TCRAP_Public/071031.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R
 
                     A S I A   P A C I F I C

          Wednesday, October 31, 2007, Vol. 10, No. 216

                           Headlines

A U S T R A L I A

AUSTRALIAN INTEGRATED: Members and Creditors to Meet on Nov. 2
BARNCO PTY: Placed Under Voluntary Liquidation
BONEVILLA PTY: Holds Annual General Meeting
CHRYSLER LLC: Affirms UAW 2007 National Labor Agreement
CHRYSLER LLC: Appoints Douglas Betts as Vice President & CCO

DSB INDUSTRIES: Members Pass Resolution to Liquidate Business
FRL CONTRACTING: Will Declare Dividend on November 30
JAMES D DYSON: Members Agree on Voluntary Liquidation
JAMES HARDIE: Court Allows Ex-Chief to File Limited Defense
MARYVALE MEDICAL: Declares Dividend for Unsecured Creditors

SHELTECH (WA): Members and Creditors to Meet on November 2
TRANGIE FARM: Members to Receive Wind-Up Report on November 2
URS CORP: Expects 2007 Third Quarter Net Income at US$38.7 Mil.
WIMBUSH CORPORATION: Sets Final Meeting for November 2
ZINIFEX LTD: Posts 24% Boost in NPAT for the Year Ending June 30

ZINIFEX LTD: Extends Exploration Alliance with Drake Resources
ZINIFEX LTD: Fitch Affirms BB+ IDR After Nyrstar Public Offer


C H I N A   &   H O N G  K O N G

ASAT HOLDINGS: Regains Compliance w/ Nasdaq Minimum Bid Price
BEST FOUNDATION: Requires Creditors to File Claims by Nov. 2
BEST LEADER: Court to Hear Wind-Up Petition on Dec. 19
BOE TECHNOLOGY: Posts CNY421-Million Net Income for 3rd Quarter
CARLZEN INVESTMENT: Creditors' Proofs of Debt Due on November 30

CHINA LINK: Pays Dividend to Ordinary Creditors
COUNTRY GARDEN: Moody's Assigns First-Time Corp. Rating of Ba1
GLOBAL CROSSING: Extends Voice Over Internet Protocol Service
GRAND JOY: Sets Final General Meeting for November 19
GRIFFITHS & ARMOUR: Members to Receive Wind-Up Report on Nov. 20

KIENVER CONSTRUCTION: Creditors' Proofs of Debt Due on Nov. 19
LFE INTERNATIONAL: Members Pass Resolution to Wind Up Operations
ORIENTAL MERCHANT: Taps Briscoe and Chen as Liquidators
SOUTH CHINA: Placed Under Voluntary Liquidation
* Moody's Releases Annual Report on Hong Kong


I N D I A

ANDHRA CEMENTS: Profit Doubles to INR197.7MM in July-Sept. 2007
AGILENT TECH: Prices US$600 Million of Senior Notes Offering
BAGALKOT UDYOG: Board Meeting to Consider Results Set Today
NAVISTAR INT'L: In Talks to Acquire GM's Medium Truck Business
NAVISTAR INT'L: Releases Restated 2003-2005 Financial Data

NAVISTAR INTERNATIONAL: S&P Retains Negative Watch on Ratings
RAIN CALCINING: Gets S&P's 'B' Corporate Rating, Outlook Stable
TATA POWER: Second Qtr. Profit Up 27.24% at INR257.43 Crore


I N D O N E S I A

BANK MANDIRI: 9-Month Net Profit Ups 165.7% to IDR3.2 Trillion
BANK INTERNASIONAL: 9-Month Profit Down 15% to IDR438.5 Billion
FREEPORT-MCMORAN: Fitch Ups 7% Convertible Notes Rating to BB+
GARUDA INDONESIA: Posts IDR218-Bil. Profit for First 9 Months
GARUDA: Suspension Due to Employee Negligence, Minister Says


J A P A N

BOSTON SCIENTIFIC: Hires Two Officers in Clinical Sciences Group
CABS LTD: S&P Lowers Rating on Class B Floating Rate Note to BB-
FIDELITY NAT'L: Spin-Off Cues Fitch to Review BB IDR
MITSUBISHI MOTORS: Posts 10.3% Boost in Global Production for H1
MITSUBISHI MOTORS: Reports JPY1.3-Bil. Net Sales in H1 of FY2007

NIS GROUP: R&I Lowers Issuer Rating to BB from BBB-
NOVA CORP: In Talks with Three Possible Sponsors
TIMKEN COMPANY: Completes US$200 Million Acquisition of Purdy


K O R E A

ILUSUNG CONSTRUCTION: Signs KRW47.3-Bil Service Contract w/ KEC
ILUSUNG CONSTRUCTION: Signs Contract with Korea-Based Company


N E W  Z E A L A N D

DADARDOUST LTD: Court to Hear Wind-Up Petition on Nov. 1
DALMI HOLDINGS: Fixes November 9 as Last Day to File Claims
D.E.M TRANSPORT: Appoints Brown and Rodewald as Liquidators
FINESSE PROPERTIES: Appoints Rowan Kingstone as Liquidator
GALBRAITH MUNRO: Subject to CIR's Wind-Up Petition

MADE IN AOTEAROA: Names John Francis Managh as Liquidator
MOKOIA ISLAND: Appoints Brown and Rodewald as Liquidators
PRISTINE PLUMBING: Commences Liquidation Proceedings
TAYLORMADE BUILDING: Taps Brown and Rodewald as Liquidators
THE FIREBOX LTD: Court Sets Wind-Up Petition Hearing for Today


P H I L I P P I N E S

BANGKO SENTRAL: Approves in Principle DBP's US$100-Mil. ODA Loan
METROPOLITAN BANK: Increases Tier 2 Offering to PHP8.5 Billion
PAL HOLDINGS: SC Releases Firm from Obligations Under 1996 Pact
PHILODRILL: Annual Stockholders' Meeting Set for January 16
SAN MIGUEL: Supreme Court Rules Against 20 Guards in Labor Case

STA. LUCIA LAND: PSE Lifts Suspension on Trading of Securities
STA. LUCIA LAND: Board OKs Additional Public Offering of Shares
STA. LUCIA LAND: To Open PHP500-Mil. Credit Facility from RCBC
UNION BANK: Nine-Month Profit Jumps 57% Year-on-Year to PHP1.6BB
* Daily Trades in Local Bond Market Grows Twice This Year: BSP


S I N G A P O R E

CANAL EMAS: Sets Members' Final Meeting for November 27
CHEMTURA CORP: Paying Five Cents Per Share Dividend on Nov. 23
MEIKI CO: Members' Final Meeting Set for November 27
READER’S DIGEST: Inks Exclusive Partnership with Williams Lea
UNITED TEST: Enters Research Collaboration Agreement with IME


T H A I L A N D

KRUNG THAI BANK: Unit Wants to Rank Third Among Consumer Lenders

     - - - - - - - -

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

AUSTRALIAN INTEGRATED: Members and Creditors to Meet on Nov. 2
--------------------------------------------------------------
Australian Integrated Suppliers Pty Ltd will hold a meeting for
its members and creditors on November 2, 2007, at 10:00 a.m.

At the meeting, Robert Elliott, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.

The Liquidator can be reached at:

          Robert Elliott
          Hall Chadwick
          Level 29, 31 Market Street
          Sydney, New South Wales 2000
          Australia

                   About Australian Integrated

Australian Integrated Suppliers Pty Ltd, which is also tradng as
Guven Kebab Factory, is a distributor of meats and meat
products.  The company is located at  Wetherill Park, in New
South Wales, Australia.


BARNCO PTY: Placed Under Voluntary Liquidation
----------------------------------------------
At an extraordinary general meeting held on September 20, 2007,
the members of Barnco Pty Ltd agreed to voluntarily liquidate
the company's business.

Kimberley Andrew Strickland and Christopher Michael Williamson
were appointed as liquidators.

The Liquidators can be reached at:

          Kimberley Andrew Strickland
          Christopher Michael Williamson
          SimsPartners
          Level 12, 40 St George's Terrace
          Perth, Western Australia 6000
          Australia

                      About Barnco Pty

Barnco Pty Ltd is a distributor of furniture and fixtures.  The
company is located at  Willetton, in Western Australia,
Australia.


BONEVILLA PTY: Holds Annual General Meeting
-------------------------------------------
On October 11, 2007, the members and creditors of Bonevilla Pty
Limited met for their first annual general meeting.

At the meeting, the members and creditors received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Kenneth Whittingham
          BDO Kendalls (New South Wales)
          Level 19, 2 Market St
          Sydney, New South Wales 2000
          Australia

                     About Bonevilla Pty

Bonevilla Pty Limited is a distributor of lumber, plywood,
millwork and wood panels.  The company is located at  Brookvale,
in New South Wales, Australia.


CHRYSLER LLC: Affirms UAW 2007 National Labor Agreement
-------------------------------------------------------
Chrysler LLC has confirmed a new Chrysler-UAW 2007 national
labor agreement, in response to the UAW's ratification results.
Chrysler and the UAW reached a tentative agreement on Oct. 10,
after three months of bargaining.

"We are pleased that our UAW employees recognize that the new
agreement meets the needs of the company and its employees by
providing a framework to improve our long-term manufacturing
competitiveness," said Tom LaSorda, Vice Chairman and President,
Chrysler LLC.

                    About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up  
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.

                        *     *     *

On Oct. 1, 2007, Standard & Poor's Ratings Services placed its
corporate credit ratings on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC on CreditWatch with positive
implications.

As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC (B/Negative/--), including a 'BB-'
rating to the US$5 billion "first-out" first-lien term loan
tranche.  This rating, two notches above the corporate credit
rating of 'B' on Chrysler LLC, and the '1' recovery rating
indicate S&P's expectation for very high recovery in the event
of payment default.  S&P also assigned a 'B' rating to the
US$5 billion "second-out" first-lien term loan tranche.  This
rating, the same as the corporate credit rating, and the '3'
recovery rating indicate S&P's expectation for a meaningful
recovery in the event of payment default.

