TCRAP_Public/061201.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Friday, December 1, 2006, Vol. 9, No. 239

                            Headlines

A U S T R A L I A

A.H.B. PTY: Members to Receive Wind-Up Report on Dec. 22
AWB LIMITED: Inquiry Findings May Pose Financial Uncertainty
AWB LIMITED: Responds to Oil-For-Food Inquiry Report
AWB LIMITED: Proposes Splitting Business into Two Companies
BERWICK INN: Members to Hear Liquidator's Wind-Up Report

DORMAN EQUIPMENT: Members Agree to Shut Down Firm
EMERALD GLEN: Priority Creditors Must Prove Debts by Dec. 20
FREEDOM THROUGH: Enters Liquidation Proceedings
I L SYSTEMS: Members Resolve to Wind Up Operations
LINK MEDICAL: Members' Final Meeting Slated for December 22

NATURAL FACTS: Schedules Members' Final Meeting on Dec. 22
ROCKE INVESTMENTS: To Hold Members' Final Meeting on Dec. 29
STONEHENGE PROPERTIES: Liquidator to Present Wind-Up Report
WINTY ENTERPRISES: Members and Creditors to Hear Wind-Up Report


C H I N A   &   H O N G  K O N G

E-BUSINESS EXCHANGE: Members' Final Meeting Slated for Dec. 27
GUANGDONG DEV'T: To Name New President, Chairman on Dec. 18
HARMONIC HALL: Creditors Must Prove Debts Today
JAPAN LEASING: Creditors to Meet on December 14
MASPON COMPANY: Creditors' Proofs of Claim Due on December 18

RIDDLEWOOD COMPANY: Creditors Must Prove Debts by December 18
SHANGHAI PUDONG: Issues New Shares to Raise CNY5.9 Billion
SHORTRIDGE LTD: Creditors, Contributories to Hold Annual Meeting
ZTE CORP: Fitch Hands BB to Foreign and Local IDR's


I N D I A

GENERAL MOTORS: Sells 51% Stake in GMAC to Cerberus for $14 Bil.
GENERAL MOTORS: GMAC Releases Composition of New Board
GMAC LLC: GM Stake Sale Cues S&P to Upgrade Credit Rating to BB+
GMAC LLC: GM Sells 51% Stake in Company to Cerberus for US$14BB
GMAC LLC: Is Now Independent & Releases Composition of New Board

ICICI BANK: Disposes Remaining Stake in NCDEX, myiris.com Says
ICICI BANK: CRISIL Gives Top Ratings on Loan Receivables Program
INDUSTRIAL DEVELOPMENT: SASF Settles Half of Bad Loans
INDUSTRIAL DEVELOPMENT BANK: Forms JV with Federal Bank & Fortis
RELIANCE INDUSTRIES: CRISIL Rates Enhanced Debt Program

* Fitch Withdraws Individual & Support Ratings of 9 Select Banks


I N D O N E S I A

BANK CENTRAL ASIA: Earns IDR3.12 Tril. for 9 Months to September
BANK INDONESIA: To Urge Banks to Raise Loan/Deposit Ratio to 70%
BANK MANDIRI: To Finance Horticulture with IDR11.3 Trillion
BANK NISP: Earns IDR171 Billion for Nine Months to Sept. 2006
BANK TABUNGAN: To Raise Property Credits to IDR7.8 Tril. in 2007

INDOSAT: Launches Third Generation Mobile Phone Services


J A P A N

FORD MOTOR: Moody's Rates US$15BB Secured Credit Facility at Ba3
FORD MOTOR: 38,000 Hourly Workers Accept Buyout Offer
LOPRO CORPORATION: Posts JPY14-Bil. Net Loss for Half-Year 2006


K O R E A

DURA AUTOMOTIVE: Ontario Court Grants Foreign Recognition Order
DURA AUTOMOTIVE: Hires Togut Segal as Conflicts Counsel
KOREA EXCHANGE BANK: Moody's Extends Review for Possible Upgrade


M A L A Y S I A

ARK RESOURCES: Petitioner Withdraws Wind-Up Bid Against Unit
COMSA FARMS: Appoints Shan & Co. as New Auditors
FCW HOLDINGS: Annual General Meeting Slated for Dec. 22
FCW HOLDINGS: Incurs a MYR259,000 Net Loss in Sept. 2006 Quarter
PARK MAY: Posts MYR1.13-Million Net Loss in 3rd Quarter 2006

* Malaysia's 2007 GDP to Slump Following Global Slowdown


N E W   Z E A L A N D

DMP 1 LTD: Court Hears Liquidation Petition
DUNDALE HOLDINGS: Creditors Must Prove Claims by December 8
EL CORAZON: Creditors' Proofs of Claim Due on Jan. 15
ENGINEERING TEMP: Liquidation Hearing Set for Dec. 7
FELTEX CARPETS: Judge Sets Hearings on December 13

HAIR JUNCTION: Faces Liquidation Proceedings
IVAN BEVINS: Court Sets Date to Hear Liquidation Petition
NET STREAM: Appoints Joint Liquidators
NZ BUILDERS: Shareholders Resolve to Liquidate Business
P R DRIVING: Names Parsons and Kenealy as Liquidators

PHOENIX ONE: Appoints Parsons and Kenealy as Liquidators
UTULEI CONSTRUCTIONS: Court Sets Liquidation Hearing on Dec. 7


P H I L I P P I N E S

BENPRES HOLDINGS: To Transfer 49% FPIDC Stake to City Resources
MANILA MINING: SEC Approves Increase of Capital Stock
VICTORIAS MILLING: Sets Annual Stockholders' Meeting on Feb. 7


S I N G A P O R E

ARMSTRONG INDUSTRIAL: Unveils Shareholder's Change of Interest
CLOVERMATES INTERNATIONAL: Pays Preferential Dividend
HLG ENTERPRISE: Grace Star Dispatches Offer Document
MICRO COMPONENT: Incurs US$1.9 Mil. Net Loss in 2006 Third Qtr.
ODYSSEY RE: Declares Dividends on Common, Series A and B Stocks

PACIFIC RECREATION: Court Orders Wind-Up of Operations


T H A I L A N D

GOV'T HOUSING: Cuts Down Lending Target to Comply with Directive
SIAM CITY: BOT Endorses Chulakorn Amid Directors' Objections


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

A.H.B. PTY: Members to Receive Wind-Up Report on Dec. 22
--------------------------------------------------------
The members of A.H.B. Pty Ltd will meet on Dec. 22, 2006, at
10:30 a.m., to receive the report of the company's wind-up
proceedings and property disposal exercises.

On August 31, 2006, the Troubled Company Reporter - Asia Pacific
reported that the company underwent voluntary wind-up on June
30, 2006.  At the same time, James Patrick Downey was appointed
as liquidator.

The Liquidator can be reached at:

         J. P. Downey
         Cole Downey & Co
         Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia

                         About A H B Pty

A H B Pty Limited is located in New South Wales, Australia.  The
company's business includes drugs, drug proprietaries, and
druggists' sundries.


AWB LIMITED: Inquiry Findings May Pose Financial Uncertainty
------------------------------------------------------------
As of September 30, 2006, AWB Limited's consolidated balance
sheet revealed AU$3.67 billion in total current assets available
to pay AU$1.98 billion of total current liabilities coming due
within the next 12 months.

AWB's September 30, 2006, balance sheet also showed total assets
of AU$5.65 billion and total liabilities of AU$4.52 billion
resulting to total shareholders' equity of AU$1.12 billion.

The board of directors declared that there are reasonable
grounds to believe that the company will be able to pay its
debts as and when they become due and payable.

However, after auditing AWB's financial results for the fiscal
year ended September 30, 2006, Brett Kallio, a partner at Ernst
& Young, disclosed that there is inherent uncertainty
surrounding the consolidated entity with regard to matters
associated with the Federal Inquiry into certain Australian
companies in relation to the United Nations Oil-for-Food
Programme.

Mr. Kallio noted that there is uncertainty as to the nature of
the findings of the Oil-for-Food Inquiry and the resultant
impact, if any, on the company's financial position, financial
performance, cash flows and its operations arising directly or
indirectly from the Inquiry.

The potential financial effects, if any, arising from the
findings were not contained in the financial report.

                          About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to AU$5 billion per year.  
AWB's footprint includes more than 430 outlets through its
subsidiary landmark and has offices across the world.  The
company employs more than 2,700 staff reaching over 100,000
customers.  AWB is also one of the nation's largest suppliers of
rural merchandise, distributors of fertilizer, marketers of
livestock, brokers of rural real estate and handlers of wool.

In late 2005, AWB was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  The Australian Government then appointed a commission,
headed by retired judge Terence Cole, to investigate into the
Company's role in and the Government's alleged "knowledge" of
the scandal.  The "Cole Inquiry" is currently underway.  The
scandal is anticipated to create great political repercussions
to the Australian Government, given the country's contribution
to military action against President Hussein in the 2003
invasion of Iraq.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
July 12, 2006, that six American wheat farmers have launched a
AU$1-billion class action against AWB in the United States,
claiming its dealings in overseas markets damaged their own
incomes.  According to the TCR-AP report, more farmers are
considering joining the class action.

The TCR-AP also previously reported that Australian law firm
Maurice Blackburn Cashman was considering a class action against
AWB on behalf of shareholders who lost money in the wake of the
Cole Inquiry.


AWB LIMITED: Responds to Oil-For-Food Inquiry Report
----------------------------------------------------
In a statement filed with the Australian Stock Exchange, AWB
Limited Chairman Brendan Stewart said that the board of
directors deeply regrets the manner in which the company's wheat
trade with Iraq from 1999 until 2004 under the United Nations
Oil-for-Food program was conducted and the damage to Australia's
trade reputation.

According to Mr. Stewart, the Board ultimately accepts
accountability for the way in which the wheat trade with Iraq
under the United Nations Oil-for-Food program was conducted and
is committed to making significant changes to ensure it does not
happened again.

"The Board is committed to building the right accountability and
operating culture in the future and the task before everyone at
AWB is to embrace the necessary changes to restore the
confidence of the broader community," Mr. Stewart said.

"We have already appointed a new Managing Director, Gordon
Davis, and a new management team, initiated an independent
review of governance structures and practices within AWB and
separate reviews of international marketing activities," Mr.
Stewart noted.

"Gordon Davis has embarked on a cultural change program to
develop and commit to a set of values that will guide employees
in interactions with stakeholders and with each other.  We will
ensure that these values and behaviors will be integral in all
of our people management processes -- performance management,
feedback, reward and recognition, recruitment, promotions, and
training," Mr. Stewart ascertains.

"We accept that more needs to be done, and the Board has agreed
to seek shareholder approval to split AWB Limited and AWB
International as part of reform program to ensure improved
governance, culture, and operating performance," Mr. Stewart
further said.

                          About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to AU$5 billion per year.  
AWB's footprint includes more than 430 outlets through its
subsidiary landmark and has offices across the world.  The
company employs more than 2,700 staff reaching over 100,000
customers.  AWB is also one of the nation's largest suppliers of
rural merchandise, distributors of fertilizer, marketers of
livestock, brokers of rural real estate and handlers of wool.

In late 2005, AWB was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  The Australian Government then appointed a commission,
headed by retired judge Terence Cole, to investigate into the
Company's role in and the Government's alleged "knowledge" of
the scandal.  The "Cole Inquiry" is currently underway.  The
scandal is anticipated to create great political repercussions
to the Australian Government, given the country's contribution
to military action against President Hussein in the 2003
invasion of Iraq.

However, after auditing AWB's financial results for the fiscal
year ended September 30, 2006, Brett Kallio, a partner at Ernst
& Young, disclosed that there is inherent uncertainty
surrounding the consolidated entity with regard to matters
associated with the Federal Inquiry into certain Australian
companies in relation to the United Nations Oil-for-Food
Programme.

Mr. Kallio noted that there is uncertainty as to the nature of
the findings of the Oil-for-Food Inquiry and the resultant
impact, if any, on the company's financial position, financial
performance, cash flows and its operations arising directly or
indirectly from the Inquiry.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
July 12, 2006, that six American wheat farmers have launched a
AU$1-billion class action against AWB in the United States,
claiming its dealings in overseas markets damaged their own
incomes.  According to the TCR-AP report, more farmers are
considering joining the class action.

The TCR-AP also previously reported that Australian law firm
Maurice Blackburn Cashman was considering a class action against
AWB on behalf of shareholders who lost money in the wake of the
Cole Inquiry.

AWB's September 30, 2006, balance sheet showed total assets of
AU$5.65 billion and total liabilities of AU$4.52 billion
resulting to total shareholders' equity of AU$1.12 billion.


AWB LIMITED: Proposes Splitting Business into Two Companies
-----------------------------------------------------------
On November 29, 2006, AWB Limited Chairman Brendan Stewart
disclosed that the company's board of directors will seek
shareholder approval in February 2007 to split AWB into two
separate companies:

   1. a wholly grower-owned Single Desk manager; and

   2. a purely commercial agri-business company.

"The proposed split will establish AWB International as a wholly
grower-owned manager of the National Pool, in which it will also
retain the obligation to ensure security of payments and
maximize returns to wheat growers," Mr. Stewart explained.

"The split proposal will enable AWB International to become a
more efficient and commercially focused organization with a
standard commercial Constitution that will facilitate the
transition to a more competitive environment," Mr. Stewart said.

Mr. Stewart stated that the Board strongly believes that the
National Pool arrangements including the bulk veto and buyer of
the last resort administered by AWB International have served
wheat growers and are still the best way to maximize returns to
growers.

The proposed changes are consistent with six key principles
proposed by the grains industry for any changes to Australia's
Single Desk wheat marketing arrangements:

   1. Separating the ownership of the Single Desk franchise from
      the commercial service provider;

   2. Wheat grower ownership and control of the Single Desk
      franchise;

   3. The highest levels of governance and transparency;

   4. Maximization of net returns to National Pool participants;

   5. Security of payment to National Pool participants; and

   6. Contestable service arrangements to the National Pool

"We intend to present a detailed proposal for AWB reform to
shareholders at the AGM.  It is intended that the proposal will
be voted on by shareholders at a subsequent Extraordinary
General Meeting," Mr. Stewart noted.

In a separate statement, Mr. Stewart disclosed "the Board is
prepared to accept accountability for the actions of management
and the culture at AWB during the Oil-for-Food program.  The de-
merger process will enable a structured and orderly transition
of the company and Board renewal including the Chairman's role.  
Thus, I intend to step down as Chairman once shareholders have
approved the split."

                          About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to AU$5 billion per year.  
AWB's footprint includes more than 430 outlets through its
subsidiary landmark and has offices across the world.  The
company employs more than 2,700 staff reaching over 100,000
customers.  AWB is also one of the nation's largest suppliers of
rural merchandise, distributors of fertilizer, marketers of
livestock, brokers of rural real estate and handlers of wool.

In late 2005, AWB was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  The Australian Government then appointed a commission,
headed by retired judge Terence Cole, to investigate into the
Company's role in and the Government's alleged "knowledge" of
the scandal.  The "Cole Inquiry" is currently underway.  The
scandal is anticipated to create great political repercussions
to the Australian Government, given the country's contribution
to military action against President Hussein in the 2003
invasion of Iraq.

However, after auditing AWB's financial results for the fiscal
year ended September 30, 2006, Brett Kallio, a partner at Ernst
& Young, disclosed that there is inherent uncertainty
surrounding the consolidated entity with regard to matters
associated with the Federal Inquiry into certain Australian
companies in relation to the United Nations Oil-for-Food
Programme.

Mr. Kallio noted that there is uncertainty as to the nature of
the findings of the Oil-for-Food Inquiry and the resultant
impact, if any, on the company's financial position, financial
performance, cash flows and its operations arising directly or
indirectly from the Inquiry.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
July 12, 2006, that six American wheat farmers have launched a
AU$1-billion class action against AWB in the United States,
claiming its dealings in overseas markets damaged their own
incomes.  According to the TCR-AP report, more farmers are
considering joining the class action.

The TCR-AP also previously reported that Australian law firm
Maurice Blackburn Cashman was considering a class action against
AWB on behalf of shareholders who lost money in the wake of the
Cole Inquiry.

AWB's September 30, 2006, balance sheet showed total assets of
AU$5.65 billion and total liabilities of AU$4.52 billion
resulting to total shareholders' equity of AU$1.12 billion.


BERWICK INN: Members to Hear Liquidator's Wind-Up Report
--------------------------------------------------------
The members of Berwick Inn Pty Ltd will meet for their final
meeting on Dec. 28, 2006, at 9:00 a.m., to hear Liquidator
Mansell's report on the company's wind-up proceedings and
property disposal exercises.

According to the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on Sept. 4, 2006.

The Liquidator can be reached at:

         Richard Mansell
         R. G. Mansell & Associates
         Level 3, 118 Queen Street
         Melbourne
         Australia
         Telephone:(03) 9603 0090
         Facsimile:(03) 9603 0099

                       About Berwick Inn

Berwick Inn Pty Ltd is located in Victoria, Australia.  The
company is engaged with unit investment trusts, face-amount
certificate offices, and closed-end management investment
offices.


DORMAN EQUIPMENT: Members Agree to Shut Down Firm
-------------------------------------------------
At an extraordinary general meeting held on Nov. 20, 2006, the
members of Dorman Equipment Pty Ltd resolved to voluntarily wind
up the company's operations.

Clyde Peter White and David Charles Quin were consequently
appointed as the company's liquidators.

The Liquidators can be reached at:

         Clyde Peter White
         David Charles Quin
         HLB Mann Judd
         Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne
         Australia

                     About Dorman Equipment

Dorman Equipment Pty Ltd is located in Victoria, Australia.  The
company manufactures industrial/commercial machinery and
equipment.


EMERALD GLEN: Priority Creditors Must Prove Debts by Dec. 20
------------------------------------------------------------
Emerald Glen Constructions Pty Ltd, which is in liquidation,
will declare the first and final dividend for priority creditors
on Jan. 10, 2007.

Priority creditors are required to submit their proofs of debt
by Dec. 20, 2006, or they will be excluded from the benefit of
the dividend.

