TCRAP_Public/070824.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Friday, August 24, 2007, Vol. 10, No. 168

                            Headlines

A U S T R A L I A

ABTOURK (SYD NO.457): Placed Under Voluntary Liquidation
ACCESS STRAPPING: Undergoes Wind-Up Proceedings
BUTSELAAR TRADING: Taps Richard Herbert Judson as Liquidator
COUNTRYWIDE TRANSPORT: Names BJ Marchesi as Liquidator
JOHN REEVES: Commences Liquidation Proceedings

KH FOODS: Sold Cake Business to George Weston to Pay Off Debt
MULTIPLEX GROUP: Posts 6.4% Decrease in Revenue for FY06
PRO GLASS: Members and Creditors to Meet on September 3
STOREY TRADING: Declares Dividend for Priority Creditors
VIEWPOINT (AUSTRALIA): To Declare Ordinary Dividend on Sept. 4

WARD PROPERTIES: Members' Final Meeting Set for September 4
* Australian Banks Can Weather U.S. Subprime Fallout, Fitch Says


C H I N A   &   H O N G  K O N G

BENQ CORP: Returns to Black on Gains From AU Ops Shares Sale
CDW INDUSTRIES: Members to Receive Wind-Up Report on Sept. 18
CHEER SUNSHINE: Creditors' Proofs of Debt Due on September 17
CHINLUCK PROPERTIES: Court to Hear Wind-Up Petition on Oct. 17
CITIC PACIFIC: Chairman Sees Strong 2008; Profit to Jump HK$7BB

CITIC RESOURCES: Chairman Peter Kwok Resigns
COASTAL SHIPPING: Names Leung Shu & Ng King as Liquidators
FIAT SPA: Eyes US$2 Billion Investment in South America in 2008
FUJIAN PROVINCE: Accepting Proofs of Debt Until September 7
HONG KONG LIGHTER: Liquidator to Give Wind-Up Report on Sept. 24

PROSPER TRADING: Taps Kan, Tim and Fung, Tin as Liquidators
SANMINA-SCI: Poor Operating Results Cue Moody's Ratings Review
TOWN'S INDUSTRIAL: Court to Hear Wind-Up Petition on Sept. 19
TOYOTA MOTOR: Members to Hold Final Meeting on September 21
WINCORE LIMITED: Appoints Wong Poh and Wong Tak as Liquidators


I N D I A

AXIS BANK: Eyes Expansion into Other Financial Services
DUERR AG: Earns EUR45,000 for First Half 2007
ICICI BANK: Gets US$200-Mil. Environmental Loan with JBIC
TATA MOTORS: To Shell Out INR1,000 Cr. for Singur Land Lease


I N D O N E S I A

ALCATEL-LUCENT: Changes Senior Leadership Team
ALCATEL-LUCENT: Supplies LAN Solution to Korean Broadcasting
GAJAH TUNGGAL: Sets Aside US$170 Million for Business Growth
HUNTSMAN CORP: Board Declares US$0.10 Per Share Cash Dividend
INDOSAT: To Raise US$320 Million Funds for Network Expansion

INDOSAT: First Half Net Profit Up 54% to IDR845.1 Billion
PERTAMINA: Aims Additional 1,500 Gas Stations by 2009


J A P A N

JAPAN AIRLINES: Posts 0.6% Drop in Int'l Passenger Traffic
JMAC 4 TRUST: Fitch Affirms Class E TBI at 'BB'
L-JAC THREE TRUST: Fitch Affirms Class F-1 TBIs at BB+
SANYO ELECTRIC: Mobile Ops Seen to Book Profit in Sept. Quarter


K O R E A

ESTECHPHARMA CO: Converts Bonds for Additional 1,750 Shares
HYNIX SEMICONDUCTOR: To License ISi's Z-RAM for DRAM Chips Use
PERRY ELLIS: Reports US$267,000 Net Income in Qtr. Ended July 31


M A L A Y S I A

MEGAN MEDIA: Investigators Find Fraud; Files Police Report
MEGAN MEDIA: Rosli Resigns as Director and Audit Team Member
TRANSOCEAN HOLDINGS: Bursa Defers Securities Delisting
TRIPLC BERHAD: Unveils Enhanced Reform Plan Proposals


N E W  Z E A L A N D

AIR NEW ZEALAND: Criticized for Transporting Australian Troops
FIRST DATA: Gets Final Regulatory Approvals on KKR Merger
WOOL EQUITIES: Discloses Result of Unit's Appeal in Saxon Case


P H I L I P P I N E S

GLOBE TELECOM: Fitch Raises Local Currency Issuer Rating to BBB-
METROPOLITAN BANK: Unit to Invest US$250MM in Toledo Plants
METRO PACIFIC: Reports PHP579.13-Mil. Net Income for 2nd Quarter
PHIL. REALTY: Incurs PHP8.93-Million Net Loss in 2007 2nd Qtr.
SAN MIGUEL: S&P Affirms 'BB' Long-Term Corporate Credit Rating

VICTORIAS MILLING: Milling Operations to Recommence on August 27
VICTORIAS MILLING: Confirms Retrenchment of Employees by Sept. 1
* DoJ Affirms Environment Agency's Power Over Small Miners
* Nine Parties Express Interest For TransCo Assets, PSALM Says


S I N G A P O R E

A-P ENGINEERING: Court to Hear Wind-Up Petition Today
HH MEDIA-TECH: Court Sets Wind-Up Petition Hearing for Today
LAZARD LTD: Unit Closes US$600-Mln Exchange Offer of 6.85% Notes
LIANG HUAT: June 30 Balance Sheet Upside-Down by SGD134 Mil.
PIAGGIO INDOCHINA: Accepting Proofs of Debt Until Sept. 12

SEA CONTAINERS: Pension Deficit Reaches US$383 Mil., Report Says


T H A I L A N D

G STEEL: 2007 2Q Net Income Rises 6.6% to THB244.84 Million
MANAGER MEDIA GROUP: 2007 2nd Qtr Net Loss Rises to THB23.6 Mil.
NATURAL PARK: 2nd Qtr Loss Rises 287% Year-on-Year to THB210MM


* Large Companies with Insolvent Balance Sheets

     - - - - - - - -

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

ABTOURK (SYD NO.457): Placed Under Voluntary Liquidation
--------------------------------------------------------
During a general meeting held on July 23, 2007, the members of
Abtourk (SYD No.457) Pty Limited agreed to voluntarily liquidate
the company's business and appointed Ronald Manser as
liquidator.

                   About Abtourk (SYD No.457)

Located in Edgecliff, New South Wales, Australia, Abtourk
(Syd No.457) Pty Limited is an investor relation company.


ACCESS STRAPPING: Undergoes Wind-Up Proceedings
-----------------------------------------------
During a general meeting held on July 19, 2007, the members of
Access Strapping Pty Ltd agreed to voluntarily wind up the
company's operations and Richard Herbert Judson was named as
liquidator.

                     About Access Strapping

Access Strapping Pty Ltd is a distributor of industrial and
personal service paper.  The company is located in Bayswater
North, Victoria, Australia.


BUTSELAAR TRADING: Taps Richard Herbert Judson as Liquidator
------------------------------------------------------------
The members of Butselaar Trading Co. Pty Ltd met on July 19,
2007, and decided to voluntarily wind up the company's
operations.

Richard Herbert Judson of Members Voluntary Pty Ltd was tapped
as liquidator.

The Liquidator can be reached at:

         Richard Judson
         Members Voluntarys Pty Ltd
         PO Box 819
         Moorabbin, Victoria 3189
         Australia

                     About Butselaar Trading

Located in Hawthorn, Victoria, Australia, Butselaar Trading Co
Pty Ltd is an investor relation company.


COUNTRYWIDE TRANSPORT: Names BJ Marchesi as Liquidator
------------------------------------------------------
On July 16, 2007, a special resolution was passed to voluntarily
liquidate the business of Countrywide Transport Pty Ltd.

BJ Marchesi was then named as liquidator.

The Liquidator can be reached at:

         BJ Marchesi
         Bent & Cougle Pty Ltd, Chartered Accountants
         Level 5, 332 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                   About Countrywide Transport

Countrywide Transport Pty Ltd is in the business of local
trucking with storage.  The company is located in Toongabbie,
Victoria, Australia.


JOHN REEVES: Commences Liquidation Proceedings
----------------------------------------------
On July 19, 2007, the members of John Reeves Pty Ltd had a
meeting and agreed to liquidate the company's business.

Richard Herbert Judson of Members Voluntarys Pty Ltd was named
as liquidator.

The Liquidator can be reached at:

         Richard Judson
         Members Voluntarys Pty Ltd
         PO Box 819
         Moorabbin, Victoria 3189
         Australia

                        About John Reeves

John Reeves Pty Ltd operates auto and home supply stores.  The
company is located in Yarrawonga, Victoria, Australia.


KH FOODS: Sold Cake Business to George Weston to Pay Off Debt
-------------------------------------------------------------
KH Foods Limited said that it sold its cake business to George
Weston Foods of Canada, Food Business Review reports.

According to the article, KH Foods is planning to use the
proceeds to pay off debt.  Food Business notes that the sale
would result in a write-off of more than AU$15 million.

Food Business quotes KH Foods Chairman Richard England as
saying, "The sale will mean KH Foods' O'Connor site in Western
Australia will transfer to the new owners, including all
employees engaged in the cake operation.  The Seaton South
Australian cake operation, including KH Foods employees working
in the cake operation, will also transfer to GW."

KH Foods Limited -- http://www.keithharris.com.au/-- is an
Australia-based company engaged in the manufacture and sale of
bakery products, such as savories, cakes, desserts and bread.
It operates in three business divisions: flavor and fragrances
division, which is engaged in the manufacture and sale of
flavors, essences and colors to the food industry, and
fragrances and colors to the industrial and cosmetic industries;
bakery division, which is engaged in the manufacture and sale of
bakery products, and investments division, which is engaged in
investments in shares listed on prescribed stock exchange,
dividend revenue and interest on short term deposits.  The
flavor and fragrances division was sold with effect from Jan.
31, 2005.  Some of its wholly owned subsidiaries include
Jusfrute Limited, United Beverages Pty. Ltd., Redland Industries
Pty. Ltd., Keith Harris Extracts Pty. Ltd. and Quotidian No.115
Pty. Ltd.  As of January 22, 2007, Washington H. Soul Pattinson
and Co. Ltd. held an 86.62% interest in the company.

As of July 31, 2006, the company has total assets of
AU$81.33 million and total liabilities of AU$83.57 million,
resulting in a capital deficiency of AU$2.24 million.


MULTIPLEX GROUP: Posts 6.4% Decrease in Revenue for FY06
--------------------------------------------------------
Multiplex Group recorded a net profit after tax attributable to
stapled securityholders of AU$539.4 million for the year ended
June 30, 2007, continuing its solid overall performance for the
year with positive contributions from all divisions.

Group earnings were favorably impacted by significant fair value
adjustments (FVAs) to investment properties totaling
AU$441.1 million, offset by one-off corporate costs of
AU$40.7 million (after tax) in respect of items such as the
settlement with ASIC and other legal and professional fees.

The Group's key financial highlights for the year are:

   * Net profit after tax attributable to stapled
     securityholders was AU$539.4 million (June 2006:
     AU$216.8 million);

   * Revenue and other income decreased 6.4% to
     AU$3,552.3 million (June 2006: AU$3,795.5 million);

   * Net profit after tax included FVAs to the carrying value
     of investment properties (held both directly and indirectly
     through associates) totaling AU$441.1 million (June 2006:
     AU$267.7 million);

   * Earnings before interest and tax (EBIT) of AU$684.1 million
     (June 2006: AU$310.1 million);

   * Earnings per stapled security (EPS) of 64.4 cents (June
     2006: 25.9 cents);

   * Distributions per stapled security (DPS) of 18.5 cents
     (June 2006: 25.5 cents);

   * The Multiplex Property Trust (the Trust) generated a
     contribution to EBIT of AU$641.3 million (June 2006:
     AU$442.8 million), inclusive of FVAs of AU$426.1 million
     (June 2006: AU$227.7 million); and

   * As at June 2007:

        -- Net assets were AU$3.65 billion (June 2006:
           AU$3.16 billion);

        -- Net tangible assets per stapled security increased by
           45 cents or 15.8% to AU$3.29 (June 2006: AU$2.84).

As announced in June 2007, a distribution of 10.0 cents per
stapled security (June 2006: 17.5 cents) will be paid on or
before August 31, 2007, comprising a final distribution from the
Trust and no dividend from Multiplex Limited.

                 Property Development Division

The Property Development division contributed EBIT to the Group
of AU$24.1 million (June 2006: AU$100.0 million), on operating
revenue of AU$363.7 million (June 2006: AU$417.4 million).

As previously foreshadowed, fewer developments were completed
during the year and this impacted both revenue and profit
recognition for the year ended 30 June 2007.

There has been a high level of activity to grow and mature the
development portfolio in Australia, New Zealand and the UK.  The
division's development portfolio now includes 55 projects with a
gross development value (GDV) estimated at AU$17.9 billion (June
2006: AU$16.0 billion) across Australia, New Zealand and the
United Kingdom.

                     Construction Division

The Construction division contributed EBIT to the Group of
AU$72.3 million (June 2006: loss of AU$319.8 million).
Operating revenue was AU$2,336.6 million (June 2006:
AU$2,468.0 million).  The overall performance for the division
was strong with earnings for the year slightly higher than
expected and a continued focus on de-risking the business.

The construction portfolio is growing in all regions and now
includes 47 projects with a total contract value estimated at
AU$7.6 billion (June 2006: AU$8.1 billion) across Australia, New
Zealand, the Middle East and the United Kingdom (post Wembley
and White City the workbook in the UK is being progressively
replenished).

In Australia and New Zealand, the Construction division has
continued to target large negotiated contracts, Public Private
Partnerships and Multiplex's internal development projects with
the workbook for the region growing from AU$3.3 billion to
AU$4.0 billion.

In the UK, the transfer of the construction contract on White
City to Westfield was completed in August 2006 and practical
completion was achieved at Wembley in March 2007.  The UK
Construction business continues to remain focused, in the short
term, on supporting internal development opportunities and on
the Peterborough Hospital project, where construction commenced
in July 2007.

In the Middle East, the business has continued its controlled
expansion and the workbook for the region almost doubled from
AU$1.2 billion in June 2006 to AU$2.2 billion in June 2007.

                 Facilities Management Division

The Facilities Management division contributed EBIT to the Group
of AU$8.5 million (June 2006: AU$7.4 million).  Operating
revenue was AU$52.7 million (June 2006: AU$40.7 million).

The result for the year included one-off lease renewal fees of
AU$3.1 million (June 2006: AU$1.8 million) reflecting the key
role that the division plays in the integrated property model
for the Group.  The underlying revenue base and earnings for the
division are growing steadily, reflecting ongoing growth in the
portfolio.  Overall, earnings continue to be impacted by
investment in business development and in extending the
division's current capabilities.

During the year the division increased its net number of
contracts by 6% to 106, and through selective renewals and focus
on larger and longer term contracts the average contract length
within the division is now more than 10 years.

New facilities management contracts include:

   * the recently awarded Southern Victorian Region Defence
     Contract (VIC), which commenced in July 2007;

   * a 15 year contract for the new Sydney Water Headquarters
     building (NSW), commencing 2009;

   * an 11.5 year contract for American Express' new office at
     King Street Wharf (NSW), commencing 2008;

   * a 12 year integrated facilities management and property
     management contract for Macquarie Bank's new office at King
     Street Wharf (NSW), commencing 2009; and

   * the Peterborough contract in the UK, commencing 2009, which
     was awarded subsequent to year end, enabling the division's
     foray into the UK market.

                   Funds Management Division

The Funds Management division contributed EBIT to the Group of
AU$30.3 million (June 2006: AU$53.8 million).  The earnings for
the division reflect steady growth in funds under management
(FUM) and related fee income, offset by lower one-off profits.
EBIT for the year included AU$7.5 million related to income
earned from the European assets acquired for the recently listed
Multiplex European Property Fund assets whereas June 2006 EBIT
included AU$27.0 million relating to the sale of the Sapphire
Fund.

Total funds under management (FUM) grew to AU$7.6 billion (June
2006: AU$5.9 billion).

Key highlights during the year include:

   * The AU$640.0 million Multiplex Prime Property Fund which
     was listed in August 2006, a major milestone in the
     growth of external FUM and showcasing of the Multiplex
     integrated business model;

   * The completed acquisition of the German property portfolio
     in April 2007 and launch of the AU$625.0 million (EUR370.0
     million) new Multiplex European Property Fund in June 2007
     (listed July 2007); and

   * The establishment and launch of two new unlisted funds,
     Multiplex Property Income Fund and Multiplex Diversified
     Property Fund in March 2007.

                       Corporate Division

Corporate expenses in the period were adversely affected by a
number of one-off costs totaling AU$55.2 million (after tax:
AU$40.7 million).  These one-off costs include the final
settlement with ASIC, together with legal fees, professional
fees and other costs associated with ASIC and other significant
settlements achieved during the year, including White City and
Wembley and are net of cost recoveries.  Also included are costs
incurred in respect of the Brookfield Offer and some foreign
exchange losses.

At the Group's AGM in November 2006, the Chairman advised that
the Board was reviewing alternatives to address the imbalance in
the allocation of capital (and therefore attribution of profit)
between Multiplex Limited and Multiplex Property Trust.  On 20
June 2007, the Group advised that this review had determined
that an increased allocation of capital to Multiplex Limited
would provide it with a stronger and more efficient capital
structure.  This increase in capital was achieved by a
subsidiary of Multiplex Limited issuing AU$1.0 billion of
Convertible Non-Share Equity Instruments to Multiplex Property
Trust.  The proceeds of the instruments have been used to repay
AU$1.0 billion of the existing loan from Multiplex Property
Trust.

