TCRAP_Public/070827.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

            Monday, August 27, 2007, Vol. 10, No. 169

                            Headlines

A U S T R A L I A

ANSELL LIMITED: Full-Year Net Profit Declines 13.9% to AU$100MM
EVANS & TATE: ANZ Appoints McGrathNicol as Receiver
SYMBION HEALTH: Declares 17% Boost in Earnings for FY06
SYMBION HEALTH: Primary Ups Stake to 20% w/ 7.7 Mil. More Shares


C H I N A   &   H O N G  K O N G

BENQ CORP: Sales in Romania Surges 40% in First Half
GREENTOWN CHINA: Buys Land in Shaoxing for CNY1.095 Billion
TOWNGAS CHINA: S&P Hikes Rating to BBB- on Strong Parent Support


I N D I A

AES CORP: Dominican Subsidiary Restarts Operations
AES CORP: El Salvador Regulator Completes Probe on Firm's Unit
GENERAL MOTORS: Trimming Production in SUV & Pickup Truck Plants
PRIDE INT'L: Buys 9% Remainder of Angolan Joint Venture Stake
TATA POWER: S&P Lowers Corporate Credit Rating to BB- From BB+


I N D O N E S I A

ALCATEL-LUCENT: Signs US$100-Million Contract With Hits Telecom
ARPENI PRATAMA: Pefindo Upgrades Company Bond I/2003 to "idA"
BANK NEGARA: Expects 5% Increase in Net Interest Margin
BANK NEGARA: First Half Net Profit Up 21.5% to IDR1.02 Trillion
BANK NIAGA: Pefindo Affirms "idA+" Corporate Rating


J A P A N

FORD MOTOR: Bear Stearns Wants to Buy Indian Financing Unit
MITSUKOSHI LTD: Says Yes to JPY295-Billion Isetan Acquisition
MITSUBISHI MOTORS: Owes US$1.02 Million Tax Tab to Venezuela
NIPPON SHEET: Shares Gain 4.4% After Forecast Boost


K O R E A

DURA AUTO: Summary of Terms of Proposed Stockholders' Agreement
LG TELECOM: CFO Resigns Over Allegation of Fund Mishandling
MAGNACHIP SEMICON: Ties Up W/ California Micro for Chip Assembly


M A L A Y S I A

MEGAN MEDIA: Philips Wants to End DVD Patent License Agreements
PROTON HOLDINGS: Government Looks to Close VW Talks by Year-End
TRANSMILE GROUP: Nominates KPMG as New Auditor


N E W  Z E A L A N D

4SHORE DEVELOPMENTS: Subject to CIR's Wind-Up Petition
CHINESE BUSINESS: Fixes August 31 as Last Day to File Claims
CITYLIGHT NAPIER: Court to Hear Wind-Up Petition on August 30
FIRE SPECIALISTS: Requires Creditors to File Claims by Sept. 3
GRAND PACIFIC: Fixes September 11 as Last Day to File Claims

MSMR LTD: Court Hearing of Wind-Up Petition Set for October 11
OCEANS RESORT: Requires Creditors to File Claims by Sept. 14
PAPAKURA MOTORS: Liquidation Petition Hearing Set for Oct. 4
PCCW LTD: Creditors' Proofs of Debt Due Last Week
PROPERTYFINANCE GROUP: Looks for Restructuring Deals

SPK ACCOUNTING: Fixes August 28 as Last Day to File Claims
* New Zealand Trade Deficit in July 2007 Swells


P H I L I P P I N E S

APEX MINING: Net Loss Down 49% to PHP2.77MM in 2nd Quarter 2007
BANGKO SENTRAL: Keeps Policy Rates Unchanged Despite Pressure
GEOGRACE RESOURCES: Acquires 100% of Garnierete, Saprolite Stock
GEOGRACE RESOURCES: Appoints Renato Puno as New Board Chairman
GEOGRACE RESOURCES: To Issue 173.796 Million Shares to JPMorgan

METROPOLITAN BANK: Opens Remittance Center in Daly City, Calif.
RIZAL COMMERCIAL: Lists 1,271 New Common Shares in Local Bourse
SAN MIGUEL: Eyes US$16-Million Brewery Construction in Cambodia


T H A I L A N D

NEW PLUS KNITTING: Posts THB25.94-Mil. Net Loss for 2nd Quarter
NFC FERTILIZER: Reports THB33-Million Net Loss for 2nd Quarter

     - - - - - - - -

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

ANSELL LIMITED: Full-Year Net Profit Declines 13.9% to AU$100MM
---------------------------------------------------------------
Ansell Limited booked a net profit of AU$100 million for the
financial year ended June 30, 2007, a 13.9% decrease from the
AU$116.1-million profit recorded for the previous year, Egoli
News reports.

In its FY07 Financial Overview, the company provides these
highlights:

   * Operational

     -- Strong sales; with 12% growth

     -- Gross margins of "non-latex" products (52% of sales) up
        200 basis points

     -- EBIT declined as organic sales and acquisitions did not
        fully offset latex costs, higher growth & support
        expenses, and plant restructuring

     -- Weaker USD benefited sales growth and had a small
        (positive) EBIT impact

     -- Working Capital grew with sales, interest & taxes paid
        increased; impacting FCF

   * Strategic/Financial

     -- Unimil and Blowtex were acquired for AU$64M, in line
        with strategy

     -- Capital management continued with surplus cash
        distributed via higher dividends (up 14%) and share buy
        -backs (AU$64M)

     -- Net Deferred Tax Adjustments, partly offset by plant
        restructuring, contributed US3 to FY07's reported EPS

     -- Ansell voluntarily de-registered with the US SEC
        reducing costs

     -- Ansell was returned to investment grade by Moody's

Egoli notes that Ansell's 2007 full year profit result was above
a consensus estimate by six brokerages for a profit of
AU$91.01 million.

Ansell says that it ended FY07 in a stronger position:

     -- Strong organic sales growth and bolt-on acquisitions
        have strengthened our competitive position,

     -- Plant restructuring progress with one small US plant
        closed in FY07 and further (global) moves under
        consideration, and

     -- A step change increase in expenses was absorbed while
        still delivering our market commitments

Going forward, the company notes of these items:

   * A strong balance sheet and high interest cover provides
     financial capacity

   * Corporate financial discipline continues;

     -- Acquisitions and share buy-backs
     -- Investment grade credit profile

   * Total Shareholder Return remains the main focus;

     -- Surplus funds will continue to be returned to our owners
     -- EPS, ROE and dividend growth

The company also said it is primed for a strong 2008 financial
year and has forecast earnings per share growth of between 11%
and 19%.

Ansell expects to:

     -- continue sales growth momentum driven by new products,
        new channels, new geographies;

     -- Pursue additional bolt on acquisitions;

     -- Sustain our solid financial position; and

     -- Continue our focus on delivering strong TSR.

Egoli points out that the rubber glove and condom manufacturer
registered earnings per share of US50.5c for the year under
review, excluding net deferred tax adjustments and plant
restructuring expenses.

Ansell Chairman Peter Barnes said the company achieved double-
digit organic sales growth in fiscal '07 for the first time in
over 10 years.  "In addition, over 7.6 million shares were
bought back, which combined with an increased dividend returned
US$88.8 million to shareholders during the year," he said.

Mr. Barnes said Ansell remains in excellent condition
financially, with capacity for internal investments, value
enhancing acquisitions, buy-backs and dividends.

Ansell declared an increase in final dividend from 12c per share
in fiscal 2006 to an unfranked 14c per share in fiscal 2007 with
a record date of August 29, 2007, and a payment date of
September 19, 2007.

This brings the total dividend paid relating to the fiscal '07
year to 24c, an increase of 14.3% on fiscal '06.

                      About Ansell Limited

Based in Melbourne, Australia, Ansell Limited --
http://www.ansell.com/-- is a global provider of healthcare
barrier protective products, primarily gloves and condoms.

On Oct. 5, 2006, the Troubled Company Reporter - Asia Pacific
reported that Standard & Poor's Ratings Services affirmed its
'BB+' long-term corporate credit rating on Ansell and revised
the outlook on the company to positive from stable.

The TCR-AP also reported on Sept. 5, 2006, that Moody's
Investors Service upgraded Ansell's issuer and senior unsecured
ratings to Baa3 from Ba1.  The outlook is stable.


EVANS & TATE: ANZ Appoints McGrathNicol as Receiver
---------------------------------------------------
After shares were placed on a trading halt on August 17, 2007,
Evans & Tate Limited and its assets are up for sale, Julie-anne
Sprague writes for WA Business News.

According to the report, Australia and New Zealand Bank, Evans &
Tate's largest creditor, appointed receiver McGrathNicol after
the winemaker's board of directors placed it under voluntary
administration on Monday last week.

This move, writes Ms. Sprague, comes more than two years after
Evans & Tate tapped insolvency group KordaMentha to claw back
its ballooning debt.

For the past two years, Evans & Tate has been selling off the
bulk of its east coast assets it acquired through the
AU$150-million merger with Cranswick Premium Wines in 2003.

McGrathNicol, in a statement grabbed by Ms. Sprague, said that
they were appointed after it was apparent that Pendulum Capital
Pty. Ltd. and McWilliam's Wines Pty. Ltd. would not be able to
satisfy a number of conditions precedent to a restructure
agreement, which they struck with ANZ.

Evans & Tate claims that Pendulum and McWilliam's pulled out of
the restructure agreement after making due diligence.

According to an Australian Associated Press report on August 21,
Ferrier Hodgson partners Martin Jones and Bruce Carter were
appointed as administrators, tasked to establish a deed of
company arrangement with the winery's major creditors and
consider financial restructure option to facilitate the best
outcome for stakeholders.

However, Mr. Jones claims that he and his partner are positive
that there will be many who will be interested in Evans & Tate's
assets since the winery is "globally recognized as a jewel in
the winemaking crown of Western Australia's Margaret River,"
conveys AAP.

                      About Evans & Tate

Headquartered in Wembley, Western Australia, Evans & Tate
Limited -- http://www.etw.com.au/-- is an Australian wine
company listed on the Australian Stock Exchange.  The primary
businesses of the Evans & Tate Wine Group are the production,
marketing and distribution of a number of branded, exclusive
labeled and unbranded wines; contract winemaking; wine trading;
viticultural services; and wine tourism through its Visitor
Centers.

The Troubled Company Reporter-Asia Pacific reported on Sept. 15,
2006, that Evans & Tate Limited posted a loss of AU$63.9 million
for the 2005-2006 financial year, down 12% on the corresponding
figure for the previous year.

The TCR-AP report also stated that as of June 30, 2006, the
company's balance sheet revealed strained liquidity with
AU$90.930 billion in total current assets available to pay
AU$152.377 billion of total current liabilities coming due
within the next 12 months.  Further, Evans & Tate's June 30,
2006 balance sheet also showed total liabilities of AU$207.445
billion exceeding total assets of AU$139.792 billion, resulting
to total shareholders' deficit of AU$67.653 billion.

                          Going Concern

The same TCR-AP report adds that Evans & Tate says that the
financial report has been prepared on a going concern basis,
noting that as at June 30, 2006, certain matters are considered
pertinent when considering the ability of the consolidated
entity to continue as a going concern.

The company notes that if it is unable to continue as a going
concern, it will be required to realize its assets and
extinguish its liabilities other than in the normal course of
business and at amounts that may be different to those stated in
the financial report.


SYMBION HEALTH: Declares 17% Boost in Earnings for FY06
-------------------------------------------------------
Symbion Health Limited posted a 17% increase in continuing
business earnings before interest and tax (EBIT) and significant
items for the year ended June 30, 2007.  Directors declared a
fully franked final dividend of 5.0 cents per share.

"In FY07 Symbion Health has continued to build on the momentum
that has been created following the demerger in November 2005.
The 17% increase in continuing business EBIT (before significant
items) is in line with the guidance previously provided to the
market," Managing Director and Chief Executive Officer Robert
Cooke summarized.