The Joint and Several Liquidator can be reached at:

         David James Lofthouse
         CJL Partners
         Level 3, 180 Flinders Lane
         Melbourne, Victoria 3000
         Australia
         Telephone: 9639 4779
         Facsimile: 9639 4773

                       About Emerald Glen

Emerald Glen Constructions Pty Ltd is located in Victoria,
Australia.  The company is engaged with engineering services.


FREEDOM THROUGH: Enters Liquidation Proceedings
-----------------------------------------------
At an extraordinary general meeting held on Nov. 10, 2006, the
members of Freedom Through Diversity Pty Ltd resolved to
voluntarily wind up the company's operations.

Subsequently, Stephen Robert Dixon and Laurence Andrew
Fitzgerald were appointed as joint and several liquidators at
the creditors' meeting held that same day.

The Joint and Several Liquidators can be reached at:

         Stephen Robert Dixon
         Laurence Andrew Fitzgerald
         Horwath BRI (Vic) Pty Ltd
         Chartered Accountants
         Level 30, The Rialto
         525 Collins Street
         Melbourne, Victoria 3000
         Australia

                About Freedom Through Diversity

Freedom Through Diversity Pty Ltd -- also trading as Pieno,
Pieno Boutique and Pcorp -- is located in Victoria, Australia.
The company operates Women's Clothing Stores.


I L SYSTEMS: Members Resolve to Wind Up Operations
--------------------------------------------------
The members of I L Systems Pty Ltd held a general meeting on
Nov. 20, 2006, and resolved to voluntarily wind up the company's
operations.

In this regard, Clyde Peter White and David Charles Quin were
appointed as liquidators.

The Liquidators can be reached at:

         Clyde Peter White
         David Charles Quin
         HLB Mann Judd
         Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne
         Australia

                       About I L Systems

I L Systems Pty Ltd is located in Victoria, Australia.  The
company is engaged with rolling, drawing and extruding of
copper.


LINK MEDICAL: Members' Final Meeting Slated for December 22
-----------------------------------------------------------
The members of Link Medical Laboratory Holdings Pty Ltd will
hold a final meeting on Dec. 22, 2006, at 10:30 a.m., to
consider the liquidator's account of the company's wind-up
proceedings.

On August 28, 2006, the Troubled Company Reporter - Asia Pacific
reported that the members agreed to shut down the company's
operations on June 30, 2006.

The Liquidator can be reached at:

         J. P. Downey
         Cole Downey & Co
         Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia

                       About Link Medical

Link Medical Laboratory Holdings Pty Ltd is located in Western
Australia, Australia.  The company operates medical
laboratories.


NATURAL FACTS: Schedules Members' Final Meeting on Dec. 22
----------------------------------------------------------
Natural Facts Pty Ltd, which is in liquidation, will hold a
final meeting for its members on Dec. 22, 2006, at 10:30 a.m.

During the meeting, the members will receive Liquidator Downey's
account of the company's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

         J. P. Downey
         Cole Downey & Co
         Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia

                       About Natural Facts

Natural Facts Pty Ltd is located in New South Wales, Australia.
The company manufactures perfumes, cosmetics, and other
toiletries.


ROCKE INVESTMENTS: To Hold Members' Final Meeting on Dec. 29
------------------------------------------------------------
Rocke Investments Pty Ltd, which is in liquidation, will hold a
final meeting for its members on Dec. 29, 2006, at 10:00 a.m.

At the meeting, Liquidator J. P. Downey will present an account
of the company's wind-up proceedings and property disposal
activities.

The Liquidator can be reached at:

         J. P. Downey
         Cole Downey & Co
         Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia

                    About Rocke Investments

Rocke Investments Pty Ltd is located in Victoria, Australia.  
The company is engaged with crude petroleum pipelines.


STONEHENGE PROPERTIES: Liquidator to Present Wind-Up Report
-----------------------------------------------------------
The members of Stonehenge Properties Pty Ltd will meet for their
final meeting on Dec. 22, 2006, at 10:30 a.m., to receive
Liquidator Downey's report regarding the company's wind-up
proceedings.

On September 1, 2006, the Troubled Company Reporter - Asia
Pacific reported that the company commenced a wind-up of its
operations on June 30, 2006.

The Liquidator can be reached at:

         J. P. Downey
         Cole Downey & Co
         Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia

                  About Stonehenge Properties

Stonehenge Properties Pty Ltd is located in Victoria, Australia.  
The company operates nonresidential buildings.


WINTY ENTERPRISES: Members and Creditors to Hear Wind-Up Report
---------------------------------------------------------------
The members and creditors of Winty Enterprises Pty Ltd will meet
for their final meeting on Jan. 8, 2007, at 9:15 a.m., to hear
Liquidator Goodin's report regarding the company's wind-up
proceedings.

On May 27, 2005, the Troubled Company Reporter - Asia Pacific
reported that during a general meeting held on April 18, 2005,
the members resolved to voluntarily wind up the company.

The Liquidator can be reached at:

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

                    About Winty Enterprises

Winty Enterprises Pty Ltd is located in Victoria, Australia.  
The company operates restaurants.


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

E-BUSINESS EXCHANGE: Members' Final Meeting Slated for Dec. 27
--------------------------------------------------------------
E-Business Exchange Hong Kong Ltd, which is in members'
voluntary liquidation, will hold a final general meeting on Dec.
27, 2006, at 3:00 p.m.

During the meeting, Liquidator Keith So Kwok Keung will present
an account of the company's wind-up proceedings and property
disposal exercises.

The Troubled Company Reporter - Asia Pacific has reported that
on Sept. 12, 2006, shareholders passed a resolution to wind up
the company's operations.

The Liquidator can be reached at:

         Keith So Kwok Keung
         Room 1201, Dina House
         Ruttonjee Centre
         11 Duddell Street, Central
         Hong Kong


GUANGDONG DEV'T: To Name New President, Chairman on Dec. 18
-----------------------------------------------------------
Guangdong Development Bank (GDB) will appoint its new president
and chairman of the board on Dec. 18, 2006, the Xinhuanet News
reports.

The appointment will happen after Citigroup's consortium
succeeded in a bid to buy an 85% stake in the bank, the
newspaper relates.

As reported by the Troubled Company Reporter - Asia Pacific on
November 21, 2006, Citigroup won the majority stake in Guangdong
for US$3.1 billion.

Shareholders and the China Banking Regulatory Commission must
first approve the nominees for the post.  The president of GDB
is likely to be nominated by the Citigroup, Beijing News says.

In addition, Richard Stanley, the U.S. bank's head of China,
told reporters they will appoint a CEO for Guangdong by the end
of this year, TCR-AP said.

                          *     *     *

Guangdong Development Bank -- http://ebank.gdb.com.cn/-- is a  
bank based in Guangzhou, Guangdong, People's Republic of China.  
The bank was founded in 1988.

Fitch Ratings on August 14, 2006, affirmed Guangdong Development
Bank's Individual 'E' and Support '4' ratings.

According to Fitch, Guangdong Development Bank's Individual 'E'
rating reflects its very weak profitability, large stock of
NPLs, low capital and poor disclosure.

The GDB, established in 1988, was developed into a national bank
with assets worth of CNY370 billion (US46.25 billion) and more
than 12,000 employees.

By the end of 2003, the bank's bad loans totaled CNY35.7
billion, accounting for 18.53% of its total loans.


HARMONIC HALL: Creditors Must Prove Debts Today
-----------------------------------------------
Harmonic Hall Optical Disc Ltd, which is in compulsory
liquidation, will declare the first and final dividend.

Liquidator Hill will be receiving creditors' proofs of debt
until Dec. 1, 2006.

The Liquidator can be reached at:

         Nicholas Timothy Cornforth Hill
         1401, Level 14, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Admiralty
         Hongkong


JAPAN LEASING: Creditors to Meet on December 14
-----------------------------------------------
Japan Leasing (Hong Kong) Ltd, which is in creditors' voluntary
liquidation, will hold a meeting for its creditors on Dec. 14,
2006, at 12:00 p.m.

During the meeting, Liquidator Paul Jeremy Brough will present
the account of the company's wind-up proceedings.

Previous reports of the Troubled Company Reporter - Asia Pacific
stated that the creditors held meetings on Dec. 8, 2004, and
Dec. 16, 2005, to receive the liquidator's accounts on the
company's wind-up.

The Liquidator can be reached at:

         Paul Jeremy Brough
         27/F Alexandra House
         18 Chater Road, Central
         Hong Kong


MASPON COMPANY: Creditors' Proofs of Claim Due on December 18
-------------------------------------------------------------
Creditors of Maspon Company Ltd are required to file their
proofs of claim to Liquidator Kevin Chung Ying Hui by Dec. 18,
2006, or they will be excluded from any distribution the company
will make.

As reported by the Troubled Company Reporter - Asia Pacific,
Mr. Hui was appointed as the company's liquidator on Nov. 10,
2006.

The Liquidator can be reached at:

         Kevin Chung Ying Hui
         16/F, Ocean Centre
         Harbour City, Canton Road
         Kowloon
         Hong Kong


RIDDLEWOOD COMPANY: Creditors Must Prove Debts by December 18
-------------------------------------------------------------
Liquidator Kevin Chung Ying Hui requires the creditors of
Riddlewood Company Ltd, which is in voluntary liquidation, to
submit their proofs of debt by Dec. 18, 2006.

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

As reported by the Troubled Company Reporter - Asia Pacific,
Mr. Hui was appointed as the company's liquidator on Nov. 10,
2006.

The Liquidator can be reached at:

         Kevin Chung Ying Hui
         16/F, Ocean Centre
         Harbour City, Canton Road
         Kowloon
         Hong Kong


SHANGHAI PUDONG: Issues New Shares to Raise CNY5.9 Billion
----------------------------------------------------------
On November 30, 2006, Shanghai Pudong Development Bank issued
439.88 million new shares priced at CNY13.64 apiece for
subscription by shareholders to raise a total of CNY5.9 billion,
the China Daily reports.

SPDB's major holder, Shanghai International Group, with its
subsidiary Shanghai International Trust & Investment Co Ltd,
will account for 30.85% of shares of the lender after issuance.  
Citibank will account for 3.78% while Ping An Insurance will
make up 4.47%, the newspaper relates.

Gains from the offering are expected to boost the bank's capital
adequacy ratio to 9% from 8.01% -- only slightly above the 8%
minimum required by the China Securities Regulatory Commission.

"We will control the venture capital risk and develop the low-
risk bank businesses to maintain the adequacy rate at a higher
level," the paper quotes Shen Si, secretary of the Board of
Directors of SPDB, as saying.

According to China Daily, the lender keeps and controls its
capital adequacy rate in five ways:

   1. raising money through listed companies;
   2. issuing bonds;
   3. gaining profits from banking business;
   4. doing intermediate business; and
   5. lowering the venture capital amount

This is the second time for the bank to increase its capital
since January 2003, the paper recounts.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 8, 2006, Shanghai Pudong also issued about 700 million A-
shares for CNY9.5 billion aiming to raise HKD10 billion in an
initial public offering in Hong Kong.

Proceeds gained from the planned IPO would be used to build
capital base and expansion, TCR-AP added.

                          *     *     *

A nationwide commercial bank with a registered capital of
CNY3.915 billion, Shanghai Pudong Development Bank Co., Ltd --
http://www.spdb.com.cn/-- established in October 1992,  
officially opened in January 1993 and listed in the Shanghai
Stock Exchange in November 1999.  By the end of 2005, SPDB has
set up 350 branches in 41 cities across Mainland China.

On August 15, 2006, the Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings affirmed the bank's Individual D/E
rating. According to Fitch, the action reflects the bank's weak
credit profile, including sizeable under-capitalization and weak
asset quality relative to peers.  

The recent failure of the bank's non-tradable share reform
proposal has placed negative pressure on its rating, as
additional capital cannot be raised until the reform is
completed.  SZDB's capital adequacy improved in 2005, with the
bank's total capital adequacy ratio rising to 3.7% from 2.3% the
prior year.  However, this ratio remains well below the
regulatory requirement of 8%.


SHORTRIDGE LTD: Creditors, Contributories to Hold Annual Meeting
----------------------------------------------------------------
The annual meetings of the creditors and contributories of
Shortridge Ltd, which is in receivership, will be held on Dec.
8, 2006, at 11:00 a.m. and 11:30 a.m., respectively.

At the meetings, Liquidators Alan Chung Wah Tang and Alison Wong
Lee Fung Ying will present the account of the company's wind-up
proceedings.

The Joint and Several Liquidators can be reached at:

         Alan Chung Wah Tang
         Alison Wong Lee Fung Ying
         Grant Thornton
         13/F, Gloucester Tower
         The Landmark
         15 Queen's Road Central
         Hong Kong
         Facsimile: 2218 3500


ZTE CORP: Fitch Hands BB to Foreign and Local IDR's
---------------------------------------------------
On November 30, 2006, Fitch Ratings assigned China-based ZTE
Corporation Long-term foreign and local currency Issuer Default
ratings of 'BB+'.  The rating Outlook is Stable.

The ratings reflect ZTE's position as the second-largest Chinese
telecom equipment vendor with solid technological capabilities.  
"ZTE's established market position is anchored by the company's
strong competitive advantage as one of the few equipment vendors
able to offer comprehensive telecom equipment and solutions
based on all three major international third-generation
technology standards," said Matthew Kong, associate director in
Fitch's Asia-Pacific Corporate Group.

"This helps the company hedge the risk associated with the
choice of standards in various markets."  The three major 3G
technology standards are W-CDMA, CDMA2000 and the home-grown TD-
SCDMA.

Fitch notes that ZTE's business profile is being bolstered by
its growing international presence - supported by its low cost
structure and increasingly recognized technical strengths.  
These factors have enabled the company to reduce its dependence
on the domestic market. The ratings also take into consideration
the company's growing scale and market share in other businesses
such as optical and data communications equipment.

Fitch also recognizes as a positive rating factor ZTE's
conservative capital structure, as reflected in its net cash
position and solid interest coverage.  Although Fitch notes
ZTE's weaker operating performance in the first half of 2006 on
the back of sluggish domestic sales and higher operating
expenses in international markets, the agency expects ZTE's
financial profile to remain in line with its assigned rating in
the intermediate term.

"As a whole, ZTE's financial stability is enhanced by its
established market position, broadening product mix and widening
geographic reach, with the upcoming 3G deployment in China
providing growth impetus for its earnings and cash flow going
forward," commented Mr. Kong.

However, Fitch continues to be concerned about the regulatory
uncertainty in China with regards to the 3G licensing framework,
which has resulted in cautious capital expenditure by domestic
telecom carriers and slower domestic sales for ZTE.  Fitch
anticipates the government to unveil its 3G strategy in early
2007 following the completion of the final TD-SCDMA network
trials.  The agency, however, warns that possible further delay
may adversely affect ZTE's operating performance and cash
generation, resulting in downward rating pressure. Fitch
maintains a cautious view on China's 3G development.

Against the geographical diversification benefit of overseas
expansion, Fitch weighs the potential erosion in operating
margins from increased operating expenses and intense
competition in the international markets, where there are many
established and resourceful players with proven technological
capabilities and vast experience in network deployment and
commercialization.

ZTE provides a range of telecommunications systems and
equipment, including wireless, wireline switch and access
equipment, optical and data communications equipment, handsets,
and telecommunications software systems and services.  The
company has dual listings on the Hong Kong and Shenzhen stock
exchanges.  For the year ended December 31 2005, ZTE reported a
turnover of CNY21.6 billion, of which wireless communication
equipment contributed 41.4%.


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

GENERAL MOTORS: Sells 51% Stake in GMAC to Cerberus for $14 Bil.
----------------------------------------------------------------
General Motors Corp. completed yesterday the sale of a 51%
interest in GMAC to a consortium of investors led by Cerberus
FIM Investors LLC and including wholly owned subsidiaries of
Citigroup Inc., Aozora Bank Ltd., and The PNC Financial Services
Group Inc.

The transaction will preserve the mutually beneficial
relationship between GM and GMAC, while improving GMAC's access
to cost-effective funding.  In addition, the sale of the
controlling interest in GMAC will provide significant liquidity
to GM that will support its North American turnaround plan,
finance global growth initiatives, and strengthen its balance
sheet.

"This has been a year of significant actions and progress for
GM, as we aggressively execute our North America turnaround plan
and position the company for long-term growth and profitability.
Successfully completing the GMAC transaction has been a key
priority for the company, and an important step to further
support GM's turnaround," GM chairman and chief executive
officer Rick Wagoner said.

"This transaction will result in a stronger GMAC, with enhanced
access to funding at lower costs and greater opportunities for
growth, including leveraging their traditionally strong
relationships with GM dealers.

"Although GMAC will have a new majority owner, GM and GMAC will
remain strategic partners through various long-term agreements.  
GM will retain a 49% ownership stake in GMAC, and the close
operating relationship between the companies will continue," Mr.
Wagoner said.

"We look forward to working with the Cerberus-led consortium as
majority owners of GMAC in the future.  All the parties are
committed to maintaining a high degree of service to our dealers
by providing the right wholesale, retail, and lease products to
support the sale of GM cars and trucks."

GM expects to receive approximately US$14 billion in net cash
proceeds and distributions over three years, after repayment of
intercompany debt but before purchases of preferred equity in
GMAC.  This includes a US$7.4 billion purchase price, a
US$2.7 billion cash dividend from GMAC, and other transaction
related cash flows including the monetization of certain
retained assets.  GM and the Cerberus-led consortium invested
US$1.9 billion of cash in preferred equity in GMAC --
US$1.4 billion by GM and US$500 million by the consortium.

                       About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the   
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries, including India,  Mexico, and its vehicles are sold
in 200 countries.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 17, 2006, Standard & Poor's Ratings Services assigned its
'B+' bank loan rating to General Motors Corp.'s proposed US$1.5
billion senior term loan facility, expiring 2013, with a
recovery rating of '1'.  The 'B+' rating was placed on
Creditwatch with negative implications, consistent with the
other issue ratings of GM, excluding recovery ratings.

