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        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

           Tuesday, December 12, 2006, Vol. 9, No. 246

                            Headlines

A U S T R A L I A

AUSTRALIAN DRIED: Joint Annual Meeting Fixed for Jan. 11
EVERETT & STEELE: To Declare Final Dividend on January 22
G.R. CARR: Liquidator to Present Wind-Up Report on Jan. 11
GASRESEARCH AUSTRALIA: Liquidator to Present Wind-Up Report
GENERAL WHOLESALERS: Final Meeting Slated for January 11

JAMES HARDIE: Knows of Asbestos Presence in Rosehill, Union Says
KANNADA PTY: Members & Creditors to Receive Liquidator's Report
LQ6 (DFE): Members to Receive Wind-Up Report on Jan. 19
M.C.PYLE PTY: Members' Final Meeting Set for January 15
REEFTOR PTY: Schedules Joint Meeting on January 8

VILLAGE ROADSHOW: Appoints David Evans as Non-Executive Director
WA WILDFLOWER: Joint Meeting Scheduled for January 5
ZINIFEX LIMITED: Mechanical Failure Prompts 7-day Mine Shutdown


C H I N A   &   H O N G  K O N G

ALCATEL-LUCENT: Inks IP Solution Deal with China Telecom Units
BENQ CORP: Siemens Secures Job Market for BenQ Mobile Employees
CATHAY WORLDWIDE: Creditors' Proofs of Debt Due on March 15
ELEGANT TECHNOLOGY: Faces Wind-Up Proceedings
GOLDSTAR ASIA: Final Meeting Scheduled for January 9

HARTCOURT COS: Restates 2005 Quarter Ended August 31 Financials
INTELSAT LTD: Sept. 30 Balance Sheet Upside-Down by US$494.6 MM
KESSEL ELECTRONIC: Creditors' Proofs of Claim Due on Dec. 29
MATTEL VENDOR: Names Philip Brendan Gilligan as Liquidator
MAY QUEEN: Liquidator Ceases to Act

MOSAIC COMPANY: Fitch Affirms BB- Issuer Default Rating
ORIENTAL HOME: Appoints Chan Kai Kit as Liquidator
SANOFI SYNTHELABO: Sole Member Opt to Wind Up Firm
SHANGHAI REAL: Moody's Affirms B1 Ratings
STAR CRUISES: Moody's Keeps B1 Rating; Outlook Stays Negative

VOLKSWAGEN AG: Rupert Stadler Succeeds Dr. Winterkorn at Audi
XIN FA: Shareholders Appoint Liquidator
YUASA SHOJI: Members Pass Resolution to Wind Up Firm
ZTE CORP: Unveils 3.5G-Able Mobile Handsets


I N D I A

AGILENT TECHNOLOGIES: Strategic Actions Cue S&P's Positive Watch
ALCATEL-LUCENT: Strikes Dresdner Kleinwort's Research Note
ALCATEL-LUCENT: Inks Triple Play Deal with Triple T Broadband
ICICI BANK: Board Approves Merger with The Sangli Bank
ICICI BANK: Proposed Merger No Effect on Ratings, S&P Says

ICICI BANK: Allots 296,400 Equity Shares in October under ESOS
STATE BANK OF INDIA: Senior Debt Issue Gets Moody's Baa2 Rating
SYNDICATE BANK: To Pay Interim Dividend on December 20
TATA MOTORS: November 2006 Sales Up 43% from Last Year
TATA POWER: Releases Sept. 30, 2006 Audited Financials

TATA POWER: SE Division Granted 7 Defense Production Licenses
TATA POWER: Names Jayan S Kawale as New Director


I N D O N E S I A

COMVERSE TECH: Reveals Selected 3Q Results; Delays SEC Filing
COMVERSE TECHNOLOGY: To Pay Interim CEO US$400,000
EXCELCOMINDO PRATAMA: To Raise US$400MM To Expand Mobile Network
INDOSAT: Selects Dilithium Networks 3G Multimedia Solution
MARSH & MCLENNAN: Reports US$176-Million 3rd Quarter Net Income


J A P A N

ALL NIPPON: To Sell Off Hotels in Japan for JPY100 Billion
FORD MOTOR: EVP Mark Schulz to Retire Early 2007
METALDYNE CO: Moody's Puts Low-B Ratings on Senior Facilities
METALDYNE CORP: Asahi Deal Cues S&P to Hold Credit Rating at B
MITSUKOSHI LTD: Profit Rises Eight-Fold to JPY18 Billion in 2Q

PACHINKO WORLD: To Voluntarily Deregister Common Stock
SANYO ELECTRIC: NTT DoCoMo to Recall 1.3 Million Sanyo Batteries
SENSATA TECH: Moody's Holds B2 Rating with Stable Outlook
SENSATA TECH: To Raise US$95 Mil. Financing for FTAS Buyout Deal


K O R E A

AGERE SYSTEMS: LSI Logic Merger Cues Moody's to Affirm Ratings
AVANI INT'L: Sept. 30 Balance Sheet Upside-Down by US$220,711
HYNIX SEMICONDUCTOR: Leaps to Top 8 Chip-Maker Spot


M A L A Y S I A

KUMPULAN BELTON: Incurs MYR581,000 Net Loss in 3rd Qtr. 2006
MYCOM BERHAD: Extends Assets Acquisition for Another 6 Months
MYCOM BERHAD: Shareholders Approve AGM's Resolutions
NORTH BORNEO: Restructuring Deal with "White Knights" Fails
SATERAS RESOURCES: Posts MYR2.11 Mil. Net Loss in 2nd Qtr. '06

SATERAS RESOURCES: Faces Wind-Up Petition on Unit's Default
SYARIKAT KAYU: Posts MYR957,000 Net Loss 3rd Quarter 2006
WEMBLEY INDUSTRIES: Sept. 30, 2006 Balance Sheet Upside Down


N E W   Z E A L A N D

AERO ENTERPRISES: High Court Appoints Liquidators
ALFORD DOORS: Faces Liquidation Proceedings
AWAYA INTERNATIONAL: Creditors to Make Claims by Jan. 8
AYER PROPERTIES: Court Sets Liquidation Hearing on Feb. 22
BELGRAVIA PROPERTIES: Court Hears Liquidation Petition

CALYPSO INNOVATIONS: Court to Hear Liquidation Petition
HARWOOD CONTRACTING: Creditors Must Prove Claims by Jan. 17
INNATE TECHNOLOGIES: Official Assignee to Liquidate Business
MERIDIAN HOMES: Owes Creditors AU$2,444,271 in Aggregate
PENGELLY BUILDERS: Liquidation Hearing Set for December 14

SKYWIRE HOLDINGS: Creditors' Proofs of Claim Due on Dec. 21
THE LOADED HOG: Creditors Must Prove Claims by Dec. 14


P H I L I P P I N E S

ABS-CBN BROADCASTING: Plans to Restructure PHP4.2-Billion Debts
APEX MINING: Postpones Annual Stockholders' Meeting to Jan. 18
BANK OF THE PHILIPPINE ISLANDS: To Establish London Branch
EAST ASIA POWER: Subsidiary Files Rehabilitation Plan


S I N G A P O R E

BAILY TECHNOLOGY: Liquidators to Receive Claims Until Dec. 22
COMPACT METAL: SGX-ST Approves Restructuring Provisions
DRAGAN NEW-TECH: Wind-Up Hearing Slated for Dec. 21
GETRONICS NV: Presents Strategy Updates to Shareholders
KE SWAN: Creditors Must Prove Debts by Jan. 6, 2007

MAE ENGINEERING: Fook Yuan Takes Shares
PETROLEO BRASILEIRO: Discussing Refinery Project with Venezuela
PETROLEO BRASILEIRO: Finishes Natural Gas Pipeline Repair Works
PETROLEO BRASILEIRO: Renews Insurance Contract with SulAmerica
PROGRESS MANUFACTURING: Pays Dividend to Creditors

REFCO INC: GAIN Capital Wins FXA's Customer List for US$750,000
REFCO INC: To Present 16 Witnesses at Plan Confirmation Hearing
SPECTRUM BRANDS: Fourth Qtr. Net Loss Increases to US$439.4 Mil.


T H A I L A N D

KRUNG THAI: Eyes Government Lending to Spur Loan Growth


* BOND PRICING: For the Week 11 December to 15 December 2006

     - - - - - - - -

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

AUSTRALIAN DRIED: Joint Annual Meeting Fixed for Jan. 11
--------------------------------------------------------
Australian Dried Produce Pty Ltd, which is in liquidation, will
hold a joint annual meeting for its members and creditors on
Jan. 11, 2007, at 11:00 a.m.

At the meeting, Liquidator Bill Buckby will present an account
of the company's wind-up proceedings during the preceding twelve
months.

The Liquidator can be reached at:

         Bill Buckby
         KordaMentha (NQ)
         Level 1, 150 Walker Street
         Townsville, Queensland 4810
         Australia
         Telephone:(07) 4724 5455
         Facsimile:(07) 4724 5405

                     About Australian Dried

Australian Dried Produce Pty Ltd is engaged with crop business.

The company is located in Queensland, Australia.


EVERETT & STEELE: To Declare Final Dividend on January 22
---------------------------------------------------------
Everett & Steele Pty Ltd will declare a final dividend for its
creditors on Jan. 22, 2007.

Accordingly, creditors are required to submit their proofs of
debt by Jan. 5, 2007, or they will be excluded from the dividend
distribution.

The Troubled Company Reporter - Asia Pacific previously reported
that the company declared a final dividend for its priority
creditors on Aug. 3, 2006.

The liquidator can be reached at:

         Kim Wallman
         K. S. Wallman & Co
         PO Box 4055
         Wembley, Western Australia 6014
         Australia
         Telephone:(08) 9481 0977
         Facsimile:(08) 9321 0429

                     About Everett & Steele

Everett & Steele Pty Ltd -- trading as Perth Meat Export -- is
engaged with packaged frozen foods.

The company is located in Western, Australia.


G.R. CARR: Liquidator to Present Wind-Up Report on Jan. 11
----------------------------------------------------------
G.R. Carr Developments Pty Ltd, which is in liquidation, will
hold a final meeting for its members and creditors on Jan. 11,
2007, at 3:15 p.m.

At the meeting, the liquidator will present a report of his
costs and dealings during company's wind-up proceedings.

The liquidator can be reached at:

         O'Keeffe Walton Richwol
         Suite 3, 431 Burke Road
         Glen Iris 3146
         Australia

                    About Carr Developments

G R Carr Developments Pty Ltd is an investor relation company.

The company is located in Victoria, Australia.


GASRESEARCH AUSTRALIA: Liquidator to Present Wind-Up Report
-----------------------------------------------------------
The members and creditors of Gasresearch Australia Pty Ltd will
meet on Jan. 9, 2007, at 10:00 a.m., to receive Liquidator
Martin Jones' report regarding the company's wind-up
proceedings.

The Liquidator can be reached at:

         Martin Jones
         Ferrier Hodgson
         Chartered Accountants
         Level 26, 108 St George's Terrace
         Perth, Western Australia 6000
         Australia

                  About Gasresearch Australia

Gasresearch Australia Pty Ltd manufactures Carburetors, Pistons,
Piston Rings, and Valves.  At the same time, the company
provides car repair and service.

The company is located in Victoria, Australia.


GENERAL WHOLESALERS: Final Meeting Slated for January 11
--------------------------------------------------------
A final meeting of the members and creditors of General
Wholesalers Pty Ltd, which is in liquidation, will be held on
Jan. 11, 2007, at 4:00 p.m.

During the meeting, Liquidator O'Keeffe will present an account
of the costs and his dealings during company's wind-up
proceedings.

The Liquidator can be reached at:

         O'Keeffe Walton Richwol
         Suite 3, 431 Burke Road
         Glen Iris 3146
         Australia

                   About General Wholesalers

General Wholesalers Pty Ltd is located in Queensland, Australia.
The company manufactures durable goods.


JAMES HARDIE: Knows of Asbestos Presence in Rosehill, Union Says
----------------------------------------------------------------
On December 8, 2006, the Troubled Company Reporter - Asia
Pacific, citing a report from The Australian, stated that James
Hardie Industries was forced to close a western Sydney factory
after exposing its workers to asbestos.  A James Hardie
spokesman, Cameron Hamilton, confirmed that the company had
halted production of its fiber cement building products at the
plant in Rosehill in Sydney's west.

According to the TCR-AP, production at the Rosehill plant was
temporarily suspended to seek advice about asbestos material at
the site.  About 100 workers were stood down on full pay,
pending an expert's report.

In an update, the Australian relates that Union leaders are
threatening to take James Hardie to court, claiming that the
company knowingly exposed its workers to asbestos at its
Rosehill plant.

The plant remains closed, The Daily Telegraph relates.

The Australian says that unions claimed James Hardie issued its
workers with written instructions not to talk to the media.
However, James Hardie declined to comment on the allegation.

The moves come amid revelations that, in an action brought by
the Australian Manufacturing Workers Union, Hardie was recently
convicted of exposing its workers at Rosehill to "clearly
foreseeable" dangers, which led to a worker, Alan Taylor, being
burnt on the face, hands and neck, The Australian relates.

It is understood that not only some buildings at the Rosehill
plant are made of asbestos, but it was once the site of asbestos
production by Wunderlich, The Daily reveals.

The paper cites the New South Wales secretary of the AMWU, Paul
Bastian, as saying that the union's immediate objective was to
have the Rosehill plant made safe and put back in production.

However, Mr. Bastian said the union would then consider either
encouraging the state occupational health body WorkCover to
launch an action against James Hardie in the courts, or
launching one itself, The Australian relates.

Mr. Hamilton declined to comment on the AMWU's claims and
threats, the paper says.

                      About James Hardie

James Hardie Industries Limited -- http://www.jameshardie.com/-
- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives.  On July 2, 1998, the then
public company announced a plan of reorganization and capital
restructuring.  James Hardie N.V. was incorporated in August
1998 as an intermediary holding company, with all of its common
stock owned by indirect subsidiaries of JHIL.  Effective as of
November 1998, JHIL contributed its fiber cement businesses, its
United States gypsum wallboard business, its Australian and New
Zealand building systems businesses and its Australian windows
business to JHNV and its subsidiaries.

On July 24, 2001, JHIL announced a further plan of
reorganization and capital restructuring, which reorganization
was completed on October 19, 2001.  In connection with the 2001
reorganization, James Hardie Industries N.V., formerly RCI
Netherlands Holdings B.V., issued common shares represented by
CHESS Units of Foreign Securities on a one for one basis to
existing JHIL shareholders in exchange for their shares such
that JHINV became the new ultimate holding company for JHIL and
JHNV.  Following the 2001 Reorganization, JHINV controls the
same assets and liabilities as JHIL controlled immediately prior
to the 2001 Reorganization.

The Company's troubles began with its "under-funded" allocation
for asbestos claims, which were brought in by people who suffer
or may have diseases caused by exposure to the asbestos-related
products produced by JHIL.  In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims.  The Foundation has
warned that it could run out of money within five years.  The
Asbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund.  James Hardie was later accused of topping
up the dwindling asbestos fund it established.

By 2004, James Hardie's former asbestos manufacturing
subsidiaries -- Amaca Pty Ltd, Amaba Pty Ltd, and ABN 60 Pty Ltd
-- are three of around 150 defendants in asbestos litigation,
and based on the Foundation's own figures, they account for
US$1,000,000,000 of the predicted US$6,000,000,000 future
asbestos liabilities in Australia.  Although James Hardie
stopped making asbestos products in 1987, the average 35-year
latency of mesothelioma, an asbestos-related disease, means
asbestos compensation funds will be needed until mid-century.

In a 2005 report by a company-hired actuary from KPMG, it was
predicted that 4,915 Australians would contract mesothelioma
from exposure to Hardie products in the coming decades.  When
less serious forms of asbestos-related disease are included,
James Hardie should expect to compensate 8,725 victims.

On December 1, 2005, the Company announced that the NSW
Government and a wholly owned Australian subsidiary of the
Company -- LGTDD Pty Ltd -- had entered into a conditional
agreement to provide long-term funding to a special purpose fund
that will provide compensation for Australian asbestos-related
personal injury claims against certain former James Hardie
asbestos companies.  The amount of the asbestos provision of
AU$1 billion, at March 31, 2006, is the Company's best estimate
of the probable outcome, which estimate includes an actuarial
calculation prepared by KPMG Actuaries Pty Ltd of the projected
future cash outflows, undiscounted and uninflated, and the
anticipated tax deduction arising from Australian legislation
which came into force on April 6, 2006.


KANNADA PTY: Members & Creditors to Receive Liquidator's Report
---------------------------------------------------------------
The final meeting of the members and creditors of Kannada Pty
Ltd, which is in liquidation, will be held on Jan. 17, 2007, at
10:00 a.m.

During the meeting, the members and creditors will receive
Liquidator B. N. Mulvaney's report regarding the company's wind-
up proceedings.

The Liquidator can be reached at:

         B. N. Mulvaney
         Bruce Mulvaney & Co
         1st Floor, 613 Canterbury Road
         Surrey Hills, Victoria 3127
         Australia
         Telephone:(03) 9896 9000
         Facsimile:(03) 9896 9001

                        About Kannada Pty

Kannada Pty Ltd provides management consulting services.

The company is located in Victoria, Australia.


LQ6 (DFE): Members to Receive Wind-Up Report on Jan. 19
-------------------------------------------------------
The members of LQ6 (DFE) Pty Ltd will meet on Jan. 19, 2007, at
10 a.m., to receive the liquidators' report regarding the
company's wind-up proceedings and property disposal exercises.

As reported by the TCR-AP, the company's creditors were required
to prove their debts by Dec. 31, 2006.

The liquidators can be reached at:

         Christopher R. Campbell
         Peter G. Yates
         Grosvenor Place
         225 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9322 7000

                         About Lq6 (DFE)

Lq6 (DFE) Pty Limited -- trading as Sottoriva Australia, G T P
Bakery Equipment -- manufactures food products machinery.

The company is located in Queensland, Australia.


M.C.PYLE PTY: Members' Final Meeting Set for January 15
-------------------------------------------------------
M.C.Pyle Pty Ltd, which is in members' voluntary liquidation,
will hold a final meeting for its members on Jan. 15, 2007, at
10:00 a.m.

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

The Liquidator can be reached at:

         Paul Scott
         Chartered Accountant
         10 Grovedale Court
         Parkwood, Queensland 4214
         Australia

                         About M C Pyle

M C Pyle Pty Ltd is engaged with durable goods business.

The company is located in Queensland, Australia.


REEFTOR PTY: Schedules Joint Meeting on January 8
-------------------------------------------------
The joint meeting of the members and creditors of Reeftor Pty
Ltd will be held on Jan. 8, 2007, at 11:00 a.m.

During the meeting, the members and creditors will receive an
account of the company's wind-up proceedings from the
liquidators.

The liquidators can be reached at:

         Peter Morris
         Todd Kelly
         c/o Foremans Business Advisors
         Suite 1, 29 Lake Street
         Cairns, Queensland 4870
         Australia

                       About Reeftor Pty

Reeftor Pty Ltd is an investor relation company.  The company is
located in Queensland, Australia.


VILLAGE ROADSHOW: Appoints David Evans as Non-Executive Director
----------------------------------------------------------------
Village Roadshow Ltd disclosed that David Evans will be joining
the Board as an independent non-executive director on January 2,
2007.

John Kirby, Chairman of Village Roadshow Ltd said, "in David we
have a person of high integrity and independence combined with a
distinguished background in the media and entertainment
industry."

Mr. Evans' appointment follows several important initiatives by
Village Roadshow, including a significant interim dividend
payment and proposed capital return to ordinary and preference
shareholders totaling approximately AU$131.7 million.  The
Company also intends to buy back up to approximately 10% of its
outstanding Ordinary Shares and A Class Preference Shares.

As reported in the Troubled Company Reporter - Asia Pacific on
November 14, 2006, with the benefits of its business
restructuring and simplification of group structure beginning to
flow, Village Roadshow revealed significant shareholder
initiatives in the form of an interim dividend and a return of
capital.

                     About Village Roadshow

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

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

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
September 18, 2006, Village Roadshow Limited recorded an after
tax loss of AU$35.1 million for the year ended June 30, 2006,
consistent with guidance previously provided by the Company.
The result compared to a profit re-stated under Australian
Equivalents to International Financial Reporting Standards of
AU$49.3 million for the year ended June 30, 2005.


WA WILDFLOWER: Joint Meeting Scheduled for January 5
----------------------------------------------------
A joint meeting of the members and creditors of WA Wildflower
Seed Company Pty Ltd, which is in liquidation, will be held on
Jan. 5, 2007, at 10:30 a.m.

At the meeting, the members and creditors will receive an
account of the company's wind-up proceedings from Liquidator C.
M. Williamson.

The Liquidator can be reached at:

         C. M. Williamson
         SimsPartners
         Level 12, 40 St George's Terrace
         Perth, Western Australia 6000
         Australia

                      About WA Wildflower

WA Wildflower Seed Company Pty Ltd is located in Western,
Australia.  The company provides farm supplies.


ZINIFEX LIMITED: Mechanical Failure Prompts 7-day Mine Shutdown
---------------------------------------------------------------
Zinifex Limited advises that a mechanical failure of the
concentrate thickener at Century's Lawn Hill concentrator
facility on December 9, 2006, has resulted in an estimated
seven-day shutdown of concentrator and pumping operations at the
Lawn Hill mine.

Repairs to the thickener have commenced and production is
expected to resume on December 17, 2006.

Mining activities at Century are continuing unaffected.

While the impact on customers is expected to be modest due to
quantities of zinc concentrate already stored at the Karumba
port, the production lost due to this interruption to operations
will not be recovered, the company notes.

Thus, Zinifex estimates that sales this financial year will be
reduced by approximately 8,300 tonnes of zinc and 700 tonnes of
lead in concentrate.  The total impact on revenue is estimated
to be approximately AU$30 million.

                       About Century Mine

The Century mine is one of the two mines owned and operated by
Zinifex Limited.  The mine is a large open cut zinc and lead
mine, located in northwest Queensland in Australia. It is
approximately 250 kilometres north by northwest of Mount Isa
with associated concentrate handling and ship loading facilities
located at Karumba in Queensland on the Gulf of Carpentaria.

The Century deposit was discovered in 1990 by CRA (now Rio
Tinto) and was purchased by Pasminco in 1997 at which time
development of the deposit commenced.

The first shipment of zinc concentrate was made in December 1999
and the operation reached full production in 2003.

Century is the second largest zinc mine in the world based on
zinc production.  The mine employs 671 people.

                         About Zinifex

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.

The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.

More than 80% of the company's products are distributed outside
Australia, particularly in Asia, which is experiencing
significant growth in construction activity and vehicle
production.  Zinc is used for steel galvanizing and die-casting
and lead for lead acid batteries used mainly in cars and other
vehicles.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
August 9, 2006, that Fitch Ratings assigned Zinifex a Long-term
foreign currency Issuer Default Rating of 'BB+' with a Stable
Outlook.


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

ALCATEL-LUCENT: Inks IP Solution Deal with China Telecom Units
--------------------------------------------------------------
Alcatel Shanghai Bell, Chinese unit of Alcatel-Lucent, has won
IP contracts with Shanghai Telecom and Zhejiang Telecom, two
subsidiaries of China Telecom.

The Alcatel-Lucent IP solution has been selected by Shanghai
Telecom and Zhejiang Telecom to optimize their provincial IP
metropolitan area networks.

Alcatel Shanghai Bell will supply the industry-leading Alcatel-
Lucent 7750 Service Router (SR) and 7450 Ethernet Service Switch
(ESS) for Shanghai Telecom's VPLS network.  With the newly
deployed network, 8 million subscribers of Shanghai Telecom will
be able to enjoy premium IP services.  The network will also be
ready to support advanced carrier-grade services such as
Ethernet VPN to its end users within the city in the future.

For Zhejiang Telecom, Alcatel Shanghai Bell will also deploy the
industry-leading Alcatel-Lucent 7750 SR in the cities of Ningbo,
Jinhua, Lishui, Quzhou, Jiaxing and Huzhou.  Upon completion of
the project by the end of 2006, Zhejiang Telecom will be able to
deliver voice, data and video services throughout the province
as well as reliable, high-speed Internet access over a single IP
network infrastructure.

