TCRAP_Public/061115.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  

          Wednesday, November 15, 2006, Vol. 9, No. 227

                            Headlines

A U S T R A L I A

ABS GLOBAL: S&P Rates Class E and F Notes at 'BB' and 'B'
AMERICAN GREETINGS: Moody's Assigns Loss-Given-Default Ratings
BURNS PHILP: Securities Listing to be Suspended on Nov. 20
COMDEK LTD: J.E. Low Ceases to Act as Receiver and Manager
INDEX SLIPWAY: Members' Final Meeting Slated for November 20

JM DATA: To Hold Final Joint Meeting on November 28
MORRISON CROXFORD: Final Meeting Scheduled on December 12
PAUL FERLA: Final Meeting Schedules on November 27
PINNERS TRANSPORT: Final Meeting Set for November 24
PRIMELIFE CORPORATION: Acquires Avonlea Grange for AU2.5 Mln

RETRAVISION (N.S.W.): Westpac Appoints Receiver and Manager
SANDS PRINT: Will Declare First Dividend on December 12
SILVERLINE TECHNOLOGIES: To Declare First Dividend on Dec. 12
STREET REMLEY: Members' Final Meeting Slated for December 7
THE AUSTRALIAN FEDERATION: Court Appoints Receiver and Manager


C H I N A   &   H O N G  K O N G

AGILE PROPERTY: Moody's Affirms Ba3 Corp. Family Rating
ASSOCIATED CONSULTING: Final Meetings Slated for December 7
BANIN COMPANY: Enters Liquidation Proceedings
BELLUNO INVESTMENTS: Creditors Must Prove Claims by Dec. 1
BILLION BEST: Shareholders Decide to Shut Down Business

BOWDEN EXTRUSION: Members Opt to Liquidate Business
BRILLIANT FAIR: Liquidator to Present Wind-Up Report on Dec. 7
FAIR IMAGE: Wind-Up Petition Hearing Set Today
GALLERY OF CONTEMPORARY: Members Resolve to Close Operations
GLOBAL CROSSING: Sept. 30 Balance Sheet Upside-Down by US$131MM

GLOBAL CROSSING: Will Acquire Impsat for US$95 Million
HARBOUR RING: Creditors' Proofs of Claim Due on November 24
HK INTERNATIONAL MOVERS': Joint Liquidators Step Aside
JDH (CHINA): Joint Liquidators Cease to Act
JOIN-PEACE: Members to Receive Wind-Up Report on Dec. 4

LEGEND OCEANIA: Creditors Must Prove Debts by November 24
RESOUND LTD: Schedules Final Meeting on December 8
SHING TAI: Court Sets Date to Hear Wind-Up Petition
STARTEC GLOBAL: Liquidator Kwok Lai Ngor Steps Aside
WARM BRIGHTY: Members and Creditors to Meet on December 5

WIDE STRONG: Sole Member Opt to Wind Up Firm
YEARSSOUND (HK): Faces Wind-Up Proceedings
* CSRC Overhauls Security Industry
* China's Strong Economy to Continue in 2007, Fitch Says


I N D I A

BALLY TECHNOLOGIES: Discloses General Business Update
EXIM BANK: Inks Reciprocal Credit Agreements with Exim Hungary
EXIM BANK: Signs US$10-Mil. Credit Agreement with Japan's JBIC
HDFC BANK: Grants Stock Options to Employees under ESOP
HDFC BANK: Allots 2,17,300 Equity Shares to Employees

HDFC BANK: Parent Launches Operations in London


I N D O N E S I A

BANK INDONESIA: Expects 18% Increase in Bank Credits by 2007
INCO LTD: Inco Indonesia Sees Lower Nickel Output for 2007
LIPPO BANK: Sets 7.5% Yield for US$150-Million 10-Year Bond
NORTEL NETWORKS: Declares Preferred Share Dividends
NORTEL NETWORKS: Posts US$99-Mil. Net Loss in 2006 3rd Quarter


J A P A N

DAIEI INC: To Complete Repayment of JPY133.8-Bil. Debt to IRCJ
* Moody's: Insurers' Asset Quality Keys to Credit Improvement


K O R E A

EUGENE SCIENCE: Fails to Timely File September Quarterly Report
LG CARD: Shinhan Wants KRW200-Billion Cut in Acquisition Price
LG TELECOM: Fined for KRW5.22 Billion for Phone Subsidies
WOORI FINANCE: Analysts Skeptical on 28% Stake Sale Within 2006
* JCR Raises Korea's Foreign Currency Sr. Debt Rating to 'A+'


M A L A Y S I A

DCEIL INTL: Bank of Islam Demands MYR3.685-Million Payment
DCEIL INTL: Pancaran Abadi Seeks MYR996,435 Payment from Unit
DCEIL INTL: Subsidiary Faces Wind-Up Proceedings
SMART MODULAR: Earns US$32.3 Mil. in FY 2006 Ended Aug. 25


N E W   Z E A L A N D

ACCESS BROKERAGE: Case Against NZX Struck Out on All Counts
ADZE LTD: Names Brown and Rodewald as Liquidators
ARROW LANE: Faces Liquidation Proceedings
CLC CONSTRUCTION: Court Hears Liquidation Petition
CORE POTENTIAL: Creditors to Prove Debts on November 17

HUNG YI: Court to Hear CIR's Liquidation Petition on Nov. 16
PREMIUM CONSULTING: Creditors' Proofs of Claim Due on Nov. 15
SWISS CONSTRUCTION: Appoints Joint Liquidators
THE LOADED HOG: Liquidation Hearing Fixed on November 16
TOURLINE LTD: Liquidation Petition Hearing Slated for Dec. 14

XTREME MACHINES: Creditors Must Prove Debts by November 30


P H I L I P P I N E S

CHINA BANK: Posts PHP1.09-Bln 3rd Quarter Net Income; Up 55.8%
LEPANTO CONSOLIDATED: Receives BOI Approval for ITH Request
MANILA ELECTRIC: 3Q Net Income Falls 79.5% to PHP229 Million
MANILA ELECTRIC: Signs Underwriting Agreement for Notes Issuance
MARIWASA MANUFACTURING: Board Elects E. Maramag as VP-Finance


S I N G A P O R E

ARGON INVESTMENTS: Court to Hear Wind-Up Petition on Nov. 24
HUANGHO TRADING: Wind-Up Petition Hearing Set for Dec. 1
INTERMEC INC: Posts US$3.4-Million Third Quarter 2006 Earnings
INTERSHOP COMMUNICATIONS: Posts EUR1.6-Mln Losses for 3Q 2006
MAE ENGINEERING: Revenue Down by 73% in First Half of 2007

ODYSSEY RE: S&P Affirms BB Preferred Stock Ratings
PDC CORP: Posts Shareholder's Change of Interest
RED HAT: Begins US$325MM Stock and Debenture Repurchase Program
SURGE ELECTRICAL: Wind-Up Hearing Slated for November 24
VALEANT PHARMA: Investigated for Backdating of Stock Options


T H A I L A N D

BANK OF AYUDHYA: GE to Transfer Assets and Debts on Jan. 3
PAE THAILAND: Discloses Board Resignations & Appointments


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

ABS GLOBAL: S&P Rates Class E and F Notes at 'BB' and 'B'
---------------------------------------------------------
On November 14, 2006, Standard & Poor's Ratings Services
assigned its preliminary credit ratings to the US$198.9 million
Series 2006-1 asset-backed securities to be issued by ABS Global
Finance PLC, a special-purpose vehicle incorporated in Ireland.  
Citigroup Global Markets Inc. is the lead manager for this
transaction.

Citibank N.A. is establishing a global program, the Citigroup
Corporate and Investment Bank Asset-Backed Securities Issuance
Program.  In this transaction, ABS Global Finance PLC will issue
notes to be backed by corporate and commercial trade finance
loan obligations originated by Citibank's Global Transaction
Services (GTS) unit.

Citibank is a leading bank in the trade finance arena.  The
pilot issuance will incorporate trade loans from three
jurisdictions in Asia -- Hong Kong, Singapore, and Taiwan.  With
Asia's fast-growing economy and position as the manufacturing
center of the world, the region is a big and very important
market for Citibank's trade finance business.  Citibank's
branches in these three jurisdictions will act as local
originators and servicers.  Once the inaugural transaction and
the program are established, it is expected that Citibank will
add new assets from additional countries into the portfolio,
subject to rating affirmation.

The preliminary ratings assigned to the Class A, Class C, Class
D, Class E, and Class F notes to be issued by ABS Global Finance
PLC reflect:

   -- The strong and stable performance of Citibank's trade loan
      portfolio in Hong Kong, Singapore, and Taiwan;

   -- The actual credit support provided by the subordination
      amount to each class of notes;

   -- The various requirements on the composition of the asset
      portfolio, including eligible receivable criteria, country
      exposure limits, and industry exposure limits, etc;

   -- Citibank's trade finance origination, underwriting, risk
      management, and servicing capabilities;

   -- The supporting counter-parties in the transaction have
      eligible ratings; and

   -- Sound structural and legal provisions.

Establishment of the CABS Program is expected to give Citibank
more flexibility to issue securitization notes from time to time
according to its funding and capital management needs. This
transaction is a good example of how securitization techniques
can be utilized to meet business needs.  Issuance of notes under
the program will continue to inject momentum to the Asian
securitization market.

Preliminary Ratings Assigned

ABS Global Finance PLC

   Class             Preliminary rating      Amount (mils. US$)

   A                      AAA                      186.0
   C                      A                          7.0
   D                      BBB                        3.0
   E                      BB                         2.0
   F                      B                          0.9
   Equity tranche         Not rated                  1.1


AMERICAN GREETINGS: 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. consumer products sector, the rating
agency confirmed its Ba1 Corporate Family Rating for American
Greetings Corporation.  Additionally, Moody's revised or held
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$300M sr. sec delay
   draw term loan
   due 2013               Ba1      Baa3    LGD2       28%

   US$350M senior secured
   revolving credit
   facility due 2011      Ba1      Baa3    LGD2       28%

   US$200M senior unsecured
   notes due 2016         Ba2      Ba2     LGD5       81%

   US$22.7M senior unsecured
   notes due 2028         Ba2      Ba2     LGD5       81%

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%).

Cleveland, Ohio-based American Greetings Corporation (NYSE: AM)
-- http://corporate.americangreetings.com/-- manufactures  
social expression products.  American Greetings also
manufactures and sells greeting cards, gift wrap, party goods,
candles, balloons, stationery and giftware throughout the world,
primarily in Canada, the United Kingdom, Mexico, Australia, New
Zealand and South Africa.


BURNS PHILP: Securities Listing to be Suspended on Nov. 20
----------------------------------------------------------
In a disclosure with the Australian Stock Exchange, Burns Philp
& Company Ltd states that its securities will be suspended from
quotation at the close of trading on Monday, November 20.

The suspension was in accordance with ASX listing rule 17.4,
after Rank Group Australia Pty Limited filed with the ASX its
compulsory acquisition notice sent to Burns Philp's shareholders
on November 13, 2006.

As reported in the Troubled Company Reporter - Asia Pacific on
November 10, 2006, Rank Group Limited informed the New Zealand
Stock Exchange that all Acceptance Instructions have now been
validly processed or implemented.

The TCR-AP reported that on November 1, Rank Group Limited
revealed that the only remaining condition in its offer period
for shareholders of Burns Philp & Company is the 90% acceptance
condition.  If this condition is met or waived, shareholders
will be paid by the earlier of five business days of the offer
becoming unconditional and Nov. 16, 2006.   Those
shareholders who have not accepted before Nov. 9, 2006, will
enter the compulsory acquisition process.  Under this process,
it will take between five weeks and two months for payment to be
made.

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

   * 1300-657-039 -- for callers within Australia,
   * 0800-555-039 -- for callers within New Zealand, or
   * +613-9415-4353 -- for callers from outside Australia and
                       New Zealand

                       About Rank Group

Headquartered in London, United Kingdom, Rank Group PLC --
http://www.rank.com/-- is an international leisure and  
entertainment company.  The Group provides services to the film
industry, including film processing, video duplication and
cinema exhibition.  The Group's leisure and entertainment
activities entail gambling services, encompassing Mecca Bingo
Clubs and Grosvenor Casinos, and owned and franchises Hard Rock
cafes.

                       About Burns Philp

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

Burns Philp has a 20% interest in Goodman Fielder Limited.  It
maintains operations in The Netherlands through its Burns Philp
Treasury (Europe) B.V. subsidiary.

                        *     *     *

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


COMDEK LTD: J.E. Low Ceases to Act as Receiver and Manager
----------------------------------------------------------
Jennifer Elizabeth Low ceased to act as receiver and manager of
Comdek Ltd on Oct. 24, 2006.

Ms. Low can be reached at:

         Jennifer Elizabeth Low
         Sheridans
         Level 6, 40 St George's Terrace
         Perth, Western Australia 6000
         Australia

                      About Comdek Limited

Comdek Limited -- http://www.comdek.net.au/-- belongs to the  
Technology Hardware and Equipment Industry, specializing in
Boardroom radio.  The company is located in West Perth,
Australia.


INDEX SLIPWAY: Members' Final Meeting Slated for November 20
------------------------------------------------------------
Members of Index Slipway and Engineering Pty Ltd will hold a
final meeting on Nov. 20, 2006, at 10:00 a.m., to receive an
account of the company's wind-up proceedings and property
disposal exercises from Liquidators Ray Richards and Grant
Sparks.

As reported by the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on June 8, 2006.

The Joint and Several Liquidators can be reached at:

         Ray Richards
         Grant Sparks
         SimsPartners
         Level 11, 145 Eagle Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3831 2700

                      About Index Slipway

Index Slipway and Engineering Pty Ltd builds and repairs boats.  
The company is located at 85-89 Colbalt St, Carole Park in
Queensland, Australia.


JM DATA: To Hold Final Joint Meeting on November 28
---------------------------------------------------
JM Data Communications Pty Ltd, which is in liquidation, will
hold a final joint meeting for its members and creditors on
Nov. 28, 2006, at 10:00 a.m.

During the meeting, Liquidator John Lindholm will present an
account of the company's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

         John Lindholm
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia

                  About JM Data Communications

JM Data Communications (Australia) Pty Ltd --
http://www.jmdata.com.au -- is a wholly owned Australian  
company and has been established for more than fifteen years.
JM Data is located in Tullamarine Victoria, Australia.

The company's areas of expertise include Data Communications, IT
Strategy, Design or Specification and Security & Encryption.


MORRISON CROXFORD: Final Meeting Scheduled on December 12
---------------------------------------------------------
Morrison Croxford Chambers & Associates Pty Ltd, which is in
liquidation, will hold a final meeting for its members and
creditors on Dec. 12, 2006, at 3:00 p.m.

At the meeting, Liquidator M. E. Slaven will present an account
of the company's wind-up proceeding and property disposal
exercises.

The Liquidator can be reached at:

         M. E. Slaven
         Rangott Slaven
         Chartered Accountants
         Unit 12, Level 3
         Engineering House, 11 National Circuit
         Barton, ACT         
         Australia
         Web site: http://www.rangottslaven.com.au

                     About Morrison Croxford

Morrison Croxford Chambers & Assoc Pty Ltd --
http://www.politicalbookshop.com.au-- is trading as  
politicalbookshop.com.au.  The company is located in Fyshwick
2609 ACT, Australia.

Morrison Croxford is involved in online e-book delivery method
and secure credit card transaction process.  The company's
publications are also available in hard copy.


PAUL FERLA: Final Meeting Schedules on November 27
--------------------------------------------------
The final general meeting of the members and creditors of Paul
Ferla Constructions Pty Ltd will be held on Nov. 27, 2006, at
11:00 a.m., to receive an account of the company's wind-up
proceedings.

As reported by the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on Aug. 14, 2006.

The Liquidator can be reached at:

         Andrew Mclellan
         Paul Ferla Constructions Pty Ltd
         PPB
         Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia

                        About Paul Ferla

Paul Ferla Constructions Pty Ltd -- http://www.ferlacon.com.au-
- is located in Attwood in Victoria, Australia.  The company's
line of business is manufacturing concrete pre-cast panels and
structural steel.


PINNERS TRANSPORT: Final Meeting Set for November 24
----------------------------------------------------
Pinners Transport Pty Ltd, which is in liquidation, will hold a
final meeting for its members and creditors on Nov. 24, 2006, at
10:00 a.m.

During the meeting, the members and creditors will receive
Liquidator K. L. Sutherland's accounts.

The Liquidator can be reached at:

         K. L. Sutherland
         Bent & Cougle Pty Ltd
         Chartered Accountants
         Level 5, 332 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                    About Pinners Transport

Headquartered in Shepparton in Victoria, Australia, Pinners
Transport Pty Ltd is involve in Local Trucking without Storage
business.


PRIMELIFE CORPORATION: Acquires Avonlea Grange for AU2.5 Mln
------------------------------------------------------------
Primelife Corporation Ltd reports that it will acquire the
Avonlea Grange Aged Care Facility that it operates as a result
of orders made in the Federal Court on November 3, 2006, for the
final winding up of the managed investment scheme relating to
the Facility.

Primelife relates that it has agreed with the manager of the
investment syndicate to terminate the agreements relating to the
original sale, development and management of the Facility for
consideration to the syndicate of AU$2.5 million.  Settlement
will occur on December 5, 2006.

The Facility is a modern 70-low care bed hostel located in
Mentone, in the southeast corridor of metropolitan Melbourne.

According to Primelife Managing Director John Martin, "the
acquisition of the Facility is a welcome addition to Primelife's
growing portfolio of owned and operated aged care hostels and
helps to consolidate Primelife's reputation as a market leader
in the provision of aged care services."

                        About Primelife

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

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

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

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


RETRAVISION (N.S.W.): Westpac Appoints Receiver and Manager
-----------------------------------------------------------
Westpac Banking Corporation has appointed Peter George Yates and
David John Frank Lombe as receivers and managers of Retravision
(N.S.W.) Ltd on Oct. 24, 2006.