According to TCR-AP on Nov. 16, 2006, Moody's Investors Service
assigned a Ba3, LGD1, 9% rating to the proposed US$1.5 Billion
secured term loan.  The term loan is expected to be secured by a
first priority perfected security interest in all of the US
machinery and equipment, and special tools of GM and Saturn
Corporation.


GENERAL MOTORS: GMAC Releases Composition of New Board
------------------------------------------------------
GMAC Financial Services became an independent global financial
services company after 87 years as a wholly owned subsidiary of
General Motors Corp.

GM completed yesterday the sale of a majority equity stake in
GMAC to an investment consortium led by Cerberus FIM Investors
LLC and including wholly owned subsidiaries of Citigroup Inc.,
Aozora Bank Ltd., and The PNC Financial Services Group Inc.

As a result of this transaction, GMAC expects to benefit from
access to a lower cost of funds as it assumes a separate and
independent credit profile and independent governance by a new
board.

In addition, GM and GMAC have entered into 10-year agreements
under which GMAC will remain the exclusive provider of GM-
sponsored auto finance programs and will continue to provide GM
dealers and their customers with the same broad range of
financial products and services as it does today.

GMAC's existing management team will remain in place and is led
by chief executive officer Eric Feldstein, president William
Muir, and chief financial officer Sanjiv Khattri.

"GMAC has had tremendous success -- more than US$9.4 billion of
net income since the beginning of 2003 -- during a time when our
credit ratings were under pressure and our access to capital was
constrained," said Feldstein.  "This accomplishment reflects the
consistently strong operating results of our core business units
despite the funding challenges we encountered."

GMAC has established itself as the leading global auto finance
company, the largest provider of automotive extended warranty
and dealer vehicle inventory insurance, and a Top 10 participant
in real estate finance with nine consecutive years of market
share growth.  The company has a superior asset origination
capability -- more than US$60 billion per year just in the auto
segment -- and a world-class servicing capability in both auto
and mortgage.

"The prospects for GMAC look quite promising as we now combine
our existing business strengths with improved credit ratings, a
more competitive cost of funds, and a strengthened capital base
to support profitable growth," Feldstein said.

                 New GMAC Board of Directors Named

The company's new 13-member board was named yesterday.  The
board includes independent members as well as representatives
from the Cerberus-led consortium and GM.  Ezra Merkin, a
managing partner with Gabriel Capital Group, has been named non-
executive chairman of the GMAC Board.

Other members of the board are:

   * Walter Borst, General Motors Treasurer;

   * Frank Bruno, Cerberus Global Investments LLC President and
     Managing Director;

   * T.K. Duggan, Durham Asset Management Co-Founder;

   * Fritz Henderson, General Motors Vice Chairman and
     Chief Financial Officer;

   * Douglas Hirsch, Seneca Capital Founder and Managing
     Partner;

   * Michael Klein, Citigroup Chief Executive Officer,
     Global Banking;

   * Mark LaNeve, General Motors Vice President North America
     Vehicle Sales, Service and Marketing;

   * Mark Neporent, Cerberus Capital Management L.P.
     Chief Operating Officer and Senior Managing Director;

   * Seth Plattus, Cerberus Capital Management L.P.
     Chief Administrative Officer and Senior Managing Director;

   * Bob Scully, Morgan Stanley Co-President;

   * Lenard Tessler, Cerberus Capital Management L.P.
     Managing Director;

   * Rick Wagoner, General Motors Chairman and Chief Executive
     Officer;

The consortium, which will hold a 51% interest in GMAC, is
committed to a long-term investment horizon through a five-year
minimum hold period.  Cerberus has also committed to reinvest
all of its after-tax distributions into GMAC preferred stock in
years 3-5 after closing.

"Cerberus Capital and the investor consortium are committed to a
long-term partnership that will bring sustained growth,
diversity of product offerings and lasting benefits to GMAC,"
Cerberus' chief operating officer and senior managing director
Mark Neporent said.

"We're committed to helping GMAC compete even more effectively
and continuing its tradition of strong growth and success.  
Cerberus has great confidence and respect for the people of GMAC
and we look forward to the continued success of GMAC as an
independent company."

GMAC's capital base has been bolstered by US$1.9 billion through
its issuance of preferred equity to GM (US$1.4 billion) and
Cerberus (US$500 million).  The company's previously announced
US$10 billion asset-backed facility, arranged through Citibank,
will offer an additional source of liquidity.  Strengthened by
the company's new ownership and independent governance
structure, GMAC expects improved credit ratings will lead to
lower-cost funding.

"[Yester]day marks an exciting new era for GMAC.  Our improved
capital position and credit profile enable us to play offense
again," Mr. Feldstein said.

"With a global franchise spanning nearly 40 countries, and
world-class asset origination and servicing capabilities, GMAC
is well positioned to generate increasing revenue at higher
returns across all of our businesses long-term."

                       About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the   
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries, including India,  Mexico, and its vehicles are sold
in 200 countries.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 17, 2006, Standard & Poor's Ratings Services assigned its
'B+' bank loan rating to General Motors Corp.'s proposed US$1.5
billion senior term loan facility, expiring 2013, with a
recovery rating of '1'.  The 'B+' rating was placed on
Creditwatch with negative implications, consistent with the
other issue ratings of GM, excluding recovery ratings.

According to TCR-AP on Nov. 16, 2006, Moody's Investors Service
assigned a Ba3, LGD1, 9% rating to the proposed US$1.5 Billion
secured term loan.  The term loan is expected to be secured by a
first priority perfected security interest in all of the US
machinery and equipment, and special tools of GM and Saturn
Corporation.


GMAC LLC: GM Stake Sale Cues S&P to Upgrade Credit Rating to BB+
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on GMAC
LLC to 'BB+/B-1' from 'BB/B-1' and removed them from
CreditWatch, where they were placed on Oct. 3, 2005.

The outlook is now developing.

At the same time, Standard & Poor's raised its ratings on GMAC's
subsidiary, Residential Capital LLC, to 'BBB/A-3' from 'BBB-A-3'
and removed them from CreditWatch, where they were placed on
Oct. 3, 2005.

The outlook is negative.

The upgrades reflect the benefits to GMAC and ResCap that will
result from ultimate parent General Motors Corp.'s sale of a
51% ownership stake in GMAC to a consortium headed by Cerberus
Capital Management L.P., in a transaction Standard & Poor's
expects will close shortly.

Standard & Poor's believe the transaction will result in a lower
risk of default at GMAC than at GM, making it appropriate to
sever the absolute correlation in the ratings between the two.

"Although GMAC will continue to bear some risks stemming from
its business and ownership ties to GM, the protections afforded
by the transaction, combined with the diversity of GMAC's
mortgage and insurance businesses, its excellent asset quality,
and significant profit potential, are sufficient to justify a
higher rating on GMAC than on GM," explained Standard & Poor's
credit analyst Scott Sprinzen.

The ratings on GM remain on CreditWatch, although the rating
agency is now in the final stages of resolving the analytical
issues in this review.

Chief among the measures that afford substantial protection to
GMAC creditors are:

    * With the reduction in GM's ownership stake in GMAC, if GM
      were to file for bankruptcy, GM would not be able
      unilaterally to cause GMAC to also file for bankruptcy
      protection.

    * Under U.S. pension regulations, GMAC will no longer be
      part of the GM "control group," and so would not be liable
      for any unfunded pension liability of GM's, should GM's
      U.S. pension plans be terminated.

The Pension Benefit Guaranty Corp. has formally agreed that it
will not seek to impose any liability upon GMAC under such
circumstances.

Various existing arrangements between GMAC and GM have been
modified, and intercompany borrowings have been largely repaid,
in order to limit GMAC's ongoing direct credit exposure to GM.
Going forward, GMAC's direct unsecured credit exposure to GM
will be capped at US$1.5 billion.

Under governance procedures that have been implemented, GM's
ability to influence GMAC's operating policies-including its
underwriting standards-will be significantly restricted; GMAC's
financial leverage will decline over the next few years, since
GMAC will retain a significant portion of its earnings, and
Cerberus is contractually committed to reinvest a portion of the
dividends it receives back into GMAC in the form of preferred
stock.

The rating agency assumes the capital markets will, like
Standard & Poor's, view the transaction favorably, which should
enhance GMAC's access to the unsecured term debt market, thereby
improving its funding flexibility and reducing its borrowing
costs; and GMAC's funding flexibility will also benefit from
US$25 billion of new funding facilities, including US$10 billion
already provided by Citigroup, which is one of the consortium
members.

Despite the beneficial aspects of the proposed transaction, GMAC
will continue to face some GM-related risks.  In particular, the
value of GMAC's core automotive finance franchise will still be
influenced by GM's fortunes.

If GM's competitiveness deteriorates further, especially if GM
were ultimately to declare bankruptcy, this could have a severe
effect on the credit and residual loss levels associated with
GMAC's retail and wholesale loan and lease portfolios.

There are limits on GMAC's ability to contain its GM-related
credit exposure: GMAC is required to continue allocating capital
to provide financing to GM customers and wholesale dealers in
accordance with historical practice.

Although GMAC retains the right to make individual credit
decisions, GMAC has committed to funding a broad credit spectrum
of customers and dealers largely consistent with historical
practice.

In addition, some of GMAC's outstanding dealer floor plan
securitizations include a bankruptcy filing by GM among the
early amortization triggers: were there to be a GM bankruptcy,
this would necessitate GMAC drawing on alternative liquidity
sources.

In addition, Standard & Poor's believes there is potential for
future divisiveness among GMAC's owners from diverging business
or economic interests.  Moreover, potential further ownership
changes in the long term are unknown: the consortium is required
to retain its investment in GMAC for only five years.

GMAC has been able to sustain adequate profitability in recent
years, notwithstanding the turmoil caused by GM's business and
financial setbacks.  GMAC's earnings should be bolstered over
the next few years by more favorable funding costs, the reversal
of operating constraints imposed in reaction to funding
constraints, and new growth and cost-cutting initiatives across
its diverse business lines, although broadly worsening consumer
credit conditions and the downturn in the U.S. housing sector
will be limiting factors.

The developing outlook indicates there is some potential for the
ratings on GMAC to be either raised or lowered within the next
two years.  Ratings could be raised if management's strategic
initiatives are more successful than currently assumed by
Standard & Poor's in enhancing GMAC's profitability-for example,
with ROE reaching the upper teens.

Improvement in GM's prospects-for example, stemming from
improvement of operating and financial performance and the
satisfactory resolution of uncertainties regarding its former
affiliate, Delphi Corp. and GM's 2007 labor contract
negotiations-would also be a significant positive development.
However, Standard & Poor's would still need to consider
uncertainty regarding GMAC's ownership structure beyond the next
five years.

On the other hand, the ratings on GMAC could be lowered given
deterioration at GM that threatens to impinge on GMAC's
financial performance and funding flexibility.

While Standard & Poor's now believes GMAC could survive a
bankruptcy filing by GM, the ratings on GMAC would likely be
lowered were this to occur-possibly by several notches-given the
uncertainties such a development would entail for GMAC.

Standard & Poor's sees limited upside potential for the ratings
on ResCap over the next few years, given the current downturn in
its principal markets.  Were the ratings on GMAC to be raised,
though, ResCap's rating outlook would likely be revised to
stable.  On the other hand, the ratings on ResCap would likely
be lowered if those on GMAC were lowered.

GMAC -- http://www.gmacfs.com/-- is a global financial services  
company that operates in approximately 40 countries, in auto
finance, real estate finance, commercial finance and insurance
businesses.  With more than US$300 billion in assets, it
generated US$2.5 billion in net income in 2005, on revenue of
US$19.2 billion.

GMAC LLC has a subsidiary in India called GMAC Financial
Services India Limited.


GMAC LLC: GM Sells 51% Stake in Company to Cerberus for US$14BB
---------------------------------------------------------------
General Motors Corp. completed yesterday the sale of a 51%
interest in GMAC to a consortium of investors led by Cerberus
FIM Investors LLC and including wholly owned subsidiaries of
Citigroup Inc., Aozora Bank Ltd., and The PNC Financial Services
Group Inc.

The transaction will preserve the mutually beneficial
relationship between GM and GMAC, while improving GMAC's access
to cost-effective funding.  In addition, the sale of the
controlling interest in GMAC will provide significant liquidity
to GM that will support its North American turnaround plan,
finance global growth initiatives, and strengthen its balance
sheet.

"This has been a year of significant actions and progress for
GM, as we aggressively execute our North America turnaround plan
and position the company for long-term growth and profitability.
Successfully completing the GMAC transaction has been a key
priority for the company, and an important step to further
support GM's turnaround," GM chairman and chief executive
officer Rick Wagoner said.

"This transaction will result in a stronger GMAC, with enhanced
access to funding at lower costs and greater opportunities for
growth, including leveraging their traditionally strong
relationships with GM dealers.

"Although GMAC will have a new majority owner, GM and GMAC will
remain strategic partners through various long-term agreements.  
GM will retain a 49% ownership stake in GMAC, and the close
operating relationship between the companies will continue," Mr.
Wagoner said.

"We look forward to working with the Cerberus-led consortium as
majority owners of GMAC in the future.  All the parties are
committed to maintaining a high degree of service to our dealers
by providing the right wholesale, retail, and lease products to
support the sale of GM cars and trucks."

GM expects to receive approximately US$14 billion in net cash
proceeds and distributions over three years, after repayment of
intercompany debt but before purchases of preferred equity in
GMAC.  This includes a US$7.4 billion purchase price, a
US$2.7 billion cash dividend from GMAC, and other transaction
related cash flows including the monetization of certain
retained assets.  GM and the Cerberus-led consortium invested
US$1.9 billion of cash in preferred equity in GMAC --
US$1.4 billion by GM and US$500 million by the consortium.

GMAC -- http://www.gmacfs.com/-- is a global financial services  
company that operates in approximately 40 countries, in auto
finance, real estate finance, commercial finance and insurance
businesses.  With more than US$300 billion in assets, it
generated US$2.5 billion in net income in 2005, on revenue of
US$19.2 billion.

GMAC LLC has a subsidiary in India called GMAC Financial
Services India Limited.

                          *     *     *

On Nov. 28, 2006, Standard & Poor's Ratings Services raised its
ratings on GMAC LLC to 'BB+/B-1' from 'BB/B-1' and removed them
from CreditWatch, where they were placed on Oct. 3, 2005.  S&P
said the outlook is now developing.

Moody's Investors Service expects to confirm the Ba1 long-term
ratings of GMAC LLC and its subsidiaries upon the closing of
GM's sale of a 51% interest in the firm to FIM Holdings LLC, the
buyer consortium led by Cerberus Capital Management.


GMAC LLC: Is Now Independent & Releases Composition of New Board
----------------------------------------------------------------
GMAC Financial Services became an independent global financial
services company after 87 years as a wholly owned subsidiary of
General Motors Corp.

GM completed yesterday the sale of a majority equity stake in
GMAC to an investment consortium led by Cerberus FIM Investors
LLC and including wholly owned subsidiaries of Citigroup Inc.,
Aozora Bank Ltd., and The PNC Financial Services Group Inc.

As a result of this transaction, GMAC expects to benefit from
access to a lower cost of funds as it assumes a separate and
independent credit profile and independent governance by a new
board.

In addition, GM and GMAC have entered into 10-year agreements
under which GMAC will remain the exclusive provider of GM-
sponsored auto finance programs and will continue to provide GM
dealers and their customers with the same broad range of
financial products and services as it does today.

GMAC's existing management team will remain in place and is led
by chief executive officer Eric Feldstein, president William
Muir, and chief financial officer Sanjiv Khattri.

"GMAC has had tremendous success -- more than US$9.4 billion of
net income since the beginning of 2003 -- during a time when our
credit ratings were under pressure and our access to capital was
constrained," said Feldstein.  "This accomplishment reflects the
consistently strong operating results of our core business units
despite the funding challenges we encountered."

GMAC has established itself as the leading global auto finance
company, the largest provider of automotive extended warranty
and dealer vehicle inventory insurance, and a Top 10 participant
in real estate finance with nine consecutive years of market
share growth.  The company has a superior asset origination
capability -- more than US$60 billion per year just in the auto
segment -- and a world-class servicing capability in both auto
and mortgage.

"The prospects for GMAC look quite promising as we now combine
our existing business strengths with improved credit ratings, a
more competitive cost of funds, and a strengthened capital base
to support profitable growth," Feldstein said.

                 New GMAC Board of Directors Named

The company's new 13-member board was named yesterday.  The
board includes independent members as well as representatives
from the Cerberus-led consortium and GM.  Ezra Merkin, a
managing partner with Gabriel Capital Group, has been named non-
executive chairman of the GMAC Board.

Other members of the board are:

   * Walter Borst, General Motors Treasurer;

   * Frank Bruno, Cerberus Global Investments LLC President and
     Managing Director;

   * T.K. Duggan, Durham Asset Management Co-Founder;

   * Fritz Henderson, General Motors Vice Chairman and
     Chief Financial Officer;

   * Douglas Hirsch, Seneca Capital Founder and Managing
     Partner;

   * Michael Klein, Citigroup Chief Executive Officer,
     Global Banking;

   * Mark LaNeve, General Motors Vice President North America
     Vehicle Sales, Service and Marketing;

   * Mark Neporent, Cerberus Capital Management L.P.
     Chief Operating Officer and Senior Managing Director;

   * Seth Plattus, Cerberus Capital Management L.P.
     Chief Administrative Officer and Senior Managing Director;

   * Bob Scully, Morgan Stanley Co-President;

   * Lenard Tessler, Cerberus Capital Management L.P.
     Managing Director;

   * Rick Wagoner, General Motors Chairman and Chief Executive
     Officer;

The consortium, which will hold a 51% interest in GMAC, is
committed to a long-term investment horizon through a five-year
minimum hold period.  Cerberus has also committed to reinvest
all of its after-tax distributions into GMAC preferred stock in
years 3-5 after closing.

"Cerberus Capital and the investor consortium are committed to a
long-term partnership that will bring sustained growth,
diversity of product offerings and lasting benefits to GMAC,"
Cerberus' chief operating officer and senior managing director
Mark Neporent said.