"Market demand for broadband services is growing on a day-to-day
basis," Zhang Xinjian, General Manager, Zhejiang Telecom, said.
"We anticipate that this will result in requirements for a wider
variety of new and highly-reliable IP-based data services, so we
have deployed Alcatel Shanghai Bell's industry-leading IP
solution to equip ourselves to meet current and future broadband
service requirements."

"Alcatel-LucentIP portfolio is well suited to the rigorous
requirements of these densely populated Chinese provinces," said
Gerard Dega, President of Alcatel Shanghai Bell.  "We are
honored that Shanghai Telecom and Zhejiang Telecom selected our
solution for their IP metropolitan area network optimization
projects, further reinforcing Alcatel-Lucent's strong IP
position in China, with deployments in 25 provinces."

Presently, all major Chinese operators including China Netcom,
China Telecom, China Unicom, and China Mobile have selected the
Alcatel-Lucent7750 Service Router to optimize the delivery of
high-performance carrier-grade data, voice and video services.
Worldwide, more than 150 service providers in 60 countries,
including AT&T, BT, Telia Sonera, Telefonica and France Telecom,
have selected the Alcatel-Lucent IP portfolio.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide, to
deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

On December 11, 2006, the Troubled Company Reporter - Asia
Pacific reported that Standard & Poor's said that after news
that the merger between Alcatel and Lucent has received final
approval from the U.S. Committee on Foreign Investments, the
ratings agency has lowered its long-term corporate credit and
senior unsecured debt ratings on Alcatel -- now named Alcatel-
Lucent -- to 'BB-' from 'BB', in line with its preliminary
indication in its Nov. 7, 2006, research update.

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  The outlook is positive.

At the same time, Standard & Poor's equalized its long-term
corporate credit rating on Lucent with that of Alcatel-Lucent,
raising it to 'BB-' from 'B', and affirmed its 'B-1' short-term
corporate credit rating on the U.S. company.  The outlook is
positive.  Standard & Poor's also raised its long-term ratings
on Lucent's senior unsecured debt to 'B+' from 'B', on its
subordinated debt to 'B' from 'CCC+', and on its preferred stock
to 'B-' from 'CCC'.


BENQ CORP: Siemens Secures Job Market for BenQ Mobile Employees
---------------------------------------------------------------
Siemens AG, IG Metall and the Siemens Central Works Council have
succeeded in securing the financing of job placement companies
for employees affected by the bankruptcy of BenQ Mobile GmbH
&Co. OHG and Inservio GmbH.

Together with the bankruptcy administrator of BenQ Mobile, Dr.
Martin Prager, Siemens had already developed a plan to make
additional funds available to job placement companies.

Now, with the commitment of the other "roundtable" parties, the
financing of the job placement companies from Jan. 1, 2007, to
the end of 2007 is secure.

"The primary goal of the two job placement companies in Munich
and in Kamp-Lintfort is to place BenQ Mobile employees in the
job market.  If former BenQ Mobile employees in the job
placement companies have not found a job by Jan. 1, 2008,
Siemens will find ways to alleviate severe financial need," said
Dr. Jrgen Radomski, head of Corporate Personnel of Siemens AG.

In an act of solidarity with its former workforce, Siemens had
set up a EUR35 million aid fund for BenQ Mobile employees
immediately after BenQ Mobile Germany filed for bankruptcy.
Siemens is making EUR25 million of this aid fund available to
the job placement companies.  An additional EUR10 million are
earmarked for supporting employees in financial difficulties.

Together with the provisional bankruptcy administrator, Siemens
had already developed a plan at the end of October intended to
secure the financing and the results of job placement companies.
The plan calls for making EUR24 million available to job
placement companies in addition to the aid fund and to provide
access to an additional EUR12 million, both amounts currently
bound in escrow accounts in conjunction with receivables Siemens
AG owes BenQ OHG.

In addition to this support, Siemens has opened the internal
human resources market to former BenQ Mobile employees and
secured the continuation of training for 88 trainees.  So far,
around 80 BenQ Mobile employees have been placed or offered jobs
via the so-called Siemens job exchange.  In the past weeks,
about 420 jobseekers have been scheduled for job interviews with
representatives of Siemens Groups.  The goal of these job
interviews is to offer BenQ Mobile employees full-time
positions.  Siemens hopes to successfully place further former
BenQ employees in the near future.

As reported in the TCR-Europe on Sept. 29, the board of
directors of BenQ Corp. decided to discontinue capital injection
into BenQ Mobile in order to stem unsustainable losses in the
latter's operations.  Subsequently it filed an insolvency
petition for the company's German mobile phone unit.

Siemens has faced criticisms from German politicians and its own
employees for irresponsibility over the sale of the business to
BenQ, according to published reports.

Siemens had said that its previous decision to sell its mobile
phone activities to BenQ was the solution with the greatest
employee benefits.

According to Siemens, the Taiwanese company assured of its
intentions to operate and expand the German locations in the
future and presented a credible plan for accomplishing this.

Siemens said it contributed some 600 patent families, allowed
BenQ to use its brand name for five years and provided
substantial financial support for a successful launch.

                       About Siemens

Siemens (Berlin and Munich) -- http://www.siemens.com/-- is a
global powerhouse in electrical engineering and electronics.
The company has around 461,000 employees working to develop and
manufacture products, design and install complex systems and
projects, and tailor a wide range of services for individual
requirements.  Siemens provides innovative technologies and
comprehensive know-how to benefit customers in 190 countries.
Founded more than 155 years ago, the company focuses on the
areas of Information and Communications, Automation and Control,
Power, Transportation, Medical, and Lighting.  In fiscal 2005
(ended September 30), Siemens had sales from continuing
operations of EUR75.4 billion and net income of EUR3.058
billion.

                          About BenQ

Headquartered in Taiwan, Republic of China, BenQ Corporation,
Inc. -- http://www.benq.com/-- is principally engaged in
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.

On Aug. 24, BenQ disclosed of plans to spin-off its
manufacturing operations in early 2007, separating contract
manufacturing and own-brand divisions.

                        *     *     *

As reported in the TCR-AP on Oct. 31, Taiwan Ratings Corp.
affirmed its twBB+/twB corporate credit ratings and twBB+
unsecured corporate bond issue rating on BenQ Corp.  The outlook
on the long-term rating is negative.  At the same time, Taiwan
Ratings removed all ratings from Credit Watch with negative
implications, where they were placed on March 14, 2006, and
withdrew all the ratings upon the company's request.


CATHAY WORLDWIDE: Creditors' Proofs of Debt Due on March 15
-----------------------------------------------------------
Liquidator Fong Fu Yin Albert requires the creditors of Cathay
Worldwide Ltd to submit their proofs of debt by March 15, 2007.

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

The Liquidator can be reached at:

         Fong Fu Yin Albert
         Premier Services Hong Kong Limited
         Room 1903, Cameron Comm Ctr.
         458-468 Hennessy Road, Causeway Bay
         Hong Kong


ELEGANT TECHNOLOGY: Faces Wind-Up Proceedings
---------------------------------------------
On Nov. 2, 2006, the Secretary for Justice and the Commissioner
of Customs & Excise acting for the Government filed a petition
to wind up the operations of Elegant Technology Ltd.

The petition will be heard before the High Court of Hong Kong on
Jan. 3, 2007, at 9:30 a.m.

The solicitor for the Petitioner can be reached at:

         Yasmin E. Mahomed
         2/F, High Block
         Queensway Government Offices
         66 Queensway, Hong Kong


GOLDSTAR ASIA: Final Meeting Scheduled for January 9
----------------------------------------------------
A final meeting of the members and creditors of Goldstar Asia
Ltd will be held at Unit 1602-3, 16th Floor, Yue Xiu Building,
160-174 Lockhart Road in Wanchai, Hong Kong on Jan. 9, 2007, at
9:30 a.m. and 10:00 a.m., respectively.

During the meeting, Liquidator Cheung Yin Shan will present an
account of the company's wind-up proceedings.

According to the TCR-AP, the company entered wind-up proceedings
on Jan. 31, 2006.


HARTCOURT COS: Restates 2005 Quarter Ended August 31 Financials
---------------------------------------------------------------
The Hartcourt Companies Inc. has amended its quarterly report on
Form 10-Q for the three months ended Aug. 31, 2005, reflecting
improper accounting of certain transaction and presentation in
the company's financial statements subsequent to the issuance of
its financial statements for the year ended Dec. 31, 2003.

During the year ended Dec. 31, 2003, the company, through
Hartcourt Capital Inc., a subsidiary, acquired four Chinese
companies located and operated in China.  The company has
restated its financial statements based on the subsequent
appraisal of the fair value of the four companies at each
acquisition date.

Kabani & Company Inc., Certified Public Accountants, has audited
the consolidated financial statements for the year ended Dec.
31, 2003, after the restatements, and expressed their opinion
"the financial statements referred to above present fairly, in
all material respects, the financial position of the Hartcourt
Companies, Inc. as of Dec. 31, 2003, in conformity with
accounting principals generally accepted in the United States of
America."

On Aug. 9, 2006, the company filed an amendment to its Form 10-
KSB for the year ended Dec. 31, 2003, with United States
Securities and Exchange Commission to reflect the changes.

The changes required corresponding adjustments to the financial
statements for the year ended Dec. 31, 2004, the transitional
period ended May 31, 2005, and subsequently filed reports on
Form 10-Q.  As a result, on Oct. 10, 2006, the company amended

   a) its annual report on Form 10-KSB for the twelve months
      ended Dec. 31, 2004; and

   b) its annual report on Form 10-K for the five month
      transitional period ended May 31, 2005.

                    Restated Financial Results

The company's balance sheet at Aug. 31, 2005, as restated,
showed total assets of US$15,146,504, minority interests of
US$598,453, total liabilities of US$8,899,287, and total
shareholders' equity of US$5,648,764.

For the three-month periods ended Aug. 31, 2005, the company
reported a US$31,534 net income on net sales of US$10,768,764,
compared to a US$2,847,967 net loss on US$18,853,877 of net
sales for the three month periods ended Aug. 31, 2004.

A full-text copy of the company's restated financial report is
available for free at http://researcharchives.com/t/s?1668

                        Going Concern Doubt

Kabani & Company Inc. expressed substantial doubt about The
Hartcourt Companies Inc.'s ability to continue as a going
concern after it audited the company's financial statements for
the transition period ended May 31, 2005.  The auditing firm
pointed to the company's accumulated deficit of US$64,874,414
and negative cash flow from operations amounting US$1,256,734 at
May 31, 2005.

                 About The Hartcourt Companies Inc.

Headquartered in Shanghai, China, The Hartcourt Companies, Inc.
-- http://www.hartcourt.com-- was incorporated in Utah.  The
company specializes in the Chinese information technology
market.  In August 2006, the company decided to enter the post-
secondary education market in China.


INTELSAT LTD: Sept. 30 Balance Sheet Upside-Down by US$494.6 MM
---------------------------------------------------------------
Intelsat Ltd. incurred a US$172.5 million net loss on US$528.4
million of net revenues for the three months ended Sept. 30,
2006, compared to a US$54.5 million net loss on US$293.5 million
of net revenues for the same period in 2005.  The increase of
net loss was primarily due to the acquired operations of
PanAmSat Holdco, and the net lower impairment charge and lower
professional fees expenses in 2006 due to the one-time costs
incurred in 2005 associated with the Acquisition Transactions.

At Sept. 30, 2006, the company's balance sheet showed US$12.4
billion in total assets and US$12.9 billion in total
liabilities, resulting in a US$494.6 million stockholders'
deficit.

At Sept. 30, 2006, the company had approximately US$381 million
of expenditures remaining under existing satellite construction
contracts and satellite launch contracts.  Satellite launch and
in-orbit insurance contracts related to future satellites to be
launched are cancelable up to thirty days prior to the
satellite's launch.  As of Sept. 30, 2006, the company did not
have any non-cancelable commitments related to existing launch
insurance or in-orbit insurance contracts for satellites to be
launched.

The company expects its most significant cash outlays for the
remainder of 2006 to be the payment of interest on our
outstanding debt and, to a lesser extent, capital expenditures.
The company plans to spend approximately US$85 million
throughout the remainder of 2006 for capital expenditures.  The
company intends to fund these requirements through cash on hand,
cash provided by operating activities and, if necessary,
borrowings under the new senior secured credit facilities
entered into by Intelsat Sub Holdco and the amended and restated
credit facilities entered into by Intelsat Corp., in connection
with the PanAmSat Acquisition Transactions.

A full-text copy of the company's quarterly report is available
for free at:

              http://researcharchives.com/t/s?1694

Intelsat, Ltd. -- http://www.intelsat.com/-- offers telephony,
corporate network, video and Internet solutions around the globe
via capacity on 25 geosynchronous satellites in prime orbital
locations.  Customers in approximately 200 countries rely on
Intelsat's global satellite, teleport and fiber network for
high-quality connections, global reach and reliability.

In Asia, Intelsat has sales offices in China, Japan, Singapore,
and Australia.

                           *     *     *

Fitch upgraded the Issuer Default Rating for Intelsat to 'B'
from 'B-' pro forma for its pending acquisition of PanAmSat.
The ratings were also removed from Rating Watch Negative, where
they had originally been placed on Aug. 30, 2005.  Fitch said
the Rating Outlook is Stable.

Moody's Investors Service affirmed the B2 corporate family
rating of Intelsat, Ltd., and downgraded the corporate family
rating of PanAmSat Corporation to B2, given the greater clarity
regarding the final capital structure and the near-term
completion of the PanAmSat acquisition by Intelsat.


KESSEL ELECTRONIC: Creditors' Proofs of Claim Due on Dec. 29
------------------------------------------------------------
Kessel Electronic (Hong Kong) Ltd intends to declare the first
and final ordinary dividend for creditors.

Accordingly, creditors are required to submit their proofs of
claim by Dec. 29, 2006, or they will be excluded from the
dividend distribution.

The Joint and Several Liquidator can be reached at:

         Kennic Lai Hang Lui
         5/F, Ho Lee Commercial Building
         38-44 D'Aguilar, Central
         Hong Kong

                    About Kessel Electronics

Founded in Hong Kong in 1976, Kessel Electronics (Hong Kong) Ltd
-- http://www.kessel.com.hk/-- manufactures electronic consumer
products.  The company designs and produces Personal Digital
Assistants (PDA), electronic organizers, multi-language
translators, electronic weather measuring products, electronic
scales as well as personal care products.


MATTEL VENDOR: Names Philip Brendan Gilligan as Liquidator
----------------------------------------------------------
At an extraordinary general meeting held on Nov. 27, 2006, the
members of Mattel Vendor Operations China Ltd passed a special
resolution to appoint Philip Brendan Gilligan as liquidator.

The Liquidator can be reached at:

         Philip Brendan Gilligan
         7/F, Alexandra House
         18 Chater Road, Central
         Hong Kong


MAY QUEEN: Liquidator Ceases to Act
-----------------------------------
On Nov. 28, 2006, Au Tak Cheong ceased to act as liquidator of
May Queen Ltd.

As reported by the TCR-AP, Mr. Cheong presented the company's
wind-up report on Nov. 28, 2006.

The former Liquidator can be reached at:

         Au Tak Cheong
         30/F., New World Tower
         18 Queen's Road, Central
         Hong Kong


MOSAIC COMPANY: Fitch Affirms BB- Issuer Default Rating
-------------------------------------------------------
Fitch Ratings affirmed and removed The Mosaic Company from
Rating Watch Evolving, where it was originally placed on July
26, 2006.  Fitch has also assigned ratings to new issues
following the completion of Mosaic's refinancing.

Fitch's rating actions affect around US$2.5 billion of
outstanding debt, including the undrawn US$450 million revolving
credit facility and US$1.06 billion of term debt.  The Rating
Outlook is Stable.

Fitch affirms the following ratings:

The Mosaic Company

   -- Issuer Default Rating at BB-; and
   -- Senior secured revolver rating at BB+.

Mosaic Global Holdings

   -- IDR at BB-;
   -- Senior unsecured notes at BB; and
   -- Senior unsecured notes and debentures at BB-.

Phosphate Acquisition Partnership LP

   -- IDR at BB-; and
   -- Senior secured note rating at BB-.

Fitch has withdrawn Mosaic Global Holdings senior secured term
loan rating at BB+.

Fitch has assigned:

The Mosaic Company

   -- Senior secured term loans rating BB+; and
   -- Senior unsecured notes rating BB.

Mosaic Colonsay ULC

   -- IDR BB-; and
   -- Senior secured term loan rating BB+.

An IDR of BB- for Mosaic and its issuing subsidiaries reflects
the company's good market positions in the global potash and
phosphate markets, and its improving earnings profile.  The
ratings continue to be tempered by Mosaic's high debt level and
modest cash flow.

Fitch anticipates an improvement in cash flow over the next year
as changes to the phosphate cost structure become apparent;
however, the amount of cash flow improvement remains uncertain.
Additionally, market dynamics favor an increase in domestic
fertilizer demand next spring while tightening global potash
supply could support higher pricing.

Fitch forecasts that Mosaic's operating EBITDA-to-gross interest
expense could remain just under 4 times while total debt-to-
operating EBITDA declines to 3.5x for its fiscal year 2007 with
modest earnings improvement, stronger cash flow and some debt
reduction.

The BB+ rating on Mosaic's proposed senior secured term loans
reflects the superior collateral coverage.  The rating is equal
to that of Mosaic's existing revolver, which would share in the
same collateral package.

The BB rating on Mosaic's new 7.375% senior notes due 2014 and
7.625% senior notes due 2016 is one notch higher that the IDR of
BB- due primarily to the notes' guarantees from domestic and
certain foreign subsidiaries.  The rating also reflects the new
notes senior unsecured position relative to a substantial amount
of senior secured debt upon the closing of the refinancing.

In a worst case scenario, senior secured debt could be as high
as US$1.5 billion, assuming a fully drawn revolver, compared to
around US$1.4 billion of unsecured debt.

The IDR of BB- at Mosaic Colonsay reflects its position as a
wholly owned subsidiary of Mosaic.  The BB+ rating on Mosaic
Colonsay's existing term loan reflects its collateral position.
This term loan would share the credit facility collateral with
the revolver and new term loans at parent Mosaic.

The Stable Rating Outlook reflects Fitch's expectation for
modest improvement in earnings and cash flow, which will allow
for the start of debt reduction over the next twelve months.
Improving global fertilizer industry dynamics and anticipated
cost improvements in Mosaic's phosphate business support Fitch's
view on improving cash flow and the likelihood of modest debt
reduction near term.

The Mosaic Company is one of the largest global suppliers of
phosphate and potash fertilizers.  Mosaic earned around US$655.9
million in EBITDA on US$5.2 billion in revenue LTM Aug. 31,
2006; the company had US$2.6 billion in debt at that time.

Plymouth, Minn.-based Mosaic Company -- http://www.mosaicco.com/
-- is a producer of phosphate and potash combined, as well as
nitrogen and animal feed ingredients.  The company operates its
business through four business segments. The Phosphates segment
operates mines and concentrates plants in Florida that produce
phosphate fertilizer and feed phosphate, and concentrates plants
in Louisiana that produce phosphate fertilizer. The Potash
segment mines and processes potash in Canada and the United
States.  The Offshore segment consists of sales offices,
fertilizer blending and bagging facilities, port terminals and
warehouses in several countries, as well as production
facilities in China, Brazil, and Argentina.  The Nitrogen
segment includes activities related to the North American
distribution of nitrogen products that are marketed for
Saskferco Products Inc. as well as nitrogen products purchased
from third parties.


ORIENTAL HOME: Appoints Chan Kai Kit as Liquidator
--------------------------------------------------
Chan Kai Kit was appointed as liquidator of Oriental Home
Investments Ltd by virtue of a special resolution passed on
Nov. 27, 2006.

The Liquidator can be reached at:

         Chan Kai Kit
         Unit 1602, 16/F.
         Malaysia Building, 50 Gloucester Road
         Wanchai, Hong Kong


SANOFI SYNTHELABO: Sole Member Opt to Wind Up Firm
--------------------------------------------------
On Dec. 1, 2006, the sole member of Sanofi Synthelabo Hong Kong
Ltd passed a special resolution to voluntarily wind up the
company's operations and appointed Yeung Betty Yuen and Paul
David Stuart Moyes as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Yeung Betty Yuen
         Paul David Stuart Moyes
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


SHANGHAI REAL: Moody's Affirms B1 Ratings
-----------------------------------------
On December 7, 2006, Moody's Investors Service said its B1
corporate family and senior unsecured ratings for Shanghai Real
Estate will be maintained.  This follows the company's
announcement of a share placement and subscription of new shares
by the major shareholder, Good Times Resources Limited.  Its
rating outlook remains stable.

"The new share subscription will bring in around HK$500 million
of new money to SRE that could enhance the company's near term
capital structure and liquidity, and support its ongoing capital
needs," says Moody's lead analyst for SRE, Kaven Tsang.
"However, the core driver for upward rating pressure going
forward remains the company's successful execution of its
business plan."

Moody's also notes that major shareholder's shareholding
interest will be diluted to around 32% from 42% after the
transaction, thereby resulting a "Change of Control" defined by
the bond indenture of its USD200m guaranteed notes due 2013.  In
connection with this, the bond holders may thereby request SRE
to purchase the notes at 101% of the principal amount plus
accrued and unpaid interest, in the event of a rating downgrade
by any of the rating agencies within the next six months.

Shanghai Real Estate Limited was established in 1993 and listed
on the Hong Kong Stock Exchange in 1999.  The company focuses on
mid-to-high-end residential development in Shanghai.  As of
September 2006, it possessed a land bank of about 1.4 million
square meters in Shanghai and about 1.6 million square meters in
Shenyang, sufficient for five years of development.


STAR CRUISES: Moody's Keeps B1 Rating; Outlook Stays Negative
-------------------------------------------------------------
Moody's Investors Service has affirmed on December 8, 2006, the
B1 corporate family rating of Star Cruises Limited.  The rating
outlook remains negative.

"The affirmation is in response to the announcement that the
Genting Berhad/SCL consortium has won the bid to build an
integrated resort project on Sentosa, Singapore," says lead
analyst Kaven Tsang.

"While this large-scale green field project will increase SCL's
exposure to development and execution risks, as well as capital
needs in the medium term, such risks are expected to be moderate
and will not materially alter its current business and risk
profiles given its 25% stake in this project," adds Tsang.

Moody's further notes that potential project delays and cost
overruns may result in additional funding requirement from SCL.
However, it also believes that these risks are manageable in
view of Genting's track record in managing the construction and
continuous expansion of its Highland resort without material
delays or cost overruns.

Moody's also notes that SCL may have to rely on additional bank
borrowings or asset disposals to part fund its equity investment
in the Sentosa project.  The announced US$200 million rights
issue will somewhat improve the company's capital structure and
liquidity.  As a result, SCL's overall financial profile will
remain largely unchanged with adjusted debt/EBITDA hovering
around 8-10x and EBITDA interest coverage around 1.5-2x.

The B1 rating continues to reflect Moody's expectation of
potential support from its shareholders, including the Lim
Family and Genting (A3), which directly and indirectly own 87%
and 21% of SCL, respectively.  Such support could be in the form
of capital injections for SCL and indirectly to NCL Corporation
Ltd (NCL) for capex requirements.  The rating is therefore one-
notch higher than what it would be on a stand-alone basis.

The ratings outlook is negative, reflecting Moody's concerns
that SCL's financial metrics may remain under pressure due
mainly to uncertainty over NCL's ability to turn around its weak
performance in the near term.

The negative outlook further reflects uncertainties over whether
potential asset disposals -- to fund its upcoming capital needs
-- will prove successful, such that weakness in its liquidity
and leverage is somehow mitigated.

Downgrade pressure would evolve if EBITDA interest coverage
consistently falls below 1.25x and adjusted debt/EBITDA stays
high above 10x over the next 2 years.  Such an outcome could
occur if:

   1) the performance of NCL, mainly its Hawaiian route, fails
      to improve as planned, such that EBITDA growth for NCL and
      hence SCL continues to fall below expectations; or

   2) material delays or cost overruns occur at the Sentosa
      project, such that SCL has to raise additional debt to
      fund increased capital requirements.

The rating is unlikely to be upgraded over the medium term,
given the negative outlook and the higher execution and
development risks associated with the Sentosa project.  However,
for the outlook to return to stable, Moody's would need to see:

   1) a stabilization in SCL's operating performances, mainly
      NCL's Hawaiian business; and

   2) construction of the Sentosa project progresses as planned,
      such that there is no additional capital requirement from
      SCL.