The Receivers and Managers can be reached at:

         Peter George Yates
         David John Frank Lombe
         Deloitte Touche Tohmatsu
         Chartered Accountants
         225 George Street, Sydney
         New South Wales 2000
         Australia

               About Retravision (N.S.W.) Limited

Retravision (N.S.W.) Limited, -- http://www.retravision.com.au/
-- which is a part of Retravision (NZ) Limited Group is into
appliance retail business.  The group's main office is located
in New Zealand, with operations Australia.  


SANDS PRINT: Will Declare First Dividend on December 12
-------------------------------------------------------
A first dividend is to be declared on Dec. 12, 2006 for the
creditors of Sands Print Group Ltd.

Creditors are required to prove their claims by Dec. 5, 2006, or
they will be excluded from the benefit of the dividend.

As reported by the Troubled Company Reporter - Asia Pacific, the
company declared the first and final dividend on May 24, 2005.

The Liquidator can be reached at:

         C. P. White
         HLB Mann Judd
         Level 1, 160 Queen Street
         Melbourne 3000
         Australia

                  About Sands Print Group Ltd

Sands Print Group is based at Breakwater in Victoria, Australia.
The group's main business involves general commercial printing
and graphic art design.  Sands Print have 80 staff, and have
achieved AU$10-20 million revenues of which AU$500,000 - AU$1mil
accounts for export revenues


SILVERLINE TECHNOLOGIES: To Declare First Dividend on Dec. 12
-------------------------------------------------------------
Silverline Technologies Pty Ltd will declare the first dividend
for its creditors on Dec. 12, 2006.

Creditors are required to formally prove their debts by Nov. 21,
2006, or they will be excluded from sharing in the dividend.

The Official Liquidator can be reached at:

         John Frederick Lord
         PKF
         Chartered Accountants
         Level 10, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9251 4100
         Facsimile:(02) 9240 9821
         Web site: http://www.pkf.com.au

                 About Silverline Technologies

Silverline Technologies Inc. -- http://www.silverline.com--
is headquartered in Piscataway NJ, United States.  The company
is a developer of custom and prepackaged software.


STREET REMLEY: Members' Final Meeting Slated for December 7
-----------------------------------------------------------
Members of Street Remley Studios Pty Ltd will hold a final
meeting on Dec. 7, 2006, at 10:00 a.m., to receive the final
account from Liquidator C. S. Reeves.

According to the Troubled Company Reporter - Asia Pacific, the
company's members passed a special resolution to voluntarily
wind up the company's operations on June 9, 2006.

The Liquidator can be reached at:

         C. S. Reeves
         Ground Floor
         200 East Terrace
         Adelaide, South Australia 5000
         Australia

                       About Street Remley

Street Remley Studios Pty Ltd is located at Adelaide, Australia.
The company's business is mainly recording services.


THE AUSTRALIAN FEDERATION: Court Appoints Receiver and Manager
--------------------------------------------------------------
On Sept. 28, 2006, the Federal Court of Australia appointed
Jamieson Louttit as receiver and manager of The Australian
Federation of Islamic Councils Inc.

The Receiver and Manager can be reached at:

         Jamieson Louttit
         Jamieson Louttit & Associates
         Suite 73, Level 15
         88 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9231 0505
         Facsimile:(02) 9231 0303

                  About Australian Federation

The Australian Federation of Islamic Councils was founded in
1964 as an umbrella group for various Islamic groups or
councils, and is considered as Australia's most important
Islamic organization.  As of May 17, 2006, inquiry has been
sought by Australian police into allegations by the AFIC
treasurer Ikebal Patel that corruption is rife amongst AFIC,
including fraudulent access to funds, software and data piracy,
sexual harassment, pornography and other illegalities.


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

AGILE PROPERTY: Moody's Affirms Ba3 Corp. Family Rating
-------------------------------------------------------
On November 13, 2006, Moody's Investors Service affirmed Agile
Property Holdings Ltd's Ba3 corporate family rating and senior
unsecured bond rating in view of the successful closing of the
US$400 million bond issuance.  Both ratings have had their
provisional status removed.  The ratings outlook is stable.

Moody's also notes that Agile has recently sold around US$245
million of new equity shares. In Moody's opinion the share
placement will to a degree help enhance the company's capital
structure and liquidity and support its ongoing capital needs.

"The core driver for upward rating pressure going forward
remains the company's successful execution of its business
plan," comments Kaven Tsang, Moody's lead analyst for Agile.  
"This would lead to the setting of a sustainable track record in
planned sales and demonstrate strong financial discipline," adds
Tsang.

Agile Property Holdings Ltd is one of the major property
developers in the Pearl River Delta region, targeting the mid-
to-high-end segment.  It has land banks in 4 cities --
Zhongshan, Guangzhou, Foshan and Huizhou -- with a total gross
floor area of 8.3 million sqm.  It listed on the Hong Kong Stock
Exchange in December 2005.


ASSOCIATED CONSULTING: Final Meetings Slated for December 7
-----------------------------------------------------------
Associated Consulting Engineers Ltd, which is in liquidation,
will hold final meetings for its members and creditors on
Dec. 7, 2006, at 10:00 a.m. and 10:30 a.m., respectively.

At the meetings, Liquidator Wu Shek Chun Wilfred will present an
account of the company's wind-up proceedings and property
disposal activities.

The Liquidator can be reached at:

         Wu Shek Chun Wilfred
         17/F., Punfet Building
         701 Nathan Road, Kowloon
         Hong Kong


BANIN COMPANY: Enters Liquidation Proceedings
---------------------------------------------
At Banin Company's extraordinary general meeting held on Oct.
30, 2006, these special resolutions were duly passed:

     -- that the company be put into liquidation and that David
        J. Lawrence be appointed as liquidator;

     -- that the assets of the company be distributed amongst
        the members in cash or in specie;

     -- that the Liquidator be authorized under the provisions
        of the different sections of the Companies Ordinance;
        and

     -- that the books and papers of the company and of the
        Liquidator may be disposed of by the Liquidator at a
        time selected by him after the final meeting of members
        is held pursuant to the Companies Ordinance.

The Liquidator can be reached at:

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


BELLUNO INVESTMENTS: Creditors Must Prove Claims by Dec. 1
----------------------------------------------------------
Creditors of Belluno Investments Ltd are required to submit
their proofs of claim to the company's liquidators by Dec. 1,
2006.

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

The liquidators can be reached at:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8/F, Gloucester Tower
         The Landmark
         15 Queen's Road, Central
         Hong Kong


BILLION BEST: Shareholders Decide to Shut Down Business
-------------------------------------------------------
Shareholders of Billion Best (Hong Kong) Ltd on Nov. 6, 2006,
decided to voluntarily wind up the company's operations.

Zhang Yun was consequently appointed as liquidator.

The Liquidator can be reached at:

         Zhang Yun
         Room 803, Tung Hip Commercial Building
         248 Des Voeux Road, Central
         Hong Kong


BOWDEN EXTRUSION: Members Opt to Liquidate Business
---------------------------------------------------
Members of Bowden Extrusion HK Ltd on Nov. 3, 2006, passed a
resolution to voluntarily liquidate the company's business.

In this regard, Daniel Chun-Chiu Ng was appointed as liquidator.

The Liquidator can be reached at:

         Daniel Chun-chiu NG
         Enson CPA Limited
         18/F, West Wing
         Sincere Insurance Building
         4-6 Hennessy Road, Admiralty
         Hong Kong


BRILLIANT FAIR: Liquidator to Present Wind-Up Report on Dec. 7
--------------------------------------------------------------
The final meetings of the members and creditors of Brilliant
Fair (Hong Kong) Ltd will be held on Dec. 7, 2006, at 10:15
a.m., and 11:00 a.m. respectively.

During the meetings, the members and creditors will receive the
accounts of the company's wind-up proceedings from Liquidator Wu
Shek Chun Wilfred.

The Liquidator can be reached at:

         Wu Shek Chun Wilfred
         17/F., Punfet Building
         701 Nathan Road, Kowloon
         Hong Kong


FAIR IMAGE: Wind-Up Petition Hearing Set Today
----------------------------------------------
Asia Television Ltd on Sept. 19, 2006, filed before the High
Court of Hong Kong a petition to wind up the operation of Fair
Image Advertising Company Ltd.

The Court will hear the wind-up petition today, Nov. 15, 2006,
at 9:30 a.m.

The Solicitors for the Petitioner can be reached at:

         Boase Cohen & Collins
         2303-7 Dominion Centre
         43-59 Queen's Road East
         Hong Kong
         Telephone: 3416 1711
         Facsimile: 2529 5035


GALLERY OF CONTEMPORARY: Members Resolve to Close Operations
------------------------------------------------------------
Members of Gallery of Contemporary Living Ltd met on Nov. 2,
2006, and passed a special resolution to voluntarily wind up the
company's operations.

Accordingly, Leung Shu Yin William and Ng King Sing were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Leung Shu Yin William
         Ng King Sing
         Rooms 903-908
         9/F, Kai Tak Commercial Building
         317-319 Des Voeux Road, Central
         Hong Kong


GLOBAL CROSSING: Sept. 30 Balance Sheet Upside-Down by US$131MM
---------------------------------------------------------------
Global Crossing Ltd. disclosed its financial results for the
third quarter of 2006 and provided updates on its business
activities for the same period.

John Legere, Global Crossing's chief executive officer, said,
"We've revved up our business and it shows on many fronts.  
We've generated positive adjusted EBITDA in the third quarter
and posted revenue growth for the second quarter in a row -- and
with the completed acquisition of Fibernet and our announced
merger with Impsat, we've found two companies that complement
our portfolio and are expected to contribute positively to our
overall financial goals.  Our strategy is sound, our business is
healthy and our employees are focused on ensuring that Global
Crossing is a true stand-out in the telecommunications
industry."

                         Highlights

Global Crossing's business performance continued to improve in
the third quarter of 2006 on a sequential and year-over-year
basis.  On a sequential basis, "invest and grow" revenue, namely
that part of the business focused on serving global enterprises,
carrier data and indirect channel customers, grew by 5% compared
with the second quarter for both the company's UK subsidiary
(GCUK) and for its businesses outside of the UK.  Adjusted gross
margin improved to 41% of revenue from 38% in the second
quarter, and adjusted Earnings Before Interest, Taxes,
Depreciation and Amortization (EBITDA) was positive, ending the
quarter at US$7 million.

In addition, Global Crossing recently announced the acquisition
of UK-based Fibernet Group Plc and the planned acquisition of
Latin America-based Impsat Fiber Networks.  Both companies will
accelerate execution of Global Crossing's strategy of delivering
converged IP services to enterprises and carriers globally, and
they will expand Global Crossing's UK and Latin American
offerings in their respective regions.

Global Crossing expects the Fibernet acquisition to contribute
annual revenue of more than US$80 million, and to yield annual
adjusted EBITDA of US$30 million after completion of the
integration and operational synergies are fully realized.  
Additionally, the combination of Fibernet with GCUK will yield
up to US$10 million of capital expense savings.  Integration is
expected to be complete in 12 to 18 months and to cost up to
US$10 million.

The Impsat acquisition is expected to generate US$270 million in
annual revenue and US$70 million in adjusted EBITDA following
integration, which includes the impact of anticipated net
expense synergies of more than US$10 million per year.  
Integration will take approximately 12 to 18 months after the
transaction closes, which is expected in the first quarter of
2007.

                     Revenue and Margin

During the third quarter, Global Crossing's consolidated revenue
grew sequentially by US$5 million to US$466 million.  Adjusted
gross margin (as defined in the tables that follow) grew US$16
million and was 41% of revenue or US$191 million in absolute
terms, compared with 38% of revenue or US$175 million in the
second quarter.  "Invest and grow" revenue grew sequentially by
5% or US$14 million to US$313 million in the third quarter.  
This was driven by growth in the company's businesses outside of
the UK, which generated US$205 million in "invest and grow"
revenue, up US$9 million from US$196 million in the second
quarter.  Global Crossing's GCUK subsidiary generated US$108
million in "invest and grow" revenue, a US$5 million sequential
improvement.  Adjusted gross margin for the "invest and grow"
segment was US$172 million in absolute terms or 55% of revenue
for the third quarter.  This was a US$17 million sequential
improvement from US$155 million in the second quarter of 2006 or
52% of revenue.

Cost of revenue -- which includes cost of access; technical real
estate, network and operations; third party maintenance; and
cost of equipment sales -- was US$381 million in the third
quarter, down US$12 million or 3% from US$393 million in the
second quarter of 2006.  Cost of access accounted for US$275
million of Global Crossing's cost of revenue during the third
quarter, down US$11 million or 4% from the second quarter of
2006 when cost of access expense was US$286 million. Sales,
general and administrative (SG&A) costs were US$78 million in
the third quarter of 2006, compared with US$85 million in the
second quarter of 2006.

                          Earnings

Adjusted EBITDA (as defined in the tables that follow) was
positive for the third quarter at US$7 million, compared with a
loss of US$17 million in the second quarter of 2006.  
Consolidated loss applicable to common shareholders was US$51
million, compared with a loss of US$77 million in the second
quarter of the year.

                     Cash and Liquidity

As of Sept. 30, 2006, unrestricted cash and cash equivalents
totaled US$417 million, and restricted cash was US$7 million.  
Global Crossing used US$39 million of cash in the third quarter,
including the use of US$45 million for capital expenditures and
principal on capital leases (cash capex).  Cash sources included
US$17 million of sales proceeds for Indefeasible Rights of Use.

Global Crossing expects that it will generate positive cash flow
for the fourth quarter of 2006.

On Oct. 11, 2006, Global Crossing disclosed it had acquired
Fibernet for approximately US$95 million in cash.  The company
has received a financing commitment for up to approximately
US$95 million from ABN Amro to finance the Fibernet acquisition.  
On Oct. 26, 2006, Global Crossing disclosed an agreement to
acquire Impsat for US$95 million in cash and the assumption of
Impsat's debt, which totaled US$241 million as of June 30, 2006.  
The company will fund the Impsat transaction with approximately
US$160 million of its cash resources, and it has received a
financing commitment from Credit Suisse for up to US$200 million
to be used to refinance existing Impsat debt.  Closing is
subject to the approval of Impsat's common shareholders, certain
debt holders, certain regulatory approvals and other closing
conditions.

                       2006 Guidance

Below is a summary of specific financial guidance for 2006,
which was provided by the company on March 16, 2006.

Metric                                     2006 Guidance
                                         (US$ in millions)

Revenue                                  US$1,800 - US$1,900
Invest and grow revenue                  US$1,190 - US$1,245
Wholesale voice revenue                  US$605 - US$650
Harvest/exit revenue                     US$5
Adjusted gross margin%age                41% - 43%
Invest and grow adjusted gross margin
Percentage                               56% - 58%
Wholesale voice adjusted gross margin
Percentage                               12% - 14%
Adjusted EBITDA                          (US$20) - US$5
Adjusted EBITDA less non-cash stock
compensation                             US$10 - US$40
Cash use                                 (US$140 - US$100)

                          *     *     *

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
-- http://www.globalcrossing.com/-- provides telecommunication  
services over the world's first integrated global IP-based
network, which reaches 27 countries and more than 200 major
cities around the globe including Hong Kong.  

Global Crossing serves many of the world's largest corporations,
providing a full range of managed data and voice products and
services.  The company filed for chapter 11 protection on Jan.
28, 2002 (Bankr. S.D.N.Y. Case No. 02-40188).  When the Debtors
filed for protection from their creditors, they listed
US$25,511,000,000 in total assets and US$15,467,000,000 in total
debts.  Global Crossing emerged from chapter 11 on December 9,
2003.

As of December 31, 2005, Global Crossing's balance sheet
reflected a US$173 million equity deficit compared to US$51
million of positive equity at December 31, 2004.


GLOBAL CROSSING: Will Acquire Impsat for US$95 Million
-------------------------------------------------------
Global Crossing Ltd. has agreed to acquire Impsat for US$9.32 in
cash for each share of Impsat common stock, representing a total
equity value of approximately US$95 million.

Global Crossing will assume, refinance and/or repay Impsat's
debt, which was US$241 million as of June 30, 2006.  Impsat's
cash balance as of June 30, 2006, was US$23 million, resulting
in a net debt balance of US$218 million at that date.  The
transaction is expected to close in the first quarter of 2007.

The acquisition of Impsat will accelerate Global Crossing's
strategy to provide converged Internet provider (IP) services to
enterprises and carriers globally, in addition to enhancing the
company's financials. Impsat, as a leading Latin American
provider of IP, hosting and value added data solutions, will add
over 4,500 customers to Global Crossing's ranks, all of which
are supported by a world class sales and customer care team with
local presence in seven Latin American countries.  Impsat's
extensive IP-based intercity network, 15 metropolitan networks
and 15 advanced hosting centers will provide a greater breadth
of services and coverage to Global Crossing's Latin American
operations.  Impsat will also add scale to the company's
regional presence and will enhance its competitive position as a
global service provider to multinational enterprises and carrier
customers.

Global Crossing expects the acquisition to contribute annual
revenue of more than US$270 million, and to yield annual
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization of more than US$70 million after operational
synergies are fully realized.  Annual operational savings after
integration are expected to be more than US$10 million.  
Integration of the business is expected to be completed 12 to 18
months after closing of the transaction, at a one-time cost of
approximately US$10 million.  John Legere, Global Crossing's
chief executive officer, said, "The combination of Impsat's
data-centric customer set, extensive Latin American network and
managed IP capabilities with Global Crossing's proven ability to
deliver converged IP services on a global scale is a compelling
win for the customers of both companies.  The Impsat
acquisition, along with our recently completed acquisition of
Fibernet in the UK, demonstrates our strategic and focused
participation in industry consolidation.  We will aggressively
pursue those opportunities that would enhance our core business,
expand our service capabilities and improve our financials."

Global Crossing and Impsat have had a commercial relationship
since 2000, when Global Crossing selected Impsat as one of its
providers of Point of Presence facilities for Global Crossing's
Latin American network, known as South American Crossing.  
Impsat has also been a customer of Global Crossing in Latin
America since 2000.  This longstanding relationship means that
customers of both companies should enjoy a seamless transition
following closing of the transaction.