"We're committed to helping GMAC compete even more effectively
and continuing its tradition of strong growth and success.  
Cerberus has great confidence and respect for the people of GMAC
and we look forward to the continued success of GMAC as an
independent company."

GMAC's capital base has been bolstered by US$1.9 billion through
its issuance of preferred equity to GM (US$1.4 billion) and
Cerberus (US$500 million).  The company's previously announced
US$10 billion asset-backed facility, arranged through Citibank,
will offer an additional source of liquidity.  Strengthened by
the company's new ownership and independent governance
structure, GMAC expects improved credit ratings will lead to
lower-cost funding.

"[Yester]day marks an exciting new era for GMAC.  Our improved
capital position and credit profile enable us to play offense
again," Mr. Feldstein said.

"With a global franchise spanning nearly 40 countries, and
world-class asset origination and servicing capabilities, GMAC
is well positioned to generate increasing revenue at higher
returns across all of our businesses long-term."

GMAC -- http://www.gmacfs.com/-- is a global financial services  
company that operates in approximately 40 countries, in auto
finance, real estate finance, commercial finance and insurance
businesses.  With more than US$300 billion in assets, it
generated US$2.5 billion in net income in 2005, on revenue of
US$19.2 billion.

GMAC LLC has a subsidiary in India called GMAC Financial
Services India Limited.

                          *     *     *

On Nov. 28, 2006, Standard & Poor's Ratings Services raised its
ratings on GMAC LLC to 'BB+/B-1' from 'BB/B-1' and removed them
from CreditWatch, where they were placed on Oct. 3, 2005.  S&P
said the outlook is now developing.

Moody's Investors Service expects to confirm the Ba1 long-term
ratings of GMAC LLC and its subsidiaries upon the closing of
GM's sale of a 51% interest in the firm to FIM Holdings LLC, the
buyer consortium led by Cerberus Capital Management.


ICICI BANK: Disposes Remaining Stake in NCDEX, myiris.com Says
--------------------------------------------------------------
ICICI Bank disposed of its 8% stake in National Commodity and
Derivatives Exchange for an undisclosed amount, myris.com
reports, citing market sources.

According to myris.com, ICICI Bank originally had a 15% interest
in NCDEX, 7% of which was sold in July 2006 to Goldman Sachs for
around US$23.1 million (INR106 crore).

The bank's officials did not deny the offloading of the
remaining stake but added that, as a matter of policy, details
will be disclosed at the end of the quarter if the deal was
indeed struck, the Web site relates.

NCDEX, the report notes, is an unlisted, public limited and
demutualized entity.

                         About ICICI Bank

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group  
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


ICICI BANK: CRISIL Gives Top Ratings on Loan Receivables Program
----------------------------------------------------------------
Credit Rating Information Services of India Ltd gave these
ratings to ICICI Bank Ltd's loan receivables securitization
program:

                    Indian Retail ABS Trust 69
                    --------------------------
                          Issue               Provisional
                  Yield   Size       Tenure   Rating/Credit
   PTC/Facility   Terms   INR mil.   (mos.)   Opinion
   ------------   -----   --------   ------   -------------
   Series A1      Fixed$     980.3      5     P1+(so)

   Series A2      Fixed$     950.1     10     P1+(so)

   Series A3      Fixed$   1,231.2     17     AAA (so)

   Series A4      Fixed$     565.1     22     AAA(so)

   Series A5      Fixed$     299.0     28     AAA(so)

   Liquidity      Fixed      284.4     28     Credit Quality
   facility                                   equivalent to a
                                              rating of AAA (so)

   Second loss    Fixed      159.3     28     Credit Quality
   credit         fees                        equivalent to a
   collateral                                 rating of BBB(so)
                             
The provisional ratings are based on the credit quality of the
pool cash flows, ICICI Bank's origination and servicing
capabilities, the transaction's credit enhancement, liquidity
support facility, and payment mechanism, and the soundness of
the legal structure.

The transaction is structured at par.  Credit collateral,
liquidity facilities, and subordination of subordinate
contributors' cash flows support the transaction.  The liquidity
facility is used to fund shortfalls in collection arising from
payments from contracts that are overdue for up to three months.
Since the structure eliminates the lag between collections from
the pool, and payouts to investors, the liquidity facility will
be used to fund monthly payouts as well.  For shortfalls
pertaining to contracts overdue beyond three months, the credit
collateral along with the available excess interest spread will
be used. This amount can also be utilized to fund liquidity
shortfalls in case the liquidity facility proves insufficient.

The pass-through certificates are pari passu in terms of their
share in the pool collections.  The principal allocation is
sequential for Series A1 to A5.  This implies that principal
payments (along with prepayments) will first be made to Series
A1 until its redemption, then to Series A2, and so on.  All the
series of PTCs will, however, receive interest every month on
their respective outstanding principal amounts.

ICICI Bank is the market leader in the new car, used car and
two-wheeler loan finance business.  Its robust underwriting
standards and adequate collection infrastructure support the
aggressive growth in its portfolio; these factors help the bank
maintain loss levels that are among the lowest in the industry.
The performance of the 30 previous asset-backed securitization
pools of ICICI Bank that have been rated by CRISIL has been
satisfactory, with limited use of stipulated enhancements.

                         About ICICI Bank

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group  
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


INDUSTRIAL DEVELOPMENT: SASF Settles Half of Bad Loans
------------------------------------------------------
The Stressed Asset Stabilisation Fund settled half of Industrial
Development Bank of India's INR9,000-crore worth of non-
performing assets, Business Standard reports.  

The NPAs have been settled for 15% more than the book value --
NPAs with book value of INR4,410 crore are settled for
INR5,140 crore -- BS says, citing a credit research report by
Standard Chartered Bank.

"Although IDBI has rid itself of its NPAs by passing it on to
SASF, the recovery performance of SASF is critical to IDBI as
the faster SASF recovers the money, the earlier IDBI would be
able to extinguish the non-interest bearing securities," the
newspaper quotes a statement in the report.

SASF is an independent special purpose vehicle managed by IDBI
employees deputed to resolve the problem loans, the newspaper
says.  

IDBI reportedly built up a large portfolio of NPAs from 2000-01
onwards till 2002-03 due to the bank's exposure to commodity
cyclical.  In 2002-03 IDBI ended with gross NPAs of 26.1% and
net NPAs of 14.2%.  To alleviate IDBI's problems, the government
stepped in to SASF to acquire IDBI's NPAs in exchange for 20-
year non-interest bearing, non-tradable bonds, the newspaper
says.

                 About Industrial Development Bank

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

                          *     *      *

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

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


INDUSTRIAL DEVELOPMENT BANK: Forms JV with Federal Bank & Fortis
----------------------------------------------------------------
IDBI Bank, Federal Bank and Fortis signed a Joint Venture
Agreement to establish a new life insurance company, which will
offer a full range of life insurance and long-term savings
products to the Indian market.

Under the Agreement, IDBI Bank will own 48% equity, while Fortis
Insurance International and Federal Bank will each own 26%,
which is the maximum allowable shareholding for a foreign
insurer under India's Foreign Direct Investments regulations.

The Joint Venture Agreement follows the signing of a Memorandum
of Understanding on July 11, 2006.

Subject to regulatory approval, the three partners expect the
new company to be operational by mid-2007.  It will promote a
full range of life insurance and long-term savings products,
including traditional and unit-linked savings plans, and health
and disability cover.  These will be available on an individual
and group basis.  The joint venture will build a multi-channel
distribution platform including bancassurance, agency and direct
sales.  In view of Fortis's global experience in bancassurance
and the strengths of the bank partners, the company will use
bancassurance as a key distribution strategy.

Fortis Insurance CEO Peer van Harten comments: "We are very
excited about this partnership and about the fact that this
creates the opportunity to work together with two highly
successful banks in India.  Fortis has had a long-standing
record of successful bancassurance partnerships in Asia, as we
have established leadership positions with our Asian joint
ventures.  Gaining entry to the Indian life market is fully in
line with our strategy to build a significant presence in Asia,
especially in a market that has such huge potential.  I believe
the three partners' expertise and distribution capabilities
combined with the high level of joint ambition and
professionalism represents a winning proposition for all parties
involved.  Fortis looks forward to working with its new partners
in India."

Shri V.P. Shetty, chairman and managing director of IDBI, says:
"We see life insurance as a high-growth business in India and we
are excited about creating value for customers by leveraging our
brand value, capital strength and the track record of innovation
in retail banking.  The IDBI name stands for trust and solidity
and we are confident that the insurance products offered by the
joint venture will gain customer acceptance and confidence.  The
global expertise of Fortis and the substantial regional
franchise of Federal Bank add great strength to the partnership
and we are very pleased to have been able to build a fruitful
relationship with them."

Federal Bank Chairman Sri M. Venugopalan adds: "We are delighted
to join hands with Industrial Development Bank of India and
Fortis Insurance International to start a new life insurance
company in India.  We consider this as a landmark event in our
efforts to diversify into complementary areas.  The new vehicle
will be able to leverage the product and distribution capability
that the three partners bring to the table.  We at Federal Bank
look forward to working with Fortis and Industrial Development
Bank of India to enhance our presence in the financial space
through this new vehicle and the new products that we will offer
to our existing and prospective customers."

Federal Bank is incorporated and registered under the Travancore
Companies Act, 1931 and licensed under the Banking Companies
Act, 1959.  In 1970, Federal Bank became a scheduled commercial
bank under the RBI Act, 1934, with its registered office at
Alwaye in the Indian state of Kerala.  It has no dominant
promoter group and its shares are traded extensively on the
National Stock Exchange, the Mumbai Stock Exchange and the
Cochin Stock Exchange.  Federal Bank also has a GDR issue listed
on the London Stock Exchange.  The bank has 472 branches, 329
own ATMs, four million retail customers and over 6,300
employees.  It provides a wide variety of financial products and
was one of the first traditional banks in India to have its
entire branch network automated and interconnected, and to offer
inter-branch banking facilities.  It was also the first
traditional bank in India to offer Internet banking through
Fednet and is the only one to have introduced an e-payment
gateway and mobile banking and alert system.  These
technological innovations have won the bank many awards and
recommendations. Federal Bank is considered one of the top
Indian banks servicing the large non-resident Indian population
and the bank's relationship with non-resident Indians goes back
a long way.  As of 31 March 2006, Federal bank had a total
deposit base of INR179 billion, net worth of INR12.38 billion
and net profit of INR2.25 billion.  More information is
available on http://www.federalbank.co.in/

Fortis Insurance International is part of Fortis -- an
international financial services provider engaged in banking and
insurance.  Fortis has had a presence in Asia for over 102
years.  Globally Fortis offers its personal, business and
institutional customers a comprehensive package of products and
services through its own channels, in collaboration with
intermediaries and through other distribution partners.  With a
market capitalization of EUR42.8 billion (31/10/2006), Fortis
ranks among the 20 largest financial institutions in Europe.  
Fortis's sound solvency position, its presence in 50 countries
and dedicated, professional workforce of 58,000 enables it to
combine global strength with local flexibility and provide its
clients with optimum support.  More information is available on
http://www.fortis.com/


Industrial Development Bank of India is a scheduled bank
incorporated and registered under the Companies Act, 1956,
having its registered office at Mumbai, India.  IDBI enjoys the
status of a public financial institution.  IDBI is also
categorised under a new sub-group 'Other Public Sector Banks'.
The government of India holds 52.68% of the issued capital of
IDBI.  IDBI was originally established in 1964 as a wholly owned
subsidiary of RBI to provide credit and other facilities for the
development of industry.  In 1976, the ownership of IDBI was
transferred from RBI to the Central Government and IDBI was
entrusted with the additional responsibility of acting as the
principal development financial institution responsible for
coordinating the activities of institutions engaged in the
financing, promotion or development of industry.  IDBI has a
long-standing business relationship with more than 3,000
corporate clients and over five million retail investors.
Currently, IDBI has a network of 181 branches, four extension
counters and 396 ATMs in 103 centres.  IDBI provides a wide
range of products and services in the financial sector to both
retail and corporate clientele.  The range of diversified
services includes project financing, term lending, working
capital facilities, lease finance, venture capital, loan
syndication, corporate advisory services and legal and technical
advisory services to its corporate clients as well as mortgages
and personal loans to its retail clients.  As part of IDBI's
development activities, the bank has been instrumental in
sponsoring and supporting the development of key institutions
involved in India's financial sector.  In this mode, IDBI has
played a key role in the formation of the Securities and
Exchange Board of India.  IDBI has also sponsored the National
Stock Exchange of India Limited, which first introduced
electronic trading in securities in India.  IDBI maintains an
arm's-length business relationship with its subsidiaries and
affiliates.  More detailed information on IDBI is available on
http://www.idbi.com/

                          *     *      *

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

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


RELIANCE INDUSTRIES: CRISIL Rates Enhanced Debt Program
-------------------------------------------------------
Credit Rating Information Services of India Ltd rates Reliance
Industries Ltd's:

   * INR60.38 Billion Non-Convertible Debenture Issue:  
     AAA/Stable (Reaffirmed)  

   * INR45 Billion Short Term Debt Programme (Enhanced from
     INR16 Billion):  P1+  

The ratings on the debt instruments of Reliance Industries
continue to reflect the company's leadership position in the
domestic petrochemicals industry, its strong competitive
position in the oil refining business, and its exceptional
financial flexibility.  The ratings also factor in the company's
initiatives in E&P, Retail, and Special Economic Zones.

Increased diversification and the highly integrated nature of
its refining and petrochemical operations more than offset the
impact of price volatility that is inherent to RIL's current
businesses.

RIL, together with Indian Petrochemicals Corporation Limited
(IPCL--rated 'AAA/FAAA/Stable' by CRISIL), its 46.5% owned
affiliate, commands 50 to 100% share in most product segments of
the domestic petrochemical market.  Together, RIL and IPCL
feature among the top ten global petrochemical manufacturers.
RIL's competitive advantage in refining arises from its global-
scale capacities, broad product portfolio, and highly integrated
operations.  These strengths translate into large cash accruals
(around INR108 billion for 2005-06 (refers to the financial year
April to March) and strong debt protection measures (interest
cover of around 15 times and annual net cash accruals forming
nearly half its total debt in 2005-06).

Moreover, RIL's exceptional financial flexibility drives its
overall financial profile.  This emanates from its demonstrated
resource raising ability at low cost, the potential value of its
shares held in trust, and its ability to securitize its large
oil and gas reserves.  RIL's excellent financial flexibility and
consistent strong cash accruals offset its leveraged capital
structure.

RIL has large capital expenditure plans over the next four
years.  These entail almost doubling of refining capacity by
29 million metric tonnes per annum through Reliance Petroleum
Limited, its 75% owned subsidiary, investments in oil
exploration and gas, and routine capex, aggregating to
INR516 billion.

The company is also planning to enter new businesses such as
retail and SEZs in a big way through subsidiaries.  While the
investment in the retail initiative is expected to be around
INR100 billion, the current envisaged investment from RIL in the
SEZ initiatives is not expected to be substantial.  The large
investments will constrain any meaningful improvement in its
capital structure in the near term.  However, CRISIL believes
that RIL's competent management and its proven project
management capabilities somewhat mitigate the risks inherent in
its existing and new businesses. These risks are further diluted
by the modular nature of the capex in the retail business and
the RIL management's willingness to rationalise its investments
in response to market conditions.

Moreover, CRISIL believes that RIL will partner with strategic
investors in its new businesses as it has demonstrated in the
Reliance Petroleum tie-up with Chevron, to leverage expertise
and reduce its financial burden in the new businesses.

                       Outlook: Stable

CRISIL expects RIL's high level of integration across its core
businesses, its large scale of operations, and superior
financial flexibility to protect it from cyclical downturns in
individual businesses.

RIL's superior financial flexibility also mitigates the impact
of its large investment plans.  The investment risks are further
tempered by the strong cash accruals expected in the E&P
business from early 2008-09, and CRISIL's expectation that the
RIL management will rationalize some of the new investments as
per market conditions.  RIL's ability to successfully commission
its new refinery in 2008-09, achieve stabilization, and quickly
ramp up utilization rates, will also allow it to marginally
correct its capital structure, going forward.

                   About Reliance Industries

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

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

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


* Fitch Withdraws Individual & Support Ratings of 9 Select Banks
----------------------------------------------------------------
Fitch Ratings affirmed and withdrew the Individual and Support
ratings of these Indian banks:

   1. Karnataka Bank: Individual 'D/E' and Support '5';

   2. Punjab & Sind Bank: Individual 'D/E' and Support '4';

   3. State Bank of Bikaner & Jaipur: Individual 'D' and Support
      '3';

   4. State Bank of Hyderabad: Individual 'D' and Support '3' ;

   5. State Bank of Indore: Individual 'D' and Support '3';

   6. State Bank of Mysore: Individual 'D/E' and Support '3';

   7. State Bank of Patiala: Individual 'C/D' and Support '3';

   8. State Bank of Saurashtra: Individual 'D' and Support '3';

   9. State Bank of Travancore: Individual 'D/E' and Support
      '3';

Syndicate Bank: Individual 'D' and Support '4'.

While Fitch no longer plans to provide specific analytical
coverage of these banks, it expects to continue including a few
in its benchmark study of key financials for Indian banks, which
is a part of its annual performance report on the sector.  In
addition, analytical comments on the associates of State Bank of
India are also expected to be provided in the credit report of
the parent.

Fitch continues to maintain Individual and Support ratings on 31
Indian banks, 16 of which are government-owned and the balance
in the private sector.  These banks account for over 80% of
total loans in the banking system.  Fitch has also assigned
Long- and Short-term ratings to many of these 31 banks over the
last few years, as Indian banks have increasingly accessed the
domestic and international debt capital markets for raising
subordinated debt and hybrid capital.  The ratings penetration
has therefore increased significantly during this period, and
the sector continues to be well-covered.


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

BANK CENTRAL ASIA: Earns IDR3.12 Tril. for 9 Months to September
----------------------------------------------------------------
The PT Bank NISP Tbk disclosed financial results for the nine
months ended September 30, 2006.