In terms of financial metrics, moves by EBITDA interest coverage
above 2-2.5x and adjusted debt/EBITDA trends towards 7-8x over
the next 2 years would be considered as signals for returning
the outlook to stable.

SCL, publicly listed in Hong Kong, is a core member of the
Genting Group and 36.0% owned by Resorts World, which is, in
turn, 57.7% owned by Genting Berhad.  SCL operates 21 ships with
some 32,300 lower berths under five brands: Star Cruises and
Cruise Ferries, which service Asia Pacific, and three brands
under NCL.  SCL has another 3 ships due to be delivered up to
2010.


VOLKSWAGEN AG: Rupert Stadler Succeeds Dr. Winterkorn at Audi
-------------------------------------------------------------
The Supervisory Board of Audi AG appointed Rupert Stadler, Board
Member for Finance and Organization, as the company's acting
Chairman of the Board of Management effective Jan. 1, 2007.  Mr.
Stadler will retain responsibility for his previous portfolio on
top of his new role.

At the same time Prof. Dr. Martin Winterkorn, who is taking over
as Chairman of the Board of Management of Volkswagen AG on Jan.
1, 2007, will be switching to the company's Supervisory Board
and has been elected as the new Chairman of the Supervisory
Board of Audi AG by its members.

Dr. Winterkorn thanked Dr. Bernd Pischetsrieder, who had served
as Supervisory Board Chairman of Audi AG since Jan. 1, 2002, for
his reliable, effective work and his contribution as Audi's
Supervisory Board Chairman, commending the part he had played in
helping the company to develop attractive models, bring them
successfully to market, and thus strengthen Audi's worldwide
profile as a premium brand.

Headquartered in Wolfsburg, Germany, the Volkswagen Group --
http://www.volkswagen.de/-- is one of the world's leading
automobile manufacturers and the largest carmaker in Europe.
With 47 production plants in eleven European countries and a
further seven countries in the Americas, Africa, and Asia,
including China, Volkswagen has more than 343,000 employees
producing over 21,500 vehicles or are involved in vehicle-
related services on every working day.

                        *    *    *

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential
job cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by Chief
Executive Bernd Pischetsrieder and Volkswagen brand head,
Wolfgang Bernhard.

In November 2005, Volkswagen maintained its 2005 earnings
guidance amid rumors it may lower targets.  The company predicts
a year-on-year improvement in both operating profit after
special items and profit before tax this year.  Rumors flew that
the company would slash full-year earnings forecast due to
higher restructuring costs.  The company said the impact of its
workforce reduction measures, which will be charged as special
items in the fourth quarter, will be lower than last year's.

The company also admitted there were no significant improvements
in the economic environment in the first nine months of 2005,
and the overall situation in the important automotive markets
remained difficult.  It also expected tougher competition in the
Chinese and U.S. markets, and the rise in fuel prices to
influence consumer confidence.


XIN FA: Shareholders Appoint Liquidator
---------------------------------------
The shareholders of Xin Fa (International Trading) Ltd met on
Dec. 1, 2006, and appointed Lai Wai Man Vincent as liquidator.

The Liquidator can be reached at:

         Lai Wai Man, Vincent
         Room 506-7, 5/F
         Haleson Building, 1 Jubilee Street
         Central, Hong Kong


YUASA SHOJI: Members Pass Resolution to Wind Up Firm
----------------------------------------------------
On Nov. 22, 2006, the members of Yuasa Shoji Company (Hong Kong)
Ltd passed a special resolution to voluntarily wind up the
company's operations.

Accordingly, Rainier Hok Chung Lam and John James Toohey were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

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


ZTE CORP: Unveils 3.5G-Able Mobile Handsets
-------------------------------------------
ZTE Corp. disclosed it has developed a full set of terminal
products based on High-Speed Downlink Packet Access, a mobile
communication technology beyond the third generation, the China
Daily reports.

HSDPA also known as 3.5G, is an upgraded version of the WCDMA 3G
standard which is currently being deployed around the world,
enabling a downlink peak rate of up to 10.8Mbps based on the
existing WCDMA network structure, the paper relates.

According to the company's statement, it has released a full
series of HSDPA terminals including a tri-mode handset and a
mobile TV handset supporting DVB-H, a widely accepted broadcast
technology.

In addition, the Daily notes that the HSDPA products by ZTE
could lead to downlink data transmission of 7.2 Mbps, much
higher than the current rate of 1.8 Mbps and 3.6 Mbps of other
manufacturers.

ZTE's tri-mode mobile phone combines GPRS, WCDMA and HSDPA
technologies and only companies from Japan and the Republic of
Korea have such handsets, the paper adds.

ZTE's 3.5 G mobile phones symbolize that Chinese handset makers
are catching up with international giants like Nokia and
Motorola in the area, the Daily cites analysts, as saying.

                          *     *     *

Headquartered in China, ZTE Corp's principal activities are the
production and sale of general system and communication terminal
equipments.

The Group operates both in the domestic and international
market.

The Troubled Company Reporter - Asia Pacific reported on Dec. 1,
2006, that Fitch Ratings assigned ZTE Corp. Long-term foreign
and local currency Issuer Default ratings of 'BB+'.  The rating
Outlook is Stable.


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

AGILENT TECHNOLOGIES: Strategic Actions Cue S&P's Positive Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' corporate
credit rating on Palo Alto, California-based Agilent
Technologies Inc. on CreditWatch with positive implications.

"The CreditWatch action was taken following the recent
completion of various strategic actions, which have resulted in
the transformation of Agilent into a pure-play measurement
company," said Standard & Poor's credit analyst Ben Bubeck.

Over the past five quarters, Agilent has divested its
semiconductor products group, sold its stake in the Lumileds
joint venture, and most recently, spun off Verigy Ltd., which
constituted portions of its automated test business.  Proceeds
from these actions were used to call a US$1.1 billion
convertible note and largely funded US$4.5 billion of share
repurchases.

Agilent has also taken cost containment actions including
headcount reductions and consolidation of various sites,
targeted at building the cost structure around the remaining
business.

Agilent's remaining measurement business segments, bio-
analytical measurement and electronic measurement, posted total
revenues of nearly US$5 billion during fiscal 2006, ended
October, representing a leading market position in the test and
measurement industry.

Standard & Poor's expect that Agilent's business risk profile
will benefit from the lower volatility of these remaining
segments.  As of Oct. 31, 2006, Agilent's funded debt was
limited to US$1.5 billion, which is offset by US$1.6 billion of
restricted investments.  Net cash balances were about
US$2.3 billion.

Resolution of the CreditWatch listing will consider the
improvement to Agilent's business profile, while taking into
consideration management's financial policies and growth
strategy.

                          *     *     *

Agilent Technologies, Inc. -- http://www.agilent.com-- is a
measurement company providing core bio-analytical and electronic
measurement solutions to the communications, electronics, life
sciences and chemical analysis industries.

The company has operations in India, Argentina and Luxembourg.


ALCATEL-LUCENT: Strikes Dresdner Kleinwort's Research Note
----------------------------------------------------------
Alcatel-Lucent hits an equity research note by Dresdner
Kleinwort, saying it contains misleading, incomplete and
inaccurate statements.

Alcatel-Lucent said that Dresdner Kleinwort stated that the
company posted EUR22-billion in revenues, but did not provide
the reference period for the figure.  The company noted that its
combined unaudited results -- prior to the Thales transaction --
for 2005 stand at EUR21 billion, which was reported in April 2,
May 9, and Nov. 22.

Alcatel-Lucent added that Dresdner Kleinwort -- without
mentioning a reference period -- noted that due to expected
Thales transaction and a lower-than-expected organic
performance, the company's 2005 revenues fell to EUR18.6
billion.  The note could be misinterpreted as a revenue warning,
Alcatel-Lucent said.

The company clarified that on Nov.30, it reiterated EUR18.6
billion in revenues for 2005 to provide the combined pro-forma
revenues after the Thales transaction, as explicitly and clearly
mentioned in all footnotes.  Alcatel-Lucent noted that the level
of revenues is consistent with press releases issued on May 9
and Nov. 14, thus it could not be considered as a newly
disclosed figure.

Alcatel-Lucent said Dresdner Kleinwort issued a second note,
which was not a corrective one as the company repeatedly
requested -Lucent.

                    About Lucent Technologies

Headquartered in Murray Hill, New Jersey, Lucent Technologies
(NYSE: LU) -- http://www.lucent.com/-- designs and delivers the
systems, services and software that drive next-generation
communications networks.  Backed by Bell Labs research and
development, Lucent uses its strengths in mobility, optical,
software, data and voice networking technologies, as well as
services, to create new revenue-generating opportunities for its
customers, while enabling them to quickly deploy and better
manage their networks.  Lucent's customer base includes
communications service providers, governments and enterprises
worldwide.

Lucent also operates in Austria, Belgium, China, Czech republic,
Denmark, France, Germany, India, Ireland, Japan, Korean, Brazil,
CIS, the Netherlands, Poland, Slovak Republic, Spain, Sweden,
Switzerland, Russia, and the United Kingdom.

                           About Alcatel

Headquartered in Paris, France, Alcatel S.A. (Paris: CGEP.PA and
NYSE: ALA) -- http://www.alcatel.com/-- provides communications
solutions to telecommunication carriers, Internet service
providers and enterprises for delivery of voice, data and video
applications to their customers or employees.  Alcatel brings
its leading position in fixed and mobile broadband networks,
applications and services, to help its partners and customers
build a user-centric broadband world.  With sales of EUR13.1
billion and 58,000 employees in 2005, Alcatel operates in more
than 130 countries, including Indonesia, Australia, Japan,
Korea, Taiwan, the Philippines, Thailand, Singapore, and
Vietnam.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide, to
deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.

Standard & Poor's, on Dec. 6, 2006, said that following news
that the merger between French telecoms equipment supplier
Alcatel and U.S. peer Lucent Technologies Inc. has received
final approval from the U.S. Committee on Foreign Investments,
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Alcatel -- now named Alcatel-Lucent --
to 'BB-' from 'BB', in line with its preliminary indication in
its Nov. 7, 2006 research update.

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  The outlook is positive.

At the same time, Standard & Poor's equalized its long-term
corporate credit rating on Lucent with that of Alcatel-Lucent,
raising it to 'BB-' from 'B', and affirmed its 'B-1' short-term
corporate credit rating on the U.S. company.  The outlook is
positive.  Standard & Poor's also raised its long-term
ratings on Lucent's senior unsecured debt to 'B+' from 'B', on
its subordinated debt to 'B' from 'CCC+', and on its preferred
stock to 'B-' from 'CCC'.


ALCATEL-LUCENT: Inks Triple Play Deal with Triple T Broadband
-------------------------------------------------------------
Alcatel-Lucent reveals that Triple T Broadband, a wholly owned
telecom subsidiary of TT&T Public Company Limited, and Jasmine
Telecom Systems PCL, the project system integrator, have
selected Alcatel-Lucent's broadband access infrastructure to
roll out triple play services in Bangkok and provinces in
Thailand.

The operator is targeting 300,000 broadband subscribers by the
end of 2006, and a cumulative total of 500,000 by the end of
2007.

Alcatel-Lucent previously completed the installation of a core
IP/MPLS network and WDM equipment to serve Triple T Broadband's
nationwide backbone of triple play services and the gateway of
interconnections from international and domestic Internet
Service Providers and other telecommunications service
providers.

By linking the access network to its core IP/MPLS network and
WDM equipment, Triple T Broadband now has a full end-to-end
triple play network from Alcatel-Lucent, and subscribers enjoy a
seamless user-experience when using voice, rich multimedia and
Internet services simultaneously.

Under the terms of the agreement, Alcatel-Lucent has supplied,
installed and implemented its 7302 Intelligent Services Access
Manager (ISAM), the industry's most deployed IP access platform
for triple play, managed by the 5523 ADSL Work Station, in
Chiangmai and Chonburi provinces.

"We trust Alcatel-Lucent to have the unparalleled experience in
providing quality end-to-end broadband infrastructure and
services. As newly established broadband services provider,
time-to-market is a significant factor for us,"' Subhoj
Sunyabhisithkul, President of Jasmine Telecom Systems PCL, said.
Thanks to their fast and on time delivery of the equipment, we
have been able to offer our subscribers the complete range of
broadband services by November as planned."

"Alcatel-Lucent has unparalleled triple play integration
experience, gained from more than 40 projects around the globe,"
said Michel Rahier, Head of Alcatel-Lucent's wireline
activities. "Based on this experience, we partner with our
customers to help them accelerate their time-to-market and bring
an innovative service to their customers."

Alcatel-Lucent's ISAM family is a key strategic asset for
service providers and has been chosen by more than 100 service
providers worldwide over the past two years. With more than 115
million DSL lines shipped, Alcatel-Lucent remains the
uncontested global market leader in broadband access.

                 About Jasmine Telecom Systems

Jasmine Telecom systems' major share is owned by Jasmine group.
The company is a turnkey telecommunications system integrator
and information technology provider, whose services range from
design, supply, installation and testing.

                    About Lucent Technologies

Headquartered in Murray Hill, New Jersey, Lucent Technologies
(NYSE: LU) -- http://www.lucent.com/-- designs and delivers the
systems, services and software that drive next-generation
communications networks.  Backed by Bell Labs research and
development, Lucent uses its strengths in mobility, optical,
software, data and voice networking technologies, as well as
services, to create new revenue-generating opportunities for its
customers, while enabling them to quickly deploy and better
manage their networks.  Lucent's customer base includes
communications service providers, governments and enterprises
worldwide.

Lucent also operates in Austria, Belgium, China, Czech republic,
Denmark, France, Germany, India, Ireland, Japan, Korean, Brazil,
CIS, the Netherlands, Poland, Slovak Republic, Spain, Sweden,
Switzerland, Russia, and the United Kingdom.

                           About Alcatel

Headquartered in Paris, France, Alcatel S.A. (Paris: CGEP.PA and
NYSE: ALA) -- http://www.alcatel.com/-- provides communications
solutions to telecommunication carriers, Internet service
providers and enterprises for delivery of voice, data and video
applications to their customers or employees.  Alcatel brings
its leading position in fixed and mobile broadband networks,
applications and services, to help its partners and customers
build a user-centric broadband world.  With sales of EUR13.1
billion and 58,000 employees in 2005, Alcatel operates in more
than 130 countries, including Indonesia, Australia, Japan,
Korea, Taiwan, the Philippines, Thailand, Singapore, and
Vietnam.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide, to
deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.

Standard & Poor's, on Dec. 6, 2006, said that following news
that the merger between French telecoms equipment supplier
Alcatel and U.S. peer Lucent Technologies Inc. has received
final approval from the U.S. Committee on Foreign Investments,
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Alcatel -- now named Alcatel-Lucent --
to 'BB-' from 'BB', in line with its preliminary indication in
its Nov. 7, 2006 research update.

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  The outlook is positive.

At the same time, Standard & Poor's equalized its long-term
corporate credit rating on Lucent with that of Alcatel-Lucent,
raising it to 'BB-' from 'B', and affirmed its 'B-1' short-term
corporate credit rating on the U.S. company.  The outlook is
positive.  Standard & Poor's also raised its long-term
ratings on Lucent's senior unsecured debt to 'B+' from 'B', on
its subordinated debt to 'B' from 'CCC+', and on its preferred
stock to 'B-' from 'CCC'.


ICICI BANK: Board Approves Merger with The Sangli Bank
------------------------------------------------------
The board of directors of ICICI Bank Ltd and The Sangli Bank
Ltd, at their separate meetings on Dec. 9, 2006, approved an
all-stock amalgamation of the two banks.

The amalgamation is subject to the approval of the both banks'
shareholders, the Reserve Bank of India and other approvals as
may be required.

Deloitte Haskins & Sells, Chartered Accountants, the independent
valuers appointed jointly by the two banks, recommended a share
exchange ratio of 100 shares of ICICI Bank for 925 shares of
Sangli Bank.  The proposed amalgamation would result in issuance
of approximately additional 3.45 million ICICI shares,
equivalent to about 0.4% of its existing issued equity share
capital.

The proposed amalgamation is expected to be beneficial to the
shareholders of both entities, ICICI states in a filing with the
Bombay Stock Exchange.

According to the BSE filing, ICICI Bank will seek to leverage
Sangli Bank's network of over 190 branches and existing customer
and employee base across urban and rural centers in the rollout
of its rural and small enterprise banking operations, which are
ICICI's key focus areas.

Among others, ICICI says that the amalgamation will:

   -- supplement ICICI Bank's urban distribution network;

   -- enable shareholders of Sangli Bank to participate in the
      growth of the ICICI's strong domestic and international
      franchise; and

   -- provide new opportunities to Sangli Bank's employees, and
      give its customers access to the Bank's multi-channel
      network and wide range of products and services.

                         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: Proposed Merger No Effect on Ratings, S&P Says
----------------------------------------------------------
Standard & Poor's Ratings Services said that its foreign
currency ratings and outlook on ICICI Bank Ltd.
(BB+/Positive/B), the second-largest and the largest private-
sector bank in India, are not affected by the bank's
announcement of its proposed merger with Sangli Bank Ltd..

Through the merger, ICICI Bank will acquire Sangli Bank's
network of over 190 branches and existing customer base across
urban and rural centers, primarily in the Indian states of
Maharashtra and Karnataka.  This will reinforce ICICI Bank's
focus on rural and small enterprise banking operations in the
two states.

The proposed merger would result in the issuance of additional
equity shares of ICICI Bank, equivalent to about 0.4% of its
existing issued equity share capital.  Sangli Bank is very small
in comparison with ICICI Bank, at less than 1% of the latter's
total assets.  Although the financial profile of Sangli Bank is
weak, as evident in its capitalization and profitability, this
merger will not have any material impact on ICICI Bank's
financial profile.

The merger proposal is subject to their respective shareholders'
approval and the necessary regulatory approvals.

                         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: Allots 296,400 Equity Shares in October under ESOS
--------------------------------------------------------------
Pursuant to filings with the Bombay Stock Exchange, ICICI Bank
Ltd reveals that it has allotted a total of 296,400 equity
shares of INR10 each for the month of November 2006:

      Allotment Date                No. of Shares
      --------------                -------------
      November 13, 2006                 134,995
      November 27, 2006                 161,405

The allotments were made pursuant to the bank's Employees Stock
Option Scheme, 2000.

                         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.


STATE BANK OF INDIA: Senior Debt Issue Gets Moody's Baa2 Rating
---------------------------------------------------------------
Moody's Investors Service assigned a Baa2 rating to the
US$300 million foreign currency senior notes to be issued by
State Bank of India through its London branch under its US$2
billion Medium Term Note programme.  This debt issue is rated at
the Indian foreign currency debt ceiling of Baa2, which acts as
a constraining factor for the ratings of the bank's most senior
debt obligations.  The outlook for this rating is stable in line
with the outlook for the foreign currency debt country ceiling.

The rating incorporates the bank's standalone financial
strength, as reflected by its strong D+ financial strength
rating, and also the bank's local currency deposit rating of A2
that takes into account the high likelihood of support from the
Government of India in the event of need.

State Bank of India's creditworthiness is characterized and
supported by an unmatched lending and deposit franchise and by
one of the most significant international franchises among
India's banks.

The rating also takes into consideration the bank's moderate
profitability and capitalization and its improving asset
quality, but also the challenge to further modernize by
upgrading its technological infrastructure and systems, as well
as its employee calibre.  Half-year FY2007 results at the end of
September 2006 point to a year-on-year decrease of 18.7% in net
income on the back of much higher income tax provisions and
weaker net interest margins despite the strong fees and
commissions.

State Bank of India is headquartered in Mumbai, and at the end
of March 2006 had total assets of INR4,939 billion (US$111
billion).

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
December 7, 2006, that Standard & Poor's Ratings Services
assigned its 'BB+' issue rating to the proposed issue of US$300
million senior unsecured, five-year, floating-rate foreign
currency notes to be issued by State Bank of India through its
London branch.

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

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

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


SYNDICATE BANK: To Pay Interim Dividend on December 20
------------------------------------------------------
In a filing with the Bombay Stock Exchange, Syndicate Bank
disclosed that it will pay interim dividend on Dec. 20, 2006.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 23, 2006, the bank declared an interim dividend of 15% for
the year 2006-07.

The bank fixed Dec. 7, 2006, as the Record Date for the purpose
of the dividend payment.

Syndicate Bank Ltd  -- http://syndicatebank.in/-- provides a
range of banking services.  The bank's services include
deposits, loans, recoveries and electronic funds transfer.  The
bank has also tied up with United India Insurance Company to
provide general insurance.  As of March 31, 2006, the bank had
2006 branches.  The bank has 38 specialized branches, which
focus on business segments, such as small and medium
enterprises.

Fitch Ratings, on June 1, 2005, gave Syndicate Bank a 'D'
individual rating.


TATA MOTORS: November 2006 Sales Up 43% from Last Year
------------------------------------------------------
Tata Motors reported a total sale of 49,061 vehicles (including
exports) for November 2006, a growth of 43.1% over 34,282
vehicles sold in November 2005.  Cumulative sales for the
Company at 3,58,660 nos. are growing by 32.6%

                       Commercial Vehicles

The Company's sales of commercial vehicles in November '06 in
the domestic market were 25,793 nos., an increase of 45.8% over
17,694 vehicles sold in November last year.  M&HCV sales stood
at 14,453 nos, a growth of 31.7% over November '05 while LCV
sales were 11,340 nos., a growth of 68.7% over November '05.

Cumulative sales of commercial vehicles in the domestic market
for the fiscal were 1,83,519 nos., an increase of 47.1% over the
corresponding period last year.  Cumulative M&HCV sales stood at
1,05,031 nos., an increase of 42.8% over last year while LCV
sales for the period were 78,488 nos., an increase of 53.3% over
the corresponding period last year.

                        Passenger Vehicles

The passenger vehicle business reported a total sale of 19,475
vehicles in the domestic market in November '06, an increase of
48.4% over November '05.  The Indica sold 13,047 nos., its
highest ever sale in a month, since launch, a growth of 58.1%
over November '05.  The Indigo family registered sales of 2,857
nos., an increase of 17.4% over November '05.  The Sumo and
Safari accounted for sales of 3,571 nos., a growth of 46.4% over
November'05.  Safari sales at 1,143 nos. grew by nearly three
times over November '05 sales.

Cumulative sales of passenger vehicles in the domestic market
for the fiscal were 1,40,495 nos., an increase of 22.7% over the
previous year.  Cumulative sales of Indica at 91,773 nos.
registered a growth of 34.1% over the previous year while
cumulative sales of the Indigo family at 21,222 nos. registered
a decline of 13.2% over last year.  Cumulative sales of Sumo and
Safari were 27,500 nos., a growth of 27.2% over last year.

                             Exports

The Company's sales from exports were 3,793 vehicles in
November '06 as compared to 3,462 vehicles in November '05, an
increase of 9.6%.  The cumulative sales from exports in the
current period at 34,646 nos. have recorded a 10.4% growth over
the corresponding figures for the previous period.

                       About Tata Motors

Tata Motors Limited -- http://www.tatamotors.com/-- is mainly
engaged in the business of automobile products consisting of all
types of commercial and passenger vehicles, including financing
of the vehicles sold by the Company.  The Company's operating
segments consists of Automotive and Others.  In addition to its
automotive products, it offers construction equipment,
engineering solutions and software operations.  During the
fiscal year ended March 31, 2006 (fiscal 2006), the Company sold
454,129 vehicles.  Its commercial vehicle sales were 245,022 in
the domestic and overseas market in fiscal 2006.  The Company
created a new segment in the domestic commercial vehicle market
by launching a mini truck, TATA ACE in May 2005.  It achieved a
sale of 209,107 passenger vehicles in the domestic and overseas
market (including the sale of 209 Fiat cars) in fiscal 2006.
Tata Motorfinance (TMF), the vehicle-financing business of the
Company financed 96,247 new vehicles during fiscal 2006.

A report by the Troubled Company Reporter - Asia Pacific on
September 28, 2005, stated that Standard & Poor's Ratings
affirmed its 'BB' long-term foreign and local currency corporate
credit ratings on Tata Motors.  The outlook is stable.

Additionally, Moody's Investors Service, on July 26, 2005, gave
Tata Motors 'Ba1' long-term corporate family and senior
unsecured debt ratings.