Key financial information for the continuing business include:

   * an 11.1% increase in sales revenue to AU$3,779.2 million;

   * a 16.5% increase in EBIT (before significant items) to
     AU$202.2 million;

   * a 10.0% increase in net profit after tax (NPAT) before
     significant items to AU$105.6 million; and

   * a 15.5% increase in cash generated from operations, with
     EBITDA to cashflow conversion of 105%.

No businesses were discontinued in FY07.  In the previous year,
the contribution of the Mayne Pharma business prior to the
demerger in November 2005 is reported as discontinued business.

In commenting on the 2007 financial year, Mr. Cooke said, "The
initiatives and strategies put in place over the past 18 months
have clearly flowed through to the results in FY07.  Each
division improved its performance, with revenue and margin
growth achieved across all divisions.

In summarizing divisional performance Mr. Cooke said, "The
Pathology business achieved solid revenue and margin growth, and
delivered a particularly pleasing second half.  The Imaging
division recorded revenue and margin growth despite the ongoing
challenges facing this industry.  The fast pace of the Pharmacy
Services turnaround was maintained across the year with further
market share gains and margin improvement.  Consumer continued
its strong track record achieving double digit revenue and
earnings growth."

"Not only was there significant improvement in financial
performance, but significant progress was made in improving the
culture and values within Symbion Health.  The staff survey that
was completed immediately following the demerger was repeated in
June 2007.  All 16 attributes measured in the surveys showed
positive improvement in the 2007 survey, with staff sharing a
stronger sense of purpose and direction," Mr. Cooke said.

In relation to the current transaction with Healthscope, Mr.
Cooke said, "The proposed merger with Healthscope is on track.
The ACCC has approved the proposed merger, and the shareholder
vote is scheduled for 11 September 2007.  The transaction
recognizes the significant value to be realized through
consolidation in the healthcare services industry, and is
unanimously recommended to shareholders by the Symbion Health
Board, in the absence of a superior proposal.  We strongly
believe the merger with Healthscope is a unique opportunity to
create significant value for both Symbion Health and Healthscope
shareholders."

Sales revenue and earnings

Symbion Health reported an 11.1% increase in continuing business
sales revenue to AU$3,779.2 million in FY07.  EBIT (before
significant items) increased 16.5% to AU$202.2 million over the
prior year, predominantly driven by an increase in earnings from
the Pathology, Pharmacy and Consumer divisions.

Symbion Health recorded NPAT (before significant items) of
AU$105.6 million in FY07, a 10.0% increase on FY06.  The
increase in earnings from operations was partially offset by an
increase in the securitization charge and a higher interest
expense.  Interest expense increased AU$15.0 million in FY07
reflecting the higher debt levels assumed by Symbion Health
following the demerger, and the securitization charge increased
AU$4.0 million in FY07 due to increased sales in the Pharmacy
Services division.

Earnings per share (before significant items) increased 8.9% in
FY07 to 15.9 cents.  The Symbion Health Board has declared a
final fully franked dividend of 5.0 cents per share.  The record
date for the dividend is 24 September 2007.  As announced to the
market on 6 August 2007, in light of the proposed merger with
Healthscope the Symbion Health Board has resolved to suspend the
Company's Dividend Reinvestment Plan, and therefore the Dividend
Reinvestment Plan will not operate in respect of this dividend.

Significant items

The Symbion Health Board has assumed that the proposed merger
with Healthscope is likely to proceed and have recognized costs
in relation to the proposed merger amounting to AU$31.8 million
on a pre-tax basis (AU$24.7 million after tax).  These costs
relate to adviser, legal, accounting and expert fees, employee
costs (termination rights and bonuses) and other costs relating
to the scheme of arrangement process.

If the merger with Healthscope does not proceed, some of the
costs outlined above will not be incurred.  It is expected costs
of approximately AU$15 million (pre-tax) will be incurred if the
merger does not proceed.  In these circumstances, the balance of
approximately AU$16.8 million of costs recognised as at 30 June
2007 will be reversed.

Cashflow and gearing

Cashflow from operations increased 15.5% in FY07 to
AU$254.9 million, which represents 100% EBITDA to cashflow
conversion.  After adjusting for net cash outflows of
AU$12.3 million in relation to prior period significant items,
cash generated from operations amounted to AU$267.2 million in
FY07, representing 105% EBITDA to cashflow conversion.

The increase in cashflow from operations in FY07 was due to
increased earnings across the year and an improvement in working
capital in the second half of the year.

Net debt as at 30 June 2007 was AU$403.9 million, compared to
AU$415.2 million as at 30 June 2006.  Gearing (net debt/net debt
plus equity) stood at 31.6% as at 30 June 2007, compared to
33.7% as at 30 June 2006.  The modest decrease is net debt and
gearing as at 30 June 2007 is due to capital expenditure and
expenditure on acquisitions largely offsetting the solid
operating cashflows for the year.

Segment Results

                       Symbion Pathology

Symbion Pathology (including Medical Centres) recorded revenue
growth of 6.0% to AU$648.2 million in FY07, and EBIT growth of
12.5% to AU$100.3 million.  The EBIT margin improved to 15.5%
compared to 14.6% in the prior year.

In relation to the performance of Pathology during the year, Mr.
Cooke said, "Pathology recorded an improved result in FY07 with
a particularly pleasing second half result.  Whilst revenue
growth was in line with market growth, improved operational
efficiency resulted in increased margins for the Pathology
division.

"The cost initiatives implemented since the demerger are now
producing noticeable results, with the EBIT margin improving 90
basis points.  The workflow analysis and benchmarking projects
have resulted in labour and consumables savings, and the new QML
laboratory has delivered planned operational improvements.

"We have been very active in pursuing small bolt-on acquisitions
during FY07, with a particular focus on growing non-Medicare
revenue streams.  In March 2007 Symbion Pathology acquired
Vetpath, a veterinary pathology business in Western Australia.
In June 2007, Symbion Pathology acquired the Australian Clinical
Research Organisation, a clinical trials business based in
Queensland.

In commenting on Medical Centres, which are reported as part of
Pathology, Mr. Cooke said, "Whilst Medical Centres recorded
revenue growth, its profitability was impacted by the renewal of
a number of doctor contracts during the year.  The proposed
strategy to move to larger scale centers will be critical in
enhancing the profitability of this business going forward, and
this process is already underway through the acquisition of a
number larger medical centres in the later part of FY07."

                        Symbion Imaging

Symbion Imaging recorded revenue growth of 3.8% to AU$309.6
million in FY07, and EBIT growth of 4.1% to AU$30.3 million.
The EBIT margin improved 3 basis points to 9.8%.

Mr. Cooke said, "The Imaging division continued its stable
performance in a challenging environment.  The focus on higher
modality work paid off with solid examination growth recorded
across the higher modalities of CT and MRI.  However overall
examination growth was flat due to a loss of general X-ray work
to independents and the public sector, as well the as the
closure of six underperforming Symbion Imaging sites.

"The success of the private billing initiative was maintained
across the year, with the overall private billing rate
increasing by 5%.  However much of this benefit was offset by an
increase in radiologist wages, in line with expectations.

"Cost initiatives remained a key focus for the business in order
to underpin margins.  More efficient use of radiologist hours
was achieved through appropriate use of teleradiology, and
savings in other labour costs occurred through rostering
initiatives.  Savings were also realised from consumables, with
some contracts recently renewed on attractive terms.

"The rationalisation of some sites during the year was the first
step towards the development of a hub and spoke model, with
large central sites serviced by community feeder sites.  We
expect this strategy will be further enhanced if the Healthscope
merger proceeds," Mr. Cooke said.

                   Symbion Pharmacy Services

Symbion Pharmacy Services recorded revenue growth of 13.1% to
AU$2,608.2 million in FY07, and EBIT growth of 27.3% to AU$47.0
million.  The EBIT margin improved to 1.80% compared to 1.60% in
the prior corresponding period.

In commenting on the Pharmacy Services result, Mr. Cooke said
"The pleasing turnaround of the Pharmacy Services division
continued throughout 2007.  The strong revenue growth across the
core pharmacy and hospitals business reflected market share
gains from new customers and increased sales to existing
customers.  The core pharmacy sales increased 9.7% on prior year
and hospitals sales increased 48.3% on the prior year.

"Terry Whiter and Chemmartr experienced strong brand growth,
with an increase in store numbers across both brands.   The
initial response to Pharmacy Choice, the revised offering to
independent pharmacies, has been positive with close to 700
members at the end of FY07.  The improved and extended private
label range was well received with significant sales and margin
growth achieved.

"Third party logistics income grew strongly on the prior year as
a result of effective utilization of available warehouse
capacity and growth of existing supplier arrangements.  Cost
initiatives remained a key focus across the year, with the
successful streamlining of deliveries in an additional two
states, and some further warehouse rationalization.

"With the CSO now in place for just over one year, the
competition between all industry participants remains extremely
high and we are confident that our strategies are on track to
deliver continued improvement in this environment," Mr. Cooke
said.

                        Symbion Consumer

Symbion Consumer recorded revenue growth of 14.4% to AU$213.2
million in FY07, and EBIT growth of 22.8% to AU$37.0 million.
The EBIT  margin improved to 17.3% compared to 16.1% in the
prior year.

In relation to Consumer's performance during FY07, Mr. Cooke
said, "The Consumer division has continued its trend of strong
revenue and margin growth. Organic revenue increased 8.6%, with
Carlson Health acquisition in February 2007 taking total growth
for the year to 14.4%.  The success of Symbion Consumer's
differentiated branding strategy underpinned sales in the core
products of fish oil and multivitamins, with new product
launches further supplementing growth.

"The addition of Carlson Health's Microgenics brand, a leading
health food store only brand, means that Symbion Consumer will
have a dedicated brand for the major channels of pharmacy,
grocery and health food stores.  The integration of Carlson
Health into Symbion Consumer's existing business is progressing
well and this business is performing in line with expectations.
Carlson Health is a good example of utilising bolt-on
acquisitions to supplement existing manufacturing capacity,
leading to manufacturing efficiencies.

"The competitive landscape, product mix and the impact of the
one-off Carlson integration costs put some pressure on the gross
margin % in 2007, but this was more than offset by cost
efficiencies.  The utilization of the fixed cost base across
higher volumes, combined with savings from cost initiatives led
to solid overall margin improvement for the business in FY07.

"The move to a centralized distribution facility was a
significant move for the company, and started to deliver
efficiencies in the second half.  This purpose built facility is
located very close to Symbion Consumer's manufacturing facility
in Brisbane," Mr. Cooke said.

Outlook for FY08

Given that the shareholder vote in relation to the proposed
merger with Healthscope is less than three weeks away, Symbion
Health is not providing any guidance for FY08.

However, in commenting on the positioning of Symbion Health's
businesses, Mr. Cooke said, "The FY07 results have demonstrated
that each of Symbion Health's businesses have improved their
positioning since the demerger.  We would expect this positive
momentum to continue in the year ahead."

                      About Symbion Health

Melbourne-based Symbion Health Limited --
http://www.symbionhealth.com/-- formerly Mayne Group Limited,
provides health products and services. The principal activities
of Symbion Health, during the fiscal year ended June 30, 2006,
consisted of diagnostic and wellness products and services
through its Pathology, Imaging, Medical Centers, Pharmacy
Services and Consumer divisions.  Symbion Pathology owns and
operates private pathology practices, providing pathology
services to healthcare professionals and their patients. Symbion
Medical Centers provides local communities with healthcare and
family medicine.  Symbion Imaging provides imaging services to
patients on the eastern seaboard of Australia.  Symbion Pharmacy
Services supplies a line of pharmaceuticals and associated
products to pharmacies.  Symbion Consumer manufactures and
markets nutraceuticals (vitamins and mineral supplements).

On Jan. 30, 2007, Moody's Investors Service placed the Ba1
issuer rating of Symbion Health Limited on review for possible
downgrade after the company's announcement that it has received
an ownership proposal from Primary Health Care Limited
(unrated).


SYMBION HEALTH: Primary Ups Stake to 20% w/ 7.7 Mil. More Shares
----------------------------------------------------------------
Primary Health Care has boosted its stake to 20% in takeover
target Symbion Health Limited, creating speculation that it may
launch a takeover offer to spoil Healthscope Ltd.'s
AU$2.8-billion merger proposal to Symbion, writes Teresa Ooi for
The Australian.

