TCRAP_Public/061103.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Friday, November 3, 2006, Vol. 9, No. 219


                            Headlines

A U S T R A L I A

AGENIX LIMITED: Posts AU$3.7-Mil. Net Loss for FY2005-06
AGENIX LIMITED: To Hold Annual General Meeting on November 21
APPEAL PTY: Will Declare Dividend on December 7
BALAVOL PTY: Creditors' Final Meeting Set on November 13
CIFICAP HEALTHCARE: Placed Under Voluntary Liquidation

CRONTEC AUTOMOTIVE: Proofs of Claim Due on November 17
DENBRUSH PTY: Creditors Must Submit Proofs of Debt by Nov. 14
DOMUS INVESTMENTS: Liquidator Royal to Present Wind-Up Accounts
ENACON PTY: Members Decide to Shut Down Firm
EVANS NOMINEES: Proofs of Debt Due on November 9

HANZO PTY: Members Decide to Close Business
HARKATAND PTY: Appoints Cussen and Morton as Liquidators
HAYES STREET: Members Opt to Shut Down Firm
HEAVEN WHOLESALE: Members and Creditors to Meet on November 10
JOHN FARRAGHER: Will Receive Proofs of Debt Until Nov. 17

KENNEDY HOSPITALITY: To Declare Dividend on December 5
LAFRED PTY: Liquidator to Present Wind-Up Accounts
LANDSCAPE ENVIRONMENTS: Creditors to Receive Wind-Up Report
LANGLANDS BUILDING: Names Angus Gordon as Liquidator
MAINLINK CONSTRUCTIONS: Members Opt for Voluntary Wind-Up

MAN ROLAND: Placed Under Voluntary Liquidation
MILLEN GROUP: Members' Final Meeting Set on November 13
MISSION SECURITY: Creditors Proofs of Debt Due on November 14
NETAFIM CHINA: Members Opt to Liquidate Business
POWERFUL PTY: Members to Receive Wind-Up Accounts on November 20

PRECISE BATHROOMS: Members and Creditors to Meet on Nov. 13
ROLLER CHAIR: Undergoes Voluntary Liquidation
S.P. AUSTRALASIA: Creditors Agree to Liquidate Business
STEMUS COMMERCIAL: To Declare Dividend on December 8
STEWART RESORT: Members Opt for Voluntary Liquidation

TAVALE PTY: Liquidator to Present Wind-Up Report on Nov. 24
TR NEWCASTLE: Commences Liquidation Proceedings


C H I N A   &   H O N G  K O N G

BANTA CORP: Acquisition Spurs S&P to Place Ratings on Watch Neg.
BOMBARDIER INC: Wins EUR2.7-Bln Train Deal with France's SNCF
PETROLEOS DE VENEZUELA: Drilling Junin 4 with China National
PETROLEOS DE VENEZUELA: In Talks with Conoco on Orinoco Projects
PETROLEOS DE VENEZUELA: Launches New State Power Generation Firm

WESCO INT'L: S&P Assigns B Rating on Proposed US$250-Mln Notes
WESCO INT'L: Inks Acquisition Deal With Communication Supply
* Outlook Stable on Taiwan's Banking Sector, S&P says


I N D I A

CONEXANT SYSTEMS: To Offer US$250-Mil. Floating Rate Notes
ITI LTD: Fitch Gives 'D' Final National Ratings to Series Bonds
LML LIMITED: FY 2006 Financial Results to Be Released in Dec.
NTPC LTD: Third Quarter Net Profit Up 27% to INR14.74 Billion


I N D O N E S I A

PERUSAHAAN LISTRIK: Inks Deal with 3 Firms for US$1.5-Bil. Plant
TELKOM INDONESIA: To Buy IDR722-Bil Equipment from Chinese Firms


J A P A N

ASHIKAGA BANK: Government Opens Round One of Bidding Process
CHIBA BANK: Fitch Affirms 'C' Individual Rating
NIKKO CORDIAL: Posts JPY22.7-Bil. Net Profit for 2006 Half-Year
NIKKO CORDIAL: Sets 2nd Quarter Dividend at JPY6 Per Share


K O R E A

DAEGU BANK: Net Income for 3rd Quarter Slightly Down by 2.4%
HANAROTELECOM INC: Unit Turns to IBM for Call Center Management
PHOTRONICS INC: Moody's Assigns Loss-Given-Default Ratings
WOORI FINANCE: Third Quarter 2006 Net Income Down 12%


N E W   Z E A L A N D

CHILDCARE HOLDINGS: Faces Liquidation Proceedings
MEGA-STORE: Liquidation Hearing Slated for November 9
MUSHROOM CITY: Court Sets Liquidation Petition Hearing on Nov. 7
SEA ACCOMODATION: Liquidation Petition Hearing Set on Nov 16


P H I L I P P I N E S

BAUANG PRIVATE POWER: Moody's Changes Bond Rtg Outlook to Stable
MANILA ELECTRIC: US$16.6-Mil. Refund Plan Gets Govt. Nod
RIZAL COMMERCIAL BANKING: Hybrid Tier 1 Securities Listed in SGX
NATIONAL POWER: Moody's Changes Bond Rating Outlook to Stable
UNIVERSAL ROBINA: Moody's Changes Bond Rating Outlook to Stable

* Moody's Changes RP's Rating Outlooks to Stable from Negative


S I N G A P O R E

ANTRON PTE: Court to Hear Wind-Up Petition on November 10
GTR TECHNOLOGIES: Wind-Up Petition Hearing Set on November 10
FIVE LINE: Served with Wind-Up Petition
HEXION SPECIALTY: Eliminates Certain Defaults on Notes
LEUN WAH: Will Declare Dividend to Creditors

PETROLEO BRASILEIRO: Discloses Terms of Agreement with Bolivia
RED HAT: S&P Revises Outlook on B+ Corp. Credit Rating to Stable


T H A I L A N D

THAI HEAT: Takes 50% Shareholding in Daison Commercial
THAI PETROCHEMICAL: Changes Name to IRPC Pcl
UNITED OVERSEAS (THAI): S&P Affirms D+ Fundamental Strength Rtg


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

=================
A U S T R A L I A
=================

AGENIX LIMITED: Posts AU$3.7-Mil. Net Loss for FY2005-06
--------------------------------------------------------
Agenix Limited filed its Annual Report for the fiscal year ended
June 30, 2006, with the Australian Stock Exchange.  

Agenix Limited's consolidated net loss for FY 2005-06 falls to
AU$3.721 million from last year's AU$13.616 million.

Revenues for the year ended June 30, 2006, total AU$833 million,
a 25% increase from AU$669 million in the previous fiscal year.
Cost of sales for FY 2005-06 was a tad lower at AU$144 million
compared to AU$192 million last year.

Agenix Limited, however, put so much on research and development
with expenses totaling AU$10.398 million for the June 2006
fiscal year, compared to AU$6.308 million last fiscal year.

The Annual Report shows increased total equity of AU$14,211,000
as of June 30, 2006, from AU$8,817,000 as of June 30, 2005.  
According to Agenix Limited, the increase was due to the receipt
of new share capital of AU$12,450,000 (net costs) from capital
raisings in September 2005 and March 2006, offset by the
operating loss of AU$3,721,000 and the movement in the share
option reserve of AU$88,000 incurred this financial year.

Agenix's June 30, 2006, balance sheet showed total assets of
AU$23,654,000 and total liabilities of AU9,443,000.

A full-text copy of Agenix's 2006 Annual Report is available for
free at:

      http://bankrupt.com/misc/Agenix_2006AnnualReport.pdf

                          Dividends

Agenix will not be paying a dividend in relation to the current
period nor did it pay a dividend in the previous period.  The
company does not anticipate that it will be paying a dividend in
the year ended June 30, 2007.

                       Capital Raising

On September 19, 2005, a fully underwritten rights issue of
41,391,891 new shares to the value of AU$9,630,000 (net of
costs) was raised on the basis of 1 new shares for every 4 fully
paid ordinary shares held at AU$0.25 per share.  A further
AU$2,820,000 (net 0f costs) was raised from a placement of
13,636,364 shares to institutions and sophisticated investors
announced on March 17, 2006, at AU$0.22 per share.  The shares
were issued between March 29, 2006, and May 2, 2006.

                       Bank Bill Facility

Agenix has a AU$5 million bank bill facility from the
Commonwealth Bank of Australia, which is secured over all the
assets and undertakings of the company.  At June 30, 2006, the
facility was drawn down to AU$5 million.  Upon settlement of the
sale and leaseback of its Acacia Ridge, Queensland, properties
on July 26, 2006, the company repaid the balance drawn down in
full.  At this time the facility limit was reduced from AU$5
million to AU$1.8 million.  The facility is an evergreen
facility with an availability period ending September 30, 2006.  
It is unlikely that the company will renew the facility.

          Significant Changes in the State of Affairs

On April 7, 2006, Agenix signed an agreement with U.S. company
IDEXX Laboratories to assign the patents and other intangible
assets of its AGEN Animal Health business and grant certain
distribution rights for its health products for AU$10 million.  
On April 24, 2006, Agenix received AU$7.2 million in cash.  
Agenix is expected to receive a further AU$2.8 million
progressively as operational and transfer milestones are
completed.

The company's Board of Directors has decided to actively seek
the disposal of Agenix's Human Health in vitro diagnostics
business, in line with the company's long-term focus and
strategy.  Agenix is in negotiations with several parties.  As a
result, the business has been classified a held for sale at June
30, 2006.

                   Update on ThromboView(R)

Agenix Limited recounts that it previously disclosed that its
corporate strategy to sell its non-core Animal Health and Human
Health businesses and to develop a broad pipeline of monoclonal
antibody-based products, of which ThromboView(R) is the first.  
These non-core assets are described as "discontinued operations"
under accounting standards, even though one of them, the Human
Health business, has not been sold at the date of the Annual
Report.  "Continuing operations" currently encompasses the
ThromboView(R) project and corporate overheads.  While these
operations will continue into the year ended June 30, 2007, the
level of expenditure on ThromboViewr and corporate overheads is
expected to fall much lower levels than in earlier years.

              Legal Dispute Over Consulting Fees

A former consultant of the company has commenced legal
proceedings in Australia against the company in relation to the
Animal Health business transaction announced on April 7, 2006.  
The consultant is seeking of AU$500,000 plus reimbursement of
legal fees plus interest.

The company has received legal advice that it has no liability
whatsoever.

If the matter proceeds to trial, the company's potential
exposure is estimated at AU$820,000.

                Entities Subject to Class Order

Pursuant to Class Order 98/1418 dated May 5, 1999, relief has
been granted to all of Agenix's controlled entities except for
Agen Inc., and Agenix Asia Pacific Pte Ltd from the Corporations
Act 2001 requirement for preparation, audit, and lodgment of
their financial reports.

Agenix and the controlled entities subject to the Class Order
have entered a Deed of Cross Guarantee.  The effect of the Deed
is that Agenix has guaranteed to pay any deficiency in the event
of the winding up of the controlled entities and the controlled
entities have guaranteed to pay any deficiency in the event of
the winding up of Agenix.  Agen Inc., and Agenix Asia Pacific
are not subject to the Deed of Cross Guarantee.

                         About Agenix

Agenix Limited -- http://www.agenix.com/-- is a global health  
and biotechnology Company based in Brisbane, Australia.  The
Company runs a suite of established businesses in human and
animal health diagnostics, and is focused on growing its world-
leading molecular diagnostic imaging R&D program.  Agenix's lead
candidate is its high-technology ThromboView blood clot-imaging
project, which is currently undergoing Phase II human trials in
the United States and Canada.  ThromboView uses radio-labeled
antibodies to locate blood clots in the body, and could
revolutionize the US$3 billion global clot diagnostic imaging
market.  ThromboView is being developed with the assistance of
the Federal Government through its START scheme.  Agenix employs
110 staff and sells its products to more than 50 countries.  
ThromboView is a registered trademark of AGEN Biomedical.  
   
Coming from a AU$161,000 net profit in 2002, Agenix ended 2003
with a AU$811,000 net loss, owing to huge R&D expense on
Thromboview.  By August 2004, the Company had announced a
AU$14.3-million loss for the six months ending June 30, 2004,
largely due to increased investments and one-off items including
legal fees associated with the Synbiotics patent case which was
resolved earlier, costs associated with the terminated Peptech
merger, additional licenses, improvements made to manufacturing
and regulatory infrastructure and losses associated with Milton
Pharmaceuticals.  Milton was sold in February 2005, but the
Company still suffers from continued losses.  In the Company's
report on its financials for the year ending June 30, 2005, net
loss was pegged at AU$12 million.


AGENIX LIMITED: To Hold Annual General Meeting on November 21
-------------------------------------------------------------
Agenix Limited informs the Australian Stock Exchange that the
company will hold its Annual General Meeting on November 21,
2006, at 10:00 a.m., at the Surveyors Room, Conrad Treasury
Hotel, George Street, Brisbane.

The meeting's agenda, include the consideration of:

   (a) the company's Financial Report for the year ended
       June 30, 2006, and the Directors and the related
       Auditors' Reports;

   (b) the re-election of Ravindran Govindan and Myles Davey as
       Directors; and

   (c) any other business which may be brought forward in
       accordance with the company's Constitution and the
       Corporations Act 2001 (Cth).

             Approval of Previous Issues of Shares

Pursuant to ASX Listing Rule 7.1, the company is limited to
issue up to 15% of its issued capital in any 12-month period
without shareholder approval, subject to certain exceptions like
pro-rata issues to all shareholders.