TATA POWER: Releases Sept. 30, 2006 Audited Financials
------------------------------------------------------
On Nov. 27, 2006, Tata Power Company Ltd released the company's
audited results for the third quarter of 2006.

Tata Power posted a net profit after tax of INR2.023 billion for
the quarter ended September 30, 2006, up 61% from the INR1.257
billion in the corresponding period last year.

Total income increased by 16% from INR10.972 billion in the
September 2005 quarter to INR12.792 billion in the September
2006 quarter.

Expenditures in the third quarter also increased by 16% from
INR8.212 billion in the three months ended Sept. 30, 2005, to
INR9.513 billion in the Sept. 2006 quarter.

Commenting on the performance this quarter, Mr. Prasad Menon,
Managing Director of the Company said, "The Company is now in
the implementation phase of several new projects and this augurs
well for the future growth.  250 MW coal based plant and 100 MW
DG Sets for Mumbai are progressing well and we have commenced
work on 120 MW Met Coke Project in Haldia, 100 MW wind power
plants in Maharashtra and 1000 MW Maithon project.  These
projects on completion will lead to a step change in the
Company's size of operations and will reflect in better
operating results in due course.  Given our track record of
steady execution and widely acknowledged customer service, the
Company is aiming to play a primary role in the growth of power
sector with a country-wide footprint."

A full-text copy of Tata Power's financial results for the
quarter and half-year ended Sept. 30, 2006, is available for
free at http://bankrupt.com/misc/TataPowerSept2006Financials.pdf

                        About Tata Power

Headquartered in Mumbai, India, Tata Power Company Limited --
http://www.tatapower.com/-- is engaged in the business of
generation, transmission and distribution of electricity with
operations in the states of Maharashtra, Jharkhand and
Karnataka.  The company operates two business segments: the
power business segment and the other business segment.  Its
power business segment is engaged in the generation,
transmission and distribution of electricity.  The company's
other business segment includes electronics and project
consultancy.  During the fiscal year ended March 31, 2006, the
power business contributed about 94% of the Company's revenues.
On December 2, 2005, it completed the acquisition of 74% equity
stake in Maithon Power Limited from Damodar Valley Corporation.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 10, 2005, that Standard & Poor's Ratings Services
affirmed its 'BB+' long-term foreign and local currency
corporate credit ratings for Tata Power.  The outlook is stable.


TATA POWER: SE Division Granted 7 Defense Production Licenses
-------------------------------------------------------------
The Government of India, Ministry of Commerce and Industry,
Department of Industrial Policy and Promotion has issued to Tata
Power Company Ltd seven licenses for its Strategic Electronics
Division.

The licenses enable the Tata Power SED to be the Prime
Contractor for the sale to the Ministry of Defense for
designing, development, manufacturing, assembling and upgrading
mission critical systems in seven core areas of Defense
Strategic Electronics, the company revealed in a filing with the
Bombay Stock Exchange.

The Tata Power SED, a leading domestic player in Strategic
Electronics, is recognized for harnessing its "Systems and
Engineering" capabilities, the company pointed out in a release.
It is emerging as a Prime Contractor to MoD for Indigenous
Defense Production.

Earlier this year, Tata Power SED secured Orders for Pinaka
Multi Barrel Rocket Launcher System from the Indian Army and
Futuristic Automatic Data Handling System for Air Defence from
the Indian Air Force.

"SED is now poised to harness its multi disciplinary
capabilities and emerge as a long term reliable partner to
Indian Defense forces," Tata Power SED CEO Rahul Chaudhry said.
"Over next five years these licenses open a domestic addressable
market of over INR20,000 Crores, for Tata Power SED, which
includes upgrades of existing platforms.  Additionally, business
opportunities through OFFSET (as set out in MoD's Defence
Procurement Procedure - DPP 2006) for Systems Design,
Engineering and Testing Services will also be targeted by the
Company, opening up the export market."

The seven Defense Production Licenses pertain to:

   1. Design, Development, Manufacture, Assembly and Upgrades of
      Electronic Warfare Systems for Army, Navy, Air Force,
      Para-military and Inland Security.

   2. Design, Development, Manufacture, Assembly / System
      Integration of Warfare enablers, development of
      specialized antennas & masts.  Ruggedization of COTS and
      specialized software for network management, monitoring
      and security.  Integrated GIS with communication and
      navigation system for Defense and civilian applications,
      Global Positioning Systems and GPS based vehicle
      navigation and tracking systems, etc.

   3. Design, Development, Manufacture, Assembly and Upgrades of
      Avionics, Airborne assemblies, Systems and Equipment for
      Aircrafts, Helicopters & AWACS.

   4. Design, Development, Manufacture, Assembly and Upgrades of
      Air Defense guns, Field Artillery, Naval guns, Tanks,
      Combat Vehicles, Anti-Tank Weapons systems.

   5. Design, Development, Manufacture, Assembly and Upgrades of
      Naval Combat, Air Defense, Artillery, Command & Control
      Systems, Border Security and Surveillance.

   6. Design, Development, Manufacture, Assembly and Upgrades of
      MIL products such as Display Consoles, Rugged Computers,
      Workstations Servers, On Board Computers, etc.

   7. Design, Development, Manufacture, Assembly and Upgrades of
      Weapon Systems - Rocket and Missile Launchers.

                        About Tata Power

Headquartered in Mumbai, India, Tata Power Company Limited --
http://www.tatapower.com/-- is engaged in the business of
generation, transmission and distribution of electricity with
operations in the states of Maharashtra, Jharkhand and
Karnataka.  The company operates two business segments: the
power business segment and the other business segment.  Its
power business segment is engaged in the generation,
transmission and distribution of electricity.  The company's
other business segment includes electronics and project
consultancy.  During the fiscal year ended March 31, 2006, the
power business contributed about 94% of the Company's revenues.
On December 2, 2005, it completed the acquisition of 74% equity
stake in Maithon Power Limited from Damodar Valley Corporation.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 10, 2005, that Standard & Poor's Ratings Services
affirmed its 'BB+' long-term foreign and local currency
corporate credit ratings for Tata Power.  The outlook is stable.


TATA POWER: Names Jayan S Kawale as New Director
------------------------------------------------
Tata Power Company Ltd informed the Bombay Stock Exchange that
the State Government has nominated Jayant S Kawale as the State
Government Director on the Board of the Company in place of
Sanjay S Bhatia.

As previously reported in the Troubled Company Reporter - Asia
Pacific, Mr. Bhatia resigned from his post effective Oct. 27.

At its meeting on Nov. 27, 2006, Tata Power's board of directors
appointed Mr. Kawale as the Nominee Director with immediate
effect.

                        About Tata Power

Headquartered in Mumbai, India, Tata Power Company Limited --
http://www.tatapower.com/-- is engaged in the business of
generation, transmission and distribution of electricity with
operations in the states of Maharashtra, Jharkhand and
Karnataka.  The company operates two business segments: the
power business segment and the other business segment.  Its
power business segment is engaged in the generation,
transmission and distribution of electricity.  The company's
other business segment includes electronics and project
consultancy.  During the fiscal year ended March 31, 2006, the
power business contributed about 94% of the Company's revenues.
On December 2, 2005, it completed the acquisition of 74% equity
stake in Maithon Power Limited from Damodar Valley Corporation.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 10, 2005, that Standard & Poor's Ratings Services
affirmed its 'BB+' long-term foreign and local currency
corporate credit ratings for Tata Power.  The outlook is stable.


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

COMVERSE TECH: Reveals Selected 3Q Results; Delays SEC Filing
-------------------------------------------------------------
Comverse Technology, Inc. (NASDAQ: CMVT) disclosed sales of
US$410,601,000 for the third quarter of fiscal 2006, ended
October 31.  The company ended the quarter with a 12-month
orders backlog estimated at US$706,325,000, cash and cash
equivalents, bank time deposits and short-term investments of
US$1,867,761,000, and convertible debt of US$419,647,000.

Comverse Technology continues to expand on its portfolio of
products positioned to fulfill its customers' evolving needs.

Since the beginning of the third quarter, the company's Comverse
Inc. subsidiary continued to build on its established leadership
in network-based messaging, mobile content and billing, while
leveraging that leadership to advance its position in emerging
areas such as converged messaging, converged IP communications,
including VoIP, FMC, IMS, IP Centrex, quad play, and IPTV, and
real-time converged billing and customer care.  Comverse
announced new customer selections or deployments in IP
messaging, including mobile IM, videomail, and call screening;
in IPTV; and in mobile music through Comverse's ringback tone
solution.

The company's Verint subsidiary continued to reinforce its
leadership in software-based analytics for security and business
intelligence.  Recently, Verint announced new video surveillance
customer selections in the airport, transit, and banking
sectors, and strengthened its enterprise business intelligence
offering through the introduction of its new CI Analytics
solution, which uses advanced speech analytics to drive
actionable intelligence from customer interactions.

The company's Ulticom subsidiary continued to position itself to
address new and emerging growth opportunities through its launch
of IMS-ready signaling products, most recently with its new
nSignia Gateway Blade, which helps to interconnect existing SS7
networks with next-generation IP applications.

The company continues to look for ways to expand its addressable
market opportunity across each of its business units through
acquisitions, and in the third quarter closed the acquisition of
customer self-service leader Netonomy, which strengthens
Comverse's portfolio in real-time converged billing and customer
care.

           Delay in Filing of Quarterly Report on the
                Form 10-Q and Earnings Release

The company will file a Form 12b-25 with the United States
Securities and Exchange Commission indicating that its Quarterly
Report on Form 10-Q for the quarter ended October 31, 2006, has
not been filed with the SEC by the December 11, 2006 SEC
deadline.  The company will not seek a 5-day filing extension
because it will not be able to file the Quarterly Report within
the extension period.  This delay is the result of the company's
ongoing investigation of past stock option grants, including its
evaluation of actual dates of measurement for certain grants
which differ from the recorded grant dates, and of additional
accounting issues, including errors in the recognition of
revenue related to certain contracts, errors in the recording of
certain deferred tax accounts and the misclassification of
certain expenses in earlier periods as well as the possible
misuse of accounting reserves and the understatement of backlog
for fiscal 2002 and prior periods.

The company intends to issue results for the quarterly periods
ended April 30, 2006, July 31, 2006, and October 31, 2006, and
the fiscal year ended January 31, 2006, and to file its
Quarterly Reports on Form 10-Q for the quarters ended April 30,
2006, July 31, 2006, and October 31, 2006, and Annual Report on
Form 10-K for the fiscal year ended January 31, 2006, together
with any restated historical financial statements, as soon as
practicable.

                      NASDAQ Listing Update

The company has notified The NASDAQ Stock Market that it will
not timely file its Quarterly Report on Form 10-Q for the fiscal
quarter ended October 31, 2006 and, accordingly, the company
expects to receive an additional Staff Determination Letter from
The NASDAQ Stock Market indicating that the delay in the filing
of the Form 10-Q could serve as an additional basis for the
potential delisting of the company's securities from NASDAQ,
under NASDAQ Marketplace Rule 4310(c)(14).

As previously disclosed, the NASDAQ Listing and Hearing Review
Council issued a stay of the NASDAQ Listing Qualifications
Panel's August 18, 2006 decision establishing a deadline of
September 25, 2006 for the company to be current in its periodic
filings with the SEC.  The Listing Council also issued a stay of
any future Panel determinations to delist the company's
securities from trading pending further action by the Listing
Council.  As a result of the expanded investigation, the company
expects it will require additional time to file its periodic
reports with the SEC.  The company does not know whether the
newly identified accounting issues or resulting delay in the
company's ability to be current in its periodic filings will
result in a lifting of the stay and a delisting of the company's
shares from The NASDAQ Stock Market.  There can be no assurance
that the Listing Council will continue the stay or grant an
extension or that the company's securities will remain listed on
the NASDAQ Stock Market.

                         About Comverse

Comverse Technology, Inc. (NASDAQ: CMVT)
--http://www.comverse.com/-- provides software and systems that
enable network-based multimedia enhanced communication and
billing services.  Over 450 communication and content service
providers in more than 120 countries use Comverse products to
generate revenues, strengthen customer loyalty and improve
operational efficiency.Comverse has offices all over the world,
including Indonesia, Malaysia and the Philippines.

                         *     *     *

The Troubled Company Reporter reported on Sept. 21, 2006, that
Standard & Poor's Ratings Services' 'BB-' corporate credit and
senior unsecured debt ratings on Comverse Technology remained on
CreditWatch with negative implications, where they were placed
on March 15, 2006.


COMVERSE TECHNOLOGY: To Pay Interim CEO US$400,000
--------------------------------------------------
Comverse Technology Inc. said last week that it will pay a
US$400,000 bonus to Raz Alon, who will end his service as the
company's interim chief executive officer, the Wall Street
Journal reports.

According to the WSJ report, Comverse Technology said in a
filing with the United States Securities and Exchange Commission
that Mr. Alon, who will continue to serve as an independent
director, will receive his salary through April 30 as well as
equity compensation.  WSJ notes that Comverse Technology did not
indicate Mr. Alon's current salary in the filing but said in
July that he would receive a US$600,000 salary.

The report notes that the company had eliminated the interim CEO
post and added five new independent directors to its board.

Dow Jones Newswires reported on Nov. 20, 2006, that the new
board members are:

      1. Susan D. Bowick, a consultant to the joint venture of
         Nokia Corp. and Siemens AG;

      2. Charles J. Burdick, former CEO of HIT Entertainment
         PLC;

      3. Richard N. Nottenburg, chief strategy officer for
         Motorola Inc.;

      4. Joseph O'Donnell, former CEO of Artesyn Technologies,
         Inc.; and

      5. Theodore H. Schell, a managing director at Liberty
         Associated Partners LLP.

The new board members began service on Dec. 1.

According to Dow Jones, Comverse also named Chief Administrative
Officer Paul Robinson principal executive officer of the holding
company, with the title of chief operating officer.

WSJ recounts that Mr. Alon assumed the interim CEO role in the
spring after former CEO Kobi Alexander resigned amid an internal
investigation into possible backdating of stock options.  Mr.
Alexander was arrested in September in Namibia at the request of
the U.S. Government.

Dow Jones also recalled that several board members resigned
earlier this year after Comverse said it would restate its
earnings from fiscal 2001 through the first three quarters of
2006 to reflect stock-option payments.

Comverse Technology, Inc. (NASDAQ: CMVT)
--http://www.comverse.com/-- provides software and systems that
enable network-based multimedia enhanced communication and
billing services.  Over 450 communication and content service
providers in more than 120 countries use Comverse products to
generate revenues, strengthen customer loyalty and improve
operational efficiency.Comverse has offices all over the world,
including Indonesia, Malaysia and the Philippines.

                         *     *     *

The Troubled Company Reporter reported on Sept. 21, 2006, that
Standard & Poor's Ratings Services' 'BB-' corporate credit and
senior unsecured debt ratings on Comverse Technology remained on
CreditWatch with negative implications, where they were placed
on March 15, 2006.


EXCELCOMINDO PRATAMA: To Raise US$400MM To Expand Mobile Network
----------------------------------------------------------------
PT Excelcomindo Pratama Tbk plans to raise as much as
US$400 million in debt next year to expand its mobile phone
network in Indonesia, Business Times reports.

According to the report, Excelcomindo President Director Hasnul
Suhaimi said that the company plans to spend US$700 million on
equipment, including phone towers, in 2007.

Mr. Suhaimi said that Excelcomindo will sell bonds or borrow
from banks in the first half in dollars and rupiah, while the
rest of the investment will be funded by the company's internal
cash.

The report points out that competition is set to intensify in
Indonesia as Hong Kong billionaire Li Ka-shing's Hutchison
Telecommunication and other companies try to attract customers
in the country.

Analyst Richard Moe said that Excelcomindo and bigger local
rivals PT Telekomunikasi Selular and PT Indosat Tbk would have
an advantage because of high start-up costs the new entrants
will incur, the report notes.  Mr. Moe, Business Times relates,
said that Interconnection rates are expensive in Indonesia and
that the new players may walk into a situation and lose money.

Mr. Suhaimi said that the company expects its subscriber numbers
to increase to 9.5 million at the end of 2006 compared to 6.9
million in 2005.

Mr. Suhaimi noted that Excelcomindo had about 9.2 million users
at the end of November.  The company may have between 14 million
to 15 million subscribers by the end of next year as the company
gains a wider subscriber base in rural area, Business Times
says.

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/-- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider (ISP) and Voice over Internet Protocol
(VoIP) services.  In addition, Excelcomindoprovides voice, data
and other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
call centers.  Excelcomindo starter packs and voucher reloads
are also sold by independent retailers.

Excelcomindo is Indonesia's third-largest cellular operator; as
at the first quarter of 2006 the company had 8.2 million
subscribers representing total market share of around 15% but
with cellular revenue market share of approximately 10%.  TM and
its parent Khazanah together hold 73.7% in XL.

                          *     *     *

A May 23, 2006 report of the Troubled Company Reporter - Asia
Pacific stated that Moody's Investors Service has upgraded the
foreign currency senior unsecured bond rating of Excelcomindo
Finance Company B.V. to Ba3 from B1.  The outlook is stable.  At
the same time, Moody's has affirmed PT Excelcomindo Pratama's
Ba2 local currency corporate family rating.  The rating outlook
remains stable.

A subsequent TCR-AP report says that Fitch Ratings, on June 5,
2006, upgraded PT Excelcomindo Pratama's Long-term foreign
currency and local currency Issuer Default Ratings to 'BB-' from
'B+'.  The outlook on the ratings is stable.


INDOSAT: Selects Dilithium Networks 3G Multimedia Solution
----------------------------------------------------------
Dilithium Networks, the leading supplier of converged video
solutions, said that PT Indosat Tbk has launched its 3G
Infotainment Video Portal built upon Dilithium's platform.  PT
Indosat, one of the leading operators in Indonesia, has deployed
video streaming services based on Dilithium's DTG 2000(TM)
platform hosted by AQN, a premier hosting company.  Indosat
offers its 3G customers enhanced video services including mobile
TV, news, sports and cartoons.

"We are honored that we have been selected by Indosat to enable
their innovative services.  This is a significant win for
Dilithium Networks in Indonesia and further proves our
undisputed leadership position in providing 3G multimedia
solutions for the Asia Pacific market," stated Kelvin Ng, Vice
President, Asia Pacific for Dilithium.  "The importance of
having a simple user interface is critical to the user adoption
rate of streaming services.  Dilithium's platform enables
Indosat customers to access their video content through a simple
and flexible user interface."

                    About Dilithium Networks

Dilithium Networks -- http://www.dilithiumnetworks.com/-- is
the global leader in converged video solutions for the mobile,
broadband and Internet markets.  Dilithium pioneered 3G video
communications and its technologies are deployed by the major
network operators and equipment providers.

                         About Indosat

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.


MARSH & MCLENNAN: Reports US$176-Million 3rd Quarter Net Income
---------------------------------------------------------------
Marsh & McLennan Companies, Inc., reported financial results for
the third quarter and nine-month periods ended September 30,
2006. Consolidated revenues for the quarter were US$2.9 billion,
an increase of 4% from the 2005 third quarter.  Consolidated net
income more than doubled to US$176 million from US$69 million
last year, and earnings per share grew to US$.31 from US$.12.
Earnings per share from continuing operations increased to
US$.32 in the third quarter from US$.11 last year.

For the first nine months of 2006, consolidated revenues were
US$8.9 billion, compared with US$8.8 billion for the same period
of 2005.  Consolidated net income was US$764 million, or US$1.36
per share, compared with US$369 million, or US$.68 per share, in
2005.  Results from discontinued operations, net of tax, were
US$173 million, or US$.31 per share, resulting primarily from
MMC's sale of its investment in Sedgwick Claims Management in
January 2006.  Results from discontinued operations in 2005 were
US$17 million, or US$.03 per share.  Income from continuing
operations was US$591 million, or US$1.05 per share, compared
with US$352 million, or US$.65 per share, in 2005.  Stock option
expense in the first nine months of 2006 was US$93 million.

Stock option expense in the first nine months of 2005 was
US$31 million, and related only to the third quarter, since MMC
adopted SFAS No. 123(R), "Share-Based Payment," on July 1, 2005.
A number of noteworthy items affected financial results,
including restructuring and related costs; legal and regulatory
costs primarily related to market service agreements; and other
items indicated in the attached supplemental schedules.  In the
third quarter and first nine months of 2006, noteworthy items
totaled US$57 million, or US$.06 per share, and US$166 million,
or US$.19 per share, respectively.  In the third quarter and
first nine months of 2005, noteworthy items reduced earnings per
share from continuing operations by US$.19 and US$.58,
respectively.

"MMC had a good third quarter," said Michael G. Cherkasky,
president and chief executive officer of MMC.  "Consolidated
revenue growth was the highest we have achieved in two years.
Our efforts to become more efficient across MMC produced
substantially improved year-over-year profitability and margin,
a continuation of the positive trends begun earlier this year.
"Marsh continued its recovery.  Improvement in new business was
even stronger this quarter, following growth in the second
quarter.  Client retention rates in the quarter increased over
the prior year.  European operating performance improved, with
increased new business and higher client retention levels and
profitability.  These revenue trends allowed Marsh to report
flat quarterly underlying revenues for the first time in two
years, as well as substantially improved profitability.  Guy
Carpenter, despite a challenging market environment, exhibited
revenue growth as a result of continued new business
development.  Kroll continued the successful implementation of
its business strategy, resulting in growth in key businesses.
Mercer Human Resource Consulting reported underlying revenue
growth in all of its businesses, and Mercer Specialty Consulting
continued its double-digit revenue growth.  Putnam performed as
expected, with positive institutional flows contributing to
improved net flows. We are optimistic about our future
prospects," Mr. Cherkasky concluded.

Marsh & McLennan Companies, Inc. -- http://www.mmc.com/-- is a
global professional services firm with annual revenues of
approximately US$12 billion.  It is the parent company of Marsh,
the world's leading risk and insurance services firm; Guy
Carpenter, the world's leading risk and reinsurance specialist;
Kroll, the world's leading risk consulting company; Mercer, a
major global provider of human resource and specialty consulting
services; and Putnam Investments, one of the largest investment
management companies in the United States.  Approximately 55,000
employees provide analysis, advice, and transactional
capabilities to clients in over 100 countries.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 25, 2006,
Standard & Poor's Ratings Services assigned its preliminary
'BBB' senior debt, 'BBB-' subordinated debt, and 'BB+' preferred
stock ratings to Marsh & McLennan's unlimited universal shelf.
Standard & Poor's also affirmed its 'BBB' counterparty credit
rating on MMC.  The outlook in negative.

As reported in the Troubled Company Reporter on Sept. 28, 2006,
Moody's Investors Service assigned provisional ratings to Marsh
& McLennan's new universal shelf registration, including a
(P)Ba1 rating on the Company's provisional preferred stock.  The
rating outlook for MMC remains negative.


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

ALL NIPPON: To Sell Off Hotels in Japan for JPY100 Billion
----------------------------------------------------------
All Nippon Airways is set to sell 10 of its hotels in Japan in a
deal that could total more than JPY100 billion (US$1.1 billion),
The Australian reports.

AFX News Limited, on the other hand, cites the Nihon Keizai
Shimbun as stating that All Nippon has decided to sell its 13
domestic hotels to raise more than JPY100 billion.

According to the AFX report, the planned sales, which will
involve both buildings and the land they occupy, will enable the
company to shift its focus back to its core aviation business.

The Australian relates that All Nippon is planning to sell its
flagship hotel in Tokyo, along with nine others in regional
cities in Japan.  The All Nippon Group would continue to manage
the hotels, along with InterContinental Hotels Group, the
world's biggest hotels operator, which recently bought a
majority stake in the carrier's hotel unit.

While selling out domestic hotel assets, All Nippon will
continue to operate its two hotels in China and Austria, the
Nihon Keizai says.

The report says that All Nippon will hold the first of several
auctions this month and it will select the buyers by the end of
March 2007.

The ANA Group will try to offload all its hotels to one buyer,
The Australian says, adding that analysts believe some investors
could baulk at the prospect of owning some of the less
profitable properties in less than desirable locations.

"There is excess liquidity in the property market, and assets
are overpriced, so investors are looking for good regional
buys," said Satoru Aoyama, an analyst at Fitch Ratings.  "But
I'm not sure if Toyama (in western Japan, where ANA has one
hotel) could count as a decent regional buy."  Others raised
concern that All Nippon and IHG would retain management control
of the 10 hotels.