After keeping silent on its plan for Symbion, Primary managing
director Edmund Bateman has increased its stake in Symbion to
20% spending close to AU$30 million, which bought an additional
7.7 million shares.

Many speculations and analysis has been expressed with this move
by Primary.  One analyst shared to Ms. Ooi that if "Primary
could persuade another 5 per cent of Symbion shareholders to
vote against the proposal, then the Healthscope deal could be
off."  Ms. Ooi quotes a source as saying, "There is no upside if
Primary succeeds in blocking the deal. Symbion share price would
fall and Primary would stand to lose up to AU$90million."

Another speculation, writes Ms. Ooi, is that Primary could just
sit on its increased stake and reap the substantial AU$25-AU$30
million profit, if Healthscope's minimum AU$4.36 share offer
comes off.

With Primary's 20% stake, it could use its strategic stake to
persuade Healthscope to part with some of the medical centers
and pathology assets, relates Ms. Ooi.

                       About Symbion Health

Melbourne-based Symbion Health Limited --
http://www.symbionhealth.com/-- formerly Mayne Group Limited,
provides health products and services. The principal activities
of Symbion Health, during the fiscal year ended June 30, 2006,
consisted of diagnostic and wellness products and services
through its Pathology, Imaging, Medical Centers, Pharmacy
Services and Consumer divisions.  Symbion Pathology owns and
operates private pathology practices, providing pathology
services to healthcare professionals and their patients. Symbion
Medical Centers provides local communities with healthcare and
family medicine.  Symbion Imaging provides imaging services to
patients on the eastern seaboard of Australia.  Symbion Pharmacy
Services supplies a line of pharmaceuticals and associated
products to pharmacies.  Symbion Consumer manufactures and
markets nutraceuticals (vitamins and mineral supplements).

On Jan. 30, 2007, Moody's Investors Service placed the Ba1
issuer rating of Symbion Health Limited on review for possible
downgrade after the company's announcement that it has received
an ownership proposal from Primary Health Care Limited
(unrated).


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

BENQ CORP: Sales in Romania Surges 40% in First Half
----------------------------------------------------
BenQ Corp posted a 40% year-on-year increase in sales in Romania
in the first half of 2007 due to high growth rates registered in
the notebook, photo camera, LCD monitor and projector segments,
Xinhua News says, citing media reports in the mid-eastern
European country.

Business Standard, a local daily, quoted some company officials
as saying: "The favorable 2007 development is due to maintaining
top position in the multimedia projector sector which increased
by 87 percent, and the notebook sector which soared by 131
percent, and also to the constant pace of the LCD monitor
sector, with a 26 percent growth rate."

Mike Borze, managing director of BenQ for Central and Eastern
Europe, said the company "targets a 60% increase in Romania in
2007," adding that the company is analyzing the possibility of
introducing new product ranges to the market.

"We registered a 95% annual increase in our business in 2006,
which placed us among companies with the highest growth rate on
the local IT market," Mr. Borze added.

"BenQ registered a significant rate of growth in its main
business lines in the Romanian market.  The company is leader in
the projector market, with a 38% percent market share," Bobby
Durbac, Marketing Manager for BenQ Romania, told Business
Standard.

The company's net sales reached EUR16 million (US$21.6 million)
in 2006, up from EUR8.2 million (US$11.07 million dollars) in
2005.

BenQ's partners in Romania are Altex, Darer, Proca Romania, RHS
Company, Tornado Systems, and Star Print. The BenQ corporation
includes three major business groups: the Digital Media Business
Group, the Integrated Manufacturing Service Business Group, and
the Mobile Communications Business Group.


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.


GREENTOWN CHINA: Buys Land in Shaoxing for CNY1.095 Billion
-----------------------------------------------------------
Greentown China Holdings Ltd has bought a residential site in
Shaoxing City in Zhejiang Province for CNY1.095 billion
(US$144.4 million), increasing the firm's total land bank to
14 million square meters, Reuters reports.

According to the report, Greentown bought the land property and
would team up with construction firm Baoye Group Co Ltd to
jointly develop the 183,333 square-meter site into villas and
serviced apartments.

Development of the project is scheduled to begin in June 2008
and is expected to be completed by the end of 2010.


Greentown China Holdings Ltd is one of the major property
developers in China with a primary focus on Hangzhou and hejiang
province.  It currently has a land bank in seventeen cities in
China with an attributable gross floor area of nine million
square meters.  Greentown was listed on the Hong Kong Stock
Exchange in July 2006.

Moody's Investors Service on June 25, 2007, placed Greentown
China Holdings Ltd's Ba2 corporate family rating and senior
unsecured bond rating on review for possible downgrade.  "The
review is prompted by Greentown's series of land acquisitions
recently, which is at a pace beyond our expectation," says Kaven
Tsang, Moody's lead analyst for Greentown.

In addition, the Standard & Poor's Ratings Services assigned its
'BB' issue rating to a CNY2.31 billion (about US$300 million)
zero coupon convertible bond issued by Greentown China Holdings
Ltd. (Greentown; BB/Stable/--).  The issue is due 2012 and will
be settled in U.S. dollars.  The bond is callable on or after
May 18, 2009, and putable on May 18, 2010.


TOWNGAS CHINA: S&P Hikes Rating to BBB- on Strong Parent Support
----------------------------------------------------------------
Ratings On Towngas China Co. Ltd. Raised To 'BBB-' On Further
Evidence Of Parental Support

Standard & Poor's Ratings Services had raised its long-term
corporate credit rating on Towngas China Co. Ltd. to 'BBB-' from
'BB+'.  The outlook is stable.

At the same time, Standard & Poor's also raised the issue
ratings on TCCL's US$50 million convertible bonds due 2008 and
US$200 million in senior unsecured notes due 2011 to 'BBB-' from
'BB+'.

The upgrade reflects positive developments brought about by its
parent, the Hong Kong & China Gas Co. Ltd. (Towngas), namely a
slightly revised business model that is less dependent on one-
off connection fees and more focused on recurring gas sales,
stronger risk management practices, and better access to
financing.

The corporate credit rating factors in TCCL's standalone credit
profile and the benefit the company derives from being an
associate of Towngas.  The rating also reflects the strong
demand for piped natural gas in China, TCCL's monopoly in a
captive market, and its focus on sustainable gas sales to
commercial and industrial (C/I) customers.  These strengths are
partly offset by uncertain regulatory risk, particularly over
connection fee charges, increasing competition, rising
acquisition costs, and the company's large investments in low-
margin liquefied petroleum gas (LPG) operations.

Towngas has taken several important measures to integrate TCCL
into its group since March 2007, including: the managing
director of Towngas, Alfred Chan, became TCCL's chairman.
Towngas' chief finance officer, chief operating officer, and the
head of its China business became executive directors of the
company; Towngas introduced its prudent risk management
practices and internal control systems at TCCL; the new
associate's name changed from Panva Gas Holdings to reflect its
membership of the group; Towngas provided financial support to
TCCL, including the advance of a US$25 million shareholders'
loan; and Towngas fully subscribed to TCCL's open share offer.

TCCL benefits from the strong demand for piped gas in China.
Revenue from piped gas sales in 2006 increased to Hong Kong
dollar (HK$) 374 million from HK$153 million in 2005.  Revenue
should more than double in 2007, as TCCL is now focused on
securing more C/I customers.


=========
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AES CORP: Dominican Subsidiary Restarts Operations
--------------------------------------------------
DR1 Newsletter reports that AES-Andres, AES Corp.'s unit in the
Dominican Republic, has restarted operations after being shut
due to Hurricane Dean.

The AES Group admitted to DR1 Newsletter that the hurricane
caused some damage to a gas terminal.

The AES Group assured that it has sufficient Liquid Natural Gas
in reserve to keep operating until the damage is fixed in
September 2007, DR1 Newsletter notes.  The hurricane damaged
part of the liquefied natural gas receiving area.  However, the
equipment that sends the gas to the Los Mina generation stations
was unaffected.

The AES Group told DR1 Newsletter that it implemented its
contingency plans for natural disasters.  Repairs were
progressing at a "satisfactory rate."

                      About AES-Andres

AES-Andres is a 300-megawatt natural gas generating facility in
Santo Domingo, Dominican Republic.  It belongs to the AES Group.

                         About AES

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.  The company's Latin America business
group is comprised of generation plants and electric utilities
in Argentina, Brazil, Chile, Colombia, Dominican Republic, El
Salvador, Panama and Venezuela.

                       *     *     *

On Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 23, 2007, Fitch affirmed AES Corporation's Issuer Default
Rating at 'B+', and assigned a short-term IDR of 'B'.

Fitch also made these rating actions:

* AES
-- Senior unsecured to 'BB/RR1' from 'BB/RR2'

* AES Trust III
-- Trust preferred securities to 'B+/RR4' from 'B/RR5'.

* AES Trust VII
-- Trust preferred securities to 'B+/RR4' from 'B/RR5'.

In addition, Fitch affirms these ratings:

* AES
-- Senior secured credit facility at 'BB+/RR1';
-- Junior secured notes at 'BB+/RR1'.


AES CORP: El Salvador Regulator Completes Probe on Firm's Unit
--------------------------------------------------------------
El Salvador's antitrust regulator Superintendencia de
Competencia has concluded a probe on the alleged monopolistic
practices of AES Corp.'s unit AES-Clesa, Business News Americas
reports.

BNamericas relates that the investigation started in February
2007.  Power distributors Caess and Delsur were also probed.

Superintendencia de Competencia said in a statement that Caess
allegedly blocked the entry of distribution firm B&D, while
Delsur blocked that of Abruzzo.

According to Superintendencia de Competencia's statement, the
regulator's board council will review findings.  It will issue a
final resolution within three months.

Caess, AES-Clesa and Delsur allegedly prevented Edesal from
entering the Salvadorian market.  The companies could face
fines, BNamericas states.

                       About AES-Clesa

AES Clesa is an electricity distribution company based in Santa
Ana, El Salvador.  It serves approximately 257,000 customers in
the western region of El Salvador, including Santa Ana, the
country's second-largest city, as well as other surrounding
areas.  AES Clesa is 79.66% owned by AES El Salvador, an
indirect subsidiary of AES and Energia Global International.

                         About AES

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.  The company's Latin America business
group is comprised of generation plants and electric utilities
in Argentina, Brazil, Chile, Colombia, Dominican Republic, El
Salvador, Panama and Venezuela.

                       *     *     *

On Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 23, 2007, Fitch affirmed AES Corporation's Issuer Default
Rating at 'B+', and assigned a short-term IDR of 'B'.

Fitch also made these rating actions:

* AES
-- Senior unsecured to 'BB/RR1' from 'BB/RR2'

* AES Trust III
-- Trust preferred securities to 'B+/RR4' from 'B/RR5'.

* AES Trust VII
-- Trust preferred securities to 'B+/RR4' from 'B/RR5'.

In addition, Fitch affirms these ratings:

* AES
-- Senior secured credit facility at 'BB+/RR1';
-- Junior secured notes at 'BB+/RR1'.


GENERAL MOTORS: Trimming Production in SUV & Pickup Truck Plants
----------------------------------------------------------------
General Motors Corp. is cutting production at six North American
plants that make large pickup trucks and sport-utility vehicles
as the company moves to clear dealer lots of excess inventory,
Jeff Green of Bloomberg News reports.

Company spokesman Tom Wickham told Bloomberg in an interview
that
the factories will eliminate previously scheduled overtime the
rest of the year for models such as the Chevrolet Suburban SUV
and GMC Sierra pickup.

John D. Stoll and Neal E. Boudette of The Wall Street Journal
relate that GM's move is underscoring fears that the auto
industry is headed for a longer and more painful downturn in
the U.S. than many had expected.

Citing industry observers, WSJ says a longer downturn could
threaten the turnaround plans of GM due to sharp declines
in U.S. auto sales in the last two months as falling home
values and credit worries damped consumer interest.

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                          *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating,
and maintained its SGL-3 Speculative Grade Liquidity Rating.
The rating outlook remains negative, according to Moody's.