As of October 20, 2006, the company has issued shares in the
previous 12 months so that it has issued 6.9% of its 15%
placement capacity.  Under ASX Listing Rule, the company may
seek subsequent shareholder approval to specified issues of
securities and if that approval is granted, the issues do not
count towards the 15% limit.

During the meeting, the company will also seek shareholders'
approval for the issue of 13,636,364 shares to retain future
flexibility.

Since November 15, 2005, Agenix has conducted a placement of 20
investors through Intersuisse Limited under which it issued the
shares in two tranches.

Other details of the issue are:

                  Date of issue: March 29, 2006, and May 2, 2006

                  Type of issue: Private placement

     Terms of the shares issued: Ordinary fully paid shares

                    Issue price: AU$0.22

Basis of determining allotment: Institution and sophisticated
                                 investors as introduced by
                                 Intersuisse Limited

                   Use of funds: The funds raised have been
                                 applied towards achieving a
                                 commercial outcome for
                                 ThromboView(R) and
                                 implementation of key
                                 initiatives towards developing
                                 a broad pipeline of monoclonal
                                 antibody based products.

The Board unanimously recommends that shareholders vote in favor
of adopting the approval of previous issues of shares.

                         About Agenix

Agenix Limited -- http://www.agenix.com/-- is a global health  
and biotechnology Company based in Brisbane, Australia.  The
Company runs a suite of established businesses in human and
animal health diagnostics, and is focused on growing its world-
leading molecular diagnostic imaging R&D program.  Agenix's lead
candidate is its high-technology ThromboView blood clot-imaging
project, which is currently undergoing Phase II human trials in
the United States and Canada.  ThromboView uses radio-labeled
antibodies to locate blood clots in the body, and could
revolutionize the US$3 billion global clot diagnostic imaging
market.  ThromboView is being developed with the assistance of
the Federal Government through its START scheme.  Agenix employs
110 staff and sells its products to more than 50 countries.  
ThromboView is a registered trademark of AGEN Biomedical.  
   
Coming from a AU$161,000 net profit in 2002, Agenix ended 2003
with a AU$811,000 net loss, owing to huge R&D expense on
Thromboview.  By August 2004, the Company had announced a
AU$14.3-million loss for the six months ending June 30, 2004,
largely due to increased investments and one-off items including
legal fees associated with the Synbiotics patent case which was
resolved earlier, costs associated with the terminated Peptech
merger, additional licenses, improvements made to manufacturing
and regulatory infrastructure and losses associated with Milton
Pharmaceuticals.  Milton was sold in February 2005, but the
Company still suffers from continued losses.  In the Company's
report on its financials for the year ending June 30, 2005, net
loss was pegged at AU$12 million.


APPEAL PTY: Will Declare Dividend on December 7
-----------------------------------------------
Appeal Pty Ltd, which is in liquidation, will declare the first
and final dividend for its creditors on December 7, 2006.  
Creditors who were able to submit their proofs of debt by
November 8, 2006, are included in the distribution.

The liquidator can be reached at:

         Kenneth J. Stout
         Boutique Corporate Advisory
         Austral House Level 2
         115 Collins Street
         Melbourne, Victoria 3000
         Australia
         Telephone: (03) 9639 1900
         Facsimile: (03) 9654 0133
         Mobile: 0419 340 491


BALAVOL PTY: Creditors' Final Meeting Set on November 13
--------------------------------------------------------
Balavol Pty Limited, which is in liquidation, will hold a final
meeting for its creditors on November 13, 2006, at 10:30 a.m.,
to hear the report of Liquidator Christopher J. Palmer on the
company's wind-up proceedings and property disposal exercises.

The Liquidator can be reached at:

         Christopher J. Palmer
         Level 4, 23-25 Hunter Street
         Sydney, New South Wales 2000
         Australia


CIFICAP HEALTHCARE: Placed Under Voluntary Liquidation
------------------------------------------------------
The members of Cificap Healthcare (Aust) Management Pty Ltd held
a general meeting on October 13, 2006, and passed a special
resolution to voluntarily wind up the company's operations.

David Clement Pratt and Timothy James Cuming were subsequently
appointed as liquidators.

The Liquidators can be reached at:

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


CRONTEC AUTOMOTIVE: Proofs of Claim Due on November 17
------------------------------------------------------
Crontec Automotive Tooling (Australia) Pty Limited, which is  
subject to deed of company arrangement, will declare the first
and final dividend for its creditors on December 8, 2006.

In this regard, the creditors are required to submit their
proofs of debt by November 17, 2006, to be included in the
company's distribution of dividend.

The deed administrator can be reached at:

         Adam Shepard
         Star, Dean-Willcocks
         Level 1, 32 Martin Place
         Sydney, New South Wales 2000
         Australia


DENBRUSH PTY: Creditors Must Submit Proofs of Debt by Nov. 14
-------------------------------------------------------------
The creditors of Denbrush Pty Ltd, which is in liquidation, are
required to submit their proofs of debt by November 14, 2006.

Creditors who can prove their debts on the due date will be
included in the company's dividend distribution on December 7,
2006.

The liquidator can be reached at:

         Ian Richard Hall
         Waterfront Place
         1 Eagle Street
         Brisbane, Queensland 4001
         Australia


DOMUS INVESTMENTS: Liquidator Royal to Present Wind-Up Accounts
---------------------------------------------------------------
A joint meeting of the members and creditors of Domus
Investments Pty Limited will be held on November 24, 2006, at
10:00 a.m., to receive the report on the company's wind-up
proceedings from Liquidator Michael Royal.

The Liquidator can be reached at:

         Michael Royal
         BIR Pty Ltd
         Suite 9
         305-307 The Kingsway
         Caringbah, New South Wales 2229
         Australia


ENACON PTY: Members Decide to Shut Down Firm
--------------------------------------------
On October 4, 2006, the members of Enacon Pty Ltd resolved to
voluntarily wind up the company's operations and appointed John
Duncan Green as liquidator.

The Liquidator can be reached at:

         John D. Green
         BDO
         Chartered Accountants & Advisers
         Level 19, 2 Market Street
         Sydney, New South Wales 2000
         Australia


EVANS NOMINEES: Proofs of Debt Due on November 9
------------------------------------------------
Liquidator Gary Anderson require the creditors of Evans Nominees
(W.A.) Pty Ltd, to submit their proofs of debt by November 9,
2006, to be included in the company's dividend distribution.

The Liquidator can be reached at:

         Gary Anderson
         PO Box 1661
         West Perth, Western Australia 6872
         Australia
         Telephone:(08) 9486 7822
         Facsimile:(08) 9226 4250
         E-mail: garya@iinet.net.au


HANZO PTY: Members Decide to Close Business
-------------------------------------------
On September 22, 2006, the members of Hanzo Pty Ltd agreed to
shut down the company's business operations.

Accordingly, Deryk Andrew was appointed as liquidator.

The Liquidator can be reached at:

         Deryk Andrew
         Cor Cordis
         Chartered Accountants
         PO Box Q1165
         QVB Post Office
         Sydney, New South Wales 1230
         Australia


HARKATAND PTY: Appoints Cussen and Morton as Liquidators
--------------------------------------------------------
On October 17, 2006, the members of Harkatand Pty Limited held
an extraordinary general meeting and resolved to voluntarily
wind up the company's operations.

Accordingly, the creditors appointed Gavin C. Morton and Neil
Robert Cussen as the company's liquidators.

The Liquidators can be reached at:

         Neil Robert Cussen
         Gavin Charles Morton
         Horwath Sydney Partnership
         Level 10, 1 Market Street
         Sydney, New South Wales 2000
         Australia


HAYES STREET: Members Opt to Shut Down Firm
-------------------------------------------
At a general meeting held on October 12, 2006, the members of
Hayes Street Developers Pty Ltd, agreed to voluntarily wind up
the company's operations and distribute the proceeds of its
assets.

The liquidator can be reached at:

         Ross Stewart Griffin
         Worsley Partners
         Chartered Accountants
         338 Griffith Road
         Lavington, New South Wales 2641
         Australia


HEAVEN WHOLESALE: Members and Creditors to Meet on November 10
--------------------------------------------------------------
The members and creditors of Heaven Wholesale Pty Limited, which
is in liquidation, will hold a final meeting on November 10,
2006, at 10:00 a.m., to:

   -- receive an update from Liquidator Sutherland in relation
      to the conduct of the administration to date;

   -- review a copy of the Liquidator's summary of receipts and
      payments; and

   -- approve the Liquidator's remuneration.

The Liquidator can be reached at:

         R. M. Sutherland
         Jirsch Sutherland
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9233 2111
         Facsimile:(02) 9233 2144


JOHN FARRAGHER: Will Receive Proofs of Debt Until Nov. 17
---------------------------------------------------------
John Farragher Removals Pty Limited, which is subject to deed of
company arrangement, will declare the first and final dividend
for its creditors on December 8, 2006.  Creditors who can prove
their debts by November 17, 2006, will be included in the
distribution.

The deed administrator can be reached at:

         Adam Shepard
         Star, Dean-Willcocks
         Level 1, 32 Martin Place
         Sydney, New South Wales 2000
         Australia


KENNEDY HOSPITALITY: To Declare Dividend on December 5
------------------------------------------------------
Kennedy Hospitality Advisors Pty Ltd, which is in liquidation,
require its creditors to submit their proofs of debt by
November 14, 2006, to be included in the company's distribution
of dividend that will be held on December 5, 2006.

The liquidator can be reached at:

         David James Hambleton
         R. E. Murphy
         Level 9, 46 Edward Street
         Brisbane, Queensland 4000
         Australia


LAFRED PTY: Liquidator to Present Wind-Up Accounts
-------------------------------------------------
A final meeting will be held for the creditors of Lafred Pty
Limited, on November 13, 2006, at 10:15 a.m.

At the meeting, Liquidator Christopher J. Palmer will present
the company's wind-up accounts and property disposal exercises.

The Liquidator can be reached at:

         Christopher J. Palmer
         Level 4, 23-25 Hunter Street
         Sydney, New South Wales 2000
         Australia


LANDSCAPE ENVIRONMENTS: Creditors to Receive Wind-Up Report
-----------------------------------------------------------
The creditors of Landscape Environments Pty Limited, which is in
liquidation, will hold a final meeting on November 13, 2006, at
10:00 a.m., to receive Liquidator Christopher J. Palmer's
accounts on the company's wind-up proceedings.

The Liquidator can be reached at:

         Christopher J. Palmer
         Level 4, 23-25 Hunter Street
         Sydney, New South Wales 2000
         Australia


LANGLANDS BUILDING: Names Angus Gordon as Liquidator
---------------------------------------------------
The members of Langlands Building Services Pty Limited resolved
to voluntarily wind up the company's operations at their
extraordinary general meeting held on October 17, 2006.

The creditors appointed Angus C. Gordon as the company's
liquidator at their general meeting held later that day.

The Liquidator can be reached at:

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


MAINLINK CONSTRUCTIONS: Members Opt for Voluntary Wind-Up
---------------------------------------------------------
Members of Mainlink Constructions Pty Ltd met on October 11,
2006, and decided to voluntarily wind up the company's
operations.

In this regard, David Anthony Hurst and Andrew Hugh Jenner Wily
were appointed as liquidators.

The Liquidators can be reached at:

         David Anthony Hurst
         Andrew Hugh Jenner Wily
         Armstrong Wily
         Chartered Accountants
         Level 5, 75 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


MAN ROLAND: Placed Under Voluntary Liquidation
----------------------------------------------
At a general meeting held on October 4, 2006, the members of Man
Roland Services Australia Pty Ltd agreed to voluntarily
liquidate the company's business.

John D. Green was consequently appointed as liquidator.

The Liquidator can be reached at:

         John D. Green
         BDO
         Chartered Accountants & Advisers
         Level 19, 2 Market Street
         Sydney, New South Wales 2000
         Australia


MILLEN GROUP: Members' Final Meeting Set on November 13
-------------------------------------------------------
The members of Millen Group Pty Limited, which is in
liquidation, will hold a final meeting on November 13, 2006, at
10:00 a.m.

At the meeting, the members will receive from Liquidator Shannon
Cavanagh accounts of the company's wind-up and property disposal
exercises.

The Liquidator can be reached at:

         Shannon Cavanagh
         c/o Bacchus Associates Pty Limited
         Suite 9, Level 2
         The Cooperage
         56 Bowman Street
         Pyrmont, New South Wales 2009
         Australia


MISSION SECURITY: Creditors Proofs of Debt Due on November 14
-------------------------------------------------------------
Mission Security Services Pty Ltd, which is in liquidation, will
declare the first and final priority dividend for its creditors
on December 6, 2006, to the exclusion of creditors who cannot
prove their debts by November 14, 2006.

The liquidator can be reached at:

         John Park
         KordaMentha (Queensland)
         22 Market Street
         Brisbane Queensland 4000
         Australia


NETAFIM CHINA: Members Opt to Liquidate Business
------------------------------------------------
Members of Netafim China Pty Ltd convened on October 16, 2006,
and resolved to voluntarily liquidate the company's business.

Andrew Stewart Reed Hewitt was consequently appointed as
liquidator.

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


POWERFUL PTY: Members to Receive Wind-Up Accounts on November 20
----------------------------------------------------------------
The members of Powerful Pty Limited, which is in liquidation,
will hold a general meeting on November 20, 2006, at 10:00 a.m.,
to hear the report on the company's wind-up from Liquidator
David B. Gurney.