For the 2006 nine-month period, the bank reported net income
of IDR3.12-trillion, compared with the IDR2.63-trillion net
income reported for the nine-month period ended September 30,
2005.

As of September 30, 2006 Bank Central's balance sheet showed
total assets of IDR163.75 trillion and total liabilities of
IDR146.11 trillion, resulting to a total stockholders' equity of
IDR17.64 trillion.

Bank Central's financial report, in Indonesian, for the nine-
month period ended Sept. 30, 2006, is available for free at:

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

Headquartered in Jakarta, Indonesia, PT Bank Central Asia Tbk --
http://www.klikbca.com/-- offers individual and business  
products and services.  The bank's individual services consist
of savings accounts, home loans and car loans, remittance,
collection and safe deposit facilities.  The bank's business
services consist of working capital loans, investment loans and
bank guarantee for small and medium-sized enterprises.  In
addition, it provides export import facilities such as letters
of credit, negotiation and discounting.  The bank's subsidiaries
include PT BCA Finance, BCA Finance Limited and BCA Remittance
Limited.  It has 772 branches in Indonesia, Singapore and New
York, 42,958 EDCs and operates 4,425 ATMs.  The bank serves 6.6
million accounts throughout Indonesia.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Nov. 2,
2006, that Fitch Ratings has affirmed all the ratings of Bank
Central Asia  
as follows:

   * Long-term foreign currency Issuer Default rating: 'BB-'

   * Short-term foreign currency rating: 'B'

   * National Long-term rating: 'AA (idn)'

   * Individual: 'C/D' and

   * Support: '4'.

The Outlook for all the ratings is Stable.


BANK INDONESIA: To Urge Banks to Raise Loan/Deposit Ratio to 70%
----------------------------------------------------------------
Bank Sentral Republik Indonesia will encourage banks to step up
their intermediary role to raise the country's loan-to-deposit
ratio to 70% in 2007, Antara News says.

Antara cites Bank Indonesia's director of banking research and
management, Muliaman D Hadad, as saying that if the 18% credit
growth target for 2007 is achievable, the LDR will likely range
between 65% and 70% next year.

Mr. Hadad said that the LDR target for 2007 would be achievable
on condition that banks can take advantage of the growing
business opportunities and positive sentiment in the macro
economy, the report notes.

In the short run, Mr. Hadad said, the banks should seek the
widest business opportunities possible in order to carry out
their intermediary role well and that they need to revitalize
their credit insurance schemes.  By doing so, the central bank
and the Indonesian Government could help the banks reduce their
credit risks.

Mr. Hadad also observed that banks are reluctant to extend large
amounts of credit fearing the risks.  He added that in the long
run, banks must take up the question of capital adequacy ratio,
competent human resources and credit risk management know-how,
the report notes.

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.


BANK MANDIRI: To Finance Horticulture with IDR11.3 Trillion
-----------------------------------------------------------
PT Bank Mandiri Tbk is prepared to finance horticulture projects
and to develop its derivative industries, including bio-energy,
Tempo Interactive reports.

The report notes that the amount that has been allocated for
large horticulture companies is IDR11.3 trillion;
IDR3.09 trillion for cooperatives and plasma plaster groups; and
IDR7.14 trillion for companies that process horticulture
products.

According to Tempo Interactive, for the time being, loans that
are being disbursed to the horticulture sector and its
derivatives have reached IDR21.5 trillion.

Bank Mandiri's Director of Corporate Banking Abdul Rachman said
that the banks would disburse loans gradually in accordance with
the needs for planting and plant-maintenance, the report notes.

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is  
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

According to a report by the Troubled Company Reporter - Asia
Pacific on May 29, 2006, Moody's Investors Service had upgraded
the Bank's subordinated debt rating to Ba3 from Ba1, and its
senior debt rating to Ba3 from Ba1, on higher foreign currency
bond ceilings.

Moody's has given Bank Mandiri an 'E' bank financial strength
rating.

A TCR-AP report on Sept. 19, 2006, stated that Fitch Ratings has
affirmed all the ratings of Bank Mandiri as follows:

   * Long-term foreign and local currency Issuer Default ratings
     'BB-',

   * Short-term rating 'B',

   * National Long-term rating 'AA(idn)',

   * Individual 'D', and

   * Support '4'.


BANK NISP: Earns IDR171 Billion for Nine Months to Sept. 2006
-------------------------------------------------------------
PT Bank NISP Tbk disclosed financial results for the nine months
ended September 30, 2006.

For the 2006 nine-month period, the company reported net income
of IDR171.49 billion, compared with the IDR83.82-billion net
income reported for the nine-month period ended September 30,
2005.

As of September 30, 2006, Bank NISP's balance sheet showed total
assets of IDR22.41 trillion and total liabilities of
IDR20.06 trillion, resulting to a total stockholders' equity of
IDR2.35 trillion.

Bank NISP's financial report, in Indonesian, for the nine-month
period ended Sept. 30, 2006, is available for free at:

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

PT Bank NISP Tbk -- http://www.banknisp.com/english/index.html
-- categorizes its products into two groups: Funding, which
consists of savings and deposits, and Lending, consisting of
working capital loans, investment loans and consumer loans. In
addition, the bank has three service categories: Individual,
Corporate and Others. As of January 18, 2006, the bank has 29
branch offices, 101 representative offices and 26 cash offices
throughout the country.  The Bank is headquartered in Jakarta,
Indonesia.

                          *     *     *

According to a Troubled Company Reporter - Asia Pacific report
on May 24, 2006, Fitch Ratings affirmed Bank NISP's Long-term
Foreign and Local Currency Issuer Default Ratings at 'BB-';
Short-term rating at 'B'; and Individual rating at 'C/D'.


BANK TABUNGAN: To Raise Property Credits to IDR7.8 Tril. in 2007
----------------------------------------------------------------
PT Bank Tabungan Negara Persero plans to increase its credits in
2007 to IDR7.8 trillion, which is IDR2.1 trillion more than its
credits this year, Antara News reports.

According to the report, Bank Tabungan President Director
Kodradi said that some of the money would be spent on house
ownership credits and the building of low-cost homes and flats.

Mr. Kodradi said that while Bank Tabungan's credits in 2007 will
be raised by 22,04%, the project should have the prior approval
of the bank's shareholders, the report relates.

Mr. Kodradi added that Bank Tabungan has already notified State
Minister of State Enterprises Sugiharto of its planned credit
expansion.

The report points out that Mr. Kodradi believes the credit
expansion plan could be realized, especially that next year's
housing industry had been predicted to grow significantly.  Mr.
Kodradi also mentioned the Government's plan to start building
20-floor flats in 2007.

Antara notes that with regard to the funding of building flats,
Mr. Kodradi said that the bank was committed to facilitate the
obtainment of house ownership and construction credits worth at
least IDR1 trillion.

According to Antara, the bank has projected to provide a total
of IDR5.7 trillion in credits this year.

The report recounts that last year, Bank Tabungan has disbursed
IDR1.83 trillion for 65,659 subsidized low-cost houses.

Headquartered in Jakarta, Indonesia, Bank Tabungan Negara
(Persero) -- http://www.btn.co.id/-- is a state-owned bank
involved in commercial banking.  In 1974, Bank Tabungan was
appointed as the financing institution for low- to medium-income
housing in an effort to support the Government's housing
development program.  Nonetheless, BTN suffered huge losses from
large corporate lending during the 1997 economic crisis.  The
Government then recapitalized the Bank, and still wholly owns
it.

BTN is now the smallest state bank, but retains a dominating 31%
share in housing loans as of end-2004.  In 2002, the Government
directed it to focus on commercial housing loans.  Hence, its
subsidized housing loans dropped to 44% of its portfolio at July
2005 from 75% at end-2002.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Aug. 4, 2006, that Moody's Investors Service revised the outlook
for Bank Tabungan Negara's 'E' bank financial strength rating to
positive from stable.  An earlier TCR-AP report on May 22, 2006,
stated that Moody's has upgraded Bank Tabungan Negara's long-
term deposit rating to B2 from B3, concluding the review
initiated on February 27, 2006.  The outlook for the revised
rating is stable.


INDOSAT: Launches Third Generation Mobile Phone Services
--------------------------------------------------------
PT Indosat Tbk launched third generation mobile phone services
on Nov. 29, 2006, Reuters reports.

According to Reuters, Indosat is the third company to offer 3G
services in Indonesia.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 28, 2006, that Indosat has received the Government's
approval to start offering high-speed wireless services.

The TCR-AP noted that Indosat had completed a trial run for its
third generation services in Jakarta to secure approval for
introducing them in the capital.

Reuters cites Indosat Senior Marketing Official Guntur Siboro as
saying that the firm had rolled out 3G services in Jakarta and
Surabaya, and will expand to eight cities in the first quarter
in 2007.

Mr. Siboro said that the amount of investment needed for those
10 cities is US$40 million.  For the target of number of
subscribers, he said that they cannot say at this stage, the
report notes.

Reuters relates that the company's rivals, PT Telekomunikasi
Selular and PT Excelcomindo Pratama Tbk, have launched the
service in the second half of 2006.

Reuters says that many analysts believe that it would take some
time before the 3G segment can reach critical mass in Indonesia,
as most users are still into pre-paid service.  The report
relates that pre-paid customers account for more than 90% of the
country's more than 50 million mobile phone users.

Reuters notes that there are nearly 1 million 3G-capable
handsets in Indonesia and Telkomsel already has almost 400,000
3G customers.

PT Indosat Tbk -- http://www.indosat.com/-- is a fully    
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia.  The
company is a provider of international long-distance services in
Indonesia.  It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers.  The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers.  Airtime is sold through
postpaid and prepaid plans.  It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services.  MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.  

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 22,
2006, that Moody's Investors Service has affirmed the Ba1 local
currency corporate family rating of PT Indosat Tbk, and the Ba3
foreign currency senior unsecured bond rating of Indosat Finance
Company B.V. and Indosat International Finance Company B.V.  The
bonds are irrevocably and unconditionally guaranteed by Indosat.  
The outlooks for the ratings remain positive.

A TCR-AP report on June 7, 2006, stated that Fitch Ratings
affirmed PT Indosat Tbk's long-term foreign and local currency
Issuer Default Ratings at 'BB-'.  The outlook on the ratings is
stable.


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

FORD MOTOR: Moody's Rates US$15BB Secured Credit Facility at Ba3
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3, LGD2,19% rating to
Ford Motor Company's proposed US$15 billion of senior secured
credit facilities that will consist of an US$8 billion revolving
credit facility and a US$7 billion term loan.  Moody's also
affirmed the company's existing ratings.

The outlook remains negative.

These rating actions reflect Moody's expectation that proceeds
from the new credit facility, and from the potential issuance of
US$3 billion in unsecured capital market transactions, will
provide the company with a year-end 2006 liquidity profile
consisting of US$30 billion in gross automotive cash and
US$8 billion in unused committed credit lines.  This
considerable liquidity cushion should enable Ford to fund the
US$17 billion in operating losses and restructuring expenditures
that the company expects to incur from 2007 through 2009.

"Ford's three-year game plan is to make sure that it has the
liquidity it needs to fund a radical restructuring of its
business model.  By giving secured lenders a lien on essentially
all of its assets, Ford has pretty much covered the liquidity
portion of the plan.  The really tough part will be fixing the
business model; this represents a daunting challenge," Bruce
Clark, senior vice president with Moody's said.

The challenges Ford will face during the coming three years
include negotiating a 2007 UAW contract that offers meaningful
health care relief, accelerating the introduction of cars and
crossover vehicles, and establishing strong market acceptance
and healthy pricing for those vehicles despite intense
competition from Asian manufacturers.  The company might also
have to contend with a slowdown in the US automotive industry.

"Ford should have the liquidity it needs through 2009.  But it
is absolutely critical for the company to have established a
solidly competitive cost structure, share position and product
profile by then," Mr. Clark added.

The assignment of the Ba3,LGD2,19% rating to the secured credit
facilities reflects the favorable asset coverage and recovery
prospect of these obligations as modeled under Moody's Loss
Given Default Methodology.  The US$15 billion in facilities will
be secured by a lien on essentially all of Ford's assets,
including the shares of Ford Motor Credit Company, and will be
governed by a borrowing base.

The ratings which are affirmed and remain unchanged are:

   -- corporate family of B3;
   -- senior unsecured of Caa1,LGD4, 62%;
   -- trust preferred of Caa2,LGD6, 93%; and,
   -- speculative grade liquidity rating of SGL-3.

Moody's noted that Ford's ability to maintain a sound liquidity
cushion during the next two years as it implements its
restructuring program and funds the anticipated cash
requirements will be an important factor in supporting the B3
corporate family rating.

This rating anticipates that through 2007, Ford's gross
automotive cash position will remain above US$20 billion.  
Should Ford's rate of cash consumption during 2007 make it
unlikely that this level of liquidity can be maintained, the B3
rating could be placed on review for possible downgrade.  The
rating could also come under pressure if manned capacity
utilization of the North American operations does not remain on
track to hit 100% by 2008, or if US market share remains below
16.5% for 2007.

Ford Motor Company, headquartered in Dearborn, Michigan, is the
world's third largest automobile manufacturer.  The company also
has operations in Asia, including in Japan.


FORD MOTOR: 38,000 Hourly Workers Accept Buyout Offer
-----------------------------------------------------
As part of a key objective of its North American turnaround
plan, Ford Motor Company confirmed Wednesday that, so far this
year, about 38,000 of its UAW-represented hourly workers have
accepted package offerings for voluntary separations from the
company.

This figure includes approximately 30,000 buyout offers
preliminarily accepted during the recent system-wide open
enrollment period that concluded this week for Ford hourly
workers, including those at the company's Automotive Components
Holdings division.  In addition, the figure includes about 8,000
acceptances received earlier in 2006 during targeted plant-by-
plant buyout offerings to Ford and ACH employees.  Of the 38,000
total acceptances, approximately 6,000 were by hourly employees
at ACH.  Ford began the year with about 83,000 UAW-represented
employees.

The open enrollment period that began in October offered eight
different voluntary buyout packages to all of Ford's UAW-
represented employees.  The offers included traditional packages
for retirement-eligible employees, as well as non-traditional
packages for employees with at least one year of service.  Just
over half of the buyouts accepted during the recent open
enrollment period were by employees who accepted one of the non-
traditional packages, which provided options such as lump sum
payments, tuition reimbursements or scholarship funds for family
members.

The acceptances are preliminary, as all buyout offers are
voluntary and include an employee's opportunity to rescind
acceptance up until the time of their separation from the
company.  The employee reductions will contribute toward major
objectives of the accelerated Way Forward plan for turning
around the company's North American operations.  On Sept. 15,
Ford announced its intention to reduce its North American hourly
workforce by 25,000 to 30,000 employees by the end of 2008,
including attrition and excluding employment reductions at ACH.

"One of Ford's priorities, and a large cost component of our Way
Forward plan for North America, is our ability to adjust
manufacturing capacity with demand, while continuing to reduce
operating costs and becoming more efficient," said Alan Mulally,
Ford president and CEO.  "While I know that in many cases
decisions to leave the company were difficult for our employees,
the acceptances received through this voluntary effort will help
Ford to become more competitive.

"We'd also like to thank the UAW for working closely with us in
developing packages that will help employees to move
productively into a new phase of their lives.  It is clear that
we were successful in providing appropriate options; this, in
turn, is helping the company to meet its cost objectives."

Hourly employees who accepted buyout packages during the recent
enrollment period will begin to leave the company in January
2007 and through the course of the year until all separations
are completed by Sept. 1, 2007.

"Ford and the UAW have addressed several important issues
throughout the year, which have allowed the company to reduce
costs and achieve efficiencies," Mulally said.  "Though there is
more work to be done, recent history demonstrates that together
we can significantly improve Ford's business."

Headquartered in Dearborn, Michigan, Ford Motor Company (NYSE:
F) -- http://www.ford.com/-- manufactures and distributes    
automobiles in 200 markets across six continents.  With more
than 324,000 employees worldwide, the company's core and
affiliated automotive brands include Aston Martin, Ford, Jaguar,
Land Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

The company also has operations in Asia, including the one in
Japan.


LOPRO CORPORATION: Posts JPY14-Bil. Net Loss for Half-Year 2006
---------------------------------------------------------------
Lopro Corp reported its unconsolidated earnings results for the
half-year period ended Sept. 30, 2006, Bloomberg News relates.

Lopro incurred a net loss of JPY14,290,000,000 on
JPY13,876,000,000 of revenues for the September 2006 half-year
period, as compared with the JPY25,639,000,000 net loss on
JPY10,510,000,000 of revenues it recorded for the same period
last fiscal year.

Operating profit and current profit for the September 2006 half-
year period were JPY1,051,000,000 and JPY628,000,000,
respectively.

                          June Results

For the quarter ended June 30, 2006, Lopro recorded a net income
of JPY112 million profit on JPY6.82 billion of revenues.  The
Company's operating results did not show any comparable amounts
for the quarter ended June 30, 2005.

As of June 30, 2006, the company's balance sheet showed
JPY181.37 million in total current assets available to pay
JPY70.88 million in total current liabilities.  The Company's
balance sheet further showed JPY210.60 million in total assets
and JPY124.94 million in total liabilities.

                   Nihonshinyouhoshou Merger

The Company disclosed that on Apr. 1, 2006, Nihonshinyouhoshou
Corporation was merged into Lopro under an absorption-type
merger and thus was dissolved.  The Company said that since
Nihonshinyouhoshou was a wholly owned subsidiary, LOPRO did not
issue any new shares, shareholders' equity did not increase, and
no money was transferred due to the merger.

As a result of the merger, all of the assets, liabilities, and
rights and obligations of Nihonshinyouhoshou were transferred in
full to LOPRO.  These consisted of JPY15,919 million in assets
and JPY60,755 million in liabilities.  To cover the subsidiary's
negative balance of net assets, amounting to JPY44,835 million,
the Company said it provided for reserve for losses incurred in
affiliated company.  As a result, the merger had no effect on
LOPRO's net assets.