The Australian recounts that in October, All Nippon said IHG
would buy a majority stake in its hotel unit.  IHG owns 74% of
IHG ANA Hotels Group Japan, the newly formed venture.  ANA owns
25% and a joint holding company has a 1% stake.  IHG has 11
hotels in Japan, while the joint venture has 31.

                    About All Nippon Airways

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline
company in terms of revenue.  The company, which was founded in
1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.

The airlines flies to all key Asian destinations, the United
States and Canada, France, the United Kingdom and key European
countries.

As reported in the Troubled Company Reporter - Asia Pacific on
June 13, 2006, Fitch Ratings said that the credit quality gap
between Japan's top two airlines continues to widen with All
Nippon Airways Co. Limited -- rated 'BB+'/Stable -- benefiting
from market improvements, while its rival, Japan Airlines
Corporation -- rated 'BB-'/Stable -- continues to be grounded by
internal woes.

The TCR-AP also stated on May 30, 2006, that Moody's Investors
Service has upgraded to Ba1 from Ba3 the senior unsecured debt
ratings of All Nippon Airways Co., Ltd.  The rating action
concludes the review initiated on March 3, 2006.  The rating
outlook is stable.

On May 3, 2006, Standard & Poor's Ratings Services revised its
outlook on the BB- long-term corporate credit rating on All
Nippon Airways to positive from stable, reflecting the company's
improved earnings and expectations for stable profitability,
thanks to cost reductions efforts as well as a stronger
competitive position.


FORD MOTOR: EVP Mark Schulz to Retire Early 2007
------------------------------------------------
Ford Motor Company said that Mark Schulz, executive vice
president and president, International Operations, has announced
his plans to retire from the company early next year.

As president of International Operations, Mr. Schulz, 54, is
responsible for the Company's business in Europe, Africa and the
Asia Pacific region.  He oversees the global activities of Aston
Martin, Jaguar, Land Rover and Volvo, as well as the company's
partnership with Mazda Motor Corporation.

"I have had the pleasure of working closely with Mark over the
years and am personally grateful to him for his vision, his
leadership and his dedication to the Ford Motor Company," said
Bill Ford, executive chairman, Ford Motor Company.  "Most
recently he has overseen significant growth of Ford's business
in some of our most important regions around the world and he
has built an organization that is poised to deliver further
growth in the future.  I wish him and his family all the best in
his retirement."

Prior to his current position, Mr. Schulz served as executive
vice president, Ford Motor Company and president, Asia Pacific
and Africa.  And, he led Asia Pacific and Ford South America
Operations as a corporate vice president.  Prior to his election
as a corporate officer, Mr. Schulz was the head of Ford's
operations in Turkey for five years.

Earlier in his Ford career, Mr. Schulz held several product
engineering and manufacturing positions, including director,
Product Development, Ford Japan; director of the Corporate
Strategy Office; Plant Manager of Ford's Sheldon Road facility;
and vehicle line director of Compact Trucks in North America.
He began his career with Ford as an assembly line worker in
1970.

"Mark has been indispensable in helping me become familiar with
Ford's operations in the fastest-growing and most competitive
markets in the world," said Alan Mulally, Ford's president and
CEO.  "Because of his leadership and because of the
relationships he has built on our behalf, Mark leaves us with a
strong foundation on which to grow our business in Europe, Asia-
Pacific and the rest of the world."

Mr. Schulz serves as a member of several boards, including the
National Committee of United States-China Relations, the United
States-China Business Council and the National Bureau of Asian
Research.  He also is a member of the International Advisory
Board for the President of the Republic of the Philippines.
He holds a bachelor's degree in Mechanical Engineering from
Valparaiso University and master's degrees from the University
of Detroit (Economics) and the University of Michigan
(Engineering), and the Massachusetts Institute of Technology,
where he was a Sloan Fellow.

Any changes in structure and organization that result from Mr.
Schulz's retirement will be the topic of a future announcement.

Headquartered in Dearborn, Michigan, Ford Motor Company
(NYSE: F) -- http://www.ford.com/-- manufactures and
distributes automobiles in 200 markets across six continents
including Brazil and Mexico in Latin America.  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
Corp.

The company also has operations in Japan.

On Dec. 5, 2006, Moody's Investors Service assigned a Caa1,
LGD4, 62% rating to Ford Motor Company's US$3 billion of senior
convertible notes due 2036.


METALDYNE CO: Moody's Puts Low-B Ratings on Senior Facilities
-------------------------------------------------------------
Moody's Investors Service rates the proposed senior secured
credit facilities of Metaldyne Corporation's direct subsidiary,
Metaldyne Company LLC:

   -- senior secured revolving credit facility at Ba3;
   -- senior secured term loan facility at B2; and
   -- senior secured synthetic letter of credit facility, B2.

Moody's upgrades:

   -- Metaldyne's Corporate Family and Probability of Default
      Rating upgraded to B3 from Caa1;

   -- Metaldyne's senior notes upgraded to B3 from Caa2; and,

   -- senior subordinated notes upgraded to Caa2 from Caa3.

The senior secured facilities will be used to refinance the
company's existing senior secured debt in conjunction with the
company's acquisition by Asahi Tec Corporation.

These rating actions conclude the review, direction uncertain,
that was updated on Oct. 16, 2006.

The outlook is negative.

The rating reflects the lower leverage of the company afforded
by the total expected equity injection of US$200MM from Asahi
Tec, Heartland Investors, and certain other affiliates.

The purchase of Metaldyne by Asahi Tec is not expected to have
an immediate near-term impact on Metaldyne's operations.
Metaldyne will be a restricted subsidiary of Asahi Tec and will
continue to function as a standalone company.  Metaldyne will
not benefit from any guarantees from Asahi Tec nor will
Metaldyne be permitted to make distributions to Asahi Tec.

As such, the ratings reflect Metaldyne as a standalone company.
However, the new ownership should provide beneficial strategic
opportunities in the long-term for Metaldyne to improve
sourcing, increase access to Asian OEMs, and generate additional
product offerings.

While the equity infusion from Asahi Tec will provide Metaldyne
with additional financial flexibility to address its operating
issues, the ratings and outlook reflect the challenging industry
conditions of lower Big-3 North American production, rising
commodity prices, and the company's continued high leverage
which constrain Metaldyne's credit metrics.  The automotive
supplier industry is expected to continue to experience
pressures from reported production volume decreases from US OEMs
in the near term.

These ratings were assigned:

   * Metaldyne Company LLC:

      -- B2,LGD3, 34% rating to the US$420 million guaranteed
         senior secured term loan;

      -- B2, LGD3, 34% rating to the US$60 million Synthetic L/C
         Facility;

      -- Ba3, LGD2, 11% rating to the US$150 million guaranteed
         senior secured revolving credit facility);

These ratings were raised:

   * Metaldyne Corporation:

      -- Corporate Family Rating to B3 from Caa1;

      -- Probability of Default Rating to B3, from Caa1;

      -- US$150 million of 10% guaranteed senior unsecured notes
         due Nov. 2013, to B3, LGD3, 49%, from Caa2, LGD4, 69%;
         and

      -- US$250 million of 11% guaranteed senior subordinated
         notes due June 2012, to Caa2, LGD5 87%, from Caa3,
         LGD6, 92%.

The ratings for the company's existing bank credit facilities,
which are being refinanced by the new facilities, are withdrawn.

For the last twelve months ending October 1, 2006, Debt/EBITDA
approximated 7.7x and EBIT/cash interest was 0.6x.  Free cash
flow for the LTM period ending 10/01/06 was approximately
US$13 million.

The company's availability under its revolving credit and
securitization facilities at October 1, 2006 of approximately
$82 million was limited to US$21.5, based on leverage covenants.
With the acquisition by Asahi Tec, the new equity proceeds and
the bank facility refinancing will facilitate a reduction in
overall leverage and improved interest coverage.

Moreover, with expected availability under its new borrowing
base bank credit facility at closing, Metaldyne should have
greater flexibility to pursue an operational turnaround.

Pro forma for the transaction, Debt/EBITDA is expected to be
approximately 5.4x and EBIT/interest expense is expected to be
approximately 0.7x.

Future events which would be likely to result in a rating
downgrade include deterioration in operating performance that
erodes free cash flow generation or reduces the company's
liquidity position, or failure to achieve the expected debt
reduction from the net proceeds of an institutional offering
Asahi Tec.

Consideration for a lower outlook or rating could arise if any
combination of these factors would result in Debt/EBITDA
deteriorating above 7.0x or if EBIT/interest were not to recover
to levels approaching 1.0x.

Future events which would be likely to result in an improved
outlook include consistent positive free cash flow generation
and deleveraging from operations, debt reduction through
additional equity infusions, or increased diversification of the
revenue base or product offerings resulting in improved margins.
Consideration for a higher outlook or ratings could arise if any
combination of these factors would result in the Debt/EBITDA
decreasing below 5.0x or EBIT/interest coverage improving to
1.5x.

Headquartered in Plymouth, Mich., Metaldyne Corp --
http://www.metaldyne.com/-- is a leading global designer and
supplier of metal-based components, assemblies and modules for
transportation related powertrain and chassis applications
including engine, transmission/transfer case, wheel end and
suspension, axle and driveline, and noise and vibration control
products to the motor vehicle industry.

The company has operations in these Asian locations: Yokohama,
Japan; Suzhou, China; Pyeongtaek, Korea; and Jamshedpur, India.


METALDYNE CORP: Asahi Deal Cues S&P to Hold Credit Rating at B
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Metaldyne Corp., including its 'B' corporate credit rating, and
removed them from CreditWatch with developing implications where
they had been placed on Aug. 21, 2006.

The outlook is negative.

At the same time, Standard & Poor's assigned 'BB-' bank loan
rating and a recovery rating of '1' to subsidiary Metaldyne
Company LLC's proposed US$150 million senior secured revolving
credit facility, indicating expectations for recovery of 100% of
principal in the event of a payment default.  The 'B' bank loan
ratings and recovery ratings of '2' were also assigned to the
proposed US$445 million term loan facility and the US$60 million
synthetic L/C facility, indicating expectations for substantial
recovery of principal in the event of a payment default.

In addition, recovery ratings of '5' were assigned Metaldyne
Corp.'s existing US$250 million and US$150 million senior notes.

Standard & Poor's will withdraw its ratings on Metaldyne's
existing bank facilities upon the closing of the proposed bank
facilities.

The rating actions reflect the pending purchase of Metaldyne by
unrated Asahi Tech Corp.  A cash equity infusion from Asahi
Tech, resulting in modestly lower debt along with completion of
the pending bank facilities, will sufficiently bolster
Metaldyne's financial profile to retain the current rating,
although business challenges remain intense.

Metaldyne will become a subsidiary of unrated Asahi Tech, but is
expected to operate independently, and there is no guarantee of
support from Asahi Tech for Metaldyne's debt.

Asahi Tech is a public company in Japan, and is controlled by
Ripplewood Partners.

Headquartered in Plymouth, Mich., Metaldyne Corp --
http://www.metaldyne.com/-- is a leading global designer and
supplier of metal-based components, assemblies and modules for
transportation related powertrain and chassis applications
including engine, transmission/transfer case, wheel end and
suspension, axle and driveline, and noise and vibration control
products to the motor vehicle industry.

The company has operations in these Asian locations: Yokohama,
Japan; Suzhou, China; Pyeongtaek, Korea; and Jamshedpur, India.


MITSUKOSHI LTD: Profit Rises Eight-Fold to JPY18 Billion in 2Q
--------------------------------------------------------------
Mitsukoshi Ltd. posted a net income of JPY18.1 billion
(US$151.6 million) in the three months ended Aug. 31, 2006, more
than eight-fold the JPY2.21-billion net income it reported in
the same period last year, Bloomberg News says.

According to Bloomberg News, the company's 2006 2nd quarter net
income comes after gains from the sale of land and buildings.

Bloomberg says it calculated the figures by subtracting 2006
first-quarter numbers from the 2006 first-half results.

                      First-Half Results

Mitsukoshi said its group net profit in the March-August first
half of its business year fell 38.4% from a year earlier to
JPY6.51 billion due to a heavy asset-impairment accounting loss
as well as a sales decline, Kyodo News relates.

Mitsukoshi had a JPY14.2-billion gain from the sale of
property in the period, compared with JPY9.39 billion a year
ago.  Operating profit, or sales minus the cost of goods sold
and administrative expenses, fell 11% to JPY6.39 billion.

According to the report, the asset loss under the new accounting
system came to JPY15.18 billion in the period.  No such loss was
booked a year earlier.  Consolidated sales in the fiscal first
half decreased 6.7% to JPY390.91 billion because of store
closings and a drop in sales space due to refurbishment, it
said.

For the whole of the business year to Feb. 28, 2007, Mitsukoshi
expects a 30.9% rise in group net profit to JPY11.9 billion on
JPY813 billion in sales, down 3.4% from the previous year.
The firm plans to pay a dividend of JPY3 per share for the
current fiscal year, unchanged from the previous year.

Mitsukoshi Ltd. was established through the merger of Mitsukoshi
Ltd, Nagoya Mitsukoshi, Chiba Mitsukoshi, Kagoshima Mitsukoshi,
and Fukuoka Mitsukoshi.  The company operates department stories
throughout Japan, selling clothing, food, household goods,
cosmetics, and general merchandise.

Standard & Poor's gave Mitsukoshi BB- Long-Term Foreign and
Local Issuer Credit Ratings.

Mikuni Credit Ratings gave the company a 'B' rating on its
mortgage debt, and a 'B' rating on its senior debt.


PACHINKO WORLD: To Voluntarily Deregister Common Stock
------------------------------------------------------
Pachinko World, Inc., an owner and operator of stores in Japan
offering pachinko gaming entertainment, disclosed that it
intends to file a Form 15 with the United States Securities and
Exchange Commission on or about December 22, 2006, to
voluntarily deregister its common stock and suspend its
reporting obligations under the Securities Exchange Act of 1934,
as amended.

Pachinko World is eligible to deregister and suspend its
reporting obligations by filing a Form 15 because it has fewer
than 300 common stock shareholders of record.  As a result of
deregistering its common stock with the SEC and suspending its
reporting obligations, the Company's common stock will no longer
be eligible for trading on the Over-the-Counter Bulletin Board.

Pachinko World's Board of Directors believes that deregistering
and suspending its reporting obligations will result in
accounting, legal and administrative expense reductions for
Pachinko World and enable Pachinko World management to focus
more time and resources on Company operations and enhancing
shareholder value.  The Pachinko World Board of Directors
determined to deregister Pachinko World's common stock and
suspend its reporting obligations after carefully considering
the advantages and disadvantages of continued registration.
These considerations include a significant increase in cost and
administrative burden associated with public status in light of
the Sarbanes-Oxley Act of 2002 and the adoption of new rules by
the SEC.  Other factors considered as part of this decision
were:

    (i) Pachinko World's common stock is very thinly traded and

   (ii) Pachinko World receives no capital raising benefit from
        its being a reporting company.

The Pachinko World Board of Directors determined that rising
compliance costs, together with the substantial demands of SEC
filing requirements on management time and resources, outweigh
the benefits Pachinko World receives from maintaining its status
as a registered company.

Upon filing the Form 15, Pachinko World's obligation to file
certain reports with the SEC, including Forms 10-KSB, 10-QSB and
8-K, will immediately be suspended, and accordingly, Pachinko
World does not intend to file its Form 10-KSB for the year ended
May 31, 2007 with the SEC.

Pachinko World expects that the deregistration of its common
stock will become effective 90 days after the date of filing the
Form 15 with the SEC.

                     About Pachinko World

Pachinko World (formerly Exam USA, Inc.), through its
subsidiaries, primarily engages in the ownership and operation
of stores in Japan offering pachinko gaming entertainment.  As
of May 31, 2006, the Company operated seven stores, comprising
3,392 pachinko and pachislo machines.  Its stores are located in
the Aichi prefecture and Tochigi prefecture in the north of
Japan's greater Kanto area.  Founded by Yoneji Hirabayashi in
1956, the Company is headquartered in Huntington Beach,
California.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 22, 2006, that McKennon, Wilson & Morgan LLP expressed
substantial doubt about Pachinko World's ability to continue as
a going concern after auditing the Company's financial
statements for the fiscal year ended May 31, 2006.  The auditing
firm pointed to the Company's working capital deficiency at
May 31, 2006.

Pachinko World incurred a US$109,000 net loss for the fiscal ear
ended May 31, 2006, versus a net loss of US$2.7 million in 2005.


SANYO ELECTRIC: NTT DoCoMo to Recall 1.3 Million Sanyo Batteries
----------------------------------------------------------------
NTT DoCoMo Inc. said it will recall some 1.3 million batteries
made by Sanyo Electric Co Ltd which are used in Mitsubishi
Electric Corp's handsets due to a glitch, AFX News Limited
reports.

The recall, according to Playfuls.com, was prompted by fears
that the lithium ion batteries installed in Mitsubishi's FOMA
D902i phones may overheat and rupture.

DoCoMo, AFX News notes, said that some of Sanyo's D06 series
batteries could generate excessive heat and possibly shatter
during charging if they had been subjected to strong external
impact.  DoCoMo said that to date, it has confirmed that one D06
battery has ruptured due to the problem, with 17 other cases of
D06 battery rupture or overheating having been recorded.

DoCoMo, Japan's largest mobile phone operator, said that it will
suspend sales of the D902i, D902iS and D903i handsets for the
time being.

                       About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.

The company has global operations in Brazil, Germany, India,
Ireland, Spain, the United States and the United Kingdom, among
others.

As reported in the Troubled Company Reporter - Asia Pacific on
September 28, 2006, Fitch Ratings has assigned BB+ long-term
foreign and local currency issuer default ratings to Sanyo
Electric Co., Ltd.  The outlook on the ratings is Stable.  Fitch
has also assigned a senior unsecured rating of BB+ to Sanyo's
outstanding bonds.

Fitch noted that the company is restructuring its operations and
its financial flexibility has relatively improved due to new
capital injection in March 2006.

Also, the TCR-AP reported on May 25, 2006, that Standard &
Poor's Ratings Services affirmed its negative BB long-term
corporate credit and BB+ senior unsecured debt ratings on Sanyo
Electric.  At the same time, the ratings were removed from
CreditWatch where they were first placed with negative
implications on Sept. 28, 2005.


SENSATA TECH: Moody's Holds B2 Rating with Stable Outlook
---------------------------------------------------------
Moody's Investors Service affirmed Sensata Technologies B.V.'s
B2 corporate family and probability of default ratings.

Moody's rating affirmation pertains to Sensata's pending
acquisition of First Technology Automotive and Special Products
from Honeywell and its subsequent financing via a US$95 million
add-on to Sensata's existing senior secured Term Loan B.

Moody's also affirmed all other ratings for Sensata.

The rating outlook remains stable.

The ratings reflect Sensata's high leverage, low interest
coverage, relatively low free cash flow relative to debt levels
and limited tangible asset protection.

Additionally, Moody's notes that Sensata's highly levered
capital structure and short operating history as a stand-alone
company creates additional concerns.

The primary factors supporting Sensata's ratings are:

   -- its track record of stable cash flow generation and margin
      expansion;

   -- long standing customer relationships;

   -- significant barriers to entry in Sensata's core markets;
      and

   -- above-average revenue visibility and significant
      enterprise value support.

Moody's believes that the US$90 million FTAS transaction is
relatively small and the US$95 million of increased debt does
not materially affect credit risk.  Synergies appear to be a
major driver for the acquisition.

Additionally, Moody's believes that FTAS's higher growth
steering angle sensors and fuel level sensor product platforms
compliment Sensata existing product portfolio.

While the transaction will be financed entirely with debt,
Moody's does not believe that it will result in a material
change to the company's leverage.  If presumed synergies
materialize towards the latter end of the rating horizon, the
transaction would result in increased cash flow and could
facilitate slightly faster debt reduction than originally
contemplated when Moody's first rated the company in April 2006.

Sensata designs and manufactures sensors and electrical and
electronic controls and has business and technology development
centers in Attleboro, Massachusetts, Holland and Japan and
manufacturing operations in Brazil, China, Korea, Malaysia, and
Mexico, as well as sales offices around the world.  Revenues for
the trailing twelve months ended June 30, 2006 were
approximately US$1.1 billion.


SENSATA TECH: To Raise US$95 Mil. Financing for FTAS Buyout Deal
----------------------------------------------------------------
Sensata Technologies Inc. plans to raise US$95 million or the
Euro-equivalent in connection with the financing of its
previously announced acquisition of Honeywell's First Technology
Automotive and Special Products or FTAS business.  Sensata plans
to raise the financing through an incremental facility under its
existing Credit Agreement dated April 27, 2006.

Further information about the financing and the related terms
and conditions will be provided upon closing.  While no
assurances can be made that this additional financing will be
successfully completed, Sensata management fully expects that
the FTAS acquisition will close before year-end as previously
announced (whether or not the financing has been completed),
pending only regulatory approval.

FTAS designs, develops and manufactures high-value automotive
sensor and electromechanical control solutions.  Its products
are sold to automotive OEMs, Tier I automotive suppliers, large
vehicle and off-road OEMs, and industrial manufacturers.  For
the year ended December 31, 2005, FTAS had sales of
approximately US$69 million.

Formerly the Sensors & Controls business of Texas Instruments,
Sensata Technologies was acquired by Bain Capital, LLC, a
leading global private investment firm, in April, 2006.  Sensata
is a leading designer and manufacturer of sensors and controls
for global leaders in the automotive, appliance, aircraft,
industrial and HVAC markets.  It has nine technology and
manufacturing centers in eight countries, and sales offices
throughout the world.  Revenues for the year ending 2005 for
this business were approximately US$1.1 billion.

Headquartered in Attleboro, Massachusetts, Sensata Technologies
B.V. -- http://www.sensata.com/-- designs and manufactures
sensors and controls across a range of markets and applications.
Sensata has business and technology development centers in
Attleboro, Massachusetts, Holland and Japan and manufacturing
operations in Brazil, China, Korea, Malaysia, and Mexico, as
well as sales offices around the world.  Sensata Technologies
employs approximately 5,400 people world-wide.

As reported in the Troubled Company Reporter on Oct. 30, 2006,
Moody's Investors Service, in connection with its implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, confirmed the B2
Corporate Family Rating for Sensata Technologies B.V., as well
as the Caa1 rating on the company's US$301.6 million of Senior
Subordinate Notes Due 2016.  Those debentures were assigned an
LGD6 rating suggesting noteholders will experience a 93% loss in
the event of default.


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

AGERE SYSTEMS: LSI Logic Merger Cues Moody's to Affirm Ratings
--------------------------------------------------------------
Moody's affirmed the ratings of Agere Systems Inc. with a
developing outlook after the report that LSI Logic Corporation
and Agere have entered into a definitive merger agreement under
which the companies will be combined in an all-stock transaction
with an equity value of approximately US$4 billion.

Subject to customary shareholder and regulatory reviews, the
transaction is expected to close in the first quarter of 2007.

Ratings affirmed with a developing outlook include:

   * Agere Systems Inc.,

      -- Corporate Family Rating at B1;

      -- PDR: Ba3; and

      -- US$362 million subordinated convertible debt at B1,
         LGD4, 68%

While the indenture that governs Agere's subordinated
convertible note requires the company to repurchase the notes
for cash if there is a change of control or if there is a
termination of trading of the common stock of Agere or its
successor, the specific terms of these triggers are not met in
this proposed transaction.

The developing outlook reflects the uncertainty with respect to
the legal structure following the merger, including whether
there will be any guarantees from LSI.

Agere Systems is a global leader in semiconductors and software
solutions for storage, mobility, and networking markets.

Agere Systems Inc. (NYSE: AGR) -- http://www.agere.com/--
provides semiconductors and software solutions for storage,
mobility, and networking markets.  The company's products enable
a broad range of services and capabilities, from cell phones,
PCs, and hard disk drives to the world's most sophisticated
wireless and wireline networks.  Agere's customers include
manufacturers of consumer electronics and communications and
computing equipment.  The company has offices in Korea, China,
the United Kingdom and Sweden.


AVANI INT'L: Sept. 30 Balance Sheet Upside-Down by US$220,711
-------------------------------------------------------------
Avani International Group Inc. reported an US$88,618 net loss
for the third quarter of 2006, compared with a US$756,491 net
loss on US$20,391 of revenues for the same period in 2005.  The
company sold its cooler rental and sales business in July 2005,
and thus had no corresponding revenue for the 2006 period.