The Liquidator can be reached at:

         David b. Gurney
         PF Fisher & Co Pty Ltd
         Level 8, 111 Phillip Street
         Parramatta
         Australia


PRECISE BATHROOMS: Members and Creditors to Meet on Nov. 13
-----------------------------------------------------------
Precise Bathrooms Pty Limited, which is in liquidation, will
hold a final meeting for its members and creditors on Nov. 13,
2006, at 10:45 a.m., to receive the report of Liquidator
Christopher J. Palmer regarding the company's wind-up and
property disposal exercises.

The Liquidator can be reached at:

         Christopher J. Palmer
         Level 4, 23-25 Hunter Street
         Sydney, New South Wales 2000
         Australia


ROLLER CHAIR: Undergoes Voluntary Liquidation
---------------------------------------------
During a general meeting held on October 18, 2006, the
shareholders of Roller Chair Pty Ltd passed a special resolution
to voluntarily wind up the company's operations and distribute
the proceeds from its asset disposal.

The Liquidator can be reached at:

         Glenn Martin Robinson
         346 Carrington Street
         Adelaide, South Australia 5000
         Australia


S.P. AUSTRALASIA: Creditors Agree to Liquidate Business
-------------------------------------------------------
The creditors of S.P. Australasia Pty Limited -- trading as
Critical Systems Australasia -- have met on October 17, 2006,
and agreed to liquidate the company's business.

In this regard, Daniel I. Cvitanovic was appointed as
liquidator.

The Liquidator can be reached at:

         Daniel I. Cvitanovic
         Daniel I. Cvitanovic Chartered Accountant
         Shop 5 Old Potato Shed
         74-76 Hoddle Street
         Robertson, New South Wales 2577
         Australia
         Telephone:(02) 4885 2500
         Facsimile:(02) 4885 2995


STEMUS COMMERCIAL: To Declare Dividend on December 8
----------------------------------------------------
Stemus Commercial Pty Limited, which is subject to deed of
company arrangement, will declare the first and final dividend
for its creditors on December 8, 2006.

Accordingly, creditors are required to file their proofs of debt
by November 17, 2006, to be included in the company's
distribution of dividend.

The deed administrator can be reached at:

         Adam Shepard
         Star, Dean-Willcocks
         Level 1, 32 Martin Place
         Sydney, New South Wales 2000
         Australia


STEWART RESORT: Members Opt for Voluntary Liquidation
-----------------------------------------------------
At a general meeting on October 16, 2006, the members of Stewart
Resort Services Pty Ltd resolved to place the company under
voluntary liquidation.

Subsequently, Robert Eugene Murphy and David James Hambleton
were appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Robert Eugene Murphy
         David James Hambleton
         Chartered Accountants
         R. E. Murphy & Co
         Level 9, 46 Edward Street
         Brisbane, Queensland 4000
         Australia


TAVALE PTY: Liquidator to Present Wind-Up Report on Nov. 24
-----------------------------------------------------------
Tavale Pty Limited, which is in liquidation, will hold a joint
meeting for its members and creditors on November 24, 2006, at
9.00 a.m., to receive the report of the company's wind-up
proceedings.

The liquidator can be reached at:

         Michael Royal
         BIR Pty Ltd
         Suite 9
         305-307 The Kingsway
         Caringbah, New South Wales 2229
         Australia


TR NEWCASTLE: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary general meeting held on October 18, 2006,
the members of TR Newcastle Pty Limited resolved to liquidate
the company's business and appoint James Alexander Shaw as the
company's liquidator.

The Liquidator can be reached at:

         James Alexander Shaw
         Ferrier Hodgson (Newcastle)
         Chartered Accountants
         Level 3, 2 Market Street
         Newcastle, New South Wales 2300
         Australia


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

BANTA CORP: Acquisition Spurs S&P to Place Ratings on Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' corporate
credit rating to Banta Corp., a Menasha, Wis.-based printing and
supply chain management services company.

At the same time, Standard & Poor's assigned its 'BB' bank loan
rating and '3' recovery rating to the company's US$515 million
senior secured credit facilities reflecting our expectation for
a meaningful (50%-80%) recovery of principal in the event of a
payment default.  Proceeds from the bank facilities will be
primarily used to fund a US$16 per share cash dividend (about
US$388 million), refinance certain existing debt, and for
general corporate purposes.

In addition, Standard & Poor's placed the ratings on Banta on
CreditWatch with negative implications.  The CreditWatch
placement reflects uncertainties surrounding the offer by Cenveo
Corp. to acquire Banta and its related exploration of strategic
alternatives to maximize shareholder value, which could extend
beyond the special dividend that is being financed with the new
bank facilities.

The Sept. 14 announcement by the company that it was paying a
special dividend to shareholders followed the receipt of an
offer by Cenveo to acquire Banta.  Banta's board of directors
has turned down both Cenveo's initial offer and revised one,
which is set to expire on Oct. 31.

In addition to the special dividend, Banta announced on Oct. 3
that its board has authorized management, in conjunction with
its financial advisor, to explore all potential strategies for
further maximizing shareholder value, including, but not limited
to, remaining independent, joint ventures, mergers,
acquisitions, further return of capital, or the sale of the
company.  Ratings could be lowered in the event the search for
strategic alternatives results in a sizable leveraging
transaction.

                          *     *     *

Headquartered in Menasha, Wisconsin, Banta Corp. --
http://www.banta.com/-- is a technology and market leader in  
printing and supply-chain management services.  The company
focuses on five printing services markets: books, special-
interest magazines, catalogs, direct marketing and literature
management.  Its global supply-chain management business
provides a wide range of outsourcing capabilities to some of the
world's largest companies.  Services range from materials
sourcing, product configuration and customized kitting, to order
fulfillment and global distribution.  The company has operations
in Ireland, Hungary, The Netherlands, Scotland, Singapore and
China.


BOMBARDIER INC: Wins EUR2.7-Bln Train Deal with France's SNCF
-------------------------------------------------------------
Bombardier Transportation has been selected by SNCF, French
National Railways, to supply the future Ile-de-France commuter
train, after a call for tenders launched in February 2004.  

The contract is for the delivery of a total of 372 trains that
will operate on the Greater Paris/Ile-de-France suburban
network, and includes an initial order of 172 trains valued at
an estimated EUR1.35 billion.  

The total value of the contract is estimated at EUR2.7 billion.
SNCF announced its decision at the conclusion of its Board
meeting on Oct. 25, 2006, convened to review the opinion of its
contract committee.

Contract signing is expected to take place in the near future.
Delivery of the first trains is scheduled to begin in November
2009 and continue until 2015.

The new train will be designed, manufactured and built at the
Bombardier Transportation facility in Crespin, in the
Valenciennes region, France.

Bombardier Transportation's future Ile-de-France commuter train
is an articulated train featuring extra-wide carriages which
provide an unusually large internal volume for passengers, wide
seats and especially wide doors to increase the ease and speed
of passenger movement.  Each train consists of seven or eight
carriages in a single unit and can also be operated as a double
or triple unit. The capacity of the trains will vary from 800 to
1,000 passengers, depending on the configuration and layout. The
new train is designed for maximum comfort, safety and security
and is based on Bombardier's proven technology already in
commercial service, offering a high level of reliability.

"We believe that this new train will transform the travelling
experience for passengers in Ile-de-France and we are delighted
to support the ambitious policy of STIF (transport authority of
Ile-de-France) and SNCF to renew the Ile-de-France rolling
stock," Andre Navarri, President of Bombardier Transportation,
said.

"We are particularly proud of the confidence that SNCF has shown
in us," Jean Berge, President Bombardier Transportation, France,
said.  "This success confirms the role that Bombardier
Transportation is currently playing in the field of regional
railway transport in France. It is also a source of pride for
the national railway industry."

In France, Bombardier Transportation operates primarily at its
Crespin factory in the Valenciennes region, which employs 1,600
people and is the leading French manufacturing site in the
railway industry.  Bombardier Transportation is involved in all
TGV (high-speed rail) programs.  The group manufactures a wide
range of rolling stock for public transport.  Among these
products are the MF2000 vehicles for the Paris metro, the
Marseille, Nantes and Saint-Etienne tramways, and the recent RER
(commuter train) vehicles. Bombardier is a major player in
regional transportation with its TER2N NG railcars and the AGC
(Autorail Grande Capacit,/high-capacity rail liner), which 21
French regions have ordered to date. Bombardier Transportation
is recognized as a global partner of the transport authorities
in France.

                        About Bombardier

Headquartered in Valcourt, Quebec, Bombardier Inc. (TSX: BBD) --
http://www.bombardier.com/-- manufactures innovative   
transportation solutions, from regional aircraft and business
jets to rail transportation equipment.  The company has
operations in North America, Europe and China.

Fitch Ratings placed the debt and Issuer Default Ratings for
both Bombardier Inc. and Bombardier Capital Inc. on Rating Watch
Negative.  The existing ratings are:

Bombardier Inc.

   -- IDR BB;
   -- Senior unsecured debt BB;
   -- Bank facilities BB; and
   -- Preferred stock B+.

Bombardier Capital Inc.

   -- IDR BB; and
   -- Senior unsecured debt BB.

These ratings cover approximately US$4.2 billion of outstanding
debt and preferred stock.  Due to the existence of a support
agreement and demonstrated support by the parent, BC's ratings
are linked to those of BI.

Bombardier Inc.'s 6.3% Notes due 2014 also carry Moody's
Investor Service's Ba2 rating and Standard & Poors' and Fitch
Ratings' BB ratings.


PETROLEOS DE VENEZUELA: Drilling Junin 4 with China National
------------------------------------------------------------
Ratifying several energy bilateral cooperation commitments,
Petroleos de Venezuela S.A. and China National Petroleum
Corporation, started drilling works of the first evaluation well
of the Junin 4 Block in the Orinoco Oil Belt, where
approximately 36,000 barrels of oil originally in place are
expected to be quantified and certified.

Pres. Hugo Chavez indicated that, "The Magna Reserve Project is
the largest project ever envisioned in Latin America and one of
the most important projects worldwide."  He also added that,
"there is oil there, not only for Venezuela and Caribbean
countries, but we can also supply China because all the oil
needed is here.  We are a reliable and safe supplier for the
entire world."

Pres. Chavez indicated that supply of Venezuelan oil to China
has reached 154,000 barrels, hence surpassing the estimated goal
of 150,000 barrels for the current year.  The daily energy
consumption in China is 7 million oil barrels.  "The commitment
is to gradually increase oil supply to China.  Our goal is to
send 300 thousand barrels in 2007 and half a million barrels per
day in 2008," Mr. Chavez said.

China National Petroleum Corporation is one of the companies
participating in the quantification of oil reserves in the
Orinoco Oil Belt, where approximately 235 million additional
crude oil barrels will raise Venezuelan reserves to 316 million
barrels, the largest reserves for any country in the world.

Workers of the Junin 4 Block assured that the quantification of
reserves would be ready by 2007.  It is also estimated that
there is a reserve of 316 million oil barrels in the area, which
is located only 1,000 meters deep.

The purpose of the Orinoco Magna Reserve Project is to quantify
and certify Venezuela's hydrocarbon reserves in the Orinoco Oil
Belt in order to update the OPEC quota, underpin negotiations
with third parties and start new developments of its own.

The Junin area is the largest source of liquid hydrocarbons
reserves worldwide.  It is estimated to comprise 1.3 billion
crude barrels, both heavy and extra-heavy, out of which 20%
could be extracted, which is equal to 235 million barrels.  It
is located south of the Guarico, Anzoategui and Monagas States,
covers an approximate extension of 55,314 square kilometers and
is divided into four areas called Boyaca, Junin, Ayacucho and
Carabobo.

The Junin area, covering a total extension of 14,580 square
kilometers, is divided into 10 blocks, of which number four is
located in the Santa Maria de Ipire Municipality, Guarico State,
and has an extension of 678 square kilometers.  The well that
will be drilled will have the nomenclature J4-05.

The ceremony was an appropriate occasion to materialize the
execution of legal instruments and agreements of intent between
the Bolivarian Republic of Venezuela and the Peoples Republic of
China in these areas:

   -- agreements regarding agriculture,
   -- establishment of new telecommunications systems,
   -- manufacturing of computers throughout the national
      territory,
   -- integrating services to develop telephone systems,
   -- a wireless broad band to interconnect all entities of the
      country,
   -- manufacturing of third-generation cell phone devices in
      Venezuela with integrated Internet and video, and
   -- creation of physical stock of industrial machinery, among
      others.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is  
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

                        *    *    *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


PETROLEOS DE VENEZUELA: In Talks with Conoco on Orinoco Projects
----------------------------------------------------------------
Petroleos de Venezuela -- the state oil firm of Venezuela -- and
the Venezuelan government are negotiating with ConocoPhillips on
increasing the production from two Orinoco Faja extra-heavy oil
projects, Dow Jones Newswires reports.

Jim Mulva, the chief executive officer of ConocoPhillips, told
Dow Jones, "We have the ability to expand volumes for Petrozuata
and Hamaca, but of course that takes a lot of discussion with
PDVSA and the ministry.  We're in the process of doing that."

Dow Jones notes that the two extra-heavy oil projects, along
with two other similar developments operated by Exxon Mobil
Corp. and Total SA, are the latest goal in Venezuela's campaign
to recover control of the oil sector.

According to Dow Jones, Petroleos de Venezuela is seeking a
majority stake in four projects.  It holds a minority stake in
those projects.

