TCRAP_Public/070424.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, April 24, 2007, Vol. 10, No. 80

                            Headlines

A U S T R A L I A

ARMOR HOLDINGS: Bags US$345 Million Truck Order from U.S. Army
BESTON SMD: Members to Receive Wind-Up Report on May 17
CLINICAL DATA: Dutch Unit Inks OEM Pact with Sclavo Diagnostics
CLINICAL DATA: Cogenics Division Partners with Epigenomics
CONSTELLATION BRANDS: Joins Punch Taverns in Matthew Clark Deal

CONSTELLATION BRANDS: Names Patty Yahn-Urlaub as Vice President
FLEET SYSTEMS: Will Declare Final Dividend on May 25
HEILMOORE INTERNATIONAL: Taps D. R. Vasudevan as Liquidator
J & L EDWARDS: Will Declare Final Dividend on May 9
NICHIYU AUSTRALIA: Member Decides to Shut Down Operations

OMNI CO: Members Resolve to Wind Up Firm
OPFS PTY: Placed Under Voluntary Liquidation
PEREGRINE SECURITIES: Members Opt to Wind Up Operations
SACKVILLE FAMILY: Taps Gountzos & Lofthouse as Liquidators
SASSAFRAS VIDEO: Undergoes Wind-Up Proceedings


C H I N A   &   H O N G  K O N G

BOVILLE INDUSTRIAL: Wind-Up Petition Hearing Set for May 23
BURNON TECHNOLOGY: Creditors' Proofs of Debt Due on May 21
CITIC BANK: Earns US$5.4 Billion in Completed IPO
CHOI'S CONSTRUCTION: Final Meetings Set for May 21
DONG FANG: Members to Hear Liquidator's Report on May 21

FUYAO GROUP: Injects US$8.68 Million Capital to Hong Kong Arm
KING WORLD: Enters Liquidation Proceedings
LIFESTYLE BEAUTY: Petition Hearing Set for May 2
LONG FACTS: Creditors Must Prove Debts by May 21
NANJING IRON: Increases Steel Products Price Effective April 17

PEAKTOP TECHNOLOGIES: Court to Hear Wind-Up Petition on May 2
TOWNSMAN ENTERPRISES: Members Opt to Wind Up Operations
WOODCHESTER LIMITED: Members' Final Meeting Set for May 25


I N D I A

AGILENT TECH: Awards Microarray Service Contract to Cogenics
AGILENT TECHNOLOGIES: Opens China Headquarters Campus
BANK OF BARODA: RBI Approves Malaysian Joint Venture Proposal
BANK OF INDIA: Fourth Quarter Profit Ups 76% to INR4.47 Billion
BALLARPUR INDUSTRIES: Third Quarter Profit Up by 22%

PRIDE INTERNATIONAL: Three Jackup Rigs Get PEMEX Contract


I N D O N E S I A

BERLIAN LAJU: Fitch Assigns BB- Ratings with Stable Outlook
FREEPORT-MCMORAN: Okays Workers' Salary Increase; Ends Strike
INDOSAT: Launches 3.5 Generation Mobile Telecom Broadband
NORTEL NETWORKS: Unit Inks Network Deal with Austrian Railways
PERTAMINA: Partners with Lukoil Overseas for Oil Exploration


J A P A N

DAIWA SECURITIES: European Unit Opens Dubai Branch
FUJI HEAVY: US Plant Starts Toyota Camry Production
MIZUHO FINANCIAL: Board Resolves to Dissolve Cayman Subsidiary
NIKKO CORDIAL: Southeastern Asset Management Snubs Citi's Offer
NOMURA HOLDINGS: Plans to Launch HK Unit for Merchant Banking


K O R E A

KOREA EXPRESS: CJ Corp Mulls Acquisition
SK NETWORKS: Completes Debt Reform Program Ahead of Schedule

M A L A Y S I A

ARK RESOURCES: Director Gets Reprimand for Breach in Disclosures
DCEIL INTERNATIONAL: Gets Public Reprimand for Nondisclosures
FA PENINSULAR: Bursa Extends Plan-Filing Deadline to June 30
SETEGAP BERHAD: Court Extends R.O. to Accommodate Asset Disposal


N E W  Z E A L A N D

AIR NEW ZEALAND: Ups Load Factor in March Despite Capacity Cuts
BLIS TECHNOLOGIES: New Investor Subscribes to 5 Million Shares

P H I L I P P I N E S

ALLIED BANK: Central Bank Okays Additional Investment in NYLIP
PHIL. TELEGRAPH: Net Loss Down to PHP429 Million for Half Year
RIZAL COMMERCIAL: Earns PHP2.053 Billion for 2006
SECURITY BANK: Clarifies Media Reports on 20% Growth Forecast
UNIVERSAL ROBINA: To Invest US$40 Million in Thailand, Vietnam


S I N G A P O R E

AVAGO TECHNOLOGIES: 10-1/8% Senior Notes Offer Expires
CKE RESTAURANTS: Board Increases Stock Repurchase to US$250 Mil.
PETROLEO BRASILEIRO: Demands Payment from Bolivia for Two Plants
PETROBRAS BRASILEIRO: Clarifies Iparinga Group Acquisition
SEA CONTAINERS: Conyers Dill Okayed as Panel's Bermuda Counsel

SEA CONTAINERS: Pepper Hamilton OK'd as Panel's Delaware Counsel


T H A I L A N D

ADVANCE AGRO: Invests THB12 Billion in New Paper-Making Plant
BANGKOK BANK: Earns THB4.662 Billion in 2007 First Quarter
BANGKOK BANK: Appoints Two New Directors
BANGKOK BANK: Divests 652,200 Shares in Bangkok Industrial Gas
BANK OF AYUDHYA: Net Income Falls 33% in First Quarter of 2007

BANK OF AYUDHYA: Buys Total Services' for THB2.5 Bil. in Cash

     - - - - - - - -

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

ARMOR HOLDINGS: Bags US$345 Million Truck Order from U.S. Army
--------------------------------------------------------------
Armor Holdings Inc. has received a US$345 million order for
production of additional Family of Medium Tactical Vehicle
trucks and trailers from the U.S. Army Tank-automotive and
Armaments Command.  The company advised that the order is made
under the existing multi-year FMTV production contract, with
work to be performed in 2007 and 2008 by the Armor Holdings
Aerospace & Defense Group at its facilities located in Sealy,
Texas.

"This new order gives Armor Holdings the opportunity to continue
providing the most reliable tactical vehicles to our soldiers,"
Robert Schiller, President of Armor Holdings Inc., said.  "We
are extremely proud to support the Army's deployed and home-
based missions with the FMTV."

                      About Armor Holdings

Headquartered in Jacksonville, Florida, Armor Holdings, Inc. --
http://www.armorholdings.com/-- manufactures and distributes
security products and vehicle armor systems for the law
enforcement, military, homeland security, and commercial
markets.  The company has operations in Australia, England and
Brazil.

                          *     *     *

Moody's Investors Service's confirmed its Ba3 Corporate Family
Rating for Armor Holdings Inc.  Additionally, Moody's affirmed
its B1 ratings on the company's 2% Convertible Senior
Subordinated Notes Due 2024 and 8.25% Senior Subordinated Notes
Due 2013.  Moody's assigned those debentures an LGD5 rating
suggesting noteholders will experience a 77% loss in the event
of default.


BESTON SMD: Members to Receive Wind-Up Report on May 17
-------------------------------------------------------
The members of Beston SMD Pty Ltd will have a general meeting on
May 17, 2007, at 10:00 a.m. to hear the liquidator's report
about the company's wind-up proceedings and property disposal.

The meeting will be held on Level 10 at 600 St. Kilda Road in
Melbourne, Australia.

As previously reported by the Troubled Company Reporter - Asia
Pacific, the company went into liquidation on March 9, 2007.

C. R. Tuckwell is the company's liquidator.

                        About Beston SMD

Located in Victoria, Australia, Beston Smd Pty Ltd provides
plumbing, heating and air-conditioning services.


CLINICAL DATA: Dutch Unit Inks OEM Pact with Sclavo Diagnostics
---------------------------------------------------------------
Clinical Data Inc.'s unit, Vital Scientific N.V., signed an OEM
agreement with Sclavo Diagnostics International S.r.l. to sell
its line of automated clinical chemistry analyzers in Europe,
the Middle East and Africa, and to provide installation and
first line support services.

"We are very pleased to reach this multi-year agreement, and we
look forward to working closely with Sclavo Diagnostics to more
broadly distribute our technology throughout Europe, the Middle
East and Africa," Sakari Boman, Director of Sales and Business
Development for Vital Scientific, said.  "This partnership with
Sclavo Diagnostics follows clearly our strategy to further
strengthen our OEM businesses."

"Sclavo Diagnostics is pleased to bring the Sclavolab product
line to our international customers," Angelo Fracassi, Chairman
of D-Group S.p.A., said.  "This technology provides a new level
of automation to our customers and extends the value proposition
we offer to customers. This agreement allows Sclavo Diagnostics
to place Vital Scientific clinical chemistry systems into small-
to-medium hospital laboratories and in all private
laboratories."

                     About Sclavo Diagnostics

Sclavo Diagnostics is active in research, development,
production and marketing of in vitro clinical diagnostic
reagents kits in Clinical Chemistry, Specific and Urinary
Proteins, Serology, Immunology, Bacteriology and Molecular
Biology.

                        About Clinical Data

Headquartered in Newton, Massachusetts Clinical Data Inc.
(NASDAQ: CLDA) -- http://www.clda.com/-- provides comprehensive
molecular and pharmacogenomics services as well as genetic
tests.  The company has operations in the U.K., France, the
Netherlands, Italy and Australia.

                        Going Concern Doubt

Deloitte & Touche LLP expressed substantial doubt about Clinical
Data Inc.'s ability to continue as a going concern after
auditing the Company's financial statements for the fiscal year
ended March 31, 2006.  The auditing firm pointed to the
Company's accumulated deficit, negative cash flows from
operations and the expectation that the Company will continue to
incur losses in the future.


CLINICAL DATA: Cogenics Division Partners with Epigenomics
----------------------------------------------------------
Clinical Data, Inc. and Epigenomics AG signed an agreement to
offer Epigenomics' proprietary DNA methylation services through
Clinical Data's service division, Cogenics.

Under this agreement, Cogenics will promote to its customers
Epigenomics' comprehensive portfolio of DNA methylation services
including genome-wide DNA methylation analysis, bisulfite
sequencing, and real-time PCR technologies, which are performed
in Epigenomics' laboratories in Germany.  Additionally, the
companies plan to offer regulated (GLP) DNA methylation analyses
in Cogenics' laboratories in the U.S.

Under the agreement, Epigenomics will promote Cogenics'
comprehensive pharmacogenomics and molecular biology services to
its DNA methylation biomarker development partners and customers
that Epigenomics serves through its Clinical Solutions group.

"We are very pleased to enter into this partnership agreement
with Epigenomics and look forward to working closely with the
company," Robert Bondaryk, Ph.D., Senior Vice President and
General Manager of Cogenics, said.  "We are excited to offer
Cogenics customers Epigenomics' expertise and technology in DNA
methylation services.  This partnership brings unique value to
our customers by expanding our current biomarker offering to now
allow them to use DNA methylation as a marker of disease
diagnosis, prognosis and drug response prediction."

"This reference laboratory partnership with Cogenics enables us
to serve Cogenics' broad client base with our DNA methylation
services and biomarker development expertise," Christina
Dahlstroem, Ph.D., Senior Vice President of Epigenomics'
Clinical Solutions group, said.  "We are excited about the
prospect of eventually offering DNA methylation analysis in a
regulated environment through Cogenics.  This will be
particularly important once our pharma partners want to use the
biomarkers in clinical trials.  In addition, we are enthusiastic
about being able to offer our customers an even broader range of
biomarker services, in addition to DNA methylation, through this
partnership with Cogenics."

                        About Clinical Data

Headquartered in Newton, Massachusetts Clinical Data Inc.
(NASDAQ: CLDA) -- http://www.clda.com/-- provides comprehensive
molecular and pharmacogenomics services as well as genetic
tests.  The Company has operations in the U.K., France, the
Netherlands, Italy and Australia.

                        Going Concern Doubt

Deloitte & Touche LLP expressed substantial doubt about Clinical
Data Inc.'s ability to continue as a going concern after
auditing the Company's financial statements for the fiscal year
ended March 31, 2006.  The auditing firm pointed to the
Company's accumulated deficit, negative cash flows from
operations and the expectation that the Company will continue to
incur losses in the future.


CONSTELLATION BRANDS: Joins Punch Taverns in Matthew Clark Deal
---------------------------------------------------------------
Constellation Brands Inc. has formed a joint venture with
Staffordshire, England-based Punch Taverns plc that will
reinforce Matthew Clark's position as the U.K.'s largest
independent premier drinks wholesaler and distributor serving
the on-trade drinks industry.

Under the terms of the arrangement, Constellation Europe and
Punch Taverns will become 50% owners of Matthew Clark and
provide representation on a new holding company board.

On a day-to-day basis the business will continue to be run by
Steve Thomson, currently managing director of Matthew Clark
Wholesale Limited, and his management team.

The joint venture will benefit customers, suppliers and
employees.  Capital investment will further enhance Matthew
Clark's reputation for providing outstanding customer value,
additional branded products and a faster, more efficient route-
to-market to the U.K. on-trade industry consisting of hotels,
pubs, clubs and restaurants.

For supply partners, Matthew Clark intends to become a more
effective, efficient and complete route-to-market for their
brands, including Constellation Europe's existing branded wine
offerings.

From the outset, Matthew Clark will supply a number of Punch
Taverns pubs with a portfolio of wines and spirits, and will
progressively become the preferred supplier of choice to the
remaining tenanted Punch Taverns pubs.  The pubs will benefit
from the scale and variety offered by Matthew Clark's wine and
spirits expertise, extensive drinks portfolio and supply chain
capabilities.

The joint venture will invest in Matthew Clark's distribution
infrastructure for such items as updated warehouse management
and route-scheduling software, which will enable more rapid
response rates for customers, faster and more efficiently
processed orders and a wider reach across the British Isles
through its highly skilled and knowledgeable sales team.

"Our joint venture with Punch Taverns is an innovative drinks
distribution initiative that will transform the business to one
with a focus on providing improved service and an unequalled
portfolio of drinks options to on-premise customers," stated Rob
Sands, Constellation Brands president and chief operating
officer.  "Given the importance of the U.K. on-premise drinks
business, this joint venture helps assure that Matthew Clark,
its customers and, most important, consumers can benefit from
distribution efficiency gains and expanded beverage offerings.
We believe this collaboration will establish a new benchmark for
wholesale drinks distribution in the U.K. and it should result
in additional long-term growth for Matthew Clark."

The transaction closed April 17.  Although terms of the
agreement were not disclosed, Constellation Brands expects to
receive approximately GBP85 million (approximately US$168
million) of cash proceeds from formation of the joint venture,
subject to post-closing adjustments.  This includes GBP35
million from Punch Taverns with the remainder coming primarily
from the issuance of debt by the joint venture.

The transaction is not expected to result in a gain or loss.
The company expects to incur a charge for the provision for
income taxes associated with the repatriation of the proceeds
from the transaction.  This is expected to result in a US$0.05
reduction to the company's fiscal 2008 diluted earnings per
share as reported under generally accepted accounting
principles, and will be excluded from the company's comparable
basis diluted earnings per share.

The impact of this transaction, including joint venture
formation costs, is expected to be neutral to slightly dilutive
to ongoing reported basis and comparable basis diluted earnings
per share in fiscal 2008.

As a result of this transaction the company now expects its
fiscal 2008 reported interest expense to be in the range of
US$300-US$310 million.  The company expects its reported tax
rate for fiscal 2008 to be approximately 40 percent, which
includes a provision of approximately two percent related to the
repatriation of the proceeds from the transaction, or
approximately 38 percent on a comparable basis.

Constellation will report its investment in the joint venture
under the equity method of accounting in its consolidated
financial statements.  For net sales in fiscal 2008, the company
expects low single-digit growth in organic net sales and low
single-digit incremental benefit from the acquisitions of Vincor
and SVEDKA.  As a result of these increases, and the impact of
reporting the Crown Imports joint venture and the joint venture
for the Matthew Clark wholesale business under the equity
method, reported net sales are expected to decrease 30-32
percent.

Due to the anticipated impact on reported earnings, the company
is adjusting its reported diluted EPS outlook for fiscal 2008
from that set forth in its April 5, 2007, news release, to
US$1.16-US$1.26.  The company's comparable diluted EPS outlook
for fiscal 2008, as set forth in the company's April 5, 2007,
news release, is unchanged.

                      About Matthew Clark

Matthew Clark -- http://www.matthewclark.co.uk/-- is the
largest independent premier drinks supplier serving the U.K.'s
on-trade drinks industry. It offers customers a choice of wines,
spirits, FABs, beers, ciders and soft drinks that is unrivalled
in the U.K. for breadth and value.  Matthew Clark has a customer
base of around 20,000 accounts and provides a full range of
drinks to its pub, club, hotel, and restaurant customers
throughout the U.K.  Matthew Clark was acquired by Constellation
Brands, Inc. in 1998.  Since that time, the business has rapidly
expanded into a dynamic service-orientated business with annual
net sales of approximately 500 million Pounds (approximately
US$925 million).  The business, with over 1,200 employees is
headquartered in Bristol and operates a national network of
regional distribution depots and a fleet of more than 200
vehicles with extensive reach across the British Isles.  It also
operates two purpose-designed contact centers located in Bristol
and Glasgow.

                    About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ, ASX:CBR) -- http://www.cbrands.com/-- produces and
markets beverage alcohol brands with a broad portfolio across
the wine, spirits and imported beer categories.  The company
also operates in the United Kingdom, Chile, Canada, Australia,
Japan, and New Zealand.

                          *     *     *

As reported in the Troubled Company Reporter on March 5, Moody's
lowered the company's corporate family rating and probability of
default rating to Ba3 from Ba2 after the company reported a new
US$500 million share repurchase program.  Moody's revised its
outlook to stable from negative.