Moody's Investors Service has affirmed Chrysler Automotive LLC's
B3 Corporate Family Rating, and the Caa1 rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of DaimlerChrysler AG's sale of a majority
interest of Chrysler Group to Cerberus Capital Management LLC.


CHRYSLER LLC: Appoints Douglas Betts as Vice President & CCO
------------------------------------------------------------
Chrysler LLC has named 21-year quality assurance veteran Douglas
D. Betts Vice President and Chief Customer Officer.  This newly
created role assumes responsibility for corporate quality and
will become a key element in Chrysler's continued effort to
become a truly customer-oriented company.

Mr. Betts will be guided by "the voice of the customer," and
will create the processes, culture, systems and organization to
achieve the highest levels of quality in all of the Company's
products and customer touch points.  Mr. Betts will be based in
Auburn Hills, Michigan, and report to Chrysler LLC Vice Chairman
and President Jim Press.

"Now, the customer will define quality at Chrysler," said Mr.
Press.  "We are aligning our resources to bring us to world-
class benchmark levels in quality and customer satisfaction, and
this is an important step."

Mr. Press described the CCO -- a first for the auto industry --
as an "advocate for the customer."

Mr. Betts, joins Chrysler from Nissan Americas, where he was
Senior Vice President - Total Customer Satisfaction and before
that, served as Vice President - Manufacturing Quality.  He
joined Nissan after holding quality assurance positions with
Toyota, Michelin Tire Corp. and General Motors.  Mr. Betts'
appointment is effective immediately.

Stephen M. Walukas, formerly Vice President - Corporate Quality,
returns to the Procurement and Supply organization in a to-be-
announced executive role.

                     About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up  
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.

                       *     *     *

On Oct. 1, 2007, Standard & Poor's Ratings Services placed its
corporate credit ratings on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC on CreditWatch with positive
implications.

As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC (B/Negative/--), including a 'BB-'
rating to the US$5 billion "first-out" first-lien term loan
tranche.  This rating, two notches above the corporate credit
rating of 'B' on Chrysler LLC, and the '1' recovery rating
indicate S&P's expectation for very high recovery in the event
of payment default.  S&P also assigned a 'B' rating to the
US$5 billion "second-out" first-lien term loan tranche.  This
rating, the same as the corporate credit rating, and the '3'
recovery rating indicate S&P's expectation for a meaningful
recovery in the event of payment default.

Moody's Investors Service has affirmed Chrysler Automotive LLC's
B3 Corporate Family Rating, and the Caa1 rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of DaimlerChrysler AG's sale of a majority
interest of Chrysler Group to Cerberus Capital Management LLC.


DSB INDUSTRIES: Members Pass Resolution to Liquidate Business
-------------------------------------------------------------
During a general meeting held on September 21, 2007, the members
of DSB Industries Pty Limited agreed to voluntarily liquidate
the company's business.

Frank Lo Pilato was appointed as liquidator.

The Liquidator can be reached at:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          Level 1, 103-105 Northbourne Avenue
          Turner ACT 2612
          Australia
          Telephone:(02) 6247 5988

                      About DSB Industries

Located at Deakin, in ACT, Australia, DSB Industries Pty Limited
is an investor relation company.


FRL CONTRACTING: Will Declare Dividend on November 30
-----------------------------------------------------
FRL Contracting Pty Ltd will declare dividend on November 30,
2007.

Creditors who were not able to file their proofs of debt by the
October 23 due date will be excluded from the company's dividend
distribution.

The company's liquidator is:

          Andrew Birch
          McGrathNicol
          Level 1, 5 Mill Street
          Perth, Western Australia 6000
          Australia

                    About FRL Contracting

FRl Contracting Pty Ltd is involved with heavy construction.  
The company is located at Belmont, in Western Australia,
Australia.


JAMES D DYSON: Members Agree on Voluntary Liquidation
-----------------------------------------------------
During a general meeting held on September 25, 2007, the members
of James D Dyson Pty Ltd decided to voluntarily liquidate the
company's business.

Michael Pinn was tapped as liquidator.

The Liquidator can be reached at:

          Michael Pinn
          Pinn Deavin & Associates
          Level 5, 3-5 Stapleton Avenue
          Sutherland, New South Wales 2232
          Australia

                        About James D Dyson

James D Dyson Pty Ltd is involved with the arrangement of
transportation of freight and cargo.  The company is located at  
Mascot, in New South Wales, Australia.


JAMES HARDIE: Court Allows Ex-Chief to File Limited Defense
-----------------------------------------------------------
James Hardie Industries Ltd.'s former chief executive achieved a
court victory that protects him from having to provide
potentially self-incriminating evidence in the case brought
against him by the Australian Securities & Investments
Commission, Ean Higgins writes for The Australian.

Mr. Higgins relates that Peter Macdonald, along with former
chairwoman Meredith Hellicar, former general counsel Peter
Shafron, former financial officer Phillip Morley and six other
former directors were alleged by ASIC of issuing misleading
statements in 2001 when James Hardie said an independent trust
fund it had established with AU$294 million to cover asbestos
disease claims would be "fully funded."  The trust, writes The
Australian, was soon found to be hopelessly underfunded, and
after a marathon battle against unions and the New South Wales
Government, Hardie, in February, finalized a AU$3 billion deal
to cover future victims.

Along with this, ASIC applied to the NSW Supreme Court to have
the company executives fined and banned from running companies,
states The Australian.

In addition, ASIC is investigating Mr. Macdonald to determine
whether to bring criminal charges against him, which if proved
could see him jailed for up to seven years, relates Mr. Higgins.

Justice Peter Young had ordered the defendants to file
unverified defenses, but Mr. Macdonald, relates The Australian,
appealed the decision, seeking limitation on the extent of the
defense he would have to file.  His lawyers, writes Mr. Higgins,
argued that since he might face criminal charges, he should not
have to file defenses that could assist ASIC's case.

The report states that Justice Keith Mason of the Appeal Court,
ruled that while Mr. Macdonald should have to file some defense,
it could be restricted.  

The Australian quotes Justice Mason as saying, "In my opinion,
these principles mean that the claimant should not be compelled
to include in his defense any information that may have the
tendency to expose him directly or indirectly to the penalties
being sought by ASIC."

                    About James Hardie

James Hardie Industries Limited -- http://www.jameshardie.com/--
manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives.

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

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

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

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


MARYVALE MEDICAL: Declares Dividend for Unsecured Creditors
-----------------------------------------------------------
Maryvale Medical Clinic Pty Limited declared dividend for its
unsecured creditors on October 23, 2007.

Creditors who were not able to file their proofs of debt by the
October 23 due date were excluded from the company's dividend
distribution.

The company's deed administrator id:

          Bruce Gleeson
          c/o Jones Partners
          Insolvency & Business Recovery
          Australia
          Telephone:(02) 9251 5222

                     About Maryvale Medical

Maryvale Medical Clinic Pty Limited is a distributor of durable
goods.  The company is located at Liverpool, in New South Wales,
Australia.


SHELTECH (WA): Members and Creditors to Meet on November 2
----------------------------------------------------------
A final meeting will be held for the members and creditors of
Sheltech (WA) Pty Ltd on November 2, 2007, at 9:30 a.m.

At the meeting, Gary Anderson, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.

The Liquidator can be reached at:

          Gary Anderson
          Chartered Accountant
          12 Prowse Street
          West Perth, Western Australia 6005
          Australia
          Telephone:(08) 9486 7822
          Facsimile:(08) 9226 4250

                      About Sheltech (WA)

Sheltech (WA) Pty Ltd is involved with electrical work.  The
company is located at Rockingham, in Western Australia,
Australia.


TRANGIE FARM: Members to Receive Wind-Up Report on November 2
-------------------------------------------------------------
The members of Trangie Farm Pty Ltd will have their general
meeting on November 2, 2007, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          J. L. Balgarnie
          43 Victoria Avenue
          Claremont, Western Australia 6010
          Australia

                      About Trangie Farm

Trangie Farm Pty Ltd operates nonclassifiable establishments.  
The company is located at Osborne Park, in Western Australia,
Australia.


URS CORP: Expects 2007 Third Quarter Net Income at US$38.7 Mil.
---------------------------------------------------------------
URS Corporation disclosed preliminary unaudited financial
results for its third quarter ended Sept. 28, 2007.  URS expects
third quarter 2007 revenues to be US$1.302 billion, an increase
of 20% compared with revenues of US$1.085 billion for the third
quarter of 2006.  Net income for the third quarter of 2007 is
expected to be US$38.7 million, an increase of 29% from net
income of US$29.9 million for the comparable period in 2006.

The preliminary results are being disclosed to provide
stockholders of URS and Washington Group International with
additional financial information regarding URS prior to upcoming
stockholder meetings.  Washington Group stockholders are
scheduled to meet on Oct. 30, 2007 to vote upon the proposed
acquisition of Washington Group by URS.  A Special Meeting of
URS Stockholders also is scheduled to be held Oct. 30, 2007, to
vote on the issuance of shares in conjunction with the
transaction.

In conjunction with the announcement of preliminary third
quarter results, the Company issued the following statement: "A
key component of the transaction value for Washington Group
stockholders is the URS shares they will receive if the
acquisition is approved.  The Company believes it is important
that Washington Group stockholders have this additional
financial information before their vote scheduled for
Oct. 30, 2007.  URS continues to perform very well, and our
results for the quarter reflect good growth across each of our
four key market sectors, the federal sector, the state and local
government sector, the private sector and international."

"URS believes that the combination with Washington Group offers
a compelling value for Washington Group stockholders, including
the potential upside of owning almost one-third of the combined
company, which we expect will be better positioned to capture
opportunities in high-growth markets."

URS will release its full financial results for the third
quarter on Nov. 7, 2007, after the market close, and will update
its guidance for fiscal 2007 at that time.

