm AlixPartners LLP.

At the same time, Standard & Poor's assigned its 'BB-' bank loan
rating and recovery rating of '3' to AlixPartners' US$435
million senior secured credit facility, indicating an
expectation of meaningful (50%-80%) recovery of principal in the
event of a payment default.  The credit facility consists of a
US$50 million revolving credit facility due 2012 and a US$385
million term loan B due 2013.

Proceeds of the transaction will be used to finance the
acquisition of a majority interest in AlixPartners by Hellman &
Friedman LLC.  Pro forma for the transaction, total debt
outstanding was US$385 million as of July 31, 2006.

"The ratings reflect AlixPartners' dependence on highly mobile
senior consulting professionals, the competitive market for
consulting services, and some business cycle exposure,
especially as the company gains scale," said Standard & Poor's
credit analyst Andy Liu.

These factors are only partially offset by the company's
somewhat flexible cost structure, strong margins, and potential
for good discretionary cash flow.

AlixPartners specializes in corporate turnaround and
restructuring, financial advisory, performance improvement, case
management, and IT transformation.

Founded in 1981, AlixPartners LLP -- http://www.alixpartners.com
-- is a leading international business consulting and advisory
firm, offering the following five areas of consulting services
financial advisory; performance improvement; turnaround and
restructuring; case management; and information technology.

The company has offices in Japan, Germany, and the United
States.


BANCO BRADESCO: Sees 25% Growth in Loan Portfolio
-------------------------------------------------
Banco Bradesco SA expects loans to increase 25% this year,
despite a slowdown in credit growth reported by Brazil's central
bank, Agencia Estado relates.

Business News Americas states that Milton Vargas, Banco
Bradesco's vice president, told members of Apimec -- an
investment analyst association -- that the company's retail loan
portfolio will increase up to 35%, while commercial loans will
grow up to 17%.

According to BNamericas, Banco Bradesco's loan book increased by
27% to BRL88.6 billion in June 2006, compared with the same
month last year.  Loans to individuals rose 39.9%, and loans to
businesses grew 18.9%.

Mr. Vargas told BNamericas that Banco Bradesco expects to grant
about BRL2 billion in real-estate loans by the end of 2006.
Banco Bradesco has already approved BRL1.4 billion in real-
estate loans.

Banco Bradesco's annual return on equity will continue its
steady decline, decreasing up to 25% this year, BNamericas says,
citing Mr. Vargas.

BNamericas notes that Banco Bradesco's return on equity was 35%
in the second quarter of 2006, compared with 38.1% in the second
quarter of last year.  Meanwhile, its return on equity for the
first half of 2006 was 34.4%, decreasing from 34.9% in the same
period of last year.

A study Economatica, an economic consultant group, conducted
earlier this year showed that Banco Bradesco recorded an
annualized return on equity of 31.9% in 2005, only behind local
archrival Banco Itau at 35.6% among all banks in Latin America
and the US, BNamericas states.

Banco Bradesco has no plan to enter the Novo Mercado index on
Bovespa, the Sao Paulo stock exchange, Mr. Vargas told
BNamericas.

                         About Bradesco

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

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

                          *     *     *

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

The TCR-AP reported on September 11, 2006, that Moody's placed
Banco Bradesco's B1 long-term foreign currency deposits under
review for possible upgrade.

Aug. 20, 2006, Fitch Ratings took these rating actions on Banco
Bradesco S.A.:

   -- Foreign Currency Issuer Default Rating upgraded to
      'BB+' from 'BB', Outlook remains Stable;

   -- Short-term Foreign Currency rating affirmed at 'B';

   -- Local Currency Issuer Default Rating affirmed at 'BBB-',
      Outlook Stable;

   -- Short-term Local Currency rating affirmed at 'F3';

   -- Individual rating affirmed at 'B/C';

   -- Support rating affirmed at '4';

   -- National Long-term affirmed at 'AA+(bra)', Outlook remains
      Stable; and

   -- National Short-term affirmed at 'F1+(bra)'.


BANCO BRADESCO: Seguros Increases Billing to BRL10.1 Billion
------------------------------------------------------------
Bradesco Seguros, which is controlled by Banco Bradesco SA, has
increased its billing by 15.9% to BRL10.1 billion during the
January-July period this year, compared with the same period in
2005, according to a report by Gazeta Mercantil.

Business News Americas relates that the BRL10.1 billion
includes:

          -- insurance,
          -- pension plans, and
          -- savings bonds.

BNamericas notes that Bradesco Seguros' seven-month billing
accounted for 24.8% of the entire industry in Brazil.

Technical reserves of Bradesco Seguros rose 20.3% to BRL44.5
billion during the 12 months ended July 2006, compared with the
same period that ended in 2005.  The firm's technical reserves
represented 37.3% of total industry reserves, BNamericas

                         About Bradesco

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

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

                          *     *     *

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

The TCR-AP reported on September 11, 2006, that Moody's placed
Banco Bradesco's B1 long-term foreign currency deposits under
review for possible upgrade.

Aug. 20, 2006, Fitch Ratings took these rating actions on Banco
Bradesco S.A.:

   -- Foreign Currency Issuer Default Rating upgraded to
      'BB+' from 'BB', Outlook remains Stable;

   -- Short-term Foreign Currency rating affirmed at 'B';

   -- Local Currency Issuer Default Rating affirmed at 'BBB-',
      Outlook Stable;

   -- Short-term Local Currency rating affirmed at 'F3';

   -- Individual rating affirmed at 'B/C';

   -- Support rating affirmed at '4';

   -- National Long-term affirmed at 'AA+(bra)', Outlook remains
      Stable; and

   -- National Short-term affirmed at 'F1+(bra)'.


BANCO BRADESCO: Paying Interests on Own Capital on Nov. 1
---------------------------------------------------------
Banco Bradesco S.A., in conformity with the system for monthly
payment to stockholders, will pay on Nov. 1, 2006, Interests on
Own Capital for the month of October 2006, BRL0.032775000 per
common stock and BRL0.036052500 per preferred stock to the
stockholders registered in the company's records on Oct. 2,
2006.

The payment, net of the withholding income tax of 15%, except
for legal entity stockholders exempted from the referred
taxation, which will receive for the stated amount, will be made
through the net amount of BRL0.027858750 per common stock and
BRL0.030644625 per preferred stock, as follows:

   -- credit in the current account informed by the stockholder;

   -- the stockholders who do not inform their banking data or
      do not hold a current account in a Financial Institution
      must go to a Bradesco Branch on their preference having
      their identification document and the "Notice For Receipt
      of Earnings from Book-Entry Stocks", sent by mail to those
      having their address updated in the company's records; and

   -- to those with stocks held on custody with the CBLC --
      Brazilian Clearing and Depository Corporation, the payment
      of interests will be made to the depository, which will
      transfer them to the respective stockholders through the
      depository agents.

                         About Bradesco

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

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

                          *     *     *

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

The TCR-AP reported on September 11, 2006, that Moody's placed
Banco Bradesco's B1 long-term foreign currency deposits under
review for possible upgrade.

Aug. 20, 2006, Fitch Ratings took these rating actions on Banco
Bradesco S.A.:

   -- Foreign Currency Issuer Default Rating upgraded to
      'BB+' from 'BB', Outlook remains Stable;

   -- Short-term Foreign Currency rating affirmed at 'B';

   -- Local Currency Issuer Default Rating affirmed at 'BBB-',
      Outlook Stable;

   -- Short-term Local Currency rating affirmed at 'F3';

   -- Individual rating affirmed at 'B/C';

   -- Support rating affirmed at '4';

   -- National Long-term affirmed at 'AA+(bra)', Outlook remains
      Stable; and

   -- National Short-term affirmed at 'F1+(bra)'.


CURON MEDICAL: Posts US$275,000 Net Loss in 2006 Second Quarter
---------------------------------------------------------------
Curon Medical, Inc., reported a US$275,000 net loss for the
quarter ended June 30, 2006, compared with a net income of
US$914,000 for the first quarter of 2006, and a net loss of
US$3,746,000 for the second quarter of 2005.

The company reported net sales of US$1,108,000 for the second
quarter of 2006, compared to net sales of US$536,000 in the
first quarter of 2006, and sales of US$1,152,000 in the second
quarter of 2005.

For the six months ended June 30, 2006, Curon Medical reported
net sales of US$1,644,000 compared with net sales of
US$2,009,000 for the first six months of 2005.  Net income for
the six months ended June 30, 2006, was US$639,000, compared
with a net loss in the first six months of 2005 of US$6,712,000.

Second quarter results reflected the sale of 13 Stretta Control
Modules and four Secca Control Modules plus the placement of one
additional Stretta and six Secca Control Modules for evaluation
in addition to sales of 435 disposable Stretta Catheters and 188
disposable Secca Handpieces.

As of June 30, 2006, Curon Medical had cash, cash equivalents
and investments totaling US$1.7 million.

A full-text copy of the company's quarterly report is available
for free at http://researcharchives.com/t/s?11c2

                    BARRX Medical Payment

Subsequent to the end of the quarter, the company received the
final installment payment of US$1 million from BARRX Medical,
Inc., related to its intellectual property transaction of March
16, 2006.

Pursuant to the agreement, BARRX Medical paid Curon a total of
US$3 million in exchange for the assignment of one patent and a
worldwide, exclusive license of certain other patents for the
treatment of Barrett's esophagus.  The terms of the agreement
called for an initial payment of US$2 million with the final
payment due upon the earlier of Dec. 31, 2006, or within ten
days of the closing of an equity financing.

Alistair McLaren, Chief Financial Officer of Curon Medical,
commented, "We are pleased to have received the final
installment for this transaction five months earlier then
expected and congratulate BARRX on its recent round of funding.
The proceeds will be used for general working capital needs."

                 Strong International Sales

Larry C. Heaton II, President and Chief Executive Officer of
Curon Medical, remarked, "Sales during the quarter were
significantly higher than the previous quarter, primarily due to
strong international revenue growth, along with a domestic sales
increase driven by our recovery from the backorder situation
from the first quarter.  In addition to the US$1.1 million in
orders we shipped, we also received purchase orders totaling an
additional US$260,000 committed for shipment this quarter, the
bulk of which are international sales. This should provide a
solid foundation to build upon for the second half of the year."

In the second quarter international sales totaled US$480,734,
compared to international sales of US$157,000 in the first
quarter of 2006, and US$146,000 in the second quarter of 2005.