Talks on the changes between Petroleos de Venezuela and
ConocoPhillips are in progress, Mr. Mulva told Dow Jones.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is  
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

                        *    *    *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


PETROLEOS DE VENEZUELA: Launches New State Power Generation Firm
----------------------------------------------------------------
Petroleos de Venezuela, the state-owned oil company of
Venezuela, has launched with the nation's energy and oil
ministry the Compania Anonima Empresa Nacional de Generacion, a
new state power generation firm, Gaceta Official de la Republica
de Venezuela reports.

Business news America relates that Enelven and Enelbar -- the
regional electricity firms -- will own 10% each in Compania
Anonima.  The company will incorporate new capacity soon.

Miguel Leon -- the vice president of finance at Cadafe, the
state power firm -- told BNamericas, "The idea is for it to take
over some new investments in generation."

"This announcement came without the incorporation of any new
generation, transmission or distribution assets.  The good news
is that the company has the financial backing of PDVSA
(Petroleos de Venezuela), but that is only good if you actually
invest.  That would be great news," Vicente Sanchez, an
independent consultant who had worked for 20 years at Petroleos
de Venezuela as project manager for distributed generation, told
BNamericas.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is  
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

                        *    *    *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


WESCO INT'L: S&P Assigns B Rating on Proposed US$250-Mln Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to
WESCO International Inc.'s proposed US$250 million convertible
senior unsecured notes 2026.  Proceeds from the offering will be
used to help finance WESCO's acquisition of Communications
Supply Holdings Inc. for US$525 million.  WESCO International is
the parent company of WESCO Distribution Inc., its main
operating subsidiary.

Standard & Poor's also affirmed its 'BB-' corporate credit
rating on the electrical distributor.  The outlook is stable.

"The speculative-grade ratings on WESCO reflect its somewhat
aggressive financial policies, which more than offset the
company's satisfactory business-risk profile as a leading
distributor of electrical construction products; maintenance,
repair, and operating supplies; and integrated supply and
outsourcing services," said Standard & Poor's analyst Clarence
Smith.

Wesco has operations in China, Mexico, and the United Kingdom.


WESCO INT'L: Inks Acquisition Deal With Communication Supply
------------------------------------------------------------
WESCO International, Inc. has entered into a definitive purchase
agreement to acquire Communications Supply Holdings, Inc. from
Harvest Partners LLC, a New York based private equity firm.  The
transaction is subject to certain customary conditions,
including regulatory approvals required under the Hart-Scott-
Rodino Act.  The acquisition will be financed utilizing WESCO's
existing credit facilities and other indebtedness to be
determined.

Communications Supply Corporation, Inc., the operating
subsidiary of Communications Supply Holdings, Inc. with
headquarters in Carol Stream, Illinois, was founded in 1972. CSC
had 2005 sales of US$431 million and year- to-date sales as of
August 31, 2006 of approximately US$394 million.  Full year 2006
revenues are estimated to be approximately US$600 million.  The
company is a leading national distributor of low voltage network
infrastructure and industrial wire and cable products.

Through its network of 32 branches, CSC distributes a full range
of products to support advanced connectivity for voice and data
communications, access control, security surveillance, and
building automation.  CSC's sales force consists of over 300
associates, and its marketing activities reflect a strong focus
on the Fortune 1000 and large institutional customers in the
United States.

Mr. Roy W. Haley, WESCO's Chairman and Chief Executive Officer,
stated,"Communications Supply is a very well-run company with an
outstanding track record of above-market growth and
profitability.  The addition of CSC to WESCO's existing business
and infrastructure is consistent with our growth strategy, and
this acquisition positions WESCO as a leading provider of data
communications products in North America.  Our intent is to
rapidly build on this position by offering a broader array of
products to WESCO's substantial national accounts, contractor
and other end market customers.  We also believe that the
fragmented nature of the low voltage and data communications
supply industry will likely lead to additional acquisition
opportunities."

Mr. Steven J. Riordan, CSC's President and Chief Executive
Officer, added, "The combination of these two leading
distributors will create a dynamic enterprise.  CSC has been
recognized for delivering measurable value and outstanding
support to its customers and suppliers.  We believe that our
customers will gain even greater access to products and product
expertise, providing them with one-stop shopping.  We are
looking forward to our role in providing leadership to the
existing WESCO datacom business within the United States."

Mr. Riordan will continue in his role as President of CSC while
also serving as a member of WESCO's senior leadership team.

Mr. Stephen A. Van Oss, WESCO's Senior Vice President and Chief
Financial and Administrative Officer, stated, "We are excited
about the addition of Communications Supply Corporation, as it
significantly extends WESCO's value proposition of providing a
broad array of products and services to our diversified customer
base.  We are also very pleased that the proven and experienced
management team will remain intact and assume expanded
responsibilities for enhancing our sales and service
capabilities.  We will look for ways to apply WESCO's national
distribution capabilities, strategic account relationships, and
LEAN process improvement techniques to CSC's existing business.
We will also be identifying and adopting effective business
practices successfully utilized by CSC.  These activities should
provide significant sales opportunities, and operational and
administrative synergies."

Mr. Van Oss added, "The acquisition of Communications Supply
Corporation is expected to close in early November 2006.  We
expect this acquisition to be immediately accretive, and we
estimate an improvement to WESCO's earnings per share of US$0.04
in 2006 and US$0.35 to US$0.40 in 2007."  

Headquartered in Pittsburgh, Pennsylvania, WESCO International,
Inc. (NYSE: WCC) -- http://www.wesco.com/-- is a publicly  
traded Fortune 500 holding company, whose primary operating
entity is WESCO Distribution, Inc.  WESCO Distribution is a
distributor of electrical construction products and electrical
and industrial maintenance, repair and operating supplies, and
is the nation's largest provider of integrated supply services.  
WESCO operates eight fully automated distribution centers and
approximately 370 full-service branches in North America and
selected international markets including the United Kingdom and
Kazakhstan, providing a local presence for area customers and a
global network to serve multi-location businesses and multi-
national corporations.

Wesco has operations in China, Mexico, and the United Kingdom.

                         *    *    *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the wholesale distribution (excluding
healthcare) sector in September 2006, the rating agency
confirmed its Ba3 Corporate Family Rating for Wesco
International Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$150 million
   2.625% Convertible
   Debentures           B2       B1       LGD4     69%

   US$150 million
   7.50% Subordinated
   Notes                B2       B1       LGD4     69%


* Outlook Stable on Taiwan's Banking Sector, S&P says
-----------------------------------------------------
The outlook on Taiwan's banking sector is stable and the
industry faces moderate credit risk, according to a report
titled "Bank Industry Risk Analysis: Taiwan," jointly published
on October 31, 2006, by Standard & Poor's Ratings Services and
its subsidiary Taiwan Ratings Corp.
     
"The stable outlook is supported by a good economy as well as
the sector's adequate asset quality, capitalization, and
liquidity" said credit analyst Eunice Fan, who co-authored the
report.  "However, weak profitability, partly as a result of
strong competition in an overcrowded market, remains a major
constraining factor, with improvements largely dependent on the
outcome of ongoing restructuring efforts," Ms. Fan said.
     
"Most Taiwan banks have adequate financial profiles, but
individual risk profiles are expected to increasingly diverge
over the long term as a result of deregulation, consolidation,
differential risk management, and increasing participation by
foreign investors," added credit analyst Susan Chu, the report's
other co-author.
     
Heightened competitive pressures, partly as a result of the
growing clout of financial holding companies and increasing
industry migration overseas, will encourage further structural
transformation. However, the regulator may face occasional
political pressure to disrupt or slow financial reform.
     
"Several banks have been stung by a recent rise in unsecured
consumer loan delinquencies since mid-2005.  The write-off costs
associated with cash cards and credit cards are expected to
amount to 20%-30% of outstanding card loans at their peak in
late 2005.  Nevertheless, bad consumer loans are not expected to
result in a marked increase in the sector's overall level of
impaired assets, given that they represent less than 10% of
total sector loans -- with card loans accounting for only 4% of
total loans --, and most banks have adequate capital buffers to
cover write-offs," said Ms. Chu.
     
Profits will undoubtedly be hit in 2006 by higher provisions
against unsecured consumer loans, but the impact can be absorbed
if no other unexpected shocks occur.  Some financially weaker
banks may be challenged by unsecured consumer credit problems
due to their aggressive growth in this area.  These banks may
need to recapitalize and restructure their operations to restore
their financial health, the report says.


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

CONEXANT SYSTEMS: To Offer US$250-Mil. Floating Rate Notes
----------------------------------------------------------
Conexant Systems Inc. intends to offer US$250 million aggregate
principal amount of floating rate senior secured notes due 2010
in a private placement.

The company discloses that the offering will be made to
institutional buyers pursuant to Rule 144A, or in offshore
transactions pursuant to Regulation S, under the Securities Act
of 1933.

The net proceeds, together with available cash, cash equivalents
and marketable securities on hand, will be used to repay its
outstanding 4% convertible subordinated notes due Feb. 1, 2007.

The notes are expected to bear interest at a floating rate based
on LIBOR, with the rate, reset quarterly.  The notes will be
guaranteed by certain of its domestic subsidiaries and secured
by first-priority liens on substantially all of the assets of
the company and the subsidiary guarantors.

The company further disclosed that the securities to be offered
will not be registered under the Securities Act of 1933 or
applicable state securities laws, and may not be offered or sold
in the United States except pursuant to an exemption from the
registration requirements of the Securities Act and applicable
state securities laws.

Headquartered in Newport Beach, CA, Conexant Systems, Inc. --
http://www.conexant.com/-- is a leading provider of integrated  
circuits for the communications and broadband digital home
markets.  The company has operations in India, Taiwan, China,
Japan, Korea, Bristol, and Germany.

The Troubled Company Reporter - Asia Pacific reports that
Standard & Poor's Ratings Services raised its corporate credit
and other ratings on Conexant Systems Inc., reflecting improved
liquidity and operating results.  The corporate credit rating
was raised to 'B' from 'B-'.  The outlook was revised to stable
from negative.
    
At the same time, Standard & Poor's assigned 'B+' senior secured
rating and '1' recovery rating to the company's proposed US$250
million senior secured floating rate notes due 2010, indicating
that investors can expect full (100%) recovery of principal in
the event of payment default.  The rating is based on
preliminary offering statements and is subject to review upon
final documentation.

The TCR-AP also reports that Moody's Investors Service assigned
a B1 rating to the senior secured floating rate notes and a Caa1
rating to the corporate family of Conexant Systems.  The ratings
reflect both the overall probability of default of the company
under Moody's LGD framework using a fundamental approach, to
which Moody's assigns a PDR of Caa1, and a loss-given-default of
LGD-2 for the senior secured notes.

Moody's also assigned a SGL-3 speculative grade liquidity
rating, reflecting adequate liquidity.  Net proceeds from the
US$250 million note offering together with US$217 million of
balance sheet cash will be used to retire the outstanding
US$457 million 4% convertible subordinated notes maturing
February 2007.  The rating outlook is stable.


ITI LTD: Fitch Gives 'D' Final National Ratings to Series Bonds
---------------------------------------------------------------
Fitch Ratings assigned final National ratings of 'D(ind)(SO)' to
ITI Limited's INR550 million 'J-1' Series long-term bonds.

The rating action follows continued and protracted delay on the
part of ITI in complying with the conditions subject to which
the expected 'AAA(ind)(SO)' rating was assigned to the 'J-1'
series bonds in January 2006.  The expected rating was
predicated on the premise that the government of India guarantee
issued in October 2002 for the 'J' series bonds, would be
extended to cover the debt service obligations for the 'J-1'
series bonds as well.  The expected rating was subject to:

   -- positive confirmation being received from GoI in response
      to ITI's letter dated 27 December 2005 informing the
      former of its intention to extend the GoI guarantee,
      issued in October 2002 for the 'J' series bonds, to cover
      the 'J-1' series bonds;

   -- ITI seeking and obtaining a letter from the GoI,
      confirming that it would not avail of protection under
      Section 22 of the Sick Industries Companies Act following
      invocation of the guarantee; and

   -- execution by ITI of a Trust Agreement and Trust Deed, or
      an amendment to the existing documents, as appropriate,
      with Canara Bank.

In January 2006, Fitch downgraded the rating of the INR1500m
('J' Series) long-term government of India-guaranteed bonds
programme of ITI to 'D(ind)(SO)', following the default by the
company in repaying the principal on the due dates pursuant to
the exercise of a put option to an extent of INR550m.  The
default by ITI followed its unsuccessful attempt to refinance
the redemption with a fresh issue for an identical amount
through the 'J-1' series.

ITI is a cash-strapped, 'sick', central public sector
undertaking, offering a diversified portfolio of products to the
telecom equipment market.  ITI recently won a INR6.18 billion
order (of which INR 4.78bn is a firm order) from the state-owned
carrier, Bharat Sanchar Nigam Limited for the supply of
equipment to install two million GSM lines in the west zone.
While this is an important development, it is unlikely to result
in a significant impact on ITI's financial health in the short
term.


LML LIMITED: FY 2006 Financial Results to Be Released in Dec.
-------------------------------------------------------------
LML Ltd informs the Bombay Stock Exchange that the company will
publish Audited Financial Results for the year ended
September 30, 2006 on or before December 31, 2006.  

Accordingly, LML Limited advises that the Unaudited Financial
Results for the last quarter ended on September 30, 2006, will
not be published.

As reported by the Troubled Company Reporter - Asia Pacific,
LML sustained a INR133.2-million net loss for the quarter from
April 1, to June 30, 2006.

                          About LML Ltd.

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

As reported in the Troubled Company Reporter - Asia Pacific, LML
disclosed that its board of directors, at a meeting on Sept. 8,
2006, has decided that LML has become a sick industrial company
under Sick Industrial Companies (Special Provisions Act) 1985.


