TCRAP_Public/070502.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Wednesday, May 2, 2007, Vol. 10, No. 86

                            Headlines

A U S T R A L I A

BENCHMARK INTERNATIONAL: Creditors Opt to Wind Up Operations
BR CONSULTING: Will Declare Final Dividend on May 17
HOC BOOKSELLERS: Creditors' Proofs of Debt Due on May 15
JONROSE TRANSPORT: Will Declare Dividend on May 16
RING PRESS: Creditors Appoint R. A. Sutcliffe as Liquidator

THIRSTY TOWELS: Receiving Proofs of Debt Until May 15
TTF ENTERPRISES: Requires Creditors to Prove Debts by May 23
VOLANT PTY: Commences Wind-Up Proceedings


C H I N A   &   H O N G  K O N G

ASHMORE ENERGY: To Open Hong Kong Office on Asian Energy Boom
BALLY TOTAL: NYSE Suspends Common Stock Trading
BANK OF CHINA: Interest Income Hikes Q1 Profit to CNY11.72 Bil.
BENQ CORP: Russian Subsidiaries to Liquidate Assets This Month
CAMA SERVICES: Suen Man Fai Quits Liquidator Post

CARGO EXPRESS: Liquidators Quit Posts
CHINA WORLD: Child Van Wagoner Raises Going Concern Doubt
CHONGQING CHANGAN: Ford Joint Venture Boosts 4th Qtr. Profits
ELEPHANT TALK: Kabani & Company Raises Going Concern Doubt
GEORGIA GULF: U.S. Housing Downturn Cues Moody's to Cut Rating

IAC BANK: Earns CNY18.71 Billion in 2007 First Quarter
INVERNESS MEDICAL: Biosite Merger Pact Cues Moody's Review
INTEGRITAS MANAGEMENT: Proofs of Debt Due on May 30
LAURENTIAN ASIA: Undergoes Liquidation Proceedings
LEADING MEDICAL: Creditors Must Prove Debts by June 1

MBF DISCOUNT: Creditors' Proofs of Debt Due on June 30
PERKINS COIE: Enters Wind-Up Proceedings
PROXIMA ALPHA: Receiving Proofs of Debt Until June 30
SEQUIAM CORPORATION: Tedder James Expresses Going Concern Doubt
SHANGHAI XUJIAHUI: Liquidator Resigns from Post

TRW AUTOMOTIVE: Moody's Affirms Ba2 Corporate Family Rating


I N D I A

INDIAN OVERSEAS BANK: Board Proposes INR3 Per Share Dividend
INDUSTRIAL DEV'T. BANK: Net Profit Up 6% in March 2007 Quarter
ITI LTD: Posts INR71.7-Mil. Net Loss in Qtr. Ended March 31, '07
JIK INDUSRIES: Books INR13.81MM Net Loss in Qtr. Ended March 31
ORIENTAL BANK: Net Profit Drops 73% in Quarter Ended March 31

ORIENTAL BANK OF COMMERCE: Closes Lower Tier II Bond Issue


I N D O N E S I A

ALCATEL-LUCENT: Wins Multi-Mil. Euro GSM/GPRS Network Contract
BAKRIE SUMATERA: Plans Oil-Palm & Rubber Plantations Expansion
BERLIAN LAJU: Issues US$400-Million Senior Reg-S Note
HILTON HOTELS: Earns US$95 Million in 2007 First Quarter
INDIKA INTI: Five-year Bond Generates US$3.8 Billion Demand

MARSHALL HOLDINGS: Auditors Raises Going Concern Doubt
MERPATI NUSANTARA: Sues Thirdstone on Aircraft Delivery Failure


J A P A N

ALL NIPPON: Fuel Bill Squeezed Profits, CEO Says
ALL NIPPON: Hotel Asset Sale to Hike 2008 Profit to JPY130 Bil.
DAIWA SECURITIES: Acquires Minority Stake in Sagent Advisors
ON SEMICONDUCTOR: March 30 Balance Sheet Upside-Down by US$157MM


K O R E A

LG TELECOM: Fined KPW4.7 Billion for Illegal Subsidies
KOREA DEVELOPMENT: Leads South Korea's KRW1-Tril. Fund Raising
MAGNACHIP SEMICON: Posts US$67MM Net Loss in Period Ended Apr. 1


M A L A Y S I A

ARK RESOURCES: Unit Faces Concrete Engineering's Wind-Up Bid
CELESTICA INC: Posts US$34.3 Mil. Net Loss in First Quarter 2007
KL INFRASTRUCTURE: Unit Defaults on Bank Interest Payment
TENAGA NASIONAL: Earns MYR1.57 Billion in Quarter Ended Feb. 28
TENAGA NASIONAL: Sells Indon Coal Mine for US19MM to Pamapersada


N E W  Z E A L A N D

B & J ITI: Creditors' Proofs of Debt Due on May 10
BOMBAY CAFE: Subject to CIR's Wind-Up Petition
B R PROPERTIES: Wind-Up Petition Hearing Set for June 28
FLOOR MECHANIX: Fixes May 10 as Last Day for Receiving Claims
GLOBAL FUNDS: Wind-Up Petition Hearing Set for May 14

GORE STREET: Appoints Jordan and Vance as Liquidators
HERITAGE GOLD: Raises AU$402,500 to Fund Further Exploration
HERITAGE GOLD: Completes Conversion of 83,332 Warrants
HINTON PARTNERSHIP: Court to Hear Wind-Up Petition on May 30
IMPERIAL JADE: Faces CIR's Wind-Up Petition

JAP PARTS: Liquidators to Receive Claims Until May 31
NATURE CHEM: Shareholders Opt to Wind Up Businesses
NZ WINDFARMS: Mulls Public Offer to Raise NZ$75 Million


P H I L I P P I N E S

ATLAS CONSOLIDATED: Reports Lower 2006 Net Income at PHP47 Mil.
DEVELOPMENT BANK: Bear Stearns Encourages Merger with Land Bank
EXPORT AND INDUSTRY: Elects Jaideep Krishna as Director
EXPORT AND INDUSTRY: Postpones Stockholders' Meeting to Aug. 23
* Thrift Banks' NPL Ratio Eases to 7.68% in February


S I N G A P O R E

GLOBAL AERO: Proofs of Claim Deadline Set for May 11
SG INDUSTRIAL: Proofs of Claim Deadline Set on May 11
TRI-MIX: Pays Dividend to Creditors
UNITED OVERSEAS: Court to Hear Wind-Up Petition on May 18
UNITY BUILDER: Proofs of Claim Deadline Set on May 11


T H A I L A N D

SIAM COMMERCIAL BANK: Concerned at Likely Loss of Forex Booths

* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

BENCHMARK INTERNATIONAL: Creditors Opt to Wind Up Operations
------------------------------------------------------------
Benchmark International Pty Ltd.'s creditors passed a resolution
on April 12, 2007, to wind up the company's operations.

K. L. Sutherland and H. A. MacKinnon were appointed as
liquidators.

The Liquidators can be reached at:

         H. A. MacKinnon
         K. L. SUTHERLAND
         Bent & Cougle Pty Ltd
         Chartered Accountants
         332 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                 About Benchmark International

Located in Victoria, Australia, Benchmark International Pty Ltd
is a distributor of durable goods.


BR CONSULTING: Will Declare Final Dividend on May 17
----------------------------------------------------
BR Consulting Pty Ltd will declare a final dividend on May 17,
2007.

Creditors are required to file their proofs of debt by May 15,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

         A. D'Aloia
         c/o Rodgers Reidy
         Chartered Accountants
         Level 10, 200 Queen Street
         Melbourne, Victoria 3000
         Australia

                       About BR Consulting

BR Consulting Pty Ltd, which is also trading as Bercham
Management Services, operates employment agencies.  The company
is located in Victoria, Australia.


HOC BOOKSELLERS: Creditors' Proofs of Debt Due on May 15
--------------------------------------------------------
The creditors of HOC Booksellers Pty Ltd are required to file
their proofs of debt by May 15, 2007, to be included in the
company's dividend distribution.

The company will declare final dividend on May 21, 2007.

The company's deed administrator is:

         G. J. Keith
         Grant Thornton
         Rialto Towers, Level 35, South Tower
         525 Collins Street
         Melbourne, Victoria 3000
         Australia

                     About Hoc Booksellers

Hoc Booksellers Pty Ltd runs a chain of bookstores.  The company
is located in Victoria, Australia.


JONROSE TRANSPORT: Will Declare Dividend on May 16
--------------------------------------------------
Jonrose Transport Pty Ltd will declare a first and final
dividend on May 16, 2007.

Creditors who cannot prove their debts by May 9, 2007, are
excluded from sharing in the company's dividend distribution.

The company's liquidator is:

         G. S. Andrews
         G. S. Andrews & Assocs.
         22 Drummond Street
         Carlton, Victoria 3053
         Australia
         Telephone:(03) 9662 2666
         Facsimile:(03) 9662 9544

                    About Jonrose Transport

Jonrose Transport Pty Ltd is involved with local trucking with
storage.  The company is located in Victoria, Australia.


RING PRESS: Creditors Appoint R. A. Sutcliffe as Liquidator
-----------------------------------------------------------
On April 11, 2007, the creditors of Ring Press Pty Ltd resolved
liquidate the company's business and R. A. Sutcliffe was
appointed as liquidator.

Mr. Sutcliffe can be reached at:

         R. A. Sutcliffe
         Ground Floor, 192-198 High Street
         Northcote, Victoria 3070
         Australia
         Telephone:(03) 9482 6277

                        About Ring Press

Located in Victoria, Australia, Ring Press Pty Ltd is a
distributor of durable goods.


THIRSTY TOWELS: Receiving Proofs of Debt Until May 15
-----------------------------------------------------
Thirsty Towels Pty Ltd, which is in liquidation, is receiving
creditors' proofs of debt until May 15, 2007.

The company will declare dividend on May 29, 2007.

The company's liquidator is:

         A. S. R. Hewitt
         Grant Thornton Recovery
         Rialto Towers, Level 35 South Tower
         525 Collins Street
         Melbourne
         Australia

                      About Thirsty Towels

Thirsty Towels Pty Ltd is distributor of home furnishings.  The
company is located in Victoria, Australia.


TTF ENTERPRISES: Requires Creditors to Prove Debts by May 23
------------------------------------------------------------
The creditors of TTF Enterprises Pty Ltd are required to file
their proofs of debt by May 23, 2007, to be included in the
company's dividend distribution.

The company will declare dividend on June 8, 2007.

The company's deed administrator is:

         Warren White
         c/o PPB
         Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9654 1517
         Facsimile:(03) 9654 1515

                     About TTF Enterprises

TTF Enterprises Pty Ltd operates auto and home supply stores.  
The company is located in Victoria, Australia.


VOLANT PTY: Commences Wind-Up Proceedings
-----------------------------------------
At a general meeting held on April 16, 2007, the members of
Volant Pty Ltd decided to voluntarily wind up the company's
operations.

Peter Goodin, Chartered Accountant of Brooke Bird & Co, was
appointed as liquidator.

The Liquidator can be reached at:

         Peter Goodin,
         Chartered Accountant
         Brooke Bird & Co, Insolvency Practitioners
         471 Riversdale Road, East Hawthorn 3123
         Australia

                        About Volant Pty

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


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

ASHMORE ENERGY: To Open Hong Kong Office on Asian Energy Boom
-------------------------------------------------------------
Ashmore Energy International will open an office in Hong Kong
under the name of AEI Asia.  The expansion will enable the
company to invest in the tremendous growth in energy demand and
need for new energy infrastructure projects throughout the
entire Asia region.  The company plans to both acquire and
develop new energy infrastructure assets in the power
generation, power distribution and natural gas services sectors
to expand AEI's current business lines into Asia.

AEI has hired an experienced local executive management team,
headed by Colin Tam who will serve as the company's Asia-Pacific
Regional Head responsible for leading AEI's overall business
operations in Asia reporting directly to AEI's CEO, Brent de
Jong and will serve as a member of AEI's executive management
team.  The other members of the Hong Kong team moving to AEI
Asia will be: Eric d'Esparbes -- who will serve as CFO of AEI
Asia; Samson Ng Shung Lai -- who will serve as Senior Vice
President of Business Development of AEI Asia; Alan Chan -- who
will serve as President and Chief Operating Officer of AEI Asia;
and 4 other senior executives.  The local management team
members will commence employment with AEI Asia immediately upon
finishing their notice periods.

AEI is evaluating a number of growth opportunities in Asia and
adding experienced leadership that is already based in the
region will allow AEI to execute, assimilate and operate new
projects on a more effective basis.

The company currently owns and operates a 116 MW thermal power
plant in the Philippines and through its predecessor, has been
active in Asia for several years.  The move represents the next
step in AEI's strategic plan to focus on expanding its current
business into emerging markets in new regions around the world.  
AEI has global resources, experience and expertise that when
combined with new local management, will allow the company to
rapidly become a key player in the expanding Asia energy market.

Colin Tam is the founder, Chairman and CEO of Meiya Power
Company Limited.  He is also the co-founder and Chairman of
Independent Power Producers Forum.

Mr. Tam has over 30 years of experience in the power business
both in the United States and Asia.  During his career, he has
held several senior positions in various influential national
organizations within the power industry in the US.  He is
currently Chairman of Energy Committee of the American Chamber
of Commerce in Hong Kong, Standing Director of the National
China Investment Association and Vice Chairman of its Foreign
Investors Committee.

Ashmore Energy International Ltd. --http://www.ashmoreenergy.com
-- owns and operates a portfolio of energy infrastructure assets
in power generation, transmission, and distribution of natural
gas, gas liquids, and electric power.  Ashmore Energy's
portfolio, directly or indirectly, consists of 19 companies in
14 countries, most of which are located in Latin America.  The
company's largest asset is Brazilian electric distribution
company, Elektro, which represents approximately 43% of EBITDA,
and 55.3% of fiscal 2006 consolidated cash flow to parent
company Ashmore Energy.  The company also operates a power plant
in the Dominican Republic.

The company currently owns and operates a 116 MW thermal power
plant in the Philippines, and has recently opened an office in
Hong Kong under the name AEI Asia.

                        *     *     *


As reported in the Troubled Company Reporter-Latin America on
April 3, 2007, Standard & Poor's Ratings Services assigned its
'B+' secured debt rating and '3' recovery rating to Ashmore
Energy International's US$105 million synthetic revolving credit
facility due in 2012.  At the same time, Standard & Poor's
affirmed its 'B+' corporate credit rating on Ashmore Energy; its
'B+' senior secured debt rating and '3' recovery rating on its
US$395 million revolving credit facility due 2012, which was
reduced from US$500 million; and its 'B+' senior secured debt
rating and '3' recovery rating on Ashmore Energy's US$1 billion
term loan due in 2014.  AEI Finance Holding LLC is a co-borrower
to Ashmore Energy's bank facility.  S&P said the outlook is
stable.

As reported in the Troubled Company Reporter-Latin America on
Feb. 27, 2007, Fitch Ratings assigned a BB Issuer Default rating
to Ashmore Energy International Ltd. and rated its US$500
million senior revolver credit facility at BB.

Also, Moody's Investors Service assigned a Ba3 rating to the
senior secured credit facilities.



BALLY TOTAL: NYSE Suspends Common Stock Trading
-----------------------------------------------
Bally Total Fitness was notified by NYSE Regulation Inc. that
trading in Bally common stock will be suspended prior to the
market open today, May 2, 2007.  The NYSE also will take action
to formally delist Bally's common stock.  NYSE Regulation
indicated that its delisting determination was a result of
Bally's failure to satisfy the NYSE's continued listing
standards, including minimum market capitalization and minimum
average share price requirements.

Additionally, NYSE Regulation considered the company's failure
to timely file its 2006 Annual Report on Form 10-K and its
stated liquidity position.  The company had been in
communication with NYSE Regulation regarding the company's
noncompliance with continued listing standards, but was
unsuccessful in its efforts to avoid suspension and potential
delisting.  

The company does not intend to appeal the NYSE's determination.
The company expects its common stock to be quoted on the Pink
Sheets electronic quotation service following suspension.

                     About Bally Total Fitness

Bally Total Fitness Holding Corp. --
http://www.Ballyfitness.com/-- is the largest and only United  
States-wide commercial operator of fitness centers, with over
400 facilities located in 29 states, and in Mexico, Canada,
Korea, the Caribbean, and China under the Bally Total Fitness,
Bally Sports Clubs and Sports Clubs of Canada brands.  Bally
offers a unique platform for distribution of a wide range of
products and services targeted to active, fitness-conscious
adult consumers.
                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on August
15, 2006 that Moody's Investors Service affirmed all the credit
ratings of Bally Total Fitness Holding Corporation.  The rating
outlook remains negative.

The rating action reflects: (1) significant near term debt
maturities and a probable need for a recapitalization or sale of
the company; (2) negative free cash flow generation; (3)
litigation and regulatory risks; and (4) extensive material
weaknesses in internal controls.

The ratings also reflect the company's recent filing of
financial statements through the first quarter of 2006 with the
Securities and Exchange Commission and business model changes
implemented to address flat revenues and weak profitability.

Moody's affirmed these ratings: US$143 million senior secured
term loan B facility due 2009, rated B3; US$100 million senior
secured revolving credit facility due 2008, rated B3;
US$235 million 10.5% senior unsecured notes due 2011, rated
Caa1; US$300 million 9.875% senior subordinated notes due 2007,
rated Ca; and Corporate family rating, rated Caa1.