Curon Medical's Executive Vice President of Sales and Marketing
and President, International, Carlos Babini, said, "We are
making progress in securing distribution and clearance to market
our products in various countries, particularly in the South
American and Asian markets and are excited about the
opportunities we see throughout the international marketplace.
In the Far East, for example, we saw second quarter sales from
Korea, where we recently obtained regulatory approval to market,
from China, where Stretta procedures have recently been
performed as part of the process of securing regulatory
approval, and from Japan, for which we recently entered a
distribution agreement. "

                        Japanese Expansion

Curon Medical also disclsoed that it has entered into a five-
year agreement with Adachi Company, Ltd., an established medical
distributor serving the Japanese market since the 1930s, for the
distribution of its products in Japan.  The agreement with
Adachi follows the successful completion of the first clinical
series of Stretta procedures performed earlier this year by a
Japanese physician.

Mr. Babini continued, "We are pleased to enter this agreement
with Adachi, a company with a long history and multiple sales
professionals throughout Japan.  As Adachi has been distributors
of the Olympus endoscopy product lines in Japan for over 50
years, we are confident in their ability to manage the
regulatory and reimbursement process and help us penetrate the
Japanese gastroenterology market."

         Backorder Situation at Outsourced Manufacturer

At the end of the first quarter of 2006, the company reported
that it was in temporary backorder due to the inability of its
outsourced manufacturing partner to meet demand in March.
During the second quarter, the company shipped orders to
customers totaling US$1,108,000, including all of the orders
that had been backordered at the end of March.  At the end of
June the company held new unshipped purchase orders totaling
US$260,000, primarily to international customers.

Steve Barton, Curon Medical's Vice President of Operations,
noted, "During the quarter our outsourced manufacturing partner
addressed the backorder situation we were in at the end of
March.  The level of production and shipments during the quarter
are amongst the highest of any quarter in Curon's history and
cleared the pre-existing backorder.  Our second quarter
shipments and the current rate of production give us confidence
that our production needs will be met going forward."

                      Going Concern Doubt

PriceWaterhouseCoopers, LLP, expressed substantial doubt about
Curon Medical's ability to continue as a going concern after it
audited the company's financial statements for the year ended
Dec. 31, 2005.  The auditing firm pointed to the company's
recurring losses and negative cash flows from operations and
limited cash and working capital.

                       About Curon Medical

Curon Medical -- http://www.curonmedical.com/-- develops,
manufactures and markets innovative proprietary products for the
treatment of gastrointestinal disorders.  The company's products
and products under development consist of radiofrequency
generators and single use disposable devices.  Its first
product, the Stretta System, received U.S. Food and Drug
Administration clearance in April 2000 for the treatment of
gastroesophageal reflux disease, commonly referred to as GERD.
The company's Secca System for the treatment of bowel
incontinence received clearance from the FDA in March 2002.

The company's Asian locations are in Japan, China and Korea.


EMAGIN CORP: Posts US$4.8M Net Loss in Second Quarter of 2006
-------------------------------------------------------------
eMagin Corp. filed its financial statements for the second
quarter ended June 30, 2006, with the United States Securities
and Exchange Commission.

For the second quarter ended June 30, 2006, the company reported
a net loss of US$4,838,000 on US$1,674,000 of net revenues
compared with a net loss of US$4,498,000 on US$652,000 of net
revenues for the same period in 2005.

At June 30, 2006, the company's balance sheet showed
US$7,051,000 in total assets, US$4,875,000 in total liabilities,
and US$2,176,000 in total shareholders' equity.

Full-text copies of the company's second quarter financials are
available for free at http://ResearchArchives.com/t/s?1208

                        Going Concern Doubt

As reported in the Troubled Company Reporter on July 27, 2006,
Eisner, L.L.P, in New York, raised substantial doubt about
eMagin Corp.'s ability to continue as a going concern after
auditing the company's consolidated financial statements for the
year ended Dec. 31, 2005.  The auditor pointed to the company's
recurring losses from operations, which it believes will
continue through 2006.

                           About eMagin

Headquartered in Bellevue, Wahsington, eMagin Corp. (AMEX: EMA)
-- http://www.emagin.com-- manufactures and markets virtual
imaging products and information technology softwares.  In
addition, eMagin offers engineering support, as well as various
support products, including developer kits and personal computer
interface kits. The company offers its products to OEMs in the
military, industrial, medical, and consumer market sectors
through direct technical sales in North America, Japan, and
Europe.


FTI CONSULTING: Closes Offer to Buy FD Int'l for US$260 Mil.
------------------------------------------------------------
FTI Consulting, Inc., closed its offer to purchase privately-
held Financial Dynamics International (Holdings) Limited for
approximately US$260 million.

The company expects to complete its acquisition of 100% of FD's
share capital by no later than February 2007.

The purchase price for the acquisition consists of up to
$215 million in cash, US$20 million in notes and deferred
purchase obligations and US$25 million of the company's
restricted stock.  It anticipates that the acquisition will be
accretive to the company's 2007 earnings per diluted share.

                   US$215 Million Senior Notes

The company also disclosed the closing of its private offering
of US$215 million of Senior Notes due 2016 at 7.75%, which net
proceeds it plans to finance for a portion of the acquisition of
FD.  The Senior Notes will mature on Oct. 1, 2016, and will rank
pari passu in right of payment with all of its existing and
future senior indebtedness and senior in right of payment to all
of its existing and future subordinated indebtedness.  The
company will have the option to redeem all or a portion of the
Senior Notes at any time on or after Oct. 1, 2011.  At any time
prior to Oct. 1, 2011, the company may also redeem all or a part
of the notes at a redemption price equal to 100% of the
principal amount of the notes redeemed plus a premium.  At any
time before Oct. 1, 2009, FTI may also redeem up to 35% of the
aggregate principal amount of the Senior Notes at a redemption
price of 107.75% of the principal amount, plus accrued and
unpaid interest, if any, to the date of redemption, with the
proceeds of certain equity offerings.

                      Amended Credit Facility

The company further disclosed that it has amended and restated
its revolving credit facility, increasing its bank credit
facility to US$150 million from US$100 million, and improved
pricing and reduced commitment fees.  In addition, the facility,
which became effective on Sept. 29, 2006, has been extended and
will now expire on Sept. 30, 2011.

Jack Dunn, president and chief executive officer, commented, "We
are extremely pleased with the acquisition of FD.  As we've
discussed previously, we believe the acquisition accelerates our
five-year plan, diversifies our consulting capabilities and
provides us with a significant presence outside of the United
States.  The integration is progressing well, and we have
already identified a number of opportunities across both client
bases.  In addition, the increase of our credit facility
combined with the closing of the Senior Notes offering
significantly improves our financial flexibility, allowing us to
continue to build on our long-term strategy."

Baltimore, Maryland-based FTI Consulting Inc. -
http://www.fticonsulting.com-- is a consulting firm focusing on
five areas: forensics and litigation, corporate
finance/restructuring, technology, economic consulting, and
strategic communications.  FTI Consulting has offices in the
United States, the United Kingdom, Australia, China, Hong Kong,
Singapore and Japan.

Standard & Poor's Ratings Services, on September 18, 2006,
assigned its 'B+' rating to FTI Consulting's proposed
US$215-million senior notes due 2016.


HITACHI ZOSEN: Posts JPY29-Bil. Net Loss For Year Ended Mar. '06
----------------------------------------------------------------
Hitachi Zosen Corporation posted sales of JPY333.88 billion for
the year ending March 31, 2006, slightly lower than the
JPY337.68-billion sales it posted for the year ending March 31,
2005, according to the company's financial statements.

The company had an operating income of JPY2.77 billion for the
fiscal year ending March 31, 2006, up 1.1% from JPY2.74 billion
a year ago.

After registering a 91.4% decrease in net profit in the year
ending March 31, 2005, the company posted a net loss of
JPY29.06 billion for fiscal year 2005-2006.

The company's financial statements includes these financial data
(in JPY, millions):

                                 Year-Ended March 31,
                                 2006            2005
                                 ----            ----
         Net sales            333,881         337,680
         Operating income       2,766           2,735
         Ordinary income        2,091             607
         Net income           -29,057           1,048

                                    As of March 31,
                                 2006            2005
                                 ----            ----
         Total assets         390,205         416,455
         Total shareholders'
           equity              24,156          44,448

Hitachi Zosen expects a net loss of JPY5.00 billion for the six
months ending September 30, 2006, since the results for that
period is still not available.

Hitachi Zosen's financial report for the year ended March 31,
2006, is available for free at:

   http://bankrupt.com/misc/HitachiZosen_March2006.pdf

                       About Hitachi Zosen

Headquartered in Osaka, Japan, Hitachi Zosen Corporation --
http://www.hitachizosen.co.jp/-- develops, manufactures, sells
and maintains machinery and systems.  The company has five
business segments.  The Environment and Plant segment offers
refuse incineration plants, industrial waste treatment plants,
biomass energy systems, water and sludge treatment plants and
others.  The Ship and Sea segment is involved in the building,
improvement and repair of ships, and the creation of ocean
structures.  The Steel, Construction and Logistics segment
offers bridges, hydraulic gates, steel chimneys, water pressure
pipes, offshore engineering, disaster prevention systems, and
others.  The Machinery and Motors segment includes steel-making
machinery, food machines, medical equipment, power generators
and internal combustion engines.  The Others segment is involved
in electronic and control systems, package software, information
systems and other businesses.

As reported in the Troubled Company Reporter - Asia Pacific on
August 31, 2006, Rating and Investment Inc. has affirmed the BB-
issuer rating of Hitachi Zosen Corporation with a negative
outlook.


KOBE STEEL: Reports 65% Year-on-Year Rise in 2005-06 Net Income
---------------------------------------------------------------
Kobe Steel, Ltd., posted a net income of JPY84.56 billion for
the financial year ending March 31, 2006, 64.9% higher than the
JPY51.29-billion net income recorded for the year ending
March 31, 2005.

The result was helped by a robust 15.5% rise in net sales from
JPY1.44 trillion in FY 2004-05 to JPY1.67 trillion in FY 2005-
06.

The company explains that during the fiscal year under review,
corporate earnings in Japan continued to improve and capital
investment in the private sector increased.  Consumer spending
remained strong, and exports rose thanks to economic growth in
the United States and East Asia.  As a result, the Japanese
economy recovered steadily.

In this environment, the Kobe Steel Group moved strongly forward
with the implementation of the priority measures under its
fiscal 2003-2005 medium-term business plan, including the
development and sales expansion of distinctive, market-leading
products.  The company also placed more emphasis on meeting
demand from the fast growing manufacturing industry and worked
to improve selling prices.  As a result, the company achieved a
marked improvement in our business results, primarily in the
fields of steel products and electronic materials.

Total assets at the end of March 2006 increased by
JPY173.00 billion from the end of the previous year to
JPY2.07 trillion, due to valuation gains for investment
securities marked to market thanks to a rise in stock prices,
and an increase in the value of inventory due to a change in
valuation method.

Total interest-bearing debt, excluding project financing
relating to the wholesale power supply business, declined
JPY80.1 billion, from JPY669.2 billion at the end of the
previous financial year to JPY589.1 billion at March 31, 2006.