Ricardo Verdaguer, Impsat's chief executive officer, noted,
"This transaction demonstrates the value created by Impsat
within the telecommunications industry in Latin America and
represents an attractive offer to our shareholders.  Our
service-oriented employees and portfolio of IP- based products
and services mesh perfectly with Global Crossing's strategy and
culture, which emphasize technology, security, customer support
and control.  I believe combining our companies will enhance the
solutions we provide customers, create economies of scale and
further serve the economic development objectives of the Latin
American region."

At closing of the acquisition, Global Crossing expects to use
approximately US$160 million of its existing cash for equity
payments to Impsat shareholders, transaction expenses and
repayment of a limited amount of indebtedness.  In addition,
Global Crossing has obtained a financing commitment from Credit
Suisse for up to US$200 million to refinance most of the Impsat
debt that is not being repaid at closing.

Global Crossing has obtained a financing commitment for
approximately US$95 million from ABN Amro to finance its
previously announced acquisition of Fibernet Group plc in the
United Kingdom.  Together, the two financing arrangements, which
are subject to customary closing conditions, are intended to
preserve sufficient cash reserves to enable Global Crossing to
pursue additional growth opportunities that may arise, including
those being generated by industry consolidation.

The transaction is subject to the approval of Impsat's common
shareholders, certain debt holders, certain regulatory approvals
and other closing conditions.  Under separate agreements, Morgan
Stanley & Co., a significant shareholder and debt holder of
Impsat; W.R. Huff Asset Management Co., a significant debt
holder; and certain officers and directors of Impsat have agreed
to support the transaction.

The Blackstone Group is acting as sole financial advisor, and
Latham and Watkins LLP and Jorge Ortiz y Asociados are acting as
legal counsel to Global Crossing on the transaction.

                        About Impsat

Impsat Fiber Networks, Inc., -- http://www.impsat.com-- is a  
provider of private telecommunications networks and Internet
services in Latin America.  The company owns and operates 15
data centers and metropolitan area networks in some of the
largest cities in Latin America, providing services to more than
4,200 national and multinational companies, financial
institutions, governmental agencies, carriers, Internet service
providers and other service providers throughout the region.  
Impsat has operations in Argentina, Colombia, Brazil, Venezuela,
Ecuador, Chile, Peru, the United States and throughout Latin
America and the Caribbean.

Impsat registered an increase in losses from US$14.2 million in
2004 to US$36.2 million in 2005.

                          *     *     *

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
-- http://www.globalcrossing.com/-- provides telecommunication  
services over the world's first integrated global IP-based
network, which reaches 27 countries and more than 200 major
cities around the globe including Hong Kong.  

Global Crossing serves many of the world's largest corporations,
providing a full range of managed data and voice products and
services.  The company filed for chapter 11 protection on Jan.
28, 2002 (Bankr. S.D.N.Y. Case No. 02-40188).  When the Debtors
filed for protection from their creditors, they listed
US$25,511,000,000 in total assets and US$15,467,000,000 in total
debts.  Global Crossing emerged from chapter 11 on December 9,
2003.

As of December 31, 2005, Global Crossing's balance sheet
reflected a US$173 million equity deficit compared to US$51
million of positive equity at December 31, 2004.


HARBOUR RING: Creditors' Proofs of Claim Due on November 24
-----------------------------------------------------------
Joint Liquidators Ying Hing Chiu and Chung Miu Yin Diana require
the creditors of Harbour Ring Dharmala (H.K.) Ltd to submit
their proofs of claim by Nov. 24, 2006.

Creditors who fail to submit their proofs of debt by the due
date will be excluded from the benefit of the dividend.

The Joint Liquidators can be reached at:

         Ying Hing Chiu
         Chung Miu Yin, Diana
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


HK INTERNATIONAL MOVERS': Joint Liquidators Step Aside
------------------------------------------------------
Rainier Hok Chung Lam and John James Toohey on Oct. 25, 2006,
ceased to act as joint and several liquidators of Hong Kong
International Movers' Association Ltd.

As reported by the Troubled Company Reporter - Asia Pacific,
Mr. Lam presented the company's wind-up accounts during the
final meeting of the company's members on Oct. 25, 2006.

The former Liquidators can be reached at:

         Rainier Hok Chung Lam
         John James Toohey
         22/F, Prince's Building
         Central
         Hong Kong


JDH (CHINA): Joint Liquidators Cease to Act
-------------------------------------------
Rainier Hok Chung Lam and John James Toohey ceased to act as
joint and several liquidators for JDH (China) Ltd. on Nov. 2,
2006.

On Jan. 14, 2005, The Troubled Company Reporter - Asia Pacific
reported that the joint liquidators required the company's
creditors to submit their claims on Feb. 7, 2006.

The former Joint Liquidators can be reached at:

         Rainier Hok Chung Lam
         John James Toohey
         22/F, Prince's Building
         Central
         Hong Kong


JOIN-PEACE: Members to Receive Wind-Up Report on Dec. 4
-------------------------------------------------------
Join-Peace Company Ltd, which is in liquidation, will hold a
final meeting for its members on Dec. 4, 2006, at 10:00 a.m.

During the meeting, the company's members will receive an
account of the company's wind-up proceedings and property
disposal exercises from Liquidator Leung Fung Yee Alice.

The Liquidator can be reached at:

         Leung Fung Yee Alice
         5/F, Jardine House
         1 Connaught Place, Central
         Hong Kong


LEGEND OCEANIA: Creditors Must Prove Debts by November 24
---------------------------------------------------------
Creditors of Legend Oceania GS Holding Ltd, which is in
voluntary wind-up, are required to submit their proofs of debt
by Nov. 24, 2006, to Liquidator Ying Hing Chiu.

Failure to submit proofs of debt by the due date will exclude a
creditor from sharing in any distribution the company will make.

The Liquidator can be reached at:

         Ying Hing Chiu
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


RESOUND LTD: Schedules Final Meeting on December 8
--------------------------------------------------
The members of Resound Ltd will hold a final meeting on Dec. 8,
2006, 8:30 p.m., at 27/F, Alexandra House, 18 Chater Road in
Central, Hong Kong, to consider these agenda:

     -- to resolve by special resolution that all surplus funds
        in the liquidation be distributed in their entirety to
        all members; and

     -- to resolve by ordinary resolution that the liquidator's
        final statement of accounts and return of final meeting
        of members be approved.

According to the Troubled Company Reporter - Asia Pacific, the
company's creditors were required to file their proofs of claim
on Aug. 10, 2006.

The Joint and Several Liquidator can be reached at:

         Jacky Chung Wing Muk
         Edward Simon Middleton
         8/F., Prince's Building
         10 Chater Road, Central
         Hong Kong


SHING TAI: Court Sets Date to Hear Wind-Up Petition
---------------------------------------------------
The High Court of Hong Kong will hear the wind-up petition
against Shing Tai Engineering Ltd on Nov. 29, 2006, at 9:30 a.m.

Chau Kin Fai filed the petition with the Court on Sept. 29,
2006.

The Solicitor for the Petitioner can be reached at:

         Eugina Fong
         26/F, Queensway Government Offices
         66 Queensway
         Hong Kong


STARTEC GLOBAL: Liquidator Kwok Lai Ngor Steps Aside
----------------------------------------------------
On Oct. 21, 2006, Kwok Lai Ngor ceased to act as liquidator of
Startec Global Communications (Hong Kong) Ltd.

The Troubled Company Reporter - Asia Pacific reported that the
company's members and creditors held a meeting on July 21, 2006,
to receive Mr. Ngor's final accounts of the company's wind-up
proceedings.

The former Liquidator can be reached at:

         Kwok Lai Ngor
         8/F., Richmond Commercial Building
         109 Argyle Street, Kowloon
         Hong Kong


WARM BRIGHTY: Members and Creditors to Meet on December 5
---------------------------------------------------------
Warm Brighty Ltd, which is in liquidation, will hold final
meetings for its members and creditors on Dec. 5, 2006, at
10:00 a.m. and 10:30 a.m., respectively.

At the meetings, Liquidator Hill will present an account of the
company's wind-up proceedings and property disposal exercises.

The Joint and Several Liquidator can be reached at:

         Nicholas Timothy Cornforth Hill
         Level 14, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


WIDE STRONG: Sole Member Opt to Wind Up Firm
--------------------------------------------
The sole member of Wide Strong Ltd on Nov. 6, 2006, passed a
special resolution to voluntarily wind up the company's
operations and appoint Wong Sun Keung as liquidator.

The Liquidator can be reached at:

         Wong Sun Keung
         Unit 1-3, 5/F
         Far East Consortium Building
         121 Des Voeux Road, Central
         Hong Kong


YEARSSOUND (HK): Faces Wind-Up Proceedings
------------------------------------------
A petition to wind up Yearssound (Hong Kong) Ltd will be heard
before the High Court of Hong Kong on Dec. 20, 2006, at
9:30 a.m.

Standard Chartered Bank (Hong Kong) Ltd filed the petition with
the Court on Oct. 19, 2006.

The Solicitors for the Petitioner can be reached at:

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


* CSRC Overhauls Security Industry
----------------------------------
In an effort to overhaul the security industry, China Securities
Regulatory Commission dealt with 30 failed firms to enter
bankruptcy proceedings, Liu Yi, CEO of China Securities Investor
Protection Funds Corporation, told Xinhua News.

Overhauling of the security industry will wind up in August
2007, CSRC chairman Shang Fulin said, adding that the disposal
efforts need to speed up.

So far, only five of the failed securities firms have entered
bankruptcy proceedings, CSRC said.

Xinhua News relates that China's recently released Bankruptcy
Law authorizes financial regulators to report to the people's
courts for permission to restructure or liquidate a financial
institution which is facing bankruptcy, rather than waiting for
the financial institution to enter bankruptcy proceedings of its
own volition.


* China's Strong Economy to Continue in 2007, Fitch Says
--------------------------------------------------------
On November 14, 2006, Fitch Ratings said that it is optimistic
that China's strong economic growth will continue into 2007,
though at a more moderate pace.  Based on government policies
intended to curtail the expansion of bank credit and investment
spending, the agency forecasts Chinese GDP growth will slow to
9.5% in 2007, compared to 10.2% this year.

Meanwhile, Fitch added that the country's burgeoning
securitization market was expected to see a sharp increase in
issuance volumes in 2007.

Speaking during the agency's Global Structured Finance
Conference 2006 Asia held in Beijing today, James McCormack,
head of Asia sovereigns at Fitch, elaborated that a sharper fall
in China's economic activity should be avoided despite
expectations of a slowdown in U.S. growth next year.  "Money
supply and credit growth have been trending lower recently, and
Fitch believes investment spending will follow," said Mr.
McCormack.  "However, China is well-positioned to deal with a
U.S. slowdown.  There is still considerable momentum behind
domestic demand, and the EU is nearly as big an export market
for China."  Fitch forecasts U.S. economic growth will fall to
2.6% in 2007, down from 3.2% this year.

Consistent with the expected moderate slowdown in China, Mr.
McCormack indicated that Emerging Asia's growth is projected to
dip to 7.5% from 7.8%.  While he acknowledged that for most
countries in Asia, the share of exports destined for the U.S. is
in steady decline, Mr. McCormack expressed doubt as to whether
increased intra-regional trade would effectively shield Asia
from a U.S. slowdown.

"In our view, there are still strong trade linkages between Asia
and the U.S., but China acts as an intermediary, giving the
false impression that Asian trade is more regionally focused,"
added Mr. McCormack.  He suggested that, with Asian trade
flowing through China, more pronounced regional effects from a
U.S. slowdown could simply be delayed.  In terms of trade, the
regional economies most exposed to the U.S. are Malaysia,
Singapore, Vietnam and Thailand.

In a separate presentation on Chinese and regional
securitization, Kevin Stephenson, managing director and Head of
Structured Finance for Asia Pacific, said Fitch expects
securitization volumes in China to explode in 2007, with the
number of transactions likely to increase from two in 2005 and
one in 2006 to up to 10 in 2007, with a total issuance volume of
five to 10 times that seen in any prior year.  "If 2007 proceeds
as expected, China could see up to 10 securitization deals with
a volume of between RMB50 billion to RMB100bn," said Mr.
Stephenson.

Meanwhile, due to credit concerns, Specific Asset Management
Plans may decline in volume in 2007 from 2006.

In other parts of the Asia Pacific region, Fitch expects real
estate investment trusts ("REITs") to continue their rapid
growth, especially in Japan and Singapore.  By the end of 2007,
the number of REITs in Asia Pacific will be well over 100.  In
the rest of Asia, cross border securitisation issuance should
continue to grow, likely approaching USD10bn in issuance and
exceeding 20 transactions.

Also included in the line-up was a discussion on the growth of
global structured finance issuance and the state of the current
credit and ratings environment by J. Douglas Murray, group
managing director in Fitch's Structured Finance Group.  Mr.
Murray analyzed some of the key areas of growth in the global
markets, particularly; credit derivatives, U.S. residential
mortgage backed securities and structured investment vehicles.  
"The risks in the market are changing, and the knowledge
requirements that investors need to actively participate in this
market are becoming increasingly complex," said Mr. Murray.  
"Fitch is committed to provide ratings and technology driven
solutions to provide investors with comprehensive understanding
of the structured markets, helping them to make better
investment decisions."

Meanwhile, in an overview of the current trends and risks in the
U.S. residential mortgage market, Grant Bailey, a director in
Fitch's U.S. RMBS team, discussed the expected impact of higher
interest rates and a cooling U.S. housing market.  While prime
borrowers are expected to meet the more challenging environment
without much trouble, Mr. Bailey described the forces, which
Fitch feels will cause notable performance deterioration among
subprime borrowers.  Additionally, Mr. Bailey presented how
Fitch is responding to the rapidly changing market environment
for residential mortgages."


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

BALLY TECHNOLOGIES: Discloses General Business Update
-----------------------------------------------------
Bally Technologies, Inc., disclosed its general business update.  
On Oct. 31, 2006, the company filed its amended 2005 Form 10-K
and continues to make progress toward the filing of fiscal year
2006 quarterly and annual financial statements.  While that
effort is underway, the company is providing the following
general business update.  The information is preliminary,
subject to change and has not been audited.

                       Fiscal Year 2007

Richard Haddril, chief executive officer of Bally Technologies,
said, "The past year was a successful retooling year for Bally
Technologies.  By the end of the fiscal year, our new gaming
products were being well received by customers, our systems
business was experiencing renewed growth, we were entering new
markets and we added key people to the team.  I am pleased with
the investments we made in fiscal year 2006 that, when combined
with our current initiatives, position us very well for 2007 and
into the future."

Bally Technologies currently anticipates modest profitability
from operations in the first quarter of fiscal year 2007, with
improved operating results expected in the latter half of the
fiscal year as a result of a number of key business
developments:

   -- Compared with fiscal year 2006, a lower level of product
      line retooling cost, such as depreciation and inventory
      charges related to legacy products.

   -- Positive customer acceptance of newer game product
      offerings, both video slots and reel-spinners, on the
      ALPHA OS platform.  For example, the company has increased
      its gaming device market share within new property
      openings in several markets among both mechanical reel and
      video products.

      Additionally, the company separately disclosed the award
      To Bally by the Oregon Lottery of 100% of a competitive
      RFP for 2,300 gaming devices.  The contract is in the
      process of being finalized, with anticipated first
      shipments in June 2007.

   -- Improvement in gross margins on game sales as introductory
      pricing offers expire, average selling prices from new
      products increase and total manufactured costs on newer
      products, including the new ALPHA Elite series of common
      cabinets, are reduced.

   -- Growth in the company's Systems business related to new
      product offerings such as iVIEW and Bally Power Bonusing
      as product quality and functionality improvements
      continue.

   -- The success of new participation and daily fee units.  For
      example, Hot Shot Progressive, introduced in the second
      half of fiscal year 2006, has become the company's most
      successful participation title ever.  There are now
      approximately 1,100 Hot Shot machines deployed on a daily
      fee or participation basis.  Additionally, the company has
      900 participation and daily fee units on order and
      awaiting deployment.

   -- The opening of the Yonkers Raceway in suburban New York
      City as a gaming venue where the company has approximately
      1,200 participation units deployed.  With 50% market
      share, the company expects to place another 1,600 units
      during the balance of the fiscal year ending
      June 30, 2007.

   -- Continued expansion of participation gaming devices in
      Mexico.  There are 2,500 Bally Technologies units
      currently deployed, with another 1,000 units on order
      slated for installation during the second and third
      quarter of fiscal year 2007.

   -- An overall strengthening in the market for gaming devices
      compared with fiscal year 2006, with the rebuilding of the
      Gulf Coast region and market expansion potential in
      Pennsylvania, Florida, Oklahoma and Macau.

                      Fiscal Year 2006

Bally Technologies anticipates reporting a net loss per diluted
share of between US$0.55 and US$0.65 for the fiscal year ended
June 30, 2006.  This estimated net loss includes stock
compensation expense of approximately US$0.17 per share and also
includes charges of approximately US$0.43 per share related to
inventory obsolescence, increased depreciation on participation
games as a result of shortening the estimated useful lives of
those assets, accrual for the probable settlement of class
action litigation, write-offs of certain other assets, and
higher than normal expenses related to accounting and legal
matters.  As previously reported, Bally Technologies experienced
lower gross margins on newer gaming products in fiscal year 2006
as a result of introductory pricing and high initial production
costs.

Additional information regarding the fiscal year 2006 financial
results are:

   -- Gaming devices sold in fiscal year 2006 are estimated to
      be 14,250 units, which includes approximately 750 lower
      margin units sold to OEM partners.  The above total
      excludes 5,500 units sold with minimal margin for the Iowa
      and Mexico markets.  Approximately 8,000 units of the
      company's total 14,250 units are estimated to have been
      sold in the second half of the fiscal year.

   -- The company's installed base of participation and daily
      fee games deployed in Class III markets is estimated to
      have been 3,300 units at Dec. 31, 2005, and 3,700 units at
      June 30, 2006.  Similarly, the company's estimated
      installed base of daily fee units in Class II, bingo,
      lottery and central determination markets was 27,000 units
      at Dec. 31, 2005, and 31,000 units at June 30, 2006.