PRIDE INT'L: Buys 9% Remainder of Angolan Joint Venture Stake
-------------------------------------------------------------
Pride International Inc. said Wednesday that it acquired the
remaining 9% interest in its Angolan joint venture company from
a subsidiary of Sonangol, the national oil company of Angola.

The joint venture owns the two deepwater drill ships Pride
Africa and Pride Angola and the 300 ft. independent-leg jackup
rig Pride Cabinda, and holds management agreements for the
deepwater platform rigs Kizomba A and Kizomba B.

The acquisition increases Pride's ownership in the three mobile
offshore drilling units and the two management agreements, along
with related working capital, to 100 percent.  Cash
consideration in the transaction of $45 million was paid with
cash on hand and borrowings under the company's revolving credit
facility.

The transaction brings Pride's total investment in high
specification, deepwater drilling rigs, including commitments to
construct two ultra-deepwater drill ships, to just over $2
billion since late 2005.

                    About Pride International

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore drilling and related services in more than
25 countries, including India, operating a diverse fleet of 277
rigs, including two ultra-deepwater drill ships, 12
semisubmersible rigs, 28 jackups, 16 tender-assist, barge and
platform rigs, five managed deepwater rigs and 214 land rigs.
The company has two additional ultra-deepwater drill ships under
construction with expected deliveries in 2010.  The company has
reached a definitive agreement to sell its Latin America-based
land drilling and work over rigs, two lake drilling barges and
E&P Services business with an expected closing by the end of the
third quarter of 2007.  In addition, the company has announced
an agreement to sell its three tender-assist rigs, with an
expected closing in early 2008.

                         *     *     *

As reported in the Troubled Company Reporter on July 30, 2007,
Moody's affirmed Pride International, Inc.'s credit ratings
following the company's announcement of the acquisition of a
newbuild drillship to be delivered in 2010.

The affirmed ratings include the Ba1 corporate family rating,
the Ba2 rating on Pride's US$500 million senior notes due 2014,
the Baa2 rating on its US$500 million senior secured credit
facility and speculative grade liquidity rating of SGL-2.  The
outlook is stable.


TATA POWER: S&P Lowers Corporate Credit Rating to BB- From BB+
--------------------------------------------------------------
Standard & Poor's Ratings Services, on Aug. 24, 2007, it lowered
its corporate credit rating on India's Tata Power Co. Ltd. to
'BB-' from 'BB+'.  The outlook is stable.

At the same time, the rating on Tata Power's US$300 million
senior unsecured bonds have been lowered to 'BB-' from 'BB+'.
The rating is removed from CreditWatch, where it was placed on
May 9, 2007, with negative implications, after the company's
acquisition of Coastal Gujarat Power Ltd., a special purpose
entity formed for financing and executing the Indian rupee (INR)
170 billion, 4,000 MW Mundra power project in Western India.

Tata Power subsequently announced the finalization of agreements
to acquire 30% equity in two Indonesian coal producers, PT
Kaltim Prima Coal and PT Arutmin Indonesia, for about US$1.1
billion.

"Standard & Poor's considers that these outlays, in addition to
the company's ongoing expansion plans, would radically increase
Tata Power's consolidated debt, in comparison with its existing
operating cash flows, and result in a material weakening of its
credit protection parameters," said Standard & Poor's credit
analyst Anshukant Taneja.  "The weakening financial profile is
accompanied by some erosion in the company's business profile,
as recent investments are in more competitive environments where
the company would potentially face higher counterparty risks and
a reduction in the proportional contribution of its relatively
protected licensed operations."

Tata Power's liquidity position is adequate, with cash and cash
equivalents of INR14 billion. For fiscal 2007, Tata Power
reported consolidated revenues of INR64.3 billion, a growth of
13% from the previous year.  The company's operating margins
dipped moderately to 16.2% as a result of rising fuel charges.

"The stable outlook factors in the relative predictability of
the company's operating cash flows, stemming from its licensed
businesses, stable operations, and adequate liquidity," Mr.
Taneja added.  "Significantly, the stable outlook does not
factor in other projects or investments.  New investments, over
and above the ongoing plans, the 1,050 MW Maithon power and the
4,000 MW Mundra project, are likely to aggravate the company's
credit profile and result in further downward pressure on the
ratings.  At this stage, Standard & Poor's considers that
potential for improvement in the company's ratings is limited,
unless it demonstrates a significantly higher contribution from
equity for funding these projects."


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

ALCATEL-LUCENT: Signs US$100-Million Contract With Hits Telecom
---------------------------------------------------------------
Alcatel-Lucent signed a US$100 million contract with Hits
Telecom Uganda, a new regional operator, to deploy a new mobile
network based on GSM technology.  The contract also calls for
Alcatel-Lucent to provide a full suite of managed services.

The turnkey network Alcatel-Lucent is deploying will enable Hits
Telecom Uganda to introduce its services in Uganda in time for
the Summit of the 53 Heads of States of the Commonwealth
Countries, which will take place in November.  Hits Telecom
Uganda will be able to quickly expand its GSM offer throughout
Africa and position itself as a best-in-class telecom service
provider, focusing on excellent quality of services.

"Hits Telecom Uganda and Alcatel-Lucent share a common view
regarding the role they can play in enhancing the communications
services available to the people of Africa.  We selected
Alcatel-Lucent as our sole supplier because it is a worldwide
leader in telecommunications solutions with the broadest
wireless portfolio on the market and has great experience in
this part of the world," said Ahmed Darweesh Bin Dagher Al
Marar, Chairman of the Board of Hits Telecom Uganda.  "This
project is also supported by IIH (International Investment
House), a leading investment company in emerging countries and
has mandated 1COM to manage the operations of Hits Telecom
Uganda. 1COM is a European based company specialized in telecom
management, consultancy and all related services," he added.

"Customers of Hits Telecom Uganda will be assured of having
access to the best network, best value for the money, innovative
services, and widespread retail distribution channels, all
backed by world-class customer service.  Hits Telecom Uganda,
which benefits from access to a broad radio spectrum, will be
extending its coverage to new markets, including semi-urban and
rural areas of Uganda, while focusing on corporate social
responsibility.  This is the cornerstone of the Hits philosophy;
the firm belief that everyone in Uganda should have access to
high-quality wireless network services at an affordable price,
providing optimum value."

He further noted that this new GSM network will contribute to
Uganda's overall telecommunications infrastructure, making it
one of the many countries in Africa investing in new solutions
to enhance its communications infrastructure to better serve
people in these countries, particularly in the rural areas,
where there is a critical need for wireless connectivity.

"Alcatel-Lucent is proud to have been selected by Hits Telecom
Uganda to provide a full turnkey solution that will enable this
new service provider to provide top-quality mobile
communications services to people throughout Uganda and
eventually the entire continent.  Hits' decision to rely on
Alcatel-Lucent for this critical network underscores our
leadership, not only in the industry but in the continent of
Africa," said Olivier Picard, President of Alcatel-Lucent's
activities for Europe and South.  "We know how to deliver
innovative solutions in a very competitive environment, and in a
very short timeframe.  We are committed to completing the first
phase of this network in time to serve the participants of the
Commonwealth Summit in November.  This contract confirms the
strength of Alcatel-Lucent in providing complex turnkey
solutions anywhere in the world as well market leadership
experience in Managed Services, network integration and OSS/BSS
integration."

Under the agreement Alcatel-Lucent will supply a full end-to-end
GSM network as well as transmission solutions with microwave
systems to dynamically optimize the transmission of voice and
data traffic from the base stations to the core network.
Alcatel-Lucent will be responsible not only for complete network
design and deployment, including OSS/BSS integration, but also
will help Hits Telecom Uganda manage and maintain the network by
providing a suite of managed services.  Alcatel-Lucent will also
supply its IP routing solution to provide massive scalability
and critical Quality of Service features while simultaneously
reducing operational complexity.

                    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.


ARPENI PRATAMA: Pefindo Upgrades Company Bond I/2003 to "idA"
------------------------------------------------------------
Pefindo upgraded PT Arpeni Pratama Ocean Line and the Company's
Bond I/2003 of IDR171 billion due October 2008 to "idA" from
"idA-".  The outlook for the ratings is "stable".

The ratings upgrade reflects the Company's strong market
position in dry bulk shipment, supportive policy from government
and favorable coal demand in the future as well as relatively
strong liquidity.  However, the ratings are still constrained by
the Company's aggressive vessels acquisition going forward and
relatively concentrated customers.  APOL is involved in shipping
services businesses for transporting coal, oil, LPG, pulp,
timber and general products, and is also engaged as an agency
and ship management. APOL is a public company with respective
shareholders: PT. Mandira Sanni Pratama (30.7% of total shares
ownership), PT Ayrus Prima (21.04%), Melon S/A Cundhill Recovery
FD (8.67%), DEG (8.67%) and public (31%).  At end of March 2007,
APOL operated 63 self own vessels and 7 chartered vessels.

The ratings upgrade is supported by:

    * Strong market position in dry bulk shipment.  A
      combination between proven track record and long-term
      relationship with domestic prominent coal producers as
      well as favorable fleet profile has supported APOL to
      maintain its strong market position in dry bulk shipment,
      especially for coal.  In addition, possible threat from
      new player in domestic market is also minimal as to enter
      the business requires large investment.  Currently, APOL
      provides one stop shipping and logistic solution for dry
      bulk shipment with 7 dry bulk vessels, 7 floating cranes,
      21 barges and 19 tug boats.  APOL also dedicates 3 vessels
      for general cargo shipment, 5 tankers for oil and LPG
      shipment.  APOL recorded total revenue of IDR1.36 trillion
      in 2006, up by 15.98% from a year earlier as a result of
      additional vessels, relatively strong freight rates and
      higher volume carried.  Meanwhile, APOL's revenue from
      bulk carrier shipment alone increased strongly by 33.63%
      y-y to IDR936.88 billion in 2006.

    * Supportive policy from the government and favorable coal
      demand in the future.  APOL is considered as one of
      domestic shipping companies who should enjoy the most
      benefits from government supportive regulations and
      favorable coal demand.  The implementation of cabotage and
      ship ownership principles should strengthen APOL's
      business position as it faces minimal competition from
      foreign shipping companies.  Meanwhile, APOL's access to
      domestic financing should also improve by the ratification
      of Maritime Liens and Mortgages 1993.  The domestic
      shipping companies will be given better priority than
      foreign companies to ship major products that are included
      in cabotage principles.  Government will also require all
      cargoes purchased using government fund to be carried by
      the Indonesian flag vessels in the near term.  On the
      other side, domestic demand for coal is expected to
      continue growing in line with Government's commitment to
      accelerate coal fired power plants development.  At
      present, power sector is the biggest consumer of domestic
      coal products, followed by cement, pulp & paper and other
      sectors.  Currently, APOL is regarded as the main domestic
      coal shipper for coal power plants with estimated
      market share of around 22%.

    * Relatively strong liquidity.  APOL's capability to service
      its maturing financial obligation is relatively strong.
      APOL's cash balance of IDR389.53 billion and marketable
      securities of IDR157.65 billion in 1H07 and added by
      expected annual EBITDA of IDR450 billion should be
      sufficient to cover maturing loan of IDR411.03 billion,
      consisting of working capital loan (IDR190.78 billion) and
      loan installment (IDR215.11 billion).  Meanwhile, APOL's
      interest and debt coverage measured by EBITDA/IFCCI and
      EBITDA/Total debt stayed relatively strong at 2.95x and
      0.23x in 1H07, as compared to 2.91x and 0.24x in 2006.

The ratings upgrade is constrained by:

    * Aggressive vessels acquisition going forward.  APOL's
      vessel acquisition plan in the next three years amounting
      to USD268 million is considered aggressive as will be
      largely financed with debt borrowing.  This year, there
      will be 12 vessels to be delivered worth of USD77.5
      million, followed by 1 vessels in 2008 and 5 vessels in
      2009.  Consequently, APOL's leverage ratio measured with
      Debt to Equity ratio is projected to remain aggressive in
      the medium term.