Standard & Poor's Ratings Services lowered its ratings on
Constellation Brands, including its corporate credit and bank
loan ratings to 'BB-' from 'BB', with a stable outlook.

Fitch Ratings has downgraded Constellation Brands' issuer
default rating, bank credit facility, and senior unsecured notes
to 'BB-' from 'BB'.


CONSTELLATION BRANDS: Names Patty Yahn-Urlaub as Vice President
---------------------------------------------------------------
Constellation Brands Inc. has named Patty Yahn-Urlaub vice
president of investor relations, effective immediately.

She succeeds Lisa Schnorr who was recently named vice president
of finance in the company's worldwide wine group.  Ms. Yahn-
Urlaub was previously associate director of investor relations
at Kodak in Rochester, New York.  She will report to Tom Summer,
Constellation Brands chief financial officer.

"Patty's business and financial market insights and knowledge,
combined with her communication skills, strategic thinking and
solid experience, make her the ideal person to lead our investor
relations efforts," said Mr. Summer.  "She brings enthusiasm and
fresh perspectives to this position, and I am confident she will
be a valuable contributor to Constellation's future success with
the investment community in this key role."

Ms. Yahn-Urlaub began her career with Kodak in 1988 and served
in a variety of finance positions for Eastman Kodak Credit
Corporation, Kodak's health imaging division and the corporate
investor relations group. Prior to joining Kodak, she worked in
the banking industry as a commercial lending officer.  A native
of Rochester, New York, Ms. Yahn-Urlaub holds a B.B.A. degree in
accounting from St. Bonaventure University and an M.B.A. in
international finance from Schiller International University in
Heidelberg, Germany.

                    About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ, ASX:CBR) -- http://www.cbrands.com/-- produces and
markets beverage alcohol brands with a broad portfolio across
the wine, spirits and imported beer categories.  The company
also operates in the United Kingdom, Chile, Canada, Australia,
Japan, and New Zealand.

                          *     *     *

As reported in the Troubled Company Reporter on March 5, Moody's
lowered the company's corporate family rating and probability of
default rating to Ba3 from Ba2 after the company reported a new
US$500 million share repurchase program.  Moody's revised its
outlook to stable from negative.

Standard & Poor's Ratings Services lowered its ratings on
Constellation Brands, including its corporate credit and bank
loan ratings to 'BB-' from 'BB', with a stable outlook.

Fitch Ratings has downgraded Constellation Brands' issuer
default rating, bank credit facility, and senior unsecured notes
to 'BB-' from 'BB'.


FLEET SYSTEMS: Will Declare Final Dividend on May 25
----------------------------------------------------
Fleet Systems Pty Ltd, which is in liquidation, will declare a
final dividend on May 25, 2007.

Creditors who cannot prove their debts by May 10, 2007, are
excluded from sharing in the company's dividend distribution.

As report in the Troubled Company Reporter - Asia Pacific, the
company underwent liquidation proceedings on May 17, 2005.

The company's liquidator can be reached at:

         A. G. Hodson
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia

                       About Fleet Systems

Fleet Systems Pty Ltd is involved with truck rental and leasing,
without drivers.  The company is located in New South Wales,
Australia.


HEILMOORE INTERNATIONAL: Taps D. R. Vasudevan as Liquidator
-----------------------------------------------------------
On April 4, 2007, the sole member of Heilmoore International Pty
Ltd passed a special resolution winding up the company's
operations.

D. R. Vasudevan was appointed as liquidator.

Mr. Vasudevan can be reached at:

         D. R. Vasudevan
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia

                 About Heilmoore International

Heilmoore International Pty Ltd, which is also trading as
Western Ventilation Equipment, is involved with sheet metal
work.  The company is located in Victoria, Australia.


J & L EDWARDS: Will Declare Final Dividend on May 9
---------------------------------------------------
J & L Edwards Pty Ltd, which is in liquidation, will declare a
final dividend on May 9, 2007.

Creditors who cannot prove their debts by May 8, 2007, are
excluded from sharing in the company's dividend distribution.

In a report by the Troubled Company Reporter - Asia Pacific, the
company started to wind up its operations on Dec. 29, 2006.

The company's liquidator is:

         John Georgakis
         Level 27, 8 Exhibition Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9288 8000

                       About J & L Edwards

J & L Edwards Pty Ltd is a dealer of motor vehicle supplies and
new parts.  The company is located in New South Wales,
Australia.


NICHIYU AUSTRALIA: Member Decides to Shut Down Operations
---------------------------------------------------------
At a general meeting held on March 30, 2007, the member of
Nichiyu Australia Pty Ltd passed a special resolution winding up
the company's operations.

Simon Alexander Wallace-Smith and Salvatore Alegri were
appointed as liquidators.

The Liquidators can be reached at:

         Simon Alexander Wallace-Smith and
         Salvatore Alegri
         c/o Deloitte Touche Tohmatsu
         Level 14, 180 Lonsdale Street
         Melbourne, Victoria
         Australia

                    About Nichiyu Australia

Nichiyu Australia Pty Ltd is a distributor of industrial trucks
and tractors.  The company is located in New South Wales,
Australia.


OMNI CO: Members Resolve to Wind Up Firm
----------------------------------------
The members of Omni Co. Pty. Ltd. had their meeting on April 3,
2007, and decided to voluntarily wind up the company's
operations.

Anthony Robert Cant was appointed as liquidator.

The Liquidator can be reached at:

         Anthony Robert Cant
         Romanis Cant, Chartered Accountants
         106 Hardware Street, Melbourne
         Australia

                         About Omni Co

Located in Victoria, Australia, Omni Co Pty Ltd is an investor
relation company.


OPFS PTY: Placed Under Voluntary Liquidation
--------------------------------------------
On April 4, 2007, the members of OPFS Pty Ltd had their general
meeting and agreed to voluntarily wind up the company's
operations.

D. R. Vasudevan was appointed as liquidator.

The Liquidator can be reached at:

         D. R. Vasudevan
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia

                         About OPFS Pty

Opfs Pty Ltd provides services for insurance agents and brokers.
The company is located in Victoria, Australia.


PEREGRINE SECURITIES: Members Opt to Wind Up Operations
-------------------------------------------------------
At a general meeting held on April 4, 2007, the members of
Peregrine Securities NL agreed to voluntarily wind up the
company's operations.

D. R. Vasudevan was appointed as liquidator.

The Liquidator can be reached at:

         D. R. Vasudevan
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia

                   About Peregrine Securities

Located in Victoria, Australia, Peregrine Securities NL is an
investor relation company.


SACKVILLE FAMILY: Taps Gountzos & Lofthouse as Liquidators
----------------------------------------------------------
At an extraordinary general meeting held on April 3, 2007, the
members of Sackville Family Trust agreed to voluntarily wind up
the company's operations.

Peter Gountzos and David James Lofthouse were appointed as
liquidators.

The Liquidators can be reached at:

         Peter Gountzos
         David James Lofthouse
         CJL Partners, Level 3
         180 Flinders Lane
         Melbourne
         Australia


SASSAFRAS VIDEO: Undergoes Wind-Up Proceedings
----------------------------------------------
On April 3, 2007, the members of Sassafras Video Exchange Pty
Ltd had an extraordinary general meeting and agreed to
voluntarily wind up the company's operations.

Peter Gountzos and David James Lofthouse were appointed as the
company's liquidators at the creditors' meeting held later that
day.

The Liquidators can be reached at:

         Peter Gountzos
         David James Lofthouse
         CJL Partners
         Level 3, 180 Flinders Lane
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9639 4779
         Facsimile:(03) 9639 4773

                      About Sassafras Video

Located in Victoria, Australia, Sassafras Video Exchange Pty Ltd
is an investor relation company.


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

BOVILLE INDUSTRIAL: Wind-Up Petition Hearing Set for May 23
-----------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of Boville Industrial Company Limited on May 23,
2007, at 9:30 a.m.

Yeung Man Loong Maxly filed the petition against the company on
March 21, 2007.

Yeung Man's solicitor is:

         S. K. Wong & Co.
         9th Floor, Grand Building
         15-18 Connaught Road Central
         Hong Kong


BURNON TECHNOLOGY: Creditors' Proofs of Debt Due on May 21
----------------------------------------------------------
The creditors of Burnon Technology (Hong Kong) Limited are
required to file their proofs of debt May 21, 2007, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 18, 2007.

The company's liquidator is:

         Lam Ying Sui
         Rooms 1004-5
         Allied Kajima Bldg.
         138 Gloucester Road
         Wanchai, Hong Kong


CITIC BANK: Earns US$5.4 Billion in Completed IPO
-------------------------------------------------
China Citic Bank has completed its initial public offering and
earned at least US$5.4 billion after floating its shares priced
at the top end of the range in Hong Kong and Shanghai, various
reports say.

According to Bloomberg News, Citic Bank raised US$1.7 billion
(CNY13.34 billion) selling 2.3 billion new yuan-denominated
shares in Shanghai at CNY5.8 apiece and sold another 4.89
billion shares in Hong Kong at HK$5.86 apiece, raising
US$3.7 billion (HK$28.66 billion).

The final size could increase further to US$5.92 billion,
Finance Asia relates, if the 15% greenshoe on the H-share
portion of the deal is exercised, adding that the deal is
already by far the largest IPO in the world this year, after
heavy interest from both institutional and retail investors.

As proof, Bloomberg's sources said preliminary estimates
indicate individual investors sought more than 200 times the
number of shares available in the Hong Kong offering.  The ratio
for institutional investors was 80.

However, The Standard citing market sources said that with the
heavy demand, it was unlikely that each retail subscriber will
get at least one lot of CITIC Bank shares.

Citic Securities, China International Capital Corp, Citigroup,
HSBC and Lehman Brothers are jointly arranging the Hong Kong
shares deal, Anette J"nsson of Finance Asia writes.

The Shanghai portion attracted more than CNY1 trillion,
excluding shares earmarked for corporate investors, Bloomberg
adds.  CICC and Citic Securities arranged the A-share portion of
the sale.

Citic Bank will start trading in both Hong Kong and Shanghai on
April 27.

                          *     *     *

CITIC Bank Co Ltd, formerly China CITIC Bank, is a wholly owned
subsidiary of the state conglomerate Citic Group.  With 416
branches, CITIC Bank had total assets of CNY689.5 billion at the
end of September 2006.

On September 11, 2006, Fitch Ratings affirmed the Individual D/E
and Support 3 ratings of China CITIC Bank.  The ratings outlook
is stable.

China CITIC Bank's Individual rating reflects its strengthened
financial profile, bolstered by recent capital injections from
its parent, CITIC Group, and the introduction of much-improved
risk management systems.


CHOI'S CONSTRUCTION: Final Meetings Set for May 21
--------------------------------------------------
The members and creditors of Choi's Construction & Decoration
Works Company will have their final meetings on May 21, 2007, at
3:00 p.m. and 3:30 p.m. respectively.

The meetings will be held in the 2nd Floor of Double Building at
22 Stanley Street in Central, Hong Kong.

Wong Ka Lam King is the company's liquidator.


DONG FANG: Members to Hear Liquidator's Report on May 21
--------------------------------------------------------
A final meeting will be held for the members of Dong Fang Gas
Management Limited on May 21, 2007, at 11:00 a.m.

The meeting will be held on the 35th Floor, One Pacific Place in
88 Queensway, Hong Kong.

Lai Kar Yan (Derek) and Darach E. Haughey, the company's
liquidators, will present a report about the company's wind-up
proceedings and property disposal.


FUYAO GROUP: Injects US$8.68 Million Capital to Hong Kong Arm
-------------------------------------------------------------
Fuyao Group Glass Industries Co., Ltd. injected US$8.68 million
in capital to its Hong Kong-based subsidiary, Fuyao Group
Shuangliao Co., Ltd., Reuters reports.

With the capital injection, the registered capital of the Hong
Kong unit is increased to US$40,028,000 from US$31,348,000.

In related news, Reuters reports that the company would provide
a guarantee for the CNY45 million worth of credit facilities
applied to the Changchun Chaoyang Branch of China Construction
Bank Corporation by its Changchun-based subsidiary.

                          *     *     *

Headquartered in Fuqing, Fujian Province, Fuyao Group Glass
Industries Co., Ltd. -- http://www.fuyaogroup.com/-- is a
manufacturer of automotive and industrial safety glass.  The
company provides laminated and tempered glass for automobiles,
encapsulation products, bulletproof glass, laminated and
tempered glass for buildings, furniture and decorative glass
products, front panel glass for electrical appliances and panel
glass for other specialty industrial applications.  The Company
has seven production bases in the People's Republic of China and
two wholly owned subsidiaries in the United States.  FYG mainly
exports to North America and Asia Pacific.

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating on June 29, 2005.


KING WORLD: Enters Liquidation Proceedings
------------------------------------------
At an extraordinary general meeting held on April 18, 2007, the
members of King World Development Limited agreed to voluntarily
wind up the company's operations.

Creditors are required to submit their proofs of debt by May 21,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

         Lam Ying Sui
         Rooms 1004-5
         Allied Kajima Bldg.
         138 Gloucester Road
         Wanchai, Hong Kong


LIFESTYLE BEAUTY: Petition Hearing Set for May 2
------------------------------------------------
Tact Management Limited filed a petition to wind up the
operations of Lifestyle Beauty Professional Limited on Feb. 23,
2007.

The High Court of Hong Kong will hear the petition on May 2,
2007, at 9:30 a.m.

Tact Management's solicitor is:

         Robert Siu & Co.
         Room 1601, 16th Floor, Alliance Building
         130-136 Connaught Road
         Hong Kong
         Telephone: 2543 2883
         Facsimile: 2543 2686


LONG FACTS: Creditors Must Prove Debts by May 21
------------------------------------------------
Long Facts Company Limited requires its creditors to file their
proofs of debt by May 21, 2007.

Failure to prove debts by the due date will exclude a creditor
from sharing in the company's dividend distribution.

The company's liquidator is:

         Lam Ying Sui
         Rooms 1004-5
         Allied Kajima Bldg.
         138 Gloucester Road
         Wanchai, Hong Kong


NANJING IRON: Increases Steel Products Price Effective April 17
---------------------------------------------------------------
Nanjing Iron & Steel Union has increased its steel products
price effective on April 17, 2007, Yieh Corp. relates.

According to the report, carbon steel round bar increased by
CNY30/mt while carbon steel wire rod increased by CNY50/mt,
based on the price as of April 1.

Further, carbon steel strip Q195 DF & 20MnSi were also raised by
RMB50/mt, the report adds.

                          *     *     *

Nanjing, China-based Nanjing Iron & Steel Co.,Ltd. --
http://www.600282.net/-- is primarily engaged in the smelting
and processing of ferrous metal and the production and sale of
steel products, coke and coke by-products.  Its major iron and
steel products consist of steel plates, steel bars, steel bands,
billets and pig iron.

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating on January 17, 2005.


PEAKTOP TECHNOLOGIES: Court to Hear Wind-Up Petition on May 2
-------------------------------------------------------------
A petition to wind up the operations of Peaktop Technologies
(USA) Hong Kong Limited was filed by GeoGlobal Partners, LLC on
Feb. 22, 2007.

The petition will be heard before the High Court of Hong Kong on
May 2, 2007, at 9:30 a.m.

GeoGlobal's solicitors are:

         Coudert Brothers
         in association with
         Orrick, Herrington & Sutcliffe LLP
         39th Floor, Gloucester Tower
         The Landmark
         15 Queen's Road Central
         Hong Kong
         Telephone: 2218 9100
         Facsimile: 2218 9200


TOWNSMAN ENTERPRISES: Members Opt to Wind Up Operations
-------------------------------------------------------
On March 24, 2007, the members of Townsman Enterprises Limited
had their general meeting and decided to voluntarily wind up the
company's operations.

Ho Chiu Lung Michael, the company's appointed liquidator,
requires the creditors to file their proofs of debt by May 18,
2007.

The Liquidator can be reached at:

         Ho Chiu Lung Michael
         Room 603, 6th Floor, Alliance Building
         130-136 Connaught Road, Central
         Hong Kong


WOODCHESTER LIMITED: Members' Final Meeting Set for May 25
----------------------------------------------------------
The members of Woodchester Limited will have their final meeting
on May 25, 2007, 4:30 p.m. to hear the liquidator's report about
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Anthony Nedderman
         11th Floor, China Hong Kong Tower
         8 Hennessy Road
         Hong Kong


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

AGILENT TECH: Awards Microarray Service Contract to Cogenics
------------------------------------------------------------
Agilent Technologies, Inc., awarded Cogenics with its first
Certified Microarray Service Provider for Agilent's microRNA or
miRNA microarrays.  With this certification, Cogenics becomes
the initial service provider to offer expression profiling of
miRNA on the Agilent platform, giving scientists in research
institutions and drug discovery programs immediate access to
this important tool for understanding gene regulation.

Cogenics received the certification after its laboratory
completed training and passed a rigorous set of assessments that
included proficiency in analyzing Agilent 60 mer oligo
microarrays using the complete Agilent system: sample quality
control using the Agilent 2100 Bioanalyzer; sample labeling
using Agilent reagents and protocols; hybridization using
SureHyb chambers; microarray analysis using the Agilent scanner
and feature extraction software; and final data analysis using
the GeneSpring bioinformatics platform.  This certification
ensures customers will receive superior microarray processing
and data with regards to quality, reproducibility, and
reliability.

"We're pleased to be the first Agilent Certified Service
Provider for this platform as miRNA is generating a great deal
of interest within the academic and drug discovery research
communities.  There were significant scientific and quality
hurdles to overcome and area expertise required for Cogenics to
receive this certification from Agilent.  Our achievement
continues to demonstrate Cogenics' leadership capabilities in
this and related areas.  The addition of this service to the
comprehensive Cogenics product and services portfolio furthers
our commitment to provide scientists with the most cutting edge
and advanced range of services in the industry," said Robert
Bondaryk, Ph.D., Senior Vice President and General Manager of
Cogenics.