                  Multiplex Property Trust

The Trust performed strongly during the period contributing EBIT
to the Group of AU$641.3 million (June 2006: AU$442.8 million),
inclusive of FVAs of AU$426.1 million (June: AU$227.7 million).
These FVAs include AU$375.7 million in respect of direct
property and a further AU$50.4 million in respect of indirect
property investments (via investments in associates).

The Trust ordinarily independently values all properties at
least annually and accordingly all of the investment properties
were independently valued during the year.  In addition,
continued strong office market fundamentals and significant
lease renegotiations in three major buildings prompted
additional independent valuations to 7 of the Trust properties
in the second half of 2007.

During the year the Trust has:

   * Retained strong occupancy at 99.5%;

   * Increased the value of its investment portfolio from
     AU$2.9 billion to AU$3.4 billion;

   * Concluded 547 rent reviews in respect of 527,521 sqm or 67%
     of the portfolio's net lettable area, at an average
     increase of 3.7%;

   * Achieved a tenant retention rate of 92% by net income, with
     58 new and renewed leases commencing during the period in
     respect of more than 98,000 sqm;

   * Achieved significant lease renewals 30,519 sqm for the ATO
     at Jessie Street Centre in Parramatta; 35,223 sqm for IAG
     at 388 George Street in Sydney (lease commences November
     2008); 16,051 sqm for the Department of Transport and
     Regional Services at 111 Alinga Street in Canberra (lease
     commenced July 2006); and, 25,910 sqm for the Victorian
     Department of Infrastructure at Southern Cross East Tower
     in Melbourne, all considerably de-risking the lease expiry
     profile of the Trust;

   * Increased the weighted average lease term (by income)
     across the Trust's portfolio from 6.4 years to 7.2 years;
     and

   * Become a cornerstone investor in the recently launched
     Diversified and European Funds.

                         Other matters

In December 2006, Multiplex Limited entered into an Enforceable
Undertaking (EU) with the Australian Securities and Investments
Commission (ASIC).  This undertaking concluded an investigation
by ASIC into Multiplex's disclosures relating to the Wembley
project.  The main component of this agreement provided for
Multiplex to make a settlement offer to holders of Eligible
Securities up to a maximum of AU$32.0 million.  The settlement
offer was completed in April 2007 with Multiplex paying a total
of AU$20.3 million to Eligible Securityholders; this amount was
fully provided for in the period to 31 December, 2006.

A Class Action was launched in December 2006 against Multiplex
in respect of disclosure in relation to the Wembley project.
Multiplex is not aware of the number of participants in the
class or the quantum of the claim, except that the lawyers
acting for the class have advised the Court in a recent hearing
that the number of participants in the class is more than 40 and
have advised Multiplex recently that the quantum of claims of
securityholders is in excess of AU$100 million.  Multiplex
denies that it has any liability and continues to defend the
Class Action.  It is expected, given the issues involved in the
Class Action, that it will be a complex and protracted
litigation matter.  It should be noted that Multiplex has not
made any provision in its accounts for the payment of any claim
in the event that the Class Action is successful.

On 11 June 2007, the Group entered into an Implementation
Agreement with Brookfield Asset Management in relation to the
acquisition of all of the stapled securities of the Group for a
cash consideration of AU$5.05 per security by means of an
offmarket takeover offer (Brookfield Offer).  The current
Brookfield holding was announced by Brookfield on 14 August
through its substantial securityholder notice.

                            Outlook

The Board is confident in the Group's prospects for the 2008
year, in particular:

   * The Development division portfolio is strong and growing.
     However, the completion profile remains biased towards 2009
     and beyond.  Development earnings for 2008 are heavily
     dependent on the successful completion and sale (to
     interests outside the Group) of Eden, High Wycombe (UK) and
     the ATO Building at Latitude East (NSW);

   * The Construction division earnings are expected to grow
     steadily on increased revenue albeit with margins slightly
     lower and more consistent with historical norms;

   * In the Facilities Management division, steady growth in
     underlying earnings is expected, offset by the impact of
     continued investment to expand the business into new
     markets;

   * In the Funds Management division, steady growth in
     underlying earnings is expected with overall earnings
     remaining dependent on the level and volume of transaction
     related fees;

   * Corporate expenses will continue to be impacted by items
     such as costs associated with the Brookfield Offer and the
     costs of ongoing litigation, in particular the Class
     Action;

   * The Trust earnings, and the value of its property related
     investments, are expected to continue to benefit from the
     strong fundamentals of its direct and indirect property
     portfolio, albeit 85% of the portfolio's rent reviews are
     fixed at an average of 4% per annum. However, the overall
     quantum of FVAs will be largely dependent on future changes
     in capitalisation rates;

   * The restructure of the Group's capital in June 2007 is
     expected to provide a more efficient capital structure and
     enhance the Group's performance over time. However, future
     distributions will be more reliant on the after tax
     earnings of Multiplex Limited, particularly the earnings of
     its Development and Construction divisions.

                     About Multiplex Group

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its
revenue from property funds management, construction, property
development, and facilities management.  The Group employs over
2,000 people and has established operations and offices
throughout Australia, New Zealand, the United Kingdom and the
Middle East.  In December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group,
raising a total of AU$1.2 billion.  Multiplex Group was formed
by combining the various businesses of Multiplex Limited and the
newly established portfolio of investments held by Multiplex
Property Trust.

Early in 2005, Multiplex began facing cost pressures on its
reconstruction project for the Wembley Stadium in London,
prompting it to conduct its own internal investigation into the
Wembley difficulties.  Its auditor, KPMG, later conducted its
own thorough review of the problems, leading to an unpredicted
write-down.  In February 2005, stunned investors sold down
Multiplex shares after the Company reversed its stance on two
United Kingdom projects, writing off AU$68.3 million from its
profits.  This started a series of profit downgrades throughout
2005.

In May 2005, Multiplex admitted that its troubled Wembley
Stadium construction project may end up with a multimillion
loss.  As of February 2006, the Company is faced with liquidity
crisis after posting a massive AU$474 million loss on Wembley.

The Troubled Company Reporter-Asia Pacific reported on Aug. 18,
2006, that Multiplex Group's financial results for the year
ended June 30, 2006, noted that the Wembley project in the
United Kingdom incurred a pretax loss of AU$364.3 million or
AU$255 million after tax loss.  The project loss position has
remained unchanged since December 31, 2005.


PRO GLASS: Members and Creditors to Meet on September 3
-------------------------------------------------------
The members and creditors of Pro Glass Pty Ltd will have their
final meeting on September 3, 2007, at 9:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Robyn Erskine & Peter Goodin
         Brooke Bird & Co
         471 Riversdale Road
         Hawthorn East 3123
         Australia

                         About Pro Glass

Pro Glass Pty Ltd is a distributor of sporting and athletic
goods.  The company is located in Braeside, Victoria, Australia.


STOREY TRADING: Declares Dividend for Priority Creditors
--------------------------------------------------------
Storey Trading Pty Ltd declared the first and final dividend to
its priority creditors on August 15, 2007.

Creditors who were not able to file their claims by August 1,
2007, were excluded from sharing in the company's dividend
distribution.

The company's liquidator is:

         Bernard Abeyratne
         Harrisons Insolvency
         Level 5, 150 Albert Road
         South Melbourne, Victoria 3205
         Australia
         Telephone:(03) 9696 2885

                      About Storey Trading

Storey Trading Pty Ltd operates metals service centers and
offices.  The company is located in Moorabbin, Victoria,
Australia.


VIEWPOINT (AUSTRALIA): To Declare Ordinary Dividend on Sept. 4
--------------------------------------------------------------
Viewpoint (Australia) Pty Limited will declare dividend for its
ordinary unsecured creditors on September 4, 2007.

Unsecured creditors who were not able to file their claims by
August 21, 2007, will be excluded from sharing in the company's
dividend distribution.

The company's deed administrator is:

         Martin J. Green
         GHK Green Krejci
         Level 13, Castlereagh Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 8263 2300
         Facsimile:(02) 8263 2399

                   About Viewpoint (Australia)

Viewpoint (Australia) Pty Limited is in the business of
residential construction.  The company is located in Alexandria,
New South Wales, Australia.


WARD PROPERTIES: Members' Final Meeting Set for September 4
-----------------------------------------------------------
A final meeting will be held for the members of Ward Properties
Pty Ltd on September 4, 2007, at 10:30 a.m.

At the meeting, the members will receive a report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         A S R Hewitt
         Grant Thornton, Rialto Towers
         Level 35, South Tower
         525 Collins Street
         Melbourne, Victoria 3000
         Australia

                      About Ward Properties

Located in Templestowe, Victoria, Australia, Ward Properties Pty
Ltd is an investor relation company.


* Australian Banks Can Weather U.S. Subprime Fallout, Fitch Says
----------------------------------------------------------------
Fitch Ratings has commented, in its semi-annual review and
outlook of the larger Australian banks, that it does not
anticipate the US subprime issues to cause material problems.
The agency notes there is limited exposure to the US subprime
market, either directly or through structured credit products,
with any losses likely to be an earnings event.

"Australian banks in general have come to rely more heavily on
wholesale funding in the last decade as loans have consistently
outgrown retail deposits.  With a global repricing of risk under
way, wholesale funding will become more expensive," said Tim
Roche, associate director in Fitch's Financial Institutions
group.  "Where this is most likely to impact the Australian
banks is in their cost of funding," he added.  The agency notes
though that this is likely to have a greater impact on smaller
institutions that rely heavily wholesale and structured markets
for funding rather than the larger and more diversified banks.

In terms of financial performance, the larger Australian banks
have all reported record or near record profits in the first
half of the 2006/2007 financial year (H107), although net
interest margins remained under downward pressure due to
competition for lending.  While the domestic economy remains
strong (in part through demand from China), competitive
intensity is unlikely to ease and will place further downward
pressure on net interest margins.  However, if the banks use
current global events as a trigger to reprice their portfolios
it may act to limit further attrition.

Asset quality remains excellent and gross impaired loans as a
percentage of gross loans are at or near historical lows and
compares favourably with international peers.  That
notwithstanding, there is increasing evidence that the asset
quality cycle has turned and Fitch expects an increase in
impaired assets in the coming 24 months, although this would
signify a return to more normal levels rather than a significant
deterioration.

Australian banks remain well-capitalised, although the ratios
reported by the larger Australian banks are generally slightly
below those reported by their international peers.  Preparations
for the implementation of Basel II in Australia on 1 January
2008 continue - Fitch anticipates only a modest level of capital
release will result from the introduction of the new rules.

Fitch's ratings for Australia's six largest consumer banks are
as follows:

   * National Australia Bank:
     Long-term Issuer Default rating-'AA', with Stable Outlook
     Short-term IDR 'F1+';
     Individual 'A/B';
     Support '2' and;
     Support Rating Floor 'BBB+';

   * Commonwealth Bank of Australia:
     Long-term IDR 'AA', with Stable Outlook;
     Short-term IDR 'F1+';
     Individual 'A/B';
     Support '2'; and;
     Support Rating Floor 'BBB+';

   * Australia & New Zealand Banking Group:
     Long-term IDR 'AA-' (AA minus), with Stable Outlook;
     Short-term IDR 'F1+';
     Individual 'B';
     Support '2' and;
     Support Rating Floor 'BBB+';

   * Westpac Banking Corporation:
     Long-term IDR 'AA-' (AA minus), with Stable Outlook;
     Short-term IDR 'F1+';
     Individual 'B';
     Support '2' and;
     Support Rating Floor 'BBB+';

   * St. George Bank Limited:
     Long-term IDR 'A+', with Stable Outlook;
     Short-term IDR 'F1';
     Individual 'B';
     Support '3' and;
     Support Rating Floor 'BB+'; and

   * Suncorp-Metway Limited:
     Long-term IDR 'A+', with Stable Outlook;
     Short-term IDR 'F1';
     Individual 'B';
     Support '3' and;
     Support Rating Floor 'BB+'.

A copy of the agency's report will be available shortly on the
agency's Web sites, http://www.fitchratings.com/and
http://www.fitchratings.com.au/


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

BENQ CORP: Returns to Black on Gains From AU Ops Shares Sale
------------------------------------------------------------
Benq Corp. posted a net income of NT$570 million, its first
profit in seven quarters, on gains from selling shares in flat-
screen affiliate AU Optronics Corp, Bloomberg News reports.

The company reported second-quarter sales of NT$32.4 billion,
but didn't release year-earlier numbers for comparison, the
report adds.

Benq, according to median estimates of four analysts from
Bloomberg, was expected to report a net loss of NT$424 million
for the June quarter.

Chinmei Sung of Bloomberg recounts that Benq sold a stake in LCD
maker AU Optronics Corp. during the quarter to raise cash after
Chairman K.Y. Lee's 2005 acquisition of Siemens AG's mobile-
phone unit failed to bolster profit.  Benq booked a profit of
about NT$1.5 billion from selling 100 million shares of AU
Optronics in April.

AU Optronics, in which Benq owns a 8.42% stake, is the world's
third-biggest maker of LCDs.

Benq posted a second-quarter operating loss, which measures
sales minus operating expenses, of NT$1.91 billion after
"cleaning" mobile-phone inventory, according to the statement.

Non-operating items added NT$2.52 billion to earnings, mainly as
a result of the gain from selling AU Optronics shares.  The
company doesn't break down non-operating income, the report
relates.

Meanwhile, BenQ also stated that third-quarter sales will climb
from the previous period because of "high season."  The company
did not elaborate further, the news agency says.


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.


CDW INDUSTRIES: Members to Receive Wind-Up Report on Sept. 18
-------------------------------------------------------------
The members of CDW Industries Limited will have their final
meeting on September 18, 2007, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


CHEER SUNSHINE: Creditors' Proofs of Debt Due on September 17
-------------------------------------------------------------
The creditors of Cheer Sunshine Limited are required to file
their proofs of debt by September 17, 2007, to be included in
the company's dividend distribution.

The company's liquidator is:

         Sung Mi Yin
         Ritz Plaza, Suite No. A, 11th Floor
         122 Austin Road, Tsimshatsui, Kowloon
         Hong Kong


CHINLUCK PROPERTIES: Court to Hear Wind-Up Petition on Oct. 17
--------------------------------------------------------------
On August 7, 2007, the Incorporated Owners of Hoi To Court filed
a petition to wind up the operations of Chinluck Properties
Limited.

The High Court of Hong Kong will hear the petition on Oct. 17,
2007, 9:30 a.m.

The Petitioner's solicitors are:

         Alfred Lam Keung & Ko
         Wing On Centre
         Rooms 2107-9, 21st Floor
         No. 111 Connaught Road, Central
         Hong Kong
         Telephone: 2970 7333
         Facsimile: 2970 4169


CITIC PACIFIC: Chairman Sees Strong 2008; Profit to Jump HK$7BB
---------------------------------------------------------------
CITIC Pacific Co. Ltd anticipates its recurrent operating profit
to climb to HK$6-7 billion in 2008, mainly due to expanding
specialty steel business and Chinese property projects coming on
stream from 2009, Reuters reports, citing the company's
chairman, Larry Yung.

According to the report, Mr. Yung, who did not elaborate on his
growth targets, added that the firm hoped to gain approval for a
long-awaited listing on mainland Chinese bourses next year.

Mr. Yung targets to record HK$10 billion on operating profit "as
soon as possible," Reuters notes,

Meanwhile, the company posted a net profit of HK$4.97 billion in
the first six months of 2007, compared with the HK$3.44-billion
net profit recorded for the same period in 2006.  Those earnings
included a HK$1.9 billion profit from the listing of telecoms
unit CITIC 1616, the news agency notes.  Its special steel unit,
boasting a production capacity of more than 7 million tonnes a
year, earned HK$1.5 billion in the six-month period against
HK$790 million the previous year.

Citic Pacific also proposed a special dividend of HK$0.20 per
share on top of an interim dividend of HK$0.40 per share.  These
compared with a special dividend of HK$0.30 and interim dividend
of HK$0.30 a year earlier.


Based in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of
businesses in China and Hong Kong, including steel
manufacturing, property development and investment, power
generation, aviation, infrastructure, communications and
distribution.  It is 29% indirectly owned by China International
Trust & Investment Corporation.

On June 28, 2006, The Troubled Company Reporter-Asia Pacific
reported that Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on CITIC Pacific Ltd to BB+
from BBB-.  At the same time, it removed the rating from
CreditWatch, where it had been placed with negative implications
on April 7, 2006.  The outlook is stable.

In addition, the TCR-AP also reported that Moody's Investors
Service on June 16, 2006, assigned a Ba1 corporate family rating
to CITIC Pacific Ltd and has withdrawn its Baa3 issuer rating.
The senior unsecured rating for CITIC Pacific Finance (2001)
Ltd's bond is downgraded to Ba1 from Baa3.  The rating outlook
is stable.  This concludes the review initiated by the rating
agency in April 2006.


CITIC RESOURCES: Chairman Peter Kwok Resigns
--------------------------------------------
Peter Kwok, chairman of CITIC Resources Holdings Ltd, has
resigned from the company to pursue "other business
commitments", Reuters relates.

Mr. Kwok had been replaced by Kong Dan, the chairman of the
company's state-backed parent and the country's premier
investment vehicle abroad, CITIC Group.

In a statement obtained by the news agency, the company said
that: "Mr. Kwok has confirmed that he has no disagreement with
the board and that there are no other matters that need to be
brought to the attention of shareholders in connection with his
resignation."

Executives would not comment further, Reuters notes.