The company's operating income amounted to JPY220.40 billion for
the year ending March 31, 2006.

Total interest-bearing debt at the end of FY 2005-06, including
project financing, decreased JPY90.7 billion, from JPY811.6
billion at the end of the previous year to JPY720.9 billion.
Shareholders' equity rose JPY150.8 billion, from
JPY379.2 billion at the end of the previous year to
JPY530.0 billion, reflecting the posting of JPY84.6 billion in
net income, the conversion of bonds with equity warrants into
shares and a rise in the value of stockholdings stemming from a
rise in stock prices.  As a result, the equity ratio was 25.6%
as of March 31, 2006, up 5.7 percentage points from the end of
the previous year.

Kobe Steel's financial report for the year ended March 31, 2006,
is available for free at:

http://bankrupt.com/misc/Kobe_Steel_March06_annual_financials.pdf

                        About Kobe Steel

Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel,
Limited -- http://www.kobelco.co.jp/english/corp/index.html--  
is one of Japan's leading steel makers, as well as the top
supplier of aluminum and copper products.  Other businesses
include welding consumables, urban infrastructure and plant
engineering services, and industrial machinery.

Kobe Steel has offices in New York, Singapore, Bangkok and
Beijing.

As the Troubled Company Reporter - Asia Pacific reported on
May 31, 2006, Fitch Ratings has upgraded the long-term foreign
and local currency Issuer Default Ratings of Japanese steel-
maker Kobe Steel to BB+ from BB.  At the same time, the agency
affirmed Kobelco's short-term IDR at B.  The outlook on the
ratings is positive.


LUMENIS LTD: Inks Pact With LM & Ofer to Buy 75% Equity
-------------------------------------------------------
Lumenis Ltd. signed a definitive Purchase Agreement with LM
Partners L.P. and Ofer Hi-Tech Group for an investment of
US$120 million in exchange for newly issued common shares.

LM Partners L.P. and Ofer Hi-Tech are private equity firms based
in Israel with several private equity investments in global
companies.

The company disclosed that as a condition to closing of the
transactions contemplated by the Purchase Agreement, it has
entered into a definitive agreement with Bank Hapoalim B.M. to
restructure its estimated US$205 million of outstanding debt.
Pursuant to the Restructuring Agreement, from the time of
closing through the end of 24 months post-closing, the principal
amount of the debt net of all post-closing loan repayments of
US$80 million and write offs of US$50 million will be
approximately US$75 million, based on the current debt level.

Upon shareholder approval, the company also disclosed that
Harel Beit-On will become its chairman of the board of
directors.  Mr. Beit-On is the former chairman and chief
executive officer of Tecnomatix, which was sold in 2005 to UGS
for US$230 million and the former chairman of ECtel during its
recovery process until the beginning of 2006.

Yoav Doppelt, Ofer Hi-Tech's chief executive officer, will join
the company's board of directors following shareholder approval.
Mr. Doppelt brings with him years of experience in the medical
device industry and will be an active director in the company's
affairs.

Pursuant to the Purchase Agreement, the LM Partners and Ofer Hi-
Tech will purchase from the company for US$120 million ordinary
shares at a price per share of US$1.0722, representing
approximately a 75% interest in the company following closing.

Under the provisions of the Companies Law, the proposed private
placement requires approval by its shareholders.  The company
intends to solicit shareholder approval at a meeting planned for
early November.  The closing of the Purchase Agreement is
subject to shareholder approval of several items to be submitted
in a proxy statement.

                      About LM Partners L.P.

LM Partners L.P. is a limited partnership formed in connection
with the private placement by the general partner, a newly
formed partnership affiliated with a Private Equity Group led by
Mr. Aharon Dovrat, his son Shlomo Dovrat, Harel Beit-On and Avi
Zeevi Beit-On.  The group, formed in 1999, is an exclusive
private investment group operating from Israel.  The group is
focused on the initiation and management of specialized private
equity and venture capital funds investing mainly in Israeli or
Israeli-related companies.  The group currently oversees the
management of approximately US$900 million in private equity
investments.  The group's investors include a range of "blue
chip" institutional and corporate investors from all over the
world.

                   About Ofer Hi-Tech Group

The Ofer Hi-Tech group (controlled by Ofer (Ship Holding) Ltd.)
was established in 1997 as a subsidiary of the Ofer Brothers
Group, one of Israel's leading industrial and commercial
conglomerates with a strong international presence, and is
beneficially held by Mr. Ehud Angel and Mr. Eyal Ofer.  The team
was assembled to support private equity investments in the
healthcare and information technology industries.  Ofer Hi-Tech
is managed by Yoav Doppelt.

LM Partners and Ofer Hi-Tech groups have joined in transactions
in the past, such as the investment in Tecnomatix Technologies
Ltd. and the ECI telecom PIPE.

                        About Lumenis Ltd.

Headquartered in Yokneam, Israel, Lumenis Ltd.
-- http://www.lumenis.com/-- is a global developer,
manufacturer and seller of laser and light- based devices for
medical, aesthetic, ophthalmic, dental and veterinary
applications.  The company offers a wide range of products along
with extensive product support systems including training,
education and service.  Lumenis invests heavily in research and
development to maintain and enhance its leading industry
position.  The company holds numerous patents worldwide on its
technologies.

Lumenis has operations in Japan, China, Hong Kong, and Italy,
among others.

                          *     *     *

As of Dec. 31, 2005, Lumenis' shareholders' equity deficit
widened to US$40,401,000 from a US$27,107,000 deficit at
Dec. 31, 2004.


MACDERMID INC: Stock Purchase Proposal Cues S&P's Negative Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed all its ratings on
MacDermid Inc., including its 'BB+' corporate credit rating, on
CreditWatch with negative implications.

The CreditWatch listing follows the announcement that MacDermid
received a proposal letter from Daniel H. Leever, its chairman
and chief executive officer, and Court Square Capital Partners
to purchase all of its outstanding common stock at US$32.50 per
share.  A special committee of the company's outside directors
will consider the offer.

"The bid as currently structured would result in a significant
erosion of credit quality," said Standard & Poor's credit
analyst Cynthia Werneth.

If the transaction is consummated, MacDermid's debt could
increase to roughly US$900 million from approximately US$300
million at June 30, 2006, before a moderate amount of leases and
postretirement obligations.

The CreditWatch listing will be resolved after details of the
financing plan are known and Standard & Poor's has met with
management to assess its business and financial strategies in
view of the potentially highly leveraged capital structure.

MacDermid Inc. -- http://www.macdermid.com/-- is manufacturer
of a broad line of chemicals and related equipment for a range
of applications, including metal and plastic finishing,
electronics, graphic arts and printing, and offshore drilling.
The company maintains its headquarters in Denver, Colorado, but
operates facilities worldwide, including China, Germany, Italy,
and Japan.


MACDERMID INC: Purchase Offer Prompts Moody's to Revise Outlook
----------------------------------------------------------------
Moody's Investors Service revised the ratings outlook for
MacDermid, Incorporated to developing from stable following the
announcement by the company that it had received a proposal
letter from Daniel H. Leever, its chairman and chief executive
officer, and Court Square Capital Partners to purchase all of
its outstanding common stock for US$32.50 per share.
MacDermid's board of directors has formed a special committee of
its outside directors to consider the proposed management buyout
and the Company's response to it.  This committee will retain
both financial and legal advisors and could evaluate other
strategic options or additional offers for the company.

Ratings for the issuer are:

Corporate family rating - Ba2

   * US$301.5 million 9.125% Guaranteed Senior Subordinated
     Notes due 2011 -- Ba3

Moody's will monitor developments on this proposal and any other
potential strategic options that may arise to determine the
credit impact for the company.  To the extent the current
proposal is to proceed as planned there are likely to be
negative ratings implications given the signficant amount of
additional debt contemplated.  Moody's notes the existing
revolving credit facility and the notes due 2011 benefit from a
change of control provision and may be refinanced upon the
completion of an acquisition by a third party.

MacDermid Inc. -- http://www.macdermid.com/-- is manufacturer
of a broad line of chemicals and related equipment for a range
of applications, including metal and plastic finishing,
electronics, graphic arts and printing, and offshore drilling.
The company maintains its headquarters in Denver, Colorado, but
operates facilities worldwide, including China, Germany, Italy,
and Japan.


MICRON TECH: Enters Into Settlement Deal with Tessera & Infeneon
----------------------------------------------------------------
Tessera Inc. entered into definitive agreements with Micron
Technology Corp. and Infineon Technologies AG to settle the
patent infringement suits between them.

On July 20, 2006, the parties entered into a settlement
agreement, and a Tessera's Compliant Chip license agreement.
This agreement provided for the dismissal of two suits, Civil
Case Nos. 02-05cv-94 and 02-05cv-319, in the U.S. District Court
for the Eastern District of Texas.  These dismissals are
contingent upon Tessera Inc.'s receipt of payments from Micron
and Infineon, the filing of joint motions to dismiss, and the
Court's granting of those motions.

Tessera Inc. is a subsidiary of Tessera Technologies Inc.
Infineon's subsidiary, Qimonda AG, is also a party to these
agreements.

The company filed Civil Action No. 02-05cv-94 on March 1, 2005
against Micron and Infineon. As amended, this complaint alleged
that defendants' infringed U.S. Patent Nos. 5,852,326,
5,679,977, 6,433,419, 6,465,893 and 6,133,627. This complaint
also claimed that defendants violated Texas and federal
antitrust laws, and Texas common law.

Those five patents collectively cover semiconductor chip
assemblies and packages.

On July 14, 2005, Micron filed suit against the company as a
result of the Court's denial of its motion to add patent
infringement counterclaims to Civil Action No. 02-05cv-94.  This
complaint alleges that the company infringed U.S. Patent Nos.
5,739,585, 6,013,948, 6,268,649, 6,738,263, 5,107,328,
6,265,766, 4,992,849 and Re. 36,325.  Micron also claimed that
the company contributed to or induced the infringement of these
patents.  Micron sought a judgment of infringement, permanent
injunctive relief against further violation and compensation for
those acts, as well as costs and attorneys' fees.

Those patents collectively refer to semiconductor die and ball
grid array packages.

Based in San Jose, Calif., Tessera Technologies Inc. licenses
patented semiconductor packaging technologies that enable
semiconductor makers to produce high-performance packages for
use in electronic products. The company also offers prototype
design, assembly line consulting, and related services.

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

                          *     *     *

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


MITSUBISHI MATERIALS: Robust Economy Triples June Quarter Income
----------------------------------------------------------------
Mitsubishi Materials Corp. reported net sales of
JPY332.0 billion for the quarter ended June 30, 2006, up
JPY84.4 billion or 34.1% compared with the sales recorded for
the quarter ended June 30, 2005, according to the company's
financials.