"We've enjoyed a long, productive relationship with Cogenics as
an Agilent Certified Microarray Service Provider for gene
expression and CGH, and we congratulate Cogenics on expanding
their portfolio of emerging applications offered to
researchers," said Yvonne Linney, Agilent Vice President and
General Manager - Genomics.

                         About miRNA

miRNAs, a class of small non-coding RNAs that are only 19-30
nucleotides long, are estimated to regulate approximately 30
percent of all human genes.  They were little understood five
years ago, but now there are approximately 500 known miRNAs in
humans, with ongoing discovery directed toward an estimated
10,000.  Agilent recently introduced a microarray-based miRNA
expression profiling platform containing technology
breakthroughs in labeling and probe design.

                       About Cogenics

Cogenics, a division of Clinical Data, Inc., offers more than 17
years of experience as a trusted provider of the broadest range
of pharmacogenomics and molecular biology services available
globally.  Cogenics provides integrated services for nucleic
acid extraction, genotyping, sequencing, QPCR, and gene
expression, as well as serving as a biorepository, for both
research and regulated environments: GLP, cGMP and CLIA.

                  About Clinical Data, Inc.

Clinical Data, Inc. (NASDAQ: CLDA) is a global biotechnology
company unlocking the potential of molecular discovery, from
targeted science to better healthcare.

               About Agilent Technologies, Inc.

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.

                        *     *     *

Agilent Technologies Inc. carries Moody's Investors Service
'Ba1' corporate family rating.


AGILENT TECHNOLOGIES: Opens China Headquarters Campus
-----------------------------------------------------
Agilent Technologies has opened a new headquarters in a campus
in China, and has launched the Agilent Open Lab & Solution
Center and the Life Sciences & Chemical Analysis Center of
Excellence.  The new campus is located in Beijing Wang Jing
Science Park and combines Agilent's Beijing-based R&D, sales,
marketing, technical support and after-sale functions in one
location.

"With the rapid development of China's economy, the opening of
this campus is an important investment for us," said Bill
Sullivan, Agilent president and CEO.  "Agilent has a long
history of working in China, now our second-largest and fastest-
growing market in the world.  T[his] demonstrates Agilent's
long-term commitment to China and is an integral part of our
global strategy."

"Agilent is committed to contributing more value to the China
market and society, and helping with the development of the
local industries," said Max Yang, vice president and general
manager of Agilent, Greater China.  "It marks an important step
for us toward our long-term objective in China, which is to
become further rooted in China and help drive the development of
the local industries."

Agilent's Open Lab & Solution Center provides electronic
measurement customers with a full range of test and measurement
services, including a professional testing environment and
technical consulting services.  It is Agilent's second Open Lab
for electronic measurement in China.

The Agilent LSCA Center of Excellence, the first for Agilent in
China, provides customers with a demonstration lab environment
featuring all of Agilent's bio-analytical measurement products.
Customers have the opportunity to interact with Agilent senior
management and applications specialists. They are able to
observe and participate in proof-of-performance for Agilent's
chemical and bioanalytical systems using their own samples in a
state-of-the-art, fully equipped facility.

Agilent will leverage the China headquarters to help drive the
development of the local industries -- particularly in the key
areas of energy, environmental protection, agriculture, food
safety, information and basic biological research in life
sciences -- and become a true strategic partner in Chinese
enterprises' development toward globalization.

               About Agilent Technologies, Inc.

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.

                        *     *     *

Agilent Technologies Inc. carries Moody's Investors Service
'Ba1' corporate family rating.


BANK OF BARODA: RBI Approves Malaysian Joint Venture Proposal
-------------------------------------------------------------
The Reserve Bank of India has approved Bank of Baroda's proposal
for a Malaysian joint venture with Punjab National Bank and
Andhra Bank, The Economic Times reports citing BOB Chairman and
Managing Director Anil K. Khandelwal.

Under the proposal, BOB will hold 40% of the stake in the joint
venture, while PNB will hold 35% and Andhra 25%.

The joint venture, which proposed initial capital is at around
INR330 crore, will enable BOB to tap the huge market for
remittances in Malaysia and have better access to the financial
centre of Singapore, The Times says.  BOB will still need the
Malaysian regulatory authorities' approval for the venture.

BOB is also hoping to get a license to operate in Canada, the
report cites Mr. Khandelwal as saying.  To fund its proposed
foreign operations and meet the Basel II obligations, the bank
is set to raise around US$250 million through Upper Tier II
bonds, Mr. Khandelwal adds.

                    About Punjab National Bank

Headquartered in New Delhi, India, Punjab National Bank --
http://www.pnbindia.com/-- is a public sector commercial bank
in India, offering banking products and services to corporate
and commercial, retail and agricultural customers.  The bank has
expanded its operations to provide products and services to over
36 million customers across India through more than 4,510
branches.  Its banking operations for corporate and commercial
customers include a range of products and services for large-
corporate customers, as well as for small- and middle-market
businesses and government entities.  It also caters to the
financing needs of the agricultural sector and other priority
sectors, including small-scale industries.  Its retail credit
products include home loans, personal loans and automobile
loans.  Through its subsidiaries and joint ventures, the Bank
deals in Indian government securities and provides housing
finance and asset-management services.

Fitch Ratings gave Punjab National Bank a 'C/D' individual
rating.

                        About Andhra Bank

Headquartered in Hyderabad, India, Andhra Bank --
http://www.andhrabank-india.com/ -- offers various products and
services including deposits, loans, corporate banking products,
non-resident Indian services and technology products.  The
deposits offered by the Bank include current deposits, savings
bank deposits and term deposits.  It offers housing, personal,
mortgage and agricultural loans.  Under corporate banking, it
offers working capital loans, export and import finance, foreign
currency loans, term finance and corporate loans.

As of June 2006, the Bank rendered services through 1,788
business delivery channels consisting of 1,216 branches, 123
extension counters, 412 ATMs and 37 satellite offices spread
over 21 states and two union territories in India.

                          *     *     *

On Sept. 16, 2002, Fitch Ratings assigned Andhra Bank a C/D
Individual Rating.

                       About Bank of Baroda

Headquartered in Mumbai, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India.  The company's solutions includes personal
banking, which includes deposits, retail loans, credit cards,
debit card, lockers and other services; business banking, which
comprises working capital, term finance and traders loans;
corporate banking, which includes cash management and
remittances, multi-city cheques, appraisals and merchant
banking; international business, which includes import finance,
international treasury, export finance, correspondent banking
and other solutions; treasury banking, which comprises domestic
operations and forex operations, and rural banking, which
includes retail loan, small businesses and small scale
industries.

Fitch Ratings, on June 1, 2005, gave Bank of Baroda an
individual rating of C/D.


BANK OF INDIA: Fourth Quarter Profit Ups 76% to INR4.47 Billion
---------------------------------------------------------------
Bank of India, yesterday, filed with the Bombay Stock Exchange
its audited results for the quarter and year ended March 31,
2007.

For the fourth quarter ended March 31, 2007, the bank reported a
net profit of INR4.47 billion, a 76% increase from a net profit
of INR2.54 billion for the corresponding quarter last year.

Total income increased from INR23.27 billion for the quarter
ended March 31, 2006, to INR31.92 billion in the quarter under
review.

The bank's expenditures aggregated INR22.97 billion in the March
2007 quarter, compared to the INR16.97 billion in the
corresponding period in 2006.

A copy of the bank's financial results for the quarter ended
March 31, 2007, is available for free at:

               http://ResearchArchives.com/t/s?1dc2

For the fiscal year ended March 31, 2007, the bank booked a net
profit of INR11.23 billion, a 60% improvement from the INR7.01
billion gained in the year ended March 31, 2006.  Total Income
increased from INR82.13 billion in FY 2005-2006 to INR107.43
billion in FY 2006-2007.

A copy of the bank's financial results for the year ended
March 31, 2007, is available for free at:

               http://ResearchArchives.com/t/s?1dc3

The bank's board of directors, at its meeting yesterday, inter
alia, recommended a final dividend at 15% for FY 2006-2007 on
the equity share capital.  The proposed dividend is in addition
to the 20% interim dividend declared and paid in December 2006.

Bank of India -- http://www.bankofindia.com/-- has 2,628
branches spread over all states/union territories in India,
including 93 specialized branches.  The bank provides a range of
financial products and services, including numerous credit
schemes, deposit schemes, cash management services, credit/debit
cards, deposit vaults and corporate bonds.  It also extends
finance to small and medium enterprises and small-scale
industries.  It provides a variety of loans, such as mortgage
loans, educational loans, auto finance loans, holiday loans,
personal loans and home loans.  The bank offers Internet banking
services for both the retail and corporate clients.

The bank also operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States and Vietnam.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 1, 2007, Standard & Poor's Ratings maintained Bank of
India's Bank Fundamental Strength Rating at 'C'.


BALLARPUR INDUSTRIES: Third Quarter Profit Up by 22%
----------------------------------------------------
Ballarpur Industries Limited has released its financial and
operating results for the nine months and third quarter ended
March 31, 2007.

According to a statement issued by the company:

"The company's results in the current quarter have been positive
as a result of its performance and firm market conditions.  We
expect our initiatives in this direction to yield further
results in the coming future.  The recent acquisition of Sarah
Forest Industries has also given a fillip to BILT's plans of
globally expanding its paper and pulp operations."

                  Nine Months Ended March 31

   * Paper & Paper products Revenue increase 20.3% to INR15,339
     million compared with INR12,750 million.  Total Revenue at
     INR17,829 million compared with INR15,043 million.

   * EBIDTA higher by 15% at INR4,263 million compared with
     INR3,719 million.

   * Profit Before Taxes advances by 33.1% to INR2,388 million
     from INR1,795 million.

   * Profit After Taxes higher by 28% at INR1,845 million
     compared with INR1,441 million.

   * Fully Diluted Earnings Per Share higher by 28% at INR9.74
     compared with INR7.61.

   * Cash generation from operations (PAT + Depreciation +
     Deferred Tax Liability + Amortization) has increased by
     17.7% to INR3,337 million from Rs.2,834 million.

                 Three Months Ended March 31

   * Paper & Paper product Revenue increase 22.8% to INR5,215
     million compared with INR4,245 million.  Total Revenue at
     INR6,030 million compared with INR5,223 million.

   * EBIDTA higher by 11.5% at INR1,461 million compared with
     INR1,310 million.

   * PBT advances by 25.7% to INR828 million from INR659
     million.

   * PAT higher by 22% at INR641 million compared with INR525
     million.

   * Fully Diluted EPS higher by 20.22% at INR3.33 compared with
     INR2.77.

   * Cash generation from operations (PAT + Depreciation +
     Deferred Tax Liability + Amortisation) has increased by
     12.6% to INR1,140 million from INR1,012 million.

BILT's unaudited results for the quarter ended March 31, 2007,
is available for free http://ResearchArchives.com/t/s?1dc1

Operating overview

   * Total paper production of 341,933 MT in 9M FY 2007 compared
     to 295,453 MT in 9M FY 2006.

   * Total paper production of 112,814 MT in Q3 FY 2007 compared
     to 97,588 MT in Q3 FY 2006.

   * Total paper sales of 344,154 MT in 9M FY 2007 compared with
     295,788 MT in 9M FY 2006.

   * Total paper sales of 115,055 MT in Q3 FY 2007 compared with
     98,065 MT in Q3 FY 2006.

   * Interest costs at Rs. 644 million during the nine months
     9.6% lower than the corresponding period of previous year.

                           About BILT

Headquartered in Ballarpur, India, Ballarpur Industries Limited
-- http://www.bilt.com/-- is a paper manufacturer and exporter.
BILT has five product groups: coated wood-free, uncoated wood-
free, copier, creamwove, and business stationery.  There are
three types of products in the coated wood-free segment: two
side coated paper, two side coated boards, and single side
coated products.  The company has a presence in all segments of
the paper usage spectrum that includes writing and printing
paper, industrial paper, and specialty paper.

On April 12, 2004, Standard and Poor's Ratings Services gave
Ballarpur Industries BB- ratings for both its long-term local
and foreign issuer credit.


PRIDE INTERNATIONAL: Three Jackup Rigs Get PEMEX Contract
---------------------------------------------------------
Pride International, Inc., reported that three of the its
200- foot, mat-cantilever jackup rigs, the Pride Alabama, Pride
Colorado and Pride Mississippi, have been awarded one-year
contracts by PEMEX Exploracion y Produccion for drilling
operations in Mexican waters of the Gulf of Mexico.

The contracts for the Pride Alabama and Pride Colorado are
expected to commence in May 2007 and July 2007, respectively, in
direct continuation of existing contract commitments.  Both rigs
are currently operating in Mexican waters of the Gulf of Mexico
for PEMEX.  The contract for the Pride Mississippi is expected
to commence in September 2007, following the completion of
current contract commitments and mobilization of the rig from
the U.S. Gulf of Mexico.

Aggregate revenues, which could be generated from the three
contract awards are approximately US$106.8 million, excluding
revenues from mobilization, demobilization and customer
reimburseables.  Each contract award provides for a fixed
dayrate throughout the primary term of the contract.

Headquartered in Houston, Texas, Pride International, Inc. --
http://www.prideinternational.com/-- is a drilling contractor.
The company provides onshore and offshore drilling and related
services in more than 25 countries, operating a diverse fleet of
278 rigs, including two ultra-deepwater drillships, 12
semisubmersible rigs, 28 jackup rigs, 18 tender-assisted, barge
and platform rigs, and 218 land rigs.  The company has worldwide
operations, including in India and Malaysia.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 6, 2006 Moody's Investors Service, in connection with the
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the oilfield service and refining
and marketing sectors, confirmed its Ba1 Corporate Family Rating
for Pride International Inc.


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

BERLIAN LAJU: Fitch Assigns BB- Ratings with Stable Outlook
-----------------------------------------------------------
Fitch Ratings assigned Long-term Foreign Currency and Local
Currency Issuer Default Ratings of 'BB-' to Indonesia-based PT
Berlian Laju Tanker Tbk.  The Outlook for the ratings is Stable.
Fitch has also assigned an expected rating of 'BB-' to the
proposed US$200 million senior unsecured notes due 2014 to be
issued by BLT Finance B.V. and guaranteed by BLT.  The final
ratings are contingent upon receipt of documents conforming to
information already received.

BLT's ratings are supported by its leading position as the
largest shipping company in Indonesia, established track record
and its ability to remain profitable through industry downturns.
In addition, due to its younger, more modern fleet with an
average fleet age of 10.6 years, it is able to meet increasingly
stringent industry regulations, providing it an edge over some
of its peers.  The young fleet age also means that in times of
distress, BLT may be able to fetch higher resale prices for its
vessels, thereby increasing financial flexibility.  Fitch also
recognizes that BLT benefits from an experienced senior
management team with all team members having spent at least
eight years in BLT and most of them at least ten years in the
shipping industry.

However, BLT's ratings are constrained by the cyclical,
competitive and fragmented nature of its key business, liquid
bulk cargo shipping.  Although based in Indonesia, BLT derives
around 85% of its revenues from outside the country, primarily
the intra-Asian market.  In all three segments that BLT operates
in - chemical, oil, and gas tankers - contracts are typically
priced off industry benchmarks, the levels of which are
determined by overall supply and demand dynamics. In the
chemical tanker segment, which contributed to 52% of its total
revenue in 2006, BLT is one of the largest players in Asia, both
by tonnage and by number of ships, but its market position does
not appear to provide it enhanced pricing powers.  BLT's size,
however, allows it to bid for larger contracts such as those
from multinationals and regional trading companies.

In addition, the contribution from the inherently more volatile
spot contracts - as opposed to the somewhat more long-term
contracts of affreightment and time charters - increased to 51%
of the company's total revenue in 2006 from 27% in 2003. Fitch
notes that this strategy was adopted to boost the company's
profits given the remarkable rise in spot rates during these
years.  BLT also intends to continue relying on spot rates for
around 50% of its revenue.  Although this balance allows BLT the
flexibility to benefit from any further increases in spot rates,
predictability of earnings and operating cash flow is lower.
However, the reliance on COAs and time charters for at least 50%
of revenue is viewed positively as it not only reduces revenue
volatility, but also somewhat insulates BLT from any further
rise in bunker costs.  This is because the COAs typically
include bunker adjustment clauses while the charterer bears the
full bunker costs in the case of time charters.

BLT's ratings are also constrained by its aggressive capital
expenditure program.  The company spent US$615m since 2003 to
increase its fleet capacity by 260% to 1.52m deadweight tons as
at end 2006.  Although the expansion resulted in improved
earnings and operating cash flow given the high utilization
rates, BLT has persistently generated negative free cash flow
due to the scale of the capex.  This trend is unlikely to change
in the near term as the company plans to spend approximately an
additional US$500m in the next three years for building new
vessels and acquiring second-hand ships, thereby increasing its
fleet capacity in terms of DWTs by around 50%.

Despite some equity injection in the past, the fleet expansion
has resulted in moderately high financial leverage, as reflected
by the 3.3x net adjusted debt/EBITDAR ratio registered in 2006.
Fitch estimates that following the planned debt issuance of
US$400m, including the proposed notes, the ratio will rise to
4.2x in 2007, but is likely to be reduced after that.  However,
the increased operating cash flow contribution from the existing
and new vessels is expected to enable interest coverage to
remain moderately strong, with the FFO/gross interest expense
ratio staying above 4x.

The Stable Outlook reflects Fitch's expectation that BLT will
continue to generate positive operating cash flow at least in
line with its 2006 performance, and reduce its financial
leverage.  A sustained reduction in operating cash flow and/or
an increase in debt-funded capex beyond the planned levels may
result in a negative rating action.  The demonstration of an
ability to generate positive free cash flow and sustain low
levels of financial leverage through an industry downturn may
result in a positive rating action.

The ratings have also taken into account BLT's intention to
prepay about US$180m of secured ship loans this year. Without
the prepayment, secured debt as a percentage of total debt will
remain high at about 48%.  Thus, negative rating actions on the
IDR and the expected issue rating may be taken if the prepayment
is not completed as planned in 2007.