                      About CITIC Resources

Incorporated in Bermuda in 1997, CITIC Resources has its shares
listed on the Hong Kong Stock Exchange.  The company positions
itself as an integrated provider of key commodities and
strategic natural resources with particular focus in oil
business.  The principal activities of the company and its
subsidiaries are in the fields of oil, aluminium, coal, import
and export of commodities, manganese and iron ore.  CITIC Group
(formerly China International Trust and Investment Corporation)
became the majority controlling shareholder of the Company in
March 2004, indirectly holding interest in the Company of over
54%.

Standard & Poor's Ratings Services on May 9, 2007, assigned its
BB long-term corporate credit rating to CITIC Resources Holdings
Ltd.  The outlook is developing.  At the same time, it issued
its BB issue rating to a proposed intermediate-term U.S. dollar
benchmark issue of senior unsecured notes by Citic Resources
Finance (2007) Ltd.


COASTAL SHIPPING: Names Leung Shu & Ng King as Liquidators
----------------------------------------------------------
On August 10, 2007, a special resolution was passed appointing
Leung Shu Yin, William and Ng King Sing as liquidators for
Coastal Shipping Limited.

The Liquidators fixed September 17, 2007, as the last day for
creditors to file their proofs of debt.

The Liquidators can be reached at:

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


FIAT SPA: Eyes US$2 Billion Investment in South America in 2008
---------------------------------------------------------------
Fiat S.p.A. will invest US$2 billion in South America starting
2008 through 2010 to increase its market share from 13% to 15%,
Il Sole 24 Ore reports citing Fiat chief executive Sergio
Marchionne.

Mr. Marchionne says more than half of the amount will be
invested in Brazil.

According to the report, Fiat also plans to increase its
production in South America from 700,000 units to one million.

                         About Fiat SpA

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                          *     *     *

As of June 19, 2007, Fiat S.p.A. carries Moody's Long-Term
Corporate Family Rating of Ba2 and Probability of Default Rating
at Ba2 with Outlook Positive.

Standard & Poor's give Long-Term Foreign and Local Issuer Credit
Ratings of BB+ for Fiat.  Its Short-term Foreign and Local
Issuer Credit Ratings are at B with Positive Outlook.

Dominion Bond Rating Service gives Fiat a Long-term Issuer
Rating of BB with Positive Outlook.


FUJIAN PROVINCE: Accepting Proofs of Debt Until September 7
-----------------------------------------------------------
Fujian Province Zhong Fu (Group) company intends to declare the
second and final ordinary dividend.

Creditors are required to file their proofs of debt by Sept. 7,
2007, to be included in the company's dividend distribution.


HONG KONG LIGHTER: Liquidator to Give Wind-Up Report on Sept. 24
----------------------------------------------------------------
A final meeting will be held for the members of Hong Kong
Lighter Merchants Association Limited on September 24, 2007, at
10:00 a.m.

At the meeting, Lau Shak Wah, the company's liquidator, will
report on the company's wind-up proceedings and property
disposal.

The Liquidator can be reached at:

         Lau Shak Wah
         World Trust Tower, 18th Floor
         50 Stanley Street
         Central, Hong Kong


PROSPER TRADING: Taps Kan, Tim and Fung, Tin as Liquidators
-----------------------------------------------------------
At an extraordinary general meeting held on August 13, 2007, a
special resolution was passed appointing Kan, Tim Hei and Fung,
Tin Yau Felix as liquidators of Prosper Trading Limited.

The Liquidators can be reached at:

         Kan, Tim Hei
         Fung, Tin Yau Felix
         The Center, 31st Floor
         99 Queen's Road, Central
         Hong Kong


SANMINA-SCI: Poor Operating Results Cue Moody's Ratings Review
--------------------------------------------------------------
Moody's Investors Service placed the ratings of Sanmina-SCI
Corporation on review for possible downgrade based on the
company's continued poor operating results, which reflect weak
demand from OEMs and operational inefficiencies in the
components business.

The electronic manufacturing services sector continues to be
plagued by excess capacity, competitive pricing pressures and
ongoing business restructurings.  Moody's review will focus on
Sanmina's ability to grow revenue across all of its end-market
verticals, stabilize its operating margins, effectively manage
its working capital, rationalize its asset base and generate
proceeds from divestitures, namely the low margin PC business.

Sanmina's leverage has increased from 5.4x (Moody's adjusted
debt/EBITDA) at the end of fiscal year 2006 to 7.2x as a result
of weak EBIT levels during the last three quarters.  The
company's operating margin has declined from 2% in fiscal year
2006 to 1.4% on a Moody's adjusted basis.

Ratings under review for possible downgrade include:

  -- Ba3 Corporate Family Rating;
  -- Ba3 rating on US$300 million floating rate notes due 2010;
  -- Ba3 rating on US$300 million floating rate notes due 2014;
  -- B2 rating on US$400 million senior subordinated notes due
     2013;
  -- B2 rating on US$600 million senior subordinated notes due
     2016;
  -- SGL -- 2 Speculative Grade Liquidity Rating.

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is a
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.


TOWN'S INDUSTRIAL: Court to Hear Wind-Up Petition on Sept. 19
------------------------------------------------------------
A petition to wind up the operations of Town's Industrial
Limited will be heard before the High Court of Hong Kong on
September 19, 2007, at 9:30 a.m.

The petition was filed by So Kong Yiu on July 18, 2007.


TOYOTA MOTOR: Members to Hold Final Meeting on September 21
-----------------------------------------------------------
Toyota Motor (China) Limited will hold a final meeting for its
members on September 21, 2007, at 10:30 a.m., on the 35th Floor
of One Pacific Place at 88 Queensway, Hong Kong.

The members will receive, at the meeting, a report about the
company's wind-up proceedings and property disposal.


WINCORE LIMITED: Appoints Wong Poh and Wong Tak as Liquidators
--------------------------------------------------------------
On August 3, 2007, Wong Poh Weng and Wong Tak Man, Stephen were
appointed as liquidators of Wincore Limited.

The Liquidators can be reached at:

         Wong Poh Weng
         Wong Tak Man, Stephen
         Allied Kajima Building, 7th Floor
         138 Gloucester Road
         Hong Kong


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

AXIS BANK: Eyes Expansion into Other Financial Services
-------------------------------------------------------
Axis Bank Ltd, formerly known as UTI Bank Limited, is eyeing
expansion into other financial services including brokerage,
investment banking and insurance, the Hindustan Times reports,
citing a statement made by the bank's chairman and CEO, P.J.
Nayak.

The bank has recently raised capital of around INR4,500 crore.

Mr. Nayak, however, made it clear that it is not considering
buying any smaller bank.  "Why should we buy smaller banks with
all the attendant problems related to acquisition and merger.
Outside banking, it might make sense," The Times quoted Mr.
Nayak as saying.

According to the report, the bank will like launch its private
equity business in the next couple of months.

Headquartered in Mumbai, India, Axis Bank Ltd, formerly known as
UTI Bank Limited, -- http://www.axisbank.com/-- is engaged in
treasury and other banking operations. The treasury services
segment undertakes trading operations on the proprietary
account, foreign exchange operations and derivatives trading.
Revenues of the treasury services segment primarily consist of
fees and gains or losses from trading operations and interest
income on the investment portfolio. Other banking operations
principally comprise the lending activities (corporate and
retail) of the bank.  The corporate lending activity includes
providing loans and transaction services to corporate and
institutional customers.  The retail lending activity includes
raising of deposits from customers and providing loans and
advisory services to customers through branch network and other
delivery channels.

                         *     *      *

UTI Bank's Foreign Long Term Bank Deposits carry Moody's
Investors Service's Ba2 rating, which rating was placed on
July 1, 2005.


DUERR AG: Earns EUR45,000 for First Half 2007
---------------------------------------------
Duerr AG posted EUR45,000 in net profit on EUR650.3 million in
net revenues for the first half of 2007, compared with
EUR3.3 million in net losses on EUR626.3 million in net revenues
for the same period in 2006.

The earnings situation was impaired in the second quarter by
delays on projects in India, especially on a large order.  Duerr
launched a package of measures including, among other things, a
broadening of its local supplier base in India.  As a result of
the project delays, the gross margin sank to 16.1% from 17.0% in
the same period in 2006.

Internal processes are benefiting from the improvements
implemented under the Group-wide FOCUS program.  As a result,
administrative and selling expenses were down overall by 2.7% to
EUR89.7 million.

Owing to the good order situation and the first-time
consolidation of an Italian subsidiary with 40 employees, the
number of employees rose to 5,836 as of June 30, 2007.  This is
3.3% more than at the end of 2006.  The biggest increase was in
the growth region of Asia, where the number of employees rose by
16.0% to 697.

At 22.9%, the equity ratio at June 30, 2007, was virtually
unchanged versus the previous year (23.0%).  Net financial debt
amounted to EUR145.5 million at June 30, 2007 as compared with
EUR122.2 million a year earlier.  Duerr met most of its
financing requirements in the first half of 2007 from cash and
cash equivalents.

"New orders were 40% above sales revenues in the first half.
Our reach of orders has therefore continued to grow.  Capacities
are well utilized until far into 2008," Duerr AG CEO Ralf Dieter
commented.

                    Unchanged Positive Outlook

Duerr anticipates a sustained good order situation.  The company
expects that incoming orders in 2007 will at least match the
high 2006 level.  Duerr continues to forecast a significant
earnings improvement in 2007, especially as higher-margin orders
will be executed in the second half.

Much of the earnings growth will be realized in the fourth
quarter.  A further earnings improvement is expected in 2008.
The target return for 2008 is an unchanged at least 5% at the
operating earnings level.

                           About Duerr

Headquartered in Stuttgard, Germany, The Duerr Group
-- http://www.durr.com/en/-- supplies products, systems, and
services for automobile manufacturing.  Duerr designs and builds
paint shops and final assembly plants.

The Duerr Group also operates in Czech Republic, France, U.K.,
Italy, Netherlands, Poland, Russia, Slovakia, Spain, Turkey,
Australia, Brazil, China, India, Japan, Mexico, South Africa,
South Korea and the U.S.A.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 25, 2007, Moody's upgraded the outlook for Duerr AG's
corporate credit rating from negative to stable.  Duerr AG's
corporate credit rating continues to stand at B2.


ICICI BANK: Gets US$200-Mil. Environmental Loan with JBIC
---------------------------------------------------------
Japan Bank for International Cooperation and ICICI Bank, Ltd.
has signed an untied loan agreement totaling the yen equivalent
of US$200 million.

The loan is co-financed by private financial institutions (viz.
Sumitomo Mitsui Banking Corporation (agent bank), The Bank of
Tokyo-Mitsubishi UFJ, Ltd., Mizuho Corporate Bank, Ltd., The
Hongkong and Shanghai Banking Corporation Limited Tokyo Branch,
and Société Générale Tokyo Branch), with JBIC providing a
guarantee for their co-financing portions.

This loan is aimed at providing finance, through ICICI Bank, to
prospective CDM projects in which Japanese companies show an
interest with regard to purchasing emissions reduction credits
and obtain a preferred negotiation status for the emissions
reduction credits.  It is expected that this will amplify the
opportunities for Japanese companies to purchase emissions
reduction credits and will thereby help Japan achieve its Green
House Gas Emissions Reduction Target under the Kyoto Protocol.
This would also lead to restraining GHG emissions in a rapidly
growing India, which would contribute toward the prevention of
global warming.  JBIC and ICICI Bank signed a Memorandum of
Understanding for cooperation on CDM in May 2006, which brought
about close coordination and discussion between the two banks
and culminated in the signing of this loan agreement on Aug. 22,
2007.

To achieve Japan's GHG Emissions Reduction Target under the
Kyoto Protocol (6% reduction from the 1990 level), it is crucial
for Japan to utilize the Kyoto Mechanisms, including the CDM, in
addition to making domestic efforts to reduce emissions with
various measures.  The "Plan to Achieve the Target under the
Kyoto Protocol" adopted in the Cabinet decision on April 28,
2005 and revised on July 11, 2006 noted the importance of
acquiring emissions reduction credits through the Kyoto
Mechanisms and effectively making use of official financing
(such as JBIC's International Financial Operations). Meanwhile
in India, where the population exceeds 1.1 billion and rapid
economic growth continues at the rate of 7 to 9%, sustaining
development whilst caring for the environment is becoming an
important policy agenda.

As the government of India ratified the Kyoto Protocol in August
2002 and established the process of CDM at an early stage, India
became the biggest country in terms of number of CDM projects
approved by the UN CDM Executive Board, i.e. 267 projects out of
total 757 (as of August 8, 2007).  With this background, the
loan agreement was signed for the promotion of CDM in India so
as to help achieve Japan's GHG Emissions Reduction Target under
the Kyoto Protocol, and to contribute toward prevention of
global warming.

1) The Clean Development Mechanism (CDM) is one of the
   components of the Kyoto Mechanisms.  It allows industrialized
   countries to undertake joint projects with developing
   countries and use the amount of emissions reduction credits
   (called Certified Emission Reductions) generated from such
   projects to meet their own emissions reduction target.

2) The Kyoto Mechanisms are economic arrangements set out in the
   Kyoto Protocol to enable industrialized countries and
   countries with economies in transition to achieve their
   greenhouse gas Emissions Reduction Targets.  The Mechanisms
   consist of the Clean Development Mechanism, Joint
   Implementation and Emissions Trading.

                           About JBIC

Japan Bank for International Cooperation (JBIC) is the Japanese
government's financial institution that promotes Japan's foreign
economic policy through various financing facilities.  JBIC was
established by the JBIC Law in 1999, succeeding the functions of
the then Export-Import Bank of Japan (JEXIM) and Overseas
Economic Cooperation Fund of Japan (OECF).  JBIC has a
statutory mandate to undertake lending and other operations for
the promotion of Japanese exports, imports and economic
activities overseas; for the stability of the international
financial order; and for economic and social development as
well as economic stability in developing economies, thereby
contributing to the sound development of the Japanese economy as
well as the international economy.  Its headquarters are located
in Tokyo with a branch in Osaka and 27 representative offices
across the globe including New Delhi, India.

                         About ICICI Bank

India-based ICICI Bank Ltd -- http://www.icicibank.com/-- is a
diversified financial company that provides a range of banking
and financial services to customers, including retail banking,
project and corporate finance, working capital finance,
insurance, venture capital and private equity, investment
banking, broking, and treasury products and services.  The bank
operates in two business segments: consumer and commercial
banking, and investment banking.  ICICI has a network of over
741 branches and over 3,300 ATMs in India.

The bank has operations in Russia and the United States.

                          *     *     *

Moody's Investors Service, on Apr. 24, 2007, said that ICICI
Bank 's Foreign Currency Deposit Rating is unchanged at Ba2.

ICICI Bank carries Fitch Ratings' 'C' Individual Rating and 'BB'
Subordinated Debt Rating.


TATA MOTORS: To Shell Out INR1,000 Cr. for Singur Land Lease
------------------------------------------------------------
Tata Motors Limited would pay West Bengal Industrial Development
Corp. INR1,000 crore for the Singur land lease of 90 years, the
Press Trust of India reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Mar. 13, the Government of West Bengal and WBIDC signed an
agreement for Tata Motor's to build a small-car plant at Singur
in West Bengal, which plans raised protests from the locals
because of the transfer of agricultural land required for the
factory.

According to PTI, the lease payment will be in a phased manner
-- INR1 crore per annum for the first five years, NR10 crore in
the next 10 years and in the next 30 years, INR20 crore yearly.

The small car is reportedly scheduled to roll out of the plant
by 2008.

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia, and the United Kingdom.

                          *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

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


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

ALCATEL-LUCENT: Changes Senior Leadership Team
----------------------------------------------
Alcatel-Lucent disclosed changes to its senior leadership team.

Frank D'Amelio, Chief Administrative Officer of Alcatel-Lucent
is leaving the company to accept the position of Chief Financial
Officer at Pfizer and Mike Quigley, President, Science,
Technology and Strategy of Alcatel-Lucent, has decided to leave
the company and return to Australia.

"During the past year, both Mike and Frank have contributed
significantly to the planning for and the launch of Alcatel-
Lucent.  With their help, we achieved a number of important
milestones in a very short time.  We wish them much success as
they embark on new chapters in their lives," said Pat Russo,
Alcatel-Lucent CEO.

"When we disclosed the merger of Alcatel-Lucent we acknowledged
the breadth and depth of the senior management team and we
anticipated that there would be an evolution in leadership
responsibilities, which is natural.  We are well served with a
strong bench of top executive talent that we can draw upon as
well as an extensive set of resources that we believe are
unrivaled in the industry," said Russo.

With Mike Quigley's departure, Etienne Fouques, currently head
of the Carrier Business Segment will assume the leadership for
the Science, Technology and Strategy functions that previously
reported to Mike.  In addition he will also oversee the Services
Business Group, which will continue to be led by John Meyer.

Michel Rahier, head of the Wireline Business Group will assume
the overall leadership of the Carrier Business Segment, which
includes our Wireline, Wireless, and Convergence businesses.
The individuals who previously reported to Etienne as head of
the Carrier Business Segment will now report to Michel.
Further, we will strengthen the interface between the product
businesses and the supply chain by reporting the Global Supply
Chain to Michel as well.

With Frank D'Amelio's departure the organizations that
previously reported to him will now report to other members of
the senior leadership team.  In addition to his role as Chief
Administrative Officer, Frank also oversaw the Integration
Program Office, along with Christian Reinaudo.  Christian will
continue in his role, and together with Janet Davidson will co-
lead these efforts.  The discipline for monitoring and managing
our integration activities are in place and operational and our
integration plans, as we have said, are progressing.

                     About Alcate-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.  Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia.  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 reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services 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.

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.


ALCATEL-LUCENT: Supplies LAN Solution to Korean Broadcasting
------------------------------------------------------------
Alcatel-Lucent has been selected to supply wireless Local Area
Network solutions to Korean Broadcasting System, South Korea's
leading public broadcaster and one of the biggest television
networks in Korea.