In the first quarter of fiscal 2006-2007, ended June 30, 2006,
the Japanese economy continued a general expansion.  This
reflected improved corporate earnings, boosting capital
expenditure, and a better employment climate, which drove solid
personal consumption.  These factors outweighed the impact of
continued high fuel costs.

The group continued to perform well despite the high raw fuel
costs, benefiting from high prices for copper and other key
metals and brisk demand from key customers in the automotive and
information and electronics sectors.

The group endeavored to expand sales in the prime growth
businesses of automotive products and IT and digital offerings
as well as in the cement business, where overseas demand has
been strong.

The company reported an operating profit of JPY21.4 billion, a
66.8% change from the JPY12.8 billion operating profit a year
before.

Net income for the quarter in review amounted to
JPY15.7 billion, a whooping 198.8% improvement against the
JPY5.2 billion the company recorded in the first quarter of
fiscal 2006.

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

http://bankrupt.com/misc/mitsubishi_materials_june2006quarter.pdf

                   About Mitsubishi Materials

Headquartered in Tokyo, Mitsubishi Materials Corp. --
http://www.mmc.co.jp/english/-- was formed on Dec. 21, 1990,
from the merger of two firms, Mitsubishi Metal Mining Company
Limited and Mitsubishi Cement Limited.  The company's principal
activity is the manufacture of metals and ceramics.

The company has international offices in the United States,
Canada, Brazil, Chile, France, Italy, Indonesia and the rest of
Asia.

As reported by the Troubled Company Reporter - Asia Pacific on
June 01, 2006, Standard & Poor's Ratings Services had on May 31,
2006, raised its long-term corporate credit rating on Mitsubishi
Materials Corp. to BB from BB- and its senior unsecured debt
rating on the company to BB+ from BB, on the company's improved
revenue base and stronger cash flow generation.


MITSUBISHI MATERIALS: Raises Projections on Strong Earnings
-----------------------------------------------------------
Mitsubishi Materials Corp. has revised the earlier forecasts for
the first half of fiscal year 2006-2007, covering April 1,
through September 30, 2006, and for the full-year 2006-2007
ending March 31, 2007.

The amended projections for first half of fiscal 2007 (April 1,
2006 to September 30, 2006) are:

                          Consolidated
                       (in JPY, millions)

                                Net      Ordinary      Net
                               Sales      Income      Income
                             ---------   ---------   ---------
Previous projections          605,000      37,000      16,000
Revised projections           669,000      52,000      30,000
                             ---------   ---------   ---------
Change                         64,000      15,000      14,000
Change (%)                       10.6%       40.5%       87.5%

Results for first
   half of fiscal 2006        524,926      36,777      16,456

                        Non-consolidated
                       (in JPY, millions)

                                Net      Ordinary      Net
                               Sales      Income      Income
                             ---------   ---------   ---------
Previous projections          305,000      13,000       5,000
Revised projections           355,000      13,000       6,000
                             ---------   ---------   ---------
Change                         50,000         -         1,000
Change (%)                       16.4%        -          20.0%
Results for first
   half of fiscal 2006        290,135       8,111       2,083

The amended projections for fiscal 2007 (April 1, 2006 to
March 31, 2007), are:

                          Consolidated
                       (in JPY, millions)

                                Net      Ordinary      Net
                               Sales      Income      Income
                             ---------   ---------   ---------
Previous projections         1,210,000     81,000      32,000
Revised projections          1,391,000     96,000      46,000
                             ---------   ---------   ---------
Change                         181,000     15,000      14,000
Change (%)                        15.0%      18.5%       43.8%
Results for fiscal 2006      1,143,699     80,759      58,802

                        Non-consolidated
                       (in JPY, millions)

                                Net      Ordinary      Net
                               Sales      Income      Income
                             ---------   ---------   ---------
Previous projections          600,000      30,000      10,000
Revised projections           709,000      30,000      12,000
                             ---------   ---------   ---------
Change                        109,000         -         2,000
Change (%)                       18.2%        -          20.0%
Results for fiscal 2006       601,362      25,960       7,355

                      Reasons for Revision

The company's management anticipates that consolidated ordinary
income will exceed its projection by around JPY15 billion in the
period under review, mainly owing to a significant rise in
earnings at SUMCO, an equity method affiliate.  Other
contributing factors include U.S. demand for cement, which
remains strong, and copper prices, which continue to remain
high.

Consolidated net income should be JPY14 billion higher than
envisaged as a result of the increase in consolidated ordinary
income.

The company's net consolidated forecasts reflect the gain in
first-half earnings and should be achievable despite such
uncertainties about the operating climate, such as interest rate
and fuel cost trends.

                     Dividends for the Year

The company plans year-end dividends of JPY3 per share,
following interim payouts of JPY2 per share as announced on May
10 this year.

                   About Mitsubishi Materials

Headquartered in Tokyo, Mitsubishi Materials Corp. --
http://www.mmc.co.jp/english/-- was formed on Dec. 21, 1990,
from the merger of two firms, Mitsubishi Metal Mining Company
Limited and Mitsubishi Cement Limited.  The company's principal
activity is the manufacture of metals and ceramics.

The company has international offices in the United States,
Canada, Brazil, Chile, France, Italy, Indonesia and the rest of
Asia.

As reported by the Troubled Company Reporter - Asia Pacific on
June 1, 2006, Standard & Poor's Ratings Services had on May 31,
2006, raised its long-term corporate credit rating on Mitsubishi
Materials Corp. to BB from BB- and its senior unsecured debt
rating on the company to BB+ from BB, on the company's improved
revenue base and stronger cash flow generation.


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

ACTUANT CORP: Reports US$25.2-Mil Net Earnings in 4thQ/FY2006
-------------------------------------------------------------
Actuant Corporation announced record sales and earnings for the
fourth quarter and fiscal year ended August 31, 2006.

Fourth quarter fiscal 2006 net earnings and diluted earnings per
share were US$25.2 million and US$0.82, respectively, compared
to US$19.1 million and US$0.63, respectively, for the fourth
quarter of fiscal 2005.

Fiscal 2006 fourth quarter results include a US$4.9 million
(US$4.5 million net of tax, or US$0.14 per diluted share) pre-
tax charge covering a portion of the Company's previously
announced restructuring of its European electrical business,
offset by a US$5.4 million (US$0.17 per diluted share) income
tax benefit primarily related to the reversal of a tax valuation
allowance for net operating losses.  Excluding the restructuring
charge and income tax benefit, fourth quarter EPS increased 25%
to US$0.79 per diluted share year-over-year.

Net earnings for fiscal 2006 were US$92.6 million, or US$3.01
per diluted share, compared to US$71.3 million, or US$2.42 per
diluted share for the prior year.  These results include
favorable tax reserve adjustments of US$0.08 and US$0.02 per
diluted share in fiscal 2006 and 2005, respectively, as well as
the US$0.14 per diluted share European Electrical restructuring
provision and US$0.17 per diluted share tax benefit discussed
above.  Excluding these items, comparable EPS was US$2.90 per
diluted share in fiscal 2006, a 21% increase over the US$2.40
per diluted share in the prior year.

Fourth quarter sales increased approximately 21% to
US$324.6 million compared to US$269.4 million in the prior year,
driven by strong base business growth and sales from acquired
businesses. Excluding foreign currency exchange rate changes and
sales from acquired businesses, fourth quarter sales increased
approximately 13% from the comparable prior year period.  Sales
for the fiscal year ended August 31, 2006 were US$1.2 billion,
approximately 23% higher than the US$976 million in the
comparable prior year period, reflecting sales volume added
through business acquisitions and strong base business growth.

Excluding the impact of foreign currency rate changes and sales
from acquired businesses, full year sales increased 9% year-
over-year.

Commenting on the results, Robert C. Arzbaecher, Chief Executive
Officer, stated, "Actuant finished fiscal 2006 strongly, driving
another quarter of significant year-over-year sales and earnings
growth.  The continued profitable growth in our industrial tools
businesses, Enerpac and Hydratight, led the record results.
Additionally, as expected, automotive business revenues grew 63%
for the quarter on sales related to new convertible model
introductions."

Arzbaecher added, "We are very happy with Actuant's progress in
fiscal 2006 as we continued to execute our business model to
drive strong cash flow and earnings growth.  Our team achieved
9% sales growth excluding currency and acquisitions, deployed
approximately US$129 million in aggregate on acquisitions that
strengthened our existing business, and continued to drive LEAD
(Lean Enterprise Across Disciplines) and organizational
competency throughout the business.  Fiscal 2006's 21% EPS
growth was the fifth consecutive year of EPS growth in excess of
15% since Actuant's creation through a spin-off.  We were also
able to convert those strong earnings into cash, generating over
$100 million of cash flow, which was again in excess of net
income."

Regarding the outlook for fiscal 2007, Arzbaecher commented, "We
have confidence in our ability to continue to generate solid
earnings growth.  We are increasing our previous fiscal 2007
guidance, and now are forecasting diluted earnings per share of
US$3.20-US$3.40 on sales of US$1.325-US$1.345 billion,
reflecting the Actown acquisition and current economic
environment.  Our guidance excludes the remaining US$12-15
million of estimated European electrical restructuring costs and
future acquisitions.

First quarter sales are expected to be in the US$325-335 million
range, generating EPS of approximately US$0.78-$0.81 per diluted
share.  We believe that the continued consistent execution of
our business model will reward shareholders in fiscal 2007 and
beyond."

Net debt at August 31, 2006, was approximately US$455 million
(gross debt of US$480 million less approximately US$25 million
of cash), compared to US$460 million at the beginning of the
quarter.  The reduction in net debt during the quarter was
attributable to fourth quarter cash flow of approximately
US$29 million, partially offset by the US$24 million of
borrowings to fund the August 2006 Actown acquisition.
Availability under the Company's revolving credit facility
remained strong at approximately US$170 million as of August 31,
2006.

Fourth quarter Tools & Supplies segment sales were
US$209 million, an approximate 20% increase over fiscal 2005.
Excluding foreign currency exchange rate changes and sales from
acquired businesses, segment sales increased approximately 9%
from the comparable prior year period, driven by continued
growth in the industrial tools and electrical markets.  Fiscal
2006 fourth quarter Engineered Solutions segment sales increased
approximately 22% year-over-year to US$116 million.  Excluding
foreign currency exchange rate changes, Engineered Solutions
sales increased 20%, driven by the 63% increase in automotive
convertible top system sales.

Year-over-year, Actuant's fiscal 2006 fourth quarter and full
fiscal year operating profit increased to US$38.2 million and
US$154.1 million, respectively, including the fourth quarter
European Electrical restructuring charge of US$4.9 million.

Year-over-year fourth quarter operating profit margins expanded
from 13.1% to 13.3%, excluding the negative impact of the
restructuring charge in fiscal 2006.  Tools & Supplies segment
margins expanded due to favorable sales mix, increased low cost
country sourcing, and lower electrical buyback and reset costs.