BANK OF CHINA: Interest Income Hikes Q1 Profit to CNY11.72 Bil.
--------------------------------------------------------------
Bank of China Ltd reported a net profit of CNY11.72 billion in
the first quarter ended March 31, 2007, up 17.6% from
CNY9.96 billion in 2005, based on international accounting
standards.

According to the bank, the boost in the figures were largely due
to its net interest income, which for the three months in
review, amounted to CNY34.37 billion, up 31.1% from the year-
earlier CNY26.22 billion.  The bank also attributed this to
higher net interest margin.

The bank's net fee and commission income rose 64.06% to CNY5.17
billion, driven by growth in various businesses including fund
distribution, bank cards and credit commitments and guarantees,
the statement said.  

Income tax for the period rose 77% to CNY11.58 billion due to
re-calculation of deferred tax assets and due to the profit
growth.

Bank of China recorded a net trading loss of CNY735 million
compared with a gain of CNY1.14 billion as a rising yuan
continues to hurt the bank's foreign exchange position, The
Standard notes.

But the loss, according to Jeffrey Tam of The Standard, was
mostly offset by a CNY606 million gain on investment securities,
up 298.68% compared with the CNY152 million recorded in the
corresponding quarter last year.

                          *     *     *

Beijing-based Bank of China Limited -- http://www.bank-of-
china.com/en/static/index.html -- is a Chinese bank that has
presence in all major continents.  The company offers financial
services through its global network of over 560 overseas offices
in 25 countries and regions.  In Hong Kong and Macao, Bank of
China is one of the local note issuing banks.  Traditional
commercial banking constitutes the majority of Bank of China's
business, which is composed of corporate banking, retail banking
and banking with financial institutions.  The company has
branches in Singapore, Japan, Kazakhstan, London, Grand Cayman,
and the United States.

Moody's Investors Service gave the bank a bank financial
strength rating of D- on January 16, 2004.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings affirmed the bank's D individual rating on December 14,
2006.



BENQ CORP: Russian Subsidiaries to Liquidate Assets This Month
--------------------------------------------------------------
BenQ Corp.'s Russian subsidiaries, BenQ Mobile BV and BenQ
Mobile Europe, will liquidate assets in Moscow this month,
published reports say.

BenQ Mobile Director General Sergey Yakovlev said BenQ Mobile
BV, which owns 99% of the Russian company's shares, is now in
the liquidation stage following the introduction of external
management proceedings in Moscow, CNews reports.

Kommersant says the closure will result to Russian dealers
importing BenQ phones from and working directly with Taiwan-
based parent company BenQ Corp.  

Mr. Yakovlev said BenQ Corp., which owes about EUR100,000 to the
Russian company, has laid down unacceptable conditions for
further cooperation.  BenQ and BenQ Mobile will hold talks in
September regarding its further presence in Russia.

According to Mobile Research Group, in a report carried by
Kommersant, BenQ's share on the Russian cell phone market
dropped from 11.5 percent in mid-2006 to 3.8 percent by the end
of the year.  Experts speculate, Kommersant relates, that
SonyEricsson and Samsung would likely occupy the market space
vacated by BenQ.

                      About the Company

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

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.

A Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


CAMA SERVICES: Suen Man Fai Quits Liquidator Post
-------------------------------------------------
Suen Man Fai quit as the liquidator of Cama Services
(Hong Kong) Limited on April 27, 2007.

The former Liquidator can be reached at:

         Suen Man Fai
         Room 2402, 24th Floor
         Sing Pao Building
         101 King's Road, Fortress Hill
         Hong Kong


CARGO EXPRESS: Liquidators Quit Posts
-------------------------------------
On April 17, 2007, Lai Kar Yan (Derek) and Darach E. Haughey
ceased to act as liquidators of Cargo Express Logistics Limited.

The former Liquidators can be reached at:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway
         Hong Kong


CHINA WORLD: Child Van Wagoner Raises Going Concern Doubt
---------------------------------------------------------
Child, Van Wagoner & Bradshaw, PLLC, in Salt Lake City, Utah,
raise substantial doubt about China World Trade Corporation's
ability to continue as a going concern after auditing the
company's financial statements as of Dec. 31, 2006.  The
auditing firm pointed to the company's losses from operations
during the year, despite having a positive working capital.

Net loss for the year ended Dec. 31, 2006, was US$10,090,975 as
compared with a net income for the year ended Dec. 31, 2005, of
US$18,224.  The company had operating revenues of US$4,339,337
for the year 2006, as compared with operating revenues of
US$7,839,224 for the year 2005.  The increase in net loss, among
others, was the result of the recognition of the impairment loss
on disposal of interest in a subsidiary and the impairment loss
on investment in an affiliate.

As of Dec. 31, 2006, the company had total assets of
US$13,533,221, total liabilities of US$2,522,315, and minority
interest of US$17,606, resulting in a total stockholders' equity
of US$10,993,300.  The company had an accumulated deficit of
US$28,165,010 as of Dec. 31, 2006.

                  Liquidity and Capital Resources

Upon disposal of about 60% of the company's equity interest in
our former subsidiary, General Business Network (Holdings) Ltd.
on Sept. 29, 2006, the company no longer had any banking
facilities and outstanding lines of credit as of Dec. 31, 2006.  
However, during the nine months period from January 1 to Sept.
29, 2006, the company had banking facilities, through its former
subsidiary New Generation Commercial Management Ltd., granted in
the total amount of about US$4.2 million, of which about US$3.9
million had been utilized as of Sept. 29, 2006.  These
facilities relate to US$4.2 million in a short-term loan with
pledged deposits of US$247,000.  These banking facilities
related to a bank loan and pledged deposit and have been
disposed indirectly upon the disposal of New Generation on Sept.
29, 2006.

As of Dec. 31, 2006, cash and cash equivalents totaled
US$107,144.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1e28

                        About China World

China World Trade Corporation (OTC BB: CWTD) --
http://chinawtc.com/-- currently operates the Beijing World  
Trade Center Club and Guangzhou World Trade Center Club through
Virtual Edge and offers business travel and related services to
its business club members through its affiliated New Generation
Group of companies.  The company also offers business value-
added services that include consulting, interactive marketing
and incentive programs for merchants, financial institutions,
telecom operators, and large corporations.



CHONGQING CHANGAN: Ford Joint Venture Boosts 4th Qtr. Profits
-------------------------------------------------------------
Chongqing Changan Automobile Co. boosted its fourth-quarter
profit sixfold, to CNY113.4 million for the three months ended
Dec. 31, 2006, from CNY20.3 million in the same quarter in 2005,
China Daily reports, citing Bloomberg News' computations.

The company's sales in the quarter rose 28.4% to
CNY7.45 billion, the report adds.  

According to China Daily, Changan has benefited from Ford's
investment of more than US$1.5 billion in China since 2003.  

Changan's joint venture with Ford, which added four new and
revamped models in 2006, will also boost its annual capacity to
410,000 units by the end of this year, helped by a new plant in
Nanjing, eastern China, the paper says.

"Changan Auto's profit engine is the Ford-brand vehicles," Song
Bingshen, an analyst at China Securities Co. in Beijing, told
the Daily, adding "the strong sales growth of Focus compact cars
has enabled the company to minimize price cuts."

The Daily notes that Changan Ford Mazda Automobile Co. sold a
record 129,790 Ford-brand vehicles last year, including 78,430
Focus compact cars and 47,651 Mondeo sedans.  Changan owns half
of the joint venture, while Ford owns 35 percent and Mazda Motor
Corp. holds 15 percent.

Changan Ford Mazda cut the price of locally made Mondeos by as
much as 5.6% in July 2006 to increase sales, the report relates.

On July 17 last year, the venture has also started selling
locally made Volvo S40 sedans and introduced new versions of
Mazda3 and Focus hatchbacks and a revamped Mondeo sedan last
year.

                          *     *     *

Chongqing, China-based Chongqing Changan Automobile Company
Limited is principally engaged in the development, manufacture
and sale of mini passenger vehicles, minivans, commercial
vehicles and passenger cars.  The company offers its products
under seven brands: mini passenger vehicles are under the brand
Changan Star; minivans are under the brand Changan, and
passenger cars are under the brands Alto, Lingyang, Fiesta and
Mondeo.  It also manufactures and distributes various engines,
under the brand Jiangling.  During the year ended December 31,
2005, the company manufactured 489,368 vehicles and sold 474,625
vehicles, accounting for approximately 8.24% of the domestic
market.  Chongqing Changan Automobile has formed partnership
with Suzuki Motor Corporation and Ford Motor Company.  The
company has 12 major subsidiaries/associates.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Rating assigned, on September 20, 2006, a long-term foreign and
local currency Issuer Default ratings of BB to Chongqing Changan
Automobile Co. Ltd. The rating outlook is stable.



ELEPHANT TALK: Kabani & Company Raises Going Concern Doubt
----------------------------------------------------------
Kabani & Company, Inc. raised substantial doubt about the
ability of Elephant Talk Communications Inc. to continue as a
going concern after auditing the company's financial statements
as of Dec. 31, 2006. The auditing firm pointed to the company's
loss of US$4,829,665, working capital deficit of US$3,181,589,
accumulated deficit of US$16,962,100, and cash used in
operations of US$1,330,061.

As of Dec. 31, 2006, the company's balance sheet showed total
assets valued at US$13,695,313 and total liabilities of
US$12,834,553.  The company had total current assets of
US$4,127,723 and total current liabilities of US$7,309,312 as of
Dec. 31, 2006.

For the year 2006, the company had net revenues of US$158,292,
as compared with net revenues for the year 2005 of US$282,417.  
Net loss for the year 2005 was US$1,214,193.

A full-text copy of the company's annual report is available for
free at  http://ResearchArchives.com/t/s?1e2a

                        About Elephant Talk

Based in Tsuen Wan, Hong Kong, Elephant Talk Communications Inc.
(OTC BB: ETLK) -- http://www.elephanttalk.com/-- offers  
primarily wholesale international long-distance between North
America and Asia through its Hong Kong-based operating
subsidiary, Elephant Talk Limited.  The facilities-based carrier
uses both circuit switched and Internet protocol (IP) based
technology and operates switching facilities in China, Hong
Kong, Singapore, and the U.S.  Elephant Talk also offers both
prepaid and postpaid calling cards and other value-added
services.


GEORGIA GULF: U.S. Housing Downturn Cues Moody's to Cut Rating
--------------------------------------------------------------
Moody's Investors Service lowered the corporate family rating on
Georgia Gulf Corporation to B1 from Ba3 and assigned a stable
outlook.

Moody's also downgraded the company's senior unsecured and
subordinated notes by one notch, but confirmed the Ba2 ratings
on the company senior secured credit facilities.

The downgrades reflect the greater than anticipated negative
impact of the downturn in the US housing market on the company's
financial performance in the fourth quarter of 2006, the
expectation that 2007 results will be materially weaker than
previously anticipated, and therefore the company will take
longer to restore financial metrics to levels that will
adequately support a Ba3 corporate family rating.  The
continuing decline in housing starts (March 2007 housing starts
were 23% below prior year figures); elevated new home
inventories, which remain unusually high at approximately 8
months; and the significant slowdown in renovation and
remodeling activity in the US will likely cause PVC margins to
be weaker for much of 2007 and revenues in the recently acquired
businesses (Royal Group Technologies Ltd or RGT) to decline
significantly from prior year levels.

While GGC has reduced debt faster than anticipated due to assets
sales and sale and lease back transactions, settled most of the
shareholder and regulatory problems facing RGT for much less
than anticipated, and believes that it can extract greater
synergies from the acquired assets, the decline in volumes and
margins in its key markets will have a much greater impact on
the company's credit profile over the next year.  Additionally,
new US PVC capacity coming on-stream in late 2007 and 2008 will
likely keep PVC margins weak over the next two to three years.

"Management has done a good job of reducing debt since the
acquisition, but US macro-economic factors will likely keep
credit metrics depressed over the next two years." said Moody's
Senior Vice President, John Rogers.

The affirmation of the ratings of the senior secured credit
facilities reflects the significant debt reduction in these
facilities since the acquisition last October; and the reduction
of the size of the secured debt relative to the remaining debt
in the capital structure.  Hence, a reduction in loss given
default was large enough to offset the negative impact of the
downgrade of the CFR.  The downgrade of the senior unsecured and
subordinated notes reflects the downgrade of the CFR, as well as
a modest increase in loss given default.

Ratings Downgraded:

Issuer: Georgia Gulf Corporation

    * Corporate Family Rating, Downgraded to B1 from Ba3

    * Probability of Default Rating, Downgraded to B1 from Ba3

    * Sr. Unsecured notes due 2014 to B2 (LGD5 / 76%) from
      B1 (LGD4 / 67%)

    * 7.125% Gtd. Sr. Unsecured Notes due 12/15/2013 to
      B2 (LGD5 / 76%) from B1 (LGD4 / 67%)

    * Sr. Sub Notes due 2016 to B3 (LGD6 / 95%) from
      B2 (LGD6 / 93%)

Ratings Confirmed:

Issuer: Georgia Gulf Corporation

    * Gtd. Sr. Secured Revolving Credit Facility due 2011 Ba2
      (LGD2 / 27%)

    * Gtd. Sr. Secured Term Loan due 2013 Ba2 (LGD2 / 27%)

Based in Atlanta, Georgia Gulf Corporation --
http://www.ggc.com/-- is a commodity chemicals producer. Its  
product portfolio includes VCM, PVC resin, vinyl compounds,
cumene, acetone, and phenol.  Georgia Gulf earned approximately
US$279 million of EBITDA on sales of US$2.2 billion for the LTM
period ended June 30, 2006.  The company has a location in
Shanghai, China.


IAC BANK: Earns CNY18.71 Billion in 2007 First Quarter
------------------------------------------------------
Industrial & Commercial Bank of China Ltd. reported a net
profit, based on international accounting standards, of CNY18.71
billion (US$2.42 billion) in the first quarter ended March 31,
2007, the Wall Street Journal reports.

According to the report, the bank's profit after tax rose 52% to
CNY18.9 billion on an annualized basis, adding that its growth
rate was faster than the compound annual growth rate of 30% for
the four years between 2003 and 2006.

The bank's first-quarter earnings were buoyed by a 58%
annualized increase in net fee and commission income to CNY6.47
billion, WSJ says, citing the bank's statement.  

IAC bank's net interest income rose 4.6% from the beginning of
the year to CNY48.1 billion as it's net interest margin widened.  
Outstanding loans and advances to customers totaled CNY3.96
trillion, an increase of CNY162.46 billion from the end of 2006,
the paper notes.

Meanwhile, the bank's deposits rose 3.3% from the end of last
year to CNY6.56 trillion, while nonperforming-loan ratio dropped
to 3.6% from 3.79% at the end of 2006.  The bank's capital-
adequacy ratio was 13.83%, up from 12.23% at the end of 2006.  
China's banking regulator requires domestic commercial banks to
maintain a minimum capital-adequacy ratio of 8%.

ICBC's total assets amounted to CNY7.88 trillion, up CNY369.98
billion from the end of last year, WSJ says.

                          *     *     *

The Industrial and Commercial Bank of China --
http://www.icbc.com.cn-- is the largest state-owned commercial  
bank, and is authorized by the State Council and the People's
Bank of China.  ICBC conducts operations across China as well as
in major international financial centers.

On Sept. 18, the Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings affirmed ICBC' Individual D/E
rating.

On Dec. 6, 2006, Moody's Investors Service upgraded to D- from
E+ the Bank Financial Strength Rating for Industrial and
Commercial Bank of China.  The D- BFSR has a stable outlook.  
The upgrade concludes a review of ICBC's BFSR started on Aug. 9,
2006.


INVERNESS MEDICAL: Biosite Merger Pact Cues Moody's Review
----------------------------------------------------------
Moody's Investors Service placed the ratings of Inverness
Medical Innovations, Inc. on review for possible downgrade
following the announcement that Inverness has entered into a
merger agreement with Biosite Incorporated for $90 a share for
the remaining 95.3% of Biosite it does not currently own.

Additionally, Biosite's Board of Directors has determined that
the binding offer from Inverness constitutes a "superior
proposal" to the one offered by Beckman Coulter.

Inverness has received commitments from UBS and GE Capital for
approximately $1.75 billion comprised of $150 million revolver,
$1.15 billion term loan B and a $450 million senior subordinated
unsecured bridge loan facility.  Anticipated proceeds from the
joint venture with Procter & Gamble (expected in the second
quarter of 2007) will be used to repay the $300 million of the
proposed term loan B.  Approximately $150 million of the senior
subordinated unsecured bridge loan facility is anticipated to be
used to repay the existing senior subordinated notes due 2012.

Sidney Matti, Analyst, stated that, "The review for possible
downgrade will focus primarily on the company's post-acquisition
capital structure and the likelihood that Inverness' post-
acquisition credit metrics would fall below the B2 rating
category."

These ratings were placed on review for possible downgrade:

    -- B2 Corporate Family rating;

    -- B2 Probability of Default rating; and

    -- Caa1 rating on $150 million senior subordinated notes
       due 2012 (LGD5/82%);

Based in Waltham, Massachusetts, Inverness Medical Innovations,
Inc. -- http://www.invernessmedical.com/-- makes diagnostic  
products including home pregnancy tests and fertility monitors.
The company also manufactures consumer vitamins and nutritional
products.

The company has offices in Australia, Canada, China, Germany,
Japan, and the United Kingdom, among others.


INTEGRITAS MANAGEMENT: Proofs of Debt Due on May 30
---------------------------------------------------
The creditors of Integritas Management Limited are required to
file their proofs of debt by May 30, 2007, to be included in the
company's dividend distribution.