The Alcatel-Lucent's advanced solution enables employees at KBS'
headquarters in Seoul to work from anywhere within the building
thus improving their productivity.  For instance, KBS reporters
can write articles and efficiently transmit data regardless of
where they are in the building.  Management of the network
access will be done through security authorization servers.  The
WLAN network implementation was completed in August and various
applications such as WiFi will be offered to users.

The Alcatel-Lucent OmniAccess WLAN solution offers advanced
security and authentication functions, while providing a
centralized management system that can handle up to 512 access
points.  Additionally, the system can be equipped with up to
four modules for large-scaled network users, and provide 48
ports of 10/100Mbps PoE interfaces.

"We expect that the wireless LAN services will add to employees'
convenience, and will increase their work productivity in a
completely secured environment," said Kang-Won Seo, leader of IT
Infrastructure team, Digital Media Division of KBS.

"This is a significant achievement for us in expanding our
footprint in the wireless LAN business in Korea.  It provides
inroads for Alcatel-Lucent to offer our wireless LAN solution to
government agencies, educations, and medical centers in the
future," said John Yang, President of Alcatel-Lucent activities
in Korea.

Earlier this year, Alcatel-Lucent won a project with Taegu
Science, strengthening its leadership in the wireless LAN
solution market.

                            About KBS

The Korean Broadcasting System is the public service broadcaster
of Korea.  Since its first formation as a broadcasting station
in 1947, KBS has been the country's leader in program production
and audience service, spearheading developments in television,
radio and broadcast technology. KBS initiated Korea 's first
television broadcasting in 1961 and completed organizational
restructuring in 1973 to confirm its present-day role, the
nation's public service broadcaster.  KBS was positioned as the
nation's key broadcaster by the Broadcasting Act of 2000. KBS
regards it a core duty to reflect the diverse voices of Korea
through the distinctiveness of its programs, while bringing the
world home to its audience through speedy and impartial news
reports.  KBS also takes a strong lead in promoting culture and
arts events, aided by the KBS Symphony Orchestra and the
Traditional Music Orchestra. These events are staged on the KBS
Hall, a multi-purpose performance stage which accommodates over
1,800 seats.  KBS operates two terrestrial TV channels, one
satellite TV channel and seven radio channels, including a
multi-lingual channel and the Voice of Love Broadcasting, a
radio channel for the disabled and the elders. KBS maintains a
nationwide network comprised of 25 local stations, ten overseas
bureaus and three subsidiary companies.  For more information,
visit KBS homepage at external link http://www.kbs.co.kr.

                      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.  Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia.  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 reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services 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.

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.


GAJAH TUNGGAL: Sets Aside US$170 Million for Business Growth
------------------------------------------------------------
PT Gajah Tunggal Tbk has set aside US$170 million as capital
expenditure to expand its business up to 2010, Antara News
reports.

The company needs the funds to increase the capacity of
producing radial tyres, vehicle tyres and vehicle internal
tyres, the report cites Gajah Tunggal Director Catharina Widjaja
as saying.

According to Ms. Widjaja, the capital expenditure originated
from proceeds from the issuance of bonds worth US$325 million in
2005. Part of the fund has been used for business expansion and
the remaining US$120 million has been used to repay debts, the
report relates.

The company's total debts now reached US$487 million, Antara
notes.

                  About PT Gajah Tunggal Tbk

Headquartered in Jakarta, Indonesia, PT Gajah Tunggal Tbk --
http://www.gt-tires.com/-- is primarily engaged in the
production and marketing of a range of tires and inner tubes for
motorcycles, passenger cars, commercial cars, off the road
vehicles and industrial and heavy equipment vehicles.  Its
products are marketed to both domestic and international
markets, including Australia, the United States and other
countries in Asia and Europe.  These products can be purchased
in approximately 5,000 retail outlets around the world.  The
company's subsidiaries, which are engaged in the general trading
and financial services, the distribution sector and the chemical
industry, include GTT Netherlands B.V., GT 2005 Bonds B.V., PT
Prima Sentra Megah and PT Polychem Indonesia Tbk.  The company
operates a production facility in Tangerang.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 6, 2007,  that Moody's Investors Service assigned a B2
senior unsecured rating for PT Gajah Tunggal Tbk's proposed
US$95 million bonds.

At the same time, Moody's has affirmed GT's B2 corporate family
rating and the B2 senior unsecured rating for existing
US$325 million bonds, guaranteed by GT.  The outlook for all the
ratings is at present negative.

On Oct. 6, 2006, Standard & Poor's Ratings Services affirmed its
'B' long-term corporate credit rating on Gajah Tunggal.  The
outlook is stable.

At the same time, it affirmed the 'B' issue rating on the five-
year US$325 million senior unsecured bonds issued by GT2005
Bonds B.V., and irrevocably and unconditionally guaranteed by
Gajah Tunggal.


HUNTSMAN CORP: Board Declares US$0.10 Per Share Cash Dividend
-------------------------------------------------------------
Huntsman Corporation's board of directors has declared a US$0.10
per share cash dividend on its common stock.

The dividend is payable on Sept. 28, 2007, to stockholders of
record as of Sept. 15, 2007.

Huntsman Corporation -- http://www.huntsman.com/-- is a global
manufacturer of differentiated and commodity chemical products.
Huntsman's products are used in a wide range of applications,
including those in the adhesives, aerospace, automotive,
construction products, durable and non-durable consumer
products, electronics, medical, packaging, paints and coatings,
power generation, refining and synthetic fiber industries.  The
company has operations in Indonesia, Italy and Guatemala.

The Troubled Company Reporter - Asia Pacific reported on Apr 02,
2007, Moody's Investors Service upgraded the corporate family
rating for Huntsman Corporation and Huntsman International LLC,
a subsidiary of Huntsman, to Ba3 from B1, and upgraded other
ratings as appropriate.

The ratings on recently redeemed debt have been withdrawn.  The
outlook for Huntsman's ratings was moved to stable from
developing.

Summary of the ratings activity:

Upgrades:

   * Huntsman Corporation

     -- Corporate Family Rating, Upgraded to Ba3 from B1

   * Huntsman International LLC

     -- Corporate Family Rating, Upgraded to Ba3 from B1

     -- Senior Secured Bank Credit Facility, Upgraded to Ba1
        from Ba3, LGD2, 21%

     -- Senior Subordinated Regular Bond/Debenture, Upgraded to
        B2 from B3, LGD5, 89%

   * Huntsman LLC

     -- Senior Secured Regular Bond/Debenture, Upgraded to Ba1
        from Ba3, LGD2, 21%

     -- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3
        from B2, LGD4, 57%

Outlook Actions:

   * Huntsman Corporation

     -- Outlook, Changed To Stable From Developing

   * Huntsman International LLC

     -- Outlook, Changed To Stable From Developing

   * Huntsman LLC

     -- Outlook, Changed To Stable From Developing

Withdrawals:

   * Huntsman International LLC

     -- Senior Subordinated Regular Bond/Debenture, Withdrawn,
        previously rated B3

     -- Senior Unsecured Regular Bond/Debenture, Withdrawn,
        previously rated B2

On Jan. 23, 2007 Standard & Poor's Ratings Services affirmed
its 'BB-' corporate credit rating and other ratings on Salt Lake
City, Utah-based chemicals producer Huntsman Corp. and its
subsidiary Huntsman International LLC.


INDOSAT: To Raise US$320 Million Funds for Network Expansion
------------------------------------------------------------
PT Indosat Tbk may raise up to US$320 million using bonds and
bank loans to pay for the expansion of its network, Reuters
reports.

The report, citing Indosat Finance Director Wong Heang Tuck,
relates that the company has decided to increase its capital
spending by 20% to US$1.2 billion this year, with the US$500-700
million to come from external sources. T he firm has already
secured US$380 million.

Indosat is due to sell IDR1 trillion of bonds and plans to raise
US$100-200 million from syndicated loans from local banks such
as Bank Mandiri, Bank Central Asia and Bank Negara Indonesia,
Reuters adds.

                         About Indosat

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

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
June 19, 2007, that Moody's Investors Service affirmed PT
Indosat Tbk's Ba1 local currency issuer rating and has also
changed the outlook to stable.

At the same time, Moody's has affirmed Indosat's Ba3 senior
unsecured foreign currency rating.  The rating outlook on the
bond remains positive which is in line with the outlook
on Indonesia's foreign currency country ceiling.

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


INDOSAT: First Half Net Profit Up 54% to IDR845.1 Billion
---------------------------------------------------------
PT Indosat Tbk's first half 2007 net profit increased 54% to
IDR845.1 billion from the IDR548.8 billion in the January-June
period a year ago, Reuters reports.

The report attributes the improvement to strong mobile phone
growth.

Indosat's revenue climbed by about a third to IDR7.69 trillion
caused by a 20% rise in its mobile phone subscribers to 20
million, the report relates.

Indonesia's mobile phone customers have grown rapidly in the
past few years, and the number of mobile phone users may top 100
million next year from around 70 million by the end of 2006, the
report adds.

                         About Indosat

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

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
June 19, 2007, that Moody's Investors Service affirmed PT
Indosat Tbk's Ba1 local currency issuer rating and has also
changed the outlook to stable.

At the same time, Moody's has affirmed Indosat's Ba3 senior
unsecured foreign currency rating.  The rating outlook on the
bond remains positive which is in line with the outlook
on Indonesia's foreign currency country ceiling.

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


PERTAMINA: Aims Additional 1,500 Gas Stations by 2009
-----------------------------------------------------
PT Pertamina (Persero) aims to operate 5,000 gas stations across
Indonesia by 2009 to give motorist easy access to fuel oil,
Antara News reports.

Pertamina is currently operating a total of 3,500 gas stations,
which are far from enough to serve motorists comfortably, the
report cites Djaelani Sutomo, company vice president for retail
fuel oil marketing, as saying.

The plan is one of Pertamina's strategies to compete with its
rivals following the government's decision to terminate the
company's monopoly in the oil and gas business in the country,
Antara notes.

By 2012, Pertamina aims to build around 9,000 gas.

                         About Pertamina

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

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

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


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

JAPAN AIRLINES: Posts 0.6% Drop in Int'l Passenger Traffic
----------------------------------------------------------
Japan Airlines International Company, Limited, announced the
results for international and domestic passenger traffic for the
Japanese summer vacation period, stretching this year from
August 10 to August 19.

The international passenger traffic on JAL Group flights during
the 10-day period was 446,303, down 0.6% on the same period last
year.  The seat load factor was high at 81.7%.

The number of passengers who departed Japan for Guam, South
Korea, China and Southeast Asia was up on last year's figures:
40.2%, 9.8%, 9.4%, 9.6% and 6.9% respectively.  Load factors on
almost all routes from Japan were at high levels.  Load factors
on Hawaii, transpacific and South Korea flights were
particularly high at over 90%.

During FY2006 the year ending March 31, 2007, JAL reduced
scheduled flight frequency on routes serving Australia and the
U.S.  This capacity reduction is reflected in decrease in the
number of seats available, and accounts for the decrease in the
number passengers who traveled on these routes.

JAL operated 71 extra flights, including some to new
destinations such as Calgary, Palau, and Ulaanbaatar.

The number of JAL Group domestic summer vacation passengers was
1,406,396, 2.8% lower than last year's traffic result.  However,
domestic seat supply was 3.1% lower than the same period last
year.  The JAL Group operated an additional 80 flights on
domestic Japan routes to key vacation destinations.  The
domestic Japan seat load factor was is 71.6%.

A complete list of the results for the 2007 summer vacation
period can be viewed for free at the company's Web site:

     http://www.jal.com/en/press/0001087/1087.html

                      About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Feb. 9,
2007, that Standard & Poor's Ratings Services affirmed its 'B+'
long-term corporate credit and issue ratings on Japan Airlines
Corp. (B+/Negative/--) following the company's announcement of
its new medium-term management plan.  The outlook on the long-
term corporate credit rating is negative.

The TCR-AP reported on Oct. 10, 2006, that Moody's Investors
Service affirmed its Ba3 long-term debt ratings and issuer
ratings for both Japan Airlines International Co., Ltd and Japan
Airlines Domestic Co., Ltd.  The rating affirmation is in
response to the planned restructuring of the Japan Airlines
Corporation group on Oct. 1, 2006 with the completion of the
merger of JAL's two operating subsidiaries, JAL International
and Japan Airlines Domestic.  JAL International will be the
surviving company.  The rating outlook is stable.

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


JMAC 4 TRUST: Fitch Affirms Class E TBI at 'BB'
-----------------------------------------------
Fitch Ratings has upgraded and affirmed JMAC 4 Trust's trust
beneficiary interests (TBIs) and dividend-only TBIs due February
2013, following a satisfactory performance review, as below:

     Class A TBIs (issue amount JPY8.0 billion, balance*
     approximately JPY 5.11bn) affirmed at 'AAA';

     Class B TBIs (issue amount and balance* JPY1.0bn) upgraded
     to 'AAA' from 'AA';

     Class C TBIs (issue amount and balance* JPY0.9bn) upgraded
     to 'A+' from 'A';

     Class D TBIs (issue amount and balance* JPY0.8bn) affirmed
     at 'BBB';

     Class E TBIs (issue amount and balance* JPY0.5bn) affirmed
     at 'BB'; and

     Class X1 TBIs (dividend-only) affirmed at 'AAA'.

* as of August 22, 2007

Fitch assigned ratings to the JMAC 4 Trust transaction in March
2006.  The transaction was initially a securitization of 16
loans backed by 26 commercial properties.  To date, nine
properties have been sold and eight loans repaid.  Currently,
the transaction is secured by eight loans backed by seventeen
properties as well as prepaid principals currently held at the
trust account.

The upgrade and affirmations are due to increased credit
enhancement from the disposal of properties followed by the loan
prepayments.  Fitch will continue to monitor this transaction.
Information of this transaction is available on the agency's
subscription Web site at http://www.fitchresearch.com/


L-JAC THREE TRUST: Fitch Affirms Class F-1 TBIs at BB+
------------------------------------------------------
Fitch Ratings upgraded and affirmed L-JAC Three Trust's trust
beneficiary interests (TBIs) due April 2013, as listed below:

   -- Class A TBIs (issue amount JPY40 billion, balance*
      approximately JPY25.33bn) affirmed at 'AAA';

   -- Class B TBIs (issue and balance* amount JPY7.0bn) affirmed
      at 'AA';

   -- Class C TBIs (issue and balance* amount JPY7.0bn) affirmed
      at 'A';

   -- Class D-1 TBIs (issue and balance* amount JPY4.0bn)
      affirmed at 'BBB';

   -- Class D-2 TBIs (issue and balance* amount JPY3.2bn)
      upgraded to 'AA+' from 'A';

   -- Class E-1 TBIs (issue and balance* amount JPY1.4bn)
      affirmed at 'BBB-' (BBB minus);

   -- Class E-2 TBIs (issue and balance* amount JPY1.0bn)
      upgraded to 'AA-' (AA minus) from 'A-' (A minus);

   -- Class F-1 TBIs (issue and balance* amount JPY1.4bn)
      affirmed at 'BB+';

   -- Class F-2 TBIs (issue and balance* amount JPY1.1bn)
      upgraded to 'A-' (A minus) from 'BBB';

   -- Class G-1 TBIs (issue and balance* amount JPY1.5bn)
      affirmed at 'BB';

   -- Class G-2 TBIs (issue and balance* amount JPY1.2bn)
      upgraded to 'BBB-' (BBB minus) from 'BB+';

   -- Class H-1 TBIs (issue and balance* amount JPY1.0bn)
      affirmed at 'BB-' (BB minus);

   -- Class H-2 TBIs (issue and balance* amount JPY0.506bn)
      affirmed at 'BB-' (BB minus);

   -- Class I TBIs (issue and balance* amount JPY0.583bn)
      affirmed at 'B+';

   -- Class X-1 TBIs (dividend-only) affirmed at 'AAA'; and
      Class X-2 TBIs (dividend-only) affirmed at 'AAA'.

* as of August 15, 2007

Fitch assigned ratings to the L-JAC Three Trust transaction in
October 2006.  The transaction was initially a securitisation of
seven loans backed by 17 commercial properties.  The transaction
is currently secured by seven loans backed by 10 properties as
well as proceeds from a partially prepaid loan.

The upgrades and affirmations are the result of increased credit
enhancement levels due to partial prepayment of the loan from
the disposition of an underlying asset.

Fitch will continue to monitor this transaction.


SANYO ELECTRIC: Mobile Ops Seen to Book Profit in Sept. Quarter
---------------------------------------------------------------
Sanyo Electric Co., Ltd., is positive that its mobile phone
operations will likely turn profitable in the current quarter
ending September 30, 2007, helped by brisk demand for its latest
models, Kiyoshi Takenaka and Kentaro Hamada write for Reuters.

Sanyo President Seiichiro Sano revealed to Mr. Takenaka and Mr.
Hamada in an interview that some of the company's "summer models
are out of stock (due to strong demand)" and believes that
"cellphone operations are proceeding according to plan."

According to Reuters, the improved performance by the cellphone
business is a welcoming development as Sanyo, after reporting a
72% fall in operating profit for April-June, hit by sluggish
mobile phone sales, aims for its first net profit in four years
in the current business year.

In line with this optimism, Mr. Sano said that Sanyo may turn to
M&As to drive its overseas operations of commercial-use air
conditioners and refrigerators, convey Mr. Takenaka and Mr.
Hamada.

On reports that its cellphone operations will be sold, Mr. Sano
expressed to Reuters that nothing has been decided yet and that
any decision has to wait until Sanyo unveils its new corporate
structure and business portfolio in November.