At Sept. 30, 2006, the company's balance sheet showed
US$1,068,759 in total assets and US$1,289,470 in total
liabilities, resulting in a US$220,711 stockholders' deficit.
Additionally, accumulated deficit at Sept. 30, 2006, stood at
US$7,962,299, as the company continues to experience significant
losses from operations.

The decrease in net loss in the third quarter of 2006 is
primarily due to a US$686,691 loss from discontinued operations
of Avani O2 recorded in the third quarter of 2005, and a gain of
US$252,230 from sale of the company's real property recorded in
the third quarter of 2006.

In 2000, Avani O2, a Malaysian company formerly controlled by a
significant shareholder of the company, entered into a joint-
venture agreement with Avani International for the world-wide
rights and licenses, except in Canada, to access and use, for
all purposes, the company's technology of producing oxygen
enriched bottled water.

Avani O2 was considered a variable interest entity of the
company because the company was entitled to receive a 2% royalty
on all revenue from all Avani O2 licensed products, 30% of the
before tax profits generated by the bottling line contributed by
the company to Avani O2, and appoint two of the three directors
on the Board of Directors of Avani O2. As a result, the equity
investors of Avani O2 did not have a controlling financial
interest in Avani O2.

During 2005 the joint venture and asset sale agreements between
the parties were terminated.  Subsequent to the elimination of
intercompany balances and transactions, Avani O2 had net assets
of US$417,577 as at Sept. 30, 2005 and net loss of US$686,691
for the three-month period then ended.  These amounts were
recorded as assets of discontinued operations and loss from
discontinued operations in the interim financial statements for
the quarter ended Sept. 30, 2005.

On June 15, 2006, the company sold its real property including
land, building and building improvements, for proceeds of
approximately US$1,018,895. The net book value of its real
property was approximately US$766,665 on June 15, 2006, and the
sale generated a gain of US$252,230.  After the sale of its real
property, its production of water was discontinued.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2006, are available
for free at: http://researcharchives.com/t/s?1608

                  About Avani International Group

Avani International Group Inc. -- http://www.avaniwater.com/--
produces, markets, and sells purified, oxygen enriched water
under the brand name Avani Water.  The Company utilizes a
technology, which injects oxygen into purified water.  The
Company sells its product in the greater Vancouver metropolitan
area and internationally in the United States, Taiwan, Hong
Kong, Malaysia, Japan, Australia and Korea.  The company has two
wholly owned subsidiaries: Avani Oxygen Water Corporation fka
Avani Water Corporation, and Avani International Marketing
Corporation.

                          *     *     *

As reported in the Troubled Company Reporter on April 26, 2006,
Jeffrey Tsang & Co. in Hong Kong raised substantial doubt about
Avani International Group Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the year ended Dec. 31, 2005.  The auditors
pointed to the company's recurring losses from operations.


HYNIX SEMICONDUCTOR: Leaps to Top 8 Chip-Maker Spot
---------------------------------------------------
Hynix Semiconductor Inc. finally hit the big time making it the
world's eight-largest chip manufacturer in 2006, iSuppli Corp.
said in a press release.

In an annual semiconductor ranking conducted by iSuppli, Hynix
pushed its ranking up three positions.  The semiconductor being
poised to achieve a 32.5% increase in revenues for the year
brought it up to take No. 8 position iSuppli points out.

"This marks the first time in the six years iSuppli has been
compiling annual semiconductor rankings that . . . Hynix have
rated among the top 10," Dale Ford, vice president, market
intelligence services for iSuppli, states in the release.

ISuppli mentions of Hynix's strong performance amid renewed
strength in worldwide semiconductor sales for the year.

"Hynix in 2006 achieved semiconductor revenue of US$7.4 billion,
up US$1.8 billion from US$5.6 billion in 2005, driven by surging
sales of its lines of DRAM and NAND-type flash memory," the
release states.

iSuppli Corporation provides market intelligence services for
the EMS, OEMs, and supplier communities.  iSuppli claims it
employs the world's largest and most experienced staff of
component, systems, and application market analysts. More
information is available at http://www.isuppli.com/

                  About Hynix Semiconductor

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

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


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

KUMPULAN BELTON: Incurs MYR581,000 Net Loss in 3rd Qtr. 2006
------------------------------------------------------------
Kumpulan Belton Bhd posted MYR581,000 net loss on
MYR12.71 million of revenues in the quarter ended September 30,
2006, as compared with MYR89,000 net profit on MYR13.07 million
of revenues reported in the same quarter last year.

As of September 30, 2006, the company's balance sheet reflected
strained liquidity with current assets of MYR59.75 million
available to pay MYR95.52 million in current liabilities.

As of end-September 2006, Kumpulan's total assets aggregated to
MYR104.20 million and total liabilities summed to
MYR98.82 million, resulting to a shareholders' equity of
MYR5.38 million.

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

       http://bankrupt.com/misc/kb-3q-2006.pdf

                          *     *     *

Headquartered in Perak Darul Ridzuan, Malaysia, Kumpulan Belton
Berhad -- http://www.beltongroup.com-- manufactures and sells
automotive suspension parts and components.  Other activities
include property development and investment, provision of
machining and heat treatment services and investment holding.
Operations of the Group are carried out in Malaysia and
Australia.

Kumpulan Belton was classified under the Amended Practice Note
No. 17 Criteria on May 5, 2006, as the company's shareholders'
equity on a consolidated basis is less than 25% of its issued
and paid up capital as at Dec. 31, 2005.  Moreover, the auditors
have expressed a modified opinion with emphasis on the company's
going concern for the financial year ended Dec. 31, 2005.


MYCOM BERHAD: Extends Assets Acquisition for Another 6 Months
-------------------------------------------------------------
On December 7, 2006, Mycom Berhad entered into two separate
agreements for a six-month extension of time to fulfill
conditions of two sale and purchase agreements.

The first agreement is a conditional-assets acquisition deal and
supplemental agreement between Mycom, and Olympia Industries
Berhad and its subsidiaries.  Under the first agreement, Mycom
will acquire:

   * 100% equity interest in Olympia Land Berhad;

   * 100% equity interest in City Properties Development Sdn
     Bhd;

   * 100% equity interest in Olympia Plaza Sdn Bhd;

   * 100% equity interest in Rambai Realty Sdn Bhd;

   * 70% equity interest in Maswarna Colour Coatings Sdn Bhd;

   * 100% equity interest in Salhalfa Sdn Berhad;

   * 100% equity interest in Mascon Construction Sdn Bhd;
     together with

   * a four-storey shop office situated at Taman Shamelin
     Perkasa, Kuala Lumpur;

   * a factory unit situated at Beranang Industrial Estate,
     Selangor; and

   * a five-acre land situated at District of Kota Kinabalu,
     Sabah.

Mycom agreed to pay a total of MYR56,377,660 for the Olympia
assets.

The second agreement pertains to a conditional land acquisition
agreement and a supplemental agreement between Mycom and Kenny
Height Developments Sdn Bhd for the acquisition of approximately
41.14 acres of land situated at Mukim Batu, Wilayah Persekutuan,
for MYR261,000,000.

The date for fulfillment of the conditions precedent of the two
conditional sale and purchase agreements has been extended for a
further period of six months from September 12, 2006, to March
11, 2007, or to a later date as the parties may agree.

                        About Mycom Berhad

Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad is engaged
in the provisions of granite quarry services, manufactures and
sells latex rubber thread, tape, plywood, laminated board and
sawn timber, cultivates oil palm fruits, and develops property.

The Company is also involved in hotel operation, provision of
management and financial services and investment holding.
Operations of the Group are carried out in Malaysia and South
Africa.

Mycom is in the advanced stage of negotiations to settle its
foreign debts.  The proposed capital reduction and consolidation
by Mycom, as well as the proposed share premium account
reduction will reduce the Company's accumulated losses.

As of Sept. 30, 2006, Mycom's balance sheets show total assets
of MYR815.37 million and total liabilities of MYR1.33 billion,
resulting in shareholders' deficit MYR518.41 million.


MYCOM BERHAD: Shareholders Approve AGM's Resolutions
----------------------------------------------------
The Troubled company Reporter - Asia Pacific reported on
November 13, 2006, that Mycom Bhd will hold its 39th annual
general meeting where several resolutions and special businesses
will be addressed for approval.

In an update, Mycom disclosed that its shareholders have
approved all the ordinary resolutions and special businesses set
out in the notice of the said AGM.

The approved resolutions and special businesses are:

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

   -- To approve the payment of directors' fees for the
      financial year ended June 30, 2006;

   -- To reelect Director Dato' Yap Yong Seong, who will retire
      in accordance with Article 85 of the company's Articles of
      Association;

   -- To re-appoint Directors Tan Sri Dato' Jaffar bin Abdul,
      Dato' Murad Mohamed Hashim, Tan Sri Dato Sri Abang Ahmad
      Urai bin Datu Hakim Abg. Hj. Mohideen, and Tan Sri Dato'
      Haji Lamin bin Haji Mohd Yunus who have attained the age
      of 70 pursuant to Section 129(6) of the Companies Act,
      1965;

   -- To re-appoint Ernst & Young as the company's auditors and
      authorize the directors to fix their remuneration;

   -- Pursuant to Section 132D of the Companies Act, 1965, and
      subject to the approval of the relevant authorities, the
      directors are empowered to issue shares in the company, at
      any time and as they may deem fit, provided that the
      aggregate number of shares issued pursuant to the
      resolution does not exceed 10% of the issued capital for
      the time being and also to empower the directors to obtain
      the approval for the listing of and quotation for the
      additional shares issued to Bursa Malaysia Securities
      Berhad.  The authority will continue in force until the
      conclusion of the company's next annual general meeting;

   -- Pursuant to Chapter 10.09 of the Listing Requirements of
      Bursa Securities, approval will be given for the company
      and its subsidiaries to enter into and give effect to
      categories of recurrent related party transactions
      provided that the provision of the financial assistance is
      fair and reasonable to the company and not detrimental to
      the company and its shareholders;

   -- That provided the revenue or trading transactions of,
      which are necessary for the Group's day-to-day operations
      in the ordinary course of business made on an arm's length
      basis and on normal commercial terms are not more
      favorable to the related parties than those generally
      available to the public and not detrimental to the
      minority shareholders of the company; and will continue in
      force until:

      (i) the conclusion of the company's next annual general
          meeting following the annual meeting, in which the
          Mandate was passed and will lapse, unless by a
          resolution passed at a general meeting, the authority
          is renewed; or

     (ii) the expiration of the period within which the next
          annual meeting after the date required to be held
          pursuant to Section 143(1) of the Companies Act, 1965
          (but shall not extend to such extension as may be
          allowed pursuant to Section 143(2) of the Companies
          Act, 1965); and

    (iii) revoked or varied by resolution passed by the
          shareholders in general meeting, whichever is earlier.

   -- To authorize the company's directors and its subsidiaries
      to complete and do all the acts and things as they may
      consider necessary or expedient to give effect to the
      Mandate.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad is engaged
in the provisions of granite quarry services, manufactures and
sells latex rubber thread, tape, plywood, laminated board and
sawn timber, cultivates oil palm fruits, and develops property.

The company is also involved in hotel operation, provision of
management and financial services and investment holding.
Operations of the Group are carried out in Malaysia and South
Africa.

Mycom is in the advanced stage of negotiations to settle its
foreign debts.  The proposed capital reduction and consolidation
by Mycom, as well as the proposed share premium account
reduction will reduce the company's accumulated losses.

As of Sept. 30, 2006, Mycom's balance sheets show total assets
of MYR815.37 million and total liabilities of MYR1.33 billion,
resulting in shareholders' deficit MYR518.41 million.


NORTH BORNEO: Restructuring Deal with "White Knights" Fails
-----------------------------------------------------------
The North Borneo Corp Bhd's restructuring agreements comprising
the Revised Scheme between the company and the "white knight"
parties have lapsed on December 1, 2006.

The North Borneo pointed out the "white knight" parties' non-
fulfillment of conditions set out in the agreements, including:

    a) failure to obtain the approval of the shareholders of NBC
       at the Court convened meetings for the schemes of
       arrangement under Section 176 of the Companies Act, 1965
       to carry out the Proposed Share Exchange;

    b) failure to obtain the sanction of the High Court of
       Malaya for the schemes of arrangement under Section 176
       of the Companies Act, 1965 to carry out the Proposed
       Share Exchange; and

    c) failure to obtain the sanction of the High Court of
       Malaya for the schemes of arrangement under Section 176
       of the Companies Act, 1965 to carry out the Proposed Debt
       Restructuring.

As of December 7, 2006, the board of directors of the North
Borneo Corp has not received any requests from the "white
knight" parties for any extensions of time or otherwise
regarding the Revised Scheme.  Accordingly, the company informed
the Securities Commission that the Revised Scheme will not be
implemented due to the current circumstance.

                          *     *     *

Headquartered in Sabah, Malaysia, The North Borneo Corporation
Berhad engages in the management of forest management unit and
investment holding.  The Group operates in Malaysia and Bermuda.

Due to its continuous losses, the Kuala Lumpur Stock Exchange
placed the Company under the Practice Note 4/2001 category in
April 2001 and was ordered to start regularizing its financial
condition.  On April 28, 2005, the Securities Commission has
agreed to North Borneo's proposal to dispose of its business as
part of the Company's efforts to regularize its finances and
restructure its debts.  The Plan, however, met objections from
creditors.  On March 6, 2006, two scheme creditors of North
Borneo -- Sabah Development Bank and Prokhas Sdn Bhd -- withdrew
their support of the Company's proposed debt restructuring,
saying that they are no longer agreeable to the terms of the
planned business disposal as part of the restructuring program.

The Company's March 31, 2006 balance sheet showed total assets
of MYR1,662,000 and total liabilities of MYR163,379,000
resulting into a MYR161,717,000 deficit in shareholders' funds.


SATERAS RESOURCES: Posts MYR2.11 Mil. Net Loss in 2nd Qtr. '06
--------------------------------------------------------------
Sateras Resources Bhd incurred a MYR2.11-million net loss on
MYR701,000 of revenues in the second quarter ended September 30,
2006, as compared with the MYR2.63-million net loss on
MYR757,000 of revenues recorded in the same quarter last year.

As of September 30, 2006, the company's consolidated balance
sheet showed strained liquidity with MYR114.85 million in
current assets available to pay MYR248.12 million in current
liabilities.

Sateras' balance sheet as of end-September 2006, showed
insolvency with total assets of MYR160.99 million and total
liabilities of MYR575.17 million.  Shareholders' deficit in the
company reached MYR414.18 million.

A full-text copy of the company's financial reports for the
second quarter ended September 30, 2006, can be viewed for free
at http://bankrupt.com/misc/sateras-2q-2006.xls

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Sateras Resources
(Malaysia) Berhad is principally engaged in investment holding
and provision of management and secretarial services.  The
principal activities of its subsidiary companies are that of
property development, investment in real property, investment
holding and educational services.

The Company has been experiencing losses since the Asian
financial crisis in 1997.  Sateras' balance sheet as of Sept.
30, 2006, showed insolvency with total assets of MYR160.99
million and total liabilities of MYR575.17 million.
Shareholders' deficit in the company reached MYR414.18 million.


SATERAS RESOURCES: Faces Wind-Up Petition on Unit's Default
-----------------------------------------------------------
On November 24, 2006, Sateras Resources (M) Bhd received a wind-
up petition from Pengurusan Danaharta Nasional.

Cosmopac, a wholly owned subsidiary of Sateras Resources owes
Pengurusan Danaharta MYR46,500,000 as of October 10, 2006, which
Sateras has provided corporate guarantee.

The company expects no financial and operational impact as full
provision have been made.  However, it expects to incur legal
fees, which are yet to be ascertained.

Sateras said it will pursue legal measures to protect its
interests.

Hearing of the petition will be on January 25, 2006.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Sateras Resources
(Malaysia) Berhad is principally engaged in investment holding
and provision of management and secretarial services.  The
principal activities of its subsidiary companies are that of
property development, investment in real property, investment
holding and educational services.

The Company has been experiencing losses since the Asian
financial crisis in 1997.  Sateras' balance sheet as of end-
September 2006, showed insolvency with total assets of MYR160.99
million and total liabilities of575.17 million.  Shareholders'
deficit in the company reached MYR414.18 million.


SYARIKAT KAYU: Posts MYR957,000 Net Loss 3rd Quarter 2006
---------------------------------------------------------
A net loss of MYR957,000 on MYR7.33 million revenues was posted
by Syarikat Kayu Wangi in the quarter ended September 30, 2006,
as compared with MYR2.80 million net loss on MYR4.52 million
recorded in the same quarter last year.

As of September 30, 2006, the company's balance sheet showed
strained liquidity with current assets of MYR20.80 million
available to pay MYR25.427 million current liabilities.

As of end-September 2006, Syarikat's total assets amounted to
MYR78.80 million and total liabilities reached MYR72.20 million
resulting to a shareholders' equity of MYR6.30 million.

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

      http://bankrupt.com/misc/syarikat3q-2006.xls

                          *     *     *

Headquartered in Johor, Malaysia, Syarikat Kayu Wangi Berhad is
principally involved in the development of residential and
commercial projects.  Its other activities include housing
construction, production of sawn timber, manufacture of
prefabricated timber rooftrusses and timber trading.  The
Company first made a loss in 1999 when it defaulted on its first
bond payment.  The Company has failed to turn its finances
around and has been suffering continuous losses since then.

The company was classified as an affected listed issuer of the
Amended PN17/2005 on May 8, 2006, since its latest audited
financial statements for the year ended Nov. 30, 2005, showed
that the company's shareholders' equity is MYR7,189,000, which
is less than 25% of the company's issued and paid up capital.
Syarikat Kayu is currently in the process of preparing the
Regularization Plan.  Once completed, the Requisite Announcement
outlining the Regularization Plan will be made to Bursa
Securities.


WEMBLEY INDUSTRIES: Sept. 30, 2006 Balance Sheet Upside Down
------------------------------------------------------------
Wembley Industries Bhd posted a net loss of MYR19.80 million for
the quarter ended September 30, 2006, as compared with
MYR14.94 million net loss incurred in the same quarter last
year.

As of September 30, 2006, the company's balance sheet showed
strained liquidity with current assets of MYR421.18 million
available to pay current liabilities of MYR1.25 billion.

In addition, as of end-September 2006, Wembley's balance sheet
showed insolvency with total assets of MYR421.25 million and
total liabilities of MYR1.25 billion, resulting to a
shareholders' deficit of MYR826.36 million.

A full-text copy of the company's financial statements can be
viewed for free at http://bankrupt.com/misc/wimbley-3q-2006.xls

                          *     *     *

Headquartered in Sarawak Malaysia, Wembley Industries Holdings
Berhad is a developer of commercial properties and investment
holding.  Its other activities are the development of the inter-
state bus and taxi terminal, the retail podium and the budget
hotel.

The company has been placed under the Practice Note 4 category
due to its tight cash flow position.  On January 7, 2003,
Malaysia's Foreign Investment Committee approved the company's
regularization plan.  Subsequently, on April 7, 2003, the FIC
revised its approval to include the possible participation of
Daewoo Corporation, the former turnkey contractor of Plaza
Rakyat Project in the company's Proposed Debt Restructuring.
The company's ability to continue as a going concern hinges on
the successful implementation of the Scheme.

As of Sept. 30, 2006, Wembley's balance sheet showed insolvency
with total assets of MYR421.25 million and total liabilities of
MYR1.25 billion resulting to a shareholders' deficit of
MYR826.36 million.


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

AERO ENTERPRISES: High Court Appoints Liquidators
-------------------------------------------------
David Donald Crichton and Keiran Anne Horne were appointed as
liquidators of Aero Enterprises Ltd by order of the High Court
on Nov. 23, 2006.

Subsequently, the liquidators set Dec. 21, 2006, as the last day
for which creditors are to make their claims and to establish
any priority claims they may have.

According to the TCR-AP, the High Court of Nelson heard a
liquidation petition against the company filed by the
Commissioner of Inland Revenue on Nov. 23, 2006.

The Liquidators can be reached at:

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


ALFORD DOORS: Faces Liquidation Proceedings
-------------------------------------------
A liquidation petition filed against Alford Doors Ltd will be
heard before the High Court of Auckland on Feb. 1, 2007, at
10:00 a.m.

Rosenfeld Kidson & Co Ltd filed the petition with the Court on
Oct. 19, 2006.

The solicitor for the Petitioner can be reached at:

         Debra M. Law
         Debtor Management Limited
         Unit Eleven, 9 Freeman Way
         Manukau City, Auckland
         New Zealand
         Facsimile:(09) 263 9108


AWAYA INTERNATIONAL: Creditors to Make Claims by Jan. 8
-------------------------------------------------------
Stephen James Higgs and Stephen Alan Dunbar were appointed as
liquidators of Awaya International Corporation Ltd on Nov. 17,
2006.

Accordingly, the liquidators fixed Jan. 8, 2007, as the last day
for which creditors are to make their claims and to establish
any priority claims they may have.

The Liquidators can be reached at:

         Stephen James Higgs
         Stephen Alan Dunbar
         Polson Higgs, P.O. Box 5346
         Dunedin
         New Zealand


AYER PROPERTIES: Court Sets Liquidation Hearing on Feb. 22
----------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
filed against Ayer Properties Ltd on Feb. 22, 2007, at 10:45
a.m.

Wellman Construction Co Ltd filed the petition with the Court on
Nov. 9, 2006.

The Solicitor for the Petitioner can be reached at:

         R. H. Hucker
         Hucker & Associates
         Forsyth Barr Tower
         55-65 Shortland Street, Auckland
         New Zealand
         Telephone:(09) 368 1810
         Facsimile:(09) 368 1814


BELGRAVIA PROPERTIES: Court Hears Liquidation Petition
------------------------------------------------------
On Oct. 25, 2006, the Commissioner of Inland Revenue filed a
petition to liquidate Belgravia Properties Ltd before the High
Court of Christchurch.

The Court heard the petition on Dec. 11, 2006.

The Solicitor for the Petitioner can be reached at:

         Julia Dykema
         Inland Revenue Department
         Technical and Legal Support Group
         South Island Service Centre
         Ground Floor Reception
         518 Colombo Street (P.O. Box 1782)
         Christchurch 8140
         New Zealand
         Telephone:(03) 968 0809
         Facsimile:(03) 977 9853


CALYPSO INNOVATIONS: Court to Hear Liquidation Petition
-------------------------------------------------------
A petition to liquidate Calypso Innovations Ltd will be heard
before the High Court of Auckland on Feb. 22, 2007, at
10:45 a.m.

Stainless Products Ltd filed the petition with the Court on
Nov. 2, 2006.

The Solicitor for the Petitioner can be reached at:

         C. N. Lord
         Craig Griffin & Lord
         187 Mt Eden Road
         Mt Eden, Auckland
         New Zealand


HARWOOD CONTRACTING: Creditors Must Prove Claims by Jan. 17
-----------------------------------------------------------
On Nov. 24, 2006, the shareholders of Harwood Contracting Ltd
resolved by special resolution to liquidate the company's
business and appointed Roderick Thomas McKenzie as liquidator.

Creditors are required to prove their claims by Jan. 17, 2007,
or they will be excluded from any distribution the company will
make.

The Liquidator can be reached at:

         Roderick Thomas Mckenzie
         McKenzie & Partners Limited
         Level One, 484 Main Street
         (P.O. Box 12-014), Palmerston North
         New Zealand
         Telephone:(06) 354 9639
         Facsimile:(06) 356 2028


INNATE TECHNOLOGIES: Official Assignee to Liquidate Business
------------------------------------------------------------
On Nov. 16, 2006, the Official Assignee was appointed as
liquidator of Innate Technologies Ltd.

As reported by the TCR-AP, Corporate Consumables Ltd filed the
petition against the company.  The Court heard the petition on
Nov. 16, 2006.

The Liquidator can be reached at:

         Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         New Zealand
         Telephone: 0508 467 658
         Web site: http://www.insolvency.govt.nz


MERIDIAN HOMES: Owes Creditors AU$2,444,271 in Aggregate
--------------------------------------------------------
The Troubled Company Reporter - Asia Pacific has reported that
Liquidators of Meridian Homes Limited -- Paul Graham Sargison
and Gerald Stanley Rea -- required the company's creditors to
submit their proofs of claim by Dec. 5, 2006, for them to share
in any distribution the company will make.