The preliminary unaudited financial results are estimates and
are subject to further review and analysis by the company's
management as part of the normal quarterly closing process
currently under way.

                   About URS Corporation

Headquartered in San Francisco, California, URS Corporation
(NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive  
range of professional planning and design, systems engineering
and technical assistance, program and construction management,
and operations and maintenance services for transportation,
facilities, environmental, water/wastewater, industrial
infrastructure and process, homeland security, installations and
logistics, and defense systems.  The company operates in more
than 20 countries with approximately 29,500 employees providing
engineering and technical services to federal, state and local
governmental agencies as well as private clients in the
chemical, pharmaceutical, oil and gas, power, manufacturing,
mining and forest products industries.  The company also has
offices in Argentina, Australia, Belgium, China, France,
Germany, and Mexico, among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 21, 2007, Standard & Poor's Ratings Services assigned its
'BB+' bank loan rating and '2' recovery rating to URS Corp.'s
proposed US$2.1 billion senior secured credit facilities,
indicating expectations of substantial recovery in the event of
a payment default.  The facilities are rated the same as the
corporate credit rating on the company.

As reported in the Troubled Company Reporter on Sept. 20, 2007,
Moody's Investors Service assigned a provisional rating of
(P)Ba1 to the proposed US$2.1 million senior secured credit
facility of URS Corporation, which will be used to finance its
pending acquisition of Washington Group International Inc.


WIMBUSH CORPORATION: Sets Final Meeting for November 2
------------------------------------------------------
Wimbush Corporation Pty Ltd will hold a final meeting for its
members and creditors on November 2, 2007, at 11:00 a.m.

At the meeting, Mark Anthony Conlan, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

The Liquidator can be reached at:

          Mark Anthony Conlan
          RSM Bird Cameron Partners
          Chartered Accountants
          8 St Georges Terrace
          Perth, Western Australia 6000
          Australia
          Telephone:(08) 9261 9100
          Facsimile:(08) 9261 9340

                    About Wimbush Corporation

Wimbush Corporation Pty Ltd, which is also trading as B Wimbush
& Associates, provides management consulting services.  The
company is located at  Herdsman, in Western Australia,
Australia.


ZINIFEX LTD: Posts 24% Boost in NPAT for the Year Ending June 30
----------------------------------------------------------------
For the third year in a row, Zinifex substantially increased its
financial performance, delivering a record net profit after tax
attributable to members of AU$1,334.8 million and earnings per
share of AU$2.74.  This represents a rise in net profit after
tax of 24% from the 2006 financial year.  

Zinifex’s mining business was the major contributor to the
profit providing AU$827.5 million while the smelting business
was also a significant contributor adding AU$507.3 million.  
Profitability of all operations increased with Rosebery, Hobart
and Budel nearly double, or better, their contributions compared
to the year before.

For the first time Zinifex’s income statement focuses on the
performance of the mining business, recognizing that in future
Zinifex’s smelting operations will be part of Nyrstar, an entity
formed to merge Zinifex’s zinc smelting and alloying businesses
with those of Umicore, a Belgium listed advanced materials
company.  Nyrstar will be the world’s largest producer of zinc
metal.  

Profit before financing costs and income tax was also a record
at AU$1,739 million, 82% higher than the year before.  A
substantial income tax expense was booked for the period
compared with an income tax benefit in the previous financial
year reflecting that substantially all of Zinifex’s tax losses
have now been recognized.  This change in tax position was the
primary reason why net profit after tax increased by a smaller
23% when compared with the 82% increase in profit before tax.

Revenue for the year was also a record at AU$4,608.6 million
with the increase attributable to record zinc and lead prices
which more than offset moderately lower production and sales
volumes.

Zinc prices increased by an average of 74% for the year to
US$3,671 per tonne.  This increase in prices has been driven by
a substantial zinc market deficit over the past three years
which has reduced zinc inventories to historically low levels.  
Lead prices increased markedly when a number of producers
encountered difficulties interrupting supply.  On average lead
prices were 58% higher than the previous year at US$1,689 per
tonne.  Partially offsetting the increase in metal prices was a
weaker US dollar particularly in the second half of the
financial year.

Production was 5% below that for the 2006 financial year.
Longer than normal planned maintenance shutdowns combined with
unplanned shutdowns at Century, Port Pirie and Clarksville
together with lower lead grades at Century were primarily
responsible.  In contrast Hobart delivered record zinc
production and Budel increased output following the
commissioning of an expansion.

The ongoing strong performance of the resources sector continued
to apply upward pressure on costs.  Underlying operating costs
excluding exchange rate impacts were up by some 11%,
however, specific period expenditures associated with the
extended Port Pirie shutdowns, final payout to the departing
Chief Executive Officer and revised environmental provisions at
Port Pirie increased the headline rate to 15%.

Operating cost increases were experienced in all areas of the
mining business with employees, services, consumables, freight
and energy all costing more.  Higher volumes of ore were mined
at Century during the year which added AU$17 million to
operating costs and higher metal prices flowed through to the
royalty payments made to State Governments which increased by
35%.

On the smelting side cost increases were in general marginally
lower.  Higher costs were spread across all areas with the most
significant increase incurred in contracting expenses associated
with the increased maintenance performed during the year as well
as the new asset management program that was implemented.

Accelerated implementation of the growth strategy saw
exploration and development costs increase by AU$17 million.

Depreciation and amortization expenses increased due to higher
amortization rates, and higher levels of capital expenditure
flowing through to depreciation.  The costs of stripping waste
from the surface of the Century ore body are capitalized and
then amortized as ore is processed through the mill.  Over
recent years the costs of stripping waste at Century have
increased in line with general cost pressures experienced in the
resources industry.  As a consequence the rates of amortization
have been increased to reflect these higher costs.

Net cash flow from operating activities increased strongly by
more than 83% to a record AU$1,585.9 million largely due to
higher metal prices.  This was after an increase in working
capital of AU$150 million, also largely due to higher metal
prices.  This cash was used to fund a substantially higher
capital program of AU$530 million.  The single largest item
contributing to the AU$170 million uplift in capital spend from
the year before was the accelerated program of stripping at
Century.  Extended planned maintenance shutdowns at Century and
Port Pirie also increased capital costs as did emissions
reduction projects initiated as part of Port Pirie’s ten by 10
program.

During the year AU$588 million was applied to investments,
principally the acquisition of Wolfden Resources.  A substantial
AU$696 million was returned to shareholders during the year in
the form of dividends and completion of the share buyback
program.  In addition tax of AU$292 milllion was paid on the
dividend component.  Zinifex still held a healthy AU$346 million
in cash in the bank at the end of June 2007 and had a very
modest debt position of less than AU$140 million.

In accordance with our stated policy of returning surplus cash
that cannot be effectively employed within the business to
shareholders, the Board has resolved to pay a 70 cents fully
franked dividend to shareholders on November 16, 2007.  The
record date for entitlement to this dividend is November 5,
2007, and the ex-dividend date will be October 30, 2007.

Highlights

   * Record net profit after tax of AU$1,334.8 million, more  
     than 24% than the net profit for the 2006 financial year;

   * Record cash inflows from operating activities of AU$1,585.9
     million, an increase of 83% compared to the previous
     financial year;

   * Announced a dividend of 70 cents per share, fully franked,
     bringing total dividends announced to AU$1.40 per share for
     the year, a rise of 75 per cent over last financial year;

   * Dividends of AU$681.6 million paid to shareholders, nearly
     10 times the dividend paid during the 2006 financial year;

   * Record zinc prices and lead prices, an average of 74% and
     58% higher respectively than the previous year, were the
     major drivers of the increased profit;

   * Total production was approximately 5% below last year due
     largely to longer than normal planned shutdowns at Century
     and Port Pirie as well as lower lead grades in Century ore;

   * Safety performance continued the long term trend of
     significant improvement with a 22% reduction in the
     medically referred injury frequency rate on the same time
     one year ago;

   * Environmental performance also improved with a reduction in
     the number of reportable environmental incidents,    
     sustaining the significant improvement achieved in the   
     previous year;

   * Substantial progress made on Zinifex’s long term strategy
     including:

     -- Entering into an agreement to combine Zinifex and
        Umicore’s respective smelting and alloying businesses to
        create Nyrstar, the world’s pre-eminent zinc metal
        producer.  Zinifex shareholder approval to discontinue
        the smelting business was received on July 26, 2007 and
        Nyrstar is on track to be formed in September 2007;

     -- Successfully completed the Dugald River pre-feasibility
        study and elected to proceed with a full feasibility      
        study of a 200,000 tonne per annum zinc mine;

     -- Acquired Wolfden Resources Inc. for AU$388 million.  
        Wolfden significantly increases Zinifex’s zinc and
        copper resources and has development and exploration
        projects in Canada’s Nunavut Territory;

     -- Increased the Rosebery resource by 65% extending the
        mine life at Rosebery to beyond 10 years;

     -- Exploration expanded overseas with projects in Tunisia,
        Sweden, Mexico and China;

     -- Increased budget allocation for exploration and
        development budget to AU$100 million in the 2008
        financial year;

   * Greig Gailey, Zinifex’s Chief Executive Officer since
     listing, departed Zinifex on June 29, 2007 and made an  
     outstanding contribution during this period.  Tony Barnes,
     formerly Zinifex’s Chief Financial Officer, is acting Chief
     Executive Officer until a suitable replacement is found.

                       About Zinifex

Zinifex Limited, one of the world's largest integrated
zinc and lead companies -- http://www.zinifex.com/-- is   
headquartered in Melbourne, Australia.  The company owns and
operates two mines and four smelters.  The mines and two of the
smelters are located in Australia and supply the growing
industrial markets of the Asian-Pacific region, including China.  
The company also has a zinc smelter in the Netherlands and the
United States.  The company sells a range of zinc metal, lead
metal, and associated alloys in 20 countries.  More than 80% of
the company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  

Zinc is used for steel galvanizing and die-casting and lead for
lead acid batteries used mainly in cars and other vehicles.