                        About Lopro Corp

Headquartered in Kyoto, Japan, Lopro Corporation --
http://www.lopro.co.jp/-- provides short-term and small-lot  
loans to small to medium-sized firms.  The company's main
services are discount of bills, guaranteed loans on bills, and
guarantee commissions.  Lopro also operates real estate leasing.

The Troubled Company Reporter - Asia Pacific reported on Nov. 9,
2006, that Fitch Ratings has affirmed its ratings on Lopro
Corporation as follows:

   * Long-term foreign and local currency Issuer Default ratings
     of 'BB'; and

   *  Short-term foreign and local currency IDRs of 'B'.


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

DURA AUTOMOTIVE: Ontario Court Grants Foreign Recognition Order
---------------------------------------------------------------
The Honorable Justice Sidney N. Lederman of the Ontario Superior
Court of Justice (Commercial List) in Canada ruled that
proceedings commenced by Dura Automotive Systems, Inc., and
certain of its affiliates before the United States Bankruptcy
Court for the District of Delaware under Chapter 11 of the U.S.
Bankruptcy Code are a "foreign proceeding" as defined in
subsection 18.6(1) of the Companies' Creditors Arrangement Act,
R.S.C. 1985, c. C-36, as amended.

Justice Lederman also holds that until and including Dec. 15,
2006, creditors and other parties-in-interest subject to the
jurisdiction of the Canadian court are enjoined and restrained
from initiating or continuing actions in any court or tribunal
in Canada against the Debtors or that affect their ability to
carry on their business.  Any actions against the Debtors or
their former, current or future officers and directors are
stayed.

Suppliers and other parties providing service to the Debtors
are barred from discontinuing, failing to honor, altering,
interfering with, repudiating or ceasing to perform any right,
renewal right, contract, agreement, license or permit held by
the Debtors, absent their written consent or leave of the CCAA
Court.

The CCAA Court authorizes the Debtors to enter into a
postpetition Senior Secured Super-priority DIP Term Loan and
Guaranty Agreement with Goldman Sachs Credit Partners, L.P., as
agent; and a Senior Secured Super-priority DIP Revolving Credit
and Guaranty Agreement with General Electric Capital Corp., as
agent.  Goldman Sachs and GECC are granted liens and security
interests on the Debtors' property to secure repayment of the
DIP Loans.

The Debtors are also permitted to continue to utilize their
central cash management system currently in place.

                        D&O Indemnification

The CCAA Court authorizes the Debtors to indemnify their
directors and officers from all claims and causes of action with
respect to any liabilities or obligations related to their
capacities as directors and officers of the Debtors, except in
the event of the directors and officers' breach of their
fiduciary duties or grossly negligent or willful misconduct.

Justice Lederman also grants the directors and officers of Dura
Automotive's Canadian affiliates a charge on the Applicants'
Property not exceeding US$2,500,000 in the aggregate, as
security for the Applicants' indemnification obligations.

                        Information Officer

The CCAA Court appoints RSM Richter, Inc., as the Debtors'
information officer.  RSM will report to the Court at least once
every three months on the status of the U.S. bankruptcy
proceedings and other material information.

As information officer, RSM will not take possession of the
Debtors' property nor take part in the management or supervision
of the Debtors' business.

Nothing in the Initial CCAA Order, however, will prevent RSM
from acting as interim receiver, receiver, manager, monitor
under the CCAA, or trustee in bankruptcy of the Debtors, or
their business or property.

RSM will be paid on a monthly basis for its services.  The
Applicants are authorized to pay a CDN$25,000 retainer to RSM as
security for payment of its fees and disbursements outstanding
from time to time.

The CCAA Court also grants RSM an administration charge not
exceeding CDN$250,000 in the aggregate as security for its
professional fees and disbursements incurred.  The
Administration Charge will have priority over the DIP Lender's
Charge and the Directors' Charge, in that order.

The Administration Charge, DIP Lender's Charge and Directors'
Charge will rank in priority to all Encumbrances, other security
interests, trusts, liens and charges on the Debtors' property
in favor of other parties, excluding:

    1. existing purchase-money security interests and equipment
       financing leases registered in accordance with applicable
       personal property security legislation and recognized
       under the legislation as being entitled to priority over
       the security in place as of November 1, 2006;

    2. with respect to any real property, (a) existing by-laws
       and regulations as to the use of the Debtors' property;
       (b) notices of lease; (c) subdivision, site plan control,
       development, servicing and other similar agreements with
       municipal and other governmental authorities; (d)
       permits, rights of access or user licenses, easements,
       and rights of way;

    3. future purchase-money security interests registered in
       accordance with applicable personal property security
       legislation and recognized under the legislation as being
       entitled to priority; and

    4. Encumbrances arising by operation of law -- other than as
       a result of a default in payment or performance of an
       obligation by the Debtors -- without any grant of a
       security interest by the Debtors, and that are given
       priority over prior fixed charges by statute or law in
       the event of the Debtors' bankruptcy.

A full-text copy of the Initial Recognition Order is available
at no charge at http://ResearchArchives.com/t/s?15c3

                      About DURA Automotive

Headquarted in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent  
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.  The company has three locations in Asia, namely in
China, Japan and Korea.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 6, 2006, that Fitch Ratings placed one tranche from one
public collateralized debt obligation and one tranche from
private CDO on Rating Watch Negative following Dura Automotive
Corp.'s filing for protection under Chapter 11.

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

                          *     *     *

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets andUS$1,730,758,000 in total
liabilities.


DURA AUTOMOTIVE: Hires Togut Segal as Conflicts Counsel
-------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates obtained
authority from the United States Bankruptcy Court for the
District of Delaware to employ Togut, Segal & Segal LLP as their
conflicts counsel, nunc pro tunc to Oct. 30, 2006.

The Debtors previously sought to employ Kirkland & Ellis LLP as
their lead counsel.

Keith Marchiando, chief financial officer of Dura Automotive
Systems Inc., relates that the Debtors want Togut Segal to
handle matters that the Debtors may encounter that cannot be
handled by Kirkland & Ellis because of a potential conflict of
interest or that can be more efficiently handled by Togut Segal.

As conflicts counsel, Togut Segal will:

    (a) advise the Debtors regarding their powers and duties as
        debtors-in-possession in the continued management and
        operation of their businesses and properties;

    (b) attend meetings and negotiate with representatives of
        creditors and other parties-in-interest;

    (c) take necessary action to protect and preserve the
        Debtors' estates, including prosecuting actions on the
        Debtors' behalf, defending any action commenced against
        the Debtors and representing the Debtors' interests in
        negotiations concerning litigation in which the Debtors
        are involved, including objections to claims filed
        against the estates;

    (d) prepare, on the Debtors' behalf, motions, applications,
        answers, orders, reports and papers necessary to the
        administration of the estates;

    (e) advise the Debtors in connection with any potential sale
        of assets;

    (f) appear before the courts and protect the interests of
        the Debtors' estates; and

    (g) perform other necessary legal services and provide other
        necessary legal advice to the Debtors in connection with
        the Chapter 11 Cases.

The Debtors will pay Togut Segal:

        Professional                      Hourly Rate
        ------------                      -----------
        Counsel and Partners              US$560 to US$795
        Paralegals and Associates         US$115 to US$540

Albert Togut, Esq., a senior member of the firm, relates that
Togut Segal has received a $50,000 retainer from the Debtors,
and has applied that retainer to services rendered and expenses
incurred before the Debtors' bankruptcy filing.

Mr. Togut assured the Court that his firm does not hold or
represent any interest adverse to the Debtors, and is a
"disinterested person" within the meaning of Section 101(14) of
the Bankruptcy Code.

                     About DURA Automotive

Headquarted in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent  
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.  The company has three locations in Asia, namely in
China, Japan and Korea.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 6, 2006, that Fitch Ratings placed one tranche from one
public collateralized debt obligation and one tranche from
private CDO on Rating Watch Negative following Dura Automotive
Corp.'s filing for protection under Chapter 11.

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

                          *     *     *

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets andUS$1,730,758,000 in total
liabilities.


KOREA EXCHANGE BANK: Moody's Extends Review for Possible Upgrade
----------------------------------------------------------------
Moody's Investors Service extended its review for possible
upgrade of Korea Exchange Bank's long-term credit ratings.  At
the same time, the rating agency has also placed the bank's D
bank financial strength rating on review for possible upgrade.

Details of all ratings can be found below.

Previously, on March 27, 2006, Moody's had initiated a review of
KEB's credit ratings following the selection of Kookmin Bank
(rated A3/Prime-2/D+) as the preferred bidder for the
acquisition of Lone Star's interest in KEB.

"This first review was to consider, as a result of the proposed
sale, the bank's admission into a financially stronger strategic
parent as well as its greater systemic importance in the
domestic banking landscape," says Beatrice Woo, a Moody's
VP/Senior Credit Officer in Singapore.

"However, Lone Star's cancellation of the planned transaction
means that upward pressure on its credit ratings from this front
is no longer applicable," adds Woo.

"Nonetheless, Moody's is maintaining its review of KEB's long-
term credit ratings, and will now consider the expected higher
systemic support that may be awarded to the bank, given its
sustained and meaningful market position," says Woo.

As for the BFSR, the review will consider the bank's stronger
credit worthiness. In particular, its economic solvency is
rising, while its core banking business is also strengthening.

"In order for the BFSR to move into a higher band, the bank will
have to demonstrate its ability to sustain its operating and
financial performance," says Woo, adding, "Moreover, the
situation is partially off-set by the bank's high lending and
equity exposures, while non-recurring income sources have
boosted its profits for the past two years."

KEB was established in January 1967 by the government originally
as a specialist foreign exchange bank.  It retains its strength
in trade finance and foreign exchange.  In terms of assets, it
ranks fifth among Korea's nationwide commercial banks with 7% of
system assets.  It operates a branch network of 323 domestic and
26 overseas offices.

The following ratings remain on review for possible upgrade:

   -- Senior/subordinated debt of Baa2/Baa3; and

   -- foreign currency long-term deposit of Baa2.

The following rating was placed on review for possible upgrade:

   -- Bank financial strength rating of D.

The following ratings were not affected:

   -- Short-term debt of Prime-2; and

   -- short-term deposit of Prime-2.

The outlook for the ratings is stable.


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

ARK RESOURCES: Petitioner Withdraws Wind-Up Bid Against Unit
------------------------------------------------------------
Concrete Engineering Products Bhd has withdrawn on November 30,
2006, its wind-up petition against Cardon (M) Sdn Bhd, a wholly
owned subsidiary of Ark Resources Bhd.

As reported by the Troubled Company Reporter - Asia Pacific on
November 27, 2006, Concrete Engineering served Cardon the
petition for failure to settle MYR234,933 in outstanding debt.

                          *     *     *

Ark Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company  
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering

On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category or face delisting
procedures.

Currently, Ark Resources is under the protection of a
Restraining Order pursuant to Section 176 of the Companies Act
1965 and formulating a debt and capital restructuring scheme to
improve the Company's financial position.

Ark posted a net loss of MYR10.2 million in 2004 and
MYR104.1 million in 2005.  For the six-month period ending
June 30, 2006, the Company recorded a net loss of MYR38.3
million.


COMSA FARMS: Appoints Shan & Co. as New Auditors
------------------------------------------------
On November 22, 2006, Comsa Farms Bhd received a letter from a
substantial shareholder nominating Shan & Co, Chartered
Accountant, as auditor of the company for the financial year
ending March 31, 2007.

Accordingly, the company, on November 28, 2006, asked its
current auditors, Moores Rowland, to resign as auditors for FYE
2007.  

The auditors filed their resignation letter on November 29.  On
the same day, Comsa's board has sought the appointment of Shan &
Co as the company's new auditor.  The appointment will take
effect immediately upon approval of their appointment obtained
at an extraordinary general meeting to be convened.

                          *     *    *

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

On April 10, 2006, the company was declared a Practice Note 17
company by Bursa Malaysia due to a stockholders' equity deficit.  
As an affected listed issuer, Comsa Farms is required to submit
a plan to regularize its financial condition.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 3, 2006, the company registered US$63.60 million in total
assets and a US$5-million shareholders' equity deficit as of
Nov. 2.


FCW HOLDINGS: Annual General Meeting Slated for Dec. 22
-------------------------------------------------------
FCW Holdings Bhd will hold its 51st annual general meeting at
Dewan Berjaya, Bukit Kiara Equestrian and Country Resort, Jalan
Bukit Kiara, Off Jalan Damansara, 60000 Kuala Lumpur, Malaysia
on December 22, 2006 at 3.30 p.m. to consider and, if thought
fit, passing these ordinary resolutions:

   1. To receive and adopt the Audited Financial Statements of
      the Group and the Company for the financial year ended
      June 30, 2006, together with the related directors and
      auditors' reports;

   2. To approve the payment of directors' fees in respect of
      the financial year ended June 30, 2006;

   3. To re-elect two directors retiring in accordance with
      Article 83 of the Company's Articles of Association:

      (a) Dato' Ismail Bin Hamzah; and
      (b) Lee Yu-Jin;

   4. To re-appoint Ernst & Young as auditors and authorize
      the directors to fix their remuneration; and

   5. To transact any other ordinary business of the company for
      which due notice has been given.

                          *     *     *

Headquartered in Selangor Darul Ehsan, Malaysia, FCW Holdings
Berhad is principally involved in investment holding, providing
management services and trading of telecommunications equipment.  
Its other activities include renting of communication access,
selling and hiring of telecommunications equipment and
electronic goods, providing paging services and turnkey
contracting.

FCW Holdings is a Practice Note 17 company.  It has been
incurring continuous losses since 1999.  By March 31, 2006, the
Company's accumulated losses has hit MYR135,469,000, from
MYR134,410,000 accumulated losses in March 31, 2005.  The
Company is also facing possible delisting by Bursa Malaysia
Securities Berhad if it fails to submit a plan to regularize its
financial condition.


FCW HOLDINGS: Incurs a MYR259,000 Net Loss in Sept. 2006 Quarter
----------------------------------------------------------------
FCW Holdings Bhd posted a net loss of MYR259,000 on
MYR1.65 million revenues in the first quarter ended Sept. 30,
2006, as compared with MYR327,000 net loss on MYR3.1 million
revenues in the same quarter last year.

The company's consolidated balance sheet as of September 30,
2006, showed total current assets at MYR19.4 million and current
liabilities at MYR2.763 million.

Total assets of the company as of September 30, 2006, amounted
to MYR26.79 million and total liabilities reached
MYR2.76 million.  Shareholders' equity in the company totaled
MYR24.02 million.

A full-text copy of the company's financial reports for the
quarter ended September 30, 2006, can be viewed for free at:

            http://bankrupt.com/misc/fcw-1q-2007.xls

                          *     *     *

Headquartered in Selangor Darul Ehsan, Malaysia, FCW Holdings
Berhad is principally involved in investment holding, providing
management services and trading of telecommunications equipment.  
Its other activities include renting of communication access,
selling and hiring of telecommunications equipment and
electronic goods, providing paging services and turnkey
contracting.

FCW Holdings is a Practice Note 17 company.  It has been
incurring continuous losses since 1999.  By March 31, 2006, the
Company's accumulated losses has hit MYR135,469,000, from
MYR134,410,000 accumulated losses in March 31, 2005.  The
Company is also facing possible delisting by Bursa Malaysia
Securities Berhad if it fails to submit a plan to regularize its
financial condition.


PARK MAY: Posts MYR1.13-Million Net Loss in 3rd Quarter 2006
------------------------------------------------------------
Park May Bhd incurred a MYR1.13-million net loss on
MYR12.61 million of revenues in the quarter ended September 30,
2006, as compared with the MYR2.83-million net loss on
MYR10.70 million of revenues in the same quarter last year.

The company's consolidated balance sheet as of September 30,
2006, showed strained liquidity with MYR16.14 million in current
assets available to pay MYR90.85 million in current liabilities
coming due within the next 12 months.

As of September 30, 2006, Park May's balance sheet reflected
insolvency with MYR40.79 million in total assets and
MYR96.05 million in total liabilities.  Shareholders' deficit in
the company amounted to MYR55.26 million.

A full-text copy of the company's financial report for the
quarter ended September 30, 2006, can be viewed for free at:

       http://bankrupt.com/misc/PMB-3rd-Qtr-2006.doc

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Park May Berhad --
http://www.parkmayberhad.com/-- provides public bus  
transportation in Peninsular Malaysia, categorized as stage bus
and express bus.  Its other activities include operation and
construction of light rail transit system, trading and property
holding, and investment holding and managing operation.  

The Company has defaulted in its payment of monthly interest of
MYR1.1 million on its MYR135.6-million Combined and Converted
Short Term Loan Facility due on April8, 1999.  On December 30,
1999, the Corporate Debt Restructuring Committee successfully
assisted Park May Berhad to finalize a debt-restructuring scheme
with its lenders and main suppliers involving debt outstanding
as at even date of MYR146 million.  On April 17, 2000, the
Securities Commission approved Park May's Proposals.  On
February 28, 2003, Park May registered a deficit in
shareholders' equity on a consolidated basis of
MYR23.17 million, making it an affected listed issuer under
Bursa Malaysia Securities' Practice Note 4 category.  As an
Affected Listed Issuer, the Company is required to regularize
its financial condition.

As of September 30, 2006, Park May's balance sheet reflected
MYR40.79 million in total assets and MYR96.05 million in total
liabilities, resulting in a shareholders' deficit of
MYR55.26 million.


* Malaysia's 2007 GDP to Slump Following Global Slowdown
--------------------------------------------------------
On November 30, 2006, Fitch Ratings projected that the pace of
growth in the Malaysian economy would decline to 5% for 2007,
the slowest in five years, from a projected 5.7% in 2006.

Speaking on regional economic prospects for 2007 amid an
expected slowdown in US and global growth at the agency's Asia
Conference 2006 in Kuala Lumpur today, James McCormack, head of
Asia sovereigns, added that while China's continued robust
expansion will provide some support to the rest of the region,
Malaysia's greater dependence on the US would likely hamper
growth.