BLT is the largest Indonesian shipping company, focusing on
liquid bulk cargo, with operations primarily in Asia with some
expansion into the Middle East and Europe.  In 2006, BLT
achieved revenue of US$335m, EBITDA of USD154m and net income of
USD107m.  The founder, Mr Hadi Surya, has a 48.7% beneficial
interest in BLT.


FREEPORT-MCMORAN: Okays Workers' Salary Increase; Ends Strike
-------------------------------------------------------------
Freeport-McMoRan Copper & Gold, Inc.'s strike at its Grasberg
mine in Papua ended Saturday with the company agreeing to
increase the salaries of its workers, The Jakarta Post reports
citing the Associated Press.

As reported in the Troubled Company Reporter - Asia April 19,
2007, workers at the Grasberg mine left their posts to join a
protest rally demanding fair career opportunities for native
workers, improved recruiting, and better pensions.

The company and the workers had reach an agreement to raise
standard monthly salary to IDR3.1 million from IDR1.5 million
after worker's initial IDR3.6 million a month, The Boston Globe
relates citing Reuters.

The report further says that the company also promised to
replace president director of Freeport Indonesia Armando Mahler
and a number of senior managers if proven that they failed to
meet the company's commitment in the improvement of the welfare
of their workers.

                      About Freeport-Mcmoran

Headquartered in New Orleans, Louisiana, Freeport-McMoRan Copper
& Gold, Inc. -- http://www.fcx.com/-- through its subsidiaries,
engages in the exploration, mining, and production of copper,
gold, and silver.

The company has operations in Indonesia.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
April 12, 2007, that Fitch Ratings has changed the Rating
Outlook to Positive for Freeport-McMoRan Copper & Gold following
the completion of US$5.76 billion in equity financings.  Net
proceeds in the amount of US$5.6 billion will be used to repay
borrowings under the secured term loans used to finance, in
part, the acquisition of Phelps Dodge Corporation.

The company carries these ratings from Fitch: Issuer Default
Rating at 'BB'; US$500 million PT Freeport Indonesia/FCX Secured
Bank Revolver at 'BBB-'; US$1 billion Secured Bank Revolver at
'BB'; US$2.5 billion Secured Bank Term Loan A at 'BB';
US$7.5 billion Secured Bank Term Loan B at 'BB'; Existing Notes
to be secured at 'BB'; 7% convertible notes due 2011 at 'BB-';
FCX Unsecured Notes due 2015 and 2017 at 'BB-'; and FCX
Convertible Preferred Stock at B+.


INDOSAT: Launches 3.5 Generation Mobile Telecom Broadband
---------------------------------------------------------
PT Indosat launched a 3.5 Generation mobile telecommunication
broadband, with light and medium packages respectively with a
capacity of 1 GB and 2.5 GB, with focused on Internet data
service with a speed of 3.6 Mpbs, Antara News reports.

According to the report, Indosat's 3.5 G broadband is the better
compared to all other networks since it provides better sound,
video call service and Internet data access.

The company will also give a 50% discount, of the normal rate
for continuing minutes of local and long distance calls to
ordinary subscribers, to 3.5 broadband subscribers until July
2007.

                          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 provides 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 affirmed the Ba1 local
currency corporate family rating of PT Indosat Tbk, and the Ba3
foreign currency senior unsecured bond rating of Indosat
FinanceCompany B.V. and Indosat International Finance Company
B.V.  The bonds are irrevocably and unconditionally guaranteed
by Indosat.

The outlook for the ratings remains 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.


NORTEL NETWORKS: Unit Inks Network Deal with Austrian Railways
--------------------------------------------------------------
Austrian Railways has selected Kapsch CarrierCom AG and Nortel
Networks Limited to deploy a national network that will deliver
vital uninterrupted communications for staff working on trains
and ground-based operations.

Kapsch CarrierCom will provide OBB with a new digital European
standard GSM-R system for connecting railway staff on board OBB
trains to the European railway radio system.  The system will
also create a secure ground-based platform to deliver enhanced
voice and data communications within Austria and abroad.
Initially, digital radio communications will be installed on
trains serving OBB's main international routes, which cross
borders to Germany and countries in Eastern Europe.

Creating the new digital railroad radio system for OBB is a
turnkey project with Nortel as the sole GSM-R infrastructure
equipment provider.  Kapsch CarrierCom is the general contractor
responsible for delivering all contractually agreed network
elements and services from network planning through to
commissioning and servicing.  Kapsch CarrierCom is also working
with OBB-Infrastruktur Bau AG, which is providing a major part
of the infrastructure requirement and with other Austrian
companies.

"Kapsch CarrierCom is a leader in implementing digital railroad
communications in Europe," Thomas Schopf, Kapsch CarrierCom
director, said.  "By adding our decades of analogue know-how and
the latest digital knowledge to Nortel's GSM-R expertise we're
able to support OBB's communications services and help them
enhance staff efficiency and deliver passenger satisfaction."

"This win with Kapsch in Austria will expand and simplify
digital railroad communications in Central Europe," Wim te Niet,
Nortel Central Region president, said.  "GSM-R network coverage
for this key railway corridor is vital for creating a uniform
cross-border digital train radio system.  Once OBB's system is
up and running its international freight and passenger trains
will need only one on-board communication system."

"This new contract underscores Nortel's continuing commitment to
GSM and we're delighted to be playing our part in establishing a
new era of wireless communications that is making European rail
travel more efficient, simpler, convenient and safe," Gerry
Collins, leader Wireless EMEA, Nortel, said.  "With Kapsch
CarrierCom Nortel has successfully deployed GSM-R networks in
the Czech Republic and Slovakia.  Now that we've secured the
major GSM-R projects in Central Europe, Nortel intends to make
tracks into neighbouring countries in Eastern and Southern
Europe."

A world leader in GSM-R technology, Nortel has to date been
selected to deploy GSM-R networks in three continents and ten
countries, including national deployments for the three largest
railway operations in Europe-RFF in France, Network Rail in
Great Britain and Deutsche Bahn in Germany.  Most recently
Nortel was selected by the Algerian SNTF for the first GSM-R
contract on the African continent and by TP Ferro for the high-
speed Figueras-Perpignan line connecting Spain and France.

Nortel has been a pioneer in the GSM-R standards process since
1992 and works with Union Internationale des Chemins de Fer
(UIC) and the Europe Telecommunications Standards Institute
(ETSI) on standards improvements.  Nortel supplied equipment for
the initial Mobile Radio for Railways Networks in Europe
(MORANE) trial and was a major contributor to the European
Integrated Railway Radio Enhanced Network (EIRENE) GSM-R
standard.

                   About Kapsch CarrierCom AG

Kapsch CarrierCom AG is a Kapsch Group company that specializes
in voice and data transmission solutions for landline and mobile
network operators.  Kapsch CarrierCom caters for every stage in
the process - from analysis, consulting, design, development,
installation and training to the maintenance and operation of
entire networks.

                      About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology
solutions encompassing end-to-end broadband, Voice over IP,
multimedia services and applications, and wireless broadband
designed to help people solve the world's greatest challenges.
Nortel Networks Limited is the principal direct operating
subsidiary of Nortel Networks Corporation.

Nortel does business in more than 150 countries including
Indonesia, the United Kingdom, Denmark, Russia, Norway,
Australia, Brazil, China, Singapore, among others.

                          *     *     *

In March 2007, Moody's Investors Service affirmed Nortel
Networks' existing ratings, including its B3 corporate family
rating, and assigned a B3 rating to the proposed US$1 billion
convertible senior unsecured notes offering.  Proceeds of the
offering will be used to refinance a portion of the US$1.8
billion in 4.25% convertible notes due in 2008 when they become
payable at par.  Moody's said the outlook remains stable.

Standard & Poor's Ratings Services also assigned its 'B-' debt
rating to Canada-based Nortel Networks Corp.'s proposed US$1
billion senior unsecured convertible notes, which will consist
of two tranches of US$500 million, maturing in 2012 and 2014,
respectively.

Proceeds from the convertible notes will be used to partially
refinance NNC's US$1.8 billion senior unsecured convertible
notes due Sept. 1, 2008, and therefore the overall debt level is
not expected to change.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on 100%-owned Canada-based
subsidiary, Nortel Networks Ltd.  At the same time, the ratings
on the US$200 million notes of NNL and the US$150 million notes
of Nortel Networks Capital Corp. were lowered to 'CCC' from
'B-'.  NNC, NNL, and the U.S.-based subsidiary, Nortel Networks
Inc., are collectively referred to as Nortel.

S&P said the outlook on NNL is stable.

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

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


PERTAMINA: Partners with Lukoil Overseas for Oil Exploration
------------------------------------------------------------
PT Pertamina (Persero) has partnered with Lukoil Overseas
Holdings Ltd. to exploit mature oil fields and for training
purposes.  Both companies planned to explore oil and gas in
Indonesia and other countries, especially in the former Soviet
Union, The Jakarta Post reports.

According to the report, Pertamina and Lukoil will use enhanced
oil recovery technology to extend the life of Indonesia's aging
oil fields.

Both companies will make a committee to ready the establishment
of joint venture companies so the cooperation agreement would
take effect, the report adds.

                     About Lukoil Overseas

Lukoil Overseas Holdings Ltd., the world's second largest oil
company, conducts oil and gas exploration and production in many
countries, including Iran, Irak, Saudi Arabia, Columbia,
Venezuela, Egypt, Uzbekistan, Azerbaijan and Kazakhstan.

The company, which controls around 1.3% of global oil reserves,
and 2.1% of global oil production, dominates the Russian energy
sector, with its oil production accounting for 18% of Russia's
total oil production.

The Russian company also operates refineries in Ukraine,
Bulgaria and Romania, with a total capacity of 58.5 million tons
per year.

                        About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, with the rest being me by
imports.

In 2003, PT Pertamina finance director Alfred Rohimone disclosed
that the Company's financial condition was in critical condition
because its expenses had surpassed its income due to its
obligation to meet domestic demand with fuel oil bought at
higher prices on the international market.  Mr. Rohimone stated
that with a liquidity position below IDR2 trillion, the Company
was already bleeding.

Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.


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

DAIWA SECURITIES: European Unit Opens Dubai Branch
--------------------------------------------------
Daiwa Securities SMBC Co. disclosed that its London-based
European unit, Daiwa Securities SMBC Europe Ltd., has been
granted a license from the Dubai Financial Services Authority to
operate from the Dubai International Financial Centre as an
authorized firm, according to various reports.

Through its Dubai branch, the company will promote the sales of
Japanese and other Asian stocks and bonds to local institutional
investors and financial institutions, reports further add.

                     About Daiwa Securities

Headquartered in Tokyo, Daiwa Securities Group Inc. --
http://www.daiwa.jp/ -- is a Japan-based securities company.
The company primarily is engaged in the securities, investment,
financing and service businesses.  Daiwa Securities Group is
comprised of 46 consolidated subsidiaries and five associated
companies, which are engaged in the securities, investment
trust, information service, real estate leasing, venture
capital, financing and other businesses.  The company with its
subsidiary and associated companies has operations in both
domestic and overseas markets, including Japan, the United
Kingdom, the United States, the Netherlands, Hong Kong and
Singapore.

The Troubled Company Reporter - Asia Pacific reports that Fitch
Ratings, on October 26, 2006, affirmed the company's C
individual rating.


FUJI HEAVY: US Plant Starts Toyota Camry Production
---------------------------------------------------
Fuji Heavy Industries Ltd. and Toyota Motor Corporation
disclosed last week the start of Toyota Camry production at
Subaru of Indiana Automotive, Inc., FHI's North American
production base.

The Indiana factory will produce 100,000 sedans annually so
Toyota can better respond to growing sales and meet the strong
demand of its vehicles in North America, Japan Times Online
reports.

FHI President Ikuo Mori relates "This project was completed with
a short and challenging deadline, and I am grateful to everyone
for their hard work in making it a success."

This development follows the agreement signed by both companies
on March 2006 to build the Toyota Camry in SIA.

Toyota acquired some shareholdings held by General Motors Corp.
in Fuji Heavy, known for the Subaru brand, in October 2005 when
the U.S. auto giant terminated its capital ties with Fuji Heavy,
the daily relates.

                  About Fuji Heavy Industries

Headquartered in Tokyo, Japan, Fuji Heavy Industries Ltd. --
http://www.fhi.co.jp/-- is a manufacturing company engaged in
the production, sale, repair and leasing of automobile and
transportation-related products.

Standard & Poor's Ratings Services lowered its long-term credit
rating on Fuji Heavy Industries Ltd. to 'BB+' from 'BBB-' based
on diminished prospects for a recovery in profitability and cash
flow over the near term along with intensifying competition in
the global auto industry.


MIZUHO FINANCIAL: Board Resolves to Dissolve Cayman Subsidiary
--------------------------------------------------------------
Mizuho Financial Group, Inc. said that its Board of Directors
resolved on April 20, 2007, to dissolve MHFG's subsidiary,
Mizuho Preferred Capital (Cayman) 2 Limited.

Mizuho Preferred's representative is Naomi Harada.  The
subsidiary was established in January 2002.  It is in the
business of issuing preferred securities and making subordinated
loans.  Mizuho Preferred has a capital of JPY3.5 billion.
Liquidation is expected to be completed by the end of March
2008.

The Board of Directors of MHFG decided to redeem preferred
securities issued by the subsidiary in full in June 2007.  The
Board's decision will have no effect on the earning estimates
for the fiscal year ended March 31,2007 of MHFG.

                 About Mizuho Financial Group

Headquartered in Tokyo, Japan, Mizuho Financial Group, Inc. --
http://www.mizuho-fg.co.jp/english/-- is a financial
institution.  The company primarily is engaged in the banking,
trust, securities, asset management and credit card businesses,
as well as the investment advisory business.  Through its
subsidiaries, Mizuho Financial Group also is engaged in the
consulting, system management, credit guarantee, temporary
staffing and office work businesses, among others.  Its main
subsidiaries and associated companies include Mizuho Bank, Ltd.,
Mizuho Trust & Banking Co. (USA), Mizuho Trust & Banking
(Luxembourg) SA, Mizuho Corporate Bank, Ltd., Mizuho Trust &
Banking Co., Ltd., Mizuho Private Wealth Management Co., Ltd.,
Mizuho Financial Strategy Co., Ltd., Mizuho Capital Markets
Corporation, Mizuho Securities Co., Ltd., Mizuho Bank
Switzerland Ltd., Mizuho International plc., Mizuho Securities
USA, Inc. and Mizuho Investors Securities Co., Ltd.  The company
has 130 consolidated subsidiaries and 19 associated companies.

The Troubled Company Reporter - Asia Pacific reported on
November 28, 2005, that Moody's Investors Service upgraded to D+
from D- the bank financial strength ratings of the banks in the
Mizuho Financial Group -- Mizuho Bank, Ltd.; Mizuho Corporate
Bank, Ltd.; and Mizuho Trust & Banking Co., Ltd.

Additionally, on February 8, 2006, Fitch Ratings assigned a C
individual rating to Mizuho Financial.


NIKKO CORDIAL: Southeastern Asset Management Snubs Citi's Offer
---------------------------------------------------------------
Southeastern Asset Management, Inc., which has clients that
collectively own 6.6% in Nikko Cordial Corp., said it does not
intend to tender the stake at the JPY1,700 per share price
offered by Citigroup, Reuters reports.

According to Reuters, Southeastern Asset's move follows Orbis
Investment Management's statement late last week that "it would
not tender its Nikko shares at 1,700 yen and that it would
maintain a sell order for its roughly 5.8% stake at 1,900 yen
per share."

Orbis noted, Reuters said, that 29% of Nikko shares were now on
offer at JPY1,900 per share, above Citigroup's offer.

As previously reported by the Troubled Company Reporter - Asia
Pacific, Citigroup's banking unit, Citibank, as well as Japan's
three largest banks, are arranging JPY1.7 trillion in loans.
Citigroup, which holds a 4.9% stake in Nikko Cordial, launched a
US$13.35 billion tender offer early this year for the remaining
shares of the Japanese brokerage firm.

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
March 8, 2007, that Fitch Ratings revised the Rating Watch on
the foreign and local currency Issuer Default and Individual
ratings of Nikko Cordial Corporation and Nikko Cordial
Securities Inc. to Evolving from Negative.  These ratings were
placed on Watch Negative on Dec. 21, 2006:

  * NCC: Individual rating C/D and Support rating 5.

  * Nikko Cordial Securities: Individual C and Support rating 4.

As reported in the TCR-AP on Dec. 22, 2006, Japan's Securities
and Exchange Surveillance Commission began investigating Nikko
Cordial for falsifying its annual financial statements for the
business year ended March 30, 2005, declaring JPY14 billion in
false profits, and using them to procure money from the market.


NOMURA HOLDINGS: Plans to Launch HK Unit for Merchant Banking
-------------------------------------------------------------
The Wall Street Journal reported that Nomura Holdings Inc. will
launch a business unit based in Hong Kong specializing in
merchant banking in Asia excluding Japan.

Kazuhiro Shimamura, writing for the Journal, related that Akira
Maruyama, Nomura's chief executive for Global Merchant Banking,
disclosed that the securities group will commit "several tens of
billion yen," or several hundred million dollars, to developing
the business over a number of years.

According to Mr. Maruyama, the new unit will be named Asia
Merchant Banking and it will start operations May 1 with about
10 employees, Mr. Shimamura reported.

                     About Nomura Holdings

Nomura Holdings, Inc. -- http://www.nomura.com/-- is a
securities and investment banking firm in Japan and have
worldwide operations in more than 20 countries and regions
including Japan, the United States, the United Kingdom,
Singapore and Hong Kong through its subsidiaries.  Nomura
operates in five business segments: Domestic Retail, which
includes investment consultation services to retail customers;
Global Markets, which includes fixed income and equity trading
and asset finance businesses in and outside Japan; Global
Investment Banking, which includes mergers and acquisitions
advisory and corporate financing businesses in and outside
Japan; Global Merchant Banking, which includes private equity
investments in and outside Japan, and Asset Management, which
includes development and management of investment trusts, and
investment advisory services.