On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's
'BB+' Issuer Default rating with a Stable Outlook, following its
offer to buy Wolfden Resources Inc for approximately CDN$360
million (approximately AU$385m).  Wolfden's board has
unanimously recommended that shareholders accept Zinifex's
offer.


ZINIFEX LTD: Extends Exploration Alliance with Drake Resources
--------------------------------------------------------------
Zinifex Ltd. and Drake Resources Ltd. have agreed to extend
their successful base metal exploration Alliance until December
2008.

The Zinifex–Drake Alliance was established to identify high-
quality zinc-lead-silver-copper targets within selected regions
of Australia, Scandinavia, North America and southern Africa.  
Drake has a generative team with a unique understanding of
target characteristics and wide-ranging knowledge and practical
experience in the type terrains where the known deposits occur.  
Zinifex has the project evaluation, financing and mining skills
to progress the projects generated by the Alliance.

The Alliance started in September 2006 with an initial budget of
AU$640,000 including a cash budget of AU$400,000.  With this
funding, Drake, as Manager of the Alliance, has successfully
generated fourteen projects as Drake-Zinifex exploration joint
ventures to date.

To facilitate a continuation of this productive arrangement, the
parties have approved a new budget of a further AU$1.0 million
for the period from September 2007 to 30 June 2008.  This new
budget is in addition to the initial budget, and is funded by
cash and in kind contributions from each company in the same
proportions as the initial budget.

The two companies have also agreed in principle to extend the
term of the Alliance agreement for a further six-month period
until the end of December 2008.   The program and budget for the
period July 2008 to December 2008 is yet to be finalized.

The Alliance extension will focus on the following:
   
   * Intensifying the search in the regions of current focus:
     Sweden and Australia;

   * Extending the search to other regions, including elsewhere
     in Scandinavia, North America and Southern Africa.

                      About Zinifex

Zinifex Limited, one of the world's largest integrated
zinc and lead companies -- http://www.zinifex.com/-- is   
headquartered in Melbourne, Australia.  The company owns and
operates two mines and four smelters.  The mines and two of the
smelters are located in Australia and supply the growing
industrial markets of the Asian-Pacific region, including China.  
The company also has a zinc smelter in the Netherlands and the
United States.  The company sells a range of zinc metal, lead
metal, and associated alloys in 20 countries.  More than 80% of
the company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  

Zinc is used for steel galvanizing and die-casting and lead for
lead acid batteries used mainly in cars and other vehicles.

On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's
'BB+' Issuer Default rating with a Stable Outlook, following its
offer to buy Wolfden Resources Inc for approximately CDN$360
million (approximately AU$385m).  Wolfden's board has
unanimously recommended that shareholders accept Zinifex's
offer.


ZINIFEX LTD: Fitch Affirms BB+ IDR After Nyrstar Public Offer
-------------------------------------------------------------
Fitch Ratings affirmed Zinifex Limited's 'BB+' Long-term foreign
currency Issuer Default Rating (IDR), following the announcement
by the company that it had successfully completed the public
offer of shares in Nyrstar.  The Outlook is Stable.

Nyrstar comprises the former zinc and lead smelting and alloying
businesses of Zinifex and Belgium-based Umicore SA/NV (Umicore).  
The public offer of 86.96% of Nyrstar's shares will result in
gross proceeds of EUR1.74 billion (AU$ 2.72 billion) for Zinifex
and Umicore, of which Zinifex's share will be approximately
EUR1.04bn (AU$1.6 billion).  If over-allotment options are fully
exercised, Zinifex should receive an additional AU$220 million
and cease to be a shareholder in Nyrstar.

"The very significant cash injection from the public offer, an
ungeared balance sheet and strong cash flows from existing
mining assets provide a strong foundation for Zinifex to grow
its higher-margin mining business," said Maurice O'Connell,
director in Fitch's corporate team based in Sydney.

Following the transaction, Zinifex will focus on expanding its
mining business which currently consists largely of the Century
and Rosebery zinc, lead and silver mines in Australia.  Whilst
the divestment of Zinifex's smelting assets reduces the
company's vertical integration and leaves the business more
exposed to the performance of the mining operations, the smelter
business has had some operational difficulties in the past, and
therefore in Fitch's view, the divestment does not materially
increase the company's business risk.

The smelter business accounted for AU$507 million, or 38%, of
FY2007 normal profit after taxation (NPAT) and the sale of this
business will result in lower profits and cash flows in the
immediate future.  The rating will be reviewed when the
company's plans for the use of the proceeds become clearer.

Zinifex's future pro-forma credit profile is still viewed as
solid and consistent with existing ratings.  Its NPAT of
approximately AU$800 million, zero net debt, significant cash
holdings and a short- to medium-term outlook which remains
favorable for zinc prices, mitigate the lack of diversification,
and inherent credit risks associated with mining, including mine
life and commodity price risk.

Zinifex Limited, one of the world's largest integrated
zinc and lead companies -- http://www.zinifex.com/-- is   
headquartered in Melbourne, Australia.  The company owns and
operates two mines and four smelters.  The mines and two of the
smelters are located in Australia and supply the growing
industrial markets of the Asian-Pacific region, including China.  
The company also has a zinc smelter in the Netherlands and the
United States.  The company sells a range of zinc metal, lead
metal, and associated alloys in 20 countries.  More than 80% of
the company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  

Zinc is used for steel galvanizing and die-casting and lead for
lead acid batteries used mainly in cars and other vehicles.


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

ASAT HOLDINGS: Regains Compliance w/ Nasdaq Minimum Bid Price
-------------------------------------------------------------
ASAT Holdings Limited, a global provider of semiconductor
package design, assembly and test services, announced on
Oct. 29, 2007, that it received a Nasdaq Staff Letter, dated
October 25, advising that it regained compliance with the
US$1.00 minimum bid price requirement for continued listing
found in Nasdaq Marketplace Rule 4320(e)(2)(E)(ii).

On July 30, 2007, Nasdaq notified the company that its American
Depositary Shares failed to maintain the minimum bid price of
US$1.00 over the previous 30 consecutive business days as
required by the Nasdaq Marketplace Rules.  Since then, the
closing bid price of the company's American Depositary Shares
has been at US$1.00 per share or greater for at least 10
consecutive business days.  Therefore, the company was informed
by Nasdaq that this matter is now closed.

ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/--   
is a global provider of semiconductor package design, assembly
and test services.  With more than 17 years of experience, the
Company offers a definitive selection of semiconductor packages
and world-class manufacturing lines.  ASAT's advanced package
portfolio includes standard and high thermal performance ball
grid arrays, leadless plastic chip carriers, thin array plastic
packages, system-in-package and flip chip.  ASAT was the first
company to develop moisture sensitive level one capability on
standard leaded products.  The Company has operations in the
United States, Asia, Hong Kong and Europe.

At April 30, 2007, ASAT Holdings Limited's consolidated balance
sheet showed US$135.1 million in total assets, US$217.7 million
in total liabilities, and US$5.7 million in series A redeemable
convertible preferred shares, resulting in US$88.3 million total
stockholders' deficit.


BEST FOUNDATION: Requires Creditors to File Claims by Nov. 2
------------------------------------------------------------
Best Foundation Iron & Steel Industrial Limited requires its
creditors to file their proofs of debt by November 2, 2007, to
be included in the company's dividend distribution.

The company's liquidators are:

          Alan C W Tang
          Wong Kwok Man
          Gloucester Tower, 13th Floor
          The Landmark
          15 Queen's Road, Central
          Hong Kong


BEST LEADER: Court to Hear Wind-Up Petition on Dec. 19
------------------------------------------------------
A petition to have Best Leader Engineering Limited's operations
wound up will be heard before the High Court of Hong Kong on
December 19, 2007, at 9:30 a.m.

The petition was filed by Superich Marine Services Limited on
September 21, 2007.

Superich Marine's solicitors are:

          Betty Chan & Co.
          Tung Ning Building, Room 1703
          2 Hillier Street, Hong Kong


BOE TECHNOLOGY: Posts CNY421-Million Net Income for 3rd Quarter
---------------------------------------------------------------
BOE Technology Group Co. reported net income of CNY420.5 million
(US$56 million), or CNY0.14 a share, in the third quarter as
demand for computers and TVs that use its screens surged,
Bloomberg News reports.

The current figure is a turnaround from the CNY883.5-million net
loss recorded a year earlier, Bloomberg notes, citing BOE
Technology's statement submitted to the Shenzhen stock exchange.

According to the company, sales rose to CNY3.24 billion in the
third quarter from CNY2.39 billion a year ago.  Retail sales
rose 17% in September from a year earlier after the Chinese
government raised minimum wages and cut tax to spur consumer
demand.

Bloomberg relates that China's booming economy boosted incomes
and fueled surging demand for personal computers, TVs, and other
electronics.

                    About BOE Technology

Based in Beijing, BOE Technology Group Co., Ltd. (BOE) is a
manufacturer of display devices and digital products. Based in
Beijing, the People's Republic of China, the Company operates
seven key divisions: Thin-Film Transistor-Liquid Crystal Display
(TFT-LCD); Monitor & Panel Television (TV), offering cathode ray
tube (CRT) monitors, TFT-LCD monitors, TFT-LCD TVs and plasma
display panel (PDP) TVs; Mobile Display System, providing super
twisted nematic-LCD (STN-LCD) and organic light-emitting display
(OLED); Special Application Display, supplying vacuum
fluorescent display (VFD) and light-emitting display (LED); CRT,
producing CRTs together with Toshiba and Panasonic; Precision
Electronic Component & Material, and Digital Display Product &
Display Application System.

Xinhua Far East China Ratings gave the company a CC issuer
credit rating on October 24, 2006.


CARLZEN INVESTMENT: Creditors' Proofs of Debt Due on November 30
----------------------------------------------------------------
At an extraordinary general meeting held on October 8, 2007, the
members of Carlzen Investment & Development Company Limited
resolved to voluntarily liquidate the company's business.