   -- Daily fee revenue from the State of Iowa Touch Play video
      lottery program for fiscal year 2006 is estimated to be
      US$9 million.  Operations in Iowa commenced in July 2005
      and were discontinued in May 2006.

   -- Revenues generated by the Systems business unit for fiscal
      year 2006 are estimated to be US$110 to US$115 million,
      with approximately 60-65% of those revenues estimated to
      have been recognized in the second half of the company's
      fiscal year.  Gross margins for Systems for fiscal year
      2006 are expected to be 70-75%.

   -- Selling, general and administrative expenses for fiscal
      year 2006 are estimated to be US$194 to US$199 million,
      including stock compensation expense.  Research and
      development expenses for fiscal year 2006 are estimated to
      be US$40 to US$45 million, including stock compensation
      expense.  The company expects a modest increase in these
      expenses in fiscal year 2007.

   -- The company estimates that the fiscal year 2006 accounting
      and legal fees associated with the investigation and
      internal review that resulted in the restatement of its
      2005, 2004 and 2003 financial statements and work related
      to certain of its fiscal 2006 financial statement filings
      to be US$5.5 million and is included in selling, general,
      and administrative expenses.  The company expects such
      fees to be lower in fiscal year 2007, although not
      returning to more normal levels until fiscal year 2008.

   -- Based on the success of the company's newer products and
      historical data indicating a shortening of the average
      deployment time of certain leased gaming equipment, the
      company re-evaluated the remaining useful lives and
      salvage values during the quarter ended Dec. 31, 2005,
      and reduced the depreciable lives for these products.  A
      significant portion of the units impacted by this
      re-evaluation will be fully depreciated by the end of the
      company's first fiscal quarter of 2007.

   -- At June 30, 2006, the company had long-term debt
      outstanding of US$323 million.  The interest expense
      associated with the debt increased in fiscal year 2006
      due to increases in the market rate of interest and the
      company's contractual interest rates with its lenders.
      Total interest expense for fiscal year 2006 was
      approximately US$28 million.  The company did not have
      any outstanding borrowings under its US$75 million
      revolving line of credit as of June 30, 2006.

   -- Rainbow Hotel Casino's revenues and operating income for
      fiscal year 2006 are estimated to be US$57 million and
      US$18 million, respectively.  Depreciation and
      amortization related to Rainbow for fiscal year 2006
      are estimated to be approximately US$3.5 million.  The
      company has recently engaged Credit Suisse to evaluate
      the possible sale of the Rainbow Hotel Casino.

                      Financial Filings

Bally Technologies previously disclosed that it plans to file
its Form 10-Q for each of the quarters within fiscal year 2006
and the 2006 Form 10-K, before Dec. 31, 2006.

Bally Technologies does not expect to file its Form 10-Q for the
period ended Sept. 30, 2006, on time and it anticipates the
filing of its Form 10-Q for the period ended Dec. 31, 2006, will
also be delayed.  The company expects that it will complete
these quarterly filings by the end of March 2007, bringing its
filings current at that time.

While Bally Technologies believes it can achieve this filing
schedule, there can be no assurance that the schedule will be
met.

                     About Bally Technologies

Las Vegas, Nev.-based Bally Technologies, Inc. (NYSE: BYI) --
http://www.BallyTech.com/-- designs, manufactures, operates,   
and distributes advanced gaming devices, systems, and technology
solutions worldwide.  Bally Technologies' product line includes
reel-spinning slot machines, video slots, wide-area progressives
and Class II lottery and central determination games and
platforms.  Bally Technologies also offers an array of casino
management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Miss.  The company's South American
operations are located in Argentina.  The company also has
operations in Macau, China and India.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 16, 2006,
Standard & Poor's Ratings Services held its ratings on Bally
Technologies Inc., including the 'B' corporate credit rating, on
CreditWatch with negative implications.


EXIM BANK: Inks Reciprocal Credit Agreements with Exim Hungary
--------------------------------------------------------------
Export-Import Bank of India and Exim Bank of Hungary have signed
reciprocal Lines of Credit Agreements of US$10 million each in
New Delhi on November 3, 2006.

The Agreement was signed by S.R. Rao, executive director of Exim
Bank of India, and Dr. Zoltan Bodnar, chief executive officer of
Exim Bank of Hungary, during the visit of Hungary's Minister of
Foreign Affairs, Kinga Goncz, to India.

The reciprocal Line of Credit arrangement between Exim Banks of
India and Hungary is aimed at catalyzing bilateral trade that
requires medium term credit support.  Under the LOC, importers
of the two countries can avail themselves of credit facility, up
to 85% of contract value, for import of capital goods,
industrial manufactures and services, from the other country.

India's exports to Hungary during 2005-06 amounted to
US$83 million, the main items in India's export basket to
Hungary were transport equipment, readymade garments, cotton
yarn, fabrics and made-ups.  India's imports from Hungary during
2005-06 amounted to US$31 million, the main items of import
being organic chemicals, electronic goods, electrical machinery
and medicinal & pharmaceutical products.

The Exim Bank LOCs afford a risk-free, non-recourse export
financing option to Indian exporters.  Exim Bank of India has in
place 68 LOCs covering 82 countries, with credit commitments
amounting to US$2.16 billion for promoting India's exports to
countries in Africa, Asia, Latin America and Europe.

                        About Exim Bank

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

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

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


EXIM BANK: Signs US$10-Mil. Credit Agreement with Japan's JBIC
--------------------------------------------------------------
Export-Import Bank of India entered into a Loan agreement with
the Japan Bank for International Cooperation in Tokyo, Japan.

The Loan agreement was signed in Tokyo by T. C. Venkat
Subramanian, chairman and managing director of Exim Bank, and
Koji Tanami, deputy governor and managing director of JBIC.  The
signing of the agreement was a key component of the Asian Exim
Banks Forum, currently under way in Tokyo.  The AEBF is a
regional forum of export credit agencies, created at the
initiative of Exim Bank of India in 1996.

In terms of the agreement, JBIC will provide Exim Bank a
competitively priced credit facility of Japanese Yen equivalent
to US$100 million on long-term basis, for lending to eligible
Indian borrowers.  The proceeds of the financing will be applied
towards strengthening Indo-Japanese business relationships,
Indo-Japanese joint ventures and subsidiaries both in India as
well as overseas and other eligible uses.

Exim Bank has been consistently raising foreign currency
resources, which constitute approximately 30 per cent of the
Bank's borrowings.  The Bank, currently in its Silver Jubilee
year, aims to promote India's International Trade and investment
flows.  The Bank offers to Indian companies a comprehensive
range of finance, information and advisory services, supported
by analysis and research, with a view to enhancing their
international competitiveness.  The Bank aggressively supports
Indian exporting companies, especially medium-sized enterprises,
in their globalization efforts through a variety of lending
programmes.

Japan Bank for International Cooperation undertakes lending and
other operations for the promotion of Japanese exports, imports
and economic activities overseas.

Bilateral trade between India and Japan has been growing
steadily.  Indian exports to Japan amounted to US$2.5 billion in
2005-06, while Indian imports from Japan in the same period
amounted to US$3.6 billion.

                        About Exim Bank

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

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

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


HDFC BANK: Grants Stock Options to Employees under ESOP
-------------------------------------------------------
HDFC Bank's Compensation Committee, at a meeting on November 8,
2006, granted these options to the Bank's employees:

   1. 35,86,500 options to employees at a price of INR994.85 per
       option under scheme titled "ESOP VIII;" and

   2. 30,46,800 options to employees also at a price of
      INR994.85 per option under scheme titled "ESOP IX."

Each option under the schemes will entitle the eligible employee
for one equity share in HDFC.  The options would vest in the
proportion of 30%, 30% and 40% upon expiry of 12 months, 24
months and 36 months, respectively.

The employees can exercise the options within two years from the
respective dates of vesting.  The grant of these options is
pursuant to the resolution passed by the Bank's shareholders at
its meeting held on June 2, 2003 and June 17, 2005.

                        About HDFC Bank

Headquartered in Mumbai, India, HDFC Bank Limited --
http://www.hdfcbank.com/-- is a private sector bank that offers   
a range of commercial and transactional banking services and
treasury products to wholesale and retail customers.  The bank
operates in three segments: retail banking, wholesale banking
and treasury services.  The retail banking segment serves retail
customers through a branch network and other delivery channels.
The wholesale banking segment provides loans and transaction
services to corporate and institutional customers.  The treasury
services segment undertakes trading operations on the
proprietary account, foreign exchange operations and derivatives
trading.

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


HDFC BANK: Allots 2,17,300 Equity Shares to Employees
-----------------------------------------------------
HDFC Bank Ltd informed the Bombay Stock Exchange that its
Investor Grievance Committee approved the allotment of 2,17,300
equity shares to the Bank's employees.

The allotment is pursuant to the Bank's Employees Stock Option
Scheme.

                        About HDFC Bank

Headquartered in Mumbai, India, HDFC Bank Limited --
http://www.hdfcbank.com/-- is a private sector bank that offers   
a range of commercial and transactional banking services and
treasury products to wholesale and retail customers.  The bank
operates in three segments: retail banking, wholesale banking
and treasury services.  The retail banking segment serves retail
customers through a branch network and other delivery channels.
The wholesale banking segment provides loans and transaction
services to corporate and institutional customers.  The treasury
services segment undertakes trading operations on the
proprietary account, foreign exchange operations and derivatives
trading.

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


HDFC BANK: Parent Launches Operations in London
-----------------------------------------------
Indians in England can now look forward to owning a piece of
their motherland.  In an endeavor to facilitate the acquisition
by Indians in England of property in India, Housing Development
Finance Corporation Limited launched its operations in London.  
It will provide advisory services on housing finance and
property acquisition in India.

HDFC's office will be located at 403, 1 Northumberland Avenue,
Trafalgar Square, in London WC2N 5BW.

Commenting on the occasion Keki Mistry, managing director of
HDFC, said, "The buoyancy in Indian economy, coupled with the
recent Real-Estate boom is attracting a large number of Indian?s
abroad to invest in a property in India.  It is estimated that
the total Asian Population in the UK is around 3.5% of which
over 1.8% are Indians, with London having the largest
concentration.  This new office will provide us an excellent
strategic position in assisting Indians in owning a property in
their home land."

Renu Sud Karnad, executive director of HDFC, added, "Our
presence in UK comes at an appropriate time when Indian real-
estate is on an upswing.  With twenty-nine years of existence in
the industry, HDFC has gained an in-depth knowledge of the real
estate market, and the expertise to guide customers through
their entire property buying process.  Now Indians based here
can avail of our services, whether it is assistance in property
search, builder credibility evaluation, expert advice on the
legal processes, technical evaluation of the property, or with
their home loan requirements.  Our endeavor is to empower
customers to make a more informed decision while buying the
property."

HDFC, set up in 1977, is India's premier housing mortgage
company, which has turned the dream of owning a home into a
reality for millions of Indians.  It defined standards in the
housing sector, be it in processes, service or product
innovations and has grown to provide not just finance but also
complete solution to the customers' housing requirements.  Its
strength has been its pioneering value-added services, with a
specialist team of trained staff that empathizes with customers
and offers free counseling and legal assistance for a variety of
individual housing needs, while ensuring that customer interests
are protected.

HDFC has grown from a humble beginning of INR71 million in home-
loan approvals in its first year of its operations to over
INR1,272 billion, as of Sept. 2006 in cumulative home-loan
approvals.  The organization has assisted 2.9 million families
in owning their own Home, while maintaining gross NPAs at less
than 1% -- the lowest in the industry.  Asset per employee has
grown from INR69 million in 1995 to INR381 million in 2006 and
the cost income ratio has gone down from 22.3% in 1995 to 12.2%
in 2006 and is among the lowest in the financial sector in Asia.
The market capitalization is over INR388 billion.  Foreign
Institutional Investors hold over 79.58 % of equity in HDFC, the
highest for any Indian company.

Service excellence and customer convenience has always been the
guiding philosophy for HDFC.  Its specialized team of trained
counselors provides the customers expert advice on legal &
technical aspect of property buying, liaison with property
developers to locate the ideal property anywhere in the country,
assist in making the right choice in determining the financing
mix / products and hand-holding the customer through the whole
transaction of property purchase.  The company has developed
advanced capabilities in the area of processing loan
applications. It has a wide network over 228 outlets reaching
out to 2500 towns and cities across India.  Internationally HDFC
has been present in UAE, Saudi Arabia, Kuwait, Oman, and Qatar.
providing seamless service across geographical boundaries.

HDFC has grown phenomenally and has transformed into a financial
conglomerate.  It has diversified into banking with HDFC Bank,
life insurance - HDFC Standard Life Insurance in association
with Standard Life Assurance of UK, general insurance - HDFC
Chubb General Insurance with Chubb Corporation of USA, asset
management - HDFC Asset Management Company with Standard Life
Investments of UK, BPO - Intelenet Global Services with Barclays
Plc of UK, credit bureau - CIBIL and real estate venture capital
- HDFC Venture Capital Limited.  The HDFC group has assets of
over INR1,500 billion and a customer base of over 12 million.
Today, the brand HDFC has evolved to become a household name in
India.

Additional information on the Indian real estate scenario:

The US$12 billion Indian real estate sector has been on a high
growth trajectory increasing at a rate of about 30% a year.  The
realty sector, which now contributes 14-15% of the country's
GDP, is estimated to emerge a US$50 billion industry by 2010 and
prove one of the most attractive sectors for foreign
investments.  Rising incomes, easy financing terms, sustained
high GDP growth, consumerism, favorable demographics, rapid
urbanization and population growth are driving demand for
housing in India, and luring overseas investors.  Realty funds
are making a beeline for the Indian real estate sector, where
the total quantum of funds entering the sector over the next 2-3
years is upwards of US$12.25 billion.

On the other hand, the Indian government has been initiating
favorable policy/regulatory changes and measures to transform
the realty sector to an improved playing field.  This includes
rationalization of stamp duty; computerization of land records,
unlocking of land parcels, liberalization of investment norms,
relaxation in FDI regulations, approving mutual funds to invest
in real estate, the guidelines of which are under preparation
and it is also expected that the structure for real estate
investment trusts will be introduced in the country in the near
future.

Further, the government is planning on spending over
INR1 trillion on urban development schemes in the next six years
as the urban population has increased to 30% from 15% and is
expected to increase to 45% by 2021.  This is impacting the
housing market growth and the trend is moving to sub-
urbanization, with the real estate development percolating down
to tier-II and tier-III cities.

In the midst of all this, India's real estate industry is moving
towards more professionalism and transparency.  An international
study on Real Estate Transparency Index for 2006 had a word of
praise for realty markets in India, which has exhibited
improvement in transparency and moved up by one tier.  In
addition, rating agencies (CRISIL & ICRA) have launched systems
for rating real estate projects & developers in India and the
urban development ministry is planning to create a statutory
regulator for the real estate sector where a real estate
commission will be set up to frame guidelines and a code of
conduct for property dealers.

Moreover strong competition among property developers, access to
global technology has improved the quality of projects and
consumers are getting quality housing with a range of amenities.

                        About HDFC Bank

Headquartered in Mumbai, India, HDFC Bank Limited --
http://www.hdfcbank.com/-- is a private sector bank that offers   
a range of commercial and transactional banking services and
treasury products to wholesale and retail customers.  The bank
operates in three segments: retail banking, wholesale banking
and treasury services.  The retail banking segment serves retail
customers through a branch network and other delivery channels.
The wholesale banking segment provides loans and transaction
services to corporate and institutional customers.  The treasury
services segment undertakes trading operations on the
proprietary account, foreign exchange operations and derivatives
trading.

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


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

BANK INDONESIA: Expects 18% Increase in Bank Credits by 2007
------------------------------------------------------------
Bank Indonesia expects bank credits to increase by 18% in 2007,
Antara News says.

The report, citing the Central Bank's Research and Regulation
Directorate Chief Muliaman D. Hadad, relates that Bank Indonesia
predicts bank credits to grow by 17 to 18% a year again if
conditions in the second semester of 2006 continue to be
favorable until 2007.   

Mr. Hadad added that since the second semester this year,
economic activities had revived as indicated in the controlled
inflation, the drop in the BI Rate and stable foreign exchange
rates, the report notes.

Antara says that Mr. Hadad predicted that by the end of 2006 the
growth of credits would reach 12 to 13% if the average
distribution of credits continued to reach IDR15 trillion each
month, thus there is still room for the credits to grow higher
by the ends of 2006 and 2007.

According to the report, Mr. Hadad also expected the credits to
grow up to 13% by the end of 2006 and 18% by the end of 2007.

On non-performing loans, Mr. Hadad said that NPLs were expected
to range between 4.7% and 4.8% by the end of this year or like
early this year.

Bank Sentral Republik Indonesia -- http://www.bi.go.id/-- as an    
was created by a new Central Bank Act, the UU No. 23/1999 on  
Bank Indonesia, enacted on May 17, 1999.  The Act confers it the  
status and position as an independent state institution and  
freedom from interference by the Government or any other  
external parties.

In its capacity as central bank, Bank Indonesia has one single  
objective of achieving and maintaining stability of the rupiah  
value.  The stability of the value of the rupiah comprises two  
aspects, one is stability of rupiah value against goods and  
services and the other is the stability of the exchange rate of  
the rupiah against other currencies.  The first aspect is as
reflected by the rate of inflation and the second aspect is as  
reflected by the development of Rupiah exchange rate against  
other currencies.

Standard and Poors Rating Services gave Bank Indonesia's long-
term foreign issuer credit a B+ rating and long-term local  
issuer credit a BB rating, both effective on December 21, 2004.   
It also gave its short-term local issuer credit a B rating on  
May 12, 2003.


INCO LTD: Inco Indonesia Sees Lower Nickel Output for 2007
----------------------------------------------------------
PT International Nickel Indonesia Tbk -- Inco Ltd's Indonesia
unit -- said on Nov. 13, 2006, that its 2007 nickel in matte
output is likely to be lower compared with last year's record
highs due to limited power supply, Reuters News reports.

Reuters cites Arif Siregar, chief executive officer of Inco
Indonesia as saying that the company's nickel in matte output is
forecast to fall to around 158 million pounds this year from 168
million last year, and that next year's production is likely to
be at the same level.