    * Relatively concentrated customers.  APOL's revenue
      stability is weakened by its concentrated customers and
      shipping destination.  Revenue from top ten customers in
      2006 and 1Q07 contributed over 57.23% and 50.42% of the
      company's total revenue.  Any business interruption from
      its major customers could adversely affect the company's
      revenue stream.  Moreover, 50% of total coal volume
      carried by APOL is delivered to Suralaya power plant.
      Higher contribution from general cargo shipment can not be
      expected due to unfavorable domestic wood and timber
      industry.  APOL's revenue from general cargo shipment for
      2006 declined by 12.06% y-y to IDR169.91 billion.

                             Outlook

A "stable" outlook is assigned to the above ratings.  With
additional vessels in the coming years, APOL will continue to
maintain its dominant market position in domestic shipping
business especially in dry bulk segment.  However, APOL's
capital structure will remain aggressive as vessel acquisition
will be partly financed by borrowing.

                        About Arpeni Pratama

PT Arpeni Pratama Ocean Line Tbk -- http://www.apol.co.id/-- is
a marine shipping company.  The company's activities include
bulk and liquid transportation services.  Arpeni operates a
fleet of general-purpose specialist, such as their tweendecker
MV Alas, which is designed to transport dry cargoes such as
plywood and agricultural products.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
July 5, 2007, Fitch Ratings has affirmed the 'BB-'Long-term
Foreign and Local Currency Issuer Default Ratings, and the
'A+(idn)' National Long-term Rating of PT Arpeni Pratama Ocean
Line Tbk.  The Outlook for the ratings remains Stable.  At the
same time, Fitch has affirmed the 'BB-'rating on Arpeni's US$160
million senior notes due 2013.

The TCR-AP also reported on April 24, 2006, that Standard &
Poor's Ratings Services assigned its B+ corporate credit rating
to PT Arpeni.  The outlook is stable.  At the same time,
Standard & Poor's assigned its 'B+' rating to the proposed
US$160 million seven-year senior unsecured notes to be issued by
the company.  The company intends to use a part of the net
proceeds -- about US$93 million -- for refinancing existing
debt, and the balance for capital expenditure and vessel
financing.


BANK NEGARA: Expects 5% Increase in Net Interest Margin
-------------------------------------------------------
PT Bank Negara Indonesia expects a 5% increase in its net
interest margin by the end of the year due to its plans to lend
more, with some IDR3-5 trillion ready to be disbursed, Antara
News reports, citing Bank President Sigit Pramono

To enhance the net interest margin the bank is also cutting its
deposit rates, slowing down the increase in third-party funds
Gatot Suwondo, bank vice-president, reportedly said.

Bnak Negara said earlier that its net interest margin fell to
4.5% in the first half from 5.8% a year before, the report
recounts.

Antara notes that the bank's third-party funds, in the form of
savings and time deposits, rose to IDR141.64 trillion at the end
of June from IDR116.91 trillion a year before.  Its loans as a
percentage of its deposits was 55.3%, compared to 51.8%.

Mega Capital Analyst Debby Handojo said that the narrowing net
interest margin could dampen investors' interest in buying BNI
stock, adding that the bank needs to be more aggressive in
lending to improve its margin, the report adds.

                        About Bank Negara

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

As reported in the Troubled Company Reporter-Asia Pacific on
April 20, 2007, Standard & Poor's Ratings Services raised PT
Bank Negara Indonesia (Persero) Tbk's long-term counterparty
credit ratings to 'BB-' from 'B+'.  The outlook is stable.  At
the same time, the Bank Fundamental Strength Rating of the bank
remains unchanged at 'D'.


BANK NEGARA: First Half Net Profit Up 21.5% to IDR1.02 Trillion
---------------------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk first half net profit
rose 21.5% to IDR1.02 trillion on a sharp rise in fee-based
income, Antara News reports.

According to the report, Bank Negara's fee-based income doubled
to IDR2.33 trillion from IDR1.16 trillion a year ago.

Net interest income in the first half dropped to
IDR3.33 trillion from IDR3.71 trillion while net interest margin
fell to 4.5 % from 5.8%, the report says.

As of end-June, loans outstanding rose to IDR78.25 trillion from
IDR60.54 trillion a year earlier while its loan to deposit ratio
rose to 55.3% from 51.78%, the report adds.

                       About Bank Negara

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

As reported in the Troubled Company Reporter-Asia Pacific on
April 20, 2007, Standard & Poor's Ratings Services raised PT
Bank Negara Indonesia (Persero) Tbk's long-term counterparty
credit ratings to 'BB-' from 'B+'.  The outlook is stable.  At
the same time, the Bank Fundamental Strength Rating of the bank
remains unchanged at 'D'.


BANK NIAGA: Pefindo Affirms "idA+" Corporate Rating
---------------------------------------------------
Pefindo affirmed the corporate rating of "idA+" to PT Bank Niaga
Tbk.  Outlook for the rating is "Stable."  The rating reflects
BNGA's strong market position, sound capitalization, and its
well-diversified business.  However, tight competition within
the Bank's chosen market, particularly in middle commercial
business, has offset those supporting factors.

Established in 1955, BNGA has emerged to become one of the top
tier banks in the country with a good reputation in corporate
governance, service excellence and innovation.  As of December
2006, BNGA was the 7th largest bank in the country with total
assets of nearly IDR46.5 trillion.  Following a series of
Government of Indonesia ownership sales since November 2002,
Bumiputra-Commerce Holdings Berhad, Malaysian based financial
services holding company, became the major shareholder by
holding around 52.59% stakes as of FY04.  The Group continued to
increase its ownership in the Bank through a purchase of
additional shares from rights issue and open market which raised
its holding to approximately 64% as of 1H07.  In June 2007, Bank
Indonesia has approved the change in controlling shareholder
from the Group to CIMB Group Sdn Bhd which is still 100% owned
by the Group.  On August 16th, 2007 all shares and warrants held
by BCHB Group in Bank were transferred to CIMB Group.  The rest
of the Bank's shares were owned by several public investors that
in total contributed 36%.

The Bank is well known for its strong franchise in three
business segments, namely mortgage, middle commercial, and high
net worth individuals and through these segments BNGA has set up
its vision to become top five largest banks by the year 2010.

Supporting factors for the above rating are:

    * Strong market position.  Despite tightening competition in
      banking industry, BNGA could maintain its position as the
      7th largest bank in terms of total assets as of 1H07,
      supported by sustainable growth in lending and funding
      activities.  In lending activity, the Bank's growth was
      mainly driven by retail and business segments, which is in
      line with the Bank's intention to become the premier
      retail bank.  As of 1H07, retail lending was BNGA's
      largest contributor, representing 42% of total loans,
      while loans from business segment contributed 31%.
      Included in retail lending is mortgage lending, which has
      become one of the Bank's core business.  With lending size
      of about IDR 8 trillion as of 1H07 or 9.8% of mortgage
      lending in the country, BNGA is the 2nd largest mortgage
      lender.  As the first local bank to introduce the concept
      of Private Banking and the use of ATM in Indonesia, BNGA
      had attempted to maintain its leading position in
      innovation through the launching of Self Service Terminal
      and is committed to enlarging its credit card segment
      through strategic alliance with the Group.  Going forward,
      the Bank is expected to preserve its strong franchise
      within the targeted segment supported by its network and
      good reputation in service of excellence.

    * Sound capitalization.  After finalizing its rights issue
      and subordinated debt in 2005, the Bank's capital has been
      maintained at favorable levels.  Supported by continuously
      growing equity to IDR 5.1 trillion as of 1H07, BNGA's CAR
      also stood strong at 17.8%.  Strong CAR also resulted from
      favorable composition of its loan portfolio, which
      contained a large amount of low-risk mortgage lending.
      The Bank's CAR is expected to stay at a favorable level
      going forward, as the Bank will continue focusing on
      retail, mainly mortgage and business segments.

    * Well-diversified business.  BNGA has been continuously
      maintained its well-diversified business portfolio during
      the years under review.  Although the Bank's loan
      portfolio was formerly dominated by corporate segment, in
      the recent years BNGA has shifted its lending activities
      to retail and business banking segments.  BNGA has also
      improved portion of funding sources from low-cost deposits
      to 36% of total deposits as of 1H07 from previously below
      30%. In addition, the Bank has maintained its high fee-
      based income ratio at around 16.67% during the years under
      review.

Constraining factor for the above rating is:

    * Tight competition within the Bank's chosen market.  As a
      result of economic downturn in the late 90s, many
      commercial banks have gradually shifted their lending
      portfolio from corporate to a more retail segment.  As a
      consequence, the segment is crowded by market
      participants. The intensified competition in turn has put
      profitability of all banks in the country under pressure.
      Accordingly, despite its growing business from retail
      segment and the Bank's improvement in its Net Interest
      Margin to 6.30% in 1H07, going forward it would be very
      difficult for the Bank to further improve the margin.

                            Outlook

A "stable" outlook is assigned to the above rating.  Mortgage
sector as the major contributor to the Bank's retail loans
should still provide promising opportunity going forward because
demand for housing is expected to increase in line with the
economic growth.  Support from the Bank's parent is expected to
be strong as reflected by the Group's continuing increase in
shareholding.  From business side, synergy with the Group will
strengthen BNGA's business position in the future.

                       About Bank Niaga

Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk --
http://www.bankniaga.com/-- has a license to operate as a
commercial bank, a foreign exchange bank and a bank engaged in
activities based on Syariah principles.  The bank's products and
services include: Funding, Consumer Financing, Business
Financing, Credit and Debit Cards, Private Banking, Preferred
Circle, e-Banking, Corporate Trust, Bancassurance and Treasury
Indicator.  The bank's subsidiaries consist of: PT Niaga Aset
Manajemen and PT Saseka Gelora Finance.  As of January 31, 2006,
the Bank operates 54 domestic branches, 145 domestic supporting
branches, 22 domestic payment points, seven Syariah units and
one overseas branch.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Aug 13, 2007, that Moody's Investors Service has assigned a
Aaa.id long-term National Scale Rating to Bank Niaga.

The bank also has the following existing global scale ratings
assigned by Moody's:

   -- issuer/foreign currency subordinated debt of Ba3;

   -- global local currency deposit of Baa3;

   -- foreign currency long-term/short-term deposit of B2/Not
      Prime;

   -- and bank financial strength of D.

The Ba3 issuer/foreign currency subordinated debt and B2 foreign
currency long-term deposit ratings are on review for possible
upgrade.  The outlook for all other ratings is stable.

Fitch Ratings affirmed all the ratings of PT Bank Niaga Tbk as:
Long-term foreign Issuer Default ratings at 'BB-'; Individual at
'C/D'; and Support '4'.  The Outlook for the ratings was revised
to Positive from Stable.


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

FORD MOTOR: Bear Stearns Wants to Buy Indian Financing Unit
-----------------------------------------------------------
Bear, Stearns & Co. Inc. is in negotiations to purchase a Ford
Motor Company financing unit in India, although the bank has not
confirmed the Economic Times report that it has offered
INR900 million (US$22.09 million) in exchange for Ford
Automotive Finance Co., Reuters relates.

"We are in advanced discussions with Ford but it is too early to
confirm the outcome," a London-based spokeswoman for Bear
Stearns said, Reuters notes.  "We are looking at ways of
building our presence in India as an important factor in our
international growth plans.  We are keen to identify the best
way to build on our existing services to clients in India," she
added.

A secondary market for the sale of financial products in India
has opened up because its government is not issuing new licenses
in the country.  Bear Stearns is already registered as a foreign
institutional investor in India and offers some services, such
as buying Indian equity for overseas clients, but it cannot sell
other products into the market, Reuters observes.

The Economic Time report also states that Bear Stearns plans to
invest INR1 billion (US$24.54 million) to comply with Indian
regulations and launch a full-fledged financial services
company.

India has about 1,050 registered foreign institutional
investors, with 32 asset management firms managing over INR4
trillion (US$99 billion), according to data from the market
regulator Securities & Exchange Board of India, Reuters notes.
Citigroup, UBS, Morgan Stanley and Goldman Sachs are among the
foreign institutional investors currently operating in India.

                      About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the Company maintains a presence in Sweden, and the
United Kingdom.  The Company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                        *     *     *

As reported in the TCR-Europe on July 31, 2007, Moody's
Investors Service said that the performance of Ford Motor
Company's global automotive operations for the second quarter of
2007 was significantly stronger than the previous year and
better than street expectations.