Creditors must file their proofs of debt by November 30, 2007,
to be included in the company's dividend distribution.

The company's liquidators are:

          Wan Yiu Chung, Paul
          Lin Lai Har, Wendy
          1301 Eton Tower
          8 Hysan Avenue, Causeway Bay
          Hong Kong


CHINA LINK: Pays Dividend to Ordinary Creditors
-----------------------------------------------
China Link Oil Company Limited, which is in liquidation, paid
dividend to its ordinary creditors on October 18, 2007.

The company paid 0.711% to its ordinary creditors.

The company's liquidator is:

          Kenny King Ching Tam
          Nan Fung Tower
          Room 908, 9th Floor
          173 Des Voeux Road Central
          Hong Kong


COUNTRY GARDEN: Moody's Assigns First-Time Corp. Rating of Ba1
--------------------------------------------------------------
Moody's Investors Service assigned first-time Ba1 corporate
family rating to Country Garden Holdings Company Limited.  At
the same time, Moody's assigned a provisional (P) Ba1 senior
unsecured debt rating to its proposed US dollar bonds (maturing
2012 and 2017).  The outlook for the ratings is stable.

The bond rating will be removed from its provisional status once
Country Garden has successfully completed the bonds issuance,
and which is intended to fund capital needs for its existing and
new projects.

"Country Garden's rating of Ba1 reflects its leading market
position and the growth opportunities provided by its business
model, which focuses on building integrated townships in
suburban China, and its ability to offer affordable products to
a growing middle income group," says Peter Choy, a Moody's Vice
President and Senior Credit Officer.

"The rating further recognizes Country Garden's track record in
successfully deploying such a strategy in Guangdong Province in
recent years," says Choy, adding, "Another support is its large
and low cost land bank, which is spread in a number of locations
in China, and its well formed plans to develop that land bank in
the next few years."

On the other hand, Country Garden's rapid and projected growth
could exert stress on its management and operational teams.  As
an indication of such growth, Moody's notes that it has
increased its land bank size by almost three times since April
2007 and it is forecasting sales for the next few years to grow
at a rate higher than its average historical compound growth
rate for the last 4 years.

Additionally, it is expanding rapidly outside Guangdong Province
into the second and third tier cities of relatively lower
economic activities, and where its ability to replicate its
success in Guangdong is at an early stage.

Moody is of the view that under the company's rapid growth
strategy, its working capital requirement is expected to be
significant, and its future operating cash flow will be strained
to some extent that it is likely to be negative in some years.

"Therefore, while Country Garden has demonstrated the success of
its business model in Guangdong, it remains to be seen the
applicability of such a model -- in terms of achieving the scale
and profitability anticipated -- in other parts of China," says
Choy.

Mitigating these concerns is the company's raising of equity --
as evidenced by the successful IPO in April 2007 and debt to
pre-fund its expansion, its low land cost, its standardized
development model and strong organization that have supported
the company's expansion in recent years.

Its financial metrics are appropriate for its rating category
with adjusted debt leverage to average 40-50% in coming years.
But cash flow coverage of interest and debt is weak because of
low level or negative operating cash flow and is only expected
to improve materially from 2010.  Until then, Moody's expects
the company will use its major cash reserves to fund development
expenditure, dividends and interest.

The stable rating outlook reflects Moody's expectation that
Country Garden is relatively well funded as it proceeds to
execute its business plan in China.  It has a reasonable buffer,
should it prove difficult to grow sales as quickly and
profitably as anticipated, provided the company will adjust its
development pipeline at the same time.

Upward rating pressure is unlikely in the near term as Moody's
has concerns over the execution risks of Country Garden's rapid
expansion.  But if it achieves a track record of sales and
profitability in line with expectations and generates
significant operating cash flows on a sustainable basis, an
upgrade could be considered.

Financial metrics Moody's would consider in this respect would
be EBITDA/Interest around 10x, Debt/Capitalization of around 35-
40%, and ongoing and positive recurring operating cash flow.

On the other hand, downward rating pressure could emerge if
Country Garden experiences significant difficulty in executing
its business plan, or China's property market shows a major
downturn, such that its operating cash flow generation is weaker
than anticipated.

In such a situation, a downgrade could be considered if EBITDA
margin falls below 20%; Debt/Capitalization at or above 50%; and
EBITDA/interest declines under 6x on a sustainable basis; and
negative operating cash flow beyond 2009 and indicating a need
for further funding.

Founded in 1997 in China and listed in Hong Kong in April 2007,
Country Garden Holdings Company Limited is a leading integrated
property developer in China.  As of August 2007, it had a
sizeable land bank of 51.9 million square meters, and spread
over 45 projects in 20 cities in the provinces of Guangdong,
Anhui, Hubei, Hunan, Jiangsu and Liaoning, and the two
municipalities of Chongqing and Tianjin.


GLOBAL CROSSING: Extends Voice Over Internet Protocol Service
-------------------------------------------------------------
Global Crossing said in a statement that it has extended its
voice over Internet protocol local service to 16 Mexican cities.

Business News Americas relates that the service is an inbound
local service, which provides "nationwide direct inward dialing
functionality through a single" Internet protocol
interconnection.

According to BNamericas, the service will be available in:

         -- Mexico City,
         -- Guadalajara,
         -- Puebla,
         -- Leon, and
         -- Monterrey, among other cities.

Global Crossing's voice over Internet protocol is now being
offered in 21 nations, BNamericas notes.  The firm also extended
the service to 400 cities in the US.

Global Crossing's network applications service vice president Al
DiGabriele commented to BNamericas, "Global Crossing continues
to expand the reach of this critical capability into key markets
across the world. We'll continue to use our secure, reliable
global IP [Internet protocol] network to support multinational
customers - and the carriers that serve them -- in need of these
essential business applications."

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
(NASDAQ: GLBC) -- http://www.globalcrossing.com/-- provides  
telecommunication  services over the world's first integrated
global IP-based network, which reaches 27 countries and more
than 200 major cities around the globe including China, Bermuda,
Argentina, Brazil, and the United Kingdom.  Global Crossing
serves many of the world's largest corporations, providing a
full range of managed data and voice products and services.  The
company filed for chapter 11 protection on Jan. 28, 2002 (Bankr.
S.D.N.Y. Case No. 02-40188).  When the Debtors filed for
protection from their creditors, they listed US$25,511,000,000
in total assets and US$15,467,000,000 in total debts.  Global
Crossing emerged from chapter 11 on Dec. 9, 2003.

At Dec. 31, 2006, Global Crossing Ltd.'s balance sheet showed a
US$195 million stockholders' deficit, compared to a
US$173 million stockholders' deficit at Dec. 31, 2005.


GRAND JOY: Sets Final General Meeting for November 19
-----------------------------------------------------
The members of Grand Joy (HK) Limited will hold their final
general meeting on November 19, 2007, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Lau Hin Chi
          Hopewell Centre, Suite 5008
          183 Queen's Road East
          Wanchai, Hong Kong


GRIFFITHS & ARMOUR: Members to Receive Wind-Up Report on Nov. 20
----------------------------------------------------------------
A final meeting will be held for the members of Griffiths &
Armour (Asia Pacific) Limited on November 20, 2007, at 10:00
a.m., at the 29th Floor of Wing On Centre, 111 Connaught Road
Central, Hong Kong.

At the meeting, Kong Chi How, Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


KIENVER CONSTRUCTION: Creditors' Proofs of Debt Due on Nov. 19
--------------------------------------------------------------
The creditors of Kienver Construction Company Limited are
required to file their proofs of debt by November 19, 2007, to
be included in the company's dividend distribution.

The company's liquidator is:

          Ng Shung Mo
          Chinachem Golden Plaza
          77 Mody Road
          Tsimshatsui East
          Kowloon


LFE INTERNATIONAL: Members Pass Resolution to Wind Up Operations
----------------------------------------------------------------
On October 12, 2007, the members of LFE International Limited
passed a resolution to liquidate the company's business.

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

The Liquidators can be reached at:

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


ORIENTAL MERCHANT: Taps Briscoe and Chen as Liquidators
-------------------------------------------------------
Oriental Merchant Limited went into liquidation on October 11,
2007.

Stephen Briscoe and Chen, Yung Ngai Kenneth were named as
liquidators.

The Liquidators can be reached at:

          Stephen Briscoe
          Chen, Yung Ngai Kenneth
          Allied Kajima Building, 7th Floor
          138 Gloucester Road
          Hong Kong


SOUTH CHINA: Placed Under Voluntary Liquidation
-----------------------------------------------
On October 11, 2007, a special resolution was passed to
liquidate South China Binding Limited's operations.

Stephen Briscoe and Chen, Yung Ngai Kenneth were named as
liquidators.

The Liquidators can be reached at:

          Stephen Briscoe
          Chen, Yung Ngai Kenneth
          Allied Kajima Building, 7th Floor
          138 Gloucester Road
          Hong Kong


* Moody's Releases Annual Report on Hong Kong
---------------------------------------------
In its annual report on Hong Kong, Moody's Investors Service
says the country's Aa2 government bond ratings and Aa1 foreign
currency country ceilings reflect the region's very strong
government and external finances.  At the same time, the rating
agency believes that Hong Kong's status as a Special
Administrative Region within A1-rated China and its increasing
economic and financial integration with the rest of the country
are constraints on the rating.

"With almost no debt, the Hong Kong government is running
substantial budget surpluses and has built up fiscal reserves
equivalent to 20 months of expenditure," said Moody's Vice
President Steven Hess, author of the report.  He added that this
position compared favorably to countries rated even more highly
than Hong Kong.

"Hong Kong's external position is also strong, with one of the
largest net international investment positions of any country or
territory and with continuing current account surpluses," said
Hess.  He said the latest figures on the net international
investment position show that it has strengthened quite
significantly in the previous few years, standing at 252% of GDP
at the end of 2005.

The strong performance of China's economy over the last decade,
coupled with Chinese government policies that have benefited
Hong Kong, has been one of the engines of the SAR's economic
growth.  Trade and China related financial services have
increased their share of the Hong Kong economy during the past
several years.