Inco Indonesia plans to build a dam to generate more electricity
for its operations, as part of an effort to boost nickel in
matte production to 200 million pounds, Mr. Siregar told
reporters.

Mr. Siregar said that he expected the power plant project to be
completed by 2009 or 2010.

Inco Indonesia's nine-month output fell 9.45% in the first nine
months of the year, mainly due to a fire at one of its furnaces,
the report says.

Reuters explains that nickel matte is an intermediary product
from a smelter that must be further refined to make pure metal.

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) --
http://www.inco.com/-- produces nickel, which is used primarily   
for manufacturing stainless steel and batteries.  Inco also
mines and processes copper, gold, cobalt, and platinum group
metals.  It makes nickel battery materials and nickel foams,
flakes, and powders for use in catalysts, electronics, and
paints.  Sulphuric acid and liquid sulphur dioxide are produced
as byproducts.  The company's primary mining and processing
operations are in Canada, Indonesia, and the U.K.

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


LIPPO BANK: Sets 7.5% Yield for US$150-Million 10-Year Bond
-----------------------------------------------------------
PT Bank Lippo Tbk has set an indicative yield of about 7.5% for
its planned US$150-million, 10-year bond, Reuter News reports,
citing a market source.

According to the report, investor presentations for the lower
tier II subordinated deal, callable in 2011 were scheduled for
Singapore on November 13, Hong Kong on November 14, and London
on November 15.

The report notes that Union Bank of Switzerland is handling the
bond sale.

Fitch Rating has assigned an expected B-plus rating to the
proposed issue, Reuter News.

Headquartered in Jakarta, Indonesia, PT Lippo Bank Tbk
-- http://www.lippobank.co.id/-- offers two product segments:   
Consumer Products, comprised of personal accounts, debit cards,
distribution cards, VIP banking, credit cards, loans,
bancassurance, payment services, loyalty programs and safe
deposit boxes, and Corporate Products, consisting of
LippoKredit, LippoTrade, LippoGiro, LippoDeposit, e-LippoLink
and MFTS. The bank is supported by 134 branch offices, 21 sub
branch offices, 238 cash offices and four payment service
offices nationwide.

The Troubled Company Reporter - Asia Pacific reported on
December 28, 2005, that Fitch Ratings Services has affirmed Bank
Lippo's Individual rating at 'D', while upgrading its support
rating to '4' from '5' to reflect the entry of Khazanah
Nasional Berhad, the investment arm of the Malaysian government,
as the majority shareholder of the bank.

The TCR-AP stated on Nov. 9, 2006, that Moody's Investors
Service has assigned first-time ratings to Bank Lippo:

   -- issuer/subordinated debt of Ba3/Ba3;

   -- foreign currency long-term/short-term deposit of B2/Not
      Prime; and

   -- bank financial strength (BFSR) of D-.

Fitch Ratings has assigned these ratings to PT Bank Lippo Tbk:

   * Long-term foreign currency Issuer Default rating of 'BB-';

   * Short-term foreign currency rating of 'B'; and

   * Long-term National rating of 'A+(idn)'.


NORTEL NETWORKS: Declares Preferred Share Dividends
---------------------------------------------------
The board of directors of Nortel Networks Ltd has declared a
dividend on each of the outstanding Cumulative Redeemable Class
A Preferred Shares Series 5 and the outstanding Non-cumulative
Redeemable Class A Preferred Shares Series 7.

The dividend amount for each series is calculated in accordance
with the terms and conditions applicable to each respective
series, as set out in the Company's articles.  The annual
dividend rate for each series floats in relation to changes in
the average of the prime rate of Royal Bank of Canada and The
Toronto-Dominion Bank during the preceding month and is adjusted
upwards or downwards on a monthly basis by an adjustment factor
which is based on the weighted average daily trading price of
each of the series for the preceding month, respectively.

The maximum monthly adjustment for changes in the weighted
average daily trading price of each of the series will be plus
or minus 4.0% of Prime.  The annual floating dividend rate
applicable for a month will in no event be less than 50% of
Prime or greater than Prime.  The dividend on each series
is payable on January 12, 2007 to shareholders of record of such
series at the close of business on December 29, 2006.

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

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

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

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

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


NORTEL NETWORKS: Posts US$99-Mil. Net Loss in 2006 3rd Quarter
--------------------------------------------------------------
Nortel Networks Corp. reported a US$99 million net loss in the
third quarter of 2006, compared to a net loss of US$136 million
in the third quarter of 2005 and net earnings of US$366 million
in the second quarter of 2006.

Revenues were US$2.96 billion for the third quarter of 2006
compared to US$2.52 billion for the third quarter of 2005 and
US$2.74 billion for the second quarter of 2006.

Net loss in the third quarter of 2006 included a benefit of
approximately US$43 million related to the announced changes to
the North American employee benefit plans, a gain of
US$16 million on the sale of assets, a shareholder litigation
expense of US$38 million reflecting a mark-to-market adjustment
of the share portion of the global class action settlement and
special charges of US$25 million for restructuring.

The net loss in the third quarter of 2005 included special
charges of US$39 million related to restructuring activities and
a net charge of US$20 million related to the re-filing of the
Company's tax returns as a result of the financial restatements.

Net earnings in the second quarter of 2006 included a
shareholder litigation recovery of US$510 million reflecting a
mark-to-market adjustment of the share portion of the global
class action settlement, special charges of US$45 million for
restructuring and a loss of US$10 million on the sale of assets.

Cash balance at the end of the third quarter of 2006 was
US$2.60 billion, up from US$1.90 billion at the end of the
second quarter of 2006.  This increase in cash was primarily
driven by cash received upon the closing of the offering of
US$2 billion aggregate principal amount of senior notes, less
cash used of US$1.3 billion to repay the US$1.3 billion one-year
credit facility that was entered into in February 2006,
partially offset by a cash outflow from operations of
US$46 million.

"I am pleased with our overall revenue growth and, in
particular, in our focus areas of next generation mobility,
enterprise and related services, and metro optical.  I am also
pleased with the 270 basis points operating margin improvement
versus the third quarter of 2005.  However, we should and will
be moving faster.  Pricing pressures and the speed at which our
revenues are shifting to next generation, early cycle products
is increasing our challenge to drive profitability
improvements," said Mike Zafirovski, president and chief
executive officer, Nortel.  "The management team and I are
resolute in achieving a globally competitive cost structure and
we are accelerating and enhancing our Business Transformation
and Lean Six Sigma programs to close this gap and achieving
double digit operating margins in 2008.  I believe recent steps
of establishing the Microsoft alliance, divesting our UMTS
access business, and increasingly shifting resources to lower
cost centers are indicative of our resolve."

                    Nine-Month 2006 Results

For the first nine months of 2006, revenues were US$8.08 billion
compared to US$7.53 billion for the same period in 2005.  The
Company reported net earnings for the first nine months of 2006
of US$100 million, compared to a net loss of US$273 million for
the same period in 2005.

Net earnings in the first nine months of 2006 included a
shareholder litigation recovery of US$453 million reflecting
mark-to-market adjustments of the share portion of the global
class action settlement, special charges of US$75 million
related to restructuring activities, a benefit of approximately
US$43 million related to the announced changes to the North
American employee benefit plans and a benefit of US$41 million
related to the sale of assets.  The first nine months of 2005
results included special charges of US$145 million related to
restructuring activities and US$36 million of costs related to
the sale of businesses and assets.

                            Outlook

Commenting on the Company's financial expectations, Peter
Currie, executive vice president and chief financial officer,
Nortel, said, "For the fourth quarter of 2006, we expect revenue
growth in the mid to high single digits compared to the fourth
quarter of 2005, gross margin to be between 38 and 39 as a
percentage of revenue and spending to be approximately flat
compared to the fourth quarter of 2005.  Based on this fourth
quarter outlook, we now expect mid to high single digit revenue
growth for the full year 2006 compared to 2005, full year gross
margin to be between 38 and 39 as a percentage of revenue, and
we continue to expect operating expenses to be flat to up
slightly from 2005."

                     Share Consolidation

Nortel also disclosed the planned consolidation of the Company's
common shares as approved at the Company's annual and special
meeting of shareholders held on June 29, 2006.  The
consolidation is expected to be effective on December 1, 2006 at
a ratio of one consolidated share for every 10 pre-consolidation
shares, as approved by the Company's board of directors.  The
consolidation is expected to increase investors' visibility into
the Company's profitability on a per share basis, reduce share
transaction fees for investors and certain administrative costs
for Nortel, and broaden interest to institutional investors and
investment funds.

"True shareholder value will be driven by ongoing progress and
Company performance, but this step helps create a better
foundation on which to build," said Peter Currie, Nortel's
executive vice president and chief financial officer.

Registered shareholders of the Company will receive instructions
by mail on how to obtain a new share certificate representing
their consolidated common shares.

Upon implementation of the consolidation, the Company's 4.25
percent convertible senior notes due September 1, 2008, will be
convertible by holders into common shares of Nortel Networks
Corporation at a new conversion price of US$100 per common
share.

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

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

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

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

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


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

DAIEI INC: To Complete Repayment of JPY133.8-Bil. Debt to IRCJ
--------------------------------------------------------------
Daiei Inc. said that it will repay all of its JPY133.8-billion
debt to government-affiliated Industrial Revitalization Corp. of
Japan by the end of November, Namnews relates.

The report says that of the total amount, the supermarket chain
will pay back JPY125.7 billion with borrowings from four
financial institutions, which include Sumitomo Mitsui Banking
and Sumitomo Trust & Banking.  IRCJ will sell the remaining
JPY8.1 billion in claims on Daiei to the four institutions.

                           About Daiei

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

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

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

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


* Moody's: Insurers' Asset Quality Keys to Credit Improvement
-------------------------------------------------------------
The credit trend for the Japanese property and casualty (P&C)
insurance industry is stable to positive, comments Moody's
Investors Service in a new report, as recent recoveries in
operating performances have benefited the industry, but further
strengthening of profitability and asset quality will be
required for additional credit improvements.

The report, "Japanese Property and Casualty Insurance," notes
that major players' favorable performances in the core sector
auto insurance sector have been underpinned by economic recovery
and some companies' successful introduction of new high-value-
added, high-priced products, despite fierce competition.

However, Moody's also observes that recent events have revealed
that high-value-added products can be very complex, in which
case insurance payments cannot be paid appropriately, and
customer satisfaction decreases.  Industry companies' recent
shift away from highly complex products and the time and money
used to tighten compliance mean that the auto insurance business
is likely to plateau rather than grow, as might otherwise be
expected.

"We regard insurers diversifying earnings -- through business or
geographical diversification -- as a credit positive.  However,
the final rating impact depends on the extent that
diversification increases exposures to unpredictable insurance
risks or to long-tail products," explains Masahiko Miwa, Moody's
Analyst and the author of the report.

Moody's sees high equity exposures -- both for building or
maintaining business relationships and for investment -- as
investment risks and reflects them in the credit ratings as
negative factors.  The rating agency cautions that Japanese P&C
insurers' capital is very solid relative to insurance risks but
not as solid after taking into account investment risks.


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

EUGENE SCIENCE: Fails to Timely File September Quarterly Report
---------------------------------------------------------------
Eugene Science, Inc., filed with the United States Securities
and Exchange Commission on November 13, 2006, a notification of
inability to file its quarterly report.

The Form 10-QSB for the quarterly period ended September 30,
2006, could not be filed within the prescribed time period
because certain information and data relating to and necessary
for the completion of the financial statements and management's
discussion and analysis could not be obtained within the
required time period without unreasonable effort or expense, the
company explained.

                       About Eugene Science

Based in Kyonggi Do, South Korea, Eugene Science, Inc., fka
Ezomm Enterprises, Inc. (OTCBB: EUSI), is a global biotechnology
company that develops, manufactures and markets nutraceuticals,
or functional foods that offer health-promoting advantages
beyond that of nutrition.  Plant sterols are the Company's
primary products, which include CZTM Series of food additives
and CholZeroTM branded beverages and capsules.  In June 2005,
the Company received regulatory approval for certain health
claims associated with the Company's products from government
agencies in the Republic of Korea.


LG CARD: Shinhan Wants KRW200-Billion Cut in Acquisition Price
--------------------------------------------------------------
Shinhan Financial Group, the preferred bidder for LG Card Co.,
is negotiating for a slash in the acquisition price, The Korea
Times reports.

The Troubled Company Reporter - Asia Pacific reported on
August 17, 2006, that Shinhan was chosen to enter exclusive
negotiations for LG Card after offering to buy an 85.7% stake at
KRW68,410 per share, costing an aggregate of KRW6.7 trillion.

Shinhan is now talking with LG Card's creditors to cut the price
by some KRW200 billion to below KRW6.5 trillion, The Korean
Times says, citing bank officials as its source.

"After finishing due diligence, we came to the conclusion that
the acquisition price needs a downward adjustment," the Korean
newspaper quotes an unnamed Shinhan official as saying.  "Under
an agreement we made with LG Card creditors in August, we can
demand a price cut of up to 5% from the original bidding price
we offered.  We've decided to exercise that right."

As reported by the TCR-AP, Shinhan launched a four-week due
diligence on LG Card on August 31, setting up an ad-hoc team of
financial experts to evaluate the card issuer's corporate and
brand values.

Negotiations between Shinhan and LG Card's creditors are
expected to end late November.

                      About LG Card Co.

Headquartered in Seoul Korea, LG Card Co. --
http://www.lgcard.com/-- provides installment finance services   
and credit card, as well as leasing services to credit worthy
companies while acquiring valuable assets from merchant banks
and leasing firms.  LG Card also finances families wishing to
purchase big ticket items such as automobiles, appliances and
computers.

At the end of October 2003, LG Card had KRW3.24 trillion more
debt than assets and had faced threats of liquidity crisis and
court receivership.  LG Card has been in the hands of creditors
since it was rescued from bankruptcy through a KRW5-trillion
(US$4.78 billion) debt-for-equity swap and a further
KRW1 trillion bailout in late 2004.  Creditors are hoping to
recover the bailout amount through a sale of the credit card
issuer in 2006.


LG TELECOM: Fined for KRW5.22 Billion for Phone Subsidies
---------------------------------------------------------
South Korea's Ministry of Information and Communication ordered
LG Telecom Ltd. to pay KRW5.22 billion (US$5.5 million) for
giving handset subsidies, Yonhap News reports.

South Korea disallows mobile phone carriers to offer subsidies
to new subscribers to prevent excessive competition in the local
market, the newspaper explains.

                        About LG Telecom

Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd.
-- http://www.lgtelecom.com/-- is a telecommunications and   
mobile phone operator controlled by the LG Group, one of the
country's largest chaebol.  It is Korea's smallest wireless
operator. LG Telecom became one of the first companies to launch
a commercial 3G service using PCS technology.  In 1997, this was
followed up by launching the second PCS network, offering
greatly increased data transmission speeds.  LG Telecom also
offers a variety of internet services. BankOn is one of the most
popular mobile banking services in South Korea and Musicon is a
popular instant messenger.

Moody's Investor Service gave LG Telecom a 'Ba2' Issuer Rating,
a 'Ba2' Long-Term Corporate Family Rating and a 'Ba2' Senior
Unsecured Rating.

Standard & Poor's Ratings Services gave LG Telecom 'BB+' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings.

As reported in the Troubled Company Reporter - Asia Pacific on
November 14, 2006, Fitch Ratings upgraded LG Telecom Ltd's
foreign currency Issuer Default rating to 'BB+' from 'BB.'


WOORI FINANCE: Analysts Skeptical on 28% Stake Sale Within 2006
---------------------------------------------------------------
Banking analysts raised skepticism over South Korea's plan to
complete the sale of 28% of its stake in Woori Financial
Holdings within this year, The Korean Times says.

As reported in the Troubled Company Reporter - Asia Pacific on
September 13, the South Korean Government plans to dispose of
its 78% share in Woori Finance by March 2008.  

The Times says the government intends to sell its stake, which
it owns through state-run Korea Deposit Insurance Corp., in
phases, with the 28% within 2006.

According to the Korean newspaper, the 28%-stake sale is
expected to raise as much as KRW4.5 trillion.

Analysts however believe that it would be difficult for the
government to find potential buyers.

"There are only two months until the year's end.  Considering
the sums of money and time required, it will be difficult for
the government to sell its stake this year," Yoo Jae-sung, an
analyst at Samsung Securities, told the newspaper.  "What makes
the sale more difficult is the competing sale of 15.7% of the
government's stake in the Industrial Bank of Korea, which should
also be completed within this year."

                 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.


* JCR Raises Korea's Foreign Currency Sr. Debt Rating to 'A+'
-------------------------------------------------------------
Japan Credit Rating Agency revised its rating on the Republic of
Korea's foreign currency long-term senior debts by one notch
from "A" to "A+" and its outlook from "Positive" to "Stable".

This reflects the following factors:

   a) the country's macro economy has been stable, with GDP
      posting a comparatively high growth rate of 5.9% per year
      between 1999 and 2005;

   b) exports have been marked by a fairly strong expansion
      thanks to the intensified efforts for corporate
      restructuring and productivity improvement made by the    
      export industries since the 1997 economic crisis amid the
      severe business climate caused by the higher prices of oil
      and other materials and the won's appreciation;

   c) a comparatively favorable fiscal position;

   d) the stabilization of the financial system brought by the
      reforms carried out after the 1997 economic crisis; and

   e) a strong foreign currency liquidity position.

It has become more likely that private consumption will slow
down as consumer mind has begun deteriorating amid the export
industries' worsening profit performance due to the higher oil
prices and the won's appreciation.  However, the ongoing uptrend
of real household income may bolster private consumption.  In
addition, the current account balance that has turned adverse
may work to stem the won's appreciation, which has progressed
rapidly in recent years.  This would ease a further
deterioration of the export industries' earnings performance.  

In view of these factors, while the Korean economy is expected
to slow down toward 2007, the deceleration will be rather
moderate barring an abrupt stagnation of the U.S. economy and
another upsurge of crude prices.  Meantime, ratings of domestic
issuers such as the Korea Development Bank and Industrial Bank
of Korea have been upwardly adjusted as well on the back of
better sovereign credit rating of Korea.