On April 13, 2006, Fitch Ratings gave Nomura Holdings a 'C'
individual rating.


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

KOREA EXPRESS: CJ Corp Mulls Acquisition
----------------------------------------
South Korea's C J Corp, may buy Korea Express Co Ltd in order to
strengthen its presence in Korea and abroad, Cargo News Asia
reports, citing a company spokesman as saying.

"In particular, we want to expand our business in overseas
markets such as the US, Japan and China, backed by reinforced
logistics services," the spokesman told Cargo News.

However, according to the report, the spokesman did not disclose
the size of the stake C J Corp wants to buy, or how much it
plans to invest if the acquisition goes ahead.

                          *     *     *

Headquartered in Seoul, Korea Express Co., Ltd. --
http://www.korex.co.kr/-- provides land and marine
transportation, and logistics services.  The company also
operates stevedoring, distribution, and warehousing businesses
that serve domestic and international customer needs.  Korea
Express transports a variety of products, ranging from consumer
goods to machinery and turbines.  Korea Express also operates
Internet home shopping business.

Korea Express Bank has been under court receivership since June
2001 after it could not service a KRW1.5-trillion debt,
including KRW919 billion owed by then-parent Dong-Ah
Construction Industrial Co.  Korea Express President Lee Kook-
Dong will decide with a Seoul court about when to sell the
company, which has a market value of US$601 million.

In the company's Web site, Mr. Lee said that Korea Express will
strive to end court receivership and improve its liquidity,
maximize sales profit through strengthening of cooperation
between management and labor, and seek continuous development.

Korea Investors Service gave the company a BB rating.


SK NETWORKS: Completes Debt Reform Program Ahead of Schedule
------------------------------------------------------------
South Korea's SK Networks, formerly SK Global, has ended its
creditor-led debt workout programs, about eight months ahead of
the original schedule, Korea Times reports, citing an official
from its main creditor, Hana Bank.

According to the source, SK Networks had completed its debt
restructuring programs earlier than scheduled and said "the
early completion of debt-restructuring programs means SK
Networks has secured a position to become a financially healthy
firm."

The Times recounts that SK Global's financial woes began in
March 2003 when the company was found to have committed a
massive accounting fraud.  At the time, its domestic and foreign
creditors agreed to bail it out by restructuring its debt
estimated at more than KRW9 trillion.

Months later, SK Global changed its name to SK Networks in a
move to shake off its negative image tarnished by an accounting
scandal, the paper adds.

The Times relates that under the memorandum of understanding
signed between creditors and SK Networks in Sept. 2003,
creditors agreed to allow the company to end debt-rescheduling
programs if it met key financial conditions.

The firm restructured its business platform to close
unprofitable businesses and conducted layoffs to reduce costs.
As a result, it had produced operating profits for the fourth
consecutive year last year, and its credit ratings improved to
BBB-, an investment grade, the report notes.

                          *     *     *

South Korea's SK Networks -- www.sknetworks.com -- formerly SK
Global Co., Ltd. has grown from a general trading company to an
international business-integrating enterprise.  It is involved
in over 2,000 products ranging from textiles, clothing,
petrochemicals, and commodity goods to steel, metal products,
machinery, and telecommunications devices.


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

ARK RESOURCES: Director Gets Reprimand for Breach in Disclosures
----------------------------------------------------------------
The Bursa Malaysia Securities Bhd publicly reprimanded the
executive director of Ark Resources Bhd, Encik Mohd Hamizan Bin
Abd Hamid, for failing to adequately announce significant
details in the company's fourth quarter ended Dec. 31, 2005,
financial report.

According to the bourse, the director had "permitted, either
knowingly or where he had reasonable means of obtaining such
knowledge, the company to breach Bursa Securities listing rules
for failure to take into account the adjustments as explained in
the company's announcement dated July 19, 2006, in the company's
unaudited results in the fourth quarterly report for the
financial year ended 31 December 2005."

In addition, the bourse also directed Ark Resources to engage
its external auditor to carry out a limited review on its next
four quarterly reports immediately subsequent to the imposition
of the penalty on the company before they are disseminated to
the public.

                          *     *     *

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

On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category -- which includes
the implementation of a regularization plan -- or face delisting
procedures.  Currently, ARK Resources is under the protection of
a Restraining Order pursuant to Section 176 of the Companies Act
1965 and formulating a debt and capital restructuring scheme to
improve the Company's financial position.

As of Dec. 31, 2006, Ark's total assets amounted to MYR32.38
million and total liabilities aggregated to MYR232.91 million,
resulting to a shareholders' deficit of MYR200.53 million.


DCEIL INTERNATIONAL: Gets Public Reprimand for Nondisclosures
-------------------------------------------------------------
Dceil International Bhd has been served with a public reprimand
from the Bursa Malaysia Securities Bhd for breaching the
bourse's disclosure and listing rules.

According to the bourse, the company has failed to:

    * furnish the company's annual report for the financial year
      ended June 30, 2006, within the stipulated timeframe.

    * make the announcement on the company's failure to submit
      the AR 2006 within the stipulated timeframe.

    * make the monthly status announcement pursuant to PN1 since
      the last announcement made by the company on December 1,
      2006.

    * make the monthly status announcement pursuant to PN17
      since the last announcement made by the Company on
      December 1, 2006.

    * take into account the adjustments as stated in the
      company's announcement dated November 3, 2006, in the
      company's fourth quarterly report for the financial year
      ended June 30, 2006.

According to the bourse, Dceil had reported an unaudited net
loss after tax and minority interest of MYR32,961,000 for the
FYE 2006 in its 4th QR 2006 as compared to an audited net loss
after tax and minority interest of MYR132,973,602 in its Annual
Audited Accounts for the financial year ended June 30, 2006.
The difference between the unaudited results and the audited
results of RM100,012,602 represents a deviation of 303%.

The Bursa Securities has also ordered the company:

    (a) to engage its external auditor to carry out a limited
        review on the company's next four quarterly reports from
        the date hereof prior to the same being announced;

    (b) to furnish the AR 2006 within one month from the date of
        notification of the penalty imposed; and

    (c) to rectify the breaches of paragraphs 9.26(3)(a) of the
        LR, paragraph 3.2 of PN1 and paragraph 3.1(b) of PN17
        immediately.

In addition, Bursa Securities has also taken enforcement action
against the directors of the company and fined them MYR70,000
each for these breaches:

    A. Dato' Dr Tan Seng An: Executive Chairman - breach of
       Paragraph 9.16(1)(a) and paragraph 9.23(a).

    B. Datin Tan Bee Lian: Executive Director - breach of
       Paragraph 16.11(a) in respect of the Company's breach of
       paragraph 9.16(1)(a) and paragraph 9.23(1).

                          *     *     *

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

DCEIL is classified under Practice Note 1 and Practice Note 17
of the Bursa Malaysia Securities Berhad's Listing Requirements,
and is therefore required to implement a plan to regularize its
finances.

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

Dceil's balance sheet as of end-September 2006 reflected total
assets of MYR139.93 million and total liabilities of
MYR146.6 million, resulting in a shareholders' equity deficit of
MYR6.66 million.


FA PENINSULAR: Bursa Extends Plan-Filing Deadline to June 30
------------------------------------------------------------
The Bursa Malaysia Securities Berhad has extended the
regularization plan-filing deadline of FA Peninsular Bhd to June
30, 2007, upon the company's request.

FA Peninsular is also required under the extended time frame to
make a requisite announcement of its reform plan on April 30.

As reported by the Troubled Company Reporter - Asia Pacific on
Feb. 21, 2007, the Bursa Securities has suspend the trading and
commenced a delisting of FA Peninsular's securities after it
failed to comply with the bourse's listing requirements.

                          *     *     *

FA Peninsular's principal activities are processing and trading
cocoa.  Other activity includes stock and share-broking.
Operations are carried out mainly in Malaysia.

The company is currently listed in the Amended PN-17 list of
companies in the Bursa Malaysia Securities Bhd and is required
to submit a regularization plan to stabilize its financial and
operational status.

FA Peninsular Bhd's unaudited balance sheet as of Dec. 31, 2006,
went upside down with total assets of MYR15.86 million and total
liabilities of MYR22.08 million, resulting to a shareholders'
deficit of MYR6.22 million.


SETEGAP BERHAD: Court Extends R.O. to Accommodate Asset Disposal
----------------------------------------------------------------
Setegap Bhd disclosed in a filing with the Bursa Malaysia
Securities Bhd that it had obtained from the Court a 90-day
extension of its Restraining Order from April 21 to July 21,
2007.

The Extension Order is granted on these conditions:

    a) The Lenders are permitted to deal with all charged assets
       regardless of the RO;

    b) Setegap Berhad mandates the Lenders to source for buyers
       in respect of the charged assets;

    c) Setegap Berhad is to grant the facility agent with the
       power of attorney to transact in the disposal of the
       charged assets;

    d) Setegap Berhad is also to require its director or its
       authorized signatories to sign all the necessary
       documents not limiting to the power of attorney as well
       as the respective sale and purchase agreements in
       relation to the disposal of the charged assets, whenever
       required; and

    e) Setegap Berhad provides monthly accounts of receipts and
       payments on or before the 7th of each month and also in
       respect of past accounts of such receipts and payments
       from the date when the restraining order was first
       granted on April 27, 2006, to the Lenders.

                          *     *     *

Headquartered in Petaling Jaya, Malaysia, Setegap Berhad's
principal activities consist of the construction and maintenance
of roads, railways and building, including services rendered on
quarrying.  The Company's other activities include manufacturing
and selling offroad construction equipment, asphalt plants,
mixing plants, asphalt emulsions and premix.  The Group also
provides mechanical and electrical services, leases machinery
and investment holding.

Setegap's cash flow and profitability were affected by the Asian
financial crisis in 1997 and 1998.

Setegap Bhd's unaudited balance sheet as of Dec. 31, 2006,
showed total assets of MYR65.71 million and total liabilities of
MYR187.85 million, resulting to a shareholders' deficit of
MYR122.14 million.


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

AIR NEW ZEALAND: Ups Load Factor in March Despite Capacity Cuts
---------------------------------------------------------------
The Air New Zealand Group posted a 7.0 percentage point
improvement in passenger load factor for the month of March, a
company filing reveals.   The higher load factor of 79.5%
resulted from an 8.3% increase in traffic numbers despite group-
wide capacity reductions of 1.3%.

According to the company filing, the improved performance in
March has helped lift the year-to-date passenger load factor to
76.4%, a similar position to the comparative period last year.
Load factors have held despite a 10.1% improvement in year-to-
date group-wide yields reflecting strong network wide demand.
Year-to-date long and short haul yields are up 11.4% and 9.1%
respectively.

The traffic and yield performance in March has exceeded the
company's expectations.  Furthermore, the current forward
booking profile for the final quarter of the financial year,
traditionally the company's weakest quarter, is now in excess of
earlier expectations.

A summary of passenger load factors for the month of March
shows:

   -- Short-haul passenger load factor increased 7.4 percentage
      points to 78.3% when compared with March 2006.

   -- Domestic passenger load factor was up 0.7 of a percentage
      point to 79.4%.

   -- A 15th leased Boeing 737 will be added to the domestic
      network in November this year, and based on current
      traffic projections we would expect to introduce a 16th
      aircraft in the first half of calendar year 2008. These
      additional aircraft, combined with adjustments to the seat
      configuration on the existing 737 fleet, represent an
      increase of almost 20% in domestic jet seat capacity.]

   -- Tasman/Pacific Islands passenger load factor increased
      10.5 percentage points to 77.8%.  The rationalisation of
      poor performing Tasman routes contributed to the improved
      performance of this sector.

   -- Long-haul passenger load factor was up 6.7 percentage
      points to 80.3% when compared with March 2006.

   -- Asia/UK passenger load factor increased 15.4 percentage
      points to 80.2%.

   -- North America/UK passenger load factor was up 2.0
      percentage points at 80.4%.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business.

As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 2, 2005, Moody's Investors Service affirmed its Ba1 issuer
rating on Air New Zealand Limited after the airline announced
its annual results for FY2005.  Air NZ's rating reflected its
dominant position in the New Zealand domestic market, with
around 80% market share, and the profitability of domestic
operations following their restructuring to a low-cost network
model.  Also supporting Air NZ's rating was its solid liquidity
position, with cash balances of NZ$1.071 billion held as at
June 30, 2005.

However, while Air NZ has a solid position in New Zealand and
other parts of the international network are performing well,
intense competition on trans-Tasman routes has resulted in it
being unprofitable for Air NZ.  International competition also
limits Air NZ's ability to expand.  Its management is also aware
of the airline's vulnerability to external shocks and the
actions of key competitors.


BLIS TECHNOLOGIES: New Investor Subscribes to 5 Million Shares
--------------------------------------------------------------
BLIS Technologies Limited informed the New Zealand Stock
Exchange that a new investor has agreed to subscribe to
5,000,000 ordinary shares in the company at an issue price of
8.2 cents per ordinary share.

According to BLIS Technologies Chairman Peter Fennessy, the
settlement will take place on April 26, 2007, or at a later date
that the parties will agree, but not later than April 30,.

The company will make another announcement after the settlement.

"The company is continuing to assess various other funding
options to allow it to continue to fully pursue its business
objectives," Mr. Fennessy states.

As reported in the Troubled Company Reporter - Asia Pacific
yesterday, BLIS recently inked a revised distribution agreement
with Pharmabroker Sales Ltd, which pact BLIS considers as
"significant."

                   About BLIS Technologies

BLIS Technologies Limited (NZX: BLT) became listed on the New
Zealand Stock Exchange in July 2001 and was formed to
commercialise BLIS (bacteriocin-like inhibitory substances),
hence the company's name, BLIS Technologies Ltd.  The company
has acquired the rights to the collection of an extensive range
of BLIS producing organisms and is developing new products for
use in the control of undesirable bacterial infections, which
includes dental caries control, the prevention and treatment of
ear and throat infections, and skin infections.

                      Going Concern Doubt

Deloitte -- the company's auditors -- in forming its unqualified
opinion, raised fundamental uncertainty on the company's ability
to continue as a going concern.

BLIS recorded a net deficit of NZ$1,107,851 for the year ended
March 31, 2006 (2005: 1,336,319), and has cash and short-term
deposits of NZ$201,850 on hand at March 31, 2006.  The company
has raised additional capital of NZ$200,000 by way  of a private
placement of 2 million ordinary shares at NZ$0.10 per share.
The company has prepared a business plan and budget, which
indicate that available cash reserves combined with cash
generated as a result of the private placement, are sufficient
for a period of at least 12 months from the date these financial
statements were approved by the board of directors.

While the directors are confident in the company's ability to
continue as a going concern, there is significant uncertainty as
to whether the company will be able to achieve a positive
operating cash flow position within the timeframe set out in the
Board of Directors' plans prior to utilization of available cash
resources, and continue as a going concern and therefore,
whether they will be able to pay their debts as and when they
become due and payable.

In addition, the company may have to provide for further
liabilities that might arise, and to reclassify non current
assets and liabilities as current assets and liabilities.


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

ALLIED BANK: Central Bank Okays Additional Investment in NYLIP
--------------------------------------------------------------
Allied Banking Corporation disclosed in a filing with the
Philippine Stock Exchange that the Bangko Sentral ng Pilipinas
approved its request to increase its equity investment in New
York Life Insurance (Philippines) Inc by 50% or
PHP116.7 million.

Allied Bank now has a 75% stake in NYLIP.

Allied Banking Corporation -- http://www.alliedbank.com.ph/--  
is a universal bank incorporated in the Philippines on April 4,
1977.  The company and its subsidiaries/affiliates are engaged
in all aspects of banking, financing and leasing to personal,
commercial, corporate and institution clients.  Allied Bank
offers a full range of domestic and international banking
products and services including deposit taking, lending and
related services, domestic and foreign fund transfer, treasury,
foreign exchange and trust services.  In addition, the bank is
licensed to enter into regular financial derivatives as a means
of reducing and managing the bank's and its customers' foreign
exchange exposure.

Allied Bank has international offices in Australia, China, Guam,
Hong Kong, Singapore, the Middle East, United Kingdom, Germany,
Italy, Spain, and the United States.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported that on
October 31, 2006, Fitch Ratings affirmed Allied Banking
Corporation's Individual rating at 'D' and Support rating at '4'
after a review of the bank.


PHIL. TELEGRAPH: Net Loss Down to PHP429 Million for Half Year
--------------------------------------------------------------
Lower revenues and higher costs pushed Philippine Telegraph &
Telephone Corp. into a deeper loss from operations by PHP41.770
million or 11%, for the six months ending December 31, 2006
compared to the same period last year, the company said in its
financials.

Net operating revenues for the period in review amounted to
PHP141.219 million decreased by PHP75.538 million or 35% as
compared to December 31, 2005's net operating revenues of
PHP216.757 million due to decrease of local exchange carrier
revenues.

Costs and expenses of PHP175.582 million for the half-year to
December 31, 2006 decreased by PHP36.329 million or 17% as
compared to December 31, 2005 of PHP211.911 million because of
the continuous cost reduction program.

The company's earnings before interest, taxes, depreciation and
amortization amounted to negative PHP34.362 million as of
December 31, 2006, lower by PHP39.829 million as compared to
December 31, 2005 of PHP5.467 million because of the decline in
revenues despite the continuing cost reduction programs of the
company

Net loss of PHP429.103 million for the half year ending December
31, 2006 decreased by PHP30.605 million or 7% as compared to the
same period last year principally because of improvement in
foreign exchange rate and reduction of interest due to
conversion by the company of the remaining debt to equity.

                         Balance Sheet

Cash of PHP1.767 million as of December 31, 2006 increased by
PHP80,000 or 5% as compared to June 30, 2006 due to close
monitoring of disbursements in operating expenses.

Other current assets of PHP2.349 million as of December 31, 2006
decreased by PHP1.337 million or 36% as compared to June 30,
2006 due to amortization of such assets.