However, Moody's explained that the company continues to face
significant competitive and financial challenges, and the rating
agency expects that Ford's credit metrics and rate of cash
consumption will likely remain consistent with no higher than a
B3 corporate family rating level into 2008.

According to the rating agency, Ford's corporate family rating
is currently a B3 with a negative outlook.  The rating is
pressured by the shift in consumer preference from high margin
trucks and SUVs, and by the need for a new 2007 UAW contract
that provides meaningful relief from high health care costs and
burdensome work rules, Moody's relates.


MITSUKOSHI LTD: Says Yes to JPY295-Billion Isetan Acquisition
-------------------------------------------------------------
Isetan Co. will buy Mitsukoshi Ltd. for JPY295 billion in stock,
creating Japan's largest department-store chain, reports Tak
Kumakura of Bloomberg News.

The takeover, which is expected to reap annual sales of
US$14 billion, will be completed on April 1 under a holding
company to be known as Mitsukoshi Isetan Holdings, writes Mr.
Kumakura.

According to the report, Mitsukoshi shareholders will receive
0.34 shares in the combined company for each share they already
own.  Isetan shareholders, on the other hand, will swap their
stock on a one-for-one basis.

Bloomberg says that Isetan may use its marketing skills to turn
around Mitsukoshi's six years of declining revenue.  However,
different analysts expressed their opinion on the agreed
takeover.

Sho Kawano, Goldman Sachs analyst, said in his July 25 report
that "it will be difficult, in our view, even for Isetan to
revive Mitsukoshi's regional stores, which are experiencing
abundant competition."

Meanwhile, Credit Suisse analyst Katsura Kihara stated in his
report that "Investors are unlikely to be impressed unless
Isetan and Mitsukoshi present structural reforms and other
earnings improvement measures along with merger plans."

                      About Mitsukoshi Ltd.

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

                          *     *     *

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

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


MITSUBISHI MOTORS: Owes US$1.02 Million Tax Tab to Venezuela
------------------------------------------------------------
Mitsubishi Motors Corporation was hit by the Venezuelan tax
authority with a US$1.02 million tax tab following an income tax
audit of filing for the years 2003 and 2004 that focused on
transfer pricing, reports Brain Ellsworth of Reuters.

According to Reuters, Seniat officials explained that transfer
pricing audits often focus on loans between Venezuelan
subsidiaries and their foreign headquarters made at above market
interest rates with the intent of lowering tax payments in
Venezuela.

Mitsubishi Motors is given 15 days to make the payment or face a
fine of 10% of the total amount owed, Mr. Ellsworth writes.

                     About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the "Mitsubishi
Motors Revitalization Plan" on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

Troubled Company Reporter-Asia Pacific reported on July 10,
2007, that Rating and Investment Information, Inc. has lifted
its issuer rating from 'B' to 'B+' with a stable outlook.  Also,
R&I affirmed its 'B' rating for its domestic commercial paper
program.  The upgrade in rating, according to the report, is due
to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.


NIPPON SHEET: Shares Gain 4.4% After Forecast Boost
---------------------------------------------------
Nippon Sheet Glass Company Limited's shares rose 4.4% on the
Tokyo Stock Exchange after the Tokyo-based company increased its
profit forecast following the yen's weakening against the pound,
Masumi Suga writes for Bloomberg News.

Nippon's stocks earned JPY27 to JPY639 and was at JPY638 as of
the 11 a.m. trading break in Tokyo on August 24, 2007.

With the yen's weakening against the pound, euro and U.S. dollar
is boosting the value of overseas business when converted into
the Japanese currency.  Pilkington Plc of the U.K., which was
acquired by Nippon Sheet last year, is the company's largest
business region.

Okasan Securities Co., analyst Masao Yoshida rated the glass
company's stock "neutral" saying that "The currency is a big
factor for the earnings revision.  The key point is how the
company will generate synergies with Pilkington to expand
earnings."

Nippon Sheet's European business contributed more than half of
its total revenue and represented about 70% of the total
operation profit for the company's first quarter result ended
June 30, 2007.

                    About Nippon Sheet

Headquartered in Tokyo, Nippon Sheet Glass Company, Limited
-- http://www.nsg.co.jp-- Company operates in four business
divisions.  Its Glass and Construction Material division
manufactures, processes and sells various types of glasses, such
as float plate, polished wire, heat absorbing, heat reflecting,
reinforced, laminated, double-layer, vacuum, fireproof,
template, mirror and ornamental glass, as well as sashes.  It
also supplies construction materials, and interior accessories
for stores.  The Information and Electronics division offers
optical products, fine glass products, industrial glass
products, liquid crystal display (LCD) products and others.  Its
Glass Fiber division is engaged in the manufacture, processing
and sale of special glass fiber products, air filter-related
items and others.  The Others division is involved in the
facility engineering and the test analysis businesses, among
others.

The company has operations in Argentina, the United States, and
Austria.

Standard & Poor's Ratings Services affirmed on June 20, 2006,
its BB+ long-term corporate credit and long-term senior
unsecured debt ratings on Nippon Sheet Glass Co. Ltd., following
the company's successful acquisition of U.K.-based Pilkington
PLC.


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

DURA AUTO: Summary of Terms of Proposed Stockholders' Agreement
---------------------------------------------------------------
The backstop rights purchase agreement between Dura Automotive
Systems Inc. and Pacificor LLC attached a Stockholders'
Agreement Term Sheet.

TERM                          DESCRIPTION
----                          -----------

Issuer        Reorganized Dura Automotive Systems, Inc.
Class and     Shares of New Common Stock, $0.01 par value, of
Amount of     Reorganized DASI equal to 100% of the total number
Securities    of issued and outstanding shares of New Common
to be         Stock on the Effective Date.  The shares of New
issued        Common Stock issued on the Effective Date will be
              held and, to the extent permitted, transferred
              through the Depository Trust Company.

Initial       Initial Stockholders will be (i) Pacificor, LLC,
Stockholders  in its capacity as a Senior Noteholder and the
              Backstop Party; (ii) Senior Noteholders receiving
              New Common Stock pursuant to the Chapter 11 Plan
or
              the Rights Offering; and (iii) holders of certain
              Other General Unsecured Claims receiving New
Common
              Stock pursuant to the Chapter 11 Plan. All
              transferees of the Initial Stockholders will be
              subject to, and bound by, the terms of the
              Stockholders Agreement.

Holder of     All holders of New Common Stock will hold such
Record        shares through The Depository Trust Company.
Dilution      All shares of New Common Stock issued on the
              Effective Date will be subject to dilution by the
              Management Equity Program.  Any shares of New
              Common Stock issued under the Management Equity
              Program will be subject to, and bound by, the
              terms of the Stockholders Agreement.

Initial       Each Share of New Common Stock will have an
Share         initial value of US$500,000 unless Pacificor
              consents to lower value.
              If the amount of the recovery value on account of
              an allowed Claim is less than the Initial Price,
              or any whole multiple thereof, and recovery on the
              Allowed Claim in satisfaction thereof is in the
              form of New Common Stock, then the Allowed Claim
              holder will receive the number of whole shares of
              New Common Stock determined by dividing the
Allowed
              Claim by the Initial Share Price plus one
              fractional share of New Common Stock for the
              remaining portion of the Allowed Claim.  No other
              fractional shares may exist after the Effective
              Date.

Fees          Pacificor will not receive any premium for selling
              or voting (or refraining from voting) its shares
              in any transaction, and no management fee,
              finance advisory or other consulting fees, non-
              compete fee, closing fee or like compensation will
              be payable to Pacificor.

A copy of the Stockholder's Agreement Term Sheet is available at
no charge at http://ResearchArchives.com/t/s?22d7

                      About DURA Automotive

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

The company has three locations in Asia -- China, Japan
and Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

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


LG TELECOM: CFO Resigns Over Allegation of Fund Mishandling
-----------------------------------------------------------
LG Telecom Ltd Chief Financial Officer Jung Gyong-rae has
resigned over allegations of mishandling company funds, The
Korea Times reports.  Consequently, the company appointed Kim
Sang-don as its new CFO.

According to the report, Mr. Jung had been internally forced to
quit because he allegedly caused KRW2 billion won in losses
through bond investments.

The company said that the decision is a rare step as the fiscal
year has not ended, the report notes.

The report says that an LG spokesman said that they are still
investigating the allegations to find out the exact amount of
company losses.

Mr. Kim had worked on the group's management team for several
years before moving to the new position, the report notes.

                        About LG Telecom

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

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

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

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


MAGNACHIP SEMICON: Ties Up W/ California Micro for Chip Assembly
----------------------------------------------------------------
MagnaChip Semiconductor partners California Micro Devices to
cover the production of CMD protection chips for mobile handset
and digital consumer electronics applications

California Micro Devices and MagnaChip Semiconductor have
entered into a strategic foundry business and process technology
transfer agreement.  MagnaChip is expected to port proprietary
CMD process technology to its fab in Gumi, South Korea, to
enable production of CMD protection chips for mobile handset and
digital consumer electronics applications.

Additionally, CMD will use MagnaChip's existing 0.35u 5V/18V
high-voltage processes in MagnaChip's Cheongju, Korea,
fabrication facilities to enable the production of its PhotonIC
LED driver chips.

Channy Lee, EVP and General Manager of MagnaChip's Specialty
Manufacturing Service business stated, 'This agreement with CMD
is a model of the types of strategic relationships we are
building with customers to provide growth and stability to our
foundry business, while allowing customers to benefit from
provision of our process technology and customer service
flexibility'.

'MagnaChip will continue to seek strategic partnerships globally
as we expand our customer base'.

'MagnaChip's advanced technology and manufacturing capabilities
are complementary with our strategy of broadening our foundry
capabilities for customers worldwide', stated Manuel Mere, CMD
Vice President of operations and information systems.

'We look forward to bringing up the processes and production
this year'.

                About MagnaChip Semiconductor

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

MagnaChip also has operations in Korea.

                          *     *     *

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

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

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

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

The outlook for the ratings is negative.  This concludes the
review for possible downgrade commenced on February 1, 2007. On
Feb. 13, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on MagnaChip to 'B' from 'B+'.  At the
same time, S&P lowered the rating on MagnaChip's senior
unsecured debt to 'B' from 'B+' and rating on its senior
subordinated notes due 2014 to 'CCC+' from 'B-'.
The outlook on the long-term corporate credit rating is
negative.


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

MEGAN MEDIA: Philips Wants to End DVD Patent License Agreements
---------------------------------------------------------------
Megan Media Holdings Bhd disclosed with the Bursa Malaysia
Securities Bhd that it received a notice from Koninklijke
Philips Electronics N.V. to terminate its DVD disc patent
license agreements.

According to the company's disclosure, Philips would like to
terminate its Veeza agreements, where Megan got a right to
produce disc under Philips' brand.

In addition, Philips also demanded that Memory Tech Sdn Bhd, a
wholly owned unit of Megan, to immediately cease the manufacture
and sale of DVD-R discs, DVD+R discs and CD-R discs using any
one or more of Philips's Malaysian patents.

The contract terminations come after Megan revealed losses in
the hundreds of millions of ringgit due to financial
mismanagement at the firm, Reuters notes.

"The company will seek legal counsel on the course of action to
be taken," Megan told the bourse.


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.


PROTON HOLDINGS: Government Looks to Close VW Talks by Year-End
---------------------------------------------------------------
The Malaysian Government hopes that the talks between national
carmaker Proton Holdings Bhd and Germany's Volkswagen AG for a
possible strategic tie-up will be completed by the end of 2007,
Bernama News reports.

Proton and VW are still talking and "so far nothing has changed
yet," Second Finance Minister Tan Sri Nor Mohamed Yakcop was
quoted by the news agency as saying.  "But the good news is we
are still talking.  Things are happening.  Discussions are on-
going and hopefully we will resolved it soon," the finance
minister old reporters in a recent interview.

Asked whether it could be resolved by year-end, Mr. Tan Sri said
"that is a reasonable target."

Proton has already had two rounds of discussions with VW in New
York and Bangkok, Bernama recounts.