Fourth quarter Engineered Solutions segment margins declined
primarily due to start-up inefficiencies in the automotive
business as new platform production ramps up, as well as below
average RV margins, partially offset by higher margins in the
truck market.

                       About Actuant Corp

Headquartered in Glendale, Wisconsin, Actuant Corp. (NYSE:ATU)
-- http://www.actuant.com/-- is a diversified industrial
company with operations in more than 30 countries, including
Australia, China, Hong Kong, India, Japan, Taiwan and South
Korea.  The Actuant businesses are market leaders in highly
engineered position and motion control systems and branded
hydraulic and electrical tools and supplies.  Since its creation
through a spin-off in 2000, Actuant has grown its sales from
US$482 million to over US$1 billion and its market
capitalization from US$113 million to over US$1.5 billion.  The
company employs a workforce of approximately 6,000 worldwide.
Actuant Corporation trades on the NYSE under the symbol ATU.

Actuant Corp.'s 2% Convertible Senior Subordinated Debentures
due 2023 carry Standard & Poor's B+ rating.


ACTUANT CORP: CEO Adopts Prearranged Trading Plan
-------------------------------------------------
Actuant Corporation's Chairman and Chief Executive Officer,
Robert Arzbaecher, has adopted a prearranged trading plan in
accordance with guidelines specified by Rule 10b5-1 under the
Securities Exchange Act of 1934 and the Company's policies with
respect to insider sales.

Rule 10b5-1 allows officers and directors of public companies,
at a time when they are not aware of material non-public
information, to adopt predetermined plans for selling shares of
company stock.

Under his 10b5-1 plan, Mr. Arzbaecher will exercise stock
options and sell up to 156,000 shares of Actuant common stock.
The underlying options were granted in 1998 by Actuant's
predecessor company, Applied Power Inc., and represent about 14%
of Mr. Arzbaecher's total share holdings in either Actuant stock
or stock options.

These transactions may take place from time-to-time after
October 18, 2006, subject to certain 10b5-1 plan criteria,
including certain minimum price levels and daily volume
activity.

                       About Actuant Corp

Headquartered in Glendale, Wisconsin, Actuant Corp. (NYSE:ATU)
-- http://www.actuant.com/-- is a diversified industrial
company with operations in more than 30 countries, including
Australia, China, Hong Kong, India, Japan, Taiwan and South
Korea.  The Actuant businesses are market leaders in highly
engineered position and motion control systems and branded
hydraulic and electrical tools and supplies.  Since its creation
through a spin-off in 2000, Actuant has grown its sales from
US$482 million to over US$1 billion and its market
capitalization from US$113 million to over US$1.5 billion.  The
company employs a workforce of approximately 6,000 worldwide.
Actuant Corporation trades on the NYSE under the symbol ATU.

Actuant Corp.'s 2% Convertible Senior Subordinated Debentures
due 2023 carry Standard & Poor's B+ rating.


ASYST TECHNOLOGIES: Names Richard Janney as New Interim CFO
-----------------------------------------------------------
Asyst Technologies Inc. appointed Richard H. Janney as interim
Chief Financial Officer and interim Principal Accounting
Officer, effective September 25, 2006, the company disclosed in
a regulatory filing.

From 2004 to September 2006, Mr. Janney served as Engagement
Manager for Jefferson Wells, a global provider of professional
services in the areas of risk, controls, compliance, and
financial process improvement.  During and after Asyst's fiscal
year ended March 31, 2006, Mr. Janney, and other consultants
from Jefferson Wells worked closely with the Company, advising
Asyst on its internal controls and processes relating to its
financial reporting and assisting the Company in its continuing
efforts to comply with its requirements under Section 404 of the
Sarbanes-Oxley Act.  The Company paid an aggregate amount of
approximately US$1.68 million to Jefferson Wells for these and
other consulting services from April 2005 through July 2006.

For the current period of his service to the company, Mr. Janney
has agreed to devote his professional time to his positions at
Asyst, the company said.  He may, however, provide limited
services to Jefferson Wells that do not conflict with his agreed
undertaking with Asyst.

Mr. Janney, Jefferson Wells, and Asyst entered into a fixed term
contract for Mr. Janney's services to be provided to Asyst
through November 30, 2006.  Under the contract, the Company will
pay to Jefferson Wells an hourly rate of US$200 for Mr. Janney's
services during that period, and reimburse reasonable out-of-
pocket expenses actually incurred.  Asyst agreed under the
contract to provide Mr. Janney with indemnification consistent
with the Company's general indemnification policies.  Mr. Janney
is not eligible for any other compensation or benefits from the
Company.

As reported in the Troubled Company Reporter - Asia Pacific,
James Wheat, formerly the company's acting principal financial
and accounting officer, and corporate controller, left the
company on September 15, 2006.

                 About Asyst Technologies

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

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


HYNIX SEMICONDUCTOR: Leading in 66-Nano DRAM Race with Samsung
--------------------------------------------------------------
Hynix Semiconductor Inc. is reportedly leading the race to the
production of Dyanamic Random Access Memory chips using 66-nano
technology.

On October 4, 2006, Hynix said that it has started pilot
production of the 66-nano DRAM, ahead of rival Samsung
Electronics Co., The Korean Herald reports.  It's the first time
Hynix leads Samsung in the microcircuit technology, the daily
points out.

Samsung started the DRAM manufacturing process race in 2001 with
100-nano technology.  In October 2005, it came up with 70-nano.

A nanometer is the basic unit of electric wires of microcircuit
inside the semiconductor chips.  The smaller the number is, the
greater the density of the chip can be increased.

A Hynix spokesperson told The Korean Times that the company is
currently on the late stages of the R&D process for the 66-nano
DRAM.  No date was specified for the chips' mass production.

DRAM demand is expected to increase with the forthcoming launch
of Microsoft Corp.'s new operating system, Windows Vista.

                   About Hynix Semiconductor

Headquartered in Ichon, South Korea, Hynix Semiconductor Inc. --
http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

Standard & Poor's Ratings Services gave Hynix, and its U.S.
subsidiary, Hynix Semiconductor Manufacturing America Inc., a
'B+' long-term corporate credit rating.


* MOCIE Reports Korea's 2006 Export-Import Figures
--------------------------------------------------
According to the Ministry of Commerce, Industry and Energy,
Korea's exports rose 22.1% year-on-year to US$29.93 billion in
September 2006 while imports figure was US$27.9 billion, an
increase of 22.8% from a year earlier.  In all, the nation
marked a trade surplus of US$2.03 billion in September.

Both export and import recorded the highest monthly figures
ever.  Overseas sales were boosted by:

   -- automobiles (97% increase),
   -- steel (38.7%),
   -- petrochemicals (36.1%),
   -- and semiconductors (23.6%).

The average daily sales recorded a monthly high of
US$1.27 billion in September.

By region, exports to Central and South America grew by 47.2%,
India by 31%, Russia by 28.7%, and China by 23.2%.

Meanwhile, the nation's imports were up despite lower oil prices
due to the import of raw materials.


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

COMSA FARMS: Gives Details of PQSB Purchase Agreement
-----------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on Sept.
29, 2006, that Comsa Farms Berhad's wholly owned subsidiary, CLF
Sdn Bhd, has entered into a sale and purchase agreement with
Prolific Quality Sdn Bhd on September 15.

According to the TCR-AP report, the deal pertains to:

   -- PQSB's sale of all layers, breeders, layer pullets and all
      types of poultry located on or in property held under
      CL075201213 and CL075203833, District of Sandakan,
      NT103028351, CL105343315 and CL105343324, District of
      Tawau, for MYR2,000,000;

   -- PQSB's sale of all equipment, machineries and goods,
      which comprise a retail outlet for sale of chicken and
      poultry related products, including freezers,
      refrigerators, iceboxes, cash registers, weighing
      machines, computers, stationeries and all furniture at the
      retail outlet located at Lot 10A, Block 26, Tkt Bawah,
      Jalan Pryer, 90000 Sandakan, Sabah for MYR30,000; and

   -- a deed of revocation with YSN Sdn Bhd to terminate and
      revoke the sublease agreement dated December 30, 1999,
      entered into between the parties on lease of the Land for
      MYR40,000.

In connection with this, the Bursa Malaysia Securities Berhad
asked Comsa Farms to give further details pertaining to the sale
and purchase agreement.

In response, Comsa Farms provided these additional information
pertaining to the agreement:

  (i) There are no liabilities to be assumed by PQSB pursuant to
      the Disposals;

(ii) a. original cost of investment of the Goods and Equipment
         is MYR88,054.00;

      b. the date of investment of the Goods and Equipment for
         the period is from 2002 to 2004; and

(iii) the Disposal of Trading Stocks was completed on Sept. 8,
      2006, whilst, the Disposal of Goods and Equipment was
      completed on September 15, 2006.

The disposal of trading stocks is expected to result in a loss
from disposal of MYR3,296,527 based on the realizable value of
MYR5, 296,527 of biological stocks as of March 31, 2006.  The
Disposal of Goods and Equipment is expected to result in an
aggregate loss from disposal of MYR19, 879 based on the net book
value of MYR49, 879 at March 31, 2006.

The net proceeds arising from the transactions are intended to
be used for repayment trade creditors and day-to-day operations
of the Group.

The Group does not have sufficient working capital to continue
its poultry operations.  In view of that, the board of directors
believes that it is in the best interest of the Company to
undertake the transactions and cease operations until such time
there is fresh fund injected to the Group.

After the cessation of operations, there will be no revenue
generated by the Group in future except for the income to be
generated from the plantation business.

Comsa Farms Berhad has submitted to Bursa Malaysia Securities
Berhad the information asked by Bursa Securities pertaining to
the sale and purchase agreement with PQSB.

                      About Comsa Farms

Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff.  Its other activities include livestock,
aqua feed milling, poultry feeding, hatchery operations, and
layer farming.

On April 10, 2006, the Company was declared a Practice Note 17
company by Bursa Malaysia due to a stockholders' equity deficit.
As an affected listed issuer, Comsa Farms is required to submit
a plan to regularize its financial condition.  The Company's
balance sheet as of March 31, 2006, showed total assets of
MYR200,072,000 and total liabilities of MYR273,643,000 resulting
into a stockholders' deficit of MYR73,571,000.


COMSA FARMS: AmBank Seeks MYR43,000 Claim Payment from Units
------------------------------------------------------------
Comsa Farms Berhad and its subsidiaries, Comsa Layer Farms Sdn
Bhd and Comsa Feedmills Sdn Bhd, were served with a Writ of
Summons and Statement of Claim by AmBank (M) Berhad on
October 5, 2006.