Moody's believes, however, that China risk, in the event of a
less favorable scenario in the country, is a factor in Hong
Kong's ratings.  As a result, the ratings of Hong Kong are lower
than they might be on a stand alone basis.

The rating agency's report, "Hong Kong: 2007 Credit Analysis,"
is a yearly update to the markets and is not a rating action.


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

ANDHRA CEMENTS: Profit Doubles to INR197.7MM in July-Sept. 2007
--------------------------------------------------------------
Andhra Cements Ltd's net profit for the quarter ended Sept. 30,
2007, tripled to INR197.7 million from the INR64.10 million
earned in the corresponding quarter last year.

Total income more than doubled in the July-Sept. 2007 quarter to
INR916.8 million.  With operating expenses aggregating
INR688.3 million, the cement maker booked an operating profit
for the quarter of INR228.5 million.

The company also recorded interest charges of INR28.1 million,  
depreciation of INR2.1 million and INR60,000 in taxes.

A copy of Andhra Cements' financial results for the quarter
ended Sept. 30, 2007, is available for free at:
http://ResearchArchives.com/t/s?24a6


Headquartered in Guntur, India, Andhra Cements Limited,
manufactures and distributes cement.  Andhra is part of the
Kolkata-based Duncan Goenka group.  The original promoter of
Andhra Cements handed over the reins to Goenka in 1994 when the
company was under the Board for Industrial and Financial
Reconstruction's purview.

Andhra Cements had been operating under the sanctioned
rehabilitation scheme of the BIFR dated June 16, 1994.  The
scheme is presently under revision.


AGILENT TECH: Prices US$600 Million of Senior Notes Offering
------------------------------------------------------------
Agilent Technologies Inc. disclosed the pricing of its senior
notes in an aggregate principal amount of $600 million, in an
underwritten, registered public offering.  The senior notes will
mature in November 2017 and will bear interest at an annual rate
of 6.5%.

The offering closed on Oct. 29, 2007, subject to customary
closing conditions.

Agilent intends to use the net proceeds from the offering for
general corporate purposes, which may include repurchases of its
outstanding shares of common stock, acquisitions, working
capital and capital expenditures.

Citi Markets & Banking and J.P. Morgan Securities Inc. acted as
joint lead book-running managers for the offering.  Banc of
America Securities LLC, Credit Suisse, Lehman Brothers and
Utendahl Capital Markets L.P. acted as co-managers.

Copies of the prospectus supplement and the accompanying
prospectus relating to the offering can be obtained from:

     Citigroup Global Markets Inc.
     Prospectus Department
     Brooklyn Army Terminal
     140 58th Street, 8th Floor
     Brooklyn, NY 11220
     Telephone +1 877 858 5407

             and

     J. P. Morgan Securities Inc.
     Attn: Investment Grade Syndicate Desk
     270 Park Avenue
     New York, NY 10017
     Telephone +1 212 834 4533

               About Agilent Technologies

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/
-- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis.  The company's 19,000 employees serve
customers in more than 110 countries.

The company has operations in Indonesia, Argentina, Puerto Rico,
Bolivia, Paraguay, Venezuela, and Luxembourg, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 26, 2007,
Moody's Investors Service assigned a Ba1 rating to Agilent
Technologies, Inc.'s proposed offering of US$500 million senior
notes due 2017 and affirmed its existing ratings and stable
outlook.


BAGALKOT UDYOG: Board Meeting to Consider Results Set Today
-----------------------------------------------------------
Bagalkot Udyog Ltd's board of directors will hold a meeting
today, Oct. 31, 2007, inter alia, to consider and take on record
the company's unaudited financial results for the quarter ended
Sept. 30, 2007.

Additionally, the board or directors will take note of the
Rehabilitation Scheme and the Scheme of Arrangement or Demerger
that was approved by the Board for Industrial and Financial
Reconstruction last month.

Bagalkot Udyog Ltd. manufactures cement, clinker and other by-
products.

The company incurred heavy losses that led to the erosion of its
entire net worth.  By order dated June 2, 2000, the Board for
Industrial & Financial Reconstruction, New Delhi, had declared
the company as a sick industrial unit under the provisions of
Sick Industrial Companies (Special Provisions), Act 1985.

On May 11, 2006, the operations of the company's cement plant at
Bagalkot came to a total stop.  The company booked net losses of
INR59.16 million for the fiscal year ended March 31, 2006, and
INR115.88 million in FY 2005.

The Troubled Company Reporter–Asia Pacific reported on Oct. 26,
2007, that Andhra Cements has a stockholder's equity deficit of
US$630,000.


NAVISTAR INT'L: In Talks to Acquire GM's Medium Truck Business
--------------------------------------------------------------
Navistar International Corp. is in discussions with General
Motors Corp. about a plan for Navistar to acquire GM's medium-
duty truck business, including the rights to manufacture GMC and
Chevrolet brand trucks.

Under this proposal, Navistar would sell a competitive line of
Chevrolet and GMC medium trucks and service parts through GM's
proprietary dealer network in the United States and Canada.
This agreement would leverage Navistar's strengths in commercial
trucks and engines, and advance its strategy to build scale and
reduce costs.

"An agreement with GM could become an important part of our
growth strategy as we leverage our core strengths in commercial
trucks and engines," Daniel C. Ustian, Navistar chairman,
president and chief executive officer, said.  "General Motors
would entrust Navistar to support two of its most important
brands because of the depth of our experience and success in the
medium truck business."

Based in Warrenville, Illinois, Navistar International Corp.
(NYSE:NAV) -- http://www.nav-international.com/-- is the parent  
company of Navistar Financial Corp. and International Truck and
Engine Corp.  The company produces International brand
commercial trucks, mid-range diesel engines and IC brand school
buses, Workhorse brand chassis for motor homes and step vans,
and is a private label designer and manufacturer of diesel
engines for the pickup truck, van and SUV market.  The company
also provides truck and diesel engine parts and service sold
under the International brand.  A wholly owned subsidiary offers
financing services.  The company has operations in Brazil,
Iceland and India.

                       *     *     *

As reported in the Troubled Company Reporter on Oct. 29, 2007,
Standard & Poor's Ratings Services said that its 'BB-' corporate
credit ratings on North American truck and diesel engine
producer Navistar International Corp. and subsidiary Navistar
Financial Corp. remain on CreditWatch with negative
implications, where they were placed on Jan. 17, 2006.


NAVISTAR INT'L: Releases Restated 2003-2005 Financial Data
----------------------------------------------------------
Navistar International Corp. released summary preliminary and
unaudited results for fiscal years ended Oct. 31, 2003, 2004 and
2005, marking progress toward becoming a current filer with the
U.S. Securities and Exchange Commission.  Navistar's senior
management also provided the company's third quarter 2007
operating metrics and reaffirmed its commitment to 2009 growth
and pro forma segment margin targets.

"We've reached the point in our restatement process where we can
review many of our key financial indicators with investors and
analysts," Daniel C. Ustian, Navistar chairman, president and
chief executive officer, said.  "This is a significant milestone
toward becoming current in our SEC filings and toward the
relisting of our stock on a major exchange.  We are committed to
thorough and accurate financial reporting for our shareholders
and investment community and to guide our business decisions."

Mr. Ustian emphasized the company's commitment to its 2009
financial targets: US$15 billion in revenue and US$1.5 billion
pro forma segment margins.  "Our unwavering focus is on
producing great products, improving the competitiveness of our
cost structure and generating profitable growth for our
shareholders," he said.  "Nothing in the restatement effects
will hinder us from maintaining that focus and delivering on our
targets."

The company's pre-tax restatement adjustments total negative
US$1.12 billion during the restatement period of 2003 and prior,
2004 and the first three quarters of 2005.  In addition, the
company recorded US$874 million in income tax adjustments,
including a full valuation allowance for deferred tax assets.

Included in the US$1.12 billion are warranty reserve increases
of US$321 million, representing the largest change to
operational results.  During an investor and analyst meeting,
Mr. Ustian detailed recent warranty performance improvements and
committed to report the company's warranty expense progress on a
quarterly basis.

      Navistar Strengthens Financial Control Environment

Management has assessed the effectiveness of Navistar's internal
controls over financial reporting and identified a number of
material weaknesses.  This assessment determined a need to
establish stronger awareness regarding consistent application of
highly ethical standards across all areas of the company, the
importance of internal controls over financial reporting and
strict adherence to generally accepted accounting principles.
To address these issues, the company has developed a broad and
aggressive plan to reinforce within its culture the importance
of ethics, integrity and working in a manner consistent with the
company's seven core values, including accountability and
communication.

"Our leadership team is committed to strengthening our control
environment and reemphasizing the importance of operating within
our values and guiding behaviors, which are grounded in simply
doing the right thing," Mr. Ustian said.  "We are actively
engaged in implementing comprehensive remediation efforts to
address these control deficiencies."

"We are continuing to strengthen our company's financial
reporting and internal control environment," Bill Caton,
executive vice president and chief financial officer, said.
"Navistar's reputation is one of its greatest assets and is the
basis upon which we build the trust of our shareholders, our
customers, our business partners and our employees.  We have
taken significant measures to rebuild an effective internal
control environment, and we expect to continue to aggressively
invest in this area in the coming years."

Among actions taken to strengthen its financial processes, the
company has:

  * hired more than 50 additional accounting employees;

  * strengthened its finance and accounting leadership;

  * realigned its finance and accounting reporting structure;
    and

  * hired a new vice president of internal audit, a new chief
    accounting officer and a new chief information officer.

Additionally, Navistar has enhanced company-wide communication
regarding the importance of accurate financial reporting and a
robust control environment.