Notes payable of PHP87.892 million as of December 31, 2006
increased by PHP8.151 million or 10% as compared to June 30,
2006 due to additional short term borrowings.

Amounts owed to related parties of PHP85.968 million as of
December 31, 2006 increased by PHP4.634 million or 6% as
compared to June 30, 2006 due to scheduling of payments.
Total deficit of PHP6.590 billion as of December 31, 2006
increased by PHP429.103 million or 7% as compared to June
30, 2006 brought about by the net loss for the period.

In terms of financial ratios, debt-to-equity ratio is at 0.29x
as of December 31, 2006 compared to June 30, 2006 of 0.26x.

Current ratio as of December 31, 2006 is at 0.34x as compared to
0.35x as of June 30, 2006.

Net cash from operation of negative PHP4.422M as of December 31,
2006 decreased by PHP22.952M as compared to December 31, 2005 of
PHP18.530M due to negative EBITDA.

The company's financials can be obtained for free at:

       http://bankrupt.com/misc/PTT-Qtrly.pdf

Makati City-based Philippine Telegraph & Telephone Corp. -
http://www.ptt.com.ph-- has grown through the years to become
the country's dominant record carrier and leading provider of
leased voice and data channels.  It offers the most
comprehensive package of telecom services ranging from telephony
to high-speed voice, data and sophisticated video technologies.

The company operates a nationwide telecommunication network,
which includes more than 400 retail outlets throughout the
country for telegraphy and long distance telephony.

The company has 30,000 post-paid and pre-paid local exchange
carriers subscribers in Region IV which account for over 50% of
revenues.  These are derived from monthly subscription fees and
domestic and international long distance calls albeit under
increasingly ruinous competition.

The company has been experiencing a series of net losses for
more than eight quarters.  The holding of the regular annual
stockholders' meeting is still held in abeyance pending
submission to the Securities and Exchange Commission and the
Philippine Stock Exchange of the company's audited financial
statements for the fiscal years ending June 30, 2004, 2005, and
2006.  As explained to the SEC under the company's request for
temporary exemptive relief, certain matters have yet to be
resolved in order to satisfy the requirements of its external
auditor, SGV & Co.


RIZAL COMMERCIAL: Earns PHP2.053 Billion for 2006
-------------------------------------------------
Rizal Commercial Banking Corporation registered a PHP2.053
billion net profit for the year ended December 31, 2006, a
63.04% growth from the restated net income of PHP1.259 billion
in 2005.

The profit performance was due to the sustained net interest
income and boosted by realized trading gains and participation
in the bond exchange of the Bureau of Treasury.

This year's net income accounted for 10.07% of gross revenues
from 6.70% in 2005.  For the third straight year, the bank and
its savings bank subsidiary did not recognize deferred tax
assets on certain temporary differences unless recoverability in
the future is reasonably assured.

Net interest income of PHP7.258 billion, representing 35.61% of
gross profits, was relatively flat at PHP7.28 billion from
PHP7.166 billion, moving up by only 1.28% or by PHP92 million.
Other income improved by 24.59%, up PHP998 million from PHP4.056
billion the previous, and comprised 24.80% of total income.
Year on year, both interest income and interest expense went up
by 4.11% and 6.79%, respectively, on account of higher volumes.

Total interest income and interest expense accounted for 75.20%
and 39.59%, respectively, of gross income.  Participation in the
Bureau of Treasury's Domestic Debt Consolidation Program
realized actual trading gains for the bank that contributed to
the growth in trading and securities gain-net.  Under the
program, eligible bonds held by the bank were exchanged for new
3-year, 5-year and 7-year benchmark bonds.  Though the rates of
the new benchmark bonds were lower, the rate differential was
realized upfront rather than over the term of the bonds.  The
differential was taken up as trading gains.  Hence, interest
income was not affected, except for lower interest rate
received.

Trading and investment securities and trading and securities
gain-net went up by PHP483 million and PHP1.304 billion,
respectively.  Other interest income increased by 108.17% from
PHP196 million to PHP409 million in 2006 primarily due to higher
interest received from accounts held with the Bangko Sentral.
The bank increased its placements with the Bangko Sentral to
comply with guidelines issued in 2006 that require banks to
maintain a reserve deposit account with the Bangko Sentral to
satisfy liquidity reserve requirements.  Previously, banks were
allowed to use a portion of their government securities as
reserves.

Interest income on trading and investment securities and trading
and securities gain-net comprised 24.90% and 11.67%,
respectively, of total revenues.  Still the biggest component of
interest income, interest income on loans represented 48.30% of
gross income.

On the other hand, trust fees dropped to PHP246 million, or by
24.91% from PHP328 million on account of the phasing out of
common trust fund products.  Similarly, foreign exchange
gain-net declined by PHP276 million due to the continued
appreciation of the Philippine peso.

Though commissions and other income remained stable at PHP2.691
billion, this comprised 13.20% of total profits.

Interest expense on deposit liabilities that went up by 7.21%
from PHP4.688 billion represented 24.66% of gross income.
Similarly, interest expense on bills payable and other
borrowings increased by PHP175 million or by 6.10% from PHP2.868
billion and accounted for 14.93% of total profits. The higher
interest expenses this year was mainly due to volume of deposits
and short-term borrowings.

Total operating expenses of PHP8.047 billion, representing
39.48% of gross revenues, remained contained.  It moved up by
less than 5.00% from last year's PHP7.698 billion.  The bank,
through enhancements to its information technology and
communication systems, continuously exert effort to contain and
manage costs and expenses without sacrificing quality, efficient
delivery of its products and services and exposure to
operational risks.

The 51.90% rise in taxes and licenses, from PHP901 million, was
largely due to the increase in the gross receipts tax for other
income and the documentary stamp taxes on time deposits assumed
by the bank.  The GRT was increased from 5.00% to 7.00% from
November 2005.

Business licenses and fees incurred in 2006 likewise increased.
In addition, the bank paid about PHP402.1 million in basic
taxes, as one-time tax abatement, under the Bureau of Internal
Revenue's abatement program as part of a settlement of a tax
dispute.  As a number of fixed assets have been fully
depreciated, depreciation and amortization expense declined by
6.14%, from PHP349 million to PHP328 million.

Operating expenses largely consisted of manpower cost, occupancy
and equipment related expenses, taxes and licenses and
miscellaneous expenses that accounted for 10.72%, 7.04%, 6.72%
and 13.40%, respectively, of total income.

The provisioning set aside by the bank and its consolidated
subsidiaries of PHP1.749 billion was higher year on year.  The
11.66% growth in provisioning, from PHP1.567 billion, was
attributable to management's stance that the setting up of
provisioning for losses should be sustained especially with the
continued challenges facing the economy.  Total provision for
probable losses accounted for 8.58% of gross profits.

Although provision for tax expense of PHP627 million declined
34.40% from last year's PHP956 million, the Parent Company's
provision for tax expense increased as a large portion of its
revenues were subjected to final taxes and withheld at source.

The higher tax expenses for 2005 was primarily caused by the
combined derecognition and write-off of deferred tax assets of
Bankard. The derecognition of the deferred tax assets was
applied retroactively following the bank's purchase of
substantially all of the assets of Bankard and was done because
management believed that it was unlikely that Bankard would
achieve the requisite profits to use the deferred
tax assets.  Hence beginning 2006, the bank's subsidiary credit
card company no longer recognized deferred tax benefits.

Minority interest in net income went down to PHP163 million, or
by 36.45% from PHP257 million, due to the lower net loss
incurred by one of the bank's majority-owned subsidiary.
The 2006 results of operations reflected the much-improved
economic environment within which the bank and its consolidated
subsidiaries operate.  Further, it also indicated that the
bank's efforts to focus on core business and cater to market
segments where areas of greater opportunities exist were
successful.  Cost reduction measures and improvements to
business processes implemented during the year further
contributed to better profits.

                     Performance Indicators

                                   Group          Parent
                               2005    2006    2005    2006
                              ------  ------  ------  ------
Return on Average Assets       0.66%   1.01%   0.84%   0.89%
Return on Average Equity      10.80%  12.64%  12.52%   9.14%
BIS Capital Adequacy Ratio    14.01%  20.31%  13.74%  20.47%
Non-Performing Loans Ratio    10.77%   7.58%  14.08%   9.49%
Non-Performing Assets Ratio   12.13%   8.23%  11.53%   6.63%
Earnings per Share             1.99    3.24    2.14    2.37


Total consolidated resources at PHP223.733 bilion reflected a
substantial 21.45% growth or by PHP39.512 billion. The higher
total resources were accounted mainly by the significant
expansion of the bank's financial market assets, deposits with
Bangko Sentral and with other banks, loans and other receivables
and other assets.

Consisting mainly of risk government securities, financial
market assets went up from PHP42.524 billion to PHP58.906
billion or by 38.52%. Financial market assets include Financial
Assets at Fair Value Through Profit or Loss, Held-to-Maturity
Investments and Available for Sale Securities.  The bank
reclassified all of its HTM securities to AFS in the 3rd quarter
of 2006 in preparation for the implementation of Basel 2 in
2007.  Consequently, FVPL securities expanded by PHP3.741
billion from PHP7.348 billion, AFS securities by PHP36.964
billion from PHP10.853 billion and HTM investments were reduced
to zero from PHP24.323 billion.

Deposit with Bangko Sentral was higher by PHP10.755 billion,
from PHP3.033 billion, principally due to the higher reserve
requirement resulting from the increase in deposit liabilities.
Deposit balances with other banks reached PHP7.062 billion,
increasing by PHP3.836 billion from PHP3.226 billion, as excess
funds were channeled to interest earning assets.

Loans and other receivables-net went up by 8.66%, or by PHP8.682
billion from PHP100.252 billion the previous year.

Aside from the incremental increase in total resources, the
bank's acquisition of Bankard at yearend is expected to improve
future profitability of the credit card business due to access
to lower cost of funds and streamlined business processes.

Increasing by 12.00% from PHP10.887 billion, other resources
expanded primarily due to the higher deferred charges recognized
in 2006.  Deferred charges mainly represent the unamortized
balance of the required additional allowance for impairment and
losses from the asset exchanges of RCBC's non-performing assets
to certain special purpose vehicles.  These are amortized over a
period of ten years in accordance with Bangko Sentral rules and
regulations.  In addition, deferred charges also include the
cost of software, net of accumulated amortization.

The above-mentioned increases were however offset by the
PHP1.548 billion, or 13.42%, decline in investment properties.
The sale of NPAs to Standard Merchant Bank (Asia) Ltd. on
November 15, 2006 primarily accounted for this drop in
investment properties.

Loans and other receivables and investment securities remained
the biggest component of bank's total assets at 48.69% and
26.33%, respectively, of total resources.  Available for sale
securities, a category of investment securities, accounted for
21.37% of total assets. Similarly, deposit with Bangko Sentral
and other resources accounted for 6.16% and 5.45%, respectively,
of total resources.

Total deposit liabilities at PHP157.550 billion expanded by
18.21% from PHP133.280 billion.  It continues to be the bank's
major source of funding at 70.42% of total resources. Bills
payable, representing 7.88% of total assets, went up by PHP2.779
billion or by 18.70% from PHP14.855 billion to address short
term funding requirements.

The substantial increase in due to other banks of PHP3.385
billion was mainly attributable to the higher credit balances,
which are temporary in nature, of working funds maintained with
local and foreign correspondent banks.  These accounts are
funded by inward remittances subject to drawing through payment
order.  Despite the relatively lower costs of doing business,
accruals of interest, taxes and other expenses similarly
expanded by 14.10%, or by PHP0.350 billion from PHP2.485 billion
largely due to the higher volume of interest bearing deposit
liabilities.

Outstanding acceptances payable declined by 15.02%, or from
PHP275 million to PHP234 million on account of the lower volume
of import bills acceptances under usance that were negotiated
during the period.  Similarly, the valuation of the dollar
denominated senior notes issued in 2005 accounted for the 7.23%
drop in bonds payable.

Other liabilities, likewise, decreased by 17.00%, from PHP7.923
billion to PHP6.576 billion, mainly due to lower outstanding
Manager's checks, accounts payables, guaranty deposits, sundry
credits and miscellaneous liabilities.

Accounting for 10.45% of total resources, total capital funds
inclusive of minority interest went up to PHP23.391 billion from
PHP12.710 billion. The 84.04% growth was primarily due to the
capital raising activities of the bank, 2006 net income after
tax and marked to market gains on AFS.

The bank issued 105,494,003 preferred shares at the US dollar
equivalent of PHP10.00 per share from the bank's unissued
capital stock with an aggregate value of PHP1.055 billion in
December 2006.  The shares are convertible to common shares of
stock and would be listed with the Philippine Stock Exchange.

In addition, the bank completed in October 2006 the issuance of
the Bangko Sentral-approved US$100.0 million non-cumulative
step-up callable perpetual hybrid securities. At yearend, these
securities have a book value of PHP4.883 billion.  Surplus
increased by 59.34% from PHP3.419 billion largely on account of
the net income realized for the year of PHP2.053 billion and net
of the transfer to reserve for trust business.  Hence, reserve
for trust business grew by 10.65%, from PHP224 million to PHP248
million.  Revaluation reserves on available for sale securities,
representing marked to market gains, also contributed to the
higher capital accounts by increasing from PHP40 million to
PHP2.915 billion.

Accumulated translation adjustment contracted by 11.50% from
PHP163 million to PHP144 million as a result of the stronger
Philippine peso vis-.-vis the US dollar. Minority interest
increased by PHP166 million as a result of the share in the
higher losses of the bank's subsidiary in its majority
owned credit card company subsidiary.

The bank plans to issue about 250 million new common shares,
about 80% of which will be offered and sold to international
investors.  The remaining 20% would be offered and sold to the
PSE trading participants.

The Bangko Sentral ng Pilipinas approved on January 16, 2007 the
cash dividends declared on August 1, 2005.  The dividends
amounting to PHP189.9 million or PHP0.30 per share were paid on
February 7, 2007.

Likewise, the Bangko Sentral approved on January 26, 2007 the
15% stock dividend declared in 2006.  The Securities and
Exchange Commission, on the other hand, approved the stock
dividend declaration on March 2, 2007. The stock dividends,
representing 100,768,703 shares at PHP10.00 par value, would be
issued on March 29, 2007 to all common and preferred
stockholders of record as of the close of business on March 14,
2007.

Total budget for consolidated capital expenditures for the year
2007 amounts to PHP935.5 million.

Primary capital expenditures would include the continuous
upgrade and developments to its IT infrastructure, including
software, as well as investments in the expansion of its branch
network.

The company's 2006 financials can be obtained free at:

             http://bankrupt.com/misc/RCBC2006.pdf

                           About RCBC

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

                          *     *     *

On November 2, 2006, the Troubled Company Reporter - Asia
Pacific reported that Fitch Ratings has assigned a final rating
of 'B-' to Rizal Commercial Banking Corporation's hybrid issue
of up to US$100 million.  The rating action follows the receipt
of final documents conforming to information previously
received.

On November 6, 2006, the TCR-AP also reported that Moody's
Investors Service revised the outlook for RCBC's foreign
currency senior debt rating of Ba3, foreign currency Hybrid Tier
1 of B3, and foreign currency long-term deposit rating of B1 to
stable from negative.

The outlook for RCBC's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of E+ remains
stable, the TCR-AP said.

The Troubled Company Reporter - Asia Pacific reported on October
24, 2006, that Standard & Poor's Ratings Services assigned its
'CCC' rating to Philippines' Rizal Commercial Banking Corp's
(RCBC; B/Stable/B) US$100 million non-cumulative step-up
callable perpetual capital securities.


SECURITY BANK: Clarifies Media Reports on 20% Growth Forecast
-------------------------------------------------------------
Security Bank, in a corporate disclosure with the Philippine
Stock Exchange, has clarified an erroneous report -- which came
out in the Philippine Daily Inquirer -- detailing a 20% growth
revenue forecast.

According to the bank, while it really did hold a press
conference to discuss its cash management product, the quote
relating to a 20% growth in bottom line from Patricia May Siy
applied only to her own division, the Corporate Relationship
Group.  Ms. Siy, the bank adds, has even declined to comment on
the growth projections of the bank, and redirected reporters to
query the chief executive officer or chief financial officer on
the matter.

The bank adds that "the article appearing in the Inquirer is
inaccurate as it takes out of context (Ms. Siy's) statement
which she stressed applied only to her group."

                        About Security Bank

Security Bank Corporation -- http://www.securitybank.com.ph/--  
offers a wide variety of financial products and services.  The
Bank's services include peso, dollar and third currency
deposits, domestic and international fund transfers, deposit
pick-up and payroll services, and ancillary services.  Security
Bank also provides working capital financing, term arrangements
and loan syndication services.

Fitch Ratings gave Security Bank a D individual rating and a 4
support rating.


UNIVERSAL ROBINA: To Invest US$40 Million in Thailand, Vietnam
--------------------------------------------------------------
Universal Robina Corporation is investing close to US$40 million
to expand its biscuit and waters production plants in Thailand
and Vietnam, All Headline News reports.

The report says that URC, a subsidiary of Philippine-based
conglomerate JG Summit Holdings, is allocating close to
US$150 million for capital expenditures this year, including
investments in the chewing gum, beverage, agro-industrial, and
sugar refinery markets.

According to the report, URC President Lance Gokongwei said that
the new investments is aimed at keeping their leadership in key
regional markets.  Gokongwei also announced that URC is entering
into the chewing gum market with an investment totaling
US$42 million.  The company is also expanding its sugar refinery
business to increase capacity from 5,000 tons per day to 9,000
tons.

Headquartered in Manila, Universal Robina Corporation --
http://www.urc.com.ph/-- the Philippines and listed on the
Philippines Stock Exchange, is one of the largest branded
consumer food companies in the country.  It also has production
facilities in Thailand, Malaysia, China, Indonesia and Vietnam
and sales/marketing offices in HK and Singapore. URC is also
engaged in Agro-industrial products, sugar milling, flour
milling and the packaging industry in the Philippines.