In an update, a report from the New Zealand Herald relates that
at least 10 of Meridian Homes' customers are wondering whether
they will be compensated for their AU$25,000 deposits.

Mr. Rea's first report revealed that 11 of the 17 homes under
Meridian Homes were uneconomic to complete, thus, their
contracts were abandoned, NZ Herald relates, noting that plans
and documentation for these homes were available for owners to
contract with builders of their choice to complete them.

Meridian Homes also abandoned contracts for a further 16
customers who paid deposits for homes, which had not been
started, the paper says.  These customers were referred to the
Master Builders Federation, which runs the Master Build
guarantee scheme, NZ Herald adds.

Customers who paid deposits to Meridian Homes in advance of work
being done paid a AU$723 fee for the guarantee to partially
cover loss of deposit or for unfinished building, they are
ranked as unsecured creditors, Mr. Sargison said.  NZ Herald
notes that Mr. Sargison did not hold out strong prospects of any
significant distribution being made to unsecured creditors.

Unsecured creditors were owed AU$2,371,864 and preferential
creditors -- the Inland Revenue Department and employees --
AU$72,407, the paper reveals.

NZ Herald says that Meridian Homes did not send some Master
Build guarantee agreements to the organization.

The federation said it had received about 10 compensation claims
for guarantees it had no record of accepting.

Federation chief executive Pieter Burghout explained that claims
from the company's clients were in two groups:

   1. clients with completed and paid paperwork.  The
      organization writes back to the clients whenever, fully
      accepting the guarantee.  About 20 had their claims
      accepted; and

   2. documentation not received by the organization, which was
      unaware of there being a guarantee.  "For those, we will
      make that call at the end of the liquidation process," Mr.
      Burghout said.

The organization is yet to know whether there were obligations
on the part of company principals to "put money in the pot," NZ
Herald notes.

A creditors' meeting is scheduled for December 18.

The NZ Herald clarifies that the company's liquidation does not
affect franchisees using the Meridian Homes name.

                       About Meridian Homes

Meridian Homes Limited -- http://www.meridianhomes.co.nz-- is
located at 184, Hibiscus Coast Highway, Orewa, New Zealand.
According to the NZ Herald, Meridian Homes was a registered
master builder and offered the Master Build guarantee and
offered a design and build service for homes mainly in the
NZ$180,000 to NZ$220,000 range.

                         *     *     *

On November 10, 2006, the Troubled Company Reporter - Asia
Pacific reported that Meridian Homes went into liquidation due
to its inability to pay debts as they fall due.

On Nov. 3, 2006, the shareholders of Meridian Homes appointed
Paul Graham Sargison and Gerald Stanley Rea as liquidators.

The Joint Liquidators can be reached at:

         Paul Graham Sargison
         Gerald Stanley Rea
         Gerry Rea Associates
         P.O. Box 3015, Auckland
         New Zealand
         Telephone:(09) 377 3099
         Facsimile:(09) 377 3098


PENGELLY BUILDERS: Liquidation Hearing Set for December 14
----------------------------------------------------------
On Sept. 29, 2006, Anchor Wire Ltd filed a petition to liquidate
Pengelly Builders Ltd before the High Court of Auckland.

The petition will be heard on Dec. 14, 2006, at 10:45 a.m.

The Solicitor for the Petitioner can be reached at:

         Campbell McGill
         Wadsworth Ray
         95 Manukau Road (P.O. Box 26-301)
         Epsom, Auckland
         New Zealand


SKYWIRE HOLDINGS: Creditors' Proofs of Claim Due on Dec. 21
-----------------------------------------------------------
On Nov. 23, 2006, the High Court appointed David Donald Crichton
and Keiran Anne Horne as liquidators of Skywire Holdings Ltd.

Accordingly, the creditors are required to submit their proofs
of claim to the liquidators by Dec. 21, 2006.  Those who cannot
prove their claims by the due date will be excluded from sharing
in any distribution the company will make.

The Troubled Company Reporter - Asia Pacific previously reported
that the High Court of Nelson heard a liquidation petition
against the company on Nov. 23, 2006, filed by The Commissioner
of Inland Revenue.

The Liquidators can be reached at:

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


THE LOADED HOG: Creditors Must Prove Claims by Dec. 14
------------------------------------------------------
On Nov. 16, 2006, Robert B. Walker was appointed as liquidator
of The Loaded Hog Brewing Company Ltd.

Accordingly, creditors are required to prove their claims and to
establish any priority claims they may have by Dec. 14, 2006.

As reported by the TCR-AP, a liquidation petition filed against
the company by New Zealand Customs Service, was heard on
Nov. 16, 2006.

The Liquidator can be reached at:

         Robert B. Walker
         Active Chartered Accountants
         Level Two, 330 High Street
         (P.O Box 31-040), Lower Hutt
         New Zealand
         Telephone:(04) 586 4645
         Facsimile:(04) 569 6079


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

ABS-CBN BROADCASTING: Plans to Restructure PHP4.2-Billion Debts
---------------------------------------------------------------
ABS-CBN Broadcasting Corp. is in talks with its creditors for a
possible restructuring of some PHP4.2 billion in debts, to allow
the company to free up funds to finance its capital expenditure
program, ABS-CBN News cites a report by Mary Ann Ll. Reyes of
The Philippine Star.

According to the report, company officials expect a high double-
digit growth in net income this year compared to last year
largely because 2006 is a "recovery year" but also partly due to
improved ratings, cost-containment programs which included a
manpower reduction scheme, among others.

Analysts forecast ABS-CBN's 2006 net income to reach
PHP968 million, a 236% growth from last year, The Star notes.

The paper relates that ABS-CBN needs about PHP1.5 billion to
finance its capital expenditures next year, a 50% increase from
its 2005 requirement.  About PHP800 million to PHP1 billion will
be spent for the company's initial foray into digital television
technology.

ABS-CBN will be the first broadcasting company in the
Philippines to shift from analog to digital, ABS-CBN News says.
The entire shift to digital is expected to cost several billions
of pesos if done nationwide, the report says.  The shift is
resorted to as a means to put a permanent solution to signal
problems.

The Star cites ABS-CBN vice-president and chief financial
officer Miguel Jose Navarrete, as saying they are proposing that
the repayment period for the PHP4.2 billion in debts be
stretched by three more years, or to five years.

Depending on the rates and terms that will be agreed upon, the
company estimates that about a billion pesos will be freed up
from the restructuring, ABS-CNB News says, noting that the
balance of next year's capex requirement will be sourced from
internally-generated funds.

According to The Star, Mr. Navarrete revealed that a number of
financial institutions offered to purchase the loans from the
existing creditors, but the ABS-CBN decided to finance the
restructuring on its own.

                   About ABS-CBN Broadcasting

ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle
Broadcasting Network -- http://www.abscbn-ir.com/-- is a
leading Philippine radio and television broadcasting network and
multimedia company.  It was the first television station founded
in the Philippines in 1953.  The network's main broadcast
facilities are located at the ABS-CBN Broadcast Center, Mother
Ignacia St., Diliman, Quezon City, Philippines.

ABS-CBN's senior secured debt was given a Ba3 rating by Moody's
Investor Service.


APEX MINING: Postpones Annual Stockholders' Meeting to Jan. 18
--------------------------------------------------------------
In a filing with the Philippine Stock Exchange, Apex Mining
Company Inc. advises that its Annual Stockholders' Meeting will
be held on January 18, 2007, at 3:00 p.m. at Valle Verde Country
Club, Capt. Javier St., in Bo. Ugong, Pasig City, to consider
and take action, among other things:

   (a) presentation and approval of the Financial Statements as
       of December 31, 2005, embodied in the 2005 Annual Report;

   (b) appointment of external auditors; and

   (c) election of directors.

The company's board of directors has fixed the close of business
hours on December 21, 2006, as the record date for the
determination of stockholders entitled to notice of meeting and
to vote at the specified election date.

The Troubled Company Reporter - Asia Pacific previously reported
that the ASM was scheduled for November 21, 2006, at 9:00 a.m.,
with a record date of October 16, 2006.  The meeting was reset
to December 15, 2006.

                        About Apex Mining

Apex Mining Company, Inc., is majority owned by Norwegian firm
Crew Gold Corporation, which is based in the United Kingdom.  It
owns the Masara gold mine in Compostela Valley on the island of
Mindanao.  Apex Mining is a corporation that is principally
engaged in the business of mining gold, silver, copper, lead and
other precious metals.  The Company was initially involved in
copper mining and shifted to gold mining in the late 70s when
copper prices started to plummet.

After almost a decade of profitable operations, Apex shut down
in March 1991 due to adverse conditions brought about by an
illegal strike of its workforce.  As peaceful and stable
conditions were restored, Apex restored to a Mines Operating
Agreement with a foreign-backed outfit.

In the hope of getting back on track, the Company launched
"Project 200" by the last quarter of 1997.  This is to resume
operations in the Masara mines using the company's own
resources.  The new system marked the use of "Corpo" or "Balbag"
system, a viable alternative in the area of work relationships
wherein the owner and the mines exist in a partner and
industrial partner relationship.

The Company's Operations were suspended on March 16, 2000, up to
the present.  However, a mine rehabilitation program was
implemented starting July 2000 to re-access the measured ore
blocks located at level 850 and level 930.  There is a pending
negotiation for a joint venture with Argonuat Mining Co., Inc.,
at 3780 Kilroy Airport Way, Suite 200, in Long Beach,
California.  The transaction is being delayed by the current
peace and order situation in Mindanao.

Apex Mining Co., Inc., incurred a net loss of PHP46 million for
the year ended December 31, 2005.  As of this date, the Company
has accumulated an equity deficit of PHP1.037 billion.  Current
liabilities exceed current assets by PHP86 million.


BANK OF THE PHILIPPINE ISLANDS: To Establish London Branch
----------------------------------------------------------
Bank of the Philippine Islands received approval from the Bangko
Sentral ng Pilipinas' policy-making Monetary Board to establish
a wholly owned banking subsidiary in London, the Philippine
Daily Inquirer reports.

The venture allows BPI to get a bigger share of the lucrative
overseas Filipino workers' remittance business in the European
market, the report says, noting that it is BPI's first foray in
Europe.

Bangko Sentral ng Pilipinas Deputy Governor Nestor Espenilla Jr.
told reporters that "[BPI] will be called BPI Europe.  It will
support their growing banking business in Europe."

In a separate interview, BPI President Aurelio Montinola III
said the bank is still awaiting approval from British regulator
Financial Services Authority to operate a full branch, the
Inquirer relates.

According to Mr. Montinola, the proposed London branch would be
BPI's gateway to other markets in Europe.  BPI will assess its
European operations after two years and determine the merits of
expanding into other countries in the region, the Inquirer
notes.

Without a full branch, Mr. Montinola said BPI could not offer
its wide array of banking services, the paper relates.

                           About BPI

Bank of the Philippine Islands -- http://www.bpi.com.ph/-- is
the oldest bank in South East Asia and is the second largest
commercial bank in the Philippines in terms of assets, deposits,
loans and capital base in the year 2003.  The Bank has two major
products and services categories: the first covers its deposit
taking and lending/investment activities, while the second
covers income derived from all services other than deposit
taking, lending and investing, which are generally in the form
of commissions, service charges and fees.

Moody's Investors Service gave BPI a 'B1' Long-Term Bank
Deposits Rating effective February 16, 2005.  On November 2,
2006, Moody's revised the outlook of the BPI's foreign currency
long-term deposit rating of B1 to stable from negative.


EAST ASIA POWER: Subsidiary Files Rehabilitation Plan
-----------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
November 17, 2006, East Asia Diesel Power Corporation and
Duracom Mobile Power Corporation will present to the Lenders a
restructuring plan relating to their respective obligations on
November 24.  The companies hope that the operations of their
power barges located in Navotas, will re-commence before that
date, as they remain in discussion with the Lenders.

In an update, East Asia Power Resources Corporation informs the
Philippine Stock Exchange that on December 11, 2006, East Asia
Diesel filed with the Regional Trial Court of Malabon a petition
for rehabilitation for itself and Duracom, both companies are
engaged in the power generation business.

East Asia Diesel owns 40% of Duracom.

East Asia Diesel is a subsidiary of East Asia Power.

The petition was prompted by the recent aggressive and
precipitous actions taken by some of its financial creditors,
which included the seizure of all of its cash deposits.  East
Asia Diesel's management saw the need for the rehabilitation to
enable both companies to resume their power supply services,
thereby protecting the interests of and benefit of their
stakeholders, employees, and the general public.

Subject to the approval of the rehabilitation plan, the
companies expect to recommence full operations in the near
future.

                     About East Asia Power

East Asia Power Resources Corporation was established in 1975 as
a mining company under the name Olecram Mining Corporation.  It
ceased commercial operations as a mining firm after a decade and
changed its corporate name to Northwest Holdings & Resources
Corporation in 1992.  Consequently, the Company changed its
primary purpose from mining to holdings.  In 1996, the Company's
Board of Directors approved the change of its corporate name to
East Asia Power Resources Corporation.

East Asia Power operates power generation facilities in Metro
Manila, Bataan, Cebu, and Mactan Island, and has interests in a
24 MW coal-fired power plant in Jiangsu Province in the People's
Republic of China.  In addition to its power plant operations,
the Company owns 100% of East Asia Power Services, Inc., which
offers planning, construction, operation and maintenance
consultancy services to other prospective and established power
generating facilities.  The Company also ventured into the
transmission and distribution sub-industries of the power sector
through the incorporation of a wholly owned subsidiary, East
Asia Transmission and Distribution Corporation.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 22, 2006, that Sycip, Gorres, Velayo & Co., raised
substantial doubt on East Asia Power's ability to continue as a
going concern after auditing the Company's financial report for
the year ended December 31, 2005.  SGVC notes that the Company's
2005 consolidated financial statements indicate that it has
posted significant losses and capital deficiencies as of
Dec. 31, 2005, and 2004.

                          *     *     *

The TCR-AP reported on Dec. 8, 2006, that East Asia Power has
total assets of US$92.55 million and total stockholders' equity
of US$64.61 million as of Dec. 7.


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

BAILY TECHNOLOGY: Liquidators to Receive Claims Until Dec. 22
-------------------------------------------------------------
Baily Technology Engineering Pte Ltd, which is in creditors'
voluntary liquidation, will pay a preferential dividend to its
creditors.

Accordingly, Baily Technology's liquidators, Chee Yoh Chuang and
Lim Lee Meng, require the creditors to file their proofs of debt
by Dec. 22, 2006, so as to be included in the company's
distribution of dividend.

The company's liquidators can be reached at:

         Chee Yoh Chuang
         Lim Lee Meng
         c/o 18 Cross Street #08-01
         Marsh & McLennan Centre
         Singapore 048423


COMPACT METAL: SGX-ST Approves Restructuring Provisions
-------------------------------------------------------
In relation to the proposed restructuring exercise of Compact
Metal Industries Ltd, the Singapore Exchange Securities Trading
Limited, on Dec. 8, 2006, approved the company's application for
the listing and quotation of:

     (i) a collective aggregate of 43,870,000 new shares to the
         non-participating creditor banks of approximately
         SGD877,400 at an issue price of SGD0.02 each upon the
         conversion of the portion of the creditor banks' debts
         owed by the Group to the non-participating creditor
         banks' pursuant to the proposed Creditor Banks' Debt
         Conversion;

    (ii) a collective aggregate of 895,900,700 new shares to the
         participating creditor banks of approximately
         SGD17,918,014 at an issue price of SGD0.02 each upon
         the conversion of the portion of the creditor banks'
         debts owed by the Group to the participating
         creditor banks, pursuant to the Investor Further Debt
         Conversion;

   (iii) up to 1,738,681,050 new shares to the proposed investor
         at an issue price of SGD0.02 each amounting to
         SGD34,773,621 pursuant to the Investor Debt Conversion;

    (iv) up to 221,223,260 Rights Shares at an issue price of
         SGD0.02 each pursuant to the non underwritten
         renounceable one-for-one Proposed Rights Issue and the
         proposed Investor Share Placement, each Rights Shares
         attached with a free Warrant;

     (v) up to 221,223,260 free Warrants, each with an exercise
         period of 5 years and an exercise price of SGD0.01
         pursuant to the Proposed Rights Issue;

    (vi) up to 221,223,260 new shares pursuant to the exercise
         of the warrants at an exercise price of SGD0.01 each;

   (vii) a collective aggregate of 214,149,478 new shares to the
         Ratus Projek Vendors at an issue price SGD0.02 each
         pursuant to the Proposed Ratus Projek Acquisition;

  (viii) up to a collective minimum aggregate of 100,000,000
         and a maximum aggregate of 200,000,000 Trade and
         Professionals' Debt Conversion Shares to certain of the
         trade creditors and professional advisors pursuant to
         the conversion of a minimum of SGD2 million and a
         maximum of SGD4 million of debts owing to its Trade
         Creditors and Professional Advisors into Trade and
         Professionals' Debt Conversion Shares at an issue price
         of SGD0.02 per share pursuant to the Proposed Trade and
         Professionals' Debt Conversion; and

    (ix) up to 80,000,000 New Shares to the management team upon
         the exercise of the Management Option granted pursuant
         to the Investment Agreement, to be issued in connection
         with the Proposed Restructuring Exercise.

The approval of SGX-ST is subject to:

     (i) thecompany's compliance with the SGX-ST's listing
         requirements;

    (ii) shareholders' approval for the Proposed Rights Issue at
         the extraordinary general meeting to be held; and

   (iii) submission of confirmation that a sufficient spread in
         the Warrants as required under Rule 826 of the Listing
         Manual is complied with.

The Approval by the SGX-ST is not to be taken as an indication
of the merits of the Proposed Rights Issue, Rights Shares,
Warrants and the New Shares.

Moreover, Compact Metal disclosed that it has obtained a waiver
from the SGX-ST of Rule 825 of the Listing Manual, which states
that the number of new shares arising from the exercise/
conversion of outstanding company warrants or other convertible
securities in aggregate must not exceed 50% of the issued share
capital, which is subject to shareholders' approval.

The Proposed Restructuring Exercise is subject to the approval
of shareholders in an extraordinary general meeting to be held.

                      About Compact Metal

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

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

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


DRAGAN NEW-TECH: Wind-Up Hearing Slated for Dec. 21
---------------------------------------------------
Paw Leck Engineering Pte Ltd has filed a wind-up petition
against Dragan New-Tech Pte Ltd.

Accordingly, the High Court of Singapore will hear the wind-up
petition on Dec. 21, 2006, at 10:00 a.m.

Paw Leck's solicitor can be reached at:

         Christopher Tan Ming Tatt
         Lee & Tan
         171 Chin Swee Road
         #09-09 San Centre
         Singapore 169877


GETRONICS NV: Presents Strategy Updates to Shareholders
-------------------------------------------------------
Klaas Wagenaar, CEO of Getronics N.V., gave shareholders an
update on the strategy of the company in an Extraordinary
General Meeting of Shareholders on Dec. 1 in Amsterdam.

Key elements of the update are Getronics' commitment to:

   -- Excellence - enabling its clients to increase their
      employees' performance and to meet their business
      objectives through providing high quality ICT services;

   -- Focus - focusing on maintaining Getronics' leading market
      position in the Netherlands, and strengthening its
      position in Belgium, the U.K. and the U.S.;

   -- Value - maximizing value, and further lowering the risk
      profile of the company by analyzing all parts of its
      business outside its key markets in the Netherlands,
      Belgium, the United Kingdom and the United States, and,
      where appropriate, replacing non-core operations with
      local partners; and

   -- Financial Strength - reducing the ratio of debt to EBITDA
      to 2 or less by the end of 2008 by improving the operating
      margin and by reducing gross debt.

                           Excellence

The market and Getronics' clients continue to demand services
and solutions that are high quality, cost-effective, and support
a more centralized or remote model.  With the Future-Ready
Workspace, Getronics is leading the way in enabling workforce
productivity, providing full support and services to its clients
worldwide through its strong local presence and its Global
Service Delivery Model.  Mr. Wagenaar confirmed Getronics' focus
on helping its clients to maximize workforce productivity
through its Future-Ready Workspace proposition and applications
services.

Getronics has publicly declared its intention to become one of
the top three companies in the world in workspace management.
In 2006, Getronics has moved from number five to number four in
the list of top global workspace management companies.  The
launch of the Future-Ready Workspace in November has further
strengthened its position in this area.

In addition, the company will continue to build on its expertise
in applications services and professional and transformation
consulting services to enable high performance enterprises by
boosting workforce productivity.

                         Focus and Value

The company will focus on maintaining its leading market
position in the Netherlands and strengthening its position in
Belgium, the U.K. and the U.S.  Getronics will continue to carry
out reviews of its business outside the four key geographies to
identify non-core operations.  Where appropriate, these will be
divested and added to Getronics' long established Certified
Service Partner network.  These divestments will lower the
company's overall risk profile, support the market and our
clients' demands, and enable selected investments in key service
areas or geographies.

                       Financial Strength

In order to accomplish its objectives, in addition to its
Portfolio services and strong market proposition, Getronics
needs a strong financial position. This requires a sharper focus
on its key markets and core capabilities. In particular, the
company aims to reduce the ratio of debt to EBITDA to 2 or less
by the end of 2008 by improving the operating margin and by
reducing gross debt.

"In our view, the Board of Management has a clear and convincing
strategy and should be given the opportunity to carry it
through," Rinus Minderhoud, Chairman of the Supervisory Board,
added.  "We fully support the Board of Management under the
leadership of its CEO, Klaas Wagenaar."

                         About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.

                          *     *     *

Getronics N.V.'s 'B' long-term corporate credit rating, along
with the 'CCC+' senior unsecured debt, 'B' bank loan, and '3'
recovery ratings on CreditWatch with negative implications,
where they had originally been placed on Jan. 19.

The '3' recovery rating indicates Standard & Poor's expectation
of meaningful (50%-80%) recovery of principal for secured
lenders in the event of a payment default.

Moody's Investors Service downgraded Getronics' corporate family
rating to B2 from B1 and placed the ratings on review for
possible downgrade following the company's announcement of half
year results showing a widening of net losses and fall in
margins below the company's expectations.  Concurrently the
rating on the EUR100 million senior unsecured convertible Dutch
bonds due 2008 has been downgraded to Caa1 from B3


KE SWAN: Creditors Must Prove Debts by Jan. 6, 2007
---------------------------------------------------
Kon Yin Tong, Wong Kian Kok, and Aw Eng Hai, as liquidators for
Ke Swan & Co Pte Ltd, which was placed under members' voluntary
wind-up, will be receiving proofs of debt from the creditors of
the company until Jan. 6, 2007.

Failure to submit proof of debt by the due date will exclude a
creditor from sharing in the company's distribution of dividend.

The Liquidators can be reached at:

         Kon Yin Tong
         Wong Kian Kok
         Aw Eng Hai
         c/o 47 Hill Street #05-01
         Singapore Chinese Chamber of
         Commerce & Industry Building
         Singapore 179365


MAE ENGINEERING: Fook Yuan Takes Shares
---------------------------------------
A share transfer has taken place among the shareholders of Mae
Engineering Ltd on Dec. 12, 2006.

P.T. Transpacific Securindo has transferred its deemed shares to
Fook Yuan International Pte Ltd, which leaves P.T. Transpacific
with no more deemed shares and Fook Yuan holding 106,500,000
deemed shares with 12.83% issued share capital.

                     About MAE Engineering

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

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


PETROLEO BRASILEIRO: Discussing Refinery Project with Venezuela
---------------------------------------------------------------
Brazil's President Luiz Inacio Lula da Silva will be discussing
with Hugo Chavez, his Bolivian counterpart, a planned refinery
project between Petroleo Brasileiro and Petroleos de Venezuela's
in Pernambuco, Brazil, El Universal reports.

Celso Amorim, Brazil's minister of foreign affairs, told El
Universal that both presidents will discuss bilateral and
hemispheric agenda focused on energy integration.

Minister Amorim explained to El Universal, "Of course, the
presidents are free to speak about other issues, but energy is
top in the agenda."

According to El Universal, Minister Amorim listed potential
operations of Petroleo Brasileiro in oil fields and gas
reservoirs in Venezuela.

The two presidents will also talk about the south gas pipeline,
stretching from Venezuela to Argentina, El Universal states.