                      About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


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

ESTECHPHARMA CO: Converts Bonds for Additional 1,750 Shares
-----------------------------------------------------------
Estechpharma Co Ltd. converted its third bonds worth
KRW7,000,000 for additional share, Reuters reports.

According to the report, the bonds are converted for an
additional 1,750 shares, at the conversion price of KRW4,000 per
share.

The total number of the Company's outstanding common shares is
now 8,092,487, the report notes.

Reuters adds that the new shares will be listed on August 10,
2007.

Ansan-si, Gyeonggi-do, Korea-based Estechpharma Co., Ltd. --
http://www.estechpharma.com/-- is mainly involved in the
manufacture and supply of active pharmaceutical ingredients and
other related products.  The company's offerings range from
anti-inflammatory, anti-arthritic, anti-analgesic, antipyretic,
non-steroidal anti-inflammatory and antiseptic agents to
disinfectants and hemostatic, antibiotic, anti-hepatitis, anti-
ulcer, antispasmodic, antithrombosis, antiplatelet and
antirheumatic agents. Its products are available in different
dosage forms, such as syringes, tablets and capsules.  The
company also has a portfolio of development-stage products,
which include Amlodipine, used in the treatment of angina and
hypertension, and Topiramate, used to treat certain types of
seizures.

On May 30, 2006, Korea Ratings gave the company's US$3,000,000
overseas bond with warrants issue a 'B+' rating.


HYNIX SEMICONDUCTOR: To License ISi's Z-RAM for DRAM Chips Use
--------------------------------------------------------------
Hynix Semiconductor Inc. and InnovativeSilicon Inc. has agreed
to license ISi's Z-RAM for use in its DRAM chips.  Z-RAM-based
DRAMs will use a single transistor bit cell - rather than a
combination of transistors and capacitor elements - representing
the first fundamental DRAM bi tcell change since the invention
of the DRAM in the early 1970s.  Hynix has received the first-
mover opportunity to bring Z-RAM to the DRAM market; and to
ensure this advantage, the two companies have committed
considerable engineering resources to work side-by-side on the
program.

Z-RAM was initially developed as the world's lowest-cost
embedded memory technology for logic-based ICs such as mobile
chipsets, microprocessors, networking and other consumer
applications.  The technology was first licensed, in December
2005, by AMD for upcoming microprocessor designs.  Now, the
engagement with Hynix positions Z-RAM to become the lowest-cost
memory technology in the greater than US$30 Bmemory market.

"Z-RAM promises to provide an elegant approach to manufacture
dense DRAMs on nanometer processes, "said Sung-Joo Hong, VP of
R&D Division at Hynix.  "We see the potential to create a new
platform of products based on ISi's innovation of Z-RAM that
will help us maintain and grow our leadership position in the
memory market."

"Hynix's decision to collaborate with ISi is additional
validation of the strength and commercial viability of our Z-RAM
memory technology, particularly since Hynix is a dominant player
in the memory IC market and its products are used in a vast
array of electronic devices, including personal computers,
servers, workstations, graphic cards, as well as hand held
devices, such as mobile phones, MP3 players and digital
cameras," noted Mark-Eric Jones, ISi CEO. "Memory chips built
using ISi's Z-RAM technology will be much smaller and cheaper to
manufacture.  We are looking forward to working with Hynix on
its next generation of DRAM chips, and to bringing tremendous
performance and usability advantages to end-users."

Commented Jeff Lewis, VP marketing at ISi: "We believe that this
is a major milestone for ISi and Hynix.  Z-RAM will have a
profound impacton the way DRAMs are designed and manufactured.
Since the DRAM industry sold more than $33 billion worth of
product in2006, these developments will, in turn, significantly
affect the electronics industry as a whole."

ISi's Z-RAM stands apart from today's standard DRAM and SRAM
solutions as its single transistor (1T) bit cell architecture is
the world's smallest memory cell, making it the highest density,
and therefore world's lowest-cost semiconductor memory solution.
Z-RAM's one transistor memory bit cell is made possible by
harnessing the Floating Body Effect found in circuits fabricated
using SOI wafers.  Moreover, since Z-RAM takes advantage of a
naturally-occurring SOI effect, Z-RAM does not require exotic
process changes to build capacitors or other complex structures
within the memory bit cell.

                   AboutInnovative Silicon

Innovative Silicon Inc. (ISi) delivers ultra-high density memory
IP for embedded SoC, MPU and portable consumer applications
requiring low power, high density and high speed. Endorsed by
IEEE Spectrum Magazine in January 2007 as the 'winning'
semiconductor technology, and again in April 2007by winning its
ACE award for Emerging Technology, ISi's Z-RAM(R)memory offers
up to twice the density of embedded DRAM and is up to five times
denser than embedded SRAM. The company closed its first round of
VC funding in2003, completed its first 90nm megabit Z-RAM memory
designs in 2004, its first65nm designs in 2005 and its first
45nm designs in 2006. With more than 20patents already granted,
Z-RAM(R)'s unique single-transistor architecture is the world's
lowest cost semiconductor memory solution. The company is
incorporated in the USA with R&D in Lausanne, Switzerland. For
more information see http://www.z-ram.com.

                  About Hynix SemiconductorInc.

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

The company has operations in Russia, and the United States.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  The
outlook for the ratings is stable.

On June 14, 2007, Standard & Poor's assigned its 'BB-' rating on
Hynix Semiconductor Inc.'s proposed US$500 million global bonds
maturing in 2017, which will replace the currently rated seven-
year notes issued in 2005.

The TCR-AP reported on June 14, 2007, that Fitch Ratings
assigned an expected rating of 'BB' to the proposed issue of
US$500 million senior unsecured notes due 2017 by Hynix
Semiconductor Inc.


PERRY ELLIS: Reports US$267,000 Net Income in Qtr. Ended July 31
----------------------------------------------------------------
Perry Ellis International Inc. reported results for the second
quarter ended July 31, 2007.  For the second quarter of fiscal
2008, total revenues grew to US$195.3 million, a 14.2% increase
compared to US$171.0 million in the second quarter ended
July 31, 2006.  Revenue increases were driven by several of the
company's growth platforms -- Perry Ellis, golf and Hispanic
lifestyles, direct retail and international.  As anticipated,
the shift in the retail calendar moved some of the shipments
from April into May, thus positively impacting revenue growth
during the second quarter of fiscal 2008.  Additionally, the
company experienced a favorable shift in sales from August into
July.

EBITDA for the second quarter of fiscal 2008 grew 113% to US$8.3
million, a US$4.4 million increase over the same period last
year.  Net income was US$267,000 compared to a net loss of
US$2.5 million for the same period last year.

"We are very satisfied with the 14% organic growth achieved this
quarter.  The power of our brands and the validity of our multi-
brand, multi-channel, multi-product strategy, are clearly
evidenced in our record second quarter and first half results.
During the first half of fiscal 2008, we achieved solid growth
across all platforms and excellent sell-throughs," Oscar
Feldenkreis, President and Chief Operating Officer commented.
"Our unique ability to interpret different lifestyles and
position them in specific channels is a core competency of Perry
Ellis International."

Strong revenue growth along with gross profit margin expansion
and a 185 basis point reduction in operating expenses as a
percent of sales fueled a significant increase in operating
income to US$5.1 million compared to US$1.1 million for the same
period last year.

The company ended the quarter with a strong balance sheet.
Strong cash flow allowed the Company to significantly reduce its
debt level.  As of July 31, 2007, overall long term debt
decreased to US$175.6 million, a reduction of US$61.4 million
compared to the beginning of fiscal 2008.  As a result, long
term debt declined to 32% of total assets as compared to 40% on
Jan. 31, 2007.

First half results for fiscal 2008 were in line with
management's expectations, increasing revenues by 10.2% to
US$424.1 million from US$385.0 million during first half of
fiscal 2007 while improving gross profit margin by 62 basis
points for the same period last year.  The company also improved
EBITDA margin by 106 basis points compared to first half of
fiscal 2007.  Net income increased to US$9.8 million from
reported net income of US$3.5 million and pro forma net income
of US$5.4 million during the same period last year.  Last year's
pro forma results exclude the impact of US$3.0 million in debt
extinguishment costs (US$1.9 million net of taxes or US$0.13 per
fully diluted share) incurred as a result of the March 2006
repayment of the company's US$57 million senior secured notes.
Pro forma results are presented solely as a supplemental
disclosure because management believes it is useful to compare
the company's current results to the prior year results without
the charge incurred during fiscal 2007.

George Feldenkreis, Chairman and Chief Executive Officer,
commented, "We feel confident about the second half of the year.
Strong results across all our business platforms during the
first half of fiscal 2008 have positioned our Company in the
best financial shape in its history and confirmed our view of a
record year for Perry Ellis International."

The company increased its previously announced fiscal 2008
earnings guidance from the range of US$1.81 to US$1.84 per fully
diluted share, to US$1.87 to US$1.91 per fully diluted share and
confirmed its previously announced fiscal 2008 revenue guidance
with total revenues expected to be in the range of approximately
US$900 to US$910 million. "We are pleased to increase our
earnings guidance.  We feel that for the second half of the year
we will continue to do well according to plan,"
Mr. Feldenkreis concluded.

Based in Miami, Florida, Perry Ellis International Inc. --
http://www.pery.com/-- designs, sources, markets and licenses a
portfolio of brands including Perry Ellis, Jantzen, John Henry,
Cubavera, Munsingwear, Original Penguin and Farah.  The company
also operates 38 retail locations including 3 Original Penguin
locations.

The company has sourcing offices in Korea, Indonesia, India,
Thailand, Peru, Nicaragua, and El Salvador.

The Troubled Company Reporter-Asia Pacific reported on
Oct. 12, 2006, that In connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the U.S. and Canadian
Retail sector, the rating agency confirmed its B1 Corporate
Family Rating for Perry Ellis International, Inc., and its B3
rating on the company's US$150 million senior subordinated
notes.  Additionally, Moody's assigned an LGD5 rating to those
bonds, suggesting noteholders will experience a 78% loss in the
event of a default.


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

MEGAN MEDIA: Investigators Find Fraud; Files Police Report
----------------------------------------------------------
Megan Media Holdings Bhd filed a police report on August 21,
2007, after its special investigators Ferrier Hodgson MH Sdn Bhd
and Sage 3 Capital Sdn Bhd discovered financial irregularities
at the firm.

The police report, based on its disclosure with the Bursa
Malaysia Securities Bhd, was lodged at the Commercial Crimes
Division at Bukit Perdana, Jalan Dato' Onn, Kuala Lumpur.

According The Edge Financial Daily, the forensic accounting
investigators had uncovered "massive collusive fraud" at Megan
Media leading to the siphoning of hundreds of millions of
ringgit out of the company.  The newspaper relates that Ferrier
Hodgson had found that a number of key personnel in Megan Media
could be implicated in the elaborate fraudulent activities that
were discovered after an intensive eight-week probe into the
company's affairs.

Meanwhile, Megan Media said:  "The company will extend its
fullest cooperation to the police to provide whatever assistance
and information necessary to facilitate investigations so that
appropriate action may be initiated against those primarily
responsible."

"Police investigations are not expected to have any impact on
the company's legitimate manufacturing business which
continues," the company added.


Megan Media Holdings Berhad' s principal activities are
manufacturing and trading data storage media products such as
computer diskettes, video cassette tapes, compact disc
recordable (CD-R's) and digital versatile disc recordable (DVD-
R's).  The Group operates in Malaysia, Singapore and other
countries.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007, that the Rating Agency Malaysia has downgraded the long-
term rating of Memory Tech Sdn Bhd's MYR320 million Bai Bithaman
Ajil Islamic Debt Securities (2005/2012) ("BaIDS"), from C3
(with a negative outlook) to D.

The BaIDS carries a corporate guarantee from MTSB's holding
company, Megan Media Holdings Berhad.  Concurrently, RAM has
lifted the Rating Watch (with a negative outlook) that had been
placed on MTSB on May 9, 2007, following the failure of MTSB and
MJC (Singapore) Pte Ltd, another wholly owned subsidiary of
Megan Media, to repay their trade facilities amounting to
MYR47.36 million.

On June 19, 2007, the company was classified as a PN17 company,
and was given eight months to submit a substantive plan to
regularize its financial condition.

The Edge Daily reported on August 2, 2007, that Megan Media
plans to formulate a comprehensive debt restructuring and
regularization plan with its creditors.


MEGAN MEDIA: Rosli Resigns as Director and Audit Team Member
------------------------------------------------------------
Megan Media Holdings Bhd said that Datuk Rosli Mat Hassan
resigned as director of the company, a day after it lodged a
police report in relation to the forensic accounting
investigations into it, The Edge Daily reports.

Mr. Rosli also resigned as member of the company's audit
committee, the report adds.  With Mr. Rosli's resignation, Megan
Media's audit committee now comprises executive director Major-
General (Rtd) Datuk Dr Nordin Yusof and independent director
Redzuan Abdul Rahman.

The Edge recounts that Megan Media came under scrutiny when it
announced on May 4, 2007, that its units, Memory Tech Sdn Bhd
and MJC (Singapore) Pte Ltd, defaulted on maturing trade
facilities amounting to MYR47.36 million.

Subsequently, Megan Media creditors decided to appoint Ferrier
Hodgson as forensic accountant to look into the company's
situation.

Recently, Megan Media lodged a police report in relation to the
forensic accounting investigation undertaken by Ferrier Hodgson
MH Sdn Bhd and the company's specialist advisers, Sage 3 Capital
Sdn Bhd, into the company.

Megan Media said the police report with the Commercial Crimes
Division provided sufficient details pertaining to the
irregularities in the company in Malaysia, and cited those
primarily responsible.


Megan Media Holdings Berhad' s principal activities are
manufacturing and trading data storage media products such as
computer diskettes, video cassette tapes, compact disc
recordable (CD-R's) and digital versatile disc recordable (DVD-
R's).  The Group operates in Malaysia, Singapore and other
countries.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007, that the Rating Agency Malaysia has downgraded the long-
term rating of Memory Tech Sdn Bhd's MYR320 million Bai Bithaman
Ajil Islamic Debt Securities (2005/2012) ("BaIDS"), from C3
(with a negative outlook) to D.

The BaIDS carries a corporate guarantee from MTSB's holding
company, Megan Media Holdings Berhad.  Concurrently, RAM has
lifted the Rating Watch (with a negative outlook) that had been
placed on MTSB on May 9, 2007, following the failure of MTSB and
MJC (Singapore) Pte Ltd, another wholly owned subsidiary of
Megan Media, to repay their trade facilities amounting to
MYR47.36 million.

On June 19, 2007, the company was classified as a PN17 company,
and was given eight months to submit a substantive plan to
regularize its financial condition.

The Edge Daily reported on August 2, 2007, that Megan Media
plans to formulate a comprehensive debt restructuring and
regularization plan with its creditors.


TRANSOCEAN HOLDINGS: Bursa Defers Securities Delisting
------------------------------------------------------
The Bursa Malaysia Securities Bhd deferred its move to delist
the securities of Transocean Holdings Bhd after the company
filed an appeal of the bourse's earlier decision.

The Troubled Company Reporter-Asia Pacific reported on Aug. 24,
2007, that the bourse decided to delist Transocean's securities
on Aug. 30 after the company failed to submit its regularization
plan to the Securities Commission and other relevant authorities
on the appointed deadline.

Bursa Securities qualified, however, that the deferment pending
the Appeal is a stay in respect of the de-listing and it is not
to be equated to a variation or a revision of the decision to
de-list.  The decision remains unless reversed on appeal.

                  About Transocean Holdings Bhd

Transocean Holdings Bhd is a Malaysia-based company involved in
investment holding, provision of management services and letting
of properties.  The Company, through its subsidiaries, is
engaged in investment holding, custom brokerage, provision of
freight forwarding, warehousing and trucking-related services,
provision of container haulage services, provision of
international ocean freight services, distribution and
contracting of irrigation parts and equipment, trading of
irrigation parts and equipment, cultivating and trading of
agricultural products, property development, tissue research in
horticultural, agricultural and pharmaceutical plants,
cooperating with local farms for export, and carrying out
scientific and experimental research.

On June 30, 2004, the Company was categorized as an
undercapitalized company as its paid-up share capital is
MYR29.00 million.


TRIPLC BERHAD: Unveils Enhanced Reform Plan Proposals
-----------------------------------------------------
Triplc Bhd informed the Bursa Malaysia Securities Bhd of its
enhanced reform plan proposals to be submitted for approval by
the Securities Commission and other relevant authorities.

As reported by the Troubled Company Reporter-Asia Pacific on
May 8, 2007, AmInvestment Bank Bhd, acting as Triplc Bhd's
merchant bank, said that the Securities Commission has rejected
the company's initial reform plan proposals aimed at
regularizing its financial and operational status.

In a letter dated May 3, 2007, the Securities Commission
informed Triplc that it rejected the proposed capitalization and
proposed disposal due to these reasons:

    (i) The uncertainty over the future viability of TRIplc's
        core business due to, inter-alia, that TRIplc has been
        reporting losses for the financial years ended May 31,
        2001, to 2005; is dependent on a single project; and
        future profit margins expected to be marginal.

   (ii) After the Proposals, TRIplc would still have remaining
        accumulated losses of MYR184.7 million.

  (iii) The Proposed Capitalization benefits certain parties who
        have controlling interest in the Company.

Accordingly, Triplc Bhd, according to a TCR-AP report on June 7,
2007, revised its reform plan proposals to now include a
proposed cancellation of the entire share premium of the company
standing in the share premium account of approximately
MYR79.69 million as at May 31, 2006, in order to reduce its
accumulated losses.