The company's liquidator is:

         Philip Brendan Gilligan
         7th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


LAURENTIAN ASIA: Undergoes Liquidation Proceedings
--------------------------------------------------
Laurentian Asia Limited commenced liquidation proceedings on
April 20, 2007.

Yeung Betty Yuen and Chung Miu Yin Diana were appointed as
liquidators.

The Liquidators can be reached at:

         Yeung Betty Yuen
         Chung Miu Yin Diana
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


LEADING MEDICAL: Creditors Must Prove Debts by June 1
-----------------------------------------------------
Leading Medical Group Company Limited is receiving proofs of
debt from its creditors until June 1, 2007.

The company started to wind up its operations on April 23, 2007.

The company's liquidator is:

         Leung, Ping Maurice
         Room 803, Tung Hip Comm. Bldg
         248 Des Voeux Road Central
         Hong Kong


MBF DISCOUNT: Creditors' Proofs of Debt Due on June 30
------------------------------------------------------
MBF Discount Card International Limited, which is in voluntary
liquidation, requires its creditors to file their proofs of debt
by June 30, 2007.

Creditors who cannot prove their debts by the due date will be
excluded from sharing in the company's dividend distribution.

The company's liquidator is:

         Ha Man Kit Marcus
         Room 2302, 99 Hennessy Road
         Wan Chai, Hong Kong


PERKINS COIE: Enters Wind-Up Proceedings
----------------------------------------
On April 20, 2007, the sole member of Perkins Coie (Hong Kong)
Limited passed a resolution winding up the company's operations.

Yeung Betty Yuen and Chung Miu Yin Diana were appointed as
liquidators.

The Liquidators can be reached at:

         Yeung Betty Yuen
         Chung Miu Yin Diana
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


PROXIMA ALPHA: Receiving Proofs of Debt Until June 30
-----------------------------------------------------
The creditors of Proxima Alpha Limited are required to prove
their debts by June 30, 2007, to be included in the company's
dividend distribution.

The company's liquidator is:

         Ha Man Kit Marcus
         Room 2302, 99 Hennessy Road
         Wan Chai, Hong Kong


SEQUIAM CORPORATION: Tedder James Expresses Going Concern Doubt
---------------------------------------------------------------
Tedder, James, Worden & Associates, P.A. raises substantial
doubt about the ability of Sequiam Corporation to continue as a
going concern after auditing the company's financial statements
as of Dec. 31, 2006.  Tedder James pointed to the company's
recurring losses from operations, working capital deficit and
total liabilities that exceed its total assets.

For the years ended Dec. 31, 2006, the company generated total
revenues of US$1,688,118 and incurred a net loss of
US$5,200,617.  For the year ended Dec. 31, 2005, it generated
total revenues of US$625,920 and incurred a net loss of
US$5,430,660.

As of Dec. 31, 2006, the company had total assets of
US$3,718,062 and total liabilities of US$8,210,693, resulting in
a total shareholders' deficit of US$4,492,631.  As of Dec. 31,
2006, the company had an accumulated deficit of US$23,080,135
and negative working capital of US$5,361,769, from total current
assets of $1,657,845 and total current liabilities of
US$7,019,614.  Cash held as of Dec. 31, 2006, was US$54,161.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1e37

                          About Sequiam

Based in Orlando, Florida, Sequiam Corporation (OTCBB: SQUM) --
http://www.sequiam.com/and http://www.sequiambiometrics.com/--  
develops, markets, and supports a portfolio of highly robust
proprietary biometrically enabled consumer lifestyle and
commercial products and OEM solutions.  Sequiam has offices in
Taiwan, China, and South Africa.



SHANGHAI XUJIAHUI: Liquidator Resigns from Post
-----------------------------------------------
Cheng Shui Tai resigned as the liquidator of Shanghai Xujiahui
Holdings (H.K.) Limited on April 10, 2007.

The former Liquidator can be reached at:

         Cheng Shui Tai
         Messrs. S.T. Cheng & Co.
         Room 3203, 32nd Floor, COSCO Tower
         183 Queen's Road
         Central, Hong Kong


TRW AUTOMOTIVE: Moody's Affirms Ba2 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service affirmed TRW Automotive, Inc.'s
Corporate Family Rating at Ba2, and the ratings on the
US$1.5 billion of recently issued senior unsecured notes, at
Ba3.  The rating agency also raised the company's Speculative
Grade Liquidity Rating to SGL-1 from SGL-2.  The outlook remains
stable.

In related actions, Moody's assigned Baa3 ratings to the new
senior secured bank facilities of TRW Automotive, Inc. --
including US$1.4 billion of revolving credit facilities, a
US$600 million term-loan A, and a US$500 million term-loan B.  
TRW Automotive intends to use the proceeds from the new senior
secured bank facilities to refinance the existing senior secured
credit facilities.  The bank credit facility refinancing
continues TRW Automotive's efforts to opportunistically extend
its debt maturity profile, and reduce debt service costs.

As a leading supplier of components and systems to automotive
OEM's (original equipment manufacturer), TRW Automotive's
business profile has many characteristics that are consistent
with ratings higher than the assigned Ba2 Corporate Family
Rating.  The company enjoys a well-diversified revenue base,
including long-standing supply arrangements with European and
Asian automakers, as well as aftermarket sales.  Continuous
investment in new technologies should support future revenues,
even as automotive demand softens.  However, TRW Automotive has
experienced the effects of ongoing pricing pressures from OEM
customers as well as commodity price increases.  EBIT margins of
below 5% are considered moderate, and more consistent with the
assigned ratings.  For the last twelve months ended
Dec. 31, 2006, TRW Automotive's consolidated total debt/EBITDA
leverage was 3.5x; EBIT coverage of interest was 2.0x; free cash
flow was approximately US$191 million.  These metrics are viewed
as consistent with speculative grade rated companies and with
the company's Corporate Family Ratings at the Ba2 level.

The stable outlook continues to anticipate that the company's
geographic, customer and product diversification will support
revenues even in the face of weaker automotive demand.  Ongoing
cost reduction efforts should benefit margins.  This margin
improvement, in conjunction with the lower debt service costs
stemming from the refinancing, should support credit metrics
consistent with the Ba2 Corporate Family Rating through the
intermediate term.  At year-end 2006, TRW Automotive maintained
good liquidity with cash and cash equivalents of US$578 million,
approximately US$830 million of availability under its revolving
credit facility and about US$104 million of availability under
its U.S. accounts receivable facility.  The new US$1.4 billion
revolving credit facility is expected to provide TRW Automotive
with the same level of unused and available borrowing capacity
provided by the facility being replaced.  The company's
Speculative Grade Liquidity rating of SGL-1 reflects the lower
expected reliance on incremental funding under the proposed
revolvers combined with expected covenant cushion improvement.

These ratings were assigned:

   -- Baa3 (LGD2, 17%) rating for the new US$900 million
      senior secured domestic revolving credit facility;

   -- Baa3 (LGD2, 17%) rating for the new US$500 million
      senior secured global revolving credit facility;

   -- Baa3 (LGD2, 17%) rating for the new US$600 million
      senior secured term loan A;

   -- Baa3 (LGD2, 17%) rating for the new $500 million
      senior secured term loan B;

These rating was raised:

   -- Speculative Grade Liquidity Rating, to SGL-1 from SGL-2

These ratings were affirmed:

   -- Ba2 Corporate Family rating;

   -- Ba2 Probability of Default rating;

   -- Ba3 (LGD5, 72%) on the US$500 million senior unsecured
      notes due 2014;

   -- Ba3 (LGD5, 72%) on the EUR275 million senior unsecured
      notes due 2014;

   -- Ba3 (LGD5, 72%) on the US$600 million senior unsecured
      notes due 2017;

These ratings are withdrawn as a result of the successful tender
for the overwhelming majority of the outstandings:

   -- B1 (LGD6, 97%) for the 9-3/8% Senior Notes due 2013;

   -- B1 (LGD6, 97%) for the 10.125% (Euro denominated)
      Senior Notes due 2013;

   -- B1 (LGD6, 97%) for the 11.75% (Euro denominated) Senior
      Subordinated Notes due 2013; and

   -- B1 (LGD6, 97%) for the 11% Senior Subordinated Notes
      due 2013.

Upon closing of the new senior secured bank facilities these
ratings will be withdrawn:

   -- Ba1 (LGD2, 26%) rating for the existing senior
      secured credit facilities

The last rating action was on March 12, 2007, when Ba3 ratings
were assigned to the company's US$1.5 billion of newly-issued
unsecured notes.

Consideration for downward outlook or rating migration would
arise if any combination of factors were to increase leverage to
over 3.5x or if EBIT/ Interest coverage under 2.0x.

Future events that would be likely to improve TRW Automotive's
outlook or ratings include further debt and leverage reduction
from free cash flow, the realization of substantial new business
awards, expansion into new markets, or improved operating
margins resulting from new business wins or productivity
improvement.  Consideration for upward outlook or rating
migration would arise if any combination of these factors were
to reduce leverage to under 2.5x or increase EBIT/interest
coverage to a level approximating 3.0x.

RW Automotive -- http://www.trw.com-- with 2005 sales of  
US$12.6 billion is among the world's ten largest automotive
suppliers and is one of the top financial performers in the
industry. The company supplies more than 40 major vehicle
manufacturers and 250 nameplates and holds leading positions in
all of its primary product categories.

Headquartered in Livonia, Michigan, the company has more than
63,000 employees worldwide, and significant presence in Brazil,
China, Germany and Italy.


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

INDIAN OVERSEAS BANK: Board Proposes INR3 Per Share Dividend
------------------------------------------------------------
Indian Overseas Bank informs the Bombay Stock Exchange in a
regulatory filing that its board of directors has recommended a
dividend of INR3.00 per equity share of INR10 each (30%) for the
financial year 2006-2007.

As reported in the Troubled Company Reporter - Asia Pacific on
April 30, the bank posted a net profit of INR10.08 billion for
the year ended March 31, 2007, where as the same was at INR7.83
billion for the prior financial year.

For the purpose of payment of dividend, the bank's Register of
Members & Share Transfer Books will be closed from May 9 to
May 15, 2007.  The bank further informs BSE that it will hold
its 7th Annual General Meeting on June 12.

Headquartered in Chennai India, Indian Overseas Bank --
http://www.iob.com/-- provides consumer and commercial banking   
services.  The Company provides various banking services,
including saving bank, current accounts, credit facilities and
other services.  IOB also provides non-residential Indian
services, personal banking, foreign exchange reserves
collections services, agri business consultancy, credit cards
and e-banking services.  It also provides automated teller
machine services.  As of March 31, 2006, IOB had five
full-fledged branches overseas: two in Hong Kong, and one each
in Singapore, Seoul and Sri Lanka.  The Bank also had an
extension counter in Sri Lanka and a remittance center in
Singapore.

The bank carries Standard & Poor's Ratings Services' 'C' Bank
Fundamental Strength Rating.

Fitch gave the bank a 'D/E' Individual Rating on June 1, 2005.


INDUSTRIAL DEV'T. BANK: Net Profit Up 6% in March 2007 Quarter
--------------------------------------------------------------
Industrial Development Bank of India Ltd's financial results for
the quarter ended March 31, 2007, showed net profit growing 6%
to INR2.14 billion from the INR2.01 billion booked in the same
quarter last year.

IDBI's total income increased 12% from INR19.44 billion for the
quarter ended March 31, 2006, to INR21.85 billion in the first
quarter this year.  The company's operating expenses, however,
decreased 32% to INR2.05 billion in the March 2007 quarter from
the INR3.03 billion incurred in the same period last year.  
Interest expenses soared 29% from INR12.39 billion in the March
2006 quarter to INR16.02 billion in March 2007 quarter.

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

               http://ResearchArchives.com/t/s?1e38

The bank posted a net profit of INR6.30 billion for the year
ended March 31, 2007, a 12% improvement from the INR5.61 billion
profit in the prior financial year.  Total income increased from
INR66.61 billion for the year ended March 31, 2006, to INR73.73
billion for the year ended March 31, 2007.

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

               http://ResearchArchives.com/t/s?1e3a

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

                          *     *     *

As part of the application of Moody's Investors Service's
refined joint default analysis and updated bank financial
strength rating methodologies, the rating agency, on April 24,
2007, affirms Industrial Development Bank of India's BFSR at D-.  
Moody's also maintains the bank's Foreign Currency Deposit
Rating at Ba2.  

Fitch Ratings on April 3, 2007, affirmed IDBI's Individual
rating at 'C/D'.

On Jan. 30, 2007, Standard & Poor's Ratings Services revised the
Bank Fundamental Strength Rating of IDBI to 'C' from 'D+'.


ITI LTD: Posts INR71.7-Mil. Net Loss in Qtr. Ended March 31, '07
----------------------------------------------------------------
ITI Limited recorded a net loss of INR71.7 million in the
quarter ended March 31, 2007, an improvement compared to the
INR1.5 billion loss booked in the corresponding quarter last
year.

The company's total income rose 37% from the INR9.16 billion
recorded in the quarter ended March 31, 2006, to INR12.56
billion in the March 2007 quarter.  Operating expenses increased
16% to INR11.55 billion in the first quarter of 2007, bringing
the operating profit in the March 2007 quarter to INR1.01
billion.  In the same quarter last year, the company posted an
operating loss of INR757.3 million.

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

               http://ResearchArchives.com/t/s?1e3d

For the financial year ended March 31, 2007, ITI posted a net
loss of INR4.12 billion, a slight improvement from the INR4.51
billion loss booked in the prior financial year.

The company's revenues increased 6% from INR18.17 billion in the
year ended March 31, 2006, to INR19.36 billion in FY2006-07.  
Its operating expenses also increased from INR20.36 billion in
FY2005-06 to INR20.62 billion in FY2006-07.

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

               http://ResearchArchives.com/t/s?1e40

ITI Limited -- http://www.itiltd-india.com/default.htm-- is a   
telecom company, which manufactures a range of telecom
equipment, including switching products; transmission systems,
such as satellite communication systems, optical line
terminating equipments and digital microwave systems; access
products, such as fixed wireless local loop systems and digital
local loop carriers; terminal equipment, such as telephones,
integrated services digital network products and video
conferencing systems; microelectronic products and software;
information technology products and telecom products for the
defense sector, and other products, including solar power
systems and bank mechanizing products.  It also provides value-
added services, such as shared hub very-small aperture terminal
(VSAT) services, and public mobile radio trunked services and
turnkey solutions.  Its customers include The Department of
Telecommunications, defense, railways, oil sector and corporates
in India, and certain African and South Asian nations.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Apr. 23, 2007, that Credit Analysis & Research Ltd. revised the
rating assigned to the 'L' series long term bond issue of ITI
Limited to CARE D (SO) [Single D (Structured Obligation)] from
CARE AAA (SO) [Triple A (Structured Obligation))] with Credit
Watch.  The rating revision took into account the delay in the
interest payment of the above said bond issue.

TCR-AP reported on Nov. 3, 2006, that Fitch Ratings assigned
final National ratings of 'D(ind)(SO)' to  ITI's INR550 million
'J-1' Series long-term bonds.

ITI has incurred losses for at least two consecutive years --
INR4.12 in FY2006-07 and INR4.51 billion in FY2006-06.  The
company is a sick company as per provisions of India's Sick
Industrial Companies Act 1985.


JIK INDUSRIES: Books INR13.81MM Net Loss in Qtr. Ended March 31
---------------------------------------------------------------
For the quarter ended March 31, 2007, JIK Industries Limited
posted a net loss of INR13.81 million, on revenues of INR30,000.  
In the corresponding quarter in 2005, the company reported a net
profit of INR15.81 million on revenues of INR350,000.

The company's operating expenses decreased 26% from the
INR2.55 million booked in the quarter ended March 31, 2006, to
INR1.89 million in the same quarter in 2007.  Interest charges,
however, more than doubled to INR13.47 million in the March 2007
quarter from the INR6.34 million booked in the March 2006
quarter.

JIK Industries is currently in the process of completing a One-
Time Settlement/Assignment of debt, the company notes in its
quarterly financial results filed with the Bombay Stock
Exchange.  Effects for OTS will be given in due course.  Until
then, interest has been provided as per the terms of Corporate
Debt Restructuring Package, the company adds.  Pursuant to the
CDR package, the company is entitled to a debt waiver and
reduction of loan interest rate to 9%.  

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 20, JIK Industries' board of directors decided to increase
the company's authorized capital and to issue fresh equity
shares, convertible tradable bonds, and other convertible or
tradable instruments to strategic investors, promoter and
associates.  The capital increase is pursuant to the order of
the Board for Industrial and Financial Reconstruction for the
company to be able to fulfill its dues.

Headquartered in Mumbai, India, JIK Industries Limited --
http://www.jikindustriesltd.com/-- manufactures handmade non-  
lead crystalware segment and is the only organized player in the
country.  JIK's products also include crystal glassware such as,
glass tumblers, bowls, stemware, showpieces, and vases,
manufactured at Balkum, Thane, Maharashtra.  The company
collapsed following accidents at its chemical waste recycling
plant and at its crystal-making unit.  The company, which had
diversified interests -- crystal making, money changing and
chemical waste recycling -- was forced to exit the money
changing business after its net worth was eroded, and pursuant
to the Reserve Bank of India stipulations.

On April 17, 2006, the CDR Committee approved JIK's debt-
restructuring package.  The CDR package entitled the company to
a INR105-million debt waiver, in addition to the reduction in
loan interest rate to 9%.  The package allowed the company to
complete the major part of its debt and business restructuring.  
So far, the company's chemical division is shelved closed and
discontinued as whole.  Post restructuring, the company will
remove and reduce approximately 48% of outstanding debt and
increase share capital and network.


ORIENTAL BANK: Net Profit Drops 73% in Quarter Ended March 31
-------------------------------------------------------------
Oriental Bank of Commerce posted a net profit of
INR548.60 million for the quarter ended March 31, 2007, down 73%
from the INR2.05 billion profit booked in the corresponding
quarter in 2006.

The bank's net profit plummeted despite increased revenues and
decreased operating expenses.  For the quarter ended March 31,
2007, the bank's total income increased to INR15.77 billion from
the INR12.34 billion in the March 2006 quarter.  The bank's
operating expenses decreased to INR2.65 billion in the current
quarter under review from the INR2.80 billion incurred a year
earlier.

The drop in profit could be attributed to soaring interest
charges, and provisions and contingencies:

                               March '07           March '06
                                Quarter             Quarter
                               ---------           ---------
   Interest Expanded      INR9.87 billion    INR6.72 billion

   Provisions &
   Contingencies          INR1.62 billion    INR610.2 million

Provisions & Contingencies indicates provision for Non
Performing Assets of INR630.50 million, the bank points out.

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?1e46

For the financial year ended March 31, 2007, the bank recorded a
net profit of INR5.81 billion, an improvement from the INR5.57
billion gained in the previous year.  Total income increased
from INR46.72 billion in the year ended March 31, 2006, to
INR57.68 billion in the year ended March 31, 2007.

According to the bank, its board of directors has recommended a
dividend of 47% (inclusive of 20% Interim Dividend already paid
on March 20, 2007) for the FY2006-07 amounting to INR1.18
billion.  The dividend payment is still subject to the approval
of Reserve Bank of India.

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

             http://ResearchArchives.com/t/s?1e47

Headquartered in New Delhi, India, Oriental Bank of Commerce --
http://www.obcindia.com/-- is a scheduled commercial bank.  The   
company's domestic services include deposits, comprised of term
deposits, savings accounts, current accounts and the Suvidha
deposit scheme; advances, which consist of corporate advances, a
range of retail credit products and specialty schemes, and
government business, comprised of direct tax collection, pension
disbursement and savings bonds.  It also provides non-resident
Indian banking solutions, including non-resident external
accounts, non-resident ordinary accounts, foreign currency non-
resident accounts and resident foreign currency accounts.  It
also offers debit card services.  The bank also provides
treasury services and merchant banking services.

                          *     *     *

As part of the application of Moody's Investors Service's
refined joint default analysis and updated bank financial
strength rating methodologies, the rating agency, on Apr. 24,
2007, changed Oriental Bank of Commerce's BFSR to D+ from D.
The bank's Foreign Currency Deposit Rating is unchanged at Ba2.

The Troubled Company Reporter - Asia Pacific reported on
Aug. 21, 2006, that Fitch Ratings assigned a long-term foreign
currency issuer default rating of BB+ to Oriental Bank of
Commerce.  The Bank's individual rating have been
affirmed at C/D.

On March 15, 2007, Fitch upgraded the support rating of the bank
to '3' from '4'.


ORIENTAL BANK OF COMMERCE: Closes Lower Tier II Bond Issue
----------------------------------------------------------
The Oriental Bank of Commerce in India informed the Bombay Stock
Exchange that it had issued, on private placement basis, lower
tier II bonds, and closed that issue on April 20.

According to the bank, full subscription amount of INR500 crore
has been received.

Headquartered in New Delhi, India, Oriental Bank of Commerce --
http://www.obcindia.com/-- is a scheduled commercial bank.  The   
company's domestic services include deposits, comprised of term
deposits, savings accounts, current accounts and the Suvidha
deposit scheme; advances, which consist of corporate advances, a
range of retail credit products and specialty schemes, and
government business, comprised of direct tax collection, pension
disbursement and savings bonds.  It also provides non-resident
Indian banking solutions, including non-resident external
accounts, non-resident ordinary accounts, foreign currency non-
resident accounts and resident foreign currency accounts.  It
also offers debit card services.  The bank also provides
treasury services and merchant banking services.

                          *     *     *

As part of the application of Moody's Investors Service's
refined joint default analysis and updated bank financial
strength rating methodologies, the rating agency, on Apr. 24,
2007, changed Oriental Bank of Commerce's BFSR to D+ from D.
The bank's Foreign Currency Deposit Rating is unchanged at Ba2.

The Troubled Company Reporter - Asia Pacific reported on
Aug. 21, 2006, that Fitch Ratings assigned a long-term foreign
currency issuer default rating of BB+ to Oriental Bank of
Commerce.  The Bank's individual rating have been
affirmed at C/D.

On March 15, 2007, Fitch upgraded the support rating of the bank
to '3' from '4'.


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

ALCATEL-LUCENT: Wins Multi-Mil. Euro GSM/GPRS Network Contract
--------------------------------------------------------------
Alcatel-Lucent has been awarded a multi-million Euro GSM/GPRS
network expansion contract from PT Excelcomindo Pratama Tbk, one
of Indonesia's leading mobile service providers.  The new
contract will primarily cover the provincial capital and major
cities on the Indonesian island of Sumatra and enable XL to
provide mobile service to a greater number of the island's
nearly 45 million inhabitants.

The project is a key step forward for XL in realizing its
strategy of expanding its network outside of Java to tap into
new subscriber markets and maintain its competitive position.
Under the terms of the contract, Alcatel-Lucent will provide XL
with hundreds of new base stations, its Evolium(R) Base Station
Subsystem hardware and software, as well as a comprehensive
suite of network integration services, including network
optimization, system support and general project management.

"In deploying this network our intent is to enhance the quality
of communications service in Sumatra," said   Hasnul Suhaimi,
President Director of XL.  "Through the expansion of XL's
network, we will be able to meet growing customer demand for
service and improve customer satisfaction.  We also expect that
enhanced communications service will have a positive impact on
regional economic growth."

The project substantially strengthens Alcatel-Lucent's position
in the Indonesian mobile market and extends the range of
wireless solutions that Alcatel-Lucent provides to XL.  
Previously, Alcatel-Lucent successfully deployed 2G mobile
network equipment for XL in the Aceh Province.

"XL has a strong vision for expanding mobile service in
Indonesia, and Alcatel-Lucent is well-positioned to enable XL to
realize that vision," said Frederic Rose, President of Alcatel-
Lucent's Asia Pacific activities.  "This win increases our
strength in the Indonesian mobile market and is further evidence
of our commitment to meeting the communications needs of high-
growth economies."

                           About XL

XL, one of the subsidiaries of Telekom Malaysia (TM), is one of
the leading telecommunication companies in Indonesia. XL started
its commercial operations on 8 October 1996.  Currently XL
provides Consumer Solutions by offering dual band cellular
networks through pre-paid cards jimat, jempoland bebas and post-
paid card Xplor.  Meanwhile, the Business Solutions unit of XL
is a provider of leased line, broadband and IP (Internet
Protocol)-based corporate solutions.  On 21 September 2006, XL
launched XL 3G, the first fastest and widest cellular
telecommunication services based on 3G technology.  TM is the
Company's controlling majority shareholder with 59.63%
ownership.

                  About Excelcomindo Pratama

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

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

                      About Alcatel-Lucent

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

The company has operations in Indonesia.

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

                          *     *     *

As of Feb. 7, 2007, Alcatel-Lucent's Long-Term Corporate Credit
rating and Senior Unsecured Debt carry Standard & Poor's Ratings
Services' BB rating.  Its Short-Term Corporate Credit rating
stands at B.

Moody's Investor Services, on the other hand, put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.

Fitch Ratings rates Alcatel's Issuer Default Rating and Senior
Unsecured Debt rating at BB.


BAKRIE SUMATERA: Plans Oil-Palm & Rubber Plantations Expansion
--------------------------------------------------------------
Source:http://www.thejakartapost.com/detailbusiness.asp?fileid=2
0070501.M05&irec=4
Rousel/revise

PT Bakrie Sumatera Plantations plans to expand its oil-palm and
rubber plantations to about 83,000 hectares this year through
more land acquisition and existing plantations purchase, The
Jakarta Post reports.

According to the report, the company's extension plan includes
20,000 hectares of oil palm and rubber plantations that would be
acquired from other companies and 10,000 hectares of its own
land that would be planted with oil palms and rubber trees.  The
total cost is expected to amount IDR154 billion.

The company had recently acquired PT Sumbertama Nusa Pertiwi's
7,000 hectares for IDR260 billion.  It currently has about
53,000 hectares of plantations in Sumatra and Kalimantan plus
three CPO refineries and three rubber-processing plants in
Sumatra, which leaves 13,000 hectares more to acquire, the
report says.

The report adds that the expansion plan was a long-term goal of
the company to triple its plantation area to 150,000 hectares by
2012.  The company estimates spending US$270 million if new
plant trees will be planted in the additional areas.

                      About Bakrie Sumatera

Headquartered in Sumatra, Indonesia, Bakrie Sumatera Plantations
Tbk is Indonesia's third largest largest publicly traded
plantation company.  It is 54% owned by PT Bakrie & Brothers
Tbk, and its products include crude palm oil, palm kernel oil
and latex.  It was listed in 1990 on the Jakarta Stock Exchange.

BSP carries Standard & Poor's Ratings Services' 'B' corporate
credit rating.  The outlook is stable.

Moody's Investors Service has affirmed the B2 senior secured
debt rating for Bakrie Sumatera Plantations Tbk following its
decision to increase the existing bond size of US$110 million by
another US$45 million.  At the same time, Moody's has also
affirmed the B2 corporate family rating for BSP.  The outlook
for all the ratings is stable.


BERLIAN LAJU: Issues US$400-Million Senior Reg-S Note
-----------------------------------------------------
Source: http://financeasia.com/article.aspx?CIaNID=50807&CID=4
Rousel/revise

Berlian Laju Tanker issued a US$400 million senior Reg-S, 144a
fixed-rate note, pricing at par at 7.5%, Finance Asia reports.  
The issue was increased from US$200 million after demands
reached US$4 billion.

According to the report, the US$214 million of the proceeds will
be used for financing vessel acquisitions and general corporate
purposes while US$180 million will be use to repay senior
secured debt.

The report relates, citing sources, that the seven-year non-
call-five bonds attracted 225 investors but a significant number
of accounts were not allocated bonds.

The deal was managed by Deutsche Bank and JPMorgan, the report
adds.

According to the report, the US$214 million from the bonds
proceeds will be for financing vessel acquisitions, general
corporate purposes and US$180 million will be use to repay
senior secured debt.

                        About Berlian Laju

PT Berlian Laju Tanker Tbk 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.

Troubled Company Reporter - Asia Pacific reported on Apr 24,
2007, Fitch Ratings assigned Long-term Foreign Currency and
Local Currency Issuer Default Ratings of 'BB-' to Indonesia-
based PT Berlian Laju.  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.

Standard & Poor's Ratings Services has assigned its 'BB-'
corporate credit rating to Indonesia's PT Berlian Laju, a liquid
bulk cargo shipping company.  The outlook is stable. At the same
time, Standard & Poor's assigned its 'B+' issue ratings to both
the proposed US$200 million seven-year senior unsecured notes
due 2014 and US$125 million five-year convertible bond due 2012,
to be issued by BLT Finance B.V., a wholly owned subsidiary of
BLT.


HILTON HOTELS: Earns US$95 Million in 2007 First Quarter
--------------------------------------------------------
Hilton Hotels Corporation reported financial results for the
first quarter ended March 31, 2007.  First quarter highlights
compared to the first quarter of 2006 are as follows:

    * Total company Adjusted EBITDA of US$371 million, up 13%.

    * Fees up 16% to US$176 million on strong RevPAR and unit
      growth and the Hilton International acquisition.

    * Pro forma comparable system-wide RevPAR increased 8.9%,
      driven by strong rate increases and high demand in most
      major markets.

Hilton reported first quarter 2007 net income of US$95 million
compared with US$104 million in the 2006 quarter.  Diluted net
income per share was US$.23 in the 2007 first quarter, versus
US$.26 in the 2006 period.  Excluding non-recurring items in
both periods and assuming the Hilton International acquisition
occurred January 1, 2006 diluted EPS totaled US$.20 per share in
the 2007 quarter, a 33 % increase from US$.15 per share in the
2006 period.

Non-recurring items combined to benefit the 2007-quarter by
US$.03 per share as follows:

    * US$30 million pre-tax gain on asset dispositions and
      other;

    * US$8 million pre-tax loss on foreign currency
      transactions.

The 2006 first quarter benefited from non-recurring items
totaling US$.06 per share.  Additionally, had the HI acquisition
been completed on January 1, 2006, first quarter 2006 results
would have been reduced by approximately US$.05 per share due to
the seasonally weak business environment in the first two months
of the year.

Net income from the Scandic hotel system, the sale of which was
announced on March 2, 2007 and completed on April 26, 2007, is
reflected as discontinued operations.

The company reported first quarter 2007 total operating income
of US$228 million, on total revenue of US$1.864 billion.  Total
company earnings before interest, taxes, depreciation and
amortization were US$371 million, an increase of 13 % from
US$328 million in the 2006 quarter.

System-wide RevPAR; Management/Franchise Fees

All of the company's brands reported significant system-wide
revenue-per-available-room increases, with particularly strong
gains in average daily rate.  On a system-wide basis and pro
forma as if the acquisition of HI had occurred January 1, 2006,
first quarter RevPAR increased 8.9 % compared to the 2006
period.  The company's brands showed first quarter RevPAR gains
as follows: Conrad, 13.2 %; Hilton, 10.3 %; Doubletree, 8.8 %;
Homewood Suites by Hilton, 8.0 %; Hilton Garden Inn, 7.9 %;
Hampton Inn, 7.8 %; and Embassy Suites, 6.3 %.

Management and franchise fees increased 16 % in the first
quarter to US$176 million, benefiting from RevPAR gains, the
addition of new units and the acquisition of HI.  2006 fees
include HI from February 23, 2006 and a one-time US$15 million
management contract termination fee related to a sold joint
venture property.  Adjusting for a full quarter of HI and this
one-time termination fee, fee income increased 17 % in the first
quarter.

Owned Hotel Results

Continued strong demand trends, primarily among leisure and
business travelers, resulted in high single digit or double
digit ADR increases at many of the company's gateway hotels
around the world.  Business transient, group and leisure all
showed significant ADR gains.

Across all brands, revenue from the company's owned hotels was
US$571 million in the first quarter 2007, a 13 % increase from
US$507 million in the 2006 quarter.  Total owned hotel expenses
were up 13 % in the quarter to US$429 million.  Owned results
exclude hotels that have been classified as discontinued
operations in connection with the Scandic sale.

Comparable North America owned revenue and expenses increased
6.1 % and 6.3 %, respectively.  Expenses were impacted by higher
insurance costs.

RevPAR from comparable N.A. owned hotels increased 6.0 %.
Comparable owned N.A. hotel occupancy decreased 0.5 points to
74.4 %, while ADR increased 6.8 % to US$198.19. Particularly
strong RevPAR growth was reported at the company's owned hotels
in New York, Chicago and Washington.  Comparable N.A. owned
hotel margins in the first quarter decreased 10 basis points to
24.4 %.  The aforementioned higher insurance costs impacted
margin growth by approximately 70 basis points.

Renovation activity at the Hilton New York negatively impacted
comparable results in the quarter.  Renovations are expected to
continue at the Hilton New York, the Waldorf=Astoria and the
Hilton Hawaiian Village in 2007.  Additionally, the Hilton San
Francisco and Hilton Waikoloa Village were challenged by soft
group markets.

On a pro forma basis, as if the acquisition of HI had occurred
January 1, 2006, comparable international owned revenue and
expenses increased 10.7 % and 9.4 %, respectively.  Pro forma
RevPAR from international comparable owned hotels increased 11.8
%.  Occupancy increased 0.3 points to 67.8 %, while ADR
increased 11.3 % to US$157.45.  Strong results were reported in
Luxembourg, Amsterdam, Sydney and across the U.K.  Adjusting for
the impact of foreign exchange, RevPAR from international
comparable owned hotels increased 4.8 %.  Pro forma comparable
international owned margins improved 90 basis points to 22.2 %.

On a worldwide basis, pro forma comparable owned RevPAR
increased 7.3 %, with margins flat at 23.8 %.  Excluding the
impact of foreign exchange, worldwide pro forma comparable owned
RevPAR increased 5.7 %.

Leased Hotels

Revenue from leased hotels was US$455 million in the first
quarter 2007 compared to US$189 million in the 2006 quarter,
while leased expenses were US$413 million in the current quarter
versus US$169 million last year.  The EBITDAR-to-rent coverage
ratio was 1.4 times in the quarter.  Leased results exclude
hotels that have been classified as discontinued operations in
connection with the Scandic sale.

Pro forma comparable leased revenue increased 13.4 %, leased
expenses increased 10.2 %, and margins increased 260 basis
points to 9.3 %. RevPAR from leased properties increased 16.4 %.  
Adjusting for the impact of foreign exchange, RevPAR from
comparable leased hotels increased 9.2 %, reflective of business
strength in the U.K. and Germany.

Hilton Grand Vacations

Hilton Grand Vacations Company, the company's vacation ownership
business, reported a 35 % decline in profitability in the first
quarter, due to %age-of-completion accounting associated with
new projects.  Revenue and expenses associated with projects in
development are deferred to correspond with the pace of
construction.  Unit sales declined 8 %, however average unit
sales prices increased 42 % over last year, with the increase
driven by new projects in Hawaii.

HGVC had first quarter revenue of US$146 million, a 20 %
decrease from US$183 million in the 2006-quarter.  Expenses were
US$114 million in the first quarter, compared with US$134
million in the 2006 period.

Brand Development/Unit Growth

In the first quarter, the company added 44 properties and 6,865
rooms to its system as follows: Hampton Inn, 22 hotels and 1,940
rooms; Hilton, 9 hotels and 2,798 rooms; Hilton Garden Inn, 6
hotels and 774 rooms; Doubletree, 2 hotels and 548 rooms;
Homewood Suites by Hilton, 4 hotels and 427 rooms; Embassy
Suites, 1 hotel and 308 rooms, and Hilton Grand Vacations, 70
units.

Fourteen hotels and 2,872 rooms were removed from the system
during the quarter.

During the first quarter, the company added new domestic Hilton
hotels in Providence, Ft. Lauderdale, Branson, and Oklahoma
City. The company added new international Hilton hotels in
Sicily, Italy; Hefei, China; Warsaw, Poland; and the U.A.E.  The
company added new Doubletree hotels in Chicago, Illinois and
Augusta, Georgia.  The company opened its 1,400th Hampton Inn,
representing its 140,000th room, in Chicago. Also during the
quarter, the company entered into management agreements for a
Conrad in Abu Dhabi, Hiltons in Costa Rica and Jordan, and a
Doubletree in Costa Rica.  Early in the second quarter 2007, the
company announced the ground breaking of the 498-room
Waldorf=Astoria at Bonnet Creek and the 1,000-room Hilton Bonnet
Creek, part of a resort development adjacent to the Walt Disney
World(R) Resort in Florida.  The company expects to break ground
on the 1,400-room Hilton Orlando at the Orange County Convention
Center in the second quarter of 2007.  All three hotels will be
managed by the company upon completion, which is scheduled for
late 2009.

During the first quarter, Hilton Garden Inn was named the "Best
Mid-Price Hotel Value" by Entrepreneur (TM) magazine for the
second consecutive year.

At March 31, 2007, the Hilton worldwide system consisted of
2,838 hotels and 483,090 rooms.  The system count excludes 129
properties that left the system in April 2007 in connection with
the sale of the Scandic brand.  The company's current
development pipeline is its biggest yet, and the largest for any
U.S.-based hotel company, with more than 800 hotels and 111,000
rooms at March 31, 2007.  Approximately 90 % of the hotels in
the current development pipeline are in the Americas, though
international development is expected to comprise an
increasingly larger %age of the company's unit growth within the
next two years.

Asset Dispositions

The company completed the sale of the Scandic chain for EUR833
million or approximately US$1.1 billion.  The company also
entered into an agreement to sell up to 10 hotels in Continental
Europe to Morgan Stanley Real Estate for EUR566 million or
approximately US$770 million.  Additionally, the company is in
advanced stages of documentation with preferred buyers of the
Hilton Caledonian in Scotland, the Hilton Washington in the
District of Columbia and a number of the other domestic assets
that were being put on the market for sale late last year.  The
company expects to close on the majority of these asset sales by
mid-summer.  Net proceeds from sales will be used to pay down
debt.

Corporate Finance

At March 31, 2007, Hilton had total debt of US$7.06 billion (net
of approximately US$500 million of debt and capital lease
obligations resulting from the consolidation of certain joint
venture entities and a managed hotel, which are non-recourse to
Hilton). Of the US$7.06 billion, approximately 54 % is floating
rate debt. Total cash and equivalents (including restricted cash
of approximately US$325 million) were approximately US$476
million at March 31, 2007.  The increase in debt from December
31, 2006 was due to borrowings under the company's revolving
credit facilities, primarily due to the seasonality of the first
quarter and the timing of capital expenditures, including
timeshare development.  Hilton's debt currently has an average
life of approximately 5.9 years, at an average cost of
approximately 6.6 %.

The company's average basic and diluted share counts for the
first quarter were 389 million and 424 million, respectively.

Hilton's effective tax rate for continuing operations in the
first quarter 2007 was approximately 35 %.

Total capital expenditures in the first quarter were
approximately US$167 million, including approximately US$77
million expended for timeshare development.

2007 Outlook

The company provided the following updated estimates for full-
year 2007.

The sale of Scandic (including the use of net proceeds to reduce
debt) is expected to reduce the company's 2007 recurring EPS by
US$.10 per share.  This impact has been reflected in the
estimates provided below.  The outlook, however, excludes any
non-recurring gains or losses related to the disposition of
Scandic, the impact of future asset sales, share repurchases or
other potential significant transactions.

Total capital spending in 2007 is expected to be approximately
US$1.0 billion as follows: approximately US$290 million for
routine improvements and technology, approximately US$380
million for timeshare projects, and approximately US$330 million
for hotel renovation, special projects and hotel investments.  
To the extent the company completes additional asset sales,
capital expenditures would be expected to decrease.

The company expects to add approximately 255 hotels and 35,000
rooms to its system in 2007.

Stephen F. Bollenbach, Hilton co-chairman and chief executive
officer, said: "Last year's acquisition of Hilton International
is proving - as we expected - to be a tremendous benefit to our
company, our customers and our shareholders as international
results have been excellent since we completed the acquisition.

"We continue to have great success in opening full-service
Hilton hotels in markets around the world and are making
significant progress in signing up new deals globally across our
Family of Brands, as evidenced by our recently announced
ventures in China and India, and developments in Russia and
other parts of the world.  To further accelerate our shift to a
fee-based company, we are bolstering our international
development resources to facilitate our ability to secure new
contracts.

"An important component of our strategy is the asset disposition
program, which we began in 2005. We are seeing continued
terrific results on that front as well, the latest example being
the recently sale of our 10 assets in Continental Europe.  We
executed this transaction at a great price and expect to retain
management agreements on a majority of the hotels."

Mr. Bollenbach concluded: "We are excited about the strength of
our business, the enthusiasm of our team members and the
opportunities to continue our worldwide growth.  Our future
could not be brighter as we strengthen our position as the
premier global lodging industry company."

                     About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,  
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                           *     *     *

In March 2007, Standard & Poor's Ratings Services raised its
corporate credit and senior unsecured ratings on Hilton Hotels
Corp. to 'BB+' from 'BB' and removed the ratings from
CreditWatch where they were placed with positive implications on
Jan. 31.  S&P said the outlook is stable.

In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006.  Adjusted
debt to EBITDAR has improved to around 5.0x from 6.0x in January
2006.


INDIKA INTI: Five-year Bond Generates US$3.8 Billion Demand
-----------------------------------------------------------
PT Indika Inti Energi's B2/B five-year Reg-S bond, managed by
ING and JPMorgan, generated US$3.8 billion in demand, pricing at
par at 8.5%, at the tight end of revised guidance (8.5%-8.625%),
with initial guidance of 8.625%-8.875%, Finance Asia reports.

According to the report, the US$250 million transaction, that
attracted 200 investors, with 160 allocated accounts, traded to
101.25 on the secondary market, tightening by 19 basis points.

The company will use US$40 million of the proceeds to finance
power plant constructions, US$60 million will subsidize coalmine
acquisitions, and the rest will be used to finance existing
debt, the report notes.

The report says that the funds will be held in an offshore
escrow account, until the company identifies its projects.

                       About Indika Inti

Headquartered in Indonesia, Pt Indika Inti Energi (Indika),
--indika.co.id/-- established in 2000, is a privately-owned
investment holding company.  Its major investment assets include
a 46% stake in Kideco and a 100% stake in Tripatra.  Kideco, the
major cash flow provider to the holding company, commenced its
commercial operations in 1993, with a 30-year CCOW valid until
2023.  The CCOW, which is structured as a contract between
Kideco and the Indonesian government and ratified by the
Indonesian Parliament will prevail above other Indonesian laws
and also provide for international arbitration in the event of a
dispute.  Fitch notes that this framework has existed for nearly
25 years, and has withstood considerable political and economic
turmoil in Indonesia.  Tripatra is a leading EPC and O&M service
provider in Indonesia with a focus on energy and infrastructure
projects.

The Troubled Company Reporter - Asia Pacific reported on April
27, 2007, that Moody's Investors Service has assigned a
provisional (P)B2 corporate family rating to PT Indika Inti
Energi (Indika). The rating outlook is stable.  At the same
time, Moody's has assigned a provisional (P)B2 rating to the
proposed 5-year, US$250m senior secured bond issued by Indo
Integrated Energy BV and guaranteed by Indika.  This is the
first time that Moody's has assigned a rating to Indika.

Fitch Ratings has assigned Long-term Foreign and Local Currency
Issuer Default Ratings of 'B' to PT Indika Inti Energi.  The
Outlook for the IDRs is Stable.  At the same time, the agency
has also assigned an expected issue rating of 'B' and an
expected recovery rating of 'RR4' to the proposed US$250 million
senior secured notes due in 2012 issued by Indo Integrated
Energy B.V. and guaranteed by Indika and its 100%-owned
subsidiary PT Indika Inti Corpindo.  The final ratings are
contingent upon receipt of documents conforming to the
information already received.


MARSHALL HOLDINGS: Auditors Raises Going Concern Doubt
------------------------------------------------------
Madsen & Associates CPA's, Inc. raised substantial doubt about
the ability of Marshall Holdings International Inc. to continue
as a going concern after auditing the company's financial
statements as of Dec. 31 2006.  The auditing firm pointed to the
company's need of an additional working capital for its planned
activity and to service its debt.

Marshall had a net loss of US$3,735,237 for the year ended Dec.
31, 2006, as compared with a net loss of US$903,728 in 2005.  
Marshall had a loss from operations of US$3,149,818 in 2006, as
compared with a loss from operations of US$2,316,178 in 2005.  
Marshall's substantial increase in losses from operations and
net losses were attributable to a significant increase in
payments to consultants both in cash and in stock for services
as reported in selling, general and administrative expenses.

Sales for the year ended Dec. 31, 2006, increased to
US$3,757,181 from sales of US$769,759 for the year ended Dec.
31, 2005.  The increase in sales was primarily due to the
acquisition of Marshall Distributing wholesale natural products
distributor and the activation of Marshall Corporate
Administration Inc, formerly Gateway Corporate Administration
Inc.

As of Dec. 31, 2006, the company had total assets of
US$12,433,767 and total liabilities of US$12,046,882, resulting
in a total stockholders' equity of US$386,885.  Accumulated
deficit as of Dec. 31, 2006, stood at US$23,111,161, up from
US$19,775,923 as of Dec. 31, 2005.

                  Liquidity and Capital Resource

For fiscal year 2006, Marshall's working capital increased to a
positive US$388,000 at Dec. 31, 2006 from a positive US$289,000
at Dec. 31, 2005.  This increase was primarily attributable to
the acquisition of Marshall Distributing that had a substantial
amount in inventory.  Cash, cash equivalents and marketable
securities totaled US$61,083 at Dec. 31, 2006, as compared with
US$93,305 at Dec. 31, 2005.

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

              http://ResearchArchives.com/t/s?1e27

                     About Marshall Holdings

Marshall Holdings International Inc., formerly Gateway
Distributors, Ltd., (MHII.OB) provides nutritional
supplementation in the U.S. and Canada, as well as in Russia and
Indonesia.  Its nutritional products include Body Gard with
Lactoferrin, Femme, Fulvic Factor, Lifetonic, LifeZymePlus,
Master Formula powder and capsules, Natural Immunity, Superfood
powder and capsules, and Vibrant 9 skin care product.  Its
products are not intended to diagnose, treat, cure or prevent
any disease.


MERPATI NUSANTARA: Sues Thirdstone on Aircraft Delivery Failure
---------------------------------------------------------------
PT Merpati Nusantara Airlines filed a suit against United
States-based Thirdstone Aircraft Leasing Group in the United
States District Court for the District of Columbia alleging
breach of contract, The Lessor reports.

According to the report, citing the company's company's
secretary, Irvan Harijanto, the company had already advanced
US$1 million in payment but Thirdstone failed to deliver the
aircraft.  The failure could result in probable losses of up to
IDR60 billion for Merapati.

The report further relates that the company isn't seeking a
compensation for potential losses but rather limit itself to
seeking the return of its US$1 million advance payment.

Merpati said that it prefers an out-of-court settlement
preferably before the case goes into trial, the report says.

                    About Merpati Nusantara

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned  
carrier that services predominantly international routes.  The
carrier is facing the threat of being declared bankrupt with
IDR1.6 trillion in accumulated losses.

According to press reports, Merpati has suffered from high fuel
prices and hurt by the weaker rupiah.  The bombings in Bali in
October 2005 hit the airline pretty hard in its revenue flow.
The airline is also struggling to cope with new competition
within Indonesia, both from domestic airlines and from other
airlines coming into Indonesia internationally.

The Troubled Company Reporter - Asia Pacific reported on July
24, 2004, that the Indonesian Government invited applications
from financial and legal advisers to help devise a privatization
scheme for the carrier.  The Government proposed a strategic
sale of the state's 51% stake in Merpati to help fund the
carrier's operations.  The state was also considering a IDR220
billion debt-for-equity swap.

According to a TCR-AP report in January 2006, the Government had
promised to inject up to IDR400 billion into the Company.
However, since it is also cash-strapped, the Government said it
would disburse the amount in installments, and initially meted
out IDR75 billion for the Company to continue its business.


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


ALL NIPPON: Fuel Bill Squeezed Profits, CEO Says
------------------------------------------------
Mineo Yamamoto, President and CEO of All Nippon Airways Co Ltd
said the company has "seen strong demand for both business and
leisure travel in tandem with the performance of the Japanese
economy as whole."

Mr. Yamamoto notes that the company's "excellent results" for
the year ended March 31, 2007, is due to improvements to the
airline's network, more flights, and new fares.

"However, profit has been squeezed by a fuel bill that is 31.3%
higher than last year.  We will keep doing our best to tackle
rising costs, and thank our customers, who have had to share
part of that burden, for their loyalty," Mr. Yamamoto said in a
press release.

As previously reported, ANA Group posted a record consolidated
operating profit of JPY92.1 billion on a record consolidated
revenue of JPY1.48 trillion for the twelve months ended
March 31, 2007.  This represents a year-on-year improvement of
3.8% and 8.8% respectively.  Consolidated net profit for the
period was JPY32.6 billion, the second highest in ANA's history
and 22.2% better than the FY2005.  The Group's highest net
profit was posted in FY 2000.  Costs incurred by the return of
leased aircraft resulted in a 6.3% drop in recurring profit to
JPY62.5 billion.

                    Air Transportation Segment

ANA Group consists of airlines, travel, hotel operations and
other businesses.  On a consolidated basis, Groups airlines
alone accounted for revenue of JPY1.24 trillion and an operating
profit of JPY79.7 billion.  They carried a record 51 million
passengers over 60.7 billion Revenue Passenger Kilometers (RPK),
of which 40.6 billion were domestic and 20.1 billion
international.

                    Domestic Passenger Services

In spite of increasingly fierce competition on trunk routes, ANA
held its own by stimulating demand for services with the
Tabiwari promotional fare, which was introduced in April, and a
consolidated push to market Okinawa, Japan's southernmost, sub-
tropical island chain.  In an effort to increase its competitive
muscle, ANA also upped the number of domestic flights configured
with Super Seat Premium -- the equivalent of business class --
and rolled out its SKIP service at airports across Japan.  SKIP
allows passengers to check-in on-line anywhere and proceed
straight to security, and onto their flight, without physically
passing airport check-in counters.

All in all, the number of passengers carried on domestic routes
increased 2.2%, despite 2006 being a year with no specific
events to stimulate demand, such as the previous year's Aiichi
World Expo, which buoyed up the number of passengers travelling
on domestic services in 2005.

                  International Passenger Services

For the period under review, international passenger numbers
grew 10.1% to a record 4.6 million with revenue increasing by
21.5% to JPY278.4 billion, also a record.

Strong demand for business travel continued unabated throughout
FY2006. In addition, leisure travel demand grew strongly,
stimulated by marketing campaigns for the Ecowari promotional
fare and for destinations in China.  The addition of Chicago to
ANA's North America network, more flights to Singapore and
China, and the down-gauging of aircraft to better match demand
on flights between Osaka (Kansai) Qingdao and Xiamen in China,
contributed to the successful result in terms of revenue and
passenger numbers.

Travel to, from and via Narita Airport was significantly
improved by the move to new facilities in the South Wing of
Terminal 1, together with ANA's fellow Star Alliance member
carriers.  Not only were connecting times shortened, but the
whole experience was made more convenient and simple by
the introduction of shared facilities, including new lounges,
and common use self service kiosks equipped with ANA's Smart e-
Service, which allow passengers to collect their boarding pass
in a matter of seconds.

                               Cargo

Both domestic and international services saw increased loads and
revenue.  When combined with mail services, total revenues
exceeded JPY100 billion for the first time.

On domestic routes, increased economic activity spurring demand
and an increase in the number of late night cargo flights
contributed to a 3.1% increase in revenue and a 3.6% increase in
Revenue Tonne Kilometres flown.

International cargo services performed particularly well with
increases in loads, revenue and RTKs in excess of 10%
respectively. This strong performance can be attributed to
increased flights to North America, China
and the rest of Asia.

                        Forecast for FY2007

Strong demand for air transportation is expected in line with
continued economic recovery in Japan.  Taking this and the
further differentiation of ANA's products and services in to
consideration, it is expected that the Airline Segment of ANA
Group will secure additional revenue of approximately JPY63.0
billion.  However, as the Hotel Segment will no longer exist,
effectively removing the operating profit of ANA's hotels
business, Group consolidated operating profit is expected to
remain around the same level as this year.

The posting of an extraordinary profit on the sale of ANA's
hotel holdings is expected to boost consolidated net profit to
record levels, despite a forecast extraordinary loss on the
accelerated retirement of aircraft to renew the fleet. The price
of fuel is expected to continue at an elevated level, exerting
strong downward pressure on consolidated operating profit and
recurring profit.

For the first time since FY 1992, ANA is expecting to pay a
dividend of JPY5 per share.

                     About All Nippon Airways

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

    1. Scheduled air transportation business;

    2. Nonscheduled air transportation business and business
       utilizing aircraft;

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

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

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

                           *     *     *

Moody's Investors Service, on April 19, 2007, placed the Ba1
senior unsecured debt ratings of All Nippon Airways Co., Ltd.
under review for possible upgrade.

The rating action reflects ANA's high and stable profitability
despite the ongoing price hikes of aircraft fuel, as well as
Moody's view that the company's financial flexibility is likely
to be further improved by its asset disposition related to its
hotel business.

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

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


ALL NIPPON: Hotel Asset Sale to Hike 2008 Profit to JPY130 Bil.
---------------------------------------------------------------
ANA Group said the transfer of the shares and assets of its
hotel subsidiary companies is expected to give rise to a
consolidated extraordinary profit of approximately
JPY130 billion for the financial year ended March 31, 2008.  On
a non-consolidated basis, the extraordinary profit is expected
to be approximately JPY123 billion.

As previously reported by the Troubled Company Reporter - Asia
Pacific, a fund managed by Morgan Stanley entered into an
agreement to buy All Nippon Airways' interests in the buildings,
land and shares of the company's 13 owned or leased hotels.
  
According to the company, the transfer had a negligible impact
on ANA Group earnings for the period ended March 31, 2007.  

The hotels will be operated under an existing long-term
management contract with IHG ANA Hotels Group Japan, the joint
venture company started ANA and Intercontinental in December
2006.  Managing the assets on behalf of the fund will be Morgan
Stanley's affiliate, Panorama Hospitality.

                    About All Nippon Airways

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

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

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

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

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

                          *     *     *

Moody's Investors Service, on April 19, 2007, placed the Ba1
senior unsecured debt ratings of All Nippon Airways Co., Ltd.
under review for possible upgrade.  

The rating action reflects ANA's high and stable profitability
despite the ongoing price hikes of aircraft fuel, as well as
Moody's view that the company's financial flexibility is likely
to be further improved by its asset disposition related to its
hotel business.

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

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


DAIWA SECURITIES: Acquires Minority Stake in Sagent Advisors
------------------------------------------------------------
Daiwa Securities Group Inc., in a move to capitalize on the
anticipated growth in cross-border M&A transactions, has
acquired through its wholly owned U.S. subsidiary just over a
20% equity interest in privately held Sagent Advisors Inc. for
$52 million. Daiwa Securities Group will occupy two seats on
Sagent's seven-person board and also plans to transfer its New
York-based M&A team to Sagent.

In connection with the investment, Daiwa Securities SMBC Co.
Ltd., a joint venture between Daiwa Securities Group, one of
Japan's largest securities firms, and Sumitomo Mitsui Financial
Group, Inc., one of Japan's largest banking groups, has formed a
business alliance with Sagent, which will add a focus on
Japanese-related transactions to Sagent's rapidly growing
business in the North American market.

The Japanese market has become more open to foreign-originated
deals by passing new laws to facilitate cross-border mergers and
by promoting a global M&A culture.  Japanese companies also face
growing pressure to shed non-core businesses.  The two partners,
which have built a strong relationship over several years of
collaborative work, believe that the alliance will play a key
role in the growing volume of cross-border M&A transactions
between North America and Japan.

The alliance provides Sagent with access to a broad and deep
network of relationships in the top echelons of corporate Japan.
Daiwa SMBC will gain capabilities and insight in the North
American market through Sagent, whose conflict-free advisory
services are enhanced by experienced bankers who have been
involved in some of Wall Street's largest and most complex
transactions.  The partnership will create substantial
opportunities for the clients of both firms.

                    About Sagent Advisors Inc.

Sagent Advisors Inc. is an independent, privately owned
investment banking firm dedicated to providing clients with
high-quality M&A and other strategic financial advice.  Contrary
to industry norms, Sagent Advisors has no lending, trading,
research or investing conflicts and no cross-selling pressures
or other structural conflicts - offering only Pure Advice(TM)
without bias toward a particular outcome.  Companies hire Sagent
Advisors for the firm's experience, industry knowledge and
senior attention.  The firm's managing directors average over 25
years in the investment banking industry and provide dedicated,
hands-on involvement across client projects.

                About Daiwa Securities SMBC Co. Ltd.

Daiwa Securities SMBC Co. Ltd. was formed through a strategic
joint venture between Daiwa Securities Co. Ltd. (now Daiwa
Securities Group Inc.) and The Sumitomo Bank, Limited (now
Sumitomo Mitsui Financial Group, Inc.) in 1999 and became the
first wholesale investment bank in Japan.  Daiwa Securities SMBC
is 60% owned by Daiwa Securities Group and 40% by Sumitomo
Mitsui Financial Group.  Since then, Daiwa Securities SMBC has
established a strong track record in a broad range of areas,
including investment banking services and sales & trading, by
taking advantage of its strong relationships with most of the
major companies in Japan. Daiwa Securities SMBC was first in the
M&A Volume Rankings in Japan for 2006.  Its revenues and
ordinary income for fiscal 2006 were $2.6 billion and $0.8
billion, respectively (exchange rate: JPY120/US$1).


                About Daiwa Securities Group, Inc.

Headquartered in Tokyo, Daiwa Securities Group Inc. --
http://www.daiwa.jp/-- is a public diversified financial  
services company (Tokyo Stock Exchange ticker 8601) that is
engaged in four core businesses: retail securities, wholesale
securities, asset management and investment.  It is one of
Japan's largest securities firms, with revenue of $7.6 billion
and ordinary income of $1.6 billion in fiscal 2006 (exchange
rate: JPY120/US$1).  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 25, 2006, affirmed the company's C
individual rating.


ON SEMICONDUCTOR: March 30 Balance Sheet Upside-Down by US$157MM
----------------------------------------------------------------
ON Semiconductor Corporation disclosed that as of March 30,
2007, the company listed total assets of US$1.4 billion, total
liabilities of US$1.5 billion, and minority interests of
US$19 million, resulting in a total stockholders' deficit of
US$157.2 million.

Total revenues in the first quarter ended March 30, 2007, were
US$374.2 million, a decrease from the first quarter ended March
31, 2006, of US$334 million.  Total revenues during the first
quarter included about US$347.8 million of product revenues and
about US$26.4 million of manufacturing services revenues.  
During the first quarter of 2007, the company reported net
income of US$54 million, up from a net income of US$40.4 million
for the first quarter of 2006.

First quarter 2007 results include about US$3.3 million
associated with stock based compensation expense.  During the
fourth quarter of 2006, the company reported net income of
US$87.4 million. Fourth quarter 2006 results included about US$3
million associated with stock based compensation expense and a
gain of US$10.2 million from a favorable insurance settlement
and idle real property sales.

"The first quarter of 2007 was a seasonally slower period for
the semiconductor industry.  Our consumer driven end-markets of
Computing, Consumer Electronics and Wireless, in particular,
experienced some headwinds as anticipated in the first quarter,"
said Keith Jackson, ON Semiconductor president and chief
executive officer.  "Despite the weaker demand environment in
the consumer driven end-markets during the first quarter of
2007, I am excited about how our overall business performed with
product revenues at over US$347 million and product revenue
gross margins at about 40 percent.  We believe the inventory
correction that has taken place in the industry over the past
two quarters is largely behind us and as we look into the second
half, we are beginning to see our backlog fill in nicely.  We
continue to expect a strong second half of 2007."  

                   Second Quarter 2007 Outlook

"Based upon product booking trends, backlog levels, anticipated
manufacturing services revenue and estimated turns levels, we
anticipate that total revenues will be approximately US$375 to
US$385 million in the second quarter of 2007," Mr. Jackson said.  
"We also anticipate that approximately US$25 million of our
total revenues will come from manufacturing services revenue.  
While backlog levels at the beginning of the second quarter of
2007 were down slightly from backlog levels at the beginning of
the first quarter of 2007, they still represent approximately 85
percent of our anticipated second quarter 2007 revenues.  We
expect that average selling prices for the second quarter of
2007 will be down approximately one to two percent sequentially.  
We expect our product gross margin in the second quarter to be
approximately flat with the first quarter of 2007 and expect our
manufacturing services gross margin to be similar to the first
quarter of 2007.  We currently expect our stock based
compensation in accordance with FAS No. 123 (R) to be
approximately US$3 to US$4 million in the second quarter of
2007."

ON Semiconductor -- http://www.onsemi.com/-- supplies power  
solutions to engineers, purchasing professionals, distributors
and contract manufacturers in the computer, cell phone, portable
devices, automotive and industrial markets.  The company has
operations in Japan and the Czech Republic.

                          *     *     *

ON Semiconductor Corp.'s bank loan debt and long-term corporate
family rating carry Moody's B2 ratings.  The ratings were placed
on Dec. 15, 2005, with a positive outlook.


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


LG TELECOM: Fined KPW4.7 Billion for Illegal Subsidies
------------------------------------------------------
LG Telecom Ltd was fined KPW4.7 billion by the Korea
Communication Communication of South Korea, for unfair business
practices, Yonhap news reports.

According to the report, Korea's regulator said that the
competition in the local mobile communications sector
intensified in January as major telecom companies shelled out
subsidies to lure new subscribers from rivals.

The report adds that the government banned subsidies in March
2003, but allowed the mobile carriers to help some of their
long-term users purchase new handsets at cheaper prices last
year.

SK Telecom Co. was also fined KPW7.5 billion while KTF Co. was
fined KPW5.8 billion.

                       About LG Telecom

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

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

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

On March 27, 2007, Moody's Investors Service has upgraded LG
Telecom's foreign currency corporate family rating and senior
unsecured bond rating to Ba1 from Ba2.  The outlook on the
rating is stable.


KOREA DEVELOPMENT: Leads South Korea's KRW1-Tril. Fund Raising
--------------------------------------------------------------
Korea Development Bank will lead in South Korea's bid to raise
up to KRW1 trillion to buy ailing companies and bad loans, and
invest in economic development projects across Asia, Daily Times
reports.

According to the report, the bank will stake about KRW300-500
billion, with the remainder for other domestic and foreign
investors or institutions.

The bank's participation in the fund was aimed at sharing risks
with private companies in new markets, the report adds.

                    About Korea Development

Korea Development Bank -- http://www.kdb.co.kr/-- is South  
Korea's long-term funds provider to major industrial projects.  
The company is wholly owned by the Korean Government.  KDB also
offers short and long-term loans, investments, guarantees and
trusts to international finance.  Its major funding sources are
Industrial Finance Bonds, client deposits, special-purpose funds
and foreign-currency funds.

Moody's Investors Service gave KDB a 'D-' Bank Financial
Strength Rating effective on January 24, 2006.


MAGNACHIP SEMICON: Posts US$67MM Net Loss in Period Ended Apr. 1
----------------------------------------------------------------
MagnaChip Semiconductor disclosed results for the first quarter
ended April 1, 2007.

Sang Park, Chairman and CEO of MagnaChip Semiconductor,
commented, "Overall, the first quarter came in as expected with
no real surprises.  Most importantly, we continued to make
progress in returning MagnaChip to the revenue and profit growth
the core business is capable of achieving.  We are pleased with
the level of design wins and customer activity as well as our
fab-loading rate.  We are gaining back market share with
improved product offerings and customer relationships."

Revenue for the three months ended April 1, 2007 was
US$151.8 million, compared to US$213.1 million in the first
quarter of 2006 and ahead of prior guidance.

Gross margin was US$14.9 million or 9.8% of revenue for the
quarter ended April 1, 2007, compared to US$40.3 million or
18.9% of revenue for the first quarter of 2006.

Operating expenses for the first quarter of 2007 were
US$57.8 million or 38.1% of revenue on higher research and
development spending, compared to US$51.4 million or 24.1% of
revenue in the first quarter of 2006.

Operating loss was US$42.9 million during the current quarter,
compared to an operating loss of US$11.1 million in the prior
year quarter.

Net interest expense for the first quarter of 2007 was
US$14.4 million, compared to US$14.7 million in the first
quarter of 2006.

Net loss for the three months ended April 1, 2007 was
US$67.0 million compared to a net loss of US$3.9 million in the
first quarter of 2006.

Robert Krakauer, President and CFO of MagnaChip Semiconductor,
said, "Our financial results for the quarter were disappointing
vs. our historical performance, but we remain optimistic about
our ability to achieve success and market share gains in all of
our businesses.  Our business model has substantial upside as we
fill our fabs with new customers and products going forward.  
Our cash balance as of April 1, 2007 was US$59.3 million, and we
are continuing our cost containment efforts while at the same
time making strategic investments in core growth areas."

Outlook

The Company expects revenue for the second quarter ending July
1, 2007 to increase 10% to 12% compared to the first quarter of
2007.

                 About MagnaChip Semiconductor

MagnaChip Semiconductor -- http://www.magnachip.com/-- designs,  
develops, and manufactures mixed-signal and digital multimedia
semiconductors addressing the convergence of consumer
electronics and communications devices.  MagnaChip also provides
wafer foundry services utilizing CMOS high voltage, embedded
memory, and analog and power process technologies for the
manufacture of IC's for customer-owned designs.  MagnaChip has
world-class manufacturing capabilities and an extensive
portfolio of approximately 8,500 registered and pending patents.  
As a result, MagnaChip is a valued partner in providing leading
technology solutions to its customers worldwide.

                          *     *     *

Moody's Investors Service, on April 20, 2007, that Moody's
Investor Service downgraded MagnaChip Semiconductor LLC's
corporate family rating to B2 from B1.  At the same time,
Moody's has downgraded the following debt ratings as issued by
MagnaChip Semiconductor Finance Co (US) and MagnaChip
Semiconductor SA:

   1) USUS$100 million 5-year senior secured credit revolver to
      B1 from Ba3

   2) USUS$500 million aggregate floating- and fixed-rate second
      priority senior secured notes due 2011 to B2 from B1

   3) USUS$250 million senior subordinated notes due 2014 to
      Caa1 from B3

The outlook for the ratings is negative.  This concludes the
review for possible downgrade commenced on February 1, 2007.

On Feb. 13, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on MagnaChip to 'B' from 'B+'.  At the
same time, S&P lowered the rating on MagnaChip's senior
unsecured debt to 'B' from 'B+' and rating on its senior
subordinated notes due 2014 to 'CCC+' from 'B-'.  The outlook on
the long-term corporate credit rating is negative.


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

ARK RESOURCES: Unit Faces Concrete Engineering's Wind-Up Bid
------------------------------------------------------------
Ark Resources Bhd disclosed with the Bursa Malaysia Securities
Bhd that its wholly owned unit, Cardon (M) Sdn Bhd is facing a
wind-up petition from Concrete Engineering Products Bhd.

The petition was received by Cardon on April 18, 2007, and is
fixed for hearing on June 28, 2007.

The claims under the petition are:

    a) That Cardon to be wound-up;

    b) A liquidator to be appointed; and

    c) The cost of the winding-up petition to be paid to the
       petitioner upon taxation and the cost of the liquidator
       to be paid out of the asset of Cardon.

Ark told the bourse that the facts leading to the presentation
of wind-up against Cardon was due to the unit's failure to
satisfy judgment sum of MYR150,119.08 together with interest at
the rate of 1.5% per month calculated from July 3, 2001, until
full settlement and costs of MYR1,870.00.

Ark further told the bourse that it does not expect a material
financial nor operational impact arising from the wind-up as
Cardon, based on the group's restructuring plan, will be
liquidated voluntarily.

                          *     *     *

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.


CELESTICA INC: Posts US$34.3 Mil. Net Loss in First Quarter 2007
----------------------------------------------------------------
Celestica Inc. disclosed its financial results for the first
quarter ended March 31, 2007.

Revenue was US$1,842 million, down 5% from US$1,934 million in
the first quarter of 2006.  Net loss on a GAAP basis for the
first quarter was US$34.3 million compared to GAAP net loss of
US$17.4 million for the same period last year.  Included in GAAP
net loss for the quarter is US$8 million for restructuring
charges.  For the same period in 2006, restructuring charges of
US$17 million were incurred.  As previously disclosed, the
company expects to incur restructuring charges in the range of
US$20 to US$40 million in 2007.

Adjusted net earnings for the quarter was a loss of US$9.1
million or a loss compared to adjusted net earnings of US$17.4
million for the same period last year.  Adjusted net earnings is
defined as net earnings before amortization of intangible
assets, gains or losses on the repurchase of shares and debt,
integration costs related to acquisitions, option expense,
option exchange costs and other charges, net of tax and
significant deferred tax write-offs.  These results compare with
the company's guidance for the first quarter, announced on
Jan. 30, 2007, of revenue in the range of US$1.7 billion to
US$1.9 billion and adjusted net loss per share in the range of
US$0.15 to US$0.04.

"I am encouraged that our aggressive game plan for 2007 is
having a positive impact on our business performance.  We are
committed to building on the momentum of our first quarter
results and driving further improvements," said Craig
Muhlhauser, President and Chief Executive Officer, Celestica.  
Over the past two quarters our customer satisfaction rating has
improved significantly -- a strong indicator that our customers
are regaining confidence in our ability to deliver informed,
flexible solutions to enable their success."

                    Credit Facility Update

In April 2007, the company renegotiated the terms of our credit
facility and reduced its size from US$600 million to US$300
million.  The term has been extended to April 2009.  Under the
new terms, Celestica presently has access to the full borrowing
capacity available under the facility.

                           Outlook

The company continues to see demand softness in certain end
markets going forward.  For the second quarter ending
June 30, 2007, the company expects revenue will be in the range
of US$1.85 billion to US$2.05 billion, and adjusted net
earnings(loss) per share to range from US$(0.03) to US$0.05.

Headquartered in Toronto, Ontario, Celestica, Inc. (NYSE: CLS,
TSX: CLS/SV) -- http://www.celestica.com/-- is a world leader  
in the delivery of innovative electronics manufacturing
services.  Celestica operates a highly sophisticated global
manufacturing network with operations in Brazil, China, Ireland,
Italy, Japan, Malaysia, Philippines, Puerto Rico, and the United
Kingdom, among others, providing a broad range of integrated
services and solutions to original equipment manufacturers.  
Celestica's expertise in quality, technology and supply chain
management, enables the company to provide competitive advantage
to its customers by improving time-to-market, scalability and
manufacturing efficiency.  
                         *     *     *

Moody's has affirmed its Ba3 Corporate Family Rating for
Celestica International.

Celestica carries Fitch's 'BB-' issuer default and unsecured
credit facility ratings.  Fitch also assigned a 'B+' rating to
the company's senior subordinated debt.  Fitch said the Rating
Outlook is Stable.

In February 2005, Moody's Investors Service lowered Celestica's
senior implied rating to Ba3 from Ba2, senior unsecured issuer
rating to B1 from Ba3 and the subordinated notes rating to B2
from Ba3.


KL INFRASTRUCTURE: Unit Defaults on Bank Interest Payment
---------------------------------------------------------
KL Infrastructure Group Bhd disclosed with the Bursa Malaysia
Securities Bhd that its wholly owned subsidiary, KL Monorail
System Sdn Bhd, has defaulted in its interest repayment to Bank
Pembangunan Malaysia Berhad.

In the disclosure, the company said that its unit was unable to
meet an interest repayment sum of MYR4,244,801.91 due on
April 29, 2007, owe to these reasons:

    a. Actual fare revenues did not meet projections largely
       attributable to non implementation of traffic restraining
       measures assumed in the financial model.

    b. The government has disallowed our requests for fare
       increases since 2005 even though these were in accordance
       with the Concession Agreement.  Additionally, it has
       rejected our valid claims for fare compensation.

KL Monorail entered on May 31, 2001, into a non-recourse Loan
Agreement with Bank Pembangunan for the provision of a MYR620
million infrastructure loan to part finance the implementation
of the KL Monorail project.

On Dec. 29, 2005, the loan was restructured to provide for
interest repayment on a semi-annual basis in these manner:

  Estimated Amount          Repayment Date
  ===============           ==============
  MYR4.07 million           June 29, 2006
  MYR4.24 million           December 29, 2006
  MYR4.37 million           June 29, 2007

According to KL Infarstructure, the lender has granted KL
Monorail an extension of time until April 29, 2007 for the
December 29, 2006, installment in view of continuing discussions
on loan restructuring and the potential takeover of KL Monorail
by the Government.

KL Momorail is now in discussions with the Government and Bank
Pembangunan to come out with measures to address the default, KL
Infrastructure told the bourse.  

A proposed takeover of operational assets and assumption of loan
liabilities of KL Monorail by Syarikat Prasarana Negara Berhad,
has been suggested and in this regard, Syarikat has conducted a
due diligence audit on KL Monorail and the result of the audit
is currently pending.

                          *     *     *

KL Infrastructure Group is principally engaged in the concession
and operation of an intra-city public transit system called the
KL Monorail.  Its other activities include provision of
advertising space on columns and stations along KL Monorail
project route, property development and investment holding.  The
Group's activities are carried out principally in Malaysia.

The Group has been incurring losses in the past years due to its
high operating expenses and loan-interest payments.

KL Infrastructure Group Berhad disclosed on Sept. 28, 2006, that
it has become an affected listed issuer pursuant to the
provisions of Amended Practice Note 17/2005, as its auditors
have expressed a modified opinion on its going concern and based
on its nine months accounts from January 31, 2006.  KLINFRA's
shareholders' equity on a consolidated basis is less than 50% of
the issued and paid-up capital.

KL Infrastructure Bhd's balance sheet as of January 31, 2007,
showed shareholders' deficit of MYR6,543,000, resulting from
total assets of MYR1,335,807,000 and total liabilities of
MYR1,342,350,000.


TENAGA NASIONAL: Earns MYR1.57 Billion in Quarter Ended Feb. 28
---------------------------------------------------------------
Tenaga Nasional Bhd recorded a net profit of MYR1.57 billion on
MYR5.68 billion of revenues in the second quarter ended Feb. 28,
2007, compared with a net profit of MYR400 million on
MYR4.83 billion of revenues in the same quarter in 2006.

The improvement, according to the company's statement, was
largely driven by "higher revenue from sale of electricity and
supported by the various cost management initiatives embarked by
the management emphasizing on operational efficiency and service
excellence."

As of Feb. 28 the company's unaudited balance sheet showed
current assets of MYR10.810 billion abd current liabilities of
MYR3.56 billion.

Tenaga's balance sheet as at Feb. 28 also showed total assets of
MYR66.98 billion and total liabilities of MYR26.95 billion.

A full text-copy of the company's financial report can be viewed
for free at:

              http://bankrupt.com/misc/tenaga-2q-results.pdf

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Tenaga Nasional Berhad
-- http://www.tnb.com.my/-- is engaged in the generation,  
transmission, distribution and sale of electricity.  The Company
also manufactures, sells and repairs transformers and
switchgears.  It is also involved in provision of project
management, consultancy, engineering works, contracting,
trading, risk management, risk surveys, insurance, research and
development, property management, energy project development and
investment holding services.  It also undertakes repairs and
maintenance of motor vehicles. The Group operates in Malaysia
and Mauritius.

The Company is currently undertaking liability management
exercises, which are expected to extend the Company's debt
maturity profile and reduce refinancing risk.

Moody's Investors Service gave the Company a 'Ba' rating due to
its relatively high financial leverage and significant PPA
obligations.


TENAGA NASIONAL: Sells Indon Coal Mine for US19MM to Pamapersada
----------------------------------------------------------------
Tenaga Nasional Berhad told the Bursa Malaysia Securities Bhd
that Dynamic Acres Sdn. Bhd., a wholly owned unit of its
Indonesian arm TNB Coal International Ltd, has entered into a
Share Sale Agreement with PT Pamapersada Nusantara in relation
to the divestment of its entire 99% shareholding in coal miner
PT Dasa Eka Jasatama.

The share sale agreement was worth US$19.5 million.

The disposal, according to Reuters, marks an end to Tenaga's
problematic venture in Indonesia.  Malaysian media and analysts
had criticized the company after it bought the coalmine in 2001,
saying that it had no expertise in running the business.

Reuters relates that by the middle of last year, Tenaga stood to
lose MYR226.64 million (US$66.24 million) from the venture due
to problems in extracting coal from the mine.

The conclusion of the disposal will result in Tenaga's "complete
exit" from Indonesia's coal-mining business, the disclosure
said.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Tenaga Nasional Berhad
-- http://www.tnb.com.my/-- is engaged in the generation,  
transmission, distribution and sale of electricity.  The Company
also manufactures, sells and repairs transformers and
switchgears.  It is also involved in provision of project
management, consultancy, engineering works, contracting,
trading, risk management, risk surveys, insurance, research and
development, property management, energy project development and
investment holding services.  It also undertakes repairs and
maintenance of motor vehicles. The Group operates in Malaysia
and Mauritius.

The company is currently undertaking liability management
exercises, which are expected to extend the Company's debt
maturity profile and reduce refinancing risk.

The company carries Moody's Investors Service's 'Ba' rating due
to its relatively high financial leverage and significant PPA
obligations.


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

B & J ITI: Creditors' Proofs of Debt Due on May 10
--------------------------------------------------
Henry David Levin and Barry Philip Jordan, as liquidators of
B & J Iti Contracting Ltd., are requiring the company's
creditors to file their proofs of debt May 10, 2007.

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

The Liquidators can be reached at:

         Henry David Levin
         Barry Philip Jordan
         c/o PPB McCallum Petterson
         Level 11, Forsyth Barr Tower
         55-65 Shortland Street
         Auckland
         New Zealand
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


BOMBAY CAFE: Subject to CIR's Wind-Up Petition
----------------------------------------------
The Commissioner of Inland Revenue filed a petition to wind up
the operations of Bombay Cafe (Petone) Ltd. on March 12, 2007.

The petition will be heard before the High Court of Wellington
on April 26, 2007, at 10:00 a.m.

The CIR's solicitor is:

         Kate Elizabeth Harder
         c/o Technical and Legal Support Group
         Wellington Service Centre
         1st Floor, New Zealand Post House
         7-27 Waterloo Quay
         PO Box 1462, Wellington
         New Zealand
         Telephone:(04) 890 1162
         Facsimile:(04) 890 0009


B R PROPERTIES: Wind-Up Petition Hearing Set for June 28
--------------------------------------------------------
The High Court at Auckland will hear a petition to wind up the
operations of B R Properties No. 8 Ltd. on June 28, 2007, at
10:00 a.m.

Barfoot & Thompson Limited filed the petition on March 20, 2007.


FLOOR MECHANIX: Fixes May 10 as Last Day for Receiving Claims
-------------------------------------------------------------
Floor Mechanix Ltd. requires its creditors to file their proofs
of debt by May 10, 2007.

The company entered wind-up proceedings on April 12, 2007.

The company's liquidators are:

         Henry David Levin
         David Stuart Vance, Ryna Ali
         c/o PPB McCallum Petterson
         Level 11, Forsyth Barr Tower
         55-65 Shortland Street
         Auckland, New Zealand
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


GLOBAL FUNDS: Wind-Up Petition Hearing Set for May 14
-----------------------------------------------------
A petition to wind up the operations of Global Funds Management
Ltd. will be heard before the High Court of Rotorua on May 14,
2007, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on
March 5, 2007.

The CIR's solicitor is:

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


GORE STREET: Appoints Jordan and Vance as Liquidators
-----------------------------------------------------
Barry Phillip Jordan and David Stuart Vance were appointed as
liquidators of Gore Street Trustee Ltd. on April 12, 2007.

Messrs. Jordan and Vance require the company's creditors to
prove their debts by May 10, 2007, to be included in the
company's dividend distribution.

The Liquidators can be reached at:

         Barry Phillip Jordan
         David Stuart Vance
         c/o Amy Sexton
         PPB McCallum Petterson
         Level 11, Forsyth Barr Tower
         55-65 Shortland Street
         Auckland
         New Zealand
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0005


HERITAGE GOLD: Raises AU$402,500 to Fund Further Exploration
------------------------------------------------------------
Heritage Gold NZ Limited said that subsequent to a resolution
passed at a shareholder meeting in April 2007, it completed a
share placement to investors in Australia and New Zealand.  The
proceeds will be used to provide funds to finance the
investigation of the uranium proposal, advance further
exploration on Heritage Gold's current projects and provide
working capital.

The placement of 11,500,000 ordinary fully paid shares at an
issue price of AU$0.035 per share raised AU$402,500.  No related
party participated in the placement, the company says.

Parnell, New Zealand-based Heritage Gold NZ Limited --
http://www.heritagegold.co.nz/-- is a mining company.  The    
company is a systematic and persistent acquirer of prime gold
areas in New Zealand's Waihi district.  Heritage Gold NZ Limited
has a 33% equity interest in Broken Hill Cobalt Limited (BHCL),
which has tenements over the Thackaringa cobalt project near
Broken Hill in New South Wales.  The company has an exploration
license south of Broken Hill, where several geophysical,
geological and geochemical anomalies represent targets with
potential for gold and base metal mineralization.  Its wholly
owned subsidiaries include Coromandel Gold Limited, Northland
Minerals Limited and Strength Investments Limited.

The group incurred consecutive losses of NZ$2,639,467 and
NZ$331,563 for the years ended March 31, 2006, and 2005,
respectively (Parent: NZ$2,621,401 and NZ$365,189).


HERITAGE GOLD: Completes Conversion of 83,332 Warrants
------------------------------------------------------
Heritage Gold NZ Limited has completed the conversion of 83,332
warrants to ordinary fully paid shares. These shares rank
equally in all respects with the existing ordinary shares of
Heritage.

There are 22,500,460 warrants remaining on issue.  Each
outstanding warrant may be paid for in full on or before 5:00
p.m. (local time, New Zealand) on June 27, 2007, by payment of
NZ$0.063 per warrant to Heritage in accordance with the terms of
the prospectus dated May 15, 2002.  Upon payment being made in
respect of a warrant, that warrant will be converted to a fully
paid ordinary share in Heritage.

If a warrant holder fails to make the payment in respect of a
warrant by 5:00 p.m. (local time, New Zealand) on June 27, 2007,
that warrant will lapse immediately after 5:00 p.m. on that date
and the warrant holder will not be entitled to a refund of any
sums paid to Heritage in respect of an installments of the price
for that warrant.

Parnell, New Zealand-based Heritage Gold NZ Limited --
http://www.heritagegold.co.nz/-- is a mining company.  The    
company is a systematic and persistent acquirer of prime gold
areas in New Zealand's Waihi district.  Heritage Gold NZ Limited
has a 33% equity interest in Broken Hill Cobalt Limited (BHCL),
which has tenements over the Thackaringa cobalt project near
Broken Hill in New South Wales.  The company has an exploration
license south of Broken Hill, where several geophysical,
geological and geochemical anomalies represent targets with
potential for gold and base metal mineralization.  Its wholly
owned subsidiaries include Coromandel Gold Limited, Northland
Minerals Limited and Strength Investments Limited.

The group incurred consecutive losses of NZ$2,639,467 and
NZ$331,563 for the years ended March 31, 2006, and 2005,
respectively (Parent: NZ$2,621,401 and NZ$365,189).


HINTON PARTNERSHIP: Court to Hear Wind-Up Petition on May 30
------------------------------------------------------------
On Feb. 16, 2007, the Commissioner of Inland Revenue filed a
petition to wind up the operations of Hinton Partnership Ltd.

The petition will be heard before the High Court of Timaru on
May 30, 2007, at 10:00a.m.

The CIR's solicitor is:

         Julia Dykema
         c/o Inland Revenue Department
         Technical and Legal Support Group
         Ground Floor Reception
         518 Colombo Street
         PO Box 1782, Christchurch 8140
         New Zealand
         Telephone:(03) 968 0809
         Facsimile:(03) 977 9853


IMPERIAL JADE: Faces CIR's Wind-Up Petition
-------------------------------------------
An application to wind up the operations of Imperial Jade Garden
Ltd. was filed by the Commissioner of Inland Revenue on
March 19, 2007.

The High Court of Christchurch will hear the petition on May 11,
2007, at 10:00 a.m.

The CIR's solicitor is:

         Julia Dykema
         c/o Inland Revenue Department
         Technical and Legal Support Group
         Ground Floor Reception
         518 Colombo Street
         PO Box 1782, Christchurch 8140
         New Zealand
         Telephone:(03) 968 0809
         Facsimile:(03) 977 9853


JAP PARTS: Liquidators to Receive Claims Until May 31
-----------------------------------------------------
On April 12, 2007, Jap Parts & Services Ltd. entered wind-up
proceedings.

Stephen John Tubbs and Shaun Neil Adams, the appointed
liquidators, fixed May 31, 2007, as the last day for receiving
proofs of debt.

The Liquidators can be reached at:

         Stephen John Tubbs
         Shaun Neil Adams
         BDO Spicers
         Level 6, Spicer House
         148 Victoria Street         
         PO Box 246, Christchurch
         New Zealand
         Telephone:(03) 353 5528
         Facsimile: (03) 353 5526
         e-mail: barbara.king@chc.bdospicers.com


NATURE CHEM: Shareholders Opt to Wind Up Businesses
---------------------------------------------------
The shareholders of Nature Chem 2007 Ltd. and Nature Chem
Laboratories Limited had their meeting on April 4, 2007, and
agreed to liquidate the company's businesses.

The company's liquidator is:

         Grant Bruce Reynolds
         Reynolds & Associates Limited
         PO Box 259059, Greenmount
         Auckland
         New Zealand
         Telephone:(09) 522 5662
         Facsimile:(09) 522 5788

NZ WINDFARMS: Mulls Public Offer to Raise NZ$75 Million
-------------------------------------------------------
The Board of NZ Windfarms Limited is considering making a public
offer to raise NZ$75 million.

NZ Windfarms intends to use the proceeds from the proposed offer
to fund its contribution to the Te Rere Hau joint venture for
the completion of the Te Rere Hau wind farm.

In August 2006, NZ Windfarms announced the establishment of a
joint venture with NP Power and Babcock and Brown Windpower for
ownership of Te Rere Hau.  Stage 1 of the Te Rere Hau windfarm  
was opened in September 2006.

The company also intends to use the proceeds to fund the
development of new wind farm projects.

The offering being contemplated would be a subsequent public
offer of new ordinary shares in NZ Windfarms.  ABN AMRO Craigs
and ABN AMRO Rothschild are advising NZ Windfarms in preparation
for the issue.

                Conditional Arrangement With Vector

Pursuant to a conditional agreement entered between NA Windfarms
and Vector Limited, the latter will subscribe for shares in the
proposed offer to obtain a cornerstone interest of 19.99% in the
former, subject to certain conditions.  Vector will be able to
nominate two directors to join the NZ Windfarms board under the
deal.

Vector is a multi-utility infrastructure owner and manager, with
a range of energy and technology assets.  Vector is listed on
the New Zealand Stock Exchange, and its majority shareholder
(75.1%) is the Auckland Energy Consumer Trust.  The cornerstone
shareholding in NZ Windfarms will be the first investment under
Vector's environmental energy strategy.

                  Priority Pool to Shareholders

The proposed offer will also include a priority pool of shares
reserved for applications from NZ Windfarms shareholders.  The
record date for eligibility for the priority pool will be
determined if and when an offer is announced.  The company
intends that the remainder of shares in the offer will be
allocated on a firm basis to institutional investors and NZX
firms.  There will be no public pool, members of the public will
have to apply through an NZX firm with a firm allocation, the
company points out.

Upon completion of the proposed offer, NZ Windfarms intends to
transfer its listing from the New Zealand Alternative Market to
the New Zealand Stock Market (subject to NZX approval).

According to the press release, the size of the offer being
contemplated is very large compared to the company's current
market capitalization and the current share trading volumes.  
The price of the offer is not yet finalized but to raise this
amount of money, the board expects the price to be around that
paid by NZ Windfarms shareholders upon exercise of options in
September 2006.  No shares have been issued since September
2006.

The issue of shares under the proposed offer, the subscription
agreement between NZ Windfarms and Vector, and the transfer of
listing to the NZSX require NZ Windfarms' shareholders to
approve certain resolutions in a Special General Meeting.  A
notice of meeting will be issued by the company in due course
should the offer proceed.

Christchurch, New Zeland-based NZ Windfarms Limited --
http://www.nzwindfarms.co.nz/-- is engaged in the development   
and operation of wind power generation assets for the purpose of
generating and selling electricity.  The company's Te Rere Hau
Wind Farm is a 48.5-megawatt wind farm situated on the Tararua
Ranges near Palmerston North.  The first stage of the Te Rere
Hau wind farm consists of five New Zealand-made Windflow 500
turbines (2.5 megawatts capacity).  NZ Windfarms has arranged a
connection to the local network for the first stage of the Te
Rere Hau wind farm.  The company offers a variety of services
associated with wind farm development and operation, such as new
wind farm site identification; wind resource surveying and
assessment; securing wind generation rights; obtaining resource
consents, developing wind farm infrastructure, such as roading,
and onsite and offsite electricity networking; procuring
appropriate wind turbines; providing ongoing support and
maintenance of the wind farm installation, and marketing the
electricity production.

The company reported consecutive net losses of NZ$397,999 and
NZ$118,594 for the years ending June 30, 2006, and 2005,
respectively.


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

ATLAS CONSOLIDATED: Reports Lower 2006 Net Income at PHP47 Mil.
---------------------------------------------------------------
Atlas Consolidated Mining and Development Corp. reported that
its consolidated net income in 2006 declined to PHP47 million
from PHP85.4 million a year earlier, ABS-CBN News reports.

According to ABS-CBN, income at parent level, however, was
higher at PHP272 million on the back of retiring liabilities and
market-to-market gain on restructured debt.

Atlas President and Chairman Alfredo Ramos said that the
company's total liabilities dropped by 42% after it settled
prior labor liabilities and real property tax obligations to
Toledo City in Cebu, where it is holding copper mining
activities, the report adds.

In a regulatory filing to the Philippine Stock Exchange, Atlas
Consolidated added that its capital deficiency was cut by more
than half as assets increased by 1.5%.  The company also
mentioned a US$40 million funding package with Cresecent Asian
Special Opportunities Portfolio whereby CASOP purchased certain
historic debts with a face value of US$11.67 million, as well as
a convertible loan in favor of Atlas subsidiary Carmen Copper
Corp. for US$33 million.

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The Company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.

In January 2004, Atlas decided to rehabilitate its assets since
copper and nickel prices have recovered.

According to a Troubled Company Reporter - Asia Pacific report
on June 1, 2006, Atlas reported a capital deficiency of PHP3.035
billion for the year ended December 31, 2005.  Moreover the
Company's auditor, Jaime F. Del Rosario, of Sycip Gorres Velayo,
raised substantial doubt on the company's ability to continue as
a going concern.

As of Dec. 21, 2006, Atlas Consolidated posted total assets of
US$33.59 million, and total shareholders' equity deficit of
US$57.17 million.


DEVELOPMENT BANK: Bear Stearns Encourages Merger with Land Bank
---------------------------------------------------------------
The merger of state-owned banks, Development Bank of the
Philippines and Land Bank of the Philippines, would benefit the
entire banking system, according to the Daily Tribune, citing
US-based investment banking firm Bear Stearns.

The Tribune reports that Bear Stearns analyst John Stuermer said
that consolidating the Philippine banking system would
accelerate if government "sets the example."  Mr. Stuermer,
however, says that such a merger may not happen in the near
future.

The Tribune explains that, as Stuermer notes, the Metropolitan
Bank and Trust Co., the country's largest, has assets of only
US$12 billion, just a fraction of that held by two of
Singapore's biggest banks totaling around US$100 million and
three of Korea's largest which have combined assets of some
US$200 million.

The report also says that fusing the resources of Land Bank and
DBP puts government in a better position to execute the massive
PHP1.7-trillion medium-term infrastructure development program
than if the various government departments were to pursue them
individually, according to Mr. Stuermer.  Mr. Stuermer also
opined that a merger of the two banks will create an entity with
"a higher ratio of loans to assets and a lower ratio of loans to
deposits," as DBP has a low loans-to-assets ratio although its
loans-to-deposits ratio was high, while Land Bank has a much
larger deposit base, reflecting a branch network of some 340
branches compared with around 80 branches for DBP.

Mr. Stuermer adds that DBP's balance sheet could easily support
a higher loan volume but is overly dependent on borrowing to
fund itself due to its rather limited deposit base, the Tribune
relates.

The report explains that Finance Secretary Margarito Teves first
bared the merger plan more than a year ago and acknowledged the
work to be done remains formidable.  

                      About the Land Bank

The Land Bank of the Philippines -- http://www.landbank.com/--   
is a government financial institution that strikes a balance in
fulfilling its social mandate of promoting countryside
development while remaining  financially viable.  This dual
function makes Land Bank unique.  The profits derived from its
commercial banking operations are used to finance the bank's
developmental programs and initiatives.

From its initial role as the financing arm of the agrarian
reform, Land Bank has evolved into a full-service commercial
bank.  Over the years, Land Bank continued to expand its loan
portfolio in favor of its priority sectors: the farmers and
fisherfolk, small and medium enterprises and microenterprises,
livelihood loans and agribusiness, agri-infrastructure and other
agri- and environment-related projects.

Land Bank ranks among the top five commercial banks in the
country in terms of deposits, assets, loans and capital.

            About Development Bank of the Philippines

Development Bank of the Philippines --
http://www.devbankphil.com.ph/-- prides itself for being "the   
Philippines's most progressive development banking institution,"
providing for the medium and long-term financing needs of
enterprises, with emphasis on small and medium-scale industries,
particularly in the countryside.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
December 22, 2006, that Fitch Ratings has affirmed Development
Bank of the Philippines' ratings as follows:

   -- Long-term foreign currency Issuer Default rating of 'BB',

   -- Long-term local currency IDR of 'BB+',

   -- Individual raring of 'C/D' and

   -- Support ratings of '3'.

The TCR-AP also reported on December 5, 2006, that Standard &
Poor's Ratings Services assigned its BB- rating to the
Development Bank of the Philippines' (DBP: foreign currency BB-
/Stable/B, local currency BB+/Stable/B) PHP2.35 billion existing
lower Tier II subordinated notes due 2016, which will have a
tenor of ten years with a call option at the end of five years.
The differential between the 'BB+' counterparty credit rating
and the 'BB-' rating on the lower Tier II notes reflects the
subordinated nature of the notes.

Moody's Investors Service has revised the outlook of Development
Bank's foreign currency long-term deposit rating of B1 and local
currency long-term deposit rating of Ba2 from negative to
stable.


EXPORT AND INDUSTRY: Elects Jaideep Krishna as Director
-------------------------------------------------------
Export and Industry Bank says in a corporate disclosure with the
Philippine Stock Exchange that its board of directors have
elected Jaideep Krishna as a director of the bank, effective
Apr. 30, 2007.

Mr. Krishna replaces Kelvin Ong Wey Ter who resigned.

The bank also disclosed that Alfredo M. Yao resigned as the
treasurer of the bank, but remains as one of the bank's vice
chairmen.

Headquartered in Makati City, Manila, Export and Industry Bank
-- http://exportbank.com.ph/-- has 50 branches and has revived    
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.

The Bank is saddled with the PHP10 billion non-performing assets
it inherited from Urban Bank when the two banks merged in 2002.

The TCR-AP reported on May 10, 2006, that Exportbank is
scheduled to complete a rehabilitation program, which was
proposed in order to reverse a 2005 net loss of PHP1.66 million,
by 2007.

Under an agreement dated Dec. 29, 2005, the Philippine Deposit
Insurance Corp. committed to extend an annual financial aid of
PHP600 million to the Bank.


EXPORT AND INDUSTRY: Postpones Stockholders' Meeting to Aug. 23
---------------------------------------------------------------
Export and Industry Bank has postponed its annual stockholders'
meeting to Aug. 23, 2007, the bank said in a regulatory filing
with the Philippine Stock Exchange.

As previously reported in the Troubled Company Reporter - Asia
Pacific on Apr. 3, 2007, the meeting was originally set for May
23, and was rescheduled to June 19, 2007.

The meeting will still be held at the Manila Polo Club, Makati
City, at 8:30 a.m.

The record date for the purpose of determining stockholders
entitled to vote in the meeting will be Aug. 1, 2007.

Headquartered in Makati City, Manila, Export and Industry Bank
-- http://exportbank.com.ph/-- has 50 branches and has revived    
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.

The Bank is saddled with the PHP10 billion non-performing assets
it inherited from Urban Bank when the two banks merged in 2002.

The TCR-AP reported on May 10, 2006, that Exportbank is
scheduled to complete a rehabilitation program, which was
proposed in order to reverse a 2005 net loss of PHP1.66 million,
by 2007.

Under an agreement dated Dec. 29, 2005, the Philippine Deposit
Insurance Corp. committed to extend an annual financial aid of
PHP600 million to the Bank.


* Thrift Banks' NPL Ratio Eases to 7.68% in February
----------------------------------------------------
The thrift banking industry's non-performing loans ratio as of
end-February 2007 eased to 7.68% from the previous month's
8.03%, or a month-on-month difference of 0.35 percentage point.  
On a year-on-year basis, the current NPL ratio is a 1.23
percentage points improvement from the reference ratio of 8.91%,
the Bangko Sentral ng Pilipinas reported.

The 2.57% decline in NPLs, coupled with the modest 1.85% growth
in total loan portfolio, drove this month's ratio down.  All in
all, the industry was able to sustain a single-digit NPL ratio
for the past 23 months now.

Exclusive of interbank loans, the industry's NPL ratio likewise
improved to 9.02% from last month's 9.27%.  This transpired as
core lending inched up by 0.18% (or PHP0.40 billion) to
PHP227.72 billion.  This month's ratio is also better than year
ago's 9.56% ratio.
  
Restructuring activities picked up by 0.87% during the month of
February.  Yet, the proportion of RLs to TLP went down to 2.09%
from last month's 2.11% as the increase in TLP outpaced the
marginal increment in RLs. Likewise, this month's ratio is lower
by 0.78 percentage point from year ago's 2.87% ratio.

Meantime, the ratio of real and other properties acquired over
gross assets remained at 7.54%.  The equilibrium transpired as
the two variables grew at almost the same pace.  On the other
hand, this month's ratio is an improvement by 1.24 percentage
points from year ago's 8.78% ratio.

The non-performing assets ratio improved to 10.97% from last
month's 11.08% as NPAs shrunk by 0.74% to PHP51.84 billion.
Year-on-year, this month's ratio is 1.55 percentage points
better than the base figure of 12.52%.

Meanwhile, the NPL coverage ratio slid to 49.90% (vs. 51.96% in
January).  This was driven by the 6.42% contraction in LLRs to
PHP10.25 billion.  Nonetheless, the NPL coverage ratio showed
significant enhancement from the 46.77% ratio posted a year ago.

The NPA coverage ratio settled to 25.65% (vs. 26.61% in
January). Quite the opposite, this month's ratio was
comparatively stronger than year ago's 23.59% ratio. As of end-
February 2007, NPA reserves stood at PHP13.30 billion.


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

GLOBAL AERO: Proofs of Claim Deadline Set for May 11
----------------------------------------------------
Global Aero Design Centre Pte Ltd., which is in wind-up
proceeding, requires its creditors to file their proofs of claim
by May 11, 2007.

Creditors who fail to file their proofs of claim by the  
deadline will be excluded on the company's dividend distribution

The company's liquidator is:

        Karen Loh Pei Hsien
        The URA Centre (East Wing)
        45 Maxwell Road #06-11
        Singapore 069118


SG INDUSTRIAL: Proofs of Claim Deadline Set on May 11
-----------------------------------------------------
SG Industrial Pte Ltd.,which is in wind-up proceeding, requires
its creditors to file their proofs of claim by May 11, 2007.

Creditors who fail to file their proofs of claim by the  
deadline will be excluded on the company's dividend distribution

The company's liquidator is:

        Lim Yew Jin
        The URA Centre (East Wing)
        45 Maxwell Road #06-11
        Singapore 06911


TRI-MIX: Pays Dividend to Creditors
-----------------------------------
Tri-Mix Pte Ltd., which is in voluntary liquidation, has paid
the first and final dividend to its creditors on April
30, 2007.

The company paid 6.53 % to all received claims.

The liquidator can be reached at:

        Bob Yap Cheng Ghee
        16 Raffles Quay
        #22-00 Hong Leong Building
        Singapore 048581


UNITED OVERSEAS: Court to Hear Wind-Up Petition on May 18
---------------------------------------------------------
Ec-Asia International Ltd., filed a wind-up petition against
United Overseas Bank Ltd., on April 20, 2007.

The High Court Of Singapore will hear the petition on May 18,
2007, at 10:00 a.m.
Ec-Asia's solicitors are:

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


UNITY BUILDER: Proofs of Claim Deadline Set on May 11
-----------------------------------------------------
Unity Builder Pte Ltd., which is in wind-up proceeding, requires
its creditors to file their proofs of claim by May 11, 2007.

Creditors who fail to file their proofs of claim by the  
deadline will be excluded on the company's dividend distribution

The company's liquidator is:

        Moey Weng Foo
        The URA Centre (East Wing)
        45 Maxwell Road #06-11
        Singapore 069118


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


SIAM COMMERCIAL BANK: Concerned at Likely Loss of Forex Booths
--------------------------------------------------------------
Siam Commercial Bank is facing concerns of giving up some of its
foreign-exchange booths to other banks at Suvarnabhumi Airport,
after the Airports of Thailand's board of directors resolved, on
April 19, to have tenants at the terminal sign new leases
individually, according to the Thai Press Reports.  

Siam Commercial operates 17 booths at Suvarnabhumi.

The report relates, citing Siam Commercial's executive vice
president Prawet Sutthirat as saying a day after AOT's
announcement, that the bank's Suvarnabhumi branches won't be
affected as they did not generate much income.

However if AOT demand that the bank give away some of its
foreign-exchange booths to other banks, it could likely hurt its
income, the report adds.

                     About Siam Commercial Bank

Thailand's fourth largest commercial bank, Siam Commercial Bank
-- http://www.scb.co.th/-- provides a wide variety of personal     
and business banking options, including funds management, loan
and investment services, foreign currency exchange, and more.  
The bank has more than 500 branches countrywide, its total
assets added to THB814 billion as of December 31, 2005.

The Troubled Company Reporter - Asia Pacific reported on
Aug. 23, 2006, that Moody's Investors Service confirmed Siam
Commercial Bank Public Company Limited's D+ bank financial
strength rating and changed its outlook to positive from stable.

On Oct. 23, 2006, Fitch Ratings affirmed the ratings of Siam
Commercial Bank and removed them from Rating Watch Negative on
which they were placed on September 20, 2006, following the
military coup.  The Outlook on their ratings is now Stable.

SCB's ratings are:

    * Long-term foreign currency IDR BBB+/ Outlook Stable;
    * Short-term foreign currency F2;
    * Individual C;
    * Support 2;
    * Senior unsecured debt BBB+;
    * Subordinated debt BBB.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
April 29 - May 2, 2007
  Australian Shareholders' Association
    Australian Shareholders' Association Conference 2007
      Sofitel Wentworth, Sydney, Australia
        Telephone: 1300 368 448 or 02 9411 1505
          e-mail: share@asa.asn.au

May 28-31, 2007
  Fitch Training
    Corporate Credit Fundamentals
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

June 13-15, 2007
  Fitch Training
    Intensive Bank Analysis
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

June 18-20, 2007
  Fitch Training
    Insurance Company Analysis
      Singapore
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

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

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

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

TBA 2008
  INSOL
    Annual Pan Pacific Rim Conference
      Shanghai, China
        Web site: http://www.insol.org/

June 21-24, 2009
  INSOL
    8th International World Congress
      TBA
        Web site: http://www.insol.org/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Beard Audio Conferences
  Homestead Exemptions under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  BAPCPA One Year On: Lessons Learned and Outlook
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Surviving the Digital Deluge: Best Practices in
    E-Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Deepening Insolvency - Widening Controversy: Current Risks,
    Latest Decisions
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  KERPs and Bonuses under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Diagnosing Problems in Troubled Companies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Equitable Subordination and Recharacterization
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/



                            *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Mark Andre Yapching, Azela Jane Taladua, 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 ***