                 About Petroleos de Venezuela

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

                  About Petroleo Brasileiro

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

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

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

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

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

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


PETROLEO BRASILEIRO: Finishes Natural Gas Pipeline Repair Works
---------------------------------------------------------------
Petroleo Brasileiro SA, the state-owned oil firm of Brazil, said
in a statement that it has concluded repair works on the
binational natural gas pipeline that starts in the Sabalo gas
field in Bolivia.

The pipeline transports gas to the 3,000-kilometer B2B pipeline
from the San Alberto and San Antonio fields, in which Petroleo
Brasileiro owns 35%, with another 50% owned by Andina.  The
remaining 15% is held by Total.

The company started repairing the Bolivia-Brazil pipeline on
Nov. 11.  Repair works were made on the damages caused by a
landslide resulting from rains in Bolivia in April.  The first
stage of repairs took six days.  The second phase, which started
on Nov. 23, ran for 11 days.  The repair works involved
replacing nine sections of pipeline with a combined length of
over 1 kilometer.

Petroleo Brasileiro replaced 1.15 kilometer of pipeline,
allowing gas exports to Brazil to continue at full capacity,
Business News Americas relates.

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

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

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

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

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

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


PETROLEO BRASILEIRO: Renews Insurance Contract with SulAmerica
--------------------------------------------------------------
Transpetro -- the transport unit of Petroleo Brasileiro SA, the
state-run oil company of Petroleo Brasileiro -- has renewed an
insurance contract with SulAmerica, the latter said in a
statement.

Business News Americas relates that Transpetro paid a yearly
premium of US$4.50 million, compared with US$3.90 million in the
previous contract, when coverage included 52 ships.

According to a statement, SulAmerica will cover the 55-ship
fleet of Transpetro under the new contract.

Total coverage increased to US$1.40 billion in the new contract,
compared with US$1.09 billion in the previous contract,
BNamericas notes.

The report says that SulAmerica assumed 65% of the risk.  IRB-
Brasil Re took on 35% of the risk.  Aon Corp. helped SulAmerica
place 15% of the risk on the international market.

The new contract expires in December 2007, BNamericas states.

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

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

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

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

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

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


PROGRESS MANUFACTURING: Pays Dividend to Creditors
--------------------------------------------------
Progress Manufacturing (Holding) Pte Ltd, which was placed under
members' voluntary liquidation, has paid the first and final
dividend to its creditors on Dec. 15, 2006.

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

The company's liquidator can be reached at:

         Ng Geok Mui
         c/o BDO Raffles
         5 Shenton Way
         #07-01 UIC Building
         Singapore 068808


REFCO INC: GAIN Capital Wins FXA's Customer List for US$750,000
---------------------------------------------------------------
Refco Inc. and its debtor-affiliates conducted on Nov. 9, 2006,
a solicitation conference in connection with their request for
(i) appointment of a consumer privacy ombudsman and (ii)
approval of FXA's proposed Sale of its Customer Lists to Saxo
Bank, subject to higher and better offers.

At the conclusion of the Solicitation Conference, the Debtors
selected the bid of GAIN Capital Group, LLC, as the highest or
otherwise best bid for the assets.

Accordingly, the U.S. Bankruptcy Court for the Southern District
of New York approves the terms and conditions of FXA's Purchase
Agreement with GAIN pursuant to Section 363(b), other than with
respect to matters previously addressed by an order appointing
an ombudsman.

GAIN will pay FXA a US$750,000 upfront fee for the Customer List
plus a US$100 activation fee per account, payable on every
account over 4,000 opened before the second anniversary of the
Closing Date.

GAIN will pay FXA an Annual Maintenance Fee of 1% of the average
account balance of each Customer, payable on both the first and
second anniversaries of the Closing Date.

The sale closed on November 16, 2006.

Any objections that have not been withdrawn, waived, or settled,
or not otherwise resolved are overruled on the merits with
prejudice.

Judge Drain directs FXA to consummate the Sale transaction with
GAIN.  The Debtors will not transfer or sell to GAIN -- and the
"Purchased Assets" will not include -- any securities, customer
property, other similar instruments, futures, or cash held by
Refco Capital Markets, Ltd., or Refco Securities LLC, wherever
located.  Nothing will constitute a determination as to any
party's rights in those securities, customer property, if any,
or cash.

Furthermore, Judge Drain requires Forex Capital Markets, LLC,
under its Facilities Management Agreement with Refco Group Ltd.,
LLC, to cooperate with the Sale consummation.  In addition, FXCM
will not solicit the Debtors' customers in violation of the FMA.
The Order incorporates by reference the FMA provisions governing
the Debtors' rights to their customers and prohibition against
FXCM's solicitation of the Debtors' customers.

All entities, including FXCM, who are presently holding some or
all of the Purchased Assets in which FXA holds an interest are
directed to surrender possession of the Purchased Assets either
to FXA before the closing date of the Sale, or to GAIN on the
Closing Date.

FXA will not make any disbursements of funds, except for the use
of Sale proceeds to pay its allowed administrative expenses
incurred in the ordinary course of its business.

Any and all valid and perfected liens on or interests in the
Purchased Assets will attach to any proceeds of those
immediately upon receipt of the proceeds by priority, and with
the same validity, force, and effect which they now have against
the Purchased Assets, subject to any rights, claims and defenses
the Debtors' estates or the Debtors may possess.

FXA will deposit all amounts payable to it under the Purchase
Agreement into a segregated investment account, which may
contain the proceeds of one or more Court-approved sales, but no
other cash of the Debtors' estates, and the proceeds will be
invested in accordance with investment guidelines.

Moreover, Judge Drain permits Saxo Bank to receive a break-up
fee and expense reimbursement under and subject to its Oct. 25,
2006 Asset Purchase Agreement with FXA.  If payable, the fee and
reimbursement will be allowed as an administrative expense under
Sections 503(b) and 507(a)(2) against FXA's estate.

GAIN will adopt and honor its privacy policy effective as of
November 15, 2006.

                        GAIN's Statement

Gain Capital entered into a definitive Purchase Agreement with
Refco F/X Associates LLC to purchase the RFXA retail customer
account information and marketing list.  The Purchase Agreement
was approved as submitted by the Honorable Robert D. Drain,
United States Bankruptcy Court for the Southern District of New
York, at a hearing on November 14, 2006.

"Under the terms of the proposed bankruptcy plan for Refco Inc.,
and its subsidiaries, the proceeds of the sale of the RFXA
Customer List will enhance distributions to be made to creditors
of RFXA," Said Refco's Chief Restructuring Officer David Pauker.
"We are pleased to have finalized the sale to GAIN Capital,"
continued Mr. Pauker.

"In addition to operating within a solid regulatory framework,
GAIN offers RFXA clients a reliable, full service trading
solution and a commitment to the highest professional
standards," said GAIN's Chief Executive Officer Mark Galant.
GAIN Capital Group and FOREX.com are registered with the
National Futures Association as a Futures Commission Merchant.

RFXA clients will be given the option to open an account at
either GAIN Capital or at GAIN's retail division, FOREX.com.

On June 30, 2006, RFXA and GAIN announced they had reached a
preliminary agreement whereby GAIN would acquire the RFXA retail
customer account information and related assets, subject to
Court approval.  On July 26th, 2006, the two parties announced
that the proposed Agreement had been jointly terminated because
the parties were unable to reach terms on a final asset purchase
agreement.  On October 30, 2006, RFXA announced it had entered
into an Agreement with Saxobank to purchase the customer list
for US$500,000, subject to higher and better offers.  GAIN and
Saxobank participated in an auction on November 9, 2006, with
GAIN ultimately submitting the highest and best offer for the
RFXA customer list.

                    About Gain Capital Group

GAIN Capital Group LLC is a leading provider of foreign exchange
services, including direct-access trading and asset management.

Founded in 1999 by Wall Street veterans, GAIN Capital Group is
one of the largest, most respected firms in the online forex
industry, servicing clients from more than 140 countries and
supporting trade volume in excess of $100 billion per month.
Headquartered in Bedminster, New Jersey, the company operates
sales offices in New York and Shanghai.  The company operates
two full service web portals.  FOREX.com services individual
investors of all experience levels with a full-service trading
platform, lower account minimums and extensive education and
training.  The company's flagship service, GAIN Capital focuses
on the needs of professional forex traders, including hedge
funds and money managers.

GAIN Capital Group and FOREX.com are registered with the
National Futures Association as a Futures Commission Merchant.

                          About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

On Oct. 6, 2006, the Debtors filed their Amended Plan and
Disclosure Statement.  On Oct. 16, 2006, the gave its tentative
approval on the Disclosure Statement and on Oct. 20, 2006, the
Court Clerk entered the written disclosure statement order.

The hearing to consider confirmation of Refco, Inc., and its
debtor-affiliates' plan is set for Dec. 15, 2006.  Objections to
the plan, if any, must be in by Dec. 1, 2006.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  RCMI's exclusive period to file a chapter 11 plan
expires on Feb. 13, 2007.

(Refco Bankruptcy News, Issue No. 49; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


REFCO INC: To Present 16 Witnesses at Plan Confirmation Hearing
---------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York approved procedures governing discovery with respect to
the confirmation of the Chapter 11 Plan filed by Refco, Inc.,
and its debtor-affiliates; Marc S. Kirschner, the Chapter 11
Trustee for Refco Capital Markets, Ltd.; and the Joint Sub-
Committee of the Official and Additional Committees of Unsecured
Creditors.

The Court also authorizes the Plan Proponents to file a list of:

   (a) names of witnesses that the Plan Proponents anticipate
       presenting at the December 15, 2006 Plan confirmation
       hearing; and

   (b) specific area for which the testimony of any witness will
       be offered including any opinions that the witnesses will
       offer, provided that, in the event that the Plan
       Proponents determine the need to supplement their Witness
       List based on a need that was not anticipated at the time
       the list was filed, the Debtors will file a supplement to
       that list on or before December 4, 2006, providing
       additional witnesses and the general areas of testimony
       to be offered.

              Plan Proponents Present Witness List

In accordance with the Discovery Order, the Plan Proponents
presented 16 potential witnesses who may testify by direct
testimony, declaration, deposition, or prior testimony before
the Court at the Plan Confirmation Hearing.

The Witnesses are:

   * David Pauker, Refco's Chief Restructuring Officer;
   * the RCM Trustee;
   * Brad Geer of Houlihan Lokey Howard & Zukin Capital, Inc.;
   * Jane Sullivan of Financial Balloting Group;
   * Todd Brents of Alix Partners, LLC;
   * Louis Dudley of Alix Partners, LLC;
   * Brian Osborne of Omni Management;
   * M. Freddie Reiss of FTI Consulting, Inc.;
   * Richard Deitz of VR Global Partners, L.P.;
   * Rodrigo Alvarez of RCM;
   * Juan Carlos Moreno of Inter Financial Services, Ltd.;
   * Gerald Scherer of Refco, Inc.;
   * Vera Kraker of RCM;
   * Thomas Yorke of RCM;
   * Stephen Dispenza of RCM; and
   * Jeffery Leadholm of Leuthold Funds, Inc., and Leuthold
     Industrial Metals Fund, L.P.

Topics of anticipated testimonies, as well as opinions, include:

   -- facts relating to the Section 1129 requirements, including
      assumptions underlying the liquidation analysis;

   -- facts relating to the assets and liabilities of the
      Debtor entities;

   -- fairness of settlements;

   -- claims asserted against RCM and by RCM creditors against
      any of the Debtors;

   -- opinion testimony regarding the creation and reliability
      of computerized recovery model, as used for projecting
      recoveries under the Plan, and in the absence of
      confirmation, including in the event of liquidation;

   -- opinion testimony regarding the reliability of recovery
      model for determining the allocation of joint and several
      liabilities among the Contributing Debtors; and

   -- voting and tabulation of votes accepting or rejecting the
      Plan.

The Plan Proponents reserve the right to modify, supplement or
amend the Witness List.

Sally McDonald Henry, Esq., at Skadden, Arps, Slate, Meagher
& Flom LLP, in New York, advises the Court that the Witness List
is not a representation or commitment that a person will be
called to testify.  The Witness List also does not include all
of the witnesses that the Plan Proponents may call as rebuttal
witnesses at the Confirmation Hearing.

                         About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

On Oct. 6, 2006, the Debtors filed their Amended Plan and
Disclosure Statement.  On Oct. 16, 2006, the gave its tentative
approval on the Disclosure Statement and on Oct. 20, 2006, the
Court Clerk entered the written disclosure statement order.

The hearing to consider confirmation of Refco, Inc., and its
debtor-affiliates' plan is set for Dec. 15, 2006.  Objections to
the plan, if any, must be in by Dec. 1, 2006.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  RCMI's exclusive period to file a chapter 11 plan
expires on Feb. 13, 2007.

(Refco Bankruptcy News, Issue No. 49; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SPECTRUM BRANDS: Fourth Qtr. Net Loss Increases to US$439.4 Mil.
----------------------------------------------------------------
Spectrum Brands Inc. reported a US$439.4 million net loss for
the fourth quarter ended Sept. 30, 2006, compared with a
US$2.9-million net loss for the same period in 2005.

The company's 2006 fourth quarter net sales were US$608.4
million, a 4% increase over the comparable period last year.
Organic growth in the quarter was 3% and foreign exchange rates
added 1%.  Global battery sales increased 2% year over year, as
strong results from North America and Latin America more than
offset a decline in Europe/ROW sales.

Global Pet reported good growth of 7%.  Home and Garden sales
increased by 8%.  Sales of Remington branded products declined
by 2% on a worldwide basis.

Commenting on the results, Dave Jones, the company's chairman
and chief executive officer, said, "Our fourth quarter results
were encouraging and show marked improvement in revenue trends
in a number of key areas, including North American battery
sales, Global Pet, and Home & Garden.  While hard work remains
ahead of us, we are pleased with the progress we are seeing
throughout the company despite a challenging environment.  We
remain committed to further reducing costs while making the
necessary investments to transform our business for long-term
success."

Included in the company's quarterly results are:

   -- a non-cash pretax impairment charge of US$433 million
      related to the value of certain trade names and goodwill
      carried on the company's books.  This charge resulted from
      an annual evaluation of goodwill and indefinite-lived
      intangibles as required by SFAS 142, "Goodwill and Other
      Intangible Assets";

   -- a non-cash charge in the amount of US$18.9 million
      increasing the valuation allowance against certain net
      deferred tax assets; and

   -- pre-tax restructuring and related charges of US$28.8
      million related to the rationalization of the company's
      European business and ongoing integration activities
      resulting primarily from the 2005 acquisitions of United
      Industries and Tetra Holding GmbH.

Gross profit and gross margin for the quarter were US$210.8
million and 34.6%, respectively, versus US$215.4 million and
36.7% for the same period last year.  Current year cost of goods
sold included US$18 million in restructuring and related costs;
fiscal 2005 cost of goods sold included US$2.7 million in
restructuring and related costs and a US$2.6 million inventory
valuation allowance.  Increased raw material costs in the
quarter were offset by improved margins in Remington branded
products and the benefit of integration cost savings.

The company's operating loss for the quarter was US$423.2
million versus fiscal 2005's fourth quarter operating income of
US$32.8 million.  The primary reasons for the decline are the
US$433 million impairment charge and US$28.8 million in
restructuring and related charges taken in fiscal 2006 versus
US$13.6 million of restructuring and related charges and
inventory valuation charges in fiscal 2005.  Significantly
higher distribution costs also contributed to the increase in
operating expenses.

For the year ended Sept. 30, 2006, the company recorded a net
loss of US$434 million compared with net earnings of US$46.8
million last year.

Included in the current year's results are:

   -- restructuring and related charges of US$56.1 million
      primarily related to the integration of acquisitions and
      the company's European restructuring programs;

   -- the aforementioned non-cash asset impairment charge of
      US$433 million;

   -- the aforementioned non-cash charge increasing the
      valuation allowance for certain net deferred tax assets in
      the amount of US$18.9 million;

   -- a gain on sale of assets of US$7.9 million; and

   -- other non-cash benefits totaling US$1.0 million.

The net impact of these items is a decrease in the current
year's net earnings of US$499.1 million.

Fiscal 2005 results included:

   -- inventory valuation charges of US$37.5 million related to
      the acquisitions of United Industries and Tetra Holding
      GmbH;

   -- restructuring and related charges of US$26.3 million
      primarily related to the integration of acquisitions;

   -- debt issuance costs write-off of US$12.0 million;

   -- income from discontinued operations of US$5.5 million; and

   -- other non-cash benefits totaling US$0.5 million.

The net impact of these items is a decrease in fiscal 2005 net
earnings of US$69.8 million.

Net sales for fiscal 2006 of US$2.55 billion represented an
increase of US$244.6 million, as a result of the acquisitions of
United Industries, acquired on Feb. 7, 2005, Tetra Holding GmbH,
acquired on April 29, 2005, and Jungle Labs, acquired on
Sept. 1, 2005.

Excluding the impact of acquisitions on current year results,
net sales declined 4%, primarily a result of weakness in battery
sales in Europe and North America.  The operating loss for the
year was US$283.2 million.  In addition to the restructuring and
related charges and other costs, 2006 operating loss was
negatively affected by significantly increased raw material and
distribution costs.

                  Fourth Quarter Segment Results

North American net sales were US$257.8 million, a 5% improvement
compared with US$246.5 million reported last year.  The increase
was driven by strong growth in batteries and in home and garden
sales, somewhat offset by a decline in Remington branded
products.  Battery sales were up significantly, largely due to
the successful launch of Rayovac's new Power Challenge marketing
campaign.  In the company's home and garden business, consumer
purchases of Spectrum Brands products at retail grew 8% during
the fourth quarter, in line with reported results.  North
American segment profits were US$20.5 million versus US$17.5
million reported last year.

European/ROW net sales were US$143 million versus US$153.8
million in the prior year.  Foreign exchange translation
contributed US$5.2 million.  Remington branded product sales
showed strong growth, but this growth was more than offset by
continuing weakness in the battery category, particularly in
Western Europe.  Segment profitability for the quarter was
US$13.7 million compared with US$21.2 million last year,
primarily a function of lower battery sales volume and higher
raw material costs.

Latin America continued its positive 2006-operating trend with a
quarterly net sales increase of 20% versus the prior year,
benefiting from strong growth in both Rayovac batteries and
Remington branded products.  Latin America segment profitability
was US$9.1 million compared with US$5.4 million last year as a
result of increased sales and the positive impact of foreign
currency translation.

Global Pet segment net sales of US$140.3 million represent a 7%
increase in the quarter largely driven by robust growth from
Tetra branded products.  Global Pet segment profits were US$21.2
million versus US$17.1 million reported last year.  Last year's
profits included a US$2.6 million inventory allowance charge.

Corporate expenses were US$25.9 million, or 4.3% of net sales,
as compared with US$17.4 million, or 3% of net sales, in the
prior year period.  The biggest contributor to the increase was
the comparison to last year's fourth quarter compensation
expense, which was reduced by a reversal of annual incentive
bonus accruals.  Corporate expense was also affected by the
continuing expansion of the global operations support
infrastructure in Asia.

Fourth quarter interest expense was US$47 million versus
US$39.5 million last year due to higher interest rates.  Total
debt at Sept. 30, 2006 was US$2.277 billion.

                      Asset Impairment Charge

Statement of Financial Accounting Standards, "Goodwill and Other
Intangible Assets" requires companies to test goodwill and
indefinite-lived intangibles for impairment annually, or more
often if an event or circumstance indicates that an impairment
loss may have been incurred.  In accordance with SFAS 142,
Spectrum Brands, with the assistance of independent third party
valuation specialists, conducted its annual impairment testing
of goodwill and indefinite-lived intangible assets.  The results
using the discounted cash flow method were also tested for
reasonableness by comparison to the market capitalization of the
company.  As a result of these analyses the company recorded a
non-cash pretax impairment charge of approximately US$433.0
million (US$398.3 million, net of tax).  The impairments will
not result in any future cash expenditures.

                  About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 3, 2006, Moody's Investors Service confirmed Spectrum
Brands Inc.'s B3 Corporate Family Rating in connection with the
rating agency's implementation of its new Probability-of-Default
and Loss-Given-Default rating methodology.


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

KRUNG THAI: Eyes Government Lending to Spur Loan Growth
-------------------------------------------------------
Krung Thai Bank expects to ride on the country's infrastructure
mega-projects and public corporations to boost its government
lending next year, the Nation Multimedia reports.

The bank is targeting a loan growth of 12% to 15% with the
government sector next year, double the targeted growth rate for
the bank's total loan expansion, first executive vice president
Preecha Phukham told reporters.

Currently, KTB's government-loan portfolio is 12% of its total
outstanding loans, constituting THB100 billion, the Nation
notes.

As reported by the Troubled Company Reporter - Asia Pacific on
November 22, 2006, KTB projects a lower over all loan target
next year -- THB60 billion -- as they fall short on its targeted
7% loan growth.

Bangkok Post relates that for the year to date, the bank lent
more than THB20 billion in state-related loans to various funds,
state universities and other public organizations.  The bank
expects its total portfolio of state-related loans to reach
THB112 billion at the end of the year, or 21% higher than in
2005.

"We expect the government will mobilize funding from several
sources, including bank loans, to invest in the mega-projects.
For large projects worth at least THB50 million, it is possible
to raise funding from banks' syndicated loans," Mr. Preecha
said.  "Thus, the prospective figure would boost KTB's
government lending and the country's banking sector."

                          *     *     *

Krung Thai Bank Public Company Limited -- http://www.ktb.co.th/
-- began its operation on March 14, 1966, through the merger of
business between the Agricultural Bank Limited and the
Provincial Bank Limited with the Ministry of Finance as its
major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business-oriented and public utility types.
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

Fitch Ratings, on September 12, 2006, affirmed the individual
C/D rating of Krung Thai Bank Public Company Limited.

The bank currently carries Moody's Investors Service's bank
financial strength rating of D.


* BOND PRICING: For the Week 11 December to 15 December 2006
------------------------------------------------------------

Issuer                               Coupon     Maturity  Price
------                               ------     --------  -----

AUSTRALIA & NEW ZEALAND
-----------------------
Ainsworth Game                        8.000%    12/31/09     1
Alinta Networks                       5.750%     9/22/10     6
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     9
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%    06/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     9
Capital Properties NZ Ltd             8.500%    04/15/07     9
Capital Properties NZ Ltd             8.500%    04/15/09     7
Capital Properties NZ Ltd             8.000%    04/15/10     8
Cardno Limited                        9.000%    06/30/08     5
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 8.600%    03/15/08     8
Fletcher Building Ltd                 7.800%    03/15/09     7
Fletcher Building Ltd                 8.850%    03/15/10     8
Fletcher Building Ltd                 7.550%    03/15/11     7
Futuris Corporation Ltd               7.000%    12/31/07     2
Hy-Fi Securities Ltd                  7.000%    08/15/08     8
Hy-Fi Securities Ltd                  8.750%    08/15/08    11
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    06/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Kagara Zinc Ltd                       9.750%    05/06/07     1
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    11
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     7
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Speirs Group Ltd.                    10.000%    06/30/49    61
Tower Finance Ltd                     8.750%    10/15/07     8
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%    09/15/12     8
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     3


KOREA
-----
Korea Development Bank                7.350%    10/27/21    50
Korea Development Bank                7.450%    10/31/21    50
Korea Development Bank                7.400%    11/02/21    49
Korea Development Bank                7.310%    11/08/21    50


MALAYSIA
--------
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
AHB Holdings Bhd                      5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Bumiputra-Commerce                    2.500%    07/17/08     1
Camerlin Group Bhd                    5.500%    07/15/07     2
Crescendo Corporation Bhd             3.000%    08/25/07     1
Dataprep Holdings Bhd                 4.000%    08/06/07     1
Denko Industrial Corporation Bhd      5.000%    03/15/07     1
Eastern & Oriental Hotel              8.000%    07/25/11     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Kosmo Technology Industrial Bhd       2.000%    06/23/08     1
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Media Prima Bhd                       2.000%    07/18/08     1
Mithril Bhd                           8.000%    04/05/09     1
Mithril Bhd                           3.000%    04/05/12     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Pantai Holdings Bhd                   5.000%    03/28/07     2
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     1
Pelikan International Corp Bhd        3.000%    04/08/10     1
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    3.000%    12/23/12     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
Tradewinds Plantations Bhd            3.000%    02/28/16     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     3
YTL Cement Bhd                        4.000%    11/10/15     1


SINGAPORE
---------
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1





                            *********

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 ***