In addition to management's own assessment, a thorough
investigation has been conducted by an independent law firm.
Initiated by an independent committee of Navistar's board of
directors, the investigation echoed the findings of management
regarding the internal control environment and determined that
most of the errors corrected in the restatement were due to lack
of proper accounting knowledge, which resulted in the
misapplication of GAAP.  The independent investigation also
identified instances of intentional misconduct that resulted in
some of the company's smaller, but in some cases material,
restatement adjustments.  Most of the individuals who were
involved in instances of misconduct are no longer employed by
the company.  In other instances, the independent committee of
the board has implemented appropriate remediation plans.

          Non-Traditional Business Drives Growth

Mr. Ustian also detailed the company's third quarter 2007
operating results in an extremely weak North American truck
market.  The company expects industry volumes of 316,000 medium
and heavy trucks and school buses sold in the U.S. and Canada
for its fiscal year ending Oct. 31, 2007, a 30% overall decline
from the record 454,500 units shipped in fiscal 2006.

Navistar's worldwide shipments of school buses, Class 6-7 medium
trucks and Class 8 heavy trucks and non-traditional vehicles for
the third quarter 2007 were 23,700 units, down 39.5% from the
39,200 units delivered in the corresponding quarter one year
ago.

Importantly, Navistar's non-traditional new business is
providing a lift to the company's revenues.  Expansion market
shipments in the third quarter totaled 10,000 units, a gain of
22% over year earlier shipments of 7,900 units.  Since May 2007,
the company has secured more than US$1.6 billion in contracts
with the U.S. Armed Services for military vehicles and parts
support.  Last week, the U.S. Marine Corp awarded Navistar a
contract for an additional 1,000 International(R) MaxxPro(TM)
mine-resistant ambush-protected vehicles, bringing Navistar's
total MRAP orders to 2,971 since first awarded a contract in May
2007.  In just two full months of production, Navistar has
delivered 188 MaxxPros to the military (77 in August and 111 in
September) and is on track to achieve its production goal of 500
a month in February 2008.

           About Navistar International Corporation

Based in Warrenville, Illinois, Navistar International Corp.
(NYSE:NAV) -- http://www.nav-international.com/-- is the parent  
company of Navistar Financial Corp. and International Truck and
Engine Corp.  The company produces International brand
commercial trucks, mid-range diesel engines and IC brand school
buses, Workhorse brand chassis for motor homes and step vans,
and is a private label designer and manufacturer of diesel
engines for the pickup truck, van and SUV market.  The company
also provides truck and diesel engine parts and service sold
under the International brand.  A wholly owned subsidiary offers
financing services.  The company has operations in Brazil,
Iceland and India.

                       *     *     *

As reported in the Troubled Company Reporter on Oct. 29, 2007,
Standard & Poor's Ratings Services said that its 'BB-' corporate
credit ratings on North American truck and diesel engine
producer Navistar International Corp. and subsidiary Navistar
Financial Corp. remain on CreditWatch with negative
implications, where they were placed on Jan. 17, 2006.


NAVISTAR INTERNATIONAL: S&P Retains Negative Watch on Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB-' corporate
credit ratings on North American truck and diesel engine
producer Navistar International Corp. and subsidiary Navistar
Financial Corp. remain on CreditWatch with negative
implications, where they were placed on Jan. 17, 2006.  S&P
placed the ratings on CreditWatch because of delays in the
company's filing of audited financial statements.
     
The CreditWatch update follows a number of developments at
Navistar this week, notably:

    * A strike by the United Auto Workers at nine Navistar
      plants;

    * The company's announcement that it is in talks to acquire
      General Motors Corp.'s (GM; B/Stable/B-3) medium-duty
      truck business; and

    * The company's release of preliminary unaudited restated
      results for fiscal 2003-2005 and operating measures for
      its fiscal third quarter ended July 31, 2007.
     
While Navistar carries out its restatement process and attempts
to address its internal control material weaknesses, Standard &
Poor's will continue to monitor the company's liquidity and
other developments--including the commercial truck downturn, UAW
strike, and potential GM acquisition--and will evaluate their
impact on the ratings.
      
"We expect that the ratings will remain on CreditWatch until
Navistar is current with all SEC financial reporting
requirements," said Standard & Poor's credit analyst Gregg Lemos
Stein.  "We expect to affirm the ratings once this occurs and if
Navistar's prospects are not materially different from
expectations.  However, we could lower the ratings if new
accounting issues come to light that hurt Navistar's liquidity
or differ from our expectations, or if financial results
deteriorate materially as a result of an extended downturn in
the commercial truck market."


RAIN CALCINING: Gets S&P's 'B' Corporate Rating, Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services on Oct. 29, 2007, assigned
its 'B' corporate credit rating on India-based Rain Calcining
Ltd. and its subsidiary, CII Carbon LLC.  The outlook is  
stable.

RCL has completed its takeover of Texas-based CII and made it a   
wholly-owned subsidiary.  At the same time, Standard & Poor's
assigned its issue and recovery ratings to RCL's US$395 million
senior secured bank facility co-borrowed by both RCL and CII.
The senior secured facility is rated 'B' (the same as the   
corporate credit rating), with a recovery rating of '3',
indicating that lenders can expect meaningful recovery (50%-70%)
in the event of a payment default.

Standard & Poor's has also assigned its 'CCC+' rating to the
proposed US$235 million senior subordinated notes due 2015 to be
co-issued by CII and its subsidiary, CII Carbon Corp.

The ratings on RCL and CII incorporate a view of the
consolidated enterprise, although this does not mean that CII
will be rated at the same level as the parent at all times.  The
strategic relationship between the parent and the subsidiary
will always have a bearing on the rating of each entity, despite
the somewhat distinct financing structures that have been
established.  This view is supported by the strategic importance
of CII to RCL.

Proceeds from the proposed notes will be used to refinance the   
outstanding amount from a bridge loan that was put into place
upon the closing of the acquisition of CII for US$619 million by
RCL in mid-2007.  Consolidated adjusted pro forma total debt
outstanding at June 30, 2007, was expected to be about US$600
million.

The ratings reflect very aggressive financial leverage, limited
product diversity, supplier and end-customer concentration,
cyclical end markets, integration risk associated with combining
RCL and CII, and modest cash flow relative to its debt levels.        
Nevertheless, the ratings reflect the company's relatively good
market position in the calcined petroleum coke industry,
established and long-term customer relationships, healthy
operating margins, which are expected to improve in the near
term, and a somewhat stable earnings base.

RCL, part of the India-based Rain group, is a calcined petroleum
coke producer with a production capacity of 0.6 million tons per
annum and a power generation capacity of 49 MW.  In the
financial year ended March 31, 2007, RCL generated gross
turnover of about INR7.0 billion (US$178 million) and net profit
of INR700 million, and had total assets of INR6.6 billion.  
After the acquisition, RCL became the world's largest CPC
producer with a total capacity of about 2.4 million mtpa.  RCL
will guarantee   up to approximately US$150 million, or a third
of the amount borrowed by CII.

CII is the second-largest CPC producer with approximately 17% of
the western hemisphere capacity.  Similar to RCL, CII primarily
sells its product to the aluminum industry, where CPC is an
essential material in the aluminum smelting process, with no
economic substitute available.


TATA POWER: Second Qtr. Profit Up 27.24% at INR257.43 Crore
-----------------------------------------------------------
Tata Power Company Ltd, India's largest private power company,
yesterday disclosed its financial results for the quarter ended
Sept. 30, 2007.

HIGHLIGHTS-H1FY-08:

   -- During the half year ended Sept. 30, 2007, Tata Power
      reported profits of INR447.63 crores and revenues of
      INR2862.04 crores,an increase of 38.09% and 11.44%
      respectively. During the corresponding period last year,
      profits and revenues were INR324.17 crores and INR2568.20
      crores respectively.  Sales volume rose by 7.01% at 7867    
      MUs against 7352 MUs in H1 FY07.

    * The gain on sale of Long term Investments for the half
      year ended Sept. 2007, included in the other income is
      INR92.10 crores (INR85.13 crores for Q2).  The gain on
      exchange arising out of Exchange differences for the half
      year is INR46.83 crores (INR8.96 crores for Q2).

    * The Company's Trombay Thermal Power Station recorded
      highest ever thermal generation of 5042 MUs and operated
      at a Plant Load Factor (PLF) of 86.32 %. Previous highest
      reported was 4802 MUs at PLF of 82.21 % in FY 03.

    * The Jojobera Thermal Power Station recorded higher
      generation at 1442 MUs, improved PLF at 76.8%, as compared
      to 1333 MUs and PLF of 71%.

    * In consultation with KPTCL, for the first time third party
      sale of power was executed under open access from this
      plant.  60 MW of power from Belgaum was brought to Mumbai
      through TPTCL to meet Mumbai demand.

HIGHLIGHTS-Q2 FY 08:

    * Tata Power reported profits of INR257.43 crores and
      revenues of INR1350.56 crores, an increase of 27.24% and
      12.57% respectively. During the corresponding period last
      year, profits and revenues were INR202.32 crores and
      INR1199.79 crores respectively. Sales volume rose by 7.5 %
      at 3811 MUs against 3545 MUs in Q2 FY06-07.

    * The revenues from license area were up by 15.91% to
      INR1172.00 crores as compared to INR1011.12 crores in the
      corresponding period last year. The unit sales in license      
      area increased by 5.01% to 3076 MUs in Q2 FY07-08 as
      against 2928 MUs in the corresponding period last year.

    * Pursuant to the limited revision to AS 15 - Employee
      Benefits (Revised 2005), the Company has opted to charge
      the additional liability arising upon the first
      application of the Standard as an expense over a period of
      five years.  The increased debit to Staff Cost and Other
      Expenditure on account of application of AS 15, including      
      the amortisation of additional charge on first application    
      is around INR24.62 crores for Q2 (INR28.35 crores for H1).

GROWTH PLANS:

4000 MW, Mundra Ultra Mega Power Project:

The Ultra Mega Power project at Mundra, Gujarat is progressing
on schedule.  During the quarter, the Company announced the
signing of an EPC contract with Toshiba Corporation for the
supply of five 800 MW Steam Turbine Generators for the Mundra
project.  Toshiba Corporation's scope of work includes - the
design, manufacture, test and supply of equipment related to the
Steam Turbine Generator packages for the five units of 800 MW
each.  They will also be associated with the supervision of the
commissioning of the turbines. Site preparatory works are in
progress.