As reported by the Troubled Company Reporter-Asia Pacific on
August 17, 2007, Prime Minister Datuk Seri Abdullah was quoted
as saying that VW was conducting due diligence on Proton as part
of the negotiations.

                    About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race
series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.

However, the carmaker until now has yet to name a strategic
partner.  On May 23, 2007, the TCR-AP reported that Proton
Holdings may need a government bailout if talks to sell a stake
to a foreign investor continue to falter.


TRANSMILE GROUP: Nominates KPMG as New Auditor
----------------------------------------------
Transmile Group Bhd has issued a notice of nomination of KPMG as
its new auditors, replacing Deloitte & Touche, Bernama News
reports.

According to the paper, the group had already sent an enclosed
copy of the notice of nomination to its shareholders.

The Troubled Company Reporter-Asia Pacific reported on Aug. 22,
2007, that Transmile Group received a notice from Trinity Coral
Sdn Bhd -- Transmile single largest shareholder -- on its
intention to nominate KPMG at its 11th annual general meeting on
Aug 15.

Transmile Group Berhad's principal activities are the provision
of air transportation and related services and leases of
aircrafts.  Other activities include dealings in aircrafts,
aircraft parts and equipment, provision of management, aircraft
engineering, line and base maintenance, aircraft ground handling
and investment holding services.  The Group operates principally
in Malaysia.

RAM has downgraded the AA3/P1 ratings of Transmile Air Services
Sdn Bhd's MYR150 million Commercial Papers/Medium-Term Notes
Programme, to BB3/NP.  Concurrently, the Rating Watch (with a
negative outlook), which has been in place since May 10, 2007,
has been maintained.

TAS, a wholly owned subsidiary of Transmile Group Berhad, is
principally involved in the provision of air-cargo
transportation, including aircraft-chartering and leasing
services.

The steep downgrade has been prompted by the findings of a
special audit conducted by Moores Rowland Risk Management Sdn
Bhd, which had uncovered MYR622 million of fictitious revenue
reported by Transmile between FYE December 31, 2004, and FY Dec
2006.  After adjusting for the accounting fraud, Transmile's
audited financial statements show MYR417.00 million and
MYR124.68 million of pre-tax losses in FY December 2005 and FY
December 2006, respectively.  In consonance with this, a total
of MYR797 million has been wiped out from Transmile's retained
profits compared to what had been reported earlier.


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

4SHORE DEVELOPMENTS: Subject to CIR's Wind-Up Petition
------------------------------------------------------
On June 15, 2007, the Commissioner of Inland Revenue filed a
petition to have 4Shore Developments (2005) Ltd.'s operations
wound up.

The High Court of Hamilton will hear the petition today,
Aug. 27, 2007, at 10:45 a.m.

The CIR's solicitor is:

         Kay S. Morgan
         New Zealand
         Telephone:(07) 959 0373


CHINESE BUSINESS: Fixes August 31 as Last Day to File Claims
------------------------------------------------------------
Stephen Mark Lawrence and Anthony John McCullagh were named as
liquidators for Chinese Business Yearbook Ltd. on July 23, 2007.

The newly appointed liquidators are giving creditors of the
company to file their proofs of claim by Aug. 31, in order to
take part in the company's dividend distribution.

The Liquidators can be reached at:

         Stephen Mark Lawrence
         Anthony John Mccullagh
         c/o Horwath Corporate (Auckland) Limited
         PO Box 3678, Auckland 1140
         New Zealand
         Telephone:(09) 306 7421
         Facsimile:(09) 302 0536


CITYLIGHT NAPIER: Court to Hear Wind-Up Petition on August 30
-------------------------------------------------------------
The High Court of Napier will hear on August 30, 2007, a
petition to wind up the operations of Citylight Napier Ltd.

Christian Outreach Centre NZ Trust filed the petition against
the company on July 12, 2007.

The Plaintiff's solicitor is:

         Greg Dean Stringer
         c/o Inder Lynch, Solicitors
         corner of East and Wood Streets
         PO Box 72045, Papakura
         Auckland
         New Zealand


FIRE SPECIALISTS: Requires Creditors to File Claims by Sept. 3
--------------------------------------------------------------
Fire Specialists Ltd. requires its creditors to file their
proofs of claim by September 3, 2007.

The company commenced liquidation proceedings on July 25, 2007.

The company's liquidator is:

         P. R. Jollands
         c/o Jollands Callander
         Accountants and Insolvency Practitioners
         Administrator House, Level 8
         44 Anzac Avenue, Auckland
         New Zealand
         Web site: http://www.jollandscallander.co.nz


GRAND PACIFIC: Fixes September 11 as Last Day to File Claims
------------------------------------------------------------
The creditors of Grand Pacific Marketing Ltd. are required to
file their claims by September 11, 2007, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 27, 2007.

The company's liquidators are:

         Stephen Mark Lawrence
         Anthony John Mccullagh
         c/o Horwath Corporate (Auckland) Limited
         PO Box 3678, Auckland 1140
         New Zealand
         Telephone:(09) 306 7425
         Facsimile:(09) 302 0536


MSMR LTD: Court Hearing of Wind-Up Petition Set for October 11
--------------------------------------------------------------
A petition to wind up the operations of MSMR Ltd. will be heard
before the High Court of Auckland on October 11, 2007, at
10:00 a.m.

The petition was filed by the Commissioner of Inland Revenue on
June 26, 2007.

The CIR's solicitor is:

         Kay S. Morgan
         New Zealand
         Telephone:(07) 959 0373


OCEANS RESORT: Requires Creditors to File Claims by Sept. 14
------------------------------------------------------------
On August 1, 2007, the shareholders of Oceans Resort Ltd.
appointed Boris van Delden and Iain McLennan as the company's
liquidators.

Messrs. van Delden and McLennan are accepting proofs of debt
from the creditors of the company until September 14, 2007.

The Liquidators can be reached at:

         Boris van Delden
         Iain McLennan
         c/o McDonald Vague
         PO Box 6092, Wellesley Street Post Office
         Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508
         Web site: http://www.mvp.co.nz


PAPAKURA MOTORS: Liquidation Petition Hearing Set for Oct. 4
------------------------------------------------------------
On July 4, 2007, UDC Finance Limited filed a petition to wind up
the operations of Papakura Motors (1996) Ltd.

The petition will be heard before the High Court of Auckland on
October 4, 2007, at 10:45 a.m.

UDC Finance's solicitor is:

         M. M. B. Van Ryn
         Simpson Grierson
         Level 27, 88 Shortland Street
         Auckland
         New Zealand


PCCW LTD: Creditors' Proofs of Debt Due Last Week
-------------------------------------------------
PCCW Ltd. and PCCW No. 2 Limited won't be accepting proofs of
debt from creditors after its August 24, 2007 deadline.

The creditors who were not able to file their proofs of claim
are excluded from taking part in the company's dividend
distribution.

The company's liquidator is:

         Iain Shephard
         c/o Shephard Dunphy Limited
         Insolvency Practitioners
         PO Box 11793, Wellington
         New Zealand
         Telephone:(04) 473 6747


PROPERTYFINANCE GROUP: Looks for Restructuring Deals
----------------------------------------------------
In a regulatory filing with the New Zealand Stock Exchange,
PropertyFinance Group Limited said that its board of directors
is looking into a number of restructuring opportunities.

According to the company, its board is concerned about the
company's ability to manage its current liquidity position given
the significant changes being experienced in the financial
markets.  At the board's request, the stock exchange has
suspended the trading of the company's shares.

Despite the continued good quality and value of its loan
portfolio directors deemed it necessary to take action to
protect the interests of all stakeholders, the regulatory filing
states.

PropertyFinance says receivership is the option if it cannot
settle a restructuring deal soon, Roeland Van Den Bergh writes
for The Dominion Post.  The company, which has NZ$630 million of
loans, is expected to give updates today on the outcome of its
exploration for restructuring deals.

Headquartered in Christchurch, New Zealand, PropertyFinance
Group Ltd, formerly Avon Investments Limited, through its
subsidiaries, is engaged in lending on first mortgage and is
also involved in property-related financial services.


SPK ACCOUNTING: Fixes August 28 as Last Day to File Claims
----------------------------------------------------------
SPK Accounting Group Ltd. commenced liquidation proceedings on
July 31, 2007.  John Michael Gilbert was then appointed as
liquidator.

Creditors are required to file their claims by August 28, 2007,
to be included in the company's dividend distribution.

The Liquidator can be reached at:

         John Michael Gilbert
         c/o C & C Strategic Limited
         Ponsonby, Auckland
         New Zealand
         Telephone:(09) 376 7506
         Facsimile:(09) 376 6441


* New Zealand Trade Deficit in July 2007 Swells
-----------------------------------------------
New Zealand posted a July trade deficit of NZ$791 million, a
much larger figure than expected.

The market was looking for a trade deficit of NZ$535 million for
July, RTT News says adding that the current figure is the
highest level since it touched NZ$825 million in January 2007.
In June, the country's trade deficit was at NZ$511 million.

The New Zealand Press Association says that surging currency
helped push New Zealand's record deficit.  The New Zealand
dollar hit a record high on the trade weighted index in July
2007 to be up 20% on a year earlier.

According to NZPA, the country's imports were stronger than
expected, but both exports and imports fell from record highs
for a July month in 2006.  A high dollar reduces the price in
domestic terms for exports and imports, NZPA adds.


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

APEX MINING: Net Loss Down 49% to PHP2.77MM in 2nd Quarter 2007
---------------------------------------------------------------
Apex Mining Inc. reported a net loss of PHP2.77 million for the
three months ended June 30, 2007, a decrease of PHP2.76 million
or 49.9% from the PHP5.53 million reported for the same quarter
in 2006.

The company did not report revenues, but instead recognized
PHP2.768 million in general and administrative expenses.

As of June 30, 2007, the company recorded PHP463.04 million in
total assets and PHP525.71 million in total liabilities,
resulting in stockholders' equity deficit of PHP62.67 million.

The company is also illiquid as of June 30, 2007, with its
current assets of PHP396,023 being insufficient to pay its
current liabilities of PHP490.64 million.

Apex Mining's 2007 second quarter financial results can be
viewed for free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/APX_17Q_Jun2007.pdf


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

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

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

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

Apex Mining reported a net loss of PHP53.92 million for the year
ended Dec. 31, 2006, its biggest net loss following the
PHP30.13 million and PHP7.31 million for the years 2005 and
2004, respectively.

As of Dec. 31, 2006, the company had total assets of
PHP464.44 million and total liabilities of PHP521.58 million,
resulting in a capital deficiency of PHP57.14 million.


BANGKO SENTRAL: Keeps Policy Rates Unchanged Despite Pressure
-------------------------------------------------------------
The Bangko Sentral ng Pilipinas kept its policy settings
unchanged despite pressure for lower rates in light of the U.S.
Federal Reserve Board's decision to cut rates by 50 basis
points, the Philippine Star reports.

The Monetary Board's statement revealed that it considers the
country's inflation outlook as benign, the article relates.  BSP
Governor Amando M. Tetangco Jr. said that the MB noted in its
meeting on Thursday last week that the recent turmoil in the
global financial markets would minimally affect the country's
financial system.

"Given the policy moves implemented in May and July, the MB
decided to keep policy settings steady to give more time for the
recent measures to work their way through the system,"
Mr. Tetangco said.

According to the report, the BSP's decision will keep the
central bank's policy rates at 6% for the overnight borrowing or
reverse repurchase rate, and at 8% for the overnight lending or
repurchase rate.

The Bangko Sentral ng Pilipinas -- http://www.bsp.gov.ph/-- is
the central bank of the Republic of the Philippines.  It was
established on July 3, 1993, pursuant to the provisions of the
1987 Philippine Constitution and the New Central Bank Act of
1993.  BSP took over from the Central Bank of Philippines as the
country's central monetary authority.  Bangko Sentral enjoys
fiscal and administrative autonomy from the National Government
in the pursuit of its mandated responsibilities.

The powers and functions of the Bangko Sentral are exercised by
the Bangko Sentral Monetary Board, the highest policy-making
body in the BSP.