Ambank asserts against Comsa Farms and its subsidiaries:

   -- payment of a claim amounting to MYR43,030.00;

   -- payment of the agreed interest equal to MYR40,169.50 at a
      rate of 8% annually from June 7, 2006, until the date of
      full payment;

   -- legal fees on a solicitor and client basis pursuant to the
      Advocates Remuneration Rules "Revised 987" to be taxed;

   -- costs of action; and

   -- any other relief that the High Court of Kuala Lumpur may
      deem fit to grant.

Ambank's claims are in respect of failure of installments,
interest and other charges pursuant to hire-purchase agreement
"HPA" no. 207-401-0000977-3 and HPA no: 207-401-0000978-0 as at
June 7, 2006.

The High Court of Kuala Lumpur has fixed the matter for hearing
on November 15, 2006.

                     About Comsa Farms

Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff.  Its other activities include livestock,
aqua feed milling, poultry feeding, hatchery operations, and
layer farming.

On April 10, 2006, the Company was declared a Practice Note 17
company by Bursa Malaysia due to a stockholders' equity deficit.
As an affected listed issuer, Comsa Farms is required to submit
a plan to regularize its financial condition. The Company's
balance sheet as of March 31, 2006, showed total assets of
MYR200,072,000 and total liabilities of MYR273,643,000 resulting
into a stockholders' deficit of MYR73,571,000.


KL INFRASTRUCTURE: Posts MYR22-Mln Loss for 1st Qtr. 2006-2007
--------------------------------------------------------------
KL Infrastructure Group Berhad submitted on Sept. 29, 2006, for
public release its unaudited first quarter financial report for
the financial year ending April 30, 2007.

For the quarter under review, the Group recorded a loss of
MYR21.80 million, compared with the first quarter of last fiscal
year's loss of MYR18.88 million.

The Group's revenue for the quarter ended July 31, 2006, was
MYR9.830 million as against MYR9.38 million in the corresponding
quarter of the previous fiscal year.

There was no dividend proposed for the first quarter ended
July 31, 2006.

                 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 133,000 Shares for MYR37,450
----------------------------------------------------
On October 5, 2006, Pan Malaysia Corporation Berhad has bought
back 133,000 ordinary shares for a total amount of MYR37,450.24.

The minimum price paid for each share purchased was MYR0.255,
while the maximum price paid was MYR0.300.

After the purchase, the cumulative outstanding treasury shares
reached 59,921,400.

               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.


OLYMPIA INDUSTRIES: To Seek Shareholders' Approval on Proposals
---------------------------------------------------------------
Olympia Industries Berhad will seek the approval of its
shareholders on the proposals that will be presented at the
company's incoming annual general meeting.

The proposals that will be presented are:

   -- renewal of shareholders' mandate for recurrent related
      party transactions of a revenue or trading nature;

   -- new shareholders' mandate for recurrent related party
      transactions of a revenue or trading nature; and

   -- renewal of general mandate for financial assistance

                  About Olympia Industries

Headquartered in Kuala Lumpur, Malaysia, Olympia Industries
Berhad organizing and managing numbers forecast pools and public
lotteries, operation of recreation clubs, investment holding and
property development.  Other activities include trading in
securities, paint spraying of aluminium, other metal products
and architectural products, letting of properties, maintaining
and operating internet based transaction facilities and
services, food and beverage business, events organizer and
project management, travel and tours agency, servicing of oil
and gas pipeline, asset management, money lending and
stockbroking.  Operations are carried out in Malaysia, Papua New
Guinea and Singapore.  The Company has incurred continuous
losses in the past and has also been fined many times by Bursa
Malaysia Securities for failing to maintain appropriate
standards of corporate responsibility and accountability to the
investing public.

The company's June 30, 2006, balance sheet revealed a
stockholders' deficit of MYR1,041,766,000 resulting from total
liabilities of MYR2,035,268,000 exceeding total assets of
MYR1,001,289,000.


MYCOM BERHAD: Updates Restructuring Scheme
------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific, the
Securities Commission has granted Mycom Berhad to extend until
Dec. 31, 2006, the time for Mycom to complete its restructuring
scheme.

Moreover, Mycom has posted its proposed timeline for its major
outstanding events, concerning its restructuring scheme.

The company's restructuring scheme outstanding events, together
with its proposed timeline, are:

  (i) the execution of trust deeds/deed poll and other
      creditors' agreements is proposed to be implemented on
      October 2006;

(ii) the approval of floating rate note holders at an
      extraordinary general meeting is expected to be held by
      October 2006;

(iii) execution of the Underwriting Agreement in connection with
      the Rights Issue with Warrants Underwriting Agreement is
      expected to be executed by mid-October 2006;

(iv) books closing date for the capital reduction, capital
      consolidation and rights issue with warrants is expected
      to be executed on October 2006;

  (v) dispatch of Abridged Prospectus, Rights Subscription Forms
      and notice of provisional allotment is expected to be
      executed on November 2006; and

(vi) listing of the new Mycom shares, warrants, Irredeemable
      Convertible Unsecured Loan Stocks, Redeemable Unsecured
      Loan Stocks and Irredeemable Convertible Bonds on the
      Bursa Malaysia Securities Berhad December 2006.

                     About Mycom Berhad

Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad is engaged
in the provisions of granite quarry services, manufactures and
sells latex rubber thread, tape, plywood, laminated board and
sawn timber, cultivates oil palm fruits, and develops property.
The Company is also involved in hotel operation, provision of
management and financial services and investment holding.
Operations of the Group are carried out in Malaysia and South
Africa.

Mycom is in the advanced stage of negotiations to settle its
foreign debts.  The proposed capital reduction and consolidation
by Mycom, as well as the proposed share premium account
reduction will reduce the Company's accumulated losses.  As of
March 31, 2006, the Company registered accumulated losses of
MYR1,155,517,000. The Company's June 30, 2006, balance sheet
revealed total assets of MYR817,965,000 and total liabilities of
MYR1,351,772,000, resulting into a stockholders' deficit of
MYR521,083,000.


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

AFP-RSBS: To Close at Year-End Due to Financial Mismanagement
-------------------------------------------------------------
On October 4, 2006, military officials revealed the closure of
the Armed Forces of the Philippines Retirement and Separation
Benefits System after an investigation found that some of its
officials have mismanaged the multibillion-peso fund,
BusinessWorld reports.

According to the report, billions of pesos, which had been
misspent on low-return real estate projects and loans over
several years, have caused the retirement system's collapse.

The Fund collected 5% of a soldier's basic monthly pay and
ensured a 6% return upon retirement plus pension benefits,
BusinessWorld relates.

Yet, according to Defense Secretary Avelino Cruz, the Fund would
be closed by the end of the year.

Sec. Cruz asserts that the Fund's structure was "fundamentally
flawed."  Thus, the Government would ask Congress to pass a law
creating a new one for the 120,000-strong Armed Forces, Sec.
Cruz says.

                        The Investigation

A military investigation found that 84% of the Fund's more than
PHP11 billion had been invested in low-yield real estate
projects, BusinessWorld cites Defense Undersecretary Cecilio
Lorenzo as saying.

According to Undersecretary Lorenzo, PHP9.82 billion of the
RSBS' total assets are in real estate, of which PHP1.9 billion
worth of properties have titling and documentary issues.

Therefore, properties will not be sold in bulk to avoid selling
them at a discount, Undersecretary Lorenzo says.  However, he
concedes that some of the problematic assets like the
PHP1.9-billion properties might be sold in bulk and at a
discount.

                         The Properties

BusinessWorld states that, according to AFP Chief of Staff
Hermogenes C. Esperon, Jr., RSBS' properties include four
hectares of land near the Mall of Asia and 169 hectares in
Morong, Bataan.

However, Mr. Esperon did not reveal the identity of the real
estate companies where the RSBS had invested some of its money.

                        Indicted Officers

BusinessWorld cites Sec. Cruz as saying that some RSBS managers
would be prosecuted for graft.  The paper reveals that a number
of past directors and senior managers of the fund, all retired
generals, have been indicted for graft.

A case currently before the Sandiganbayan involves former AFP
Chief of Staff Lisandro Abadia and eight other members of the
RSBS executive committee who were allegedly involved in an
unexplained PHP277-million loan, BusinessWorld says.

The paper further states that another case, involving RSBS
President Jose Ramiscal, a retired general, and three others,
involves the purchase of land worth PHP167.6 million.

             Soldiers' Contribution to be Returned

According to officials, the soldiers' contributions will be
returned with the guaranteed interest.

Professional fund managers in state-owned Land Bank of the
Philippines and Development Bank of the Philippines will manage
the RSBS' idle assets, BusinessWorld says, citing officials.
However, BusinessWorld notes that this might require legislation
or an executive order from Malacanang.

DBP and Land Bank, however, have not yet received official
instructions from the AFP regarding the banks' assistance, the
paper relates.

Bank sources noted that the order tasking government financial
institutions to manage the fund should come from Malacanang or
the Congress, BusinessWorld reports, noting that the banks and
the RSBS are almost co-equal branches of government, a source
said.

The source also noted that disposing assets of cash-strapped
government agencies may take years to complete given the tedious
process involved, like the audit of the entire asset base and
the clearing of land title issues on real estate properties.

                 Senator Biazon Files Resolution

In a related development, Senator Rodolfo G. Biazon has filed a
resolution to look into the RSBS' planned closure and
recommended the prosecution of former RSBS officials including
Messrs. Abadia and Ramiscal, BusinessWorld reports.

"If the fund will be liquidated, will there be sufficient funds
to be returned to the soldiers?" the paper cites the lawmaker as
telling reporters.

BusinessWorld recounts that in 1998, the Senate Blue Ribbon
Committee found that the RSBS had been used to buy overpriced
parcels of land in Calamba and Iloilo City amounting to about
PHP500 million.

In March 2003, Sen. Biazon proposed a reopening of the Senate
probe on the AFP-RSBS.

According to Sen. Biazon, Defense Secretary Angelo Reyes'
admission to Finance Secretary Isidro Camacho that the AFP-RSBS
is bankrupt and that no pay benefits awaits the soldiers and
officers necessitates the probe.

On July 31, 2001, Sen. Biazon filed P.S. Resolution No.84
recommending that the Senate assess the operational viability of
the AFP-RSBS in sustaining its mandated task.

On May 21, 2002, Sen. Biazon filed P.S. Resolution No.321
recommending the conduct of a legislative inquiry on the status
of the RSBS in relation to its mandate, financial capability,
and obligations to its members.

"With the revelation by secretary Reyes that the AFP-RSBS now
requires more than PHP9 billion government subsidy to bail
itself out, the Senate should analyze and review the possible
restructuring of its charter and assess its financial status and
obligations bearing in mind that the AFP-RSBS Fund is primarily
for the benefit of retired military personnel," Sen. Biazon
concluded.