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

DCEIL INTL: Bank of Islam Demands MYR3.685-Million Payment
----------------------------------------------------------
Dceil International Bhd received a Letter of Demand from the
Bank of Islam Malaysia Bhd seeking payment of MYR3,685,699.

The amount, due on March 17, 2006, is owed by Dceil
International's wholly owned subsidiary, Dceil Imex Sdn Bhd.  
Dceil International guaranteed repayment of the indebtedness.

Failure to immediately pay the amount due will lead the Bank of
Islam to commence legal proceedings against Dceil International.  
In that event, Dceil International may be liable for the Bank's
costs and legal expenses.

DCEIL International Bhd is principally involved in trading,
distribution and installation of ceilings and partitioning
works.  Its other activities include manufacturing of toilet
partitions and investment holding.  The Group operates in
Malaysia and other foreign countries.

DCEIL is classified under Practice Note 1 and Practice Note 17
of the Bursa Malaysia Securities Berhad's Listing Requirements

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 7, 2006, Wang & Co, the external auditor of Dceil, raised
doubt on the company's ability to continue as a going concern
after auditing the company's financial statements for the fiscal
year ended June 30, 2006.  The auditor pointed to the bankers'
demands for the company to settle its outstanding loans.


DCEIL INTL: Pancaran Abadi Seeks MYR996,435 Payment from Unit
-------------------------------------------------------------
On November 10, 2006, Dceil Imex Sdn Bhd -- wholly owned
subsidiary of Dceil International Bhd -- received a Letter of
Demand from Pancaran Abadi Sdn Bhd to pay MYR996,435.

The amount due relates to the supply of building materials,
exclusive of interest and default interest.

Dceil Imex is given 14 days starting on November 6, 2006, to pay
the amount due.  PASB intends to commence legal proceedings if
the subsidiary fails to timely pay the indebtedness.

DCEIL International Bhd is principally involved in trading,
distribution and installation of ceilings and partitioning
works.  Its other activities include manufacturing of toilet
partitions and investment holding.  The Group operates in
Malaysia and other foreign countries.

DCEIL is classified under Practice Note 1 and Practice Note 17
of the Bursa Malaysia Securities Berhad's Listing Requirements

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 7, 2006, Wang & Co, the external auditor of Dceil, raised
doubt on the company's ability to continue as a going concern
after auditing the company's financial statements for the fiscal
year ended June 30, 2006.  The auditor pointed to the bankers'
demands for the company to settle its outstanding loans.


DCEIL INTL: Subsidiary Faces Wind-Up Proceedings
------------------------------------------------
Dceil International Bhd informs Bursa Malaysia Securities Bhd
that its wholly owned subsidiary, Dceil Sdn Bhd, is facing a
wind-up petition filed by TSI Trading & Distribution Sdn Bhd.

The petition arose from the MYR532,937 default in payment by
Dceil Sdn to TSI Trading.

The High Court of Malaysia will hear the petition on
December 14, 2006.

Dceil International's total cost of investment in Dceil Sdn is
MRY60 million, thus the mother company is expecting a
significant financial and operational impact once the subsidiary
falls to wind up.

Moreover, Dceil International expects to incur additional losses
in relation to the legal and other related costs pertaining to
the winding-up proceedings.


DCEIL International Bhd is principally involved in trading,
distribution and installation of ceilings and partitioning
works.  Its other activities include manufacturing of toilet
partitions and investment holding.  The Group operates in
Malaysia and other foreign countries.

DCEIL is classified under Practice Note 1 and Practice Note 17
of the Bursa Malaysia Securities Berhad's Listing Requirements

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 7, 2006, Wang & Co, the external auditor of Dceil, raised
doubt on the company's ability to continue as a going concern
after auditing the company's financial statements for the fiscal
year ended June 30, 2006.  The auditor pointed to the bankers'
demands for the company to settle its outstanding loans.


SMART MODULAR: Earns US$32.3 Mil. in FY 2006 Ended Aug. 25
----------------------------------------------------------
SMART Modular Technologies (WWH), Inc., reported its financial
results for the fourth quarter and fiscal year 2006.

Net sales for the fourth quarter of fiscal 2006 were
US$197.0 million, compared with US$188.5 million for the third
quarter of fiscal 2006, and US$141.6 million for the fourth
quarter of fiscal 2005.

Net sales for the fiscal year ended Aug. 25, 2006, were US$707.4
million, compared with US$607.3 million for fiscal year 2005.

Gross profit for the fourth quarter of fiscal 2006 was
US$33.5 million, compared with US$32.7 million for the third
quarter of fiscal 2006, and up 12% from US$29.8 million for the
fourth quarter of fiscal 2005.  Gross profit for fiscal year
2006 totaled US$126.6 million, 25% higher than gross profit of
US$101.3 million for fiscal 2005.

GAAP net income for the fourth quarter of fiscal 2006 was
US$15.7 million compared with net income of US$6.5 million for
the third quarter of fiscal 2006, and $8.6 million for the
fourth quarter of fiscal 2005.

For fiscal year 2006, SMART reported GAAP net income of
US$32.3 million compared with US$26.2 million for fiscal year
2005.

Non-GAAP net income for the fourth quarter of fiscal 2006 was
US$11.9 million compared with US$10.4 million for the third
quarter of fiscal 2006, and US$8.6 million for the fourth
quarter of fiscal 2005.

For fiscal 2006, non-GAAP net income was US$40.2 million
compared with US$26.9 million for fiscal 2005.  

For the fourth quarter of fiscal 2006, non-GAAP financial
results have been adjusted to exclude a US$3.8 million tax
benefit due to a deferred tax assets' valuation allowance
release.  For fiscal year 2006, non-GAAP financial results have
also been adjusted to exclude US$1.9 million of other income due
to a change in accounting treatment for the Company's interest
rate swaps, a US$5.9 million charge related to the redemption of
US$43.8 million aggregate principal amount of its senior secured
floating rate notes, as well as a US$9.0 million charge (US$7.7
million, net of taxes) to terminate annual fees payable under
certain advisory service agreements.

SMART ended the fourth quarter and fiscal year with US$85.6
million in cash and cash equivalents.

"We successfully closed fiscal year 2006 delivering strong
financial results, demonstrated in part by growing gross profit
25% year over year," Iain MacKenzie, president and chief
executive officer of SMART, stated.  

"We continue to gain traction as a market leader in high-end
OEM-focused memory modules and embedded systems and display
products, through our global manufacturing footprint and product
and technology expertise.  The strong demand for our memory
products and engineering expertise has enabled us to drive
growth in new markets and expand our technology and product
offerings.  We are pleased with the progress of our business
diversification initiatives."

                         Business Outlook

For the first quarter of fiscal 2007, SMART estimates net sales
will be in the range of US$200 million to US$210 million, gross
profit will be in the range of US$35 million to US$37 million,
GAAP diluted net income per share will be in the range of
US$0.19 to US$0.20, and the shares used in computing diluted net
income per ordinary share will be in the range of 63.3 million
to 63.8 million.  SMART currently expects fiscal 2007 GAAP
diluted net income per share will be in the range of US$0.80 to
US$0.85 per share.

                          *     *     *

Fremont, Calif.-based SMART Modular Technologies (WWH), Inc.
(Nasdaq: SMOD) -- http://www.smartm.com/-- is a holding company  
that is incorporated in the Cayman Islands.  The company,
through its subsidiaries, is an independent manufacturer of
memory modules, embedded computing subsystems, and TFT-LCD
display products for use in a variety of electronics systems,
including computers and storage devices, networking and
communications equipment, industrial products, and others.  The
company has design centers in California South Korea and
Massachusetts.  

Its manufacturing facilities are located in Malaysia, Brazil,
California, Dominican Republic and Puerto Rico.  

Solectron Corp. owned SMART Modular between 1999 and 2004.  The
business was later spun out of Solectron in April 2004 to
private equity investors and management.                           

                          *     *     *

Moody's Investors Service assigned B2 rating to SMART Modular
Technologies (WWH), Inc.'s US$125 million senior secured second
lien notes due 2012 issued under Rule 144A.Standard & Poor's
Ratings Services assigned its 'B+' corporate credit rating to
Fremont, California-based SMART Modular Technologies (WWH), Inc.


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

ACCESS BROKERAGE: Case Against NZX Struck Out on All Counts
-----------------------------------------------------------
The New Zealand Exchange Limited informs the market that on
September 21, 2006, the High Court of New Zealand struck out all
actions brought by the Bank of New Zealand and Access Brokerage
Limited against NZX.

According to the NZX, the judgment of Rhys Harrison J found that
there was no arguable case that NZX was legally liable.

The Troubled Company Reporter - Asia Pacific on September 13,
2005, cited a report from Reuters and stated that the Bank of
New Zealand took legal proceedings against the NZX to recover
losses after the collapse of Access Brokerage in 2004 owing
clients NZ$5 million (US$3.5 million).

According to the TCR-AP, the Bank of NZ, owned by National
Australia Bank, said that the NZX should have found out about
the problems of Access Brokerage before it went into
liquidation.  The NZX denied any liability.

A full-text copy of the Judgment is available for free at:

      http://www.nzx.com/aboutus/news/press/bnz_vs_nzx.pdf

Access Brokerage was placed in liquidation on September 6, 2004.  
Its total liabilities including indebtedness to clients exceeded
assets by NZ$5.244 million.  The deficit in client assets was
NZ$4.7 million.  NZX has paid BNZ NZ$460,000 from its Fidelity
Guarantee Fund and the bank has settled all Access' client
liabilities.

The NZX and the Bank of NZ, which held Access's client trust
fund, covered the shortfall in clients' funds after the broking
house was suspended in 2004, the TCR-AP noted.

Established in 1986, Access was a low frills and low cost
brokerage, which offered trading services, but not the full
range of research and investment services.


ADZE LTD: Names Brown and Rodewald as Liquidators
-------------------------------------------------
On Nov. 2, 2006, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed as joint and several liquidators of Adze Ltd.

The Joint and Several Liquidators can be reached at:

         Kenneth Peter Brown
         Thomas Lee Rodewald
         Rodewald Hart Brown Limited
         127 Durham Street
         (P.O. Box 13-380), Tauranga
         New Zealand
         Telephone:(07) 571 6280
         Web site: http://www.rhb.co.nz


ARROW LANE: Faces Liquidation Proceedings
-----------------------------------------
The High Court of Auckland will hear a liquidation petition
filed against Arrow Lane Ltd on Nov. 23, 2006, at 10:45 a.m.

Christopher John Heron filed the wind-up petition on Sept. 6,
2006.

The Solicitor for the Petitioner can be reached at:

         K. A. Muir
         Morgan Coakle
         Level Twelve, Gosling Chapman Tower
         51-53 Shortland Street, Auckland
         New Zealand


CLC CONSTRUCTION: Court Hears Liquidation Petition
--------------------------------------------------
A petition to liquidate CLC Construction Ltd was heard before
the High Court of Rotorua on Nov. 13, 2006.

Garth John Porter and Lyn Maree Porter (trading as Garth Porter
Contracting) filed the petition with the Court on Sept. 20,
2006.

The Solicitor for the Petitioner can be reached at:

         Carol Denise Hall
         Carlile Dowling
         Raffles Street, Napier
         New Zealand
         Telephone:(06) 835 7394
         Facsimile:(06) 835 1338


CORE POTENTIAL: Creditors to Prove Debts on November 17
-------------------------------------------------------
On Oct. 20, 2006, David Donald Crichton and Keiran Anne Horne
were appointed as liquidators of Core Potential Ltd by order of
the High Court.

The liquidators require the creditors' proofs of claim to be
filed by Nov. 17, 2006.  Failure to present proofs will exclude
a creditor from sharing in any distribution the company will
make.

The Liquidators can be reached at:

         David Donald Crichton
         Keiran Anne Horne
         c/o Anna Groen
         Crichton Horne & Associates Limited
         Old Library Chambers
         109 Cambridge Terrace
         (P.O. Box 3978), Christchurch
         New Zealand
         Telephone:(03) 379 7929


HUNG YI: Court to Hear CIR's Liquidation Petition on Nov. 16
------------------------------------------------------------
On Aug. 21, 2006, the Commissioner of Inland Revenue filed a
liquidation petition before the High Court of Auckland against
Hung Yi Ltd.

Accordingly, the petition will be heard on Nov. 16, 2006, at
10:45 a.m.

The Solicitor for the Petitioner can be reached at:

         Geraldine Ann Ryan
         Auckland South Service Centre
         17 Putney Way (P.O. Box 76-198)
         Manukau City
         New Zealand


PREMIUM CONSULTING: Creditors' Proofs of Claim Due on Nov. 15
-------------------------------------------------------------
On Oct. 19, 2006, the High Court of Auckland appointed Henry
David Levin and David Stuart Vance as joint and several
liquidators to oversee the liquidation of Premium Consulting
Ltd.

Accordingly, the liquidators fixed today, Nov. 15, 2006, as the
last day for the company's creditors to prove their debt.

The Liquidators can be reached at:

         Henry David Levin
         David Stuart Vance
         PPB McCallum Petterson
         Level Eleven, Forsyth Barr Tower
         55-65 Shortland Street, Auckland
         New Zealand


SWISS CONSTRUCTION: Appoints Joint Liquidators
----------------------------------------------
On Oct. 24, 2006, Iain Bruce Shephard and Christine Margaret
Dunphy were appointed as joint and several liquidators of Swiss
Construction Ltd.

The Joint and Several Liquidators can be reached at:

         Iain Bruce Shephard
         Christine Margaret Dunphy
         Shephard Dunphy Limited
         Level Two, Zephyr House
         82 Willis Street, Wellington
         New Zealand
         Telephone:(04) 473 6747
         Facsimile:(04) 473 6748


THE LOADED HOG: Liquidation Hearing Fixed on November 16
--------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
filed against The Loaded Hog Brewing Company Ltd on Nov. 16,
2006, at 10:45 a.m.

New Zealand Customs Service filed the petition on Aug. 30, 2006.

The Solicitor for the Petitioner can be reached at:

         K. F. Quinn
         Forest Harrison
         Level Six, 5 High Street
         (P.O. Box 6211), Auckland
         New Zealand


TOURLINE LTD: Liquidation Petition Hearing Slated for Dec. 14
-------------------------------------------------------------
A liquidation petition filed against Tourline Ltd will be heard
before the High Court of Auckland on Dec. 14, 2006, at
10:00 a.m.

Van Extras Ltd filed the wind-up petition on Sept. 4, 2006.

The Solicitor for the Petitioner can be reached at:

         K. A. Deane
         Bay Law Office
         535 Blockhouse Bay Road
         Blockhouse Bay, Auckland
         New Zealand


XTREME MACHINES: Creditors Must Prove Debts by November 30
----------------------------------------------------------
On Oct. 9, 2006, the High Court of Tauranga appointed Peri
Micaela Finnigan and John Trevor Whittfield as joint and several
liquidators of Xtreme Machines Ltd.

In this regard, the company's creditors are required to prove
their debts by Nov. 30, 2006, for them to participate in the
company's distribution.

The Joint and Several Liquidators can be reached at:

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


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

CHINA BANK: Posts PHP1.09-Bln 3rd Quarter Net Income; Up 55.8%
--------------------------------------------------------------
China Banking Corporation reported a 3rd quarter net income of
PHP1.09 billion, 55.8% higher than the PHP699 million posted for
the same period last year.

For the period from January to September 2006, net income
reached PHP2.52 billion, 9.0% more than the PHP2.31 billion
recorded in the first nine months of 2005 -- representing a
nine-month earnings per share of PHP40.79 compared to PHP37.43
of the previous year.  This income performance also translates
to a 15.26% return on equity and a 2.40% return on assets,
sustaining its track record of above-average profitability.  The
revenue gains was driven by higher corporate and consumer loans
volume, improved trading gains, and Trust operations.

Total revenues for three quarters increased 4.8% to
PHP9.87 billion, while operating expenses also inched up by
4.9%.  Even as the banking industry experienced declining
margins, China Bank's cost-to-income ratio of 49.16% remains
among the best in industry measures of cost efficiency. With its
highly collateralized loan portfolio and more than adequate
reserves for losses already in the books, the Bank reduced its
provision for probable losses to PHP290 million from
PHP651 million of the same period last year resulting in a loan
loss coverage ratio of 90.68% -- still one of the highest in the
industry.

Total resources reached PHP145.49 billion, and net loans stood
at PHP61.65 billion.  Driven by continued record growth in low-
cost deposits, total deposits hit PHP113.34 billion.  Total
capital funds reached PHP22.07 billion, with a capital adequacy
ratio of 31.16% further affirming China Bank's position as one
of the country's best-capitalized banks.  This financial
strength merited an "AA-" national long-term rating from Fitch
Ratings, one of the highest ratings under its National Ratings
system.

Total resources reached PHP145.49 billion, and net loans stood
at PHP61.65 billion.  Driven by continued record growth in low-
cost deposits, total deposits hit PHP113.34 billion.  Total
capital funds reached PHP22.07 billion, with a capital adequacy
ratio of 31.16% further affirming China Bank's position as one
of the country's best-capitalized banks.  This financial
strength merited an "AA-" national long-term rating from Fitch
Ratings, one of the highest ratings under its National Ratings
system.

The bank recently embarked on the initial phase of an aggressive
branch expansion plan, which calls for opening 60 new branches
in 3 years.  New branches were opened in SM Clark, SM Lipa, J.P.
Rizal St in Iloilo City, Cauayan in Isabela, and Kidapawan City
in Cotabato.  New branches are scheduled to be opened for the
rest of the year in Puerto Princesa, San Jose City in Nueva
Ecija, Antipolo City, Subangdaku in Mandaue City, and Balanga
City in Bataan.

China Bank also beefed up its network of partners in the US,
Singapore, Qatar, and UAE for its fast-growing remittance
business.  It also partnered with M. Lhuiller with close to
1,000 outlets nationwide to strengthen its distribution network
domestically.  Negotiations are underway to include more
remittance partners in Europe, Middle East and other Asian
countries.