Standard and Poor's Ratings Servoces gave Bangko Sentral a 'B'
Short Term Local Issuer Credit Rating, a 'BB-' Long-Term Foreign
Issuer Credit Rating, and a 'BB+' Long-Term Local Issuer Credit
Rating.

Moody's Investors Service gave Bangko Sentral a 'Ba1' Senior
Unsecured Debt Rating.


GEOGRACE RESOURCES: Acquires 100% of Garnierete, Saprolite Stock
----------------------------------------------------------------
GEOGRACE Resources Philippines Inc. will issue 173,796,362
common shares at par value to Garnierite Mining Inc. and
Saprolite Mining Inc. in exchange for 100% of both firms' issued
and outstanding capital stock.

The company's common shares will have a par value of PHP1 per
share.

Headquartered in Makati City, Philippines, Geograce Resources --
fka Global Equities, Inc. -- was originally incorporated as La
Suerte Gold Mining Corporation on April 20, 1970, primarily to
engage in the exploration, exploitation, and development of
mineral resources; to purchase, lease and otherwise acquire
mining claims and concessions anywhere in the Philippines; and
to carry on the business of mining, extracting, smelting,
treating, and otherwise producing and dealing in metals and
minerals of all kinds including all its products and by-
products.

As of Mar. 31, 2007, the company had total assets of
PHP8.37 million and total liabilities of PHP21.80 million,
resulting in a capital deficiency of PHP13.43 million.


GEOGRACE RESOURCES: Appoints Renato Puno as New Board Chairman
--------------------------------------------------------------
Jerry C. Angping has resigned as Chairman of GEOGRACE Resources
Philippines Inc.'s Board of Directors, but will remain as
director and company president.

Jose D. Abaigar also resigned as director.  The Board then
elected Atty. Renato V. Puno as director to replace Mr. Abaigar,
and to act as chairman for 2007-2008 in place of Mr. Angping.

Headquartered in Makati City, Philippines, Geograce Resources --
fka Global Equities, Inc. -- was originally incorporated as La
Suerte Gold Mining Corporation on April 20, 1970, primarily to
engage in the exploration, exploitation, and development of
mineral resources; to purchase, lease and otherwise acquire
mining claims and concessions anywhere in the Philippines; and
to carry on the business of mining, extracting, smelting,
treating, and otherwise producing and dealing in metals and
minerals of all kinds including all its products and by-
products.

As of Mar. 31, 2007, the company had total assets of
PHP8.37 million and total liabilities of PHP21.80 million,
resulting in a capital deficiency of PHP13.43 million.


GEOGRACE RESOURCES: To Issue 173.796 Million Shares to JPMorgan
----------------------------------------------------------------
GEOGRACE Resources Philippines Inc. will issue 25,475,814 common
shares to J.P. Morgan Securities Asia Private Ltd. as phase 1 of
its payment for JP Morgan's financial advisory services.

This amount represents 1% of the company's enlarged, issued
share capital including the shares to be issued to JP Morgan.

Headquartered in Makati City, Philippines, Geograce Resources --
fka Global Equities, Inc. -- was originally incorporated as La
Suerte Gold Mining Corporation on April 20, 1970, primarily to
engage in the exploration, exploitation, and development of
mineral resources; to purchase, lease and otherwise acquire
mining claims and concessions anywhere in the Philippines; and
to carry on the business of mining, extracting, smelting,
treating, and otherwise producing and dealing in metals and
minerals of all kinds including all its products and by-
products.

As of Mar. 31, 2007, the company had total assets of
PHP8.37 million and total liabilities of PHP21.80 million,
resulting in a capital deficiency of PHP13.43 million.


METROPOLITAN BANK: Opens Remittance Center in Daly City, Calif.
----------------------------------------------------------------
Metropolitan Bank and Trust Co. now has a new remittance office
in Daly City, California, that will cater to the needs of
overseas Filipino workers in San Francisco, the BusinessWorld
Online reports.

According to the article, Metrobank said it has opened the
office through its subsidiary, Metro Remittance Center
(California) Inc. or MRCCI.

The new remittance office is Metrobank's latest addition to its
already existing remittance units in New York, Chicago and
Hawaii, as well as its bank branches in New York and Guam.

Metrobank's Executive Vice President Carmelita R. Araneta told
BusinessWorld that the bank intends to expand towards countries
having large Filipino communities.  It also intends to take
advantage of cross-selling opportunities in other countries in
order to benefit remitters and their beneficiaries, she added.

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 has 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 September 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.

On November 6, 2006, the TCR-AP reported that Moody's Investors
Service revised the outlook of Metrobank's foreign currency
long-term deposit rating of B1 and foreign currency subordinated
debt rating of Ba3 from negative to stable.


RIZAL COMMERCIAL: Lists 1,271 New Common Shares in Local Bourse
---------------------------------------------------------------
Rizal Commercial Banking Corp. has listed on Friday an
additional 1,271 common shares in the Philippine Stock Exchange.

On February 8, 2007, the PSE approved the bank's application to
list 56,628,914 new common shares with a par value of PHP10 per
share to cover underlying common shares for the conversion of
preferred shares.

In a PSE circular dated August 23, the bank said that it has
received notices from the holders of 3,526 convertible preferred
shares for conversion of these stocks into common shares with a
ratio of 1 common share for every 2.7736 preferred shares.

There are now 46,293,587 common shares listed arising from the
conversion of convertible preferred shares.

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

                          *     *     *

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

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

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

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


SAN MIGUEL: Eyes US$16-Million Brewery Construction in Cambodia
---------------------------------------------------------------
San Miguel Corp. is considering the construction of a brewery in
Cambodia, which it considers a good market, and will undertake a
two-year feasibility study of the idea, the assistant vice
president for special project international of SMC's beer
division told the Philippine Star.

Asst. VP Benjamin Y. Aton said the company believes Cambodia can
offer more profit than China, where its dealers seek continually
growing discounts.  He further added that the feasibility study
will begin in 2008 and will continue for two years.

This is in line with SMC's new business model in Cambodia,
wherein it will take an active hand in the promotion of its
brand.  This differs from China and other countries, where it
relies mainly on the dealers to promote its brand.

The brewery, with a production of 200,000 hectoliters, will cost
about US$16 million to build, Mr. Aton added, exclusive of the
cost of land.

Mr. Aton also revealed to the Star that it will begin importing
the Pale Pilsen brand to Cambodia in January 2008.

Headquartered in Manila, Philippines, San Miguel Corporation --
http://www.sanmiguel.com.ph/-- through its subsidiaries,
operates food, beverage and packaging businesses.  The company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products.  San Miguel markets its
products both in the domestic and overseas markets.  The company
also manufactures glass, metal, plastic, paper and composites
packaging products.

A Troubled Company Reporter-Asia Pacific report on Oct. 12,
2006, stated that Moody's Investors Service affirmed its Ba1
corporate family rating.

Standard & Poor's Ratings Services gave San Miguel Corp. a 'BB'
foreign currency corporate credit rating and a 'B' rating to its
proposed five-year benchmark non-callable, non-cumulative, non-
voting, perpetual preferred shares to be issued by San Miguel
Capital Funding.  The company's ratings have been placed on
S&P's CreditWatch with a Negative outlook on May 17, 2007.


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T H A I L A N D
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NEW PLUS KNITTING: Posts THB25.94-Mil. Net Loss for 2nd Quarter
---------------------------------------------------------------
New Plus Knitting PCL reported a consolidated net loss of
THB25.397 million for the three months ended June 30, 2007, a
72.4% increase from the THB14.729-million net loss for the same
period in 2006.

For the April-June 2007 period, the group earned revenues of
THB61.25 million, while expenses incurred were at
THB80.71 million, resulting in a net loss of THB19.46 million
before interest expenses.  The group's interest expenses for the
period reached THB5.93 million.

The group also had a net loss of THB25.97 million for the first
six months of 2007,50.4% higher from the THB17.26 million
reported last year.

Revenues for the first half of 2007 reached THB130.265 million,
while expenses totaled THB144.133 million, resulting in a net
loss of THB13.867 million before interest expenses are applied.
Interest expenses for the January-June 2007 period totaled
THB12.106 million.

As of June 30, 2007, the group had total assets of
THB315.05 million and total liabilities of THB369.81 million.
The group incurred a deficit of THB255.922 million in its
equity, which exceeds its THB100 million share capital and
resulted in a shareholders' equity deficit of THB54.762 million.
As of June 30, 2007, the group's THB186.23-million current
liabilities exceeded its THB141.16-million current assets.

After auditing the company's financial statements for the first
half and second quarter of 2007, Pornchai Kittipanya-ngam at
Bunchikij Co. Ltd. raised substantial doubt on the company's
ability to continue as a going concern.

Mr. Pornchai cited the group's net loss of THB130.265 million
for the first half, its THB255.922-million deficit and its
working capital deficit.

                      About New Plus Knitting

New Plus Knitting Public Company Limited's principal activity is
the manufacturing and distribution of textiles and clothing for
domestic and export sale.  Products include stockings, socks,
ladies underwear, ladies pajamas, shorts, pants, skirt, shirts
and dolls.  The group markets its products in Thailand and other
countries in Asia, as well as in Europe, such as Ireland,
England and Germany.  It operates solely in the domestic market.

New Plus currently carries the Stock Exchange of Thailand's NC -
- Non Compliance -- sign and SP -- Suspension -- sign on its
stocks.

                      Going Concern Doubt

Pornchai Kittipanya-ngam at Bunchikij Co., Ltd., the company's
independent auditors, raised a significant doubt on the
company's ability to continue as a going concern saying that:

   * the group and the company for the year ended Dec. 31, 2006,
     had a net loss of THB35,559,233 and THB30,553,336,
     respectively;

   * both have a total deficit THB229,948,342 and
     THB274,303,768, which exceeded its share capital by
     THB49,014,169 and THB93,369,595, respectively,

   * both have current liabilities in excess of current assets
     by THB59,456,471 and THB44,172,526, and;

   * both have total liabilities in excess of total assets by
     THB49,014,169 and THB93,369,595 respectively.


NFC FERTILIZER: Reports THB33-Million Net Loss for 2nd Quarter
--------------------------------------------------------------
NFC Fertilizer PCL has reported a net loss of THB33 million for
the second quarter of 2007, versus the THB510.57-million net
income for the same period in 2006.

For the April-June 2007 period, the company earned revenues of
THB156.003 million while incurring expenses of
THB172.66 million.  This has resulted in a net loss of
THB16.65 million before interest expenses, which reached
THB16.45 million.

The company also incurred a net loss of THB98.23 million for the
first half of 2007, a reversal of its THB380.79 million net
income for the same period in 2006.

Revenues for the first half reached THB273.43 million, while
expenses incurred totaled THB338.84 million, resulting in a net
loss of THB65.41 million before interest expense, which was
recorded to be at THB31.78 million.

As of June 30, 2007, the company had THB2.22 billion in total
assets and THB1.31 billion in total liabilities, resulting in a
net shareholders' equity of THB915.79 million.  The company's
current liabilities at THB423.80 million exceeded its current
assets of THB271.52 million.

                       Going Concern Doubt

After auditing the company's financial statements for the first
half and second quarter of 2007, Methee Ratanasrimetha at M.R. &
Associates Co. Ltd. raised substantial doubt on the company's
ability to continue as a going concern.

Mr. Methee said that the company acknowledged that it is not
worth to further invest in chemical fertilizer production by
using current equipment and machinery as it will generates even
further loss.  The Company is in the process of finding new
business and has continued importing and distributing chemical
fertilizer and chemical products.  The Company, therefore, has
not considered to stop its chemical fertilizer production.  The
auditor then said that the company's ability to continue as a
going concern depends on the resolution of these matters.

                      About NFC Fertilizer

Headquartered in Bangkok, NFC Fertilizer Public Company Limited
-- http://www.nfc.co.th-- produces chemical fertilizer
containing nitrogen, phosphate, and potash, under its Nation
Fertilizer brand name.  Additionally, it imports and distributes
urea, ammonium sulfate, and potassium chloride fertilizers.  The
company also distributes phosphoric acid and gypsum, which are
by-products of its fertilizer production.

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





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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-
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