NTPC LTD: Third Quarter Net Profit Up 27% to INR14.74 Billion
-------------------------------------------------------------
NTPC Ltd recorded a net profit of INR14.74 billion, or INR1.79
earnings per share, for the quarter ended September 30, 2006.  
The September 2006 quarter net income figure is a 27% rise from
the September 2005 quarter's INR11.64 billion.

NTPC earned more revenues for the September 2006 quarter -- net
sales of INR68.14 billion and other income of INR6.50 billion --
compared in the corresponding quarter last year -- net sales of
INR59.26 billion and INR6.32 billion in other income.

Along with the increase in revenues came the rise in operating
expenses.  For the quarter ended September 30, 2006, NTPC's
expenditures total INR49.73 billion, a 7% increase from the
September 2005 quarter's INR46.28 billion.

A full-text copy of NTPC's Unaudited Financial Results for the
quarter and half-year ended September 30, 2006, is available for
free at http://ResearchArchives.com/t/s?145b

                      About NTPC Ltd

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

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


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

PERUSAHAAN LISTRIK: Inks Deal with 3 Firms for US$1.5-Bil. Plant
----------------------------------------------------------------
PT Perusahaan Listrik Negara signed a preliminary deal with
United States-based energy firm AES Corp., Japanese trading firm
Sojitz Corporation, and local firm PT Triaryani to build a
1,200-megawatt coal-fired power plant, Reuters reports, citing
Purnomo Yusgiantoro, Indonesia's energy minister.

According to the report, the plant will be located in South
Sumatra and is estimated to cost about US$1.5 billion.

Mr. Yusgiantoro told reporters that PLN will have further
negotiation on the electricity price that will be supplied by
the companies but did not say when the plant was due to start
production.

Reuters notes that Indonesia is trying to catch up with rising
electricity demand, which is about 10% a year, and is planning
to speed up the construction of power plants to add 10,000
megawatts of generating capacity between 2006 and 2010.

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity  
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.  PLN posted a
IDR4.92-trillion net loss in 2005, against a net loss of
IDR2.02 trillion in 2004.

The Troubled Company Reporter - Asia Pacific reported on Oct. 5,
2006, that Moody's Investors Service has assigned a B1 senior
unsecured rating to PT Perusahaan Listrik Negara's proposed U.S.
dollar bond issuance.  At the same time, Moody's has assigned
its B1 corporate family rating to PLN.  The rating outlook is
stable.

Standard & Poor's Ratings Services also assigned its 'BB-'
foreign currency rating and 'BB' local currency rating to PLN.
The outlook on the ratings is stable.  At the same time,
Standard & Poor's assigned its 'BB-' issue rating to the
proposed U.S. dollar senior unsecured notes issued by PLN's
wholly owned subsidiary, Majapahit Holding B.V.


TELKOM INDONESIA: To Buy IDR722-Bil Equipment from Chinese Firms
----------------------------------------------------------------
PT Telekomunikasi Indonesia Tbk had agreed to buy IDR722 billion
(US$79.27 million) worth of telecommunication equipment from two
Chinese firms to increase its capacity, Reuters reports.

Reuters cites Telkom Indonesia's president-director, Arwin
Rasyid, as saying that Huawei Technologies and ZTE Corp won the
tenders to boost the Company's fixed-wireless telecommunication
network by 9.7 million lines.

According to the report, the project would be completed by 2010,
thus increasing the Company's capacity in Jakarta, West Java,
and Kalimantan.

Based in Bandung, Indonesia, Perusahaan Perseroan (Persero) PT
Telekomunikasi Indonesia Tbk -- http://www.telkom-indonesia.com/  
-- provides local and long-distance telephone service in
Indonesia.  Known as Telkom, the company also offers fixed-
wireless service, leased lines, and data transport through
affiliates.

As reported in the Troubled Company Reporter - Asia Pacific on
May 22, 2006, Moody's Investors Service gave Telekomunikasi
Indonesia a Ba1 local currency corporate family rating.

Standard & Poor's Ratings Services gave the Company foreign and
local currency corporate credit ratings of BB+.

Fitch Ratings has assigned Telkom Indonesia Long-
term foreign and local currency Issuer Default Ratings of 'BB-'.


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

ASHIKAGA BANK: Government Opens Round One of Bidding Process
------------------------------------------------------------
The Japanese Government commenced the first round of bidding for
Ashikaga Bank on October 2, 2006, Reuters reports.

Reuters recounts that Ashikaga Bank was a failed regional lender
that the Government nationalized in 2003 and plans to sell back
to private investors in 2007.  The estimated price tag for the
Bank is JPY300-400 billion (US$2.56-3.42 billion).

According to the report, contenders have until December 15 to
submit business plans and financial offers for Ashikaga.

Brokerages Daiwa Securities Group Inc. and Nikko Cordial Corp.
intend to submit offers for the Bank in cooperation with other
local lenders, while Nomura Holdings Inc. and leasing company
Orix Corp. are also working on a joint bid, Reuters cites
financial sources as saying.  

The report notes that foreign private equity houses are also
interested in Ashikaga, though opposition from politicians and
businesses in the bank's home prefecture in Tochigi, north of
Tokyo, may deter international investors.

Reuters says that the list of candidates will be narrowed to two
or three after the first round of bidding, and a winner is
expected to be chosen by September next year.

Financial Services Minister Yuji Yamamoto said that it does not
matter if the bidder is foreign or domestic, adding that all
bids will be considered equally.

Reuters relates that in addition to the financial conditions of
each bid, the Financial Services Agency is to evaluate the
"sustainability and management expertise" of would-be investors
as well as their willingness to support Ashikaga's small-
business clients in Tochigi.

Ashikaga has earned a net profit in each of the last two years
and its non-performing loans have shrunk from more than 20% of
all lending in March 2004 to 7.8% in March 2006, Reuters
recalls.  The average for all regional banks is 4.5%.

Ashikaga's net worth remains negative, but the liability gap has
narrowed from JPY679 billion (US$5.8 billion) in March 2004 to
JPY388 billion in March 2006, Reuters notes, citing the FSA.

The Ashikaga Bank, Ltd. -- http://www.ashikagabank.co.jp/-- is  
a regional bank operating mainly in Tochigi prefecture in the
Northern Kanto area.  The bank handles banking, loans,
mortgages, foreign exchanges and investment trust through its
106 branches and 68 representative offices.  It also operates a
debt collection business, a real estate survey service, a system
programming and development business and a credit card business
through its 13 consolidated subsidiaries.

Standard & Poor's Ratings Services gave Ashikaga Bank a BB+
long-term foreign and local issuer credit rating on December 10,
2004.


CHIBA BANK: Fitch Affirms 'C' Individual Rating
-----------------------------------------------
Fitch Ratings has upgraded Chiba Bank's Long-term foreign and
local currency Issuer Default ratings to 'A-' from 'BBB+' and
Short-term foreign and local currency IDRs to 'F1' from 'F2'.
The Individual and Support ratings were affirmed at 'C' and at
'2', respectively.  The Outlook on the ratings is Stable.

Chiba's upgrade reflects the improvement in its capital position
and asset quality, as well as its profitability and good
franchise in its prefecture.  The rating actions also take into
account the operating environment in Japan, where competition is
severe and Chiba has to compete against the mega banks.  Chiba's
capital base was enhanced by a JPY48 billion common stock public
offering in December 2005 and through internal capital
generation that has lead to improvements in the bank's
consolidated Tier 1 capital ratio to 8.36% from 7.49% and
consolidated total capital ratio to 11.19% from 11.16%.  The
bank expects a consolidated net income of JPY51.5 billion for
the fiscal year ended March 2007.  Fitch expects that internal
capital generation should continue to have a positive impact on
the bank's capital.

The agency notes that Chiba's profitability benefited from
robust growth in fees and commissions and a decline in credit
costs due to asset quality improvement, which also boosted
extraordinary gains.  Chiba's asset quality indicated by non-
performing loans to total loans ratios improved substantially in
FYE06 to 2.5% from 3.2%, in line with the large regional banks
in Japan.  The agency also points out that Chiba will need to
maintain its profitability and at the same time improve its
asset quality and levels of capital in order to achieve further
upgrades.

                        About Chiba Bank

Headquartered in Chiba, Japan, the Chiba Bank Limited --
http://ir.chibabank.co.jp/english-- is the largest regional   
bank in Chiba Prefecture.

The Troubled Company Reporter - Asia Pacific reported on May 24,
2006, that Moody's Investors Service upgraded the bank financial
strength rating of The Chiba Bank Limited to D+ from D.


NIKKO CORDIAL: Posts JPY22.7-Bil. Net Profit for 2006 Half-Year
---------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
Oct. 10, 2006, that Nikko Cordial Corp. had estimated its group
net profit to be JPY23.0 billion in the half-year period ended
Sept. 30, 2006.

Nikko Cordial, in its consolidated financial report for the six-
month period from April 1 to September 30, 2006, revealed that
its net income, after extraordinary gain and corporate taxes,
was JPY22.7 billion, or 52% of the net income posted for the
same period in the previous fiscal year.

Nikko Cordial's operating revenue for the half-year period to
September 2006 totaled JPY227.6 billion, or 114% of the figure
reported for the same period in the previous year.  Net
operating revenue, which was net of interest expense and cost of
sales, was JPY191.1 billion or 106% of the figure reported for
the previous corresponding period.  Selling, general and
administrative expense recorded JPY153.4 billion or 119% of the
figure posted in the same period a year ago.  Consequently,
operating income was JPY37.6 billion or 73% of the same period
in the previous, and ordinary income, which was adjusted by non-
operating revenue, was JPY38.5 billion or 69% of the same period
in the previous year.

As of Sept. 30, 2006, Nikko Cordial's consolidated balance sheet
reflected JPY8.26 trillion in total assets and JPY7.32 trillion
in total liabilities, resulting in JPY782.63 billion in total
shareholders' equity.

Nikko Cordial's half-year report for the period ended Sept. 30,
2006, can be viewed for free at:

   http://www.nikko.jp/GRP/irinfo_e/financial/settlement/pdf/gn0703e_q2.pdf

                About Nikko Cordial Corporation

Headquartered in Tokyo, Japan, Nikko Cordial Corporation --
http://www.nikko.jp/-- is mainly engaged in the provision of  
financial services in the securities-related field.  The Company
operates in four business segments.  The Retail segment provides
consulting services for financial products management.  The
Asset Management segment provides asset management services for
individual, corporate and foreign investors.  The Investment
Banking segment provides corporate finance and capital market
services, mergers and acquisitions, advisory services, trading
services for institutional investors and research services.  The
Merchant Banking segment is involved in the investment of
corporate issued stocks, bonds, securities-related financial
products and other financial products.  Nikko Cordial has 62
consolidated subsidiaries.  It has oversea operations in the
United States, the United Kingdom, Luxemburg and Singapore.  The
Company has a global network.

On April 12, 2006, Fitch Ratings upgraded Nikko Cordial Corp.'s
individual rating to C from C/D.


NIKKO CORDIAL: Sets 2nd Quarter Dividend at JPY6 Per Share
----------------------------------------------------------
Nikko Cordial Corporation's Board of Directors, at its meeting
on Oct. 26, 2006, has decided to make these quarterly dividend
payment with respect to the Company's retained earnings for the
second quarter of fiscal year ending March 31, 2007, by making
September 30, 2006 its record date:

Contents of the Quarterly Dividend:

                                 Definitive Amount
                                 -----------------
      Record Date               September 30, 2006
      Per Share Dividend              JPY6.0
      Dividend paid               JPY5,782 million
      Effective date             November 27, 2006
      Dividend resource          Retained earnings

The total dividend payments for the fiscal year are JPY12 per
share.  The payout ratio is 51%, which is calculated based on
JPY22,710 million of interim consolidated net income of the
fiscal year.

Dividend payments for Fiscal Year ending on March 31, 2007:

                          1Q     2Q     3Q     4Q     Total
                         ----   ----   ----   ----    -----
   Per Share Dividend    JPY6   JPY6     -      -        -

Dividend payments for Fiscal Year ended on March 31, 2006:

                          Interim      Year-end      Total
                          -------      --------      -----
   Per Share Dividend      JPY20         JPY30       JPY50

The company's basic dividend policy has been to allocate profits
willingly based on the consolidated earnings while seeking to
strengthen its financial position.  Specifically, approximately
50% of the company's consolidated net income for the fiscal year
will be paid as dividends.  In principle, the annual dividend
per share will be at least JPY8.

                About Nikko Cordial Corporation

Headquartered in Tokyo, Japan, Nikko Cordial Corporation --
http://www.nikko.jp/-- is mainly engaged in the provision of  
financial services in the securities-related field.  The Company
operates in four business segments.  The Retail segment provides
consulting services for financial products management.  The
Asset Management segment provides asset management services for
individual, corporate and foreign investors.  The Investment
Banking segment provides corporate finance and capital market
services, mergers and acquisitions, advisory services, trading
services for institutional investors and research services.  The
Merchant Banking segment is involved in the investment of
corporate issued stocks, bonds, securities-related financial
products and other financial products.  Nikko Cordial has 62
consolidated subsidiaries.  It has oversea operations in the
United States, the United Kingdom, Luxemburg and Singapore.  The
Company has a global network.

On April 12, 2006, Fitch Ratings upgraded Nikko Cordial Corp.'s
individual rating to C from C/D.


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

DAEGU BANK: Net Income for 3rd Quarter Slightly Down by 2.4%
------------------------------------------------------------
Daegu Bank posted a net income of KRW61 billion for the third
quarter of 2006, a 2.4% decrease from KRW62.5 billion for the
third quarter of 2005 and a 12.2% decline from the previous
quarter's KRW69.5 billion.