In an update, the company further enhanced its reform plan
proposals, to now provide, among others:

   (a) a proposed capitalization of MYR6,367,874 representing
       25% of MYR25,471,495 aggregate amount of debts owing by
       TRIplc and/or its subsidiary companies to a substantial
       shareholder, certain directors and creditors
       (collectively known as "Creditors") via the issuance of
       6,367,874 new ordinary shares of MYR1.00 each in TRIplc
       and the waiver of the remaining 75% of such debts owing
       by TRIplc and/or its subsidiary companies to the
       Creditors amounting to MYR19,103,621 ("Proposed Revised
       Capitalisation");

   (b) a proposed disposal of its entire equity interest in U
       Wood Sdn Bhd, comprising 2,500,000 ordinary shares of
       MYR1.00 each to Prestasi Asli Sdn Bhd for a cash
       consideration of MYR1.00.  PASB will also settle, on
       behalf of U-Wood, the inter-company debt amount owing by
       U-Wood to TRIplc as at November 30, 2006, which is
       estimated to be MYR18.9 million;

   (c) a proposed cancellation of the entire share premium of
       the Company standing in its share premium account of
       approximately MYR79.69 million as at May 31, 2006, and
       proposed reduction of the existing issued and paid-up
       capital of the Company involving the cancellation of
       MYR0.57 of the par value of each of the 148,887,874
       ordinary shares of MYR1.00 each in issue (after the
       Proposed Revised Capitalization), pursuant to Section 64
       of the Companies Act, 1965, ("Proposed Capital
       Reduction"); and

   (d) a proposed consolidation of every 100 ordinary shares of
       MYR0.43 each into 43 ordinary shares of MYR1.00 each in
       TRIplc subsequent to the Proposed Capital Reduction.

TRIPLC Berhad, formerly U-Wood Holdings Berhad, is a Malaysian
based provider of property development, construction and related
project management services.

The Company operates in four segments: property development,
which is engaged in the development of residential and
commercial properties; property construction, which is involved
in the construction of commercial properties; manufacturing and
trading, engaged in the manufacturing and trading of plywood,
blockboard and timber products, and others, which is engaged in
investment holding and investment of property.

On May 8, 2006, the company has been classified as an affected
listed issuer of the Amended Practice Note 17 category of the
Bursa Malaysia Securities Bhd.

Accordingly, as stipulated in the listing requirements of the
bourse, the company is required to submit a regularization plan
to relevant authorities which is aimed at stabilizing the
company's financial condition.


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

AIR NEW ZEALAND: Criticized for Transporting Australian Troops
--------------------------------------------------------------
The government of New Zealand criticized Air New Zealand for
carrying Australian troops to the Middle East.

ANZ, which is 77% owned by the government, reportedly operated
two flights carrying Australian soldiers bound for Iraq, flying
into Kuwait and the United Arab Emirates.

"The government will make it absolutely clear to Air New Zealand
that its actions as national flag carrier are inappropriate,"
Bloomberg News quoted Defense Minister Phil Goff as saying.  New
Zealand does not support the Iraq war.

The Associated Press relates that Mr. Goff said that while
Ministry of Foreign Affairs officials had been told in January
that the airline was looking at the charter proposal, Air New
Zealand did not advise the ministry when the flights went ahead.
The cabinet would have made it clear that it is inappropriate
for the New Zealand flag carrier to be involved, Mr. Goff
stated.

Under the terms of its shareholding, however, the government
can't instruct the airline on how it conducts its business,
Bloomberg notes.  Still, as a shareholder, the government can
convey to the board what the majority shareholder thought, which
could have had an impact on the airlines decision, the news
agency quoted Mr. Goff as telling Radio New Zealand.

ANZ will now face an inquiry, Foreign Minister Winston Peters
reportedly said.

            Australia-NZ Spat Threatens ANZ Contracts

New Zealand and Australia have been involved in a row over ANZ's
chartered flights for the Australian troops, Tracy Watkins
writes for The Dominion Post.

Mr. Goff accused Australian Foreign Minister Alexander Downer of
going "the deep end," The Post relates.  Mr. Downer believes
Australia doesn't have to be dragged into New Zealand politics
and so its troops will go to other airlines instead.

According to Ms. Watkins, the spat is putting at risk tens of
millions of dollars worth of ANZ contracts with the Australian
Defence Force, which deals included aircraft engineering for the
Australian Air Force and work on gas turbines on Australian
frigates.

                      About Air New Zealand

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

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

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


FIRST DATA: Gets Final Regulatory Approvals on KKR Merger
---------------------------------------------------------
First Data Corp. has received all domestic and international
regulatory approvals required to close the pending merger with
an affiliate of Kohlberg Kravis Roberts & Co.

"Achieving this milestone is a critical step for First Data and
KKR.  We continue to work closely together to ensure a smooth
transition and expect to close the transaction by the end of
September," said First Data CEO Ric Duques.

First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/--
provides electronic commerce and payment solutions for
businesses worldwide, including those in New Zealand, the
Netherlands and Mexico.  The company's portfolio of services and
solutions includes merchant transaction processing services;
credit, debit, private-label, gift, payroll and other prepaid
card offerings; fraud protection and authentication solutions;
electronic check acceptance services through TeleCheck; as well
as Internet commerce and mobile payment solutions.  The
company's STAR Network offers PIN-secured debit acceptance at 2
million ATM and retail locations.

                        *     *     *

As reported in the Troubled Company Reporter on April 4, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
rating on First Data Corp. to 'BB+' from 'A' and placed it on
CreditWatch with negative implications.  The rating action
followed First Data's agreement to be acquired by Kohlberg
Kravis Roberts & Co. in a transaction valued at about USUS$29
billion.


WOOL EQUITIES: Discloses Result of Unit's Appeal in Saxon Case
--------------------------------------------------------------
Wool Equities Limited disclosed that the its wholly owned
subsidiary, Wool Board Disestablishment Company Limited, was
successful in its appeal against a High Court decision in the
proceedings brought against it by plaintiffs associated with the
production and marketing of Saxon merino wool.

However, DisCo has an independent board, which under the
provisions of the Wool Industry Restructuring Act, is
responsible to the Minister of Agriculture for settling the
affairs of the Wool Board and distribution of the remaining cash
reserves to eligible wool growers.

DisCo has one remaining potential liability.  It relates to the
claim made by four plaintiffs concerning Saxon merino wool.  In
a judgment issued in December 2005, the High Court found
partially in favor of the plaintiffs, with DisCo's liability for
damages narrowly defined and to be quantified at a further
hearing.  DisCo appealed the judgment and the plaintiffs lodged
a cross appeal in response.

The appeals were heard by the Court of Appeal in April 2007.
The Court of Appeal released its judgment on Aug. 15, which
allows the appeal by DisCo, dismisses the plaintiffs' appeal and
sets aside all orders made in the High Court.

The plaintiffs' have the right to seek leave to appeal to the
Supreme Court.

DisCo has remaining funds of approximately NZ$7 million to meet
the outstanding contingent liabilities of the Wool Board.  Once
the proceedings by the plaintiffs' have been finally resolved,
DisCo will be in a position to determine the amount available
for distribution to eligible wool growers and proceed with the
distribution unless it is uneconomic to do so.  The distribution
is to be made in accordance with the election made by eligible
growers under the Redeemable Preference Share Process outlined
in the Prospectus dated 26 September 2003 and any applicable
Securities Commission requirements.

Wellington, New Zealand-based Wool Equities Ltd. --
http://www.woolequities.co.nz/-- is a technology investment
company, with shareholdings in a diverse range of companies,
focusing in the biotech sector.  The companies include Karatec
Limited, which is a manufacturing, marketing/distribution and
technology licensing business extracting high-value protein
fractions used for applications in personal care, consumer
health and medical materials; Canesis Networks Limited, which is
engaged in wool science and textile technology; Orico Limited,
and Paracco Limited. From June 30, 2006, Covita Limited was a
subsidiary of the company.

The group suffered net losses of NZ$3,571,000 and NZ$7,996,000
for the years ended June 30, 2006, and 2005, respectively
(parent: NZ$2,852,000 and NZ$5,942,000).


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

GLOBE TELECOM: Fitch Raises Local Currency Issuer Rating to BBB-
----------------------------------------------------------------
Fitch Ratings has upgraded Globe Telecom's Long-term local
currency Issuer Default Rating to 'BBB-' (BBB minus) from 'BB+'.
Following the upgrade, the Outlook is Stable.

At the same time, Fitch has affirmed Globe's Long-term foreign
currency IDR of 'BB+' and its National Long-term rating at
'AAA(phl)'.  The rating Outlook remains Stable.  Meanwhile,
Fitch has also affirmed the rating on Globe's senior unsecured
debt instruments at 'BB+'.

"The upgrade of Globe's local currency IDR recognises the
strengthening of its financial profile through FY06 and H107,
marked by a steady improvement in group EBITDAR margins and
significant reductions in both gross and net debt-levels," said
Priya Gupta, Director in Fitch's Asia-Pacific
telecommunications, media and technology team.

Since the termination of SIM-swap promotions in 2005, more
rational competition has prevailed in the Philippines cellular
market.  Consequently, Globe was able to substantially reduce
customer acquisition costs during FY06 and H107, which
underpinned an improvement in group EBITDAR margins to 64.7% in
FY06 and further to 67.5% in H107, from 58.8% in FY05.  Over the
same period, consistent positive free cash flow (FCF) has
enabled substantial debt reduction, resulting in net adjusted
leverage falling from 1.5x at FYE05 to 1.1x at FYE06 and further
to 0.9x by H107.

The upgrade also reflects Globe's entrenched second position in
the Philippines telecommunications market, with market shares of
about 14% in local exchange service, 38% in cellular services
and 16% in broadband services as at June 2007.  Globe's
consolidated profile is heavily influenced by the performance of
its cellular business, which contributed around 89% of group
revenue and 92% of group EBITDA in FY06.  Despite the relative
maturity of the cellular market, subscriber growth was robust in
FY06 and H107; Globe and its cellular subsidiary Innove
collectively reported 18.1 million subscribers at H107, implying
annualised growth of 32%, which followed growth of 26% in FY06.
However, with penetration of cellular-SIMs (subscriber
identification modules) having reached about 55% at H107, Fitch
expects subscriber growth to decelerate.

Given that the traditional fixed-voice and cellular segments are
maturing and likely to yield modest growth, Globe is focusing on
consumer broadband as one of the major drivers of future growth.
Globe's broadband connections are growing strongly off a small
base, and totaled 89,299 at H107, with around 84% enabled over
digital subscriber lines, and the balance being wireless.  Fitch
believes that incumbent Philippine Long Distance Telephone
Company (PLDT) currently has an advantage in this space, owing
to its ubiquitous fixed-line network, and will continue to do so
until wireless broadband technologies gain traction.

Globe has boosted shareholder returns in recent years.  In 2005
the company undertook a share buyback, and in 2006 it raised
ordinary dividend payout to 75% of prior-year net income from
50% earlier.  The rating factors in fairly stable leverage
metrics for FY07, with higher dividends as well as expected
large cash capex of USD500 million precluding any material
improvement in credit measures over the prior period.

The Stable Outlook reflects the expectation that Globe will
continue to maintain its entrenched second position in the
Philippines telecommunications space, with robust cash flow
generation lending stability to its credit profile over the
medium term.  However the long-term local currency IDR could be
lowered in the event of large debt-funded acquisitions/
investments or capital management initiatives that result in net
adjusted leverage exceeding 1.3x.  Downward rating pressure
could also arise in the event of adverse regulation and/or
irrational cellular competition that precipitates a material
weakening of Globe's credit profile.  In terms of its foreign
currency IDR, Globe remains constrained by the country ceiling
of the Republic of the Philippines, which currently is at 'BB+'.
The National rating of 'AAA(phl)' incorporates all the above
factors and is indicative of Globe's relative credit strength
among all Philippine companies.

                     About Globe Telecom

Headquartered in Mandaluyong City, Philippines, Globe Telecom,
Inc. -- http://www.globe.com.ph/-- is one of the country's
major telecommunications companies.  It was incorporated on
January 15, 1935 as a traditional provider of telex/telegram and
VSAT services.  Thereon, it diversified its business into a
cellular, landline and international gateway facility services
provider for long distance telephone calls.

The company offers a wide range of telecommunications services
to business and residential subscribers, including wireless,
wireline and carrier services.  It has introduced innovative
features like text messaging, Infotext and Handyphone Mobile
Office.  It also offers caller ID, voice mail, call forwarding
and data/fax capabilities.  Recently, it launched various
services like video messaging, streaming video, wireline data
services, over-the-air loading and its latest, MyGLobe G-TV
service, which allows subscribers to view selected TV programs
on mobile phones, among others.


METROPOLITAN BANK: Unit to Invest US$250MM in Toledo Plants
-----------------------------------------------------------
Global Business Power Corp., the Aboitiz Group, the Garcia
family of Vivant Corp. and the Formosa Group of Companies have
committed to invest some US$250 million to modernize the
existing facilities and put up additional capacity in Global
Business' Toledo power plant in Sangi, Cebu, to address the
growing demand for power in the province.

Global Business is a member of the Metrobank Group of Companies.

Power consumption in Cebu is presently growing at about 9% per
year.  With the reopening of the Atlas Mining in Toledo City and
the expansion of the Tsuneishi shipbuilding facility in the
neighboring Balamban town, additional power will be required in
the area in the next three years.

The Toledo Power Plant currently supplies electricity to Visayan
Electric Company, Inc., and Cebu Electric Cooperative, Inc. III
from its 70 MW coal plant and its 40 MW diesel plant.
To implement the modernization and expansion program, the
Metrobank Group has formed a consortium together with the
Formosa Group of Companies of Taiwan and Cebu-based Aboitiz
Group and the Garcia family.  Global Power will hold majority
interest in the project.

The Formosa Group of Companies is the biggest private enterprise
in Taiwan and has a total portfolio of modern, efficient and
clean coal-fired power plants of more than 14,000 MW located in
Taiwan, US, China, Philippines and Vietnam, which is more than
the entire installed capacity in the Philippines.

Global Power has recently appointed Jesus N. Alcordo as
President to implement the expansion program of the Metrobank
Group in Cebu as well as in Panay island.  The consortium aims
not only to provide adequate capacity, but also to ensure
reliable and quality supply of power at competitive cost in the
Visayas region.  The modernization program is in progress while
the expansion project will break ground first quarter of 2008
for completion in early 2010.

                        About Metrobank

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on Nov. 6,
2006, that Moody's Investors Service revised the outlook of
Metropolitan Bank & Trust Co.'s foreign currency long-term
deposit rating of B1 and foreign currency subordinated debt
rating of Ba3 from negative to stable.

The outlooks for Metropolitan Bank's foreign currency Not-Prime
short-term deposit rating and bank financial strength rating of
D remain stable.

On March 3, 2006, the TCR-AP reported that Standard and Poor's
Rating Service assigned a CCC+ rating on Metrobank's US$125-
million non-cumulative capital securities, whereas Moody's
Investors Service Rating Agency issued a B- rating on the same
capital instruments.

On Sept. 21, 2006, the TCR-AP reported that Fitch Ratings
upgraded Metrobank's Individual rating to 'D' from 'D/E'.  All
the bank's other ratings were affirmed:

   * Long-term Issuer Default rating 'BB-' -- with a stable
     Outlook,

   * Short-term rating 'B,'

   * Support rating '3.


METRO PACIFIC: Reports PHP579.13-Mil. Net Income for 2nd Quarter
----------------------------------------------------------------
Metro Pacific Investments Corp. reported a net income of
PHP579.133 million for the quarter ended June 30, 2007, a
turnaround from its PHP622.89-million net loss during the same
quarter in 2006.

For the April-June 2007 period, the company earned total
revenues of PHP4.185 billion, while incurring expenses of
PHP3.594 billion and taxation of PHP12.1 million.

The company also reported a turnaround performance for the first
half of 2007, booking a net income of PHP746.31 million from the
PHP569.27-million net loss for the same period in 2006.

Revenues for the first half amounted to PHP5702 billion while
expenses incurred reached PHP4.925 billion.

As of June 30, 2007, the company's balance sheets showed total
assets of PHP31.65 billion and total liabilities of
PHP29.505 billion, resulting in a total equity of
PHP2.14 billion.

Metro Pacific's 2007 second quarter and half-year financial
results can be viewed for free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/MPI_17Q_Jun2007.pdf


Metro Pacific Corporation -- http://www.metropacific.com/-- is
the flagship publicly listed investment and management company
of the First Pacific Group in the Philippines.  The company,
which was formerly known as Metro Drug, Inc., has since then
evolved from a pharmaceutical and consumer products distribution
company into one of the country's leading corporations.

Metro Pacific has these significant subsidiaries:

   * Landco, Inc.
   * Metro Tagaytay Land Co. Inc.
   * Negros Navigation Co. Inc.
   * Lucena Commercial Land Corporation
   * First Pacific Realty Partners Corporation
   * Landco Pacific Centers, Inc.

As reported in the Troubled Company Reporter-Asia Pacific on
June 28, 2006, Marydith C. Miguel, of Sycip Gorres Velayo & Co.,
raised significant doubts on MPC's ability to continue as a
going concern after auditing the company's annual report for the
period ended December 31, 2005.

Ms. Miguel noted in the auditors' report that MPC suffered
significant losses in prior years leading to its inability to
meet its maturing obligations, on principal and interest, to
certain third-party lenders and to a related company.  Although
the company has generated a PHP194.26-million net income
attributable to equity holders for the year ended December 31,
2005, it continues to reflect a deficit of PHP27.5 billion as of
December 31, 2005, due to the prior year's accumulated losses.

In response, the company continues to implement measures geared
towards generating liquidity to meet maturing obligations and
profitability, including debt rehabilitation activities and a
capital restructuring plan.