                         About AFP-RSBS

The Armed Forces of the Philippines-Retirement and Separation
Benefits System was created by Presidential Decree 361 as
amended to serve as a self-sustaining fund system from which the
pension, separation, and other benefits of the soldiers maybe
taken.


AFP-RSBS: AFP Mounts Information Campaign on Fund's Closure
-----------------------------------------------------------
Armed Forces of the Philippines Chief General Hermogenes Esperon
will lead an information drive on the abolition of the AFP-
Retirement and Separation Benefits System, news.balita.ph
reports.

The report cites Senator Rodolfo Biazon, chairman of the Senate
committee on national defense, as saying that the latest issue
on the RSBS "may spark restiveness in the military."

The report states that the information drive will jumpstart this
week, starting with the troops detained in Mindanao.

According to Major General Horacio Tolentino, Armed Forces of
the Philippines deputy chief of staff for personnel, the
information drive will explain to the soldiers the issues that
prompted the de-activation of the RSBS starting December 31,
2006, the report says.

                         About AFP-RSBS

The Armed Forces of the Philippines-Retirement and Separation
Benefits System was created by P.D. 361 as amended to serve as a
self-sustaining fund system from which the pension, separation
and other benefits of the soldiers maybe taken.


BANCO DE ORO: Issues Series 3 CDs at 8.25% Yearly Interest Rate
---------------------------------------------------------------
On October 4, 2006, Banco de Oro Universal Bank issued its Fixed
Rate Long-term Negotiable Certificates of Time Deposit due
November 3, 2011, with an aggregate principal amount of
PHP5 billion -- Series 3 CDs.

Interest will accrue from and including on that date to (but
excluding) November 3, 2011, at a rate of 8.25% per annum,
payable quarterly in arrears at the end of each Interest Period
of each year:

   * February 3,
   * May 3,
   * August 3, and
   * November 3

As reported in the Troubled Company Reporter - Asia Pacific on
August 25, 2006, Banco de Oro advised the Philippine Stock
Exchange that it has received authorization from the policy-
making Monetary Board of the Bangko Sentral ng Pilipinas to
issue up to PHP5 billion worth of long-term negotiable
certificates of deposits in two or more tranches over the course
of one year from BSP approval.

                       About Banco de Oro

Banco de Oro Universal Bank -- http://www.bdo.com.ph/--  
provides a wide range of corporate, commercial and retail
banking services in the Philippines, which include traditional
loan and deposit products, as well as treasury, trust banking,
investment banking, cash management, insurance, remittance,
retail cash cards and credit card services.

Banco de Oro is a member of the SM Group of Companies, one of
the Philippines' largest conglomerates, and is currently ranked
among the top 10 banks in the Philippines in terms of assets,
capital, deposits and loans.  Its asset quality indicators (non-
performing loans & non-performing assets) are among the lowest
in the industry.

                          *     *     *

Fitch Ratings Ltd. had on July 27, 2006, upgraded Banco de Oro
Universal Bank's Support rating to '3' from '4', and affirmed
its Individual rating at 'C/D', following a review of the Bank.


BENPRES HOLDINGS: Disposes 0.035% Digitel Shares for PHP2.9 Mln
---------------------------------------------------------------
In a letter dated October 4, 2006, Benpres Holdings Corporation
disclosed that it has disposed of 2,246,000 Digital
Telecommunications Inc., shares through the Philippine Stock
Exchange.

The company however, notes that it is unaware of the buyer's
identity.

The shares are equivalent to 0.035% of Digitel's total issued
and outstanding shares based on the total outstanding shares of
6,356,976,310 as of December 31, 2005.  However, this number of
shares does not reflect the dilution from the parent company
zero coupon convertible bonds and Digitel zero coupon
convertible bonds as disclosed in the Digitel 2005 audited
financial statements.

The total consideration of shares disposed amounted to PHP2.9
million.

The company explains that the funds will be used for its working
capital requirements.

                     About Benpres Holdings

Headquartered in Pasig City Philippines, Benpres Holdings
Corporation is a 56.22%-owned subsidiary of Lopez, Inc.  Both
entities were incorporated in the Philippines.  Benpres Holdings
and its subsidiaries are mainly involved in investment holdings,
broadcasting and entertainment, and water distribution.  The
Company's associates are involved in telecommunications, power
generation and distribution, cable television, real estate
development and infrastructure.

Starting in 2002, Benpres Holdings defaulted on its principal
and interest payments on its long-term direct obligations and
guarantees and commitments.  As proposed in the Company's
Balance Sheet Management Plan, all of Benpres' liabilities were
computed as of May 31, 2002.  Also as proposed in the BSMP, the
Company would make good faith semi-annual payments on its direct
and contingent obligations.  The first payment was made on
December 2, 2002, and succeeding payments were made in June and
December 2003, June and November 2004, and May and November
2005.

As of Dec. 31, 2005, Benpres Holdings' long-term direct
obligations due for payment stood at PHP9.96 billion.  By virtue
of its guarantees and commitments, based on the BSMP, the
Company may be liable for certain obligations that already fell
due, amounting to approximately PHP10.94 billion as of December
31, 2005, excluding guarantees in its unit, Maynilad Water
Services, Inc.  As of December 31, 2005, consolidated current
liabilities exceeded consolidated current assets by PHP22.12
billion.  Net loss attributable to Benpres Holdings' equity
holders for the year ended December 31, 2004, amounted to
PHP1.2 billion.

After auditing the Company's annual report for the period ended
December 31, 2005, Sycip Gorres Velayo & Co. raised substantial
doubt on Benpres Holdings' ability to continue as a going
concern, which would depend on success of the Company's balance
sheet management plan.


JG SUMMIT: Sells 7,261,525 Robinsons Land Shares
------------------------------------------------
In connection with the primary and secondary offering of up to
932,806,600 common shares of Robinsons Land Corporation, JG
Summit Holdings, Inc., advises the Philippine Stock Exchange
that as the selling shareholders in the offering, it has agreed
to sell a total of 7,261,525 shares at PHP12 per share.

JG Summit notes that the actual sale and transfer of the shares
was made on October 5, 2006 -- the listing date of Robinson
Land's primary shares.

                    About JG Summit Holdings

JG Summit Holdings Inc. -- http://www.jgsummit.com.ph/-- is
engaged in manufacturing and distributing food and agro-
industrial products and commodities; development, leasing and
management of real estate and hotels; manufacturing and
exporting textiles; provision of voice and data
telecommunication services; manufacturing of polypropylene,
polyethylene and other industrial chemicals; operation of thrift
bank and foreign exchange and securities dealing; provision of
air transport services both domestic and international and other
supplementary businesses like manufacturing of printed circuit
boards; air charter services, power generation, printing
services, Internet-related services, packaging materials,
insurance brokering and securities investment.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
April 12, 2006, Standard & Poor's Ratings Services assigned its
B+ corporate credit rating to JG Summit, with a stable outlook.
At the same time, Standard & Poor's assigned its B+ rating to
the US$300 million 8% unsecured notes due 2013 issued in January
2006 by JGSH Philippines Limited, a special purpose vehicle
wholly owned by JG Summit.  The notes are irrevocably and
unconditionally guaranteed by JG Summit.


LAND BANK: Extends PHP613 Million to SMEs in Western Visayas
------------------------------------------------------------
The Land Bank of the Philippines reported that around 251 Small
and Medium Enterprises in Western Visayas were extended
financial assistance of PHP613 million, Land Bank Vice President
and Regional Head Ruel Z. Romarate says.

Mr. Romarate says that their June 2006 report showed 137 SMEs
that were extended with financial assistance are in Panay
island, while 114 SMEs are based in Negros Occidental.

Mr. Romarate further says the Land Bank is pushing productivity
up in the countryside through SMEs, which is one of the economic
thrusts of President Gloria Macapagal-Arroyo's ten point-agenda.

To further push with the Land Banks spurring countryside
development mandate, is "to work closely with their identified
clients or mandated clients which we call development partners,"
Mr. Romarate notes.

These other developmental partners are the Cooperatives, the
Countryside Financial Institutions, and the Local Government
Units.

Around PHP493.092 million were extended to 169 cooperatives in
Panay island and Negros Occidental.  For Countryside Financial
Institutions, the Land Bank has extended financial assistance of
PHP126.335 million to 32 financial institutions.

Mr. Romarate further notes that of the 139 cities,
municipalities, and provinces in the region, Land Bank was able
to give financial assistance of PHP1.1 billion to 79 or 57% of
the total LGUs.

The LBP has also granted PHP400 million loan for San Carlos
Bioenergy, Inc., which will be used to partially finance the
implementation of the Integrated Ethanol Distillery and Power
Cogenaration Plant project in San Carlos City, Negros
Occidental.

The plant is capable of producing 100,000 liters per day of
anhydrous fuel-grade ethanol and 8 MV of electricity.  Total
feedstock requirement of the plant is 1,500 MT of sugarcane per
day.  It will be built within a 25-hectare property in the San
Carlos Agro-Industrial Economic Zone in San Carlos City, Negros
Occidental and is expected to be operational by November 2008.

                         *     *     *

On October 6, 2006, the Troubled Company Reporter - Asia Pacific
reported that 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.


SAN MIGUEL CORP: Talks with Coca-Cola Continue
----------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
August 23, 2006, San Miguel Corp., has previously revealed that
it was in talks with the Atlanta-headquartered Coca-Cola Co.,
which is eyeing to buy San Miguel's controlling stake in Coca-
Cola Bottlers Philippines Inc.

According to the TCR-AP, the discussions included negotiations
over the Coca-Cola Company taking at least a majority stake in,
and management and operational control of CCBPI.

However, Ramon Ang, San Miguel president, refused to disclose
details about CCBPI.

In a filing with the Philippine Stock Exchange, San Miguel cited
a report from the BusinessWorld, dated October 3, 2006, which
said that a San Miguel source stated that the company "intends
to sell its entire 65% stake in CCBPI and that talks will only
be finalized by year-end."

San Miguel however, clarifies that discussions are continuing
and no definite agreements have been reached.

                     About San Miguel Corp.

Headquartered in Manila, Philippines, San Miguel Corporation --
http://www.sanmiguel.com.ph/-- through its subsidiaries,
operates food, beverage and packaging businesses.  The Company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products.  San Miguel markets its
products both in the domestic and overseas markets.  The Company
also manufactures glass, metal, plastic, paper and composites
packaging products.

A Troubled Company Reporter - Asia Pacific report on April 20,
2006, stated that Moody's Investors Service put a (P)Ba3 foreign
currency rating on the proposed preferred stock issuance of San
Miguel Corp. subsidiary San Miguel Capital Funding Limited.
Moody's also placed a Ba1 local currency corporate family and
indicative foreign currency senior unsecured rating on the
Company.