Operating income for the quarter ended September 30, 2006, total
KRW176.9 billion, with KRW154.1 billion from interest income
while the remaining KRW22.8 billion gained from non-interest
revenues.

With general administrative expenses of KRW83 billion and loan
loss provision of KRW14.4 billion, the net operating income for
the September 2006 quarter was KRW79.5 billion.

For the September 2006 quarter, Daegu Bank also earned revenues
outside of operations totaling KRW5.1 billion.

As of September 30, 2006, the Bank has assets totaling KRW22.6
billion, an 11.3% increase from last year's KRW20.3 billion and
a 5.1% increase from the previous quarter's KRW21.5 billion.

A full-text copy of the presentation of the Daegu Banks' third
quarter 2006 results is available for free at:

   http://ResearchArchives.com/t/s?1454

                        About Daegu Bank

Daegu Bank -- http://www.daegubank.co.kr-- provides various   
services such as commercial banking, foreign exchange,
certificate of deposits, securities trading, and trust accounts.  
The bank operates its business primarily in Daegu area.

                    *          *          *

Moody's Investors Service gave Daegu Bank a 'D' Bank Financial
Strength Rating effective on March 30, 2006.

Fitch Ratings gave Daegu Bank an Individual Rating of 'B/C'
effective on April 21, 2006.


HANAROTELECOM INC: Unit Turns to IBM for Call Center Management
---------------------------------------------------------------
Hanaro T&I, Inc., hanarotelecom Inc.'s wholly owned subsidiary,
turns to IBM Korea to manage its call center services.

Hanaro T&I was challenged to maintain call center service level
in response to increasing call volume and rapid turnover of call
center operators, IBM Korea relates in a press release,

Hanaro T&I runs a call center with close to 2,000 agents
providing customer care and technical support services to Hanaro
Telecom customers.  The center was a consolidation of all the
call centers across Hanaro Telecom Group following the merger of
its two subsidiaries, Hanaro Customer Service, Inc. and Hanaro
Interdesk, Inc. to form Hanaro T&I in 2002.

Pursuant to a Business Transformation Outsourcing contract
entered into by the parties, IBM Korea will transform and manage
Hanaro T&I's call center operations, streamline its business
operations and improve customer service.

IBM Korea will collaborate with Jeonju City, Jeonju Kijeon
College and Hanaro Telecom to build call center infrastructure
and facilities, the press release states.  IBM will be
responsible for the development of call center application,
knowledge management, online learning and customer satisfaction
programs to enhance the agents' performance.  Jeonju City and
Jeonju Kijeon College will provide support in agent recruitment
and basic skills training.

                   About hanarotelecom

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

                          *     *     *

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

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


PHOTRONICS INC: 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 for the U.S. technology semiconductor and
distributor sector, the rating agency affirmed its B1 corporate
family rating on Photronics, Inc.

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$190MM 4.75%
   Convertible
   Subordinated Notes
   due 2006                B3      B2       LGD5      73%

   US$150MM 2.25%
   Convertible
   Subordinated Notes
   due 2008                B3      B2       LGD5      73%

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%).

Photronics, Inc. -- http://www.photronics.com/-- is a worldwide  
manufacturer of photomasks.  Photomasks are high precision
quartz plates that contain microscopic images of electronic
circuits.  A key element in the manufacture of semiconductors
and flat panel displays, photomasks are used to transfer circuit
patterns onto semiconductor wafers and flat panel substrates
during the fabrication of integrated circuits, a variety of flat
panel displays and, to a lesser extent, other types of
electrical and optical components.  They are produced in
accordance with product designs provided by customers at
strategically located manufacturing facilities in Europe, North
America, and Asia (specifically Korea, Taiwan, and Singapore.)


WOORI FINANCE: Third Quarter 2006 Net Income Down 12%
-----------------------------------------------------
For the third quarter of 2006, Woori Finance Holdings Co., Ltd.,
posted a net income of KRW593 billion, a 5% increase from KRW564
billion in the previous quarter and a 12% decrease from the
KRW673 billion a year earlier.

Revenues however rose to KRW1.46 trillion for the September 2006
quarter compared to the June 2006 quarter of KRW1.4 trillion.

As of September 30, 2006, Woori Finance's has assets totaling
KRW199 trillion, liabilities of KRW186 trillion and
shareholder's equity of KRW13 trillion.

A full-text copy of the presentation of Woori Finance's third
quarter results is available for free at:

              http://ResearchArchives.com/t/s?1457

                 About Woori Finance Holdings

Woori Finance Holdings Co., Ltd. -- http://www.woorifg.com/--     
is a holding company of Woori Bank, Kwangju Bank, Kyongnam Bank,
and Woori Credit Card.  The Company manages and controls its
financial subsidiaries.  It engages in a range of businesses,
including commercial banking, credit cards, capital markets
activities, international banking, asset management, and
bancassurance.

Fitch Ratings gave Woori Finance Holdings a 'B/C' Individual
Rating effective on September 30, 2005.


=====================
N E W   Z E A L A N D
=====================

CHILDCARE HOLDINGS: Faces Liquidation Proceedings
-------------------------------------------------
A petition to liquidate Childcare Holdings Ltd will be heard
before the High Court of Wellington on November 6, 2006, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on September 27, 2006.

The Solicitor for the Petitioner can be reached at:

         Aaron Reynolds Lyne
         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 1079
         Facsimile: (04) 890 0009


MEGA-STORE: Liquidation Hearing Slated for November 9
-----------------------------------------------------
On August 2, 2996, Tony Tay & Associates Ltd filed a liquidation
petition against Mega-Store Holdings Ltd with the High Court of
Auckland.

The petition will be heard on November 9, 2006, at 10:00 a.m.

The Solicitor for the Petitioner can be reached at:

         Bradley Watson
         Mirimar Legal, Solicitors
         29 Crummer Road (P.O. Box 147-212)
         Ponsonby, Auckland
         New Zealand


MUSHROOM CITY: Court Sets Liquidation Petition Hearing on Nov. 7
----------------------------------------------------------------
The High Court of Palmerston North will hear a liquidation
petition filed against Mushroom City Ltd on November 27, 2006,
at 10:00 a.m.

Bank of New Zealand filed the petition on September 29, 2006.

The Solicitor for the Petitioner can be reached at:

         G.J. Toebes
         Offices of Buddle Findlay, Level 17
         State Insurance Tower
         1 Willis Street, P.O. Box 2694
         D.X. S.P. 20-201
         Wellington, New Zealand


SEA ACCOMODATION: Liquidation Petition Hearing Set on Nov 16
------------------------------------------------------------
A petition to liquidate Sea Accommodation Trustee Ltd will be
heard before the High Court of Auckland on November 16, 2006, at
10:45 a.m.

Mahone Management Ltd filed the petition with the Court on
June 7, 2006.

The Solicitor for the Petitioner can be reached at:

         Anita Legge
         Offices of Haigh Lyon
         34 Shortland Street, Auckland
         P.O. Box 119, Auckland 1140
         D.X. C.P. 19 014
         New Zealand
         Telephone: (09) 306 0600
         Facsimile: (09) 307 0353


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

BAUANG PRIVATE POWER: Moody's Changes Bond Rtg Outlook to Stable
----------------------------------------------------------------
On November 2, 2006, Moody's Investors Service changed the
outlook to stable from negative for the B1 foreign currency bond
rating of Bauang Private Power Corporation.  This rating action
follows Moody's decision to change the outlook of Philippines'
B1 long-term foreign currency government rating to stable from
negative.

Bauang Private Power Corporation is an independent power company
located at La Union on the Island of Luzon.  The company owns
and operates a 225MW bunker-fired power plant 250km north of
Manila, Philippines.


MANILA ELECTRIC: US$16.6-Mil. Refund Plan Gets Govt. Nod
--------------------------------------------------------
Manila Electric Co. may start refunding PHP827 million (US$16.6
million) to customers in January 2007 for generation charges
imposed in 2004, ABS-CBN News cites the Energy Regulatory
Commission as saying.

As reported in the Troubled Company Reporter - Asia Pacific on
August 17, 2006, the Supreme Court directed Meralco to refund
its
customers to cover the PHP0.1327 per kilowatt-hour additional
charge it had collected pursuant to a June 2004 ERC order.  The
SC deems the ERC Order null and void.

The TCR-AP noted that in anticipation of possible losses due to
an adverse Court ruling, Meralco had already booked about PHP3
billion for the first of half of 2006.

According to ABS-CBN, Meralco will seek the ERC's permission to
raise generation charges to recover the cost of the refund,
asserting that the SC's decision was based on a technicality.

"We are filing a new petition to recover the costs after we have
refunded because we have already advanced these to the
generators," ABS-CBN cites Meralco spokesman Elpi Cuna, as
saying.  Mr. Cuna adds that the refund would be "revenue
neutral".

According to ABS-CBN, ERC approved Meralco's refund proposal,
which will be in the form of credits on three months' worth of
electricity bills rather than a cash rebate.

The paper cites ERC Chairman Rodolfo Albano as saying that the
"scheme seems to be logical and is more favorable to the
consumers because it will not lead to confusion."

ABS-CBN also reports that for the first three quarters of 2006,
Meralco set aside PHP4.62 billion to cover possible losses from
rate disputes before the courts.

Meralco revealed a net profit of PHP229 million in the third
quarter after setting aside provisions of PHP1.59 billion, ABS-
CBN notes.

Without the provisions, the company's net income for the quarter
would have been PHP1.26 billion from a net loss of PHP479
million a year earlier, ABS-CBN adds.

                      About Manila Electric

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility  
in the Philippines, providing power to 4.1 million customers in
metropolitan Manila and more than 100 surrounding communities.  
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

                          *     *     *

A March 31, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the Company posted a 79.7% decrease in its
2005 net losses to PHP411 million from PHP2.03 billion in 2004,
due to provisions for probable losses while awaiting a Supreme
Court final decision on a pending unbundling rate case, and the
adoption of new accounting standards.

The TCR-AP further stated on April 27, 2006, that the Company
filed a report with the Philippine Stock Exchange, indicating a
66.1% decline in its net loss from January to March 2006 to
PHP748 million against a PHP2.2 billion loss for the same period
in 2005.

According to a subsequent TCR-AP report on April 24, 2006,
Manila Electric cannot seek a loan to expand its facilities
unless it repays outstanding short-term debts amounting to
around PHP4.7 billion.


RIZAL COMMERCIAL BANKING: Hybrid Tier 1 Securities Listed in SGX
----------------------------------------------------------------
The Singapore Exchange Limited have listed and quoted Rizal
Commercial Banking Corporation's US$100 million non-cumulative
step-up callable perpetual Hybrid Tier 1 securities effective
from 9:00 a.m., November 1, 2006.

As reported in the Troubled Company Reporter - Asia Pacific on
October 11, 2006, the Bangko Sentral Pilipinas Monetary Board
approved RCBC's plan to issue up to US$100 million of Hybrid
Tier 1 Notes.  The joint bookrunners and joint lead managers for
the issue are Citigroup and Credit Suisse.

Citing a report from FinanceAsia, the TCR-AP said RCBC's
perpetual bond issue is the third Hybrid Tier-1 transaction from
a Philippine bank and is the newest bank capital-raising deal to
emerge from a very active space in the Asian marketplace.

Subsequent TCR-AP reports said that Standard & Poor's Ratings
Services assigned its 'CCC' rating to the notes, while Fitch
Ratings has assigned a final rating of 'B-.'  Fitch said the
rating action follows the receipt of final documents conforming
to information previously received.

                           About RCBC

Rizal Commercial Banking Corporation -- http://www.rcbc.com/--  
is a universal bank principally engaged in all aspects of
banking.  It provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
Bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the Bank's foreign exchange exposure.

                          *     *     *

Moody's Investors Service gave Rizal Commercial Banking a 'Ba3'
Long-Term Bank Deposit Rating effective May 25, 2006.

On September 21, 2006, the Troubled Company Reporter - Asia
Pacific reported that Fitch Ratings affirmed RCBC's ratings at
Long-term Issuer Default rating 'BB-', Individual "D/E" and
Support "3" after a review of the bank.  The Outlook of the
Long-term rating is Stable.


NATIONAL POWER: Moody's Changes Bond Rating Outlook to Stable
-------------------------------------------------------------
On November 2, 2006, Moody's Investors Service changed the
outlook to stable from negative for the B1 senior unsecured debt
rating of National Power Corporation, which is guaranteed by the
Republic of Philippines.  This rating action follows Moody's
decision to change the outlook of Philippines' B1 long-term
foreign currency government rating to stable from negative.

National Power Corporation, 100% owned by the Philippine
Government, is the principal supplier of electricity in the
Philippines.  It operates its own generation assets and also
purchases electricity from independent power producers.


UNIVERSAL ROBINA: Moody's Changes Bond Rating Outlook to Stable
---------------------------------------------------------------
On November 2, 2006, Moody's Investors Service changed the
outlook to stable from negative for the Ba3 foreign currency
bond rating of URC Philippines Ltd, which is guaranteed by
Universal Robina Corporation.  This rating action follows
Moody's decision to change the outlook of Philippines' Ba3
foreign currency country ceiling to stable from negative.  At
the same time, Moody's has affirmed the Ba3 corporate family
rating of URC with a stable outlook.