"The US is Malaysia's largest market, accounting for about 20%
of exports, and the ability of exporters to adjust by focusing
more on China is likely to be limited in the short term," Mr.
McCormack added.  However, Fitch noted that even with a weaker
export and GDP growth outlook, Malaysia's sovereign ratings were
supported by ongoing current account surpluses and the country's
net external creditor position.  The agency cited public
finances as a more important constraint on Malaysian
creditworthiness.

Government debt ratios are already high relative to the medians
for 'A' rated sovereigns, and Fitch was not optimistic there
would be meaningful reductions in debt, particularly given
spending objectives in the Ninth Malaysia Plan.  Fitch forecasts
moderate reductions in GDP growth rates across Emerging Asia
next year, including a slowdown to 4% from 4.3% for Taiwan and
4.5% from 4.9% in Korea.

In his review of the challenges facing Malaysian banks, David
Marshall, head of financial institutions Asia-Pacific, noted
that the still relatively benign economic environment in
Malaysia should leave banks focused on how to maintain adequate
profitability against a background of narrowing interest
margins.

"Narrowing interest margins are common the banking world," Mr.
Marshall observed, adding that these are acceptable if they
result from improved credit quality or more refined risk-based
pricing by lenders.  "They are more worrying if they arise from
excessive competition and under-pricing of risk."  Fitch points
out that compared with regional peers the profit margins of
Malaysian banks are moderate, while their NPLs still relatively
high, suggesting there is a need for more sophisticated risk
management that leads to improved capital allocation and better
risk-based pricing.  Fitch believes that Malaysian banks' moves
towards Basel II compliance will help them to improve in these
areas which will become increasingly important as banks seek to
defend their domestic franchise from growing foreign competition
and to expand around the region.

Meanwhile on recent developments in the Asia-Pacific high-yield
market, Siew-Huey Loong, director in the regional Corporate
ratings group, highlighted the growing sophistication of high-
yield investors.  "While issuance volume has significantly
increased over time and the pool of investors chasing yield in
the market has expanded, we note that investors are becoming
more selective and this is being reflected in the new issue
premium and security enhancements featured in recent bond
issuances," said Ms. Loong.

Additionally, Ms. Loong discussed some of the trends and
challenges in the Asian leveraged buyout market.  "Currently,
financing structures in the majority of Asian LBO transactions
are typically much simpler than those in more developed markets
as they are often funded by a straightforward mix of senior bank
debt and equity.  Until more complex financing structures,
including other debt instruments such as mezzanine, second lien,
high yield bonds and payment in kind notes, become more
commonplace in Asia, average financial leverage ratios in Asian
LBO transactions are likely to be capped, and therefore slightly
lower, than those seen in the US and Europe."

Speaking on the insurance market, Simon Hu, senior director,
Insurance business development, Asia-Pacific, said Fitch
maintains a positive view on the Malaysian insurance market in
general, reflected by the placement of the Malaysian regulatory
regime in the agency's highest "Strong" category, as well as
recent assignment of insurer financial strength ratings of 'A-'
to both Malaysian Re and Labuan Re.  Fitch believes the
Malaysian insurance market has strong long-term growth
potential, especially in the takaful and retakaful market, and
is actively developing a rating methodology to suit the
particular asset and liability profile of the Mudaraba and
Wakala takaful business models.  Fitch expects Malaysia to
maintain its leadership role in the global takaful industry in
developing takaful regulatory standards as well as general
market practice.

"Malaysia's insurance market is in transition.  The temporary
protective measures, such as tariffs, bring pricing stability
and reduce unproductive competition in the market and allow the
Malaysian insurance industry to be better prepared for the next
round of restructuring and the challenge of the new Risk-Based
Capital Solvency regime going forward," said Mr. Hu.  Fitch
believes that underwriting innovation and diversified capital
structure would be central to the long-term competitiveness of
the Malaysian insurance and takaful companies.

Finally, on the development of Malaysia's collateralized loan
obligation market, Dipesh Patel, associate director, Structured
Credit Products, noted a growing interest in CLOs in the
country. "Fitch expects a higher level of domestic CLO issuance
in Malaysia in 2007.  Malaysian investors continue to explore
the synthetic CDO product and awareness of credit derivative
technology is increasing," said Mr. Patel.


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

DMP 1 LTD: Court Hears Liquidation Petition
-------------------------------------------
The Commissioner of Inland Revenue filed on Oct. 10, 2006, a
petition to liquidate DMP 1 Ltd before the High Court of Napier.

The Court heard the petition on Nov. 30, 2006.

The Solicitor for the Petitioner can be reached at:

         R. J. Collins
         Elvidge & Partners
         corner of Raffles and Bower Streets
         Napier
         New Zealand


DUNDALE HOLDINGS: Creditors Must Prove Claims by December 8
-----------------------------------------------------------
On Nov. 7, 2006, the shareholders of Dundale Holdings Ltd passed
a special resolution to liquidate the company's business and
appointed Neville Petrie Fagerlund as liquidator.

Accordingly, creditors are required to prove their claims and to
establish any priority claims by Dec. 8, 2006.

The Liquidator can be reached at:

         N. P. Fagerlund
         c/o HFK Limited
         P.O. Box 5071
         Papanui, Christchurch
         New Zealand
         Telephone:(03) 352 9189


EL CORAZON: Creditors' Proofs of Claim Due on Jan. 15
-----------------------------------------------------
On Nov. 6, 2006, John Howard Ross Fisk and Craig Alexander
Sanson were appointed as joint and several liquidators of El
Corazon Ltd.

Creditors are required to submit their proofs of claim to the
liquidators by Jan. 15, 2007.  Those who cannot prove their
claims by the due date will be excluded from sharing in any
distribution the company will make.

As reported by the Troubled Company Reporter -Asia Pacific, the
High Court of Wellington has heard the company's wind-up
petition on Nov. 6, 2006, filed by the Commissioner of Inland
Revenue.

         John Howard Ross Fisk
         Craig Alexander Sanson
         c/o PricewaterhouseCoopers
         113-119 The Terrace (P.O. Box 243)
         Wellington
         New Zealand
         Telephone:(04) 462 7489
         Facsimile:(04) 462 7492


ENGINEERING TEMP: Liquidation Hearing Set for Dec. 7
----------------------------------------------------
On Oct. 2, 2006, the Commissioner of Inland Revenue filed a
petition to liquidate Engineering Temp Staff Ltd before the High
Court of Auckland.

The petition will be heard on Dec. 7, 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
         Telephone:(09) 984 2002


FELTEX CARPETS: Judge Sets Hearings on December 13
--------------------------------------------------
Justice Baragwanath made a recommendation that all of the
applications related to Feltex Carpets Limited be heard in the
High Court on December 13, 2006, The Dominion Post relates.

As reported in the Troubled Company Reporter - Asia Pacific on
November 28, 2006, Christchurch lawyer Garry Wakefield wrote to
8,893 Feltex shareholders asking for AU$380 each to back a class
action against the company's former directors and the promoters
of its 2004 float.  It was an opposition to the New Zealand
Shareholders Association application for the appointment of a
liquidator who would be empowered to do the same, the TCR-AP
said.

According to the TCR-AP, the Shareholders Association, in
its capacity as a shareholder, filed with the High Court in
Auckland an application which was set to be heard on November
30, 2006.

The TCR-AP has also reported that Ian Hamilton, of Invercargill,
who owns 172,000 Feltex shares, lodged an application to have
shareholder activist Tony Gavigan appointed to the Feltex board.   
The application was heard on November 29, 2006.

Lawyers for Feltex receiver, McGrath Nicol & Partners opposed
the liquidation attempt, The Australian says.  They argued that
appointing a liquidator would cancel employment contracts and it
would be an event of default under the company's operating
leases, which meant they could not transfer the business to
Godfrey Hirst as a going concern, the paper relates.

The Australian cites Colin Nicol, of McGrath Nicol, as telling
BusinessDay that the receivers were close to a final settlement
with Godfrey Hirst, which has agreed to buy the business, and
expected a handover before the end of the week.

                          About Feltex

Headquartered in Auckland, New Zealand, and established over 50
years ago, Feltex Carpets Limited -- http://www.feltex.com/--  
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
includes a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.

The Company also leads the way in exports, with customers
throughout South East Asia, Japan, the United States, the Middle
East and other key world markets.  Feltex listed on the local
stock exchange in mid-2004 in a NZ$254-million initial public
offering -- the year's largest in New Zealand.  However, the
Company fell short of its prospectus earnings projections,
reporting a net profit of NZ$11.8 million in the fiscal year to
June 30, 2005, about half the forecast NZ$23.9 million.  The
Company has struggled with losses and earnings downgrades,
flogging sales, and a dipping share price.  The Company closed
plants and in October 2005, axed 235 jobs, mostly in Australia,
and by 2006, abandoned merger talks with Australian competitor
Godfrey Hirst after it suggested that the apparent "whiteknight"
investor was more interested in a reverse takeover.  Godfrey
Hirst later sold out its nearly 9% stake in the Company.  In
February 2006, Feltex reported a first-half after tax loss of
NZ$11.83 million, down almost 200% compared with the net loss in
the previous year.

ANZ Bank placed the Company in receivership on September 22,
2006, and named Colin Nicol, Peter Anderson and Kerryn Downey,
of McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on October 4, 2006, that Godfrey Hirst
acquired Feltex as a going concern, including its assets and
undertakings in New Zealand, Australia, and the United States.
Proceeds of the sale will be used to ease the company's NZ$128-
million debt to ANZ Bank.


HAIR JUNCTION: Faces Liquidation Proceedings
--------------------------------------------
A liquidation petition filed against Hair Junction Ltd will be
heard before the High Court of Auckland on Dec. 7, 2006, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on Oct. 2, 2006.

The Solicitor for the Petitioner can be reached at:
  
         Geraldine Ann Ryan
         Auckland South Service Centre
         17 Putney Way (P.O. Box 76-198)
         Manukau City
         New Zealand
         Telephone:(09) 984 2002


IVAN BEVINS: Court Sets Date to Hear Liquidation Petition
---------------------------------------------------------
The High Court of Hamilton will hear a liquidation petition
filed against Ivan Bevins & Sons Contracting Ltd on Dec. 4,
2006, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on Nov. 6, 2006.

The Solicitor for the Petitioner can be reached at:

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


NET STREAM: Appoints Joint Liquidators
--------------------------------------
On Nov. 8, 2006, Dennis Clifford Parsons and Katherine Louise
Kenealy were appointed as joint and several liquidators of Net
Stream Internet Ltd.

The Joint and Several Liquidators can be reached at:

         Dennis Clifford Parsons
         Katherine Louise Kenealy
         Indepth Forensic Limited
         Insolvency Practitioners
         P.O. Box 278, Hamilton
         New Zealand
         Telephone:(07) 957 8674
         Facsimile:(07) 957 8677


NZ BUILDERS: Shareholders Resolve to Liquidate Business
-------------------------------------------------------
On Nov. 7, 2006, the shareholders of NZ Builders Ltd resolved by
special resolution to liquidate the company's business and
appointed Grant Bruce Reynolds as liquidator.

The Liquidator can be reached at:

         Grant Bruce Reynolds
         Reynolds & Associates Limited
         P.O. Box 259-059, Burswood
         East Tamaki, Auckland
         New Zealand
         Telephone:(09) 577 0162
         Facsimile:(09) 576 5503


P R DRIVING: Names Parsons and Kenealy as Liquidators
-----------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed as joint and several liquidators of P R Driving
Services Ltd., on Nov. 6, 2006.

The Joint and Several Liquidators can be reached at:

         Dennis Clifford Parsons
         Katherine Louise Kenealy
         Indepth Forensic Limited
         Insolvency Practitioners
         P.O. Box 278, Hamilton
         New Zealand
         Telephone:(07) 957 8674
         Facsimile:(07) 957 8677


PHOENIX ONE: Appoints Parsons and Kenealy as Liquidators
--------------------------------------------------------
On Nov. 6, 2006, Dennis Clifford Parsons and Katherine Louise
Kenealy were appointed as joint and several liquidators of
Phoenix One Ltd -- previously known as Phoenix & Associates Ltd.

The Joint and Several Liquidators can be reached at:

         Dennis Clifford Parsons
         Katherine Louise Kenealy
         Indepth Forensic Limited
         Insolvency Practitioners
         P.O. Box 278, Hamilton
         New Zealand
         Telephone:(07) 957 8674
         Facsimile:(07) 957 8677


UTULEI CONSTRUCTIONS: Court Sets Liquidation Hearing on Dec. 7
--------------------------------------------------------------
A petition to liquidate Utulei Constructions Ltd will be heard
before the High Court of Auckland on Dec. 7, 2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on Sept. 21, 2006.

The Solicitor for the Petitioner can be reached at:

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


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

BENPRES HOLDINGS: To Transfer 49% FPIDC Stake to City Resources
---------------------------------------------------------------
Benpres Holdings Corp. will transfer its 49% stake in First
Philippine Infrastructure Development Corp., to City Resources
Philippines Corp., Manila Bulletin Online reports.

Manila Bulletin notes that FPIDC has a 67% interest in Manila
North Tollways Corp.  MNTC operates the 84-kilometer North Luzon
Expressway that connects metropolitan Manila to northern
provinces.

City Resources is Benpres' listed but hardly traded 91%-
controlled unit, the report says.

According to the paper, FPIDC is majority owned by First
Philippine Holdings Inc., Benpres' sister company.  

Manila Bulletin cites First Holdings president Elpidio Ibanez as
telling Dow Jones Newswires that First Holdings can't stop
Benpres from transferring its FPIDC stake.  Yet First Holdings
will make sure it will continue to retain the right of first
refusal, even after the transfer to City Resources, Mr. Ibanez
noted.

Mr. Ibanez explained that by retaining the right of first
refusal, First Holdings will have the choice to match any future
offer that may be made for the FPIDC stake.

Although First Holdings intends to acquire Benpres' stake in
FPIDC, "we can't have a prearranged transaction since we're both
listed," Mr. Ibanez added.  

"Neither can First Holdings exercise its right of first refusal
over the Benpres stake since there wasn't any formal offer made
by Metro Pacific group, which also has interests in tollway
operations," Manila Bulletin cites Mr. Ibanez, as saying.

According to Mr. Ibanez, the transfer will be done through the
stock market instead of a private transaction, thus Benpres will
be able to complete the transaction with a "minimal tax hit."

                     About Benpres Holdings

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

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

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

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


MANILA MINING: SEC Approves Increase of Capital Stock
-----------------------------------------------------
In a disclosure with the Philippine Stock Exchange, Manila
Mining Corporation advises that on November 30, 2006, the
Securities and Exchange Commission has approved the company's
application for the increase of its Authorized Capital Stock
from PHP1.2 billion to PHP1.8 billion.

                       About Manila Mining

Manila Mining Corporation -- http://www.manilamining.com/-- was  
incorporated primarily to carry out the business of mining,
milling, concentrating, converting, smelting, treating,
preparing for market, manufacturing, buying, selling, exchanging
and otherwise producing and dealing in precious and semi-
precious metals, ores, minerals and their by-products.  The
Company is an affiliate of Lepanto Consolidated Mining Company.  
It started its mining operations in Placer, Surigao del Norte in
1981.  Up until it suspended its mining and milling operations
in July 2001, the Company produced gold bullion through a
Carbon-In-Pulp (CIP) Plant.

                          *     *     *

After auditing Manila Mining's annual report for the year ended
December 31, 2005, Rodelio A. Acosta, of Isla Lipana & Co.,
raised substantial doubt on the Company's ability to continue as
a going concern, noting the Company's continued losses from
operations that resulted to a deficit of PHP936,543,157 and
working capital deficiency of PHP729,068,305 in 2005.


VICTORIAS MILLING: Sets Annual Stockholders' Meeting on Feb. 7
--------------------------------------------------------------
Victorias Milling Company, Inc., informs the Philippine Stock
Exchange that it will hold its Annual Stockholders' Meeting on
February 6, 2007, at 9:00 a.m., at the Fairways Dining Room,
Manila Golf & Country Club, Harvard Road, Forbes Park, Makati
City.

Only stockholders of record as of 5:00 p.m., of January 17,
2007, will be entitled to vote at the meeting.

                     About Victorias Milling

Headquartered in Victorias City, Bacolod, Victorias Milling
Company Inc. -- http://www.victoriasmilling.com/-- was  
organized in 1919 and is engaged in the acquisition,
construction, maintenance and operation of sugar mills, as well
as other related business activities.  Through the years, the
company has expanded its operations to include a foundry, a
machine shop, a fabrication shop, a food canning company, an
organic fertilizer plant and a piggery.

On July 4, 1997, the Company filed an application with the
Securities and Exchange Commission to suspend payments to
creditors.  On July 8, 1997, the SEC issued a stay order
restraining all Victorias Milling creditors or any of its
subsidiaries from enforcing their claims, to allow the Company
or any of its subsidiaries to continue to their normal business
operations.  The SEC also ordered the formation of a Management
Committee to oversee the Company's operations and
rehabilitation.

The Company is currently undergoing debt restructuring.


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

ARMSTRONG INDUSTRIAL: Unveils Shareholder's Change of Interest
--------------------------------------------------------------
Ang Meng Huat Anthony, a substantial shareholder of Armstrong
Industrial Corp Ltd, on Nov. 27, 2006, decreased his holdings of
shares in the company, due to an open market sale at his own
discretion.

Presently, Mr. Ang holds 7,519,000 deemed shares with 1.4876%
issued share capital.  Prior to that, Mr. Ang held 6,342,000
deemed shares with 1.2547% issued share capital.

                   About Armstrong Industrial

Armstrong Industrial Corp. Ltd -- http://www.armstrong.com.sg--  
manufactures and sells precision die-cut foam and rubber moulded
components for a range of applications, including insulating,
dampening, cushioning, and sealing.  The company also provides
architectural and engineering activities and related technical
consultancy.  The company has manufacturing presence in
Singapore, Malaysia, Thailand, China, and Indonesia.

                          *     *     *

Moody's Investors Service gave Armstrong Industrial's senior
unsecured debt a Ba2 rating effective on December 16, 1991, and
its subordinated debt a B1 rating effective on October 23, 1986.