1050 MW Maithon Power Project:

For the 1050 MW Maithon project, a joint venture with DVC,
orders for the main equipment have been placed (BTG Pkg on
BHEL), other contracts are under finalization.

250 MW Trombay Unit 8:

The 250 MW Unit 8 expansion project at Trombay is proceeding as
per schedule.  Boiler drum erection completed ahead of schedule.
Next milestone includes Boiler Hydro Test, Chimney work
completion, Boiler Light up, Commencement of TG erection.

Wind Farm Projects:

50 MW Khandke Project will be commissioned by Nov 07. Two
additional wind projects of 50.4 MW each are been developed in
Jamnagar district at Gujarat and Gadag district at Karnataka.
Order has been placed on Enercon for setting up these machines.

90 MW Power Project at Haldia:

During the year, the Company acquired the 2 X 45 MW (under
construction) power plant from Hooghly Met Coke & Power Company
Limited, a 98% subsidiary of Tata Steel Limited.  The project is
scheduled to be commissioned this financial year.

Captive Power Projects for Tata Steel:

The 120 MW Power House No. 6 at Tata Steel Works, Jamshedpur and
120 MW Unit No. 5 at Jojobera are progressing well.

Commenting on the Company's performance, Prasad R. Menon,
Managing Director, Tata Power, said: "The quarterly performance
reinforces our commitment towards maximizing operational
efficiencies and setting industry benchmarks through enhanced
performance in our existing business.  The Company continues to
take further initiatives for additional generation in
Maharashtra to meet the future needs in Mumbai and possible
neighbouring regions.  The Company is now in the implementation
phase of several new projects and this augurs well for the
future growth.  These new projects on completion will lead to a
step change in the Company's size of operations and will reflect
in increased operating results in due course."

                       About Tata Power

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                          *     *     *

Standard & Poor's Ratings Services, on Aug. 24, 2007, 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+'.

Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.
At the same time, Moody's has downgraded its senior unsecured
bond rating to B1 from Ba2.  The ratings outlook is negative.


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

BANK MANDIRI: 9-Month Net Profit Ups 165.7% to IDR3.2 Trillion
--------------------------------------------------------------
PT Bank Mandiri Tbk's net profit for the first nine months of
2007 rose 165% to IDR3.2 trillion from the IDR1.19 trillion
recorded a year ago, various reports say.

Antara News, citing Bank Vice President Director Wayan Agus
Mertayasa, relates that the bank's net interest income rose
29.5% to IDR9.7 trillion.   The net profit was fueled not only
by interest income but also by fee-based income, which rose
26.2% to IDR2.6 trillion,  Mr. Mertayasa said.

Reuters relates that the increase was helped by better net
interest margins and higher fee-based income.  It also came
despite a relatively weak 11.9% growth in loans, compared to
around 20% growth at its rivals, the report says.

Reuters notes that Bank Mandiri has been increasing its lending
to the corporate sector and funding construction of toll roads
but has not been able to grow its lending by 20%, in line with
the central bank's forecast.

According to Antara, the loans channeled by Bank Mandiri in the
January-September 2007 period grew by 10% to IDR111.4 trillion
from a year earlier.

Outstanding loans rose to IDR121.7 trillion from
IDR108.8 trillion, while net interest margins improved to 5.7%
from 4.6%, Reuters says.  

Analysts polled by Reuters Estimates expect the bank to book a
net profit of IDR4.44 trillion this year, up from IDR2.42
trillion in 2006.

                    About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is  
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

The Troubled Company Reporter-Asia Pacific reported on  Oct 19,
2007, that Moody's Investors Service has raised the foreign
currency long-term debt and foreign currency long-term deposit
ratings of Bank Mandiri.

-- The foreign currency senior/subordinated debt ratings were
      raised to Ba2/Ba2 from Ba3/Ba3 and foreign currency long-
      term deposit rating to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating,
      Baa2 global local currency deposit rating and D- BFSR were
      unaffected.

All ratings carry a stable outlook

The bank also carries Fitch Ratings: Long- term foreign and
local currency Issuer Default ratings at 'BB-', Short-term
rating at 'B', National Long-term rating at AA(idn)', Individual
at 'D', and Support at '4'.  The Outlook for the ratings was
revised to Positive from Stable.


BANK INTERNASIONAL: 9-Month Profit Down 15% to IDR438.5 Billion
---------------------------------------------------------------
PT Bank Internasional Indonesia Tbk's nine-month net profit
decreased by 15% to IDR438.5 billion from IDR517.4 billion a
year ago, Reuters reports.

According to the report, the decrease in the net income was to
lower net interest margins and a substantial tax charge.

Bank Internasional's net interest income fell 10.5% to
IDR1.86 trillion, pushing the net interest margin down to 4.98%
from 5.35%.

                 About Bank Internasional

PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/--  
engages in general banking services and in other banking
activities based on Syariah principles.  The bank's services are
divided into three categories: Personal Services, consisting of
Funding, Credit Card Services, Loan, Reksadana and
Bancassurance; Corporate Services, consisting of Funding, Credit
Card Services, Loan and Investment Banking, and Platinum
Services, consisting of Platinum Access, Syariah Platinum Access
and Platinum MasterCard.  The bank is headquartered in Jakarta,
Indonesia.

With a total customer deposit base of more than IDR34 trillion
and over IDR47 trillion in assets, Bank Internasional is one of
the largest banks in Indonesia with an international network
that comprises over 230 branches and 700 ATMs across Indonesia,
as well as a banking presence in Mauritius, Mumbai and the
Cayman Islands.

The Troubled Company Reporter-Asia Pacific reported on
October 19, 2007, that Moody's Investors Service has raised the
foreign currency long-term debt and foreign currency long-term
deposit ratings of PT Bank Internasional Indonesia Tbk.

   -- The issuer/foreign currency subordinated debt ratings were
      raised to Ba2/Ba2 from Ba3/Ba3 and foreign currency long-
      term deposit rating to B1 from B2

   -- The Not Prime foreign currency short-term deposit rating,
      Baa3 global local currency deposit rating and D BFSR were
      unaffected.

On Aug. 15, 2007, that Fitch Ratings affirmed all the ratings of
Bank Internasional as follows:

   * Long term foreign currency IDR at 'BB-' with a Positive
     Outlook,

   * Short term foreign currency IDR at 'B',

   * Individual Rating 'C/D',

   * Support Rating '4', Support Rating Floor 'B' and

   * National Rating 'AA-(idn)' (AA minus (idn)).


FREEPORT-MCMORAN: Fitch Ups 7% Convertible Notes Rating to BB+
--------------------------------------------------------------
Fitch Ratings has upgraded the Issuer Default Rating and debt
ratings of Freeport-McMoRan Copper & Gold Inc. (FCX) and its
subsidiary, Phelps Dodge, as follows:

Freeport-McMoRan

         -- Issuer Default Rating to 'BB+' from 'BB';

         -- US$1 billion secured bank revolver to 'BBB-' from
            'BB+';

         -- Secured term loan A to 'BBB-' from 'BB+';

         -- 6.875% secured notes due 2014 to 'BBB-' from 'BB+';

         -- Unsecured notes due 2015 and 2017 to 'BB+' from
            'BB';

         -- 7% convertible notes due 2011 to 'BB+' from 'BB';
            and

         -- Convertible preferred stock to 'BB-' from 'B+'.

Phelps Dodge

         -- 8.75% senior unsecured notes due 2011 to 'BB+' from
            'BB';

         -- 7.125% senior unsecured debentures due 2027 to
            'BB+' from 'BB';

         -- 9.50% senior unsecured notes due 2031 to 'BB+' from
            'BB';

         -- 6.125% senior unsecured notes due 2034 to 'BB+'
            from 'BB'.

Fitch also affirmed this rating on Freeport-McMoRan:

         -- US$500 million PT Freeport Indonesia/FCX Secured
            Bank Revolver at 'BBB-'.

The Rating Outlook remains Positive.

Fitch expects total debt to be US$7.3 billion at year-end given
repayment of bank debt through internally generated cash and the
proceeds from the sale of its international wire and cable
business.  Strong metals prices should continue to drive
earnings over the next 12 to 18 months resulting in leverage as
measured by Total Debt/EBITDA of less than 1 times.  Fitch
expects free cash flow to be more than sufficient to cover
dividends and capital spending over the time period.

An unexpected downturn in metals prices, a substantial shortfall
in production or significant additional debt financing could
trigger a downgrade of the ratings and Rating Outlook.

The ratings reflect Freeport-McMoRan's position as the world's
second largest copper producer, its diversified operations and
strong liquidity as well as the company's exposure to copper
prices and its financial leverage.  The outlook is for copper
producers to continue to benefit from a strong pricing
environment over the near term.

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) --
http://www.fcx.com/-- is an international mining industry  
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum.  Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.

The completion of Freeport-McMoran's acquisition further expands
the company's global operations.  The former Phelps Dodge Corp.
has mining operations in Chile, Peru, Colombia, Venezuela and
Ecuador, among others.


GARUDA INDONESIA: Posts IDR218-Bil. Profit for First 9 Months
-------------------------------------------------------------
PT Garuda Indonesia posted a turnaround for the first nine
months of 2007, with net profit of IDR218 billion, compared with
a net loss of IDR436 billion a year ago, Antara News reports.

According to Antara, the increase in the air carrier's profit
was the result of the company's programs to restructure its
routes, keep down operating costs and make maximum use of
planes.

Garuda Indonesia President Director Emirsyah Satar told the news
agency that he is optimistic the company would be able to
achieve the profit target of IDR45 billion for this year.

The number of passengers traveling on Garuda planes in the
January-September 2007 period rose 9% to 6.1 million from 5.6%
in the same period last year, The Jakarta Post notes.

                 About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