Universal Robina Corporation, headquartered in Manila,
Philippines and listed on the Philippines Stock Exchange, is one
of the largest branded consumer food companies in the country.  
It also has production facilities in Thailand, Malaysia, China,
Indonesia, and Vietnam and sales/marketing offices in Hong Kong
and Singapore.  URC is also engaged in Agro-industrial products,
sugar milling, flour milling, and packaging businesses in the
Philippines.


* Moody's Changes RP's Rating Outlooks to Stable from Negative
--------------------------------------------------------------
On November 2, 2006, Moody's Investors Service has changed to
stable from negative the outlook on the Philippines' key ratings
due to the progress made in reining in fiscal deficits in 2006
and an easing in dependence on external financing.

The affected ratings include the B1 long-term government
foreign- and local-currency ratings, the B1 foreign-currency
bank deposit ceiling and Ba3 foreign currency country ceiling.

"We stated in February that a change in the Philippines' rating
outlook to stable from negative would depend on the achievement
by the government of its 2006 fiscal targets coupled with
prospects of further deficit reduction in 2007 and beyond," said
Moody's Vice President Thomas Byrne.

"Based on fiscal performance through the first three quarters of
2006, it seems likely that the government will readily meet its
deficit reduction target for the year as a whole.  Although the
full-year result for expanded value-added tax (EVAT) receipts is
not available, total revenue collection from tax and non-tax
sources seems likely to reach the annual target," Mr. Byrne
added.

Goals for this year include generating PHP75 billion in
additional revenues from the EVAT and reducing both the national
government and public sector deficits to 2.2% of GDP.

In addition, Mr. Byrne said, smaller deficits and the country's
improved external payments position have allowed the government
to commence modest external debt prepayment, helping to reduce
its reliance on foreign-currency-denominated debt and to ease
its debt burden.

"Looking forward, we believe the government will continue to
face formidable challenges in strengthening its fiscal position,
and deficit reduction may not be as readily achievable as in the
past several years," Mr. Byrne noted.  "Political spending
pressures will also increase in the run-up to the scheduled May
2007 congressional elections."

According to Mr. Byrne, the economic necessity to try to
catalyze the country's very weak investment growth rates through
public infrastructure spending will also place additional
pressures on the budget in 2007 and beyond.  "Exceptionally
large increases in revenue generation achieved through reform
and administrative tightening may have run their course," Mr.
Byrne said.  "Political will on the part of the administration
and strong support in the Congress will be necessary for the
Philippines to sustain its recent accomplishments."

In the meantime, Mr. Byrne further said, despite the marked
improvement in fiscal performance in the past year, the
Philippines remains highly indebted compared with its rating
peers.  Government debt-to-GDP and government debt-to-revenue
ratios will likely remain at levels elevated well above Ba and B
rating category averages, and interest payments on debt will
likely continue to absorb more than 30 percent of national
government revenues this year and next year, despite the fall in
domestic interest rates and a stronger exchange rate in 2006.

"For the rating to move up, there will need to be continued
significant deficit reduction and decreased reliance on external
financing by the public sector," Mr. Byrne said.  "Ultimately,
debt ratios will need to be reduced from their current high
levels and will need to move much closer to levels consistent
with Ba-rated countries."

On the other hand, relapse in fiscal discipline or macroeconomic
instability that leads to disruption in the government's access
to debt markets or to renewed volatility in the exchange rate or
interest rates would be negative credit developments, Mr. Byrne
concluded.


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

ANTRON PTE: Court to Hear Wind-Up Petition on November 10
---------------------------------------------------------
The High Court of Singapore will hear a petition to wind up
Antron Pte Ltd on November 10, 2006, at 10:00 a.m.

Multicon Constructions Pte Ltd filed the wind-up petition on
October 16, 2006.

Multicon's Petitioner can be reached at:

         T S Oon & Bazul
         3 Raffles Place #06-01
         Bharat Building
         Singapore 048617


GTR TECHNOLOGIES: Wind-Up Petition Hearing Set on November 10
-------------------------------------------------------------
Mastertech Contracts Services Pte Ltd on October 16, 2006, filed
a wind-up petition against GTR Technologies Pte Ltd.

The High Court of Singapore will hear the wind-up petition on
November 10, 2006.

Mastertech's solicitor can be reached at:

         W.K. Fong & Company
         No. 133, New Bridge Road
         #09-01 Chinatown Point
         Singapore 059413


FIVE LINE: Served with Wind-Up Petition
---------------------------------------
Scanwell Investment Pte Ltd filed a wind-up petition against
Five Line Trading Pte Ltd on November 10, 2006.

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

Scanwell Investment's solicitor can be reached at:

         Chow Peng & Partners
         400 Orchard Road
         #13-07 Orchard Towers
         Singapore 238875


HEXION SPECIALTY: Eliminates Certain Defaults on Notes
------------------------------------------------------
Hexion Specialty Chemicals Inc.'s wholly owned finance
subsidiaries, Hexion U.S. Finance Corp. and Hexion Nova Scotia
Finance, ULC, entered into a third supplemental indenture to the
Indenture dated as of Aug. 12, 2004 and a supplemental indenture
to the Indenture dated as of May 20, 2005.

The third supplemental indenture dated as of Oct. 26, 2006 to
the Indenture dated as of Aug. 12, 2004, by and among Hexion
U.S. Finance Corp., Hexion Nova Scotia Finance, ULC, each of the
guarantors party thereto, and Wilmington Trust Company, as
Trustee, pursuant to which the Second-Priority Senior Secured
Floating Rate Notes due 2010 and the 9% Second-Priority Senior
Secured Notes due 2014 were issued.

The supplemental indenture dated as of Oct. 26, 2006 to the
Indenture dated as of May 20, 2005, by and among Hexion U.S.
Finance Corp., Hexion Nova Scotia Finance, ULC, each of the
guarantors party thereto, and Wilmington Trust Company, as
Trustee, pursuant to which the Second-Priority Senior Secured
Floating Rate Notes due 2010 were issued.

The 2004 Notes Supplemental Indenture and 2005 Notes
Supplemental Indenture were entered into in connection with the
Company's tender offers and consent solicitations with respect
to the 2004 Floating Rate Notes, the 9% Notes and the 2005
Floating Rate Notes, which were commenced Oct. 12, 2006.  The
Supplemental Indentures amend the terms governing the Notes to,
among other things, eliminate most of the restrictive covenants
and certain events of default, and delete all references to
collateral in the 2004 Notes Indenture and the 2005 Notes
Indenture.

                   About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc.
-- http://hexionchem.com/-- makes thermosetting resins (or   
thermosets).  Thermosets add a desired quality (heat resistance,
gloss, adhesion) to a number of different paints and adhesives.
Hexion also makes formaldehyde and other forest product resins,
epoxy resins, and raw materials for coatings and inks.  The
company has 86 manufacturing and distribution facilities in
18 countries.

The company has its Asian headquarters in Singapore, with
offices in Australia, China, Korea, Malaysia, New Zealand,
Taiwan, and Thailand.

                          *     *     *

Moody's Investors Service assigned B3 ratings to the new
guaranteed senior secured second lien notes due 2014 of Hexion
Specialty Chemicals Inc.  The company expects to issue roughly
US$825 million of notes split (55/45) between fixed and floating
rate notes.  The new notes will be used to refinance roughly
US$625 million of existing second lien notes and partially fund
a US$500 million dividend to existing shareholders.  A US$375
million increase in the company's existing guaranteed senior
secured first lien term loan to US$2 billion, rated Ba3, will
fund the remainder of the extraordinary dividend.

Moody's also affirmed Hexion's other long term debt ratings and
its SGL-2 speculative grade liquidity rating.  As a result of
this refinancing, the LGD assessment rates have changed as shown
in the table below.  The outlook is stable and the ratings on
the existing second lien notes will be withdrawn upon successful
completion of the refinancing.

New ratings assigned:

   * Hexion Specialty Chemicals Inc.

     -- Floating Rate Gtd. Second Lien Sr. Sec Notes
        due 2014 -- B3, LGD5, 75%

     -- Fixed Rate Gtd Second Lien Sr Sec Notes
        due 2014, -- B3, LGD5, 75%

Ratings affirmed with revised LGD rates:

     -- US$225mm Gtd Sr Sec Revolving Credit Facility
        due 5/2011 -- Ba3, LGD2, 24% from 29%

     -- US$50mm Gtd Sr Sec Letter of Credit Facility
        due 5/2011 -- Ba3, LGD2, 24% from 29%

     -- US$1,625mm Gtd Sr Sec Term Loan
        due 5/2013 -- Ba3, LGD2, 24% from 29%*

     -- US$300mm Flt Rate Gtd Second Lien Sr Sec Notes
        due 7/2010 -- B3, LGD5, 75% from 77%**

     -- US$325mm 9.0% Gtd Second Lien Sr Sec Notes
        due 7/2014 -- B3, LGD5, 75% from 77%**

     -- US$34.0mm Pollution Control Revenue Bonds Series 1992
        due 12/2009 -- B3, LGD5, 75% from 77%

Ratings affirmed:

   * Hexion Specialty Chemicals Inc.

     -- Corporate Family Rating -- B2

     -- Probability of Default Rating -- B2

     -- US$114.8mm 9.2% Sr. Unsec Debentures due 3/2021 -- Caa1,
        LGD6, 94%

     -- US$246.8mm 7.875% Sr. Unsec Notes due 2/2023 -- Caa1,
        LGD6, 94%

     -- US$78.0mm 8.375% S.F. Sr. Unsec Debentures
        due 4/2016 -- Caa1, LGD6, 94%

Standard & Poor's Ratings Services assigned its 'B+' rating and
its recovery rating of '3' to Hexion Specialty's US$1.675
billion senior secured term loan and synthetic letter of credit
facilities.

The rating on the existing US$225 million revolving credit
facility was lowered to 'B+' with a recovery rating of '3', from
'BB-' with a recovery rating of '1', to reflect the similar
security package as the new term loan and synthetic letter of
credit facility.

The ratings on the existing senior second secured notes were
raised to 'B', with a recovery rating of '3', from 'B-' with a
recovery rating of '5'.  The ratings on the senior second
secured notes reflect the amount of priority claims of the
revolving facility and the first-lien term loan lenders.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating on Hexion and revised the outlook to stable from
negative.


LEUN WAH: Will Declare Dividend to Creditors
---------------------------------------------
Leun Wah Electric Company (Private) Ltd, which is in
liquidation, will declare dividend for its creditors, to the
exclusion of those who were not able to prove their debts by
October 27, 2006.

The Liquidator can be reached at:

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


PETROLEO BRASILEIRO: Discloses Terms of Agreement with Bolivia
--------------------------------------------------------------
Petroleo Brasileiro aka Petrobras, the state-run oil firm of
Brazil, reached an accord with Yacimientos Yacimientos
Petroliferos Fiscales Bolivianos, its Bolivian counterpart, on
Oct. 28, 2006.  The agreement will allow the company to remain
in Bolivia performing in the gas exploration and production
businesses in the San Alberto and San Antonio fields, in Tarija.

Petrobras discloses the terms of agreement that it has signed
with Yacimientos Petroliferos:

   -- Petrobras remains in charge of operating the San Alberto
      and San Antonio fields;

   -- Yacimientos Petroliferos takes on a more preponderant in
      role in marketing the hydrocarbons that are produced;

   -- Of the total value of production at the mouth of the well,
      the Bolivian State will receive 50% on the average prices
      that are actually practiced in the several sales agreement
      as Royalties, Participation, and Direct Taxes on
      Hydrocarbons; the remaining 50% will first be used to
      attend to Petrobras' recoverable costs, including
      operational costs and depreciation;  both companies will
      split the remaining balance based on a schedule which
      has production level, depreciation pace, prices, produced
      volumes, and taxes paid, etc., as its main determining
      factors;

   -- Investments made thus far, in addition to realized
      depreciation, factor in to the calculations to define
      Petrobras' repayment; these investments, as well as others
      the company may make, will continue being depreciated and
      considered in the "recoverable cost" calculation;

   -- Yacimientos Petroliferos will have a more intense level of
      supervision over the operations, such as, for example, in
      bids to hire goods and services, and in operation cost and
      investment value approval, etc;

   -- The term of the agreement is now 30 years;

   -- The current assets remain Petrobras' property through the
      end of the agreement, at which time they will become the
      property of YPFB, as per the terms of the original
      agreement; materials and equipment connected directly to
      the exploration and production activities, purchased after
      agreement signature, will become YPFB's property after
      fully amortized.

The agreement that was signed will be submitted to the Bolivian
Congress for analysis and homologation.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA aka Petrobras --
http://www2.petrobras.com.br/ingles/index.asp-- was founded in  
1953.  The company explores, produces, refines,
transports, markets, distributes oil and natural gas and power
to various wholesale customers and retail distributors in
Brazil.

Petrobras has operations in China, India, Japan, and Singapore.

                        *    *    *

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


RED HAT: S&P Revises Outlook on B+ Corp. Credit Rating to Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Raleigh, N.C.-based operating systems provider Red Hat Inc. to
stable from positive, and affirmed its 'B+' corporate credit
rating.
     
The revision comes after Oracle Corp. announced plans to offer
support services for Red Hat's Linux customers, at the
enterprise level, at a steep discount to Red Hat's prices.  
While the near-term impact on Red Hat's profitability is likely
to be limited, in the best case, upgrade prospects have been
pushed out until the impact of Oracle's competitive move can be
better assessed.
      
"If the company is able to blunt Oracle's impact and realize
increased profitability from current levels, as well as improve
financial leverage, we could revise the outlook back to
positive.  However, if Oracle has a significant competitive
impact and sales momentum stalls and pricing pressures mount,
the outlook could be revised to negative," said Standard &
Poor's credit analyst Stephanie Crane.