CLOVERMATES INTERNATIONAL: Pays Preferential Dividend
-----------------------------------------------------
Clovermates International Pte Ltd, which was placed under
creditors' voluntary liquidation, had paid the first and final
dividend to its creditors on Nov. 21, 2006.

The company paid 100% on account of all received claims.

The company's liquidator can be reached at:

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


HLG ENTERPRISE: Grace Star Dispatches Offer Document
----------------------------------------------------
On Nov. 29, 2006, Grace Star Services Ltd has dispatched an
offer document dated Nov. 27, 2006, which contains details of
the mandatory conditional cash offers to acquire:

   (a) all the issued ordinary shares in the capital of HLG
       Enterprise Limited not already owned, controlled or
       agreed to be acquired by Grace Star;

   (b) all the issued series A and B redeemable convertible
       preference shares in the capital of HLG Enterprise not
       already owned, controlled or agreed to be acquired by
       Grace Star; and

   (c) all the issued non-redeemable convertible cumulative
       preference shares in the capital of HLG Enterprise, not
       already owned, controlled or agreed to be acquired by
       Grace Star.

The Offer Document has been dispatched together with these
documents:

   (a) a Form of Acceptance and Authorization for shareholders
       whose Offer Shares are deposited with The Central
       Depository Pte Limited; and

   (b) a Form of Acceptance and Transfer in the case of
       shareholders whose Offer Shares are not deposited with
       the Central Depository, Redeemable Convertible Holders
       and NCCPS Holders.

Shareholders whose Offer Shares are deposited with the Central
Depository may obtain copies of the Offer Document and the Form
of Acceptance and Authorization during normal business hours
until the Closing Date at these address:

         The Central Depository (Pte) Limited
         4 Shenton Way #02-01
         SGX Centre 2
         Singapore 068807

Moreover, copies of the Form of Acceptance may be obtained by
Depositors from the Central Depository on the production of
satisfactory evidence that their securities accounts are
credited with the Offer Shares.

For Shareholders who hold Offer Shares, which are not deposited
with Central Depository, Redeemable Convertible Holders and
NCCPS Holders may obtain copies of the Offer Document and the
relevant Form of Acceptance and Transfer during normal business
hours until the closing date from:

         Kon Choon Kooi Pte Ltd
         47 Hill Street #06-02
         Singapore Chinese Chamber
         of Commerce & Industry Building
         Singapore 179365

The Offers will be open for acceptance until 3:30 p.m. on
Dec. 27, 2006, or other later date, which will be announced from
time to time.

                  About HLG Enterprise Limited

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

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

The company's Sept. 30, 2006, consolidated balance sheet showed
total assets of US$177.62 million and total liabilities of
US$189.1 million, resulting in a shareholders' equity deficit of
US$11.5 million.

As of Oct. 12, 2006, the company has shareholders' deficit of
US$12.72 million, on total assets of US$150.70 million as
reported by the Troubled Company Reporter - Asia Pacific on
Oct. 13.


MICRO COMPONENT: Incurs US$1.9 Mil. Net Loss in 2006 Third Qtr.
---------------------------------------------------------------
Micro Component Technology Inc. posted a US$1.9 million net loss
in the third quarter of 2006, compared to net loss of US$1
million in the comparable prior year period.  The current
quarter's net loss included US$1.4 million of non-cash debt
conversion expense from the 10% subordinated convertible debt.

The net loss for the nine-month period of 2006 was US$3 million,
compared to a net loss of US$3.6 million in the prior year.

Net sales for the third quarter of 2006 were US$3.3 million, an
increase of 87% from net sales of US$1.8 million for the third
quarter of 2005.  Net sales for the nine-months ended Sept. 30,
2006, were US$9.3 million, an increase of 85% from net sales of
US$5 million in the prior year.

At Sept. 30, 2006, the company's balance sheet showed
US$5,665,000 in total assets and US$10,785,000 in total
liabilities, resulting in a US$5,120,000 stockholders' deficit.

President, Chairman and Chief Executive Officer, Roger E. Gower,
commented, "Our third quarter revenue continued to demonstrate
the sales strength that was experienced in the previous first
two quarters of 2006, by exceeding like quarters of 2005 by over
85%.  In addition, bookings continued strong as noted in our
recent announcement of a US$1.2 million, multi-unit order
scheduled to be shipped in Q4 of 2006.  The 3rd Quarter MCT
financial performance was substantially impacted by two major
factors:  (1) A non-cash debt conversion expense of US$1.4M
associated with the conversions to stock of over US$2.1M of
convertible debt and (2) a known low gross margin experience on
a key new product installation."

A full-text copy of the Company's quarterly report is available
for free at http://researcharchives.com/t/s?15f4  

                      Going Concern Doubt

Virchow, Krause & Company, LLP, expressed substantial doubt
about Micro Component's ability to continue as a going concern
after auditing the Company's financial statements for the years
ended Dec. 31, 2005, 2004 and 2003.  The auditing firm pointed
to the Company's recurring losses from operations and has a
stockholders' deficit

                     About Micro Component

Micro Component Technology, Inc. -- at http://www.mct.com--   
supplies integrated automation solutions for the global
semiconductor test and assembly industry.  MCT offers complete
and comprehensive equipment automation solutions for the test,
laser mark handling equipment, mark inspect, singulation, sort,
and packaging for shipment portions of the back-end of the
semiconductor manufacturing process that significantly improve
our customers' productivity, yield and throughput.  The company
has facilities in Malaysia, the Philippines and Singapore.


ODYSSEY RE: Declares Dividends on Common, Series A and B Stocks
---------------------------------------------------------------
On Nov. 29, 2006, Odyssey Re Holdings Corp. has declared these
cash dividends:

   -- quarterly cash dividend of US$0.03125 per common share,
      payable on December 29, 2006, to shareholders of record at
      the closing of business on December 15, 2006;

   -- a cash dividend of US$0.5078125 per share on the company's
      8.125% non-cumulative Series A preferred shares; and

   -- a cash dividend of US$0.5389844 per share on Odyssey Re's
      floating rate non-cumulative Series B preferred shares.

For the Series A and Series B preferred shareholders, the
dividends will be payable on January 22, 2007, at the closing of
business on December 31, 2006.

                        About Odyssey Re

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 United
States, London, Paris, Toronto, Mexico City and Singapore.
Odyssey Re Holdings Corp. is listed on the New York Stock
Exchange under the symbol ORH.

                          *     *     *

Odyssey Re Holdings Corp.'s preferred stock rating carries Ba2
from Moody's and BB from Fitch.  The Company's senior unsecured
debt and long-term issuer default ratings also carry BB+ from
Fitch.  Moody's placed its rating on Oct. 12, 2005 with a stable
outlook.  Fitch placed its ratings on March 23, 2006.


PACIFIC RECREATION: Court Orders Wind-Up of Operations
------------------------------------------------------
S.Y. Technology Inc has filed an application to wind up Pacific
Recreation Pte Ltd.

Subsequently, on Nov. 7, 2006, Justice Judith Prakash granted
S.Y. Technology's request and entered an order directing the
wind-up of Pacific Recreation's operations.

The company's liquidator is:

         Lim Yeong Seng
         Kong Lim & Partners
         111A Telok Ayer Street
         Singapore 068580


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

GOV'T HOUSING: Cuts Down Lending Target to Comply with Directive
---------------------------------------------------------------
The Government Housing Bank will comply with the Finance
Ministry's directive to be more conservative on granting loans
and to give up its support for the Baan Munkong knocked-down
housing project, The Bangkok Post reports.

"We will consider the capability of the borrowers first.  Our
experienced staff will give proper advice to borrowers when they
ask for housing loans," Khan Prachuabmoh, the bank's president,
told reporters.

As a further proof of compliance, GHB also revised its target of
new housing loans next year to THB80-THB90 billion from THB100
billion or about THB6-THB7 billion a month from THB8-THB9
billion currently.

The Nation notes that GHB has lent more than THB100 billion in
each of the past three years.

In addition, the ministry wants the GHB to adjust the rate of
housing loans it has jointly extended with the Government
Pension Fund, the Bangkok Post relates.  The rates for the
fourth year onwards should be the minimum retail rate minus 1.0-
1.5%, instead of MRR-2.25% while the rates in the first three
years remain the same at MRR-1.5%, MRR-1.25% and MRR-1%
respectively.

The bank was also asked to revise its current housing finance
program to enable it to stand on its own in the long term.

Part of the program, according to The Post, included the
300,000-unit Baan Munkong project in which the GHB had joined
the Community Development Institute and the Baan Ua-arthorn
housing project.

The knocked-down housing program, a legacy of the previous
government, extends housing loans for up to 500,000 units to
low-income earners, The Post notes.

GHB's Mortgage Card project is also under consideration for
revision as authorities say it could encourage people to be
heavily in debt due to the lack of fixed repayment periods.  

The card project, The Post relates, gives holders access to
personal credit lines equal to 10% of the funds already paid on
their mortgages.  The card can be used to purchase furnishings
and construction materials at participating stores.

Meanwhile, the lender also announced that it expects to open a
number of micro-branches in department stores and shopping
centers next year, as it is cheaper than opening full branches,
The Nation says.

                          *     *     *

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

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

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


SIAM CITY: BOT Endorses Chulakorn Amid Directors' Objections
------------------------------------------------------------
Bank of Thailand will endorse former Bank of Asia President
Chulakorn Singhakowin to head Siam City Bank despite objections
from the company's board of directors, The Bangkok Post says,
citing Tarisa Watanagase, head of the central bank.

On August 31, 2006, the Troubled Company Reporter - Asia Pacific
reported that Arun Chirachavala, Siam City's former president,
resigned from his post effective on September 1, 2006.

According to the TCR-AP report, conflict within the bank's board
was the reason behind the resignation.

The central bank's Financial Institutions Development Fund --
SCIB's single-largest shareholder with a 47.58% stake -- will
support the decision of the company's search committee to
propose Mr. Chulakorn unless the board's proposal was justified,
Dr. Tarisa said.

The Post relates that Siam City's board of directors favors
Lersak Chuladesa, a first senior executive vice-president with
the bank, to take up the top position, putting the directors in
a possible conflict with its major shareholder.

Board chairman Sompol Kiatphaibool said that the board would
consider the views of the search committee at a meeting this
week.  Mr. Sompol added that "Mr. Chulakorn did post the higher
score based on the evaluation of the search committee, but not
significantly so, the board debated the qualifications of both,
and decided to vote for Mr. Lersak."

The board's decision was unanimous, which included the vote of
Tasna Rajatabhothi, SCIB's acting president, Mr. Sompol said.

Siam City's labor union maintained its position that an insider
should be appointed to the post, the paper notes.

                          *     *     *

Siam City Bank Public Company Limited -- http://www.scib.co.th/
-- principal activity is the provision of commercial banking
services which includes deposits, payments, credit cards,
consumer loans and e-banking.  Other activities include real
estate development, computer consultancy and provision of
capital market services.

Operations are carried out primarily in Thailand.

On October 19, 2006, Fitch assigned these ratings to Siam City
Bank:

    * Long-term foreign currency Issuer Default rating of 'BB';
    * Short-term foreign currency rating of 'B';
    * National long-term rating of 'A-(tha)'; and
    * National Short-term rating of 'F1(tha)'.

The Outlook on the ratings is Stable.  Fitch has also upgraded
the bank's Individual rating to 'D' from 'D/E' and affirmed its
Support rating at '4'.

The bank currently carries Moody's Bank financial strength
rating of D and foreign currency long-term/short-term deposit
ratings of Baa3/P-3.


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

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

AUSTRALIA

Allstate Explorations NL          ALX      12.65      -51.62
Austar United Communications Ltd. AUN     231.54      -52.58
Global Wine Ventures Limited      GWV      22.04       -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1696.65     -786.31
Indophil Resources NL             IRN      37.79      -69.96
Intellect Holdings Limited        IHG      15.01       -0.83
KH Foods Ltd                      KHF      62.30       -1.71
Orbital Corporation Limited       OEC      14.01       -4.86
RMG Limited                       RMG      22.33       -2.16
Stadium Australia Group           SAX     135.23      -41.84
Tooth & Company Limited           TTH      97.05      -70.08


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      10.89       -5.50
Bestway International             718      25.00       -0.67
Chang Ling Group                  561      77.48      -76.83
Chengdu Book - A               600083      21.50       -3.07
China Liaoning International
  Cooperation Holdings Ltd.       638      18.76      -44.61
China Kejian Co. Ltd.              35      54.71     -179.23
Datasys Technology Holdings      8057      14.10       -2.07
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      31.36      -54.04
Fujian Sannong Grp. Co. Ltd.      732      44.23      -92.62
Guangdong Meiya Group
   Company Ltd.                   529     107.16      -49.54
Hainan Overseas Chinese
   Investment Co. Ltd.         600759      32.70      -15.28
Hans Energy Company Limited       554      94.75      -10.76
Heilongjiang Sun & Field
   Science & Tech.                620      29.96      -49.18
Hualing Holdings Limited          382     242.26      -28.15
Huda Technology & Education
   Development Co. Ltd.        600892      17.29       -0.19
Hunan Anplas Co., Ltd.            156      94.17      -65.04
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286      87.44      -68.55
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.68       -2.01
Jiamusi Paper Co. Ltd.            699     101.37      -67.36
Jiangxi Paper Industry
   Co. Ltd                     600053      19.58      -12.80
Loulan Holdings Limited          8039      13.01       -1.04
Magnum International Holdings
   Limited                        305      10.35       -5.83
Mindong Electric Group Co., Ltd.  536      21.63       -1.50
New City (Beijing) Development
   Limited                        456     242.25      -21.46
New World Mobile Holdings Ltd     862     295.66      -12.53
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd                1013      24.00       -3.15
Shandong Jintai Group Co. Ltd.  600385     19.58      -12.18
Shanghai Xingye Housing
   Company Ltd                 600603      14.90      -72.98
Shenyang Hejin Holding
   Company Ltd.                   633      83.18      -20.87
Shenz China Bi-A                   17      39.13     -224.64
Shenzhen Dawncom Business Tech
   And Service Co., Ltd           863      79.84      -37.30
Shenzhen Shenxin Taifeng Group
   Co. Ltd.                        34      95.27      -44.65
Shenzen Techo Telecom Co., Ltd.   555      14.84       -6.25
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137      13.11      -72.76
Sichuan Topsoft Investment
   Company Limited                583     113.12     -148.61
SMI Publishing Group Ltd.        8010      10.48       -7.83
Songliao Automobile Co. Ltd.   600715      49.56       -3.76
Sun's Group Manufacturing
   Company Limited                988     103.02      -72.80
Taiyuan Tianlong Group Co.
   Ltd                         600234      13.47      -87.63
UDL Holdings Limited              620      12.48       -7.15
Winowner Group Co. Ltd.        600681      38.03      -62.88
Xinjiang Hops Co. Ltd          600090      86.63      -11.26
Yantai Hualian Development
   Group Co. Ltd.              600766      59.99       -7.66
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      49.89      -17.71
Zarva Technology Co. Ltd.         688     101.76     -102.01
Zhejiang Haina Sporting and
  Touring Goods Co. Ltd.          925      27.73      -31.93


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21
Hotel Sahid Jaya                 SHID      71.05       -4.26
Jakarta Kyoei Ste                JKSW      44.72      -38.57
Mulialand Tbk                    MLND     141.33      -45.99
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82
Steady Safe                      SAFE      19.65       -2.43
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Voksel Electric Tbk              VOKS      44.01      -11.74
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.36
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Steady Safe Tbk                  SAFE      19.65       -2.43
Suba Indah Tbk                   SUBA      85.17       -9.18
Surya Dumai Industri Tbk         SUDI     105.06      -30.49
Unitex Tbk                       UNTX      29.08       -5.87


JAPAN

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


MALAYSIA

Antah Holdings Bhd                ANT     184.65      -98.29
Ark Resources Berhad              ARK      25.91      -28.35
Cygal Bhd                         CYG      58.47      -69.79
Comsa Farms Bhd                   CFB      50.74      -25.55
Gefung Holdings Bhd              GFHB      21.68       -1.74
Jin Lin Wood Industries Berhad    JLW      21.68       -1.74
KIG Glass Industrial Berhad       KIG      15.76      -24.61
Mentiga Corporation Berhad       MENT      22.13      -18.25
Metroplex Bhd                     MEX     323.51      -49.28
Mycom Bhd                         MYC     222.58     -136.17
Lityan Holdings Bhd               LIT      22.22      -19.11
Olympia Industries Bhd           OLYM     272.49     -281.44
Pan Malay Industries             PMRI     199.08       -6.30
Panglobal Bhd                     PGL     188.83      -60.07
Park May Bhd                      PMY      11.04      -13.58
PSC Industries Bhd                PSC      62.80     -116.18
Setegap Berhad                    STG      19.92      -26.88
Wembley Industries Holdings Bhd   WMY     111.72     -204.61


PHILIPPINES

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


SINGAPORE

China Aviation Oil (Singapore)
   Corporation                    CAO     211.96     -390.07
Compact Metal Industries Ltd.     CMI      54.36      -25.64
Falmac Limited                    FAL      10.90       -0.73
Gul Technologies Singapore
   Limited                        GUL     152.80      -27.74
HLG Enterprise                   HLGE     150.70      -12.72
Informatics Holdings Ltd         INFO      22.30       -9.14
L&M Group of Companies            LNM      57.98       -5.20
Liang Huat Aluminium Ltd.         LHA      19.30      -76.43
Lindeteves-Jacoberg Limited        LJ     225.52      -53.23
Pacific Century Regional          PAC    1381.26     -107.11
See Hup Seng Ltd.                 SHS      17.36       -0.09


SOUTH KOREA

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


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98
Central Paper Industry PCL      CPICO      40.41      -37.02
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80
Daidomon Group Pcl              DAIDO      12.92       -8.51
Datamat PCL                       DTM      12.69       -6.13
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.88
Thai-Wah PCL                      TWC      91.56      -41.24



                            *********

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

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

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


                            *********


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

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