Metro Pacific Investments Corp. reported a loss of
PHP685.9 million for the year ended Dec. 31, 2006


PHIL. REALTY: Incurs PHP8.93-Million Net Loss in 2007 2nd Qtr.
--------------------------------------------------------------
Philippine Realty and Holdings Corp.'s consolidated statements
of income for the second quarter of 2007 reflected a net loss of
PHP8.93 million, compared with the PHP507.69-million net income
it recorded for the same period the previous year.

For the second quarter, the group earned an income of
PHP25.60 million and incurred costs and expenses of
PHP34.50 million.  The group also recorded an income tax expense
of PHP31,315.

As of June 30, 2007, the company's balance sheets showed total
assets of PHP3.72 billion and total liabilities of
PHP1.37 billion.  The company's capital stock figure was at
PHP3.81 billion, with PHP309.329 million in reserves and a
deficit of PHP1.620 billion, resulting in a total equity of
PHP2.497 million.

Philippine Realty's 2007 second quarter financial results can be
viewed for free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/RLT_17Q_Aug2007.pdf


Headquartered in Quezon City, Philippine Realty and Holdings
Corporation is one of the leading real estate developers in the
country.  It was incorporated on July 13, 1981, but development
activities began only in 1986 when capitalization was increased
to PHP100 million from the initial PHP2 million to accommodate
the entry of new stockholders.  The company's main real estate
activity since it started operations has been the development
and sale of residential/office condominium projects and to a
limited extent, the lease of commercial and office spaces.

In December 2002, the Parent Company's Board of Directors
resolved to file a petition for a corporate rehabilitation with
the Regional Trial Court in Quezon City.  A Stay Order was
granted on December 16, 2002, after the petition was deemed
sufficient both in form and in substance.

On February 6, 2003, the Court conducted a series of hearings
for the purpose of receiving various inputs from the company,
the creditors and the rehabilitation receiver as well.  In the
course of the proceedings, the Court noted that all the creditor
banks were in agreement that the company is susceptible to
rehabilitation as it is solvent and its business is viable.

The objectives of the rehabilitation plan are:

    1. to pay all of Philippine Realty's creditors in a fair and
       just manner;

    2. to complete and deliver the Andrea Skyline Condominium
       units to its existing buyers; and

    3. to protect the investments of the shareholders,
       particularly the small public investors, by keeping the
       business viable and profitable.

At December 31, 2006, the parent company's total debts stood
at PHP829.49 million.


SAN MIGUEL: S&P Affirms 'BB' Long-Term Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed on Wednesday its
'BB' long-term foreign currency corporate credit rating on San
Miguel Corp. and removed it from CreditWatch, where it was
placed with negative implications on May 15, 2007.  The outlook
is negative.

It was initially placed on CreditWatch after an announcement
that the company might spin off its domestic beer and regional
packaging operations, and invest in the utilities and
infrastructure sector.  "The negative outlook reflects the
longer time horizon expected for San Miguel to execute its
potential company restructure, which we regard as negative for
credit quality," said Standard & Poor's credit analyst Judy
Kwok-Cheung.

The negative outlook also reflects the remaining uncertainties
on the timing and SMC's appetite for business expansion in
Philippines' domestic utility sector, funding plans for these
investments, and the negative impact of lower contribution from
its beer operation, which has a strong market position.

"If the spin-off occurs, San Miguel will receive only dividends,
rather than have control of the direct cash flows, from the beer
business, which has a more favorable credit profile than the
utility sector," said Ms. Kwok-Cheung. "These changes are now
less imminent than what Standard & Poor's previously expected,
hence the change to a negative outlook from CreditWatch
Negative."

Ms. Kwok-Cheung noted that should the company's transformation
proceed as anticipated, the rating on SMC would likely be
lowered. The extent of a downgrade would depend on:

    * The level of exposure to the utility sector

    * the level of additional debt required by SMC to support
      these investments, and

    * the extent of lower contribution from its stronger beer
      operations.

In combination, these changes would weaken the company's
business and financial profile beyond Standard & Poor's current
expectation.  The current rating expects SMC to be able to
refinance its maturing debt in the short term.

                        About San Miguel

San Miguel Corporation, headquartered in Manila, the Republic of
the Philippines, is a broad-based food and beverage company with
major operations in the Philippines and Australia.


VICTORIAS MILLING: Milling Operations to Recommence on August 27
----------------------------------------------------------------
Victorias Milling Co. Inc. will resume milling operations for
crop year 2007-2008 beginning August 27 after the Department of
Environment and Natural Resources issued a temporary order
lifting the cease-and-desist order against the company, the
BusinessWorld reports.

Negros Occidental environment and natural resources officer
Livino Duran told BusinessWorld that the lifting order was
served by the Environment Management Bureau, which furnished him
a copy.  VMC President Abelardo Bugay said that the EMB issued
the order after the company put a "comprehensive pollution
control program" in place.

The DENR shut down VMC's operations in June 20 this year after
complaints were received from the residents of Canetown
Subdivision over ashfall allegedly coming from te company's
smoke stacks, as well as over the water pollution in Malihao
River in Victorias City.  Former DENR head Angelo Reyes ordered
the company to shouler the cost of rehabilitating the Malihao
River, saying that most of the pollutants in the river were
discharges from the company.

The company had purchased one scrubber and a PHP64-million
cooling tower, the article said.

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

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

The company is currently undergoing debt restructuring.

After auditing the company's financial statements for the year
ended August 31, 2006, C.L. Manabat & Co. raised substantial
doubt on Victorias Milling Inc.'s ability to continue as a going
concern, citing that the company has:

   (a) accumulated deficit of PHP3.6 billion and PHP3.8 billion
       as of August 31, 2006, and 2005, respectively, and

   (b) capital deficiency of PHP1.9 billion as of August 31,
       2006 and 2005, respectively.

Victorias Milling's August 31, 2006 balance sheet also showed
total assets of PHP7,697,535, and total shareholders' deficit of
PHP1,903,365.


VICTORIAS MILLING: Confirms Retrenchment of Employees by Sept. 1
----------------------------------------------------------------
Victorias Milling Co. Inc. confirmed the retrenchment of several
of its top-level personnel effective September 1 including
managerial and supervisory positions, VMC President Abelardo
Bugay told the BusinessWorld.

Mr. Bugay further said that VMC needs to cut its work force to
at least 900 persons in order for it to cope with the effects of
imported sugar tariffs reduction to zero by year 2010.


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

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

The company is currently undergoing debt restructuring.

After auditing the company's financial statements for the year
ended August 31, 2006, C.L. Manabat & Co. raised substantial
doubt on Victorias Milling Inc.'s ability to continue as a going
concern, citing that the company has:

   (a) accumulated deficit of PHP3.6 billion and PHP3.8 billion
       as of August 31, 2006, and 2005, respectively, and

   (b) capital deficiency of PHP1.9 billion as of August 31,
       2006 and 2005, respectively.

Victorias Milling's August 31, 2006 balance sheet also showed
total assets of PHP7,697,535, and total shareholders' deficit of
PHP1,903,365.


* DoJ Affirms Environment Agency's Power Over Small Miners
----------------------------------------------------------
The Department of Justice has affirmed the jurisdiction of the
Department of Environment and Natural Resources over the
extraction limit imposed over small mining firms, the Philippine
Daily Inquirer reports.

DoJ Secretary Raul Gonzalez clarified in a letter to the DENR
that the Department has the authority under Republic Act 7076 to
set annual production limits on the small mining companies.  The
letter addressed clarifications by then-DENR Secretary Angelo
Reyes regarding DoJ Opinion No. 74, which Executive Secretary
Eduardo Ermita cited as basis in reversing the decision finding
against PGMC for over-extraction of nickel ore and othe
environmental violations.

Mr. Ermita had said that R.A. 7076 "[had] removed the
prohibition or limitation on over-extraction" and restored the
Environmental Compliance Certificates and operating permits to
PGMC.  Mr. Ermita even used his authority to prohibit DENR
agents from shutting down PGMC's operations.

However, the Malacanang Palace remanded the matter to the DENR
after large mining companies and environmental groups protested
Mr. Ermita's decisions.  Mr. Reyes then sought clarification
from the DOJ on the behest of Agusan del Norte Governor Eripe
John Amante, who requested guidance regarding small-scale mining
activities in his province.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 22, 2007, Standard & Poor's Ratings Services affirmed its
'BB-/B' foreign currency and 'BB+/B' local currency sovereign
credit ratings on the Philippines, with a stable outlook.  Also
in May 2007, S&P assigned its 'BB+' senior unsecured rating to
the Philippines' new three- and five-year benchmark bond
issues.

The new bonds mature in 2010 and 2012 and carry interest rates
of 5.5% and 5.75%, respectively.  The exchange offers yielded
approximately Philippine peso 55 billion and PHP58 billion for
the three- and five-year bonds, respectively, from the exchange
of eligible issues.

Fitch Ratings, on March 5, 2007, affirmed the Republic of the
Philippines' Long-term foreign and local currency Issuer Default
ratings at 'BB' and 'BB+', respectively.  The agency also
affirmed the Short-term IDR at 'B' and the Country Ceiling at
'BB+'.

On Nov. 3, 2006, the TCR-AP reported that Moody's Investors
Service changed to stable from negative the outlook on the
Philippines' key ratings due to the progress made in reining in
fiscal deficits in 2006 and an easing in dependence on external
financing.  The affected ratings include the B1 long-term
government foreign- and local-currency ratings, the B1 foreign-
currency bank deposit ceiling and Ba3 foreign currency country
ceiling, the TCR-AP noted.


* Nine Parties Express Interest For TransCo Assets, PSALM Says
--------------------------------------------------------------
Nine potential bidders have expressed firm commitment to
participate in the auction for the National Transmission Corp.,
the Power Sector Assets and Liabilities Corp. told the
Philippine Star.

PSALM president Jose Ibazeta said these companies have submitted
their respective letters of interest.  Mr. Ibazeta also added
that he expects additional bidders for TransCo after the
proposed amendments to the Electric Power Industry Reform Act,
since the winning concessionaire would automatically own
TransCo's franchise under these amendments.

The bid price for the country's power transmission assets could
even improve with the proposed changes, Mr. Ibazeta suggested.

Mr. Ibazeta did not name the nine biders, but said that some of
them have previously expressed interest.  "We could only guess
that the old bidders are still joining the bidding by the end of
the year," he said.

The PSALM executive expressed optimism that the December 12
bidding for TransCo will be successful this time.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
May 22, 2007, Standard & Poor's Ratings Services affirmed its
'BB-/B' foreign currency and 'BB+/B' local currency sovereign
credit ratings on the Philippines, with a stable outlook.  Also
in May 2007, S&P assigned its 'BB+' senior unsecured rating to
the Philippines' new three- and five-year benchmark bond
issues.

The new bonds mature in 2010 and 2012 and carry interest rates
of 5.5% and 5.75%, respectively.  The exchange offers yielded
approximately Philippine peso 55 billion and PHP58 billion for
the three- and five-year bonds, respectively, from the exchange
of eligible issues.

Fitch Ratings, on March 5, 2007, affirmed the Republic of the
Philippines' Long-term foreign and local currency Issuer Default
ratings at 'BB' and 'BB+', respectively.  The agency also
affirmed the Short-term IDR at 'B' and the Country Ceiling at
'BB+'.

On Nov. 3, 2006, the TCR-AP reported that Moody's Investors
Service changed to stable from negative the outlook on the
Philippines' key ratings due to the progress made in reining in
fiscal deficits in 2006 and an easing in dependence on external
financing.  The affected ratings include the B1 long-term
government foreign- and local-currency ratings, the B1 foreign-
currency bank deposit ceiling and Ba3 foreign currency country
ceiling, the TCR-AP noted.


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

A-P ENGINEERING: Court to Hear Wind-Up Petition Today
-----------------------------------------------------
A petition to wind up the operations of A-P Engineering Pte Ltd
will be heard before the High Court of Singapore today, August
24, 2007, at 10:00 a.m.

The petition was filed by Asian Micro Holdings Limited on
July 27, 2007.

Asian Micro's solicitor is:

         Central Chambers Law Corporation
         c/o 150 Cecil Street #16-00
         Singapore 069543


HH MEDIA-TECH: Court Sets Wind-Up Petition Hearing for Today
------------------------------------------------------------
On August 1, 2007, Enzer Electronics Pte Ltd filed a petition to
wind up the operations of HH Media-Tech Pte Ltd.

The petition will be heard before the High Court of Singapore
today, August 24, 2007, at 10:00 a.m.

Enzer Electronics' solicitor is:

         Tanlim Partnership
         Tong Eng Building
         101 Cecil Street #19-02
         Singapore 069533


LAZARD LTD: Unit Closes US$600-Mln Exchange Offer of 6.85% Notes
----------------------------------------------------------------
Lazard Ltd.'s subsidiary Lazard Group LLC, has completed its
offer to exchange an aggregate principal amount of up to US$600
million of its outstanding 6.85% Senior Notes due 2017, for an
equal aggregate principal amount of its 6.85% Senior Notes due
2017, registered under the Securities Act of 1933, as amended.

The Old Notes were originally issued on June 21, 2007, in a
private placement pursuant to Rule 144A under the Securities Act
of 1933, as amended.

The exchange offer expired at 5:00 p.m., New York time, on
Aug. 16, 2007.  Over 99% of Lazard Group's Old Notes were
tendered and accepted in the exchange offer.

The Exchange Notes are substantially identical to the Old Notes,
except that the Exchange Notes have been registered under the
Securities Act and, as a result, the transfer restrictions and
registration rights provisions applicable to the Old Notes do
not apply to the Exchange Notes.

Lazard Ltd. (NYSE:LAZ) -- http://www.lazard.com/-- is a
preeminent financial advisory and asset management firms, that
operates from 32 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides advice on mergers and
acquisitions, restructuring and capital raising, well as
asset management services to corporations, partnerships,
institutions, governments, and individuals.  The company has
locations in Australia, Brazil, China, France, Germany, India,
Japan, Korea and Singapore.

The company reported total assets of US$2.6 billion, total
liabilities of US$2.8 billion, and minority interest at
US$55.7 million, resulting in a total stockholders' deficit of
US$206.8 million as of March 31, 2007.


LIANG HUAT: June 30 Balance Sheet Upside-Down by SGD134 Mil.
-----------------------------------------------------------
Liang Huat Aluminum Limited filed with the Singapore Stock
Exchange Trading Limited its financial results for the six
months ended June 30, 2007.

The Group's net profit turnaround to SGD12.1 million in 1H2007
from a net loss of SGD13.6 million in 1H2006.  This is mainly
due to a turnaround in profit from operations to SGD0.5 million
in 1H2007 from a loss from operations of SGD0.3 million in
1H2006, coupled with the effects of the corporate restructuring
of the Group.

The Group turnover for the six months ended June 30, 2007 surged
by almost 3 times to SGD5.6 million from SGD1.9 million for the
corresponding period in 2006, and more than double FY2006
turnover of SGD2.7 million.  The strong growth in turnover
signifies a recovery of the Group's principal operations, with
contributions to turnover from new contract manufacturing orders
and new project fabrication orders that were secured in 2006 and
2007 recognized in accordance with the progress of the
contracts.

The Group's gross profit for 1H2007 increased by about 4.6 times
to SGD1.2 million from SGD0.3 million for 1H2006.  This is
mainly attributable to the higher level of turnover coupled with
the continuous efforts of cost cutting measures.

The effects of the continuous efforts of cost cutting measures
is also reflected in operating expenses which have decreased by
9.6% from SGD0.8 million in 1H2006 to SGD0.7 million in 1H2007
despite the increase in activities.

The significant increase in other operating income is mainly due
to:

     (i) write back of bank interest due to Scheme Creditors
         totalling SGD11.1 million.  On the grounds of prudence,
         the company had continued to accrue the bank interest
         for FY2006 upon approval of the Modified Schemes by the
         Scheme Creditors at the respective Creditors meetings
         held on August 25, 2006, although the conditions
         stipulated in the Schemes of Arrangement that no
         interest is accrued on the balances due to the
         principal bankers included in the Schemes.  In line
         with the results of the Creditors' meetings and the
         EGM, and the conditions stipulated in the Scheme of
         Arrangement, the company considered the accruals for
         bank interest no longer necessary and hence written
         back accordingly; and

    (ii) reclassification of expenses totalling SGD0.6 million
         incurred in relation to Investment Agreement as these
         amounts will be charged to share capital as cost of
         funds.

In line with the progress of the corporate restructuring, no
interest is accrued on the balances due to the principal bankers
included in the Schemes resulting in a significant decrease in
finance cost from SGD2.6 million in 1H2006 to SGD4,000 in
1H2007.

The company's balance for June 30, 2007, shows total assets of
SGD1.8 million and total liabilities of SGD128.6 million,
resulting in a stockholders' equity deficit of SGD126.8 million.

As of June 30, 2007, the company's consolidated balance sheet
reflects total assets of SGD5.8 million and total liabilities of
SGD139.9 million of total liabilities, resulting in a
stockholders' equity deficit of SGD134 million.

                         About Liang Huat

Liang Huat Aluminium -- http://www.lianghuatgroup.com.sg/-- is
a vertically integrated, professionally run group of companies
based in Singapore focusing on producing high quality aluminum
products and processed glass for both the industrial and
construction industries.  It also supplies and installs aluminum
and processed glass for major commercial and residential
projects mainly in Singapore.

Liang Huat was the subject of a wind-up petition filed by Lim Ah
Siong trading as Lian Siong Aluminium & Trading on August 26,
2004.  Presently, the company is undergoing a financial
restructuring exercise.  It is also working a Scheme of
Arrangement with its major creditor banks.

As of Dec. 31, 2006, the company's balance sheet showed total
assets of SGD0.84 million and SGD138.78 million in total
liabilities, which leaves a shareholders' equity deficit of
SGD137.93 million.