Standard & Poor's Ratings Services gave San Miguel Corp. a 'BB'
foreign currency corporate credit rating and a 'B' rating to its
proposed five-year benchmark non-callable, non-cumulative, non-
voting, perpetual preferred shares to be issued by San Miguel
Capital Funding.


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

FLEXTRONICS INT'L: Moody's Assigns Loss-Given-Default Ratings
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency confirmed its Ba1 Corporate
Family Rating for Flextronics International Ltd.

Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on these loans and bond
debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$500m 6.25%
   Senior Subor.
   Notes due 2014         Ba2      Ba2     LGD5       85%

   US$400m 6.5%
   Senior Subor.
   Notes due 2013         Ba2      Ba2     LGD5       85%

   US$7.7m 9.875%
   Senior Subor.
   notes due 2010         Ba2      Ba2     LGD5       85%

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

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

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

Headquartered in Singapore, Flextronics International Ltd. --
http://www.flextronics.com/-- provides electronics
manufacturing services through a network of facilities in over
30 countries worldwide.  Its global locations include operations
in Brazil and Mexico.

                          *     *     *

Moody's Investors Service assigned a Ba2 rating to Flextronics
International Ltd.'s new US$500 million 6.25% senior
subordinated notes, due 2014.  At the same time, the company was
assigned a liquidity rating of SGL-1, reflecting Flextronics'
significant on-hand liquidity, unfettered access to the sizeable
US$1.1 billion revolver and the expectation for generating
moderately positive free cash flow (pre-Nortel payments) over
the next twelve months.  Standard & Poor's Ratings Services
assigned its 'BB-' rating to Flextronics' private offering of
US$500 million, senior subordinated notes due 2014.  The notes
were offered under Rule 144A, with registration rights.
Proceeds of the offering will be used to repay outstanding debt
under its revolving credit facilities and for general corporate
purposes.  The company's 'BB+/Stable/--' corporate credit rating
was affirmed.


LINDETEVES-JACOBERG: Court Investigates German Subsidiary
---------------------------------------------------------
Lindeteves-Jacoberg Limited, has disclosed that the court of
Monchengladbach-Rheydt has initiated an investigation on the
company's German subsidiary, Schorch Elektrische Maschinen und
Antriebe GmbH on September 28, 2006.

The investigation is in relation to Schorch and its employees
violating the "oil for food" act "VerstoŠ gegen das
AuŠenwirtschaftsgesetz".  Schorch has entered into a contract
for the supply of motors in Iraq sometime in 2002 with a
contract value of EUR1.45 million.

Investigations are currently ongoing and no charges have been
filed at this time.  In the event that Schorch is found to be
liable, a fine of up to the total contract value could be
levied.

                    About Lindeteves-Jacoberg

Lindeteves-Jacoberg Limited - http://www.linjacob.com/-- was
incorporated in Singapore on December 11, 1947 as part of a
Dutch international trading group.  Its principal activities
consist of investment holding, provision of warehousing and
rental services and acting as specialist mechanical and
electrical contractor for environmental engineering projects.

                          *     *     *

The company is currently working out further debt restructuring
plans for its liabilities, in addition to an earlier approved
Scheme of Arrangement with its creditors.


PROLUX INTERNATIONAL: Creditors' Proofs of Claim Due on Oct. 11
---------------------------------------------------------------
Prolux International Pte Ltd, which underwent a compulsory
liquidation, required its creditors to submit proofs of claim by
August 11, 2006, to Liquidator Tay Swee Sze.

Failure to comply with the requirement will exclude the creditor
from sharing in the company's distribution of dividend.

The Liquidator can be reached at:

         Tay Swee Sze & Associates
         137 Telok Ayer Street #04-01
         Singapore 068602


SEE HUP SENG: SGX-ST Approves the Listing of 10,000,000 Shares
--------------------------------------------------------------
The Singapore Exchange Securities Trading Limited has approved
in-principle See Hup Seng Limited's application for the listing
and quotation of up to 10,000,000 new ordinary shares as partial
payment of the Purchase Consideration, on the SGX-ST Dealing and
Automated Quotation System.

                       About See Hup Seng

See Hup Seng Limited -- http://www.seehupseng.com.sg/-- is
engaged in the provision of corrosion prevention services
through a range of marine and industrial blasting and coating
methods.  Its other activities are the provision of tank
cleaning, painting and coating, ship repair, shipbuilding and
scaffolding services, trading and manufacturing of blasting and
painting equipment and investment holding.  The group is
domiciled in Singapore and markets its products and services
domestically and in the People's Republic of China, Hong Kong
and Cayman Islands.

                       Significant Doubt

As reported in the Troubled Company Reporter - Asia Pacific on
May 24, 2006, after reviewing the company's full year financials
for the year 2005, Moore Stephens -- See Hup Seng's independent
auditors -- expressed, on April 7, 2006, significant doubt in
the company's ability to continue as going concern, citing the
company's losses and net current liabilities.  Moore Stephens
adds that the ability of the group and the company to continue
as going concerns is dependent the company's debt restructuring
exercise.


SEE HUP SENG: Posts Update on Proposed Speedo Shares Acquisition
----------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific, reported that See
Hup Seng has entered into a sale and purchase agreement with C T
Holdings Pte Ltd for the acquisition of 200,000 ordinary shares,
representing the entire issued and paid up share capital of
Speedo Corrosion Control Pte Ltd.

The TCR-AP stated that the company's members proposed to
authorize and allot the Directors to issue an aggregate of up to
10,000,000 new ordinary shares "Consideration Shares" at an
issue price of SGD0.185 per share to C T Holdings Pte Ltd,
making an aggregate of SGD1,850,000 as partial satisfaction of
the purchase consideration of SGD3,500,000.

In an update, See Hup Seng disclosed additional information on
the proposed acquisition:

   -- C T Holdings, has an issued and paid-up share capital of
      SGD8,129,460 comprising of 8,129,460 ordinary shares in
      C T Holdings.  The shareholders of C T Holdings are Chu
      Chwee Tiak and Chu Chin Ee holding 8,129,460 ordinary
      shares in the capital of C T Holdings, respectively;

   -- shareholders of See Hup Seng may notice that there has
      been a decrease in the net profits of Speedo Corrosion
      from SGD1.44 million in financial year 2004 to SGD0.63
      million in financial year 2005.  The decrease in the net
      profits in financial year 2005 when compared to financial
      year 2004 was due to the reduction in the rental income
      from the rental of equipment to Speedo Corrosion's related
      party in Malaysia, which is not a core business of Speedo
      Corrosion.  In addition, in the financial year of 2004,
      there were also exceptional gains from write back of
      provision for contingent liability of SGD120,000 and gains
      from the disposal of property, plant and equipment of
      SGD105,000; and

   -- Speedo Corrosion has been operating profitably on its own
      for the last three financial years.  There would be
      synergy arising from the merger of Speedo Corrosion's
      operations as contractors and consultants of corrosion
      control services with See Hup Seng's principal business of
      providing corrosion prevention service, particularly in
      the marine and offshore industry.  This synergy
      would, in the view of the Directors of See Hup Seng,
      contribute positively to the operations of Speedo
      Corrosion.  The Directors therefore expect Speedo
      Corrosion to remain profitable after the completion of the
      Acquisition.

                         About See Hup Seng

See Hup Seng Limited -- http://www.seehupseng.com.sg/-- is
engaged in the provision of corrosion prevention services
through a range of marine and industrial blasting and coating
methods.  Its other activities are the provision of tank
cleaning, painting and coating, ship repair, shipbuilding and
scaffolding services, trading and manufacturing of blasting and
painting equipment and investment holding.  The group is
domiciled in Singapore and markets its products and services
domestically and in the People's Republic of China, Hong Kong
and Cayman Islands.

                       Significant Doubt

As reported in the Troubled Company Reporter - Asia Pacific on
May 24, 2006, after reviewing the company's full year financials
for the year 2005, Moore Stephens -- See Hup Seng's independent
auditors -- expressed, on April 7, 2006, significant doubt in
the company's ability to continue as going concern, citing the
company's losses and net current liabilities.  Moore Stephens
adds that the ability of the group and the company to continue
as going concerns is dependent the company's debt restructuring
exercise.


YU THONG: Pays First and Final Dividend
---------------------------------------
Yu Thong Pte Ltd, which has undergone liquidation, has paid the
first and final dividend to its creditors on September 22, 2006.

The amount paid was 0.79% to all admitted claims.

The Assistant Official Receiver can be reached at:

         Moey Weng Foo
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


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

GOVT. HOUSING BANK: Reappoints Khan for Another Four-Year Term
---------------------------------------------------------------
Directors of the Government Housing Bank agreed on the
reappointment of Khan Prachuabmoh as president for another four-
year term after other applicants for the post failed to pass
screening, The Bangkok Post reports.

Wisudhi Srisuphan, GHB's chairman and director-general of the
Treasury Department, said that the Board's recommendation still
requires formal approval from the new finance minister and
government.

The Post recounts that four people applied for the post of
president in the first round, but all except Mr. Khan failed to
meet necessary requirements.  One applicant was disqualified due
to an unrelated legal case and the others for failure to meet
experience requirements.

The application deadline was later extended but no other
candidates emerged.  Mr. Khan's first term expired earlier this
year.

                          *     *     *

The Government Housing Bank -- http://www.ghb.co.th/-- was
established in 1953 as the Ministry of Finance's wholly owned
financial institution with the purpose of providing mortgage
loans to low-and medium-income persons.  In addition to
providing mortgage loans for the purchase of lands, houses,
construction, and renovation, the Bank also act as a real estate
developer.

GHB is the country's largest mortgage lender, with assets of
THB594 billion as of June 2006.  In the first half of the year,
the bank lent THB56.7 billion in new loans and posted a net
profit of THB1.63 billion.

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


KRUNG THAI: Increases Bond Size to US$220-Million
-------------------------------------------------
Krung Thai Bank increased the size of its perpetual bond issue
by 10% to US$220 million after the offering was oversubscribed
two-fold and pricing fell from its original book building last
month, The Bangkok Post reports.

The Troubled Company Reporter - Asia Pacific reported that KTB's
hybrid tier-one issue had been pulled from the market hours
after the Sept 19, 2006 military coup and reinstated it on
October 5.

The TCR-AP added that the reinstated perpetual bond was offered
at a spread of 280-285 basis points after reinstatement compared
with 265 basis point before the bond was withdrawn.

Strong demand led KTB and underwriters Merrill Lynch to increase
the size of the offering by US$20 million over the original
US$200 million, Post said.

"The over-subscription reflects the strong confidence of foreign
investors in Thailand and KTB", KTB president Apisak
Tantiworawong told the Post.

The deal is priced at par with a coupon of 7.378% over 10-year
US treasuries.  Moody's Investors Service rated the bonds at
Ba1, BB+ by Standard and Poor's and BBB- by Fitch.

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.



                            *********

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 ***