The Troubled Company Reporter - Asia Pacific reported on
November 13, 2006 that Moody's Investors Service upgraded its
local currency corporate family rating for Universal Robina
Corporation to Ba2 from Ba3.  At the same time, Moody's affirmed
the Ba3 foreign currency rating for the senior unsecured bonds
issued by URC Philippines Ltd and guaranteed by URC.  The Ba3
bond rating is in line with the foreign currency country ceiling
for the Philippines.  The ratings outlook is stable.

The company's long-term issuer credit carries S&P's BB rating.


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

AVAGO TECHNOLOGIES: 10-1/8% Senior Notes Offer Expires
------------------------------------------------------
Avago Technologies revealed the expiration of its previously
announced tender offer to purchase a portion of the 10-1/8%
Senior Notes due 2013 issued by Avago Technologies Finance Pte.
Ltd. and two subsidiary co-issuers (CUSIP Nos. 05336XAD3 and
U05212AA0).  The tender offer expired at 12:00 midnight, New
York City time, on April 19, 2007.

As of the expiration date of the tender offer, US$76,879,000
aggregate principal amount of the Notes, or 15.4% of the
outstanding US$500,000,000 aggregate principal amount of the
Notes, had been validly tendered.  Based upon the prices
submitted in the tender offer via "Modified Dutch Auction"
procedure described in the Offer to Purchase dated March 23,
2007, Avago has accepted for payment all US$76,879,000 aggregate
principal amount of the Notes tendered at a tender offer price
of US$1,060.00 per US$1,000 principal amount of Notes.  All
holders who validly tendered Notes at or prior to 5:00 p.m., New
York City time, on April 5, 2007 will be paid an additional
US$30.00 per US$1,000 principal amount of Notes accepted for
payment.  All Notes accepted for payment also will be entitled
to receive accrued and unpaid interest up to, but not including,
the settlement date.

                   About Avago Technologies

Headquartered both in San Jose, CA, and in Singapore, Avago
Technologies Holdings Pte. Ltd. -- http://www.avagotech.com/--  
is a semiconductor company, with approximately 6,500 employees
worldwide.  Avago provides an extensive range of analog, mixed-
signal and optoelectronic components and subsystems to more than
40,000 customers.  The company's products serve four end
markets: industrial and automotive, wired networking, wireless
communications, and computer peripherals.

It has manufacturing and marketing centers in Singapore, United
States, Italy, Germany, Korea, China, Japan and Malaysia.

Avago Technologies is the successor to the Semiconductor
Products Group of Agilent.  Avago Technologies purchased the
business of SPG as of December 1, 2005, for US$2.6 billion in
cash.

                        *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Oct. 2, 2006, Moody's Investors Service has revised its ratings
on Avago's US$250 million Senior Secured Revolver due on 2012,
from B1 to Ba2, LGD1, 4%; US$500 million 10.125% Senior
Unsecured Notes due on 2013, from B3 to B2, LGD3, 47%;
US$250 million Floating Rate Senior Unsecured Notes due on 2013,
from B3 to B2, LGD3, 47%; and US$250 million 11.875% Senior
Subordinated Notes due on 2015, from Caa2 to Caa1, LGD6, 91%.


CKE RESTAURANTS: Board Increases Stock Repurchase to US$250 Mil.
----------------------------------------------------------------
CKE Restaurants Inc.'s board of directors has authorized a
further expansion of its stock repurchase program, raising the
company's repurchase authority under its stock repurchase
program by an additional US$50 million, for a new limit of
US$250 million.

The company's stock repurchase program was initially put into
effect on April 13, 2004, with a limit of US$20 million, which
the board increased to US$50 million on July 24, 2006, to US$100
million on Oct. 11, 2006, to US$150 million on Jan. 10, 2007 and
to US$200 million on Jan. 23, 2007.  The company has utilized
US$172 million under this program, leaving a balance available
for future repurchases of US$78 million.

The company will increase the aggregate amount of the company's
term loan to US$170 million, a US$50 million increase, and will
use the proceeds to reduce the amount outstanding on its US$200
million revolving line of credit facility by US$50 million.

The company may make repurchases from time to time in the open
market or in privately negotiated transactions in compliance
with Securities and Exchange Commission Guidelines.  As part of
this repurchase program, the company currently has a US$5
million per quarter non-discretionary Rule 10(b)5-1 program in
place.

"The company's quarterly dividend and open market share
repurchase programs have proven to be a very effective means by
which we return capital to shareholders and increase investor
returns," Andrew F. Puzder, president and chief executive
officer, stated. "The company has repurchased over 9.7 million
shares representing 14.7% of the company's current fully diluted
share count at an average cost of US$17.72 per share.  The
company has completed substantially all of these repurchases
either in the open market or through private transactions based
on open market share prices.  As such, we have been able to
reacquire a substantial number of shares without paying a
premium above quoted market prices, as would generally be
expected if we had conducted a form of Dutch Auction or similar
strategy used by some companies in the acquisition of their
shares.  The company's lenders' agreement to increase the
company's term loan by US$50 million and thereby increasing the
funds available under its revolving credit facility is a clear
indication of their confidence in the company's financial
strength and its share repurchase program.  The company
continues to believe that the repurchase of the company's shares
represents an attractive investment opportunity."

On March 26, 2007, the company increased its regular quarterly
cash dividend to six cents per common share from four cents per
common share.

                      About CKE Restaurants

Headquartered in Carpinteria, California, CKE Restaurants Inc.,
through it's wholly owned subsidiaries, engages in the
ownership, operation, and franchising of quick service and fast-
casual restaurants.  The company operates its restaurants
primarily under Carl's Jr., Hardee's, La Salsa Fresh Mexican
Grill, and Green Burrito brand names.  As of Jan. 31, 2006, the
company operated or franchised approximately 3,160 restaurants
in 43 states and 13 countries -- including Singapore.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Mar 30, 2007, Standard & Poor's Ratings Services affirmed its
'BB-' corporate credit rating on Carpinteria, California-based
CKE Restaurants Inc.  The outlook is stable.

At the same time, Standard & Poor's assigned a 'BB' rating to
CKE's US$320 million secured revolving credit facility.  The
loan is comprised of a US$200 million revolver five-year loan
and a US$120 million six-year term loan.  The credit facility is
rated 'BB', one notch higher than the corporate credit rating on
CKE, with a recovery rating of '1', indicating the expectation
for full recovery of principal in the event of a payment
default.

Moody's Investors Service raised the ratings on CKE Restaurant,
Inc.'s Corporate family rating to Ba3 from B1; Probability of
default rating to Ba3 from B1; and US$105 million, 4.0%
convertible senior subordinated notes, due October 1, 2023, to
B2/95%/LGD-6 from B3/95%/ LGD-6

Moody's also assigned a (P)Ba2/31%/LGD-3 rating on the company's
US$200 million guaranteed first lien senior secured revolver,
due March 2012, and US$120 million guaranteed first lien term
loan B, due 2013.

Finally, Moody's affirmed the ratings on the company's
US$250 million guaranteed first lien senior secured revolver,
due May 1, 2007, at Ba2/29%/ LGD-2; and US$230 million
guaranteed first lien term loan B, due 2009, at Ba2/29%/LGD-2.

The outlook is stable


PETROLEO BRASILEIRO: Demands Payment from Bolivia for Two Plants
----------------------------------------------------------------
Brazilian state-owned oil company Petroleo Brasileiro SA told
The Associated Press it will insist that the Bolivian government
pay fair compensation for its two oil refineries.

As reported in the Troubled Company Reporter-Latin America on
March 14, 2007, Bolivia's President Evo Morales nationalized
hydrocarbon reserves in May 2006, sending troops to confiscate
foreign-run wells and plants.

The AP says the Bolivian government plans to take a majority
share in Petroleo Brasileiro's two plants in Cochabamba and in
Santa Cruz, which together account for almost all of Bolivia's
domestic fuel consumption.

Prensa Latina relates that the plants are called Guillermo Elder
and Gualberto Villarroel.

A report in Brazilian paper Folha de Sao Paulo says that
President Morales told his Brazilian counterpart Luiz Inacio
Lula da Silva that Bolivia would take control of the plants on
May 1 without paying full compensation.

According to the AP, Petroleo Brasileiro President Sergio
Gabrielli declined to comment on the report, saying, "I'm not
going to create a crisis through the press about a hypothesis."

The AP underscores that President Morales had fired Bolivian
Hydrocarbons Minster Andres Soliz, who announced in September
2006 the confiscation of the plants without any reimbursement,
after Brazil complained forcefully.

President Morales suggested that Bolivia could seek to pay a
lower price than what was demanded by Petroleo Brasileiro and
that the Bolivian state-run energy company Yacimientos
Petroliferos Fiscales Bolivianos would prefer to reimburse
Petroleo Brasileiro for the plants' original costs rather than
pay full market value, the AP states.

According to Prensa Latina, a report from the La Razon daily
says that Petroleo Brasileiro acquired the plants in 1999 for
US$104 million.

Petroleo Brasileiro told the AP it will insist that the Bolivian
government pay fair compensation for its two oil refineries in
the nation.  According to Petroleo Brasileiro, it has invested
about US$105 million on the facilities.

Mr. Gabrielli commented that "if there is no fair, previous
compensation," the company will use every means to "defend our
point of view" in negotiations over the installations, the AP
relates.

The Bolivian government still has to negotiate the terms of the
transfer of ownership of the shares in the two refineries.
President Morales said that the negotiations between Brazil and
Bolivia will determine whether the share is sold at
international market price or their "inherited Bolivian value,"
the AP states.

A Prensa Latina report says that President Morales suggested
that Petroleo Brasileiro sell the two plants at market price.
President Morales said that after reviewing the history, the
data indicate that Petroleo Brasileiro bought the refineries at
"inheritance-value price."

Meanwhile, President Morales told the AP that Petroleo
Brasileiro is willing to sell its entire share in two Bolivian
refineries, though it is only required to divest a majority
share under Bolivia's petroleum nationalization.  President
Morales disclosed in a news conference in La Paz that Petroleo
Brasileiro expressed its willingness to sell 100% of its stock
in the refineries.

                 About Petroleo Brasileiro SA

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/-- was founded in
1953.  The company explores, produces, refines, transports,
markets, and 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 Investors Service.

Fitch Ratings assigned BB+ ratings on Petroleo Brasileiro's
US$400 million 9% senior unsecured notes due April 1, 2008;
US$750 million 9.125% senior unsecured notes due July 2, 2013;
US$650 million 7.75% senior unsecured notes due Sept. 15, 2014;
and US$750 million 8.375% senior unsecured notes due Dec. 10,
2018.

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.


PETROBRAS BRASILEIRO: Clarifies Iparinga Group Acquisition
----------------------------------------------------------
Petroleo Brasileiro S.A., Ultrapar Participacoes S.A. and
Braskem S.A., in compliance with the order contained in the writ
of prevention issued by the Administrative Council for Economic
Defense -- CADE (the Brazilian anti-trust authority), in the
context of the agency's review of the acquisition, has informed
interested parties that:

   a) The companies appreciate the concern that motivated CADE
      to issue the Writ of Prevention and have already started
      to prepare analyses and information to be submitted to
      CADE, demonstrating that the transaction would benefit
      competitiveness of the petrochemical sector and would
      consolidate the Brazilian fuel distribution market without
      causing any harm to consumer interests.

   b) The Writ of Prevention did not affect the closing of the
      acquisition of the controlling interest of Ipiranga Group
      -- as described in the Material Event released on March 19
      this year - which was concluded April 19.

The companies will comply with the provisions contained in the
Writ of Prevention, as:

     (i) Petrobras, or any of its subsidiaries or affiliates, is
         forbiden to take part in deliberating, negotiating,
         discussing or any meeting, under any excuse, on matters
         concerning commercial and strategic aspects of Copesul
         -- Companhia Petroquimica do Sul, as well as to
         request, as a shareholder, documents, papers and
         information, which cover, even indirectly, decisions
         taken in these matters;

    (ii) Braskem S.A., or any of its subsidiaries or affiliates,
         is forbidden to take part in deliberating, negotiating,
         discussing or any meeting, under any excuse, on matters
         concerning commercial aspects and business development
         of the acquired Ipiranga Quimica S.A. and Ipiranga
         Petroquimica S.A. -- except in what regards those
         assets covered under item i -- as well as to request,
         as a shareholder, documents, papers and information,
         which cover, even indirectly, decisions taken in these
         matters;

   (iii) Petrochemical assets of the Ipiranga group -- except
         for those assets covered in item (i) and those related
         to these assets -- and the assets of Petrobras referred
         to in item (b), above, must remain a legally
         independent unit, including the continuance of the line
         of products, brand and distribution network;

    (iv) Decisions related to the development of the businesses
         of Copesul -- Companhia PetroquĦmica do Sul must
         preserve the economic value of the petrochemical assets
         covered in item (ii);

     (v) Petrobras, or any of its subsidiaries or affiliates, is
         forbidden to participate in deliberating, negotiating,
         discussing and any meeting, under any pretext, on
         commercially and strategically related matters related
         to the acquired fuel distribution business;

    (vi) With regard to items (i), (ii), (v), the independent
         manager that will be constituted, must preserve the
         competitive relationships previously existing in their
         operation;

   (vii) The petitioners must publish a Material Event
         announcement, under the terms of the applicable
         legislation, with the objective of informing the market
         of the conditions established by CADE in its writ of
         prevention, to preserve the competitive conditions in
         the sectors affected by the operation, as well as
         preserving the reversible nature of the transaction;

  (viii) The writ of prevention here presented may be reviewed
         at any time, at the behest of CADE or at the request of
         the petitioners, if in the judgment of the General
         Assembly of CADE, they do not affect the requirements
         that motivated its issuance, or that the measures
         adopted show themselves to be insufficient to guarantee
         the preservation of the reversible nature of the
         transaction;

    (ix) Infringement of any of these obligations herein
         established, declared by the Plenary Session of CADE,
         will be penalized with a daily fine, which will be
         registered against the company as an executed tax debt,
         of 100.000 (one hundred thousand) UFIRs, per item
         infringed, without any harm to the other applicable
         civil or criminal sanctions applicable, as well as the
         legal implementation of this decision, which
         constitutes an extrajudicial execution instrument for
         all legal purposes."

The closing of the acquisition of the shares of the controlling
shareholders of Ipiranga occurred April 19, under the terms
agreed in the Sale and Purchase Agreement signed on
March 18, 2007.  The amounts of ordinary and preferred shares in
each Ipiranga Group company set forth below were acquired from
the Controlling Shareholders:

                                   RPI        DPPI        CBPI
                                   ---        ----        ----
Ordinary shares linked to the
Shareholders Agreement         5,746,232  5,447,868       n.a.
% of Total Capital                 19.41%     17.02%       n.a.
Ordinary shares not linked to
the Shareholders Agreement       860,599  1,959,258  1,341,319
% of Total Capital                  2.91%     6.12 %      1.27%
Preferred shares                2,276,295  2,239,771        402
% of Total Capital                  7.69%      7.00%      0.00%

Payment for the acquisition of the shares described above
amounted to BRL2.1 billion.

                        About Braskem

Braskem (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) --
http://www.braskem.com.br/-- is a thermoplastic resins producer
in Latin American, and is among the three largest Brazilian-
owned private industrial companies.  The company operates 13
manufacturing plants located throughout Brazil, and has an
annual production capacity of 5.8 million tons of resins and
other petrochemical products.

                 About Ultrapar Participacoes

Ultrapar Participacoes S.A. (NYSE: UGP) (BOVESPA: UGPA4) is a
company with two main operations: LPG distribution (through its
fully-owned subsidiary Ultragaz Participacoes Ltda.) and
chemical production (through its also fully-owned subsidiary
Oxiteno S.A.). A third smaller but growing business is the
transportation and storage of chemicals and fuels, Ultracargo
Operacoes Logisticas e Participacoes Ltda., which completes
Ultrapar's business portfolio and reinforces the trend for
further business diversity in the long run.

                  About Petroleo Brasileiro SA

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/-- was founded in
1953.  The company explores, produces, refines, transports,
markets, and 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 Investors Service.

Fitch Ratings assigned BB+ ratings on Petroleo Brasileiro's
US$400 million 9% senior unsecured notes due April 1, 2008;
US$750 million 9.125% senior unsecured notes due July 2, 2013;
US$650 million 7.75% senior unsecured notes due Sept. 15, 2014;
and US$750 million 8.375% senior unsecured notes due Dec. 10,
2018.

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.


SEA CONTAINERS: Conyers Dill Okayed as Panel's Bermuda Counsel
--------------------------------------------------------------
The Official Committee of Unsecured Creditors of Sea Containers
Ltd. and Sea Containers Caribbean, Inc. obtained permission from
the U.S. Bankruptcy Court for the District of Delaware to employ
Conyers Dill & Pearman as its Bermuda counsel, nunc pro tunc to
Oct. 26, 2006.

Conyers Dill is expected to:

   (a) advise the SCL Committee with respect to its rights,
       duties, and powers in these cases;

   (b) assist and advise the SCL Committee in its consultations
       with the Debtors relative to the administration of the
       Chapter 11 cases;

   (c) assist the SCL Committee in analyzing the claims of the
       Debtors' creditors in negotiating with such creditors;

   (d) represent the SCL Committee at all hearing and other
       proceedings with regard to Bermuda law;

   (e) interface and coordinate with the provisional liquidators
       and any analogous parties that may be appointed under the
       law of various jurisdictions;

   (f) appear before the Bermuda Supreme Court, the Bermuda
       Court of Appeal, Bermuda Magistrate Courts and Bermuda
       regulatory bodies and protect the interests of the SCL
       Committee before the courts and regulators;

   (g) review and analyze all applications, orders, statements
       of operations and schedules filed with Bermuda courts and
       advise the SCL Committee as to their property;

   (h) attend the meetings of the SCL Committee, if requested;

   (i) advise as required on issues of Bermuda corporate law and
       governance with respect to SCL to the extent requested by
       the SCL Committee; and

   (j) perform other legal services as may be required and are
       deemed to be in the interests of the SCL Committee in
       accordance with its powers and duties as set forth in the
       Bankruptcy Code.