The company has offices in Singapore, Germany, and Argentina.


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

THAI HEAT: Takes 50% Shareholding in Daison Commercial
------------------------------------------------------
Thai Heat Exchange Pcl informs the Stock Exchange of Thailand of
its plan to invest THB40 million for a 50% shareholding in
Daison Commercial Company.

In a statement addressed to SET, the company's director Therawat
Nuengnong, says Thai Heat's board of committee unanimously
resolved on October 31, 2006, to approve the deal.

Thai Heat, according to the Bangkok Post will hold 50% of Daison
while Sarinda Jongudomlerk will take 49.94% of shares.

Based on the purchasing plan, the company will first buy 5,000
existing common shares with a par value of THB100 from Ms.
Sarinda for THB25 each.

In addition, The Nation notes that Thai Heat will pay THB375,000
for 5,000 common shares at THB75 per share, if Daison calls
fully paid capital at THB100 par value.

The purchasing plan also stipulates that if Daison increase its
capital to THB80 million, Thai Heat will be responsible to pay
395,000 new common shares at THB100 per share.  This transaction
is expected to proceed by March 2007.

Mr. Nuengnong says the investment is aimed to expand the
company's business in the air-conditioner market and increase
its exports under the Sanyo brand.

Thai Heat, The Nation relates will also gain the right to
produce and distribute air-conditioners in the local market
under the Aeromaster brand.

Sitthisak Jongudomlerk, Ms. Sarinda's father, controls
Aeromaster, a customer of Daison, The Post notes.

                          *     *     *


Headquartered in Bangkok, Thailand, Thai Heat Exchange Public
Company Limited -- http://www.thaiheat.com/-- has been  
manufacturing quality condenser coils, evaporator coils for
automobile and room air-conditioners and other application such
as slab coils, cooler coils, heater coils, refrigeration coils,
box air-conditioners, and cater to the various sectors of its
large clientele.

Thai Heat reported a net loss of THB26.45 million baht in the
first half of this year, compared with a profit of THB13.09
million baht in the same period last year, attributed partly to
gains from debt restructuring.


THAI PETROCHEMICAL: Changes Name to IRPC Pcl
--------------------------------------------
On November 1, 2006, Thai Petrochemical Industry Pcl informed
the Stock Exchange of Thailand regarding the company's change of
name to IRPC Public Co Ltd.

Chief Executive Officer Piti Yimprasert said that TPI held an
extraordinary general meeting on October 26, 2006, and a
resolution to change the company's name was approved.

TPI has registered the change of its name with the registrar at
the Ministry of Commerce on October 31, 2006.  

The security symbol of the Thai Petrochemical will be changed
from "TPI" to "IRPC"

                          *     *     *

Headquartered in Bangkok, Thailand, Thai Petrochemical Industry
Plc -- http://www.tpigroup.co.th/-- is the leading integrated  
petrochemical company in the country, producing naphtha,
liquefied petroleum gas, and lubricant oils.

The Thai Government was reorganizing the bankrupt company, which
had defaulted on US$2.7 billion in loans, when PTT Plc,
Thailand's largest oil and gas group, and Thailand's biggest
company, purchased a 31.5% stake in Thai Petrochemical late in
2005.  In December 2005, PTT and three other state agencies
completed payment for a 61.5% stake in Thai Petrochemical.  The
money was used to pay for a bulk of the Company's defaulted
loans.

On April 28, 2006, The Troubled Company Reporter - Asia Pacific
reported that the Central Bankruptcy Court of Thailand approved
Thai Petrochemical's exit from business rehabilitation.  The
Court ruled that the business rehabilitation plan of Thai
Petrochemical and its six subsidiaries -- Thai ABS Co; TPI
Aromatics Plc; TPI Oil Co; TPI Polyol Co; Thai Polyurethane
Industry Plc; and TPI Energy Co. -- be terminated.


UNITED OVERSEAS (THAI): S&P Affirms D+ Fundamental Strength Rtg
---------------------------------------------------------------
On November 1, 2006, Standard & Poor's Ratings Services raised
its long-term counterparty credit rating on Thailand's United
Overseas Bank (Thai) Public Co. Ltd to BBB+ from BBB.  The
outlook is stable. Standard & Poor's also affirmed its 'D+' bank
fundamental strength rating and 'A-2' short-term counterparty
credit rating on the bank.
     
The rating on UOB Thai is now the same as the foreign currency
sovereign credit rating on the Kingdom of Thailand (foreign
currency BBB+/Stable/A-2, local currency A/Stable/A-1).

The rating upgrade on UOB Thai reflects the bank's strengthened
status as a core subsidiary of United Overseas Bank Ltd. (UOB;
A+/Stable/A-1), the second-largest bank in Singapore. Thailand
is key in UOB's regional expansion plans, in line with its
target to achieve overseas revenue contribution of at least 40%
by 2010.
     
"The ratings also acknowledge UOB Thai's adequate stand-alone
financial profile, which is underpinned by improving
profitability and asset quality," said Standard & Poor's credit
analyst Ritesh Maheshwari.
     
UOB Thai was formed in November 2005 with the merger of Bank of
Asia (BoA) and UOB Radanasin Bank (UOBR). UOB owns 99.6% of UOB
Thai. UOB Thai has a relatively small market share of about 3%
of Thailand's domestic system assets.
     
These advantages are, however, offset by the bank's
nonperforming assets -- NPA; including NPLs, foreclosed
properties, and restructured assets -- ratio that is higher than
the domestic industry average, although the ratio has improved.  
The ratings on UOB Thai are also constrained by its
comparatively slower progress in improving operational
efficiency, as measured by the ratio of non-interest expenses to
revenues.
     
Capitalization, as denoted by its ratio of adjusted common
equity (ACE) to assets, has improved, supported by the bank's
stabilized internal capital generation capability. UOB Thai's
ACE ratio was 11.8% as at June 30, 2006, from 11.4% in 2005 and
8.5% in 2004, above the domestic industry average and this
partially offsets its higher-than-average NPA ratio.
     
"Going forward, however, the bank's capitalization is likely to
be influenced by the capital initiatives of its parent, UOB,"
Mr. Maheshwari added.
     
The stable outlook is underpinned by UOB Thai's status as a core
subsidiary of the larger UOB banking group. This incorporates
expectations that the bank continues to enhance its financial
profile as internal synergies are realized and risk management
is strengthened as it integrates into the UOB group.


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

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

AUSTRALIA

Allstate Explorations NL          ALX      12.65      -51.62
Austar United Communications Ltd. AUN     231.54      -52.58
Global Wine Ventures Limited      GWV      22.04       -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1696.65     -786.31
Indophil Resources NL             IRN      37.79      -69.96
Intellect Holdings Limited        IHG      23.98      -11.13
KH Foods Ltd                      KHF      62.30       -1.71
Orbital Corporation Limited       OEC      14.01       -4.86
RMG Limited                       RMG      22.33       -2.16
Stadium Australia Group           SAX     135.23      -41.84
Tooth & Company Limited           TTH      99.25      -74.39


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      10.89       -5.50
Bestway International             718      25.00       -0.67
Chang Ling Group                  561      77.48      -76.83
Chengdu Book - A               600083      21.50       -3.07
China Liaoning International
  Cooperation Holdings Ltd.       638      25.79      -43.45
China Kejian Co. Ltd.              35      54.71     -179.23
Datasys Technology Holdings      8057      14.10       -2.07
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      31.36      -54.04
Guangdong Meiya Group
   Company Ltd.                   529     107.16      -49.54  
Hainan Overseas Chinese
   Investment Co. Ltd.         600759      32.70      -15.28
Hans Energy Company Limited       554      94.75      -10.76
Heilongjiang Sun & Field
   Science & Tech.                620      29.96      -49.18
Hualing Holdings Limited          382     242.26      -28.15
Huda Technology & Education
   Development Co. Ltd.        600892      17.29       -0.19
Hunan Anplas Co., Ltd.            156      94.17      -65.04
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286      87.44      -68.55
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.68       -2.01
Jiangxi Paper Industry
   Co. Ltd                     600053      19.58      -12.80
Loulan Holdings Limited          8039      13.01       -1.04
Magnum International Holdings
   Limited                        305      10.35       -5.83
Mindong Electric Group Co., Ltd.  536      21.63       -1.50
New City (Beijing) Development
   Limited                        456     151.61      -19.15
New World Mobile Holdings Ltd     862     215.47     -126.57
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd                1013      24.00       -3.15
Shandong Jintai Group Co. Ltd.  600385     19.58      -12.18
Shanghai Xingye Housing
   Company Ltd                 600603      14.90      -72.98
Shenyang Hejin Holding
   Company Ltd.                   633      83.18      -20.87
Shenz China Bi-A                   17      39.13     -224.64
Shenzhen Dawncom Business Tech
   And Service Co., Ltd           863      79.84      -37.30
Shenzhen Shenxin Taifeng Group
   Co. Ltd.                        34      95.27      -44.65
Shenzen Techo Telecom Co., Ltd.   555      14.84       -6.25  
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137      13.11      -72.76
Sichuan Topsoft Investment
   Company Limited                583     113.12     -148.61
SMI Publishing Group Ltd.        8010      10.48       -7.83
Songliao Automobile Co. Ltd.   600715      49.56       -3.76
Sun's Group Manufacturing
   Company Limited                988     103.02      -72.80
Taiyuan Tianlong Group Co.
   Ltd                         600234      13.47      -87.63
UDL Holdings Limited              620      12.48       -7.15
Winowner Group Co. Ltd.        600681      38.03      -62.88
Xinjiang Hops Co. Ltd          600090      86.63      -11.26
Yantai Hualian Development
   Group Co. Ltd.              600766      59.99       -7.66
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      49.89      -17.71
Zarva Technology Co. Ltd.         688     101.76     -102.01


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Hotel Sahid Jaya                 SHID      71.05       -4.26
Jakarta Kyoei Ste                JKSW      44.72      -38.57
Mulialand Tbk                    MLND     160.45      -19.82
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82
Steady Safe                      SAFE      19.65       -2.43
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Voksel Electric Tbk              VOKS      44.01      -11.74
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.36
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Steady Safe Tbk                  SAFE      19.65       -2.43
Suba Indah Tbk                   SUBA      85.17       -9.18
Surya Dumai Industri Tbk         SUDI     105.06      -30.49
Unitex Tbk                       UNTX      29.08       -5.87


JAPAN

Mamiya-OP Co., Ltd.              7991     152.37      -67.11
Montecarlo Co. Ltd.              7569      66.29       -3.05
Nihon Seimitsu Sokki Co., Ltd.   7771      23.82       -1.10
Sumiya Co., Ltd.                 9939      89.32      -11.57
Yakinikuya Sakai Co., Ltd.       7622      79.44      -11.14


MALAYSIA

Antah Holdings Bhd                ANT     184.65      -98.29
Ark Resources Berhad              ARK      25.91      -28.35
Cygal Bhd                         CYG      58.47      -69.79
Comsa Farms Bhd                   CFB      63.60       -5.00
Jin Lin Wood Industries Berhad    JLW      21.68       -1.74
KIG Glass Industrial Berhad       KIG      15.76      -24.61
Mentiga Corporation Berhad       MENT      22.13      -18.25
Metroplex Bhd                     MEX     323.51      -49.28
Mycom Bhd                         MYC     227.68     -114.64
Lityan Holdings Bhd               LIT      22.22      -19.11
Olympia Industries Bhd           OLYM     255.84     -227.85
Pan Malay Industries             PMRI     199.08       -6.30
Panglobal Bhd                     PGL     189.92      -50.36
Park May Bhd                      PMY      11.04      -13.58
PSC Industries Bhd                PSC      62.80     -116.18
Setegap Berhad                    STG      19.92      -26.88
Wembley Industries Holdings Bhd   WMY     111.72     -204.61


PHILIPPINES

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


SINGAPORE

China Aviation Oil (Singapore)
   Corporation                    CAO     211.96     -390.07
Compact Metal Industries Ltd.     CMI      54.36      -25.64
Falmac Limited                    FAL      10.90       -0.73
Gul Technologies Singapore
   Limited                        GUL     152.80      -27.74
HLG Enterprise                   HLGE     150.70      -12.72
Informatics Holdings Ltd         INFO      22.30       -9.14
L&M Group of Companies            LNM      56.91      -10.59
Liang Huat Aluminium Ltd.         LHA      19.30      -76.43
Lindeteves-Jacoberg Limited        LJ     225.52      -53.23
Pacific Century Regional          PAC    1381.26     -107.11
See Hup Seng Ltd.                 SHS      17.36       -0.09


SOUTH KOREA

BHK Inc                          3990      24.36      -17.38
C & C Enterprise Co. Ltd.       38420      28.05      -14.50
Cenicone Co. Ltd.               56060      36.82       -1.46
Cheil Entech Co. Ltd.           53330      37.25       -0.31
Dewell Elecom Inc.              32590      10.93       -6.92
Everex Inc.                     47600      23.15       -5.10
EG Greentech Co.                55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
SungKwang Co., Ltd.             41140      19.06       -1.60
Tong Yang Major                  1520    2332.81      -86.95
TriGem Computer Inc             14900     629.32     -292.96


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98
Central Paper Industry PCL      CPICO      40.41      -37.02
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80
Daidomon Group Pcl              DAIDO      12.92       -8.51
Datamat PCL                       DTM      17.55       -1.72
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.88
Thai-Wah PCL                      TWC      91.56      -41.24


                            *********

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

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

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


                            *********


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