                        About China Bank

China Banking Corporation -- http://www.chinabank.com.ph/-- is  
the first privately-owned local commercial bank in the
Philippines, with products and services including deposits and
related services, international banking services, insurance
products, loans and credit facilities, trust and investment
services, insurance products, and other services such as
acceptance of various bill payments and donations to charitable
institutions.

China Bank has 140 branches and 166 Automated Teller Machines
nationwide.

                          *     *     *

Moody's Investors Service gave China Bank a 'B' Long-term Issuer
Default Rating effective May 17, 2006.


LEPANTO CONSOLIDATED: Receives BOI Approval for ITH Request
-----------------------------------------------------------
Lepanto Consolidated Mining advises the Philippine Stock
Exchange that it has received approval from the Board of
Investments for the company's request for entitlement of its
Copper-Gold Concentrate Project to the four-year Income Tax
Holiday incentive.

According to the company, under the pertinent rules and as
advised by the BOI, Lepanto Consolidated may avail of a maximum
of three ITH bonus years -- or a total of seven years -- subject
to compliance with certain standards.

The Copper-Gold Project is scheduled to start commercial
operations in December 2006.

As reported in the Troubled Company Reporter - Asia Pacific on
September 26, 2006, Trade and Industry secretary Elmer C.
Hernandez said Lepanto's rehabilitation project for its copper
mine in Benguet has been approved on a non-pioneer status.  Mr.
Hernandez is also the managing head of the Board of Investments.

However, Lepanto clarified that the Project is not a
rehabilitation project but a new Project, the TCR-AP said.

The TCR-AP relates that the company cited an article from the
Manila Bulletin published on September 25, 2006, which reported
that it is investing PHP3.3 billion to reactivate its idle
copper mine in Benguet.  The paper noted that the mine was
closed five years ago due to lower copper prices.

According to the TCR-AP, since the project falls under the
rehabilitation category, its incentives are limited to duty-free
importation of capital equipment only.  The project would be
entitled to income tax holiday incentives, Manila Bulletin has
said.

                          *     *     *

Lepanto Consolidated Mining Company --
http://www.lepantomining.com/-- was incorporated primarily to  
engage in the exploration and mining of gold, silver, copper,
lead, zinc and all kinds of ores, metals, minerals, oil, gas and
coal and their related by-products.  The Company was
incorporated in 1936 and until 1997 was operating an enargite
copper mine.  It shifted to gold bullion production that same
year through its Victoria Project.  Lepanto operated a copper
flotation plant from August 2000 to December 2001, when copper
operations were suspended due to the presence of excessive
penalty elements in the mill feed and copper concentrate.  
Lepanto sells its gold bullion production to London's Johnson
Matthey.  Lepanto is now one of the country's top producers of
gold and its by-products, copper and silver.  The Company also
has investments in other areas through its subsidiaries such as
hauling business, diamond drilling business, insurance business,
manufacturing of industrial diamond tools for mining
exploration, marble cutting and the construction industry.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 27, 2006, that Lepanto Consolidated is working to recover
from a PHP400-billion loss incurred in the past two years due to
labor disputes.


MANILA ELECTRIC: 3Q Net Income Falls 79.5% to PHP229 Million
------------------------------------------------------------
Manila Electric Company posted a net income of PHP229 million
for the 3rd quarter of 2006, a 79.5% decrease compared to the
net income of PHP1.12 billion for the 2nd quarter of 2006.

The company however, notes that the 3rd quarter net income was a
turnaround from a net loss of PHP479 million in the same period
last year.

Year-to-date cumulative earnings for 2006, on the other hand,
reached PHP596 million, or a 156.1% improvement from a net loss
of PHP1.06 billion in the same period in 2005.

The company has continued to make provisions for probable losses
related to the rate unbundling case still pending with the
Supreme Court.  For the 3rd quarter ended September 30, 2006,
total provisions was PHP1.59 billion while year-to-date
provisions amounted to PHP4.62 billion, thereby reducing the
company's net income.

Without the provisions, estimated net income for the 3rd quarter
would have been PHP1.26 billion while year-to-date net income
for the nine-months of the year would have been PHP3.60 billion.

For the 3rd quarter ended September 30, 2006, and 2005, revenues
grew by 1.9% year-on-year from PHP44.62 billion to
PHP45.46 billion.  The nine-month period likewise showed an
increase in revenues by 5.7 to PHP134.97 billion.

As of September 30, 2006, the company's balance sheet revealed
strained liquidity with PHP41.7 billion in total current
assets available to pay PHP51 billion of total current
liabilities coming due within the next 12 months.

Manila Electric's September 30, 2006 balance sheet also showed
total liabilities of PHP121.3 billion and total assets of
PHP154.6 billion, resulting to total shareholders' equity of
PHP33.3 billion.

                      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.


MANILA ELECTRIC: Signs Underwriting Agreement for Notes Issuance
----------------------------------------------------------------
Manila Electric Company discloses with the Philippine Stock
Exchange that on November 13, 2006, it has signed an
Underwriting Agreement for the issuance of PHP12 billion
corporate notes to be issued to not more than 19 qualified
institutional lenders.

The Joint Managers and Underwriters are:

   1. BDO Capital & Investment Corporation,
   2. BPI Capital Corporation,
   3. China Banking Corporation,
   4. Development Bank of the Philippines,
   5. PCI Capital Corporation, and
   6. PNB Capital and Investment Corporation

The Issue Date will be on December 14, 2006.

The Notes will be a seven-year facility and is intended to
refinance existing loan obligations and fund working capital
requirements.

                      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.


MARIWASA MANUFACTURING: Board Elects E. Maramag as VP-Finance
-------------------------------------------------------------
Mariwasa Manufacturing, Inc., discloses with the Philippine
Stock Exchange that at the regular meeting of its board of
directors held on November 13, 2006, the Board unanimously
approved the resignation of Thavi Tanboonrit as board member,
vice president for finance, corporate information officer, and
compliance officer of the company effective November 15, 2006.

Accordingly, the Board approved the election of Emilie Maramag
to serve Mr. Tanboonrit's unexpired term for fiscal year 2006-
2007, effective November 15.

                          *     *     *

Incorporated on November 5, 1963, Mariwasa Manufacturing
Corporation -- http://www.mariwasa.com/-- manufactures and  
sells glazed ceramic floor tiles in various sizes, colors and
designs via a distribution network that spans the whole
archipelago.  The Company has 76 distributors and a significant
number of exclusive distributors nationwide.  Aside from the
local market, Mariwasa tiles also exports to foreign markets
such as the United States and Hong Kong, among others.

                      Going Concern Doubt

After auditing the Company's 2005 Annual Report, Aileen Saringan
of Sycip Gorres Velayo and Co. raised substantial doubt on the
Company's ability to continue as a going concern.  According to
Ms. Saringan, "the Parent Company and its subsidiaries have
incurred recurring net losses and have a working capital
deficiency.  In addition, the Parent Company and its major
subsidiary have not complied with certain loan covenants with
creditor banks."

Mariwasa has deferred payments pending the approval of its
proposed restructuring scheme.

Loan restructuring has been initiated and with the completion of
the loan restructuring, the Group expects to reduce its interest
expense and achieve more flexibility in its cash management.

The Group has also implemented these measures:

   * Tightening credit control to avert potential bad debts; and

   * Continuously improving production efficiencies and cutting
     down overall costs by optimizing capacities and reducing
     downtime.


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

ARGON INVESTMENTS: Court to Hear Wind-Up Petition on Nov. 24
------------------------------------------------------------
On Oct. 30, 2006, Hands-On Resources Limited has filed an
application to wind up Argon Investments Pte Ltd.

The High Court of Singapore will hear the wind-up petition on
Nov. 24, 2006, at 10:00 a.m.

The Petitioner's solicitor can be reached at:

         Hoh Law Corporation
         60 Eu Tong Sen Street
         #01-08 Furama Hotel Shopping Centre
         Singapore 059840


HUANGHO TRADING: Wind-Up Petition Hearing Set for Dec. 1
--------------------------------------------------------
Bank of China Limited has filed, on Nov. 3, 2006, an application
to wind up Huangho Trading Company.

Accordingly, the wind-up petition will be heard before the High
Court of Singapore on Dec. 1, 2006.

The Petitioner's solicitor can be reached at:

         Rajah & Tann
         4 Battery Road
         #15-01 Bank of China Building
         Singapore 049908


INTERMEC INC: Posts US$3.4-Million Third Quarter 2006 Earnings
--------------------------------------------------------------
Intermec, Inc., reported 2006 third quarter revenues of
US$195.9 million and net earnings from continuing operations of
US$3.4 million, compared with 2005 third quarter revenues of
US$219.8 million and earnings of US$11.3 million.

The results for the current quarter include a restructuring
charge relating to the closure of Intermec's design centers in
Goteborg and Lund, Sweden, announced in the first quarter, which
negatively impacted operating profit by (US$1.8) million.  
Intermec adopted amendments to its US pension and certain
employee plans, effecting a "freeze" to benefit accruals for
most participants as of June 30, 2006.  These changes resulted
in a net curtailment gain that positively impacted operating
profit from continuing operations in the current quarter by
US$2.1 million, or US$.02 per diluted share.  Intermec's 2006
third quarter includes (US$0.8) million of incremental stock
compensation expense recorded under the provisions of FAS
123-R, which negatively impacted EPS by (US$0.01) per diluted
share.

The effective tax rate for the current-quarter was 37.2%,
compared with 12.4% in the prior-year quarter.

Intermec's third quarter 2006 revenue decreased 11%, compared
with the prior-year quarter.  Geographically, North American
revenues decreased 14% over the comparable prior-year period.  
Revenues in Europe, Mid-East and Africa decreased 17%; and the
rest of the world, consisting of Asia Pacific and Latin America,
increased 19%.

By product line during the third quarter, Intermec's Systems and
Solutions revenue decreased 20%, while Printer and Media
revenues increased 6% over the comparable prior-year period.  
Service revenue decreased 3% over the comparable prior-year
period.

During the quarter Intermec repurchased stock with an
aggregative value of approximately US$50 million pursuant to its
board authorization of US$100 million, at an average share price
of US$28.77.  The company's cash equivalents and short-term
investments position at the end of the third quarter was
US$237.7 million.  The decrease in cash equivalents and
short-term investments of US$85.1 million during the third
quarter was primarily due to the stock repurchases and to the
increase in inventory.

Larry D. Brady, the chairperson and chief executive officer of
Intermec, said, "In response to disappointing results for the
third quarter, we are accelerating cost initiatives and
aggressively reducing inventory.  We expect to announce specific
cost reduction plans and related restructuring activities before
the end of November."

           Other Third Quarter Business Highlights

   -- Intermec named Lanny H. Michael Senior Vice President
      and Chief Financial Officer.

During the quarter, Intermec introduced an array of new
products:

   -- The CN3, a small rugged mobile computer with unique
      communications capabilities, provides users with access
      to multiple voice and high-speed data options.  The CN3 is
      the first mobile computer to offer integrated GPS and
      Bluetooth capabilities along with 3G WAN and Cisco
      Compatible WiFi connectivity simultaneously in one device.

   -- The Intellibeam EX25 is the first area imaging bar code
      scan engine to read and decode 1D and 2D bar codes in any
      orientation from six inches to over 50 feet, as well as
      composite and postal codes.  The EX25 can also operate as
      an auto focusing camera in applications requiring
      photographs such as evidence of damaged, expired or
      unsealed goods.

   -- The CV30 is a rugged, fixed-mount computer designed to
      operate in challenging mobile vehicle based environments.
      The CV30 offers a choice of Microsoft Windows CE.NET 5.0
      or Windows Mobile 5.0 operating systems, multiple
      mounting options, Cisco Compatible WiFi, Bluetooth and
      RFID support.

Radio Frequency identification "RFID" was also a source of
highlights for the quarter:

   -- Intermec received an award from Frost & Sullivan for
      RFID market strategy leadership in the Asia Pacific
      market for the years 2005-2006.  The Frost & Sullivan
      Award for Market Strategy Leadership is presented each
      year to a company whose market strategy has yielded
      significant gains in market presence during the research
      period.

   -- Intermec was selected to provide the Gen 2 RFID bag tag
      printer system for the Hong Kong International Airport
      or HKIA in Hong Kong.  The Intermec RFID Gen 2 printers
      will be installed at check-in counters to enhance the
      existing RFID baggage sorting system, which was first
      installed in 2005.  HKIA is the first airport in the
      world to implement an end-to-end RFID baggage
      tagging/sorting system.

Intermec announced Medallion Complete, a new world-class
extended service coverage program for Intermec data collection
equipment. Available in 14 countries around the world, Medallion
Complete covers eligible Intermec devices against incidental
damage experienced in the work environment.  Under normal
industry practice, incidental damage to data collection
equipment -- as opposed to normal wear or component failure --
is not covered by standard service agreements.  Repairs due to
damage are infrequent, but can be costly, as they typically
involve the most expensive components of a device, such as a
touch screen or LCD.

                      Fourth Quarter Outlook

Intermec also reported its GAAP basis revenue outlook for the
fourth quarter 2006.  Revenues for the period are expected to be
within a range of US$210 million to US$230 million.

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

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

                          *     *     *

Standard & Poor's Rating Services raised its ratings on Everett,
Washington-based Intermec Inc. to 'BB-' from 'B+'.  The upgrade
reflects expectations that Intermec will sustain current levels
of profitability and leverage.  S&P said the outlook is stable.


INTERSHOP COMMUNICATIONS: Posts EUR1.6-Mln Losses for 3Q 2006
-------------------------------------------------------------
Intershop Communications AG released its financial results for
the third quarter ended Sept. 30, 2006.

Intershop reported EUR1.6 million in net loss in the third
quarter of 2006, compared with a net loss of EUR1.3 million in
the second quarter of 2006.  In comparison, Intershop's net loss
in the third quarter of 2005 was EUR1.5 million or a net loss of
EUR0.08 per share.

In the third quarter of 2006, total revenues were EUR4.9 million
compared with EUR4.3 million in Second quarter 2006 and EUR3.9
million in Third quarter 2005.  License revenues amounted to
EUR0.6 million in the third quarter of 2006, as against EUR1.0
million in Second quarter 2006 and EUR0.5 million in third
quarter 2005. Service revenues were EUR4.3 million in the third
quarter of 2006, compared with EUR3.2 million in Second quarter
2006 and EUR3.4 million in Third quarter 2005. Service revenues
in the third quarter of 2006 include online marketing revenues
amounting to EUR0.7 million.

Total operating costs (cost of revenues plus operating expenses)
including online marketing costs amounted to EUR6.4 million in
the third quarter of 2006, compared with EUR5.4 million in the
previous quarter and EUR5.1 million in the third quarter of
2005.

Total cash, including cash and cash equivalents, marketable
securities, and restricted cash fell from EUR13.5 million as of
December 31, 2005 to EUR12.8 million as of September 30, 2006.
The amount of unrestricted cash included in this total amounting
to EUR5.2 million as of September 30, 2006, compared to EUR7.3
million as of December 31, 2005. EUR0.8 million in cash and cash
equivalents was utilized in Third quarter 2006 to acquire
SoQuero GmbH's online marketing activities.

Operating Highlights

   -- Intershop's prominent customer base in the third quarter
      of 2006 included Deutsche Telekom, HP, Otto, and smart;

   -- the company's long-standing customer KarstadtQuelle AG
      signed a further agreement on additional licenses and
      services in Third quarter;

   -- Intershop gained the Moscow-based cultural event marketing
      agency Ticket Agency 19-00 as well as the French
      electronics provider Thales as new customers in Europe;

   -- Widex, a leader provider of hearing aids in Denmark,
      successfully migrated to Intershop's current Enfinity
      Suite 6 standard software;

   -- in September 2006, Intershop made its first appearance as
      a provider of online marketing solutions at OMD, Germany's
      leading trade fair for digital marketing, and presented
      its new SoQuero product brand;

   -- as of Sept. 30, 2006, the company employed 244 full-time
      equivalent employees, as compared to 234 full-time
      equivalent employees as of June 30, 2006.

                         About Intershop

Headquartered in Jena, Germany, Intershop Communications AG --
http://www.intershop.com/-- provides software solutions that  
help organizations evolve trading relationships with consumers
and business partners online.  Intershop Solutions enables
organizations to consolidate and manage unlimited online
commerce channels on a single platform.

Intershop also operates in Singapore, France, U.K., Sweden,
Czech Republic, China, Australia, South Korea, Taiwan and the
United States.

The company has been posting annual losses since 2000: EUR87.5
million in 2000; EUR102.5 million in 2001; EUR59.7 million in
2002, EUR15.5 million in 2003; EUR14.3 million in 2004; and
EUR7.8 million in 2005.


MAE ENGINEERING: Revenue Down by 73% in First Half of 2007
----------------------------------------------------------
On Nov. 10, 2006, Mae Engineering Ltd posted its unaudited
financial statements for the six months ended Sept. 30, 2006, or
the first half of fiscal year 2007, with the Singapore Stock
Exchange.

In the six months ended Sept. 30, 2006, Mae Engineering posted a
SGD942 thousand in revenue, which is 73% lower than the
SGD3.4-million revenue reported for the same period last fiscal
year.  The decrease in revenue was mainly due to the group's
lesser construction projects.

Total operating costs for the six months ended Sept. 30, 2006,
was at SGD2.67 million, a 56% reduction from SGD6.12 million for
the same period last year.  The decrease were mainly due to:

   -- raw materials and consumables used reduced by
      SGD2.4 million due to lesser construction projects
      executed; and

   -- staff costs and other expenses reduced by SGD1.0 million
      as a result of the cost control measures taken by the
      management.

After taking into account the finance costs of SGD196 thousand
and under provision of prior year tax of SGD44 thousand, Mae
Engineering registered a lower loss after taxation of
SGD1.9 million for the period under review as compared with the
loss of SGD2.7 million incurred for the same period last year.

As of Sept. 30, 2006, the group's balance sheet showed current
assets of SGD12.63 million available to pay current liabilities
of SGD10.78 million coming due within the next 12 months.