Conyers Dill's professional services will be paid based on its
standard hourly rates:

      Designation                      Hourly Rate
      -----------                      -------------
      Partners                         US$420 - $650
      Counsel and Associates           US$300 - $600

Conyers Dill attorneys principally responsible for the matters
in the Chapter 11 cases and their fees are:

      Professional                       Hourly Rate
      ------------                     ---------------
      Narinder Hargun, Esq.            US$600 - US$650
      David Cooke, Esq.                US$605 - US$635
      Robin Mayor, Esq.                US$575 - US$600
      Paul Smith, Esq.                 US$575 - US$600
      Angela Atherden, Esq.            US$315 - US$345
      Jennifer Haworth, Esq.           US$250 - US$300

Robin J. Mayor, Esq., an attorney at Conyers Dill, assures the
Court that her firm is a "disinterested person" as that term is
defined in Section 101 (14) of the Bankruptcy Code.

                      About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. (NYSE: SCRA,
SCRB)-- http://www.seacontainers.com/-- provides passenger and
freight transport and marine container leasing.  Registered in
Bermuda, the company has regional operating offices in London,
Genoa, New York, Rio de Janeiro, Sydney, and Singapore.  The
company is owned almost entirely by United States shareholders
and its primary listing is on the New York Stock Exchange (SCRA
and SCRB) since 1974.  On October 3, the company's common shares
and senior notes were suspended from trading on the NYSE and
NYSE Arca after the company's failure to file its 2005 annual
report on Form 10-K and its quarterly reports on Form 10-Q
during 2006 with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006, (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.

The Debtors' exclusive period to file a plan expires on June 12,
2007.  Their exclusive period to solicit acceptances expires on
Aug. 11, 2007.  (Sea Containers Bankruptcy News, Issue No. 12
and 13; Bankruptcy Creditors' Service, Inc.
http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Pepper Hamilton OK'd as Panel's Delaware Counsel
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Sea Containers
Services, Ltd. and its debtor-affiliates obtained authority from
the Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware to employ Pepper Hamilton LLP as its
Delaware counsel, nunc pro tunc to Jan. 26, 2007.

The Official Services Committee represents the interests of Sea
Containers 1983 Pension Scheme and Sea Containers 1990 Pension
Scheme in the Debtors' bankruptcy cases.

David B. Stratton, Esq., and David M. Fournier, Esq., partners
in the firm, and James C. Carignan, Esq., an associate, are
expected to do the primary work for Pepper Hamilton.

Pepper Hamilton is expected to:

   (a) assist Willkie Farr & Gallagher LLP in representing the
       Services Committee;

   (b) advise the Services Committee with respect to its rights,
       duties, and powers in the Debtors Chapter 11 cases;

   (c) assist and advise the Services Committee in its
       consultations with the Debtors, other committees and
       other parties-in-interest, relating to the administration
       of the Debtors' bankruptcy cases;

   (d) assist the Services Committee in analyzing the claims of
       Services' creditors and capital structure and in
       negotiating with the holders of claims, and if
       appropriate, equity interests;

   (e) assist in the Services Committee's investigation of the
       acts, conduct, assets, liabilities, and financial
       condition of the Debtors and other parties involved with
       the Debtors, and the Debtors' business operation;

   (f) assist the Services Committee in analyzing intercompany
       transactions;

   (g) assist the Services Committee in its analysis of, and
       negotiations, with the Debtors or any other third party
       concerning matters related to, among other things, the
       assumption or rejection of certain leases of non-
       residential real property and executory contracts, asset
       dispositions, financing of other transactions and the
       terms of a plan of reorganization for the Debtors;

   (h) assist and advise the Services Committee as to its
       communications, if any to the general creditor body
       regarding significant matters in the Chapter 11 cases;

   (i) represent the Services Committee at all hearing and other
       proceedings;

   (j) review, analyze, and advise the Services Committee with
       respect to all applications, orders, statements of
       operations, and schedules filed with the Court;

   (k) assist the Services Committee in preparing pleadings and
       applications as may be necessary in furtherance of its
       interests and objectives; and

   (l) perform other services as may be required and are deemed
       to be in the interests of the Services Committee in
       accordance with its powers and duties as set forth in the
       Bankruptcy Code.

Pepper Hamilton's services will be paid based on the firm's
customary hourly rates:

      Designation                                 Hourly Rate
      -----------                               ---------------
      Partners, Special Counsel, and Counsel    US$385 - US$575
      Associates                                US$210 - US$350
      Paraprofessionals                         US$135 - US$190

Mr. Stratton assures the Court that his firm "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

                      About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. (NYSE: SCRA,
SCRB)-- http://www.seacontainers.com/-- provides passenger and
freight transport and marine container leasing.  Registered in
Bermuda, the company has regional operating offices in London,
Genoa, New York, Rio de Janeiro, Sydney, and Singapore.  The
company is owned almost entirely by United States shareholders
and its primary listing is on the New York Stock Exchange (SCRA
and SCRB) since 1974.  On October 3, the company's common shares
and senior notes were suspended from trading on the NYSE and
NYSE Arca after the company's failure to file its 2005 annual
report on Form 10-K and its quarterly reports on Form 10-Q
during 2006 with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006, (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.

The Debtors' exclusive period to file a plan expires on June 12,
2007.  Their exclusive period to solicit acceptances expires
onAug. 11, 2007.  (Sea Containers Bankruptcy News, Issue No. 12
and 13; Bankruptcy Creditors' Service, Inc.
http://bankrupt.com/newsstand/or 215/945-7000)


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

ADVANCE AGRO: Invests THB12 Billion in New Paper-Making Plant
-------------------------------------------------------------
Advance Agro Public Company Limited will spend THB12 billion to
construct a third paper-making plant with an annual capacity of
420,000 tonnes, increasing the company's production to one
million tonnes per year - enough to respond to growing demand in
both the local and international markets, The Nation reports.

The Nation says that the new plant will be run by the company's
99%-owned subsidiary, Double A Paper.  The plant, which has
already been approved by the company's board of directors, will
be built on 16.16 hectares of land near the company's existing
plant at Prachin, the Nation adds.

The Nation also states that the building is expected to begin
later in 2007, and production is set to begin in 2009.

The report adds that after reviewing the feasibility of the
project, an independent consultant, Jaakko Poyry, said that it
would have the advantage of low production costs because of its
size, location and the fact that it will use the highest
technology.  Production costs will be an important factor for
long-term competition, the consultant said.

According to the report, with a high return ratio and a good
debt-to-equity ratio, it will be interesting to financiers.

Advance Agro Public Company Limited --
http://www.advanceagro.com/-- is a pulp and paper manufacturer
and distributor.  It markets its products under the brand name
Double A.  The company also distributes its products through
Double A Copy Center with over 1,500 branches in Thailand and
overseas and Double A Stationery with approximately 100 shops
nationwide.  In addition, Advance Agro operates three power
plants.  Headquartered in Prachinburi Province, the Company has
a branch office in Bangkok. Advance Agro is comprised of a
number of subsidiaries.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 5, 2006, that Advance Agro Public Co. Ltd. received from
Standard & Poor's Rating Services a B- rating, an upgrade from
the previous CCC rating to its US$250 million 11% bonds
due 2012.

At the same time, the issue rating on Advance Agro Capital
B.V.'s US$48.7 million 13% notes due 2007 was also raised
to 'B-' from 'CCC'.  The ratings were removed from CreditWatch,
where they were placed with positive implications on Nov. 29,
2005.

The TCR-AP reported on Mar. 13, 2007, that Moody's Investor
Services has changed to positive from stable the outlook for
both Advance Agro Public Company Limited's B3 corporate family
rating and the senior unsecured bond ratings on its notes due in
2007 and 2012.


BANGKOK BANK: Earns THB4.662 Billion in 2007 First Quarter
----------------------------------------------------------
Bangkok Bank reported a net profit of THB4.662 billion for the
first quarter ending March 31, 2007, up by THB1,006 million or
27.5%, compared with the previous quarter, according to the
bank's preliminary quarterly results.

Total loans at the end of March 2007, increased slightly to
THB959.249 billion, while non-performing loans amounted to
THB89.322 billion, equivalent to 9.2% of total loans.  Total
deposits continued to increase, rising by 1.2% from the
year-end to THB1.237 trillion at the end of March.

Net interest margins in the first quarter were 3.15%, in line
with margins in 2006.  Fees and service income increased from
the same period last year to THB3.722 billion, while gain on
investments showed a net loss of THB22 million.  However, gain
on foreign exchange increased by 21.0% to THB1.107 billion.

Non-interest expenses decreased significantly by THB782 million,
or 8.7%, to THB8.161 billion from the previous quarter.

After the one-time adjustment in provisioning expenses in the
fourth quarter of 2006 to THB5.904 billion, provisioning
expenses this quarter reverted to a normal level of THB1.315
billion, approximately the same level as in the first quarter of
2006.  Without special tax-deductible expenses this quarter,
corporate income tax expenses increased from THB349 million in
the previous quarter to THB2.194 billion, closer to the normal
tax rate.

Including the net profits for the quarter less the dividend
payment to be made in May 2007, the total capital adequacy ratio
and the tier 1 capital ratio for the bank would be approximately
15.2% and 12.5% respectively at the end of March 2007.

Shareholders' equity rose from THB146.736 billion at the end of
2006 to THB153.579 billion as at March 31, 2007.  Earnings per
share increased from THB1.92 per share to THB2.44 per share.

Total assets, as of March 31, 2007, amounted to THB1.494
trillion, an increase of THB9.912 billion compared with the end
of December 2006.  Interbank and money market items rose by
THB19.921 billion, or 13.0%, to THB173.334 billion.  Net
investments in securities rose by THB13.668 billion, or 4.6%, to
THB308.548 billion.  Loans rose slightly by THB863 million to
THB959.249 billion, while securities bought under resale
agreements declined by THB20,000 million.

When compared to the end of March 2006, total assets rose by
THB65.402 billion due to an increase of THB26.571 billion in
loans, an increase of THB26.373 billion in Interbank and money
market items, and an increase of THB8.980 billion in net
investments.  Meanwhile, net foreclosed assets decreased by
THB2.643 billion due to sales of some assets.

Total liabilities, as of March 31, 2007, amounted to THB1.341
trillion, an increase of THB3.069 nillion compared with the end
of 2006.  Deposits rose by THB15.199 billion, or 1.2% to
THB1.237 trillion.  The loan-to-deposit ratio fell to 77.6% from
78.4% at the end of December 2006.

Borrowing fell by THB9.924 billion to THB17.028 billion because
certain debentures matured in March 2007.

In comparison to March 2006, total liabilities rose by THB52.301
billion, largely due to an increase of THB83.798 billion in
deposits, most of which were domestic deposits.

As at March 31, 2007, the ratio of non-performing loans to total
loans remained unchanged at 9.2% with non-performing loans
totaling THB89.322 billion, compared with THB89.120 billion at
the end of December 2006.  Loans classified from substandard to
doubtful-of-loss amounted to THB89.341 billion, compared with
THB89.146 billion on December 31, 2006.

When compared to March 31, 2006, non-performing loans, and loans
classified from substandard to doubtful-of-loss declined by
THB13.171 billion and THB13.177 billion, respectively.

Based on the revised Bank of Thailand regulations under the
accelerated schedule, the bank had estimated the allowance for
doubtful accounts at the end of March 2007 at THB54.545 billion,
down from THB56.724 billion at the end of December 2006.  The
total allowance for doubtful accounts at the end of March 2007
amounted to THB70.785 billion, and the coverage ratio was 79.2%
of total non-performing loans, compared to 80.2% at the end of
2006.

When compared to March 2006, the allowance for doubtful accounts
declined by THB8.070 billion, and the coverage ratio improved
from 76.9% to 79.2% of non-performing loans.

The bank's unaudited first quarter financials can be downloaded
for free at:

   http://bankrupt.com/misc/bangkokbank1q.pdf


Headquartered in Bangkok, Bangkok Bank Public Company Limited --
http://www.bangkokbank.com/-- is Thailand's largest bank, with
total assets of THBB1.498 trillion (US$39 billion) at end-June
2006.

Moody's Investors Service upgraded on August 29, 2006, Bangkok
Bank's bank financial strength rating to D+ from D and
reaffirmed this rating on September 20, following the military
coup in Thailand.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 16, 2006, Fitch Ratings affirmed Bangkok Bank's Individual
rating at C.


BANGKOK BANK: Appoints Two New Directors
----------------------------------------
Bangkok Bank Public Company Limited's shareholders has appointed
Phornthep Phornprapha and Gasinee Witoonchart as directors of
the bank, effective on April 12, 2007, the bank disclosed to the
Stock Exchange of Thailand.

Headquartered in Bangkok, Bangkok Bank Public Company Limited --
http://www.bangkokbank.com/-- is Thailand's largest bank, with
total assets of THBB1.498 trillion (US$39 billion) at end-June
2006.

Moody's Investors Service upgraded on August 29, 2006, Bangkok
Bank's bank financial strength rating to D+ from D and
reaffirmed this rating on September 20, following the military
coup in Thailand.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 16, 2006, Fitch Ratings affirmed Bangkok Bank's Individual
rating at C.


BANGKOK BANK: Divests 652,200 Shares in Bangkok Industrial Gas
--------------------------------------------------------------
Bangkok Bank Public Company Limited said in a corporate
disclosure with the Stock Exchange of Thailand that it has sold
652,200 common shares in Bangkok Industrial Gas Company Limited,
an air separation company.

The deal has a total sale price of THB485,889,000.  The shares
sold under this transaction represented 8.58% of Bangkok
Industrial's total paid-up capital of 7,600,000 shares.

The bank's reduced shareholding now stands at 9.90% from 18.48%.

Headquartered in Bangkok, Bangkok Bank Public Company Limited --
http://www.bangkokbank.com/-- is Thailand's largest bank, with
total assets of THBB1.498 trillion (US$39 billion) at end-June
2006.

Moody's Investors Service upgraded on August 29, 2006, Bangkok
Bank's bank financial strength rating to D+ from D and
reaffirmed this rating on September 20, following the military
coup in Thailand.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 16, 2006, Fitch Ratings affirmed Bangkok Bank's Individual
rating at C.


BANK OF AYUDHYA: Net Income Falls 33% in First Quarter of 2007
--------------------------------------------------------------
Bank of Ayudhya Public Co. Ltd. reports a net income of
THB1,206,348,000 for the first quarter ending March 31, 2007, a
33% decrease from the THB1,798,517,000 net income the bank
reported for the first quarter of 2006.

For the period in review, the bank reported THB4,623,596,000 net
interest income, almost unchanged from the THB4,632,988,000 a
year earlier.  For the quarter ending MArch 31, 2007, the bank
posted a THB9,348,490,000 interest income and THB4,724,894,000
interest expense.

The bank also reported a THB1,635,753,000 total non-interest
income and THB3,685,994, total non-interest expense.

As of March 31, 2007, the bank had total assets of
THB671,994,262,000 and total liabilities of THB600,663,405,
giving it a THB71,330,857,000 total stockholders' equity.

The bank's financial statements are available for download free-
of-charge at:

   Balance Sheets:
          http://bankrupt.com/misc/BAYBSQ1.pdf

   Profit and Loss Statements:
          http://bankrupt.com/misc/BAYPLQ1.pdf

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Jan. 16, 2007, that Moody's Investors Service upgraded Bank of
Ayudhya Public Co Ltd.'s bank financial strength rating to "D-"
from "E+".

The TCR-AP reported that on Jan. 12, 2007, Fitch Ratings
upgraded Bank of Ayudhya's Foreign currency subordinated debt
rating to BB+ from BB; and Individual rating to C/D from D.


BANK OF AYUDHYA: Buys Total Services' for THB2.5 Bil. in Cash
-------------------------------------------------------------
The Bank of Ayudhya Public Company Limited and its subsidiary,
Ayudhya Capital Lease Company Limited, has bought Total
Services Solutions Public Company Limited's assets and
liabilities, the Bank of Ayudhya announced in a corporate
disclosure with the Stock Exchange of Thailand.

Total Services was formerly known as GE Money Retail Bank Public
Company Limited.

Specifically, the bank bought Total Services':

   * loans secured by immovable properties (loans, mortgages,
     collateral and borrowings),

   * property and equipment e.g. decoration cost for the office
     at All Season Place Building and the branch office at
     Sukumvit 31, and equipments used in the office and the
     branch, etc.

   * All the deposits, including fixed deposit, savings deposits
     and current deposits

BAY has also agreed to purchase the right in the new auto
financing business from GE Money and GE Capital Auto Lease
Public Company Limited, and transfer the Right to Ayudhya
Capital. Ayudhya Capital paid for the price of the right.

The total consideration for the deal, which was paid in cash,
are as follows:

Total value of loans                THB 2,035,560,702.59
Total value of fixed assets         THB    43,193,690.31
Total value of the new auto
financing business*                 THB 1,500,000,000.00
Total cash deposit                 (THB 1,061,463,958.15)
Net total value                     THB 2,517,290,434.75
Interests                           THB     2,463,046.37
                                   ----------------------
Total payment                       THB 2,519,753,481.12

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Jan. 16, 2007, that Moody's Investors Service upgraded Bank of
Ayudhya Public Co Ltd.'s bank financial strength rating to "D-"
from "E+".

The TCR-AP reported that on Jan. 12, 2007, Fitch Ratings
upgraded Bank of Ayudhya's Foreign currency subordinated debt
rating to BB+ from BB; and Individual rating to C/D from D.




                            *********

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.  Andrei Sanchez, Rousel Elaine Tumanda, Valerie
Udtuhan, Francis James Chicano, Tara Eliza Tecarro, Freya
Natasha Fernandez, Frauline Abangan, and Peter A. Chapman,
Editors.

Copyright 2007.  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 US$625 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 US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.

                 *** End of Transmission ***