PIAGGIO INDOCHINA: Accepting Proofs of Debt Until Sept. 12
----------------------------------------------------------
The creditors of Piaggio Indochina Pte Ltd are required to file
their proofs of debt by September 12, 2007.

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

The company's liquidator is:

         Seshadri Rajagopalan
         c/o One Raffles Quay
         North Tower, Level 18
         Singapore 048583


SEA CONTAINERS: Pension Deficit Reaches US$383 Mil., Report Says
----------------------------------------------------------------
Sea Containers Ltd.'s estimated pension liabilities has
increased to approximately US$383,000,000, the Sunday Telegraph
reports.

Additional pension claims, aggregating about US$115,000,000,
against Sea Containers have been filed in the U.S. Bankruptcy
Court for the District of Delaware, Sylvia Pfeifer of the Sunday
Telegraph relates.  On the other hand, the company's accepted
pension deficit with respect to its British pension schemes
totaled US$268,000,000.

Sea Containers' pension liabilities in Britain have previously
caught the attention of the U.K. Pension Regulators.  The U.K.
Regulators has in fact required the company to put up financial
arrangements with respect to those liabilities.

The US$383 million pension deficit and the U.K. Regulators'
requirement may affect the claims filed by the company's
bondholders, aggregating more than US$374,000,000, the newspaper
notes.

In connection with its reorganization case, Sea Containers is
expected to sell most of its Illustrated London News and the
Corinth Canal business, Ms. Pfeifer says.

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court extended the Debtors' exclusive period to file a Plan
of Reorganization to Sept. 28, 2007.  (Sea Containers Bankruptcy
News, Issue No. 24; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


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

G STEEL: 2007 2Q Net Income Rises 6.6% to THB244.84 Million
-----------------------------------------------------------
G Steel PCL posted a consolidated net income of
THB244.84 million for the second quarter of 2007, an increase of
THB15.27 million or 6.6% from the THB229.57-million net income
it reported for the same period in 2006.

For the three months ended June 30, 2007, the company earned
revenues of THB4.814 billion while incurring costs and expenses
of THB4.406 billion.  Interest expenses for the period reached
THB408.040 million.

As of June 30, 2007, the company's balance sheets showed total
assets of THB42.27 billion and total liabilities of
THB15.29 billion, resulting in a total shareholders' equity of
THB26.98 billion.

G Steel's 2007 second quarter financial results can be viewed
for free at:

   http://www.set.or.th/dat/news/200708/07028611.zip


Headquartered in Bangkok, G Steel Public Company Ltd --
http://www.g-steel.com/-- produces hot rolled coils (HRC) in
different grades and gauges.  G Steel is a stand-alone operating
entity with no related group companies.

                          *     *     *

The company is currently listed under the "Non-Performing Group"
sector of the Stock Exchange of Thailand.

The Troubled Company Reporter-Asia Pacific reported that
Standard & Poor's Ratings Services on June 27, 2006, placed its
ratings on Thailand's G Steel Public Co. Ltd., including the B+
corporate credit rating, on CreditWatch with negative
implications.

On August 20, 2007, Moody's Investors Service changed its
outlook to negative from stable for the B2 corporate family
rating and B2 senior unsecured bond rating of G Steel Public
Company Limited.


MANAGER MEDIA GROUP: 2007 2nd Qtr Net Loss Rises to THB23.6 Mil.
----------------------------------------------------------------
Manager Media Group PCL posted a consolidated net loss of
THB23.58 million for the second quarter of 2007, an increase of
THB19.05 million or 420% from the THB4.528-million net loss
reported for the same period in 2006.

For the three-month period ending June 30, 2007, the group's
revenues totaled THB194.04 million, lower than the
THB222.14 million reported in 2006.  Expenses were at
THB216.2769 million, as compared to 2006's THB225.789 million.

As of June 30, 2007, the group had total assets of
THB189.11 million and total liabilities of THB575.89 million,
resulting in a shareholders' equity deficit of
THB386.78 million.  Moreover, total current liabilities of
THB236.76 million exceed total current assets of
THB 103.3 million.

                         Going Concern Doubt

After auditing Manager Media Group's 2007 second quarter
financial statements, Prawit Wipusirikup at RSM Nelson Wheeler
Audit Ltd. raised substantial doubt on the company's ability to
continue as a going concern.

Mr. Prawit cited the group's THB386.78 million consolidated
capital deficiency as well as its current request with the
Central Bankruptcy Court to extend its rehabilitation for 10
more months.  The auditor then said that the continuing business
operations of the Group substantially depends on:

   * The Group's ability to complete the business
     rehabilitation plan within the timeframe set by the court;
     and

   * The ability of the Group to operate successfully in the
     future and generate adequate cash flows from operations.

The company's 2007 second quarter financial results can be
viewed for free at:

   http://www.set.or.th/dat/news/200708/07028888.zip

                      About Manager Media Group

Headquartered in Bangkok, Thailand, Manager Media Group Public
Company Limited -- http://www.manager.co.th/-- publishes
a variety of daily, weekly, and monthly publications.
Periodicals include Manager monthly magazine, Manager weekly
newspaper, Manager daily newspaper, and Thai Investment weekly
magazine.  The company also partners with the Vietnam News
Agency to publish The Vietnam News, an English-language daily
newspaper in Vietnam.


NATURAL PARK: 2nd Qtr Loss Rises 287% Year-on-Year to THB210MM
--------------------------------------------------------------
Natural Park PCL posted a consolidated net loss of
THB814.27 million for the second quarter of 2007, an increase of
THB604.10 million or 287% from the THB210.18 million posted in
the same period in 2006.

The company also recorded a net loss of THB1.111 billion in the
first half of 2007, THB651.758 or 141.8% higher than the
THB459.308 million recorded for the first six months of 2006.

One-time gains on disposal of assets and investment in
subsidiaries make up the bulk of the group's revenues of
THB539.579 million for the second quarter and THB767.116 million
for the first half.  Expenses for the second quarter totaled
THB1.228 billion and THB1.579 million for the first half,
dominated by one-time losses from debts guarantee and disposal
investment.

As of June 30, 2007, the company has THB10.491 billion in
assets, THB5.744 billion in liabilities and THB4.746 billion in
shareholders' equity.

The company's 2007 second quarter financials can be viewed for
free at:

   http://www.set.or.th/dat/news/200708/07030358.zip


Based in Bangkok, Thailand, Natural Park Public Company Limited
engages in developing, renting, leasing, selling and managing of
residential and commercial properties. Its business groups
include the operations of a luxury apartment complex, The
Natural Park Apartment, in Bangkok, the management of Novotel
Beach Resort Phanwa Phuket and the operations of french
restaurants, LENOTRE and LENOTRE BOUTIQUE. In addition, the
Company is involved in the catering services.

Natural Park is facing a suit for bankruptcy filed by Sathorn
Asset Management with debt value of THB39.59 million.  It has
also been faced with a suit earlier by Ocean Life Insurance,
which is now appealing the junking of the case by the Central
Bankruptcy Court.

Natural Park has suffered consecutive annual losses for the
years ended December 31, 2006, and December 31, 2005.  The
company's consolidated income statements reported net losses of
THB1.05 billion for 2006 and PHP669.83 million for 2005.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

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

AUSTRALIA

Austar United Communications
   Limited                        AUN     411.16      -43.72
Global Wine Ventures Limited      GWV      22.04       -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1637.04    -1443.69
Intellect Holdings Limited        IHG      15.01       -0.83
KH Foods Ltd                      KHF      62.30       -1.71
Lafayette Mining Limited          LAF      78.17     -127.82
Life Therapeutics Limited         LFE      59.00       -0.38
Orbital Corp. Ltd.                OEC      14.01       -4.86
RMG Ltd.                          RMG      22.33       -2.16
Tooth & Co. Ltd.                  TTH      99.25      -74.39


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      16.97       -7.53
Baiyin Copper Commercial
   Bldg (Group) Co                672      24.47       -2.40
Beiya Industrial (Group)
  Co., Ltd                     600705     462.13      -20.57
Chang Ling Group                  561      85.06      -80.88
Chengdu Book Digital Co. Ltd.  600083      21.50       -3.07
Chia Tai Enterprises
   International Ltd.            0121     316.12       -8.92
China Kejian Co. Ltd.              35      54.71     -179.23
China Liaoning International
   Cooperation (Group) Ltd        638      20.12      -42.96
Chongqing Int'l Enterprise
   Investment Co               000736      19.88      -15.67
Datasys Technology
   Holdings Ltd                   8057      14.10       -2.07
Dongxin Electrical Carbon
   Co., Ltd                    600691      34.19       -2.90
Dynamic Global Holdings Ltd.      231      39.43       -2.21
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      34.52      -66.85
Fujian Sannong Group Co. Ltd      732      42.50     -100.37
Guangdong Hualong Groups
   Co., Ltd                    600242      15.23      -46.94
Guangxia (Yinchuan) Industry
   Co. Ltd.                       557      48.71      -59.63
Guangzhou Oriental Baolong
   Automotive Co               600988      15.78      -11.11
Hainan Dadonghai Tourism
   Centre Co., Ltd                613      19.74       -5.81
Hainan Overseas Chinese
   Investment Co., Ltd         600759      28.97       -9.90
Hans Energy Company Limited       554      85.00       -0.49
Hebei Baoshuo Co.,Ltd          600155     293.56     -199.47
Heilongjiang Black Dragon
   Co., Ltd                    600187     113.45      -74.67
Heilongjiang SunField
   Science & Tech Co           000620      29.96      -49.18
Hisense Kelon Electrical
   Hldngs. Co., Ltd               921     596.71      -94.69
Hualing Holdings Limited          382     262.90      -32.17
HuaTongTianXiang Group
   Co., Ltd.                   600225      52.77      -42.02
Huda Technology & Education
   Development Co. Ltd.        600892      17.12       -0.39
Hunan Hengyang                 600762      61.08      -43.98
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.37       -3.89
Junefield Department
   Store Group Limited            758      16.80       -6.34
Loulan Holdings Limited          8039      13.01       -1.04
Mianyang Gao Xin Industrial
   Dev (Group)                 600139      23.90      -15.65
New World Mobile Holdings Ltd     862     295.66      -12.53
New City China                    456     242.25      -21.46
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd.               1013      18.52       -3.34
Qinghai Xiancheng Industry
   Stock Co.,Ltd               600381      55.85      -55.04
Regal Real Estate
   Investment Trust              1881     945.38     -234.38
Sanjiu Yigong Biopharmaceutical
   & Chem                      000403     218.51       -3.48
Shanghai Xingye Housing
   Co.,Ltd.                    600603      16.23      -49.40
Shanghai Worldbest
   Pharmaceutical Co.Ltd       600656      66.75      -13.42
Shenyang Hejin Holding
   Company Ltd.                   633     103.86       -3.16
Shenzhen China Bicycle Co.,
   Hlds. Ltd.                      17      39.13     -224.64
Shenzhen Dawncom Business
   Tech. and Service Co., Ltd.    863      32.57     -137.55
Shenzhen Kondarl (Group)
   Co., Ltd.                   000048     112.05      -15.98
Shenzhen Shenxin Taifeng
   Group Co., Ltd.                 34      69.92      -44.65
Shijiazhuang Refining-Chemical
   Co., Ltd                       783     357.75      -84.57
Sichuan Langsha Holding Ltd.   600137      13.82      -62.11
Songliao Automobile Co. Ltd.   600715      46.99      -19.19
Stellar Megaunion Corporation  000892      54.33     -152.43
Success Information Industry
   Group Co.                      517      77.23      -17.78
Suntek Technology Co., Ltd     600728      48.81      -16.09
Suntime International
   Economic Trading            600084     359.49      -47.93
Taiyuan Tianlong Group Co.
   Ltd                         600234      19.47      -89.51
The First Investment &
   Merchant Co,, Ltd           600515      90.66        5.98
Tianjin Marine Shipping
   Co. Ltd                     600751     111.03       -3.59
Tianyi Science & Technology
   Co., Ltd                    600703      45.82      -41.20
Tibet Summit Industry
   Co., Ltd                    600338      90.92       -4.05
Winowner Group Co. Ltd.        600681      23.34      -72.39
Xiamen Eagle Group Co., Ltd    600711      18.82       -2.74
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      40.61      -17.21
Zarva Technology Co. Ltd.         688      25.83     -175.37
Zhejiang Haina Science & Tech
   Co., Ltd.                      925      28.53      -36.27


INDIA

Andhra Cement Ltd.               ANDC      58.94      -13.48
Andrew Yule & Co. Ltd             ANY      86.39      -12.47
Ashima Ltd.                     NASHM     101.78      -35.04
ATV Projects India Ltd.           ATV      68.25      -30.17
Bagalkot Udyog Ltd.               BUL      20.55       -0.63
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
CFL Capital Financial
  Services Ltd                  CEATF      25.42      -47.32
Core Healthcare Ltd.             CPAR     214.36     -199.02
Deccan Aviation Pte. Ltd.        DECA      86.94       -2.83
Fairfield Atlas Ltd.              ATG      23.38       -1.76
GKW Ltd.                          GKW      35.75      -13.52
Global Broadcast News Ltd         GBN      18.13       -1.27
Gujarat Sidhee Cement Ltd.       GSCL      51.12      -13.01
Himachal Futuris                 HMFC     574.62      -38.68
HMT Limited                       HMT     238.05     -288.85
Hindustan Organic
   Chemicals Limited              HOC     109.22      -15.18
IFCI Limited                     IFCI    2566.01     -727.71
JCT Electronics Ltd.             JCTE     118.28     -165.74
JK Synthetics Ltd                 JKS      24.04       -1.42
Kothari Sugars and
   Chemicals Ltd.               NKTSG      43.24      -29.24
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      95.67      -85.81
Malanpur Steel Ltd.               HDC      82.08      -52.01
Modern Threads                    MRT      78.18      -20.71
Mysore Kirloskar Ltd.              MK      23.71       -3.04
Panchmahal Steel Ltd.             PMS      51.02       -0.33
Shree Digvijay Cement Co. Ltd.   DIGV      29.62      -32.38
Shree Rama Multi Tech Ltd.      NSRMT      86.31       -3.90
Shyam Telecom                    NSHY     147.34      -22.80
SIV Ind. Ltd.                    NSIV     101.16      -66.27
SpiceJet Ltd.                    SJET     121.34       -2.75
Shyam Telecom Limited             SHY     147.34      -22.80
Tata Teleservices (Maharashtra)
  Limited                       NTTLS     653.56       -9.99


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Dharmala Intiland Tbk            DILD     197.91       -6.62
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21
Hotel Sahid Jaya                 SHID      71.05       -4.26
Jakarta Kyoei Steel Works Tbk    JKSW      44.72      -38.57
Mulialand Tbk                    MLND     141.33      -45.99
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Steady Safe                      SAFE      19.65       -2.43
Suba Indah Tbk                   SUBA      85.17       -9.18
Surya Dumai Industri Tbk         SUDI     105.06      -30.49
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.36


JAPAN

Mamiya-OP Co., Ltd.              7991     152.37      -67.11
Montecarlo Co. Ltd.              7569      66.29       -3.05
Nihon Seimitsu Sokki Co., Ltd.   7771      23.82       -1.10
Orient Corporation               8585   37956.19    -1109.02
Sumiya Co., Ltd.                 9939      89.32      -11.57
Tasco System Co., Ltd            2709      48.45      -14.07
Trustex Holdings, Inc.           9374     102.84       -7.82


KOREA

BHK Inc                          3990      24.36      -17.38
C&C Enterprise Co. Ltd.         38420      28.05      -14.50
DaeyuVesper Co. Ltd.            41140      19.06       -1.60
DongYang GangChul Co., Ltd.    001780     108.79       -9.80
E Star B Co., Ltd.              55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
Everex Inc                      47600      23.15       -5.10
Seji Co., Ltd                   53330      37.25       -0.31
SY I&C Co., Ltd                 53470      19.89       -5.49


MALAYSIA

Ark Resources Bhd                 ARK      25.91      -28.35
Boustead Heavy Industries
   Corp. Bhd                     BHIC      62.80     -116.18
Gefung Holdings Bhd              GFHB      21.68       -1.74
Lityan Holdings Berhad            LIT      22.22      -19.11
Mentiga Corporation Berhad       MENT      22.13      -18.25
Mycom Bhd                         MYC     222.58     -136.17
Olympia Industries Bhd           OLYM     272.49     -281.44
Pan Malay Industries             PMRI     199.08       -6.30
PanGlobal Berhad                  PGL     189.92      -50.36
Sateras Resources Bhd.       SRM/4278      44.73      -38.82
Setegap Berhad                    STG      19.92      -26.88
Sino Hua-An International Bhd   HUAAN     184.60      -98.30
Sycal Ventures Berhad             SYC      58.47      -69.79
Wembley Industries
  Holdings Bhd                    WMY     111.72     -204.61


PHILIPPINES

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


SINGAPORE

Compact Metal Industries Ltd.     CMI      47.42      -36.47
Falmac Limited                    FAL      10.51       -2.30
Gul Technologies                  GUL     155.76      -15.21
HLG Enterprise                   HLGE     116.77       -8.71
Informatics Holdings Ltd         INFO      22.30       -9.14
L & M Group Investments Ltd       LNM      56.91      -10.59
Lindeteves-Jacoberg Limited        LJ     185.49      -46.43
Pacific Century Regional          PAC    1569.35      -88.20
Semitech Electronics Ltd.         SEMI     11.01       -0.23


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98
Central Paper Industry PCL      CPICO      40.41      -37.02
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80
Daidomon Group PLC              DAIDO      12.92       -8.51
Datamat Public Co., Ltd           DTM      17.55       -1.72
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.88
Thai-Wah PCL                      TWC      91.56      -41.24





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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-Dy, Frauline Abangan, and
Peter A. Chapman, Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.

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