Full-text copies of the company's financial report for the
Six months ended Sept. 30, 2006, is available for free at:

        http://bankrupt.com/misc/tcrap-MaeEngineering.pdf

                     About MAE Engineering

Headquartered in Singapore, MAE Engineering Limited is engaged
in the provision of integrated electrical and mechanical
engineering services including designing, planning and
procurement.  These services are categorized into electrical
installations, mechanical installations, electrical power supply
installations, instrumentation and building automation as well
as maintaining electrical and mechanical systems.  The Group
also offers consulting and specialist services to oceanariums
and aquariums.  The Group has disposed off its prawn and fish
farming as well as edutainment businesses, after suffering
accumulated losses of SGD48 million as of September 30, 2005.
The company also suffered a liquidity crunch since September 30,
2005, when its total current liabilities of SGD23,695,000
exceeded its total current assets of SGD5,582,000.

As of March 31, 2006, the company's balance sheet showed
SGD7,404,000 in total assets and SGD27,257,000 in total
liabilities, resulting in a SGD19,853,000 stockholders' equity
deficit.  


ODYSSEY RE: S&P Affirms BB Preferred Stock Ratings
--------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'A-'
counterparty credit and financial strength ratings on Odyssey
America Reinsurance Corp., Clearwater Insurance Co., and
Hudson Specialty Insurance Co. (collectively Odyssey Re) and
removed them from CreditWatch with negative implications, where
they were placed on July 28.

At the same time, Standard & Poor's affirmed its 'BBB-'
counterparty credit and 'BB' preferred stock ratings on Odyssey
Re Holdings Corp. and removed them from CreditWatch negative.

The outlook on all these entities is negative.

These ratings have been on CreditWatch negative since July 28
following the announcement of Odyssey Re's ultimate parent
Fairfax Financial Holdings Ltd. that its 2006-second quarter
interim report to shareholders would be delayed.  In addition,
on Aug. 9, Odyssey Re delayed the filing of its 2006-second
quarter 10-Q report.

"The ratings on Odyssey Re are based on its strong competitive
position, improving operating performance and capitalization,
and strong liquidity," noted Standard & Poor's credit analyst
Damien Magarelli.  "Offsetting these positive factors are
Odyssey Re's 80.2% ownership by lower-rated FFH and the group's
related unfavorable qualitative factors such as weak enterprise
risk management, governance, and internal accounting risk
controls."

Not withstanding Odyssey Re's strong competitive position,
improving operating performance and capitalization, and strong
liquidity, Odyssey Re's negative outlook reflects FFH's outlook
since Odyssey Re is viewed as a strategically important
subsidiary to FFH.  As such, the ratings on Odyssey Re and ORH
are currently capped by a maximum of two notches above the
ratings on FFH.  The two-notch limit is due to the 80.2%
ownership of ORH by FFH and an aligned board of directors.
Therefore, should the ratings on FFH and/or outlook be revised,
those on Odyssey Re and ORH would be similarly revised unless
the considerations giving rise to the two-notch limitation have
changed in the meantime.

Standard & Poor's expects that Odyssey Re will continue to
opportunistically leverage its worldwide strong competitive
presence and underwrite profitable business.  The top line
growth is expected to decrease 12% in 2006 reflecting a
reduction in proportional reinsurance in U.S. property
catastrophe exposed business in conjunction with a small
migration from quota-share to excess-of-loss basis.

Softening prices in certain casualty lines and increasing
competitive pressures in some specialty classes are also
contributing factors.  A benign 2006 hurricane season thus far,
coupled with hardening property rates and stabilized overall
casualty prices will bolster Odyssey Re's earnings for full-year
2006 to a strong level, resulting in an anticipated combined
ratio of about 95% and an ROR of at least 10% as strong
accident-year results continue to be modestly offset by prior-
year reserve additions.  These quantitative factors are
consistent with the rating.

Standard & Poor's views the accounting restatements as a
negative factor that is reflected in the current outlook.  These
accounting errors have revealed some deficiencies in Odyssey
Re's internal controls for which the company has developed an
action plan and remediation initiatives to address these weak
points.

Standard & Poor's also believes that Odyssey Re's enterprise
risk management could further improve in certain key areas such
as corporate governance and accounting.  As part of its
remediation effort started in the second quarter 2006,
management is implementing new procedures in conjunction with
FFH to provide a consistent framework across the company to
address the material weaknesses.

                          *     *     *

Odyssey Re Holdings Corp. -- http://www.odysseyre.com/-- is an
underwriter of property and casualty treaty and facultative
reinsurance, as well as specialty insurance.  Odyssey Re
operates through its subsidiaries, Odyssey America Reinsurance
Corporation, Hudson Insurance Company, Hudson Specialty
Insurance Company, Clearwater Insurance Company, Newline
Underwriting Management Limited and Newline Insurance Company
Limited.  The company underwrites through offices in the
Singapore, United States, London, Paris, Toronto and Mexico
City.  Odyssey Re Holdings Corp. is listed on the New York Stock
Exchange under the symbol ORH.


PDC CORP: Posts Shareholder's Change of Interest
------------------------------------------------
PDC Corp Ltd has disclosed that its substantial shareholder, Ong
Bee Huat, has changed his shareholding in the company on Nov. 7,
2006.

Before the change, Mr. Ong held no shares in the company.  After
the change, Mr. Ong holds 80,000,000 direct shares with 6.45%
issued share capital.  Moreover, Mr. Ong holds 104,404,733
deemed shares with 8.42% issued share capital.

The change of interest was due to the company's allotment and
issuance of 184,500,000 new ordinary shares in the company's
capital, pursuant to the share and issue mandate.

In connection with this, Mr. Ong has a deemed interest of
8,943,000 shares, 0.72% in the shares by virtue of Section 7 of
the Act as Mr. Ong is the legal and beneficial owner of the
entire issued share capital of Abundo Pte Ltd.

Mr. Ong is also deemed interested in the shares held by Malayan
Banking Berhad for 95,461,733, 7.70% by virtue of the put and
Call Option Deed dated June 5, 2006.

                        About PDC Corp.

Headquartered in Singapore, PDC Corporation Limited is
principally involved in the provision of general construction,
property development, real estate and investment.  Its other
activities are the provision of renovation work of any kind and
for the demolition of any structure, trading, rental and
servicing of industrial machinery and equipment and the
distribution of multimedia products, home automation system,
other high technology products and investment holding.

                          *     *     *

PDC Corporation's Auditors, Ernst & Young had issued their
report on the company's financial statement for the year ended
Dec. 31, 2005, highlighting a going concern issue, but without
qualifying their opinion.

As at Dec. 31, 2005, the current liabilities of the company and
the Group exceeded current assets by US$3,852,210 and
US$20,001,069 respectively, and their total liabilities exceeded
total assets by US$3,912,981 and US$20,062,940 respectively.


RED HAT: Begins US$325MM Stock and Debenture Repurchase Program
---------------------------------------------------------------
Red Hat, Inc.'s Board of Directors has authorized a
US$325-million Stock and Debenture Repurchase Program.  Under
the program, the company is authorized to repurchase in
aggregate up to US$250 million of the company's common stock and
in aggregate up to US$75 million of the company's 0.5%
Convertible Senior Debentures due 2024.  Repurchases of common
stock and Convertible Debentures may be effected, from time to
time, either on the open market or in privately negotiated
transactions, as applicable.

                         About Red Hat

Headquartered in Raleigh, North Carolina Red Hat, Inc. --
http://www.redhat.com/-- is an open source and Linux provider.  
Red Hat provides operating system software along with
middleware, applications and management solutions.  Red Hat also
offers support, training, and consulting services to its
customers worldwide and through top-tier partnerships.

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

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 3, 2006, 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.


SURGE ELECTRICAL: Wind-Up Hearing Slated for November 24
--------------------------------------------------------
Sigma Cable Company(Private) Limited has filed on Nov. 2, 2006,
an application to wind up Surge Electrical Engineering.

Accordingly, the High Court of Singapore will hear the wind-up
petition on Nov. 24, 2006.

The Petitioner's solicitor can be reached at:

         Bih Li & Lee
         79 Robinson Road
         #24-08 CPF Building
         Singapore 068897


VALEANT PHARMA: Investigated for Backdating of Stock Options
------------------------------------------------------------
Keller Rohrback L.L.P. commenced an investigation of Valeant
Pharmaceuticals International and current and former company
executive officers and directors for potential violations
related to the backdating of stock options.  

On Sept. 11, 2006, Valeant disclosed that it was conducting an
internal review of its historical stock option grant practices
and was cooperating with the SEC's informal inquiry regarding
stock options granted by the company since Jan. 1, 2000.

On Oct. 20, 2006, Valeant's Board of Directors concluded that,
based on the preliminary report of the special committee
conducting the internal review, options granted in 1997 and
"subsequent years" reflected incorrect measurement dates and
that correcting these measurement dates would result in
restatement of the company's financial statements for
undetermined periods from 1997 to the present.  The company
further stated that the special committee's review of Valeant's
stock option grant practices and its analysis regarding the
magnitude of financial restatements is ongoing.

Keller Rohrback's investigation focuses on the extent that the
Company's stock option grant dates and exercise prices of stock
options were manipulated by Valeant's executive officers and
directors in order to boost their value to those who received
them.  Specifically, Keller is looking at whether potential
defendants have breached their fiduciary duties and colluded
with one another to:

   (1) improperly backdate grants of Valeant's stock options to
       various executive officers and directors in violation of
       the company's shareholder-approved stock option plans;

   (2) improperly record and account for the backdated stock
       options in violation of GAAP;

   (3) improperly take tax deductions based on the backdated
       stock options in violation of the Tax Code; and

   (4) produce and disseminate to the Company's shareholders
       false financial statements and other SEC filings that
       improperly recorded and accounted for the backdated
       option grants thereby concealing the improper backdating
       of stock options.

Current shareholders of Valeant stock may contact paralegal
Jennifer Tuato'o or attorneys Juli Farris, Elizabeth Leland,
Cari Campen Laufenberg, Lynn Sarko or Gary Gotto by telephone,
toll- free at 1-800-776-6044.

To date, more than 100 companies are being investigated by the
U.S. Department of Justice, the Securities and Exchange
Commission, and U.S. Attorney's offices across the country,
resulting in civil and even criminal charges.

                      About Keller Rohrback

Keller Rohrback L.L.P. is a law firm headquartered in Seattle
that has successfully represented shareholders and consumers in
class action cases for over two decades.  Its trial lawyers have
obtained judgments and settlements on behalf of clients in
excess of seven billion dollars.

Contact: Keller Rohrback L.L.P.
         Jennifer Tuato'o
         Paralegal
         (800) 776-6044
          
                 About Valeant Pharmaceuticals

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International -- http://www.valeant.com-- is a global specialty
pharmaceutical company with US$823 million of 2005 revenues.  It
has offices in Singapore and Taiwan.

                          *     *     *

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. pharmaceutical sector last week, the
rating agency confirmed its B1 Corporate Family Rating for
Valeant Pharmaceuticals International, and its Ba3 rating on the
company's US$300 million issue of 7% senior unsecured notes due
2011.  Additionally, Moody's assigned an LGD3 rating to those
bonds, suggesting noteholders will experience a 39% loss in the
event of a default.

Valeant Pharmaceuticals International's senior unsecured debt
and corporate family ratings carry Moody's Ba3 and Ba1 ratings
respectively, while its long-term foreign and local issuer
credits carry Standard & Poor's BB- ratings.


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

BANK OF AYUDHYA: GE to Transfer Assets and Debts on Jan. 3
----------------------------------------------------------
Bank of Ayudhya will absorb GE Money Retail Bank's assets and
liabilities, including its deposits, home mortgages and equity
loans on January 3, 2007, The Bangkok Post reports.  

The transfer, according to the paper, is part of GE's 25.4%-
stake acquisition deal with Ayudhya.

GE Money's executive vice-president, Phanporn Kongyingyong, told
the paper that the transfer would have little impact and no cost
to its customers.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 2, 2006, GE Capital International Holdings Corp has
confirmed that it will buy a 25.4% stake in Bank of Ayudhya,
with the first share purchase to be made by January 10, 2007,

An earlier TCR-AP report on September 25, 2006, stated that Bank
of Ayudhya shareholders have agreed to sell 2 billion shares to
the GE unit, starting with the initial purchase of 1.39 billion
shares, to be sold at THB16 each totaling THB22.24 billion.

A call center has been set up for inquiries at 0-2345-6000 until
January 2, 2006, and at 0-2296-3456 after January 3, 2006.  

The transfers, The Post relates, excludes hire-purchase loans
and auto-insurance premiums, which will be maintained at GE
Money Thailand.

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of  
banking and financial services.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.  It has branches in
Hong Kong, Vietnam, Laos, and the Cayman Islands.

                          *     *     *

Moody's Investors Service gave Bank of Ayudha an 'E+' bank
financial strength rating.

Fitch Ratings gave the bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating, a 'B' Short-Term Foreign Currency Rating,
a 'BB' Foreign Currency Subordinated Debt Rating, and a 'D'
Individual Rating.


PAE THAILAND: Discloses Board Resignations & Appointments
---------------------------------------------------------
PAE Thailand Pcl informs the Stock Exchange of Thailand that the
company's board of directors, at a meeting held on November 13,
2006, considered the resignation and appointment of certain of
its members.

PAE's board approved the resignation of:

   1. Supaporn Satamarn as member of the board and authorized
      director effective on October 29, 2006;

   2. Viravat Cholavanit as member of the board effective on
      November 13, 2006; and

   3. Sumon Surathin as member and acting chairman of the board
      and chairman of auditing committee effective on
      November 30, 2006.

PAE's board approved these appointments:

   1. Rachathin Sayamanon as director replacing Mr. Cholavanit;

   2. Suksanan Chotikasathien as director replacing Mrs.
      Satamarn;

   3. Rachathin Sayamanon as acting chairman of the board
      effective on December 1, 2006; and

   4. Lt. Saroj Sawangrit as member of auditing committee and
      chairman of  auditing committee effective on December 1,
      2006.

                          *     *     *

Headquartered in Bangkok, Thailand, PAE (Thailand) Public
Company Limited -- http://www.pae.co.th/-- provides  
construction services including building and drilling site
constructions; industrial services including lasting and
technical inspections, as well as communication and manpower
supply services.  The Company also distributes construction and
agricultural equipment.  
   
The Company has been operating with a capital deficit for years,
culminating in a THB3.05 billion deficit in 2003.  That and a
series of net losses set the stage for the Company's entry into
Thailand's REHABCO, or Companies Under Rehabilitation sector.

On July 3, 2006, the Stock Exchange of Thailand returned PAE
Thailand to its original sector.  However, the company's
securities would be refrained from trading until the completion
of its rehabilitation program.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
November 15, 2006
  LI TMA Formal Event
    TMA Australia National Conference
      Long Island, New York, USA
        Web site: http://www.turnaround.org/

November 15-16, 2006
  Euromoney Institutional Investor
    Asia Capital Markets Forum
      Island Shangri-La, Hong Kong
        Web site: http://www.euromoneyplc.com/

November 16, 2006
  Insolvency Practitioners Association of Australia
    Study Group Meetings
      Chartered Accountants House, Sydney, Australia
        Telephone: 9416-2395
          e-mail: amanda_taylor@aapt.net.au

November 16, 2006
  Global Structured Finance Conference Asia 2006
    Fitch Ratings
      Tokyo, Japan
        Telephone: 03-3288-2679
          e-mail: chinatsu.ozaki@fitchratings.com

November 23-24, 2006
  Euromoney Conferences
    5th Annual China Conference
      China World Hotel
        Beijing, China
          Web site: http://www.euromoneyconferences.com/

November 30, 2006
   Euromoney Conferences
      Euromoney/DIFC Annual Conference
      Managing Superabundant Liquidity
         Madinat Jumeirah, Dubai
            Contact: http://www.euromoneyconferences.com/

November 30, 2006
  Asia Conference 2006
    Fitch Ratings Agency
      Kuala Lumpur, Malaysia
        Telephone: +65 6336 6801
          e-mail: zuraidah.ramli@fitchratings.com

December 5, 2006
  Euromoney Conferences
    CFO Forum
      Hyatt Regency, Hangzhou, China
        Web site: http://www.euromoneyconferences.com/

December 13, 2006
  Turnaround Management Association - Australia
    Christmas Function Australia
      GE Commercial Finance, George Street,
        Sydney, Australia
          Telephone: 0438-653-179
            e-mail: tma_aust@bigpond.net.au

February 2007
  American Bankruptcy Institute
    International Insolvency Symposium
      San Juan, Puerto Rico
         Telephone: 1-703-739-0800
           Web site: http://www.abiworld.org

February 8-9, 2007
  EUROMONEY
    Leveraged Finance Asia
      JW Marriott Hong Kong
        Web site: http://www.euromoneyplc.com/

February 21-22, 2007
  EUROMONEY
    Euromoney Pakistan Conference
      Perceptions & Realities
        Marriott Hotel, Islamabad, Pakistan
          Web site: http://www.euromoneyplc.com/

February 22, 2007
  EUROMONEY
    2nd Annual Euromoney Japan Forex Forum
      Mandarin Oriental, Tokyo, Japan
        Web site: http://www.euromoneyplc.com/

March 21-22, 2007
  EUROMONEY
    2nd Annual Vietnam Investment Forum
      Melia, Hanoi, Vietnam
        Web site: http://www.euromoneyplc.com/

March 21-22, 2007
  EUROMONEY
    Euromoney Indian Financial Market Congress
      Grand Hyatt, Mumbai, India
        Web site: http://www.euromoneyplc.com/

March 27-31, 2007
  Turnaround Management Association - Australia
    2007 TMA Spring Conference
      Four Seasons Las Colinas, Dallas, TX, USA
        e-mail: livaldi@turnaround.org

April 11-15, 2007
  American Bankruptcy Institute
    ABI Annual Spring Meeting
      J.W. Marriott, Washington, DC, USA
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

October 16-19, 2007
  Turnaround Management Association - Australia
    TMA 2007 Annual Convention
      Boston Marriott Copley Place, Boston, MA, USA
        e-mail: livaldi@turnaround.org

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/



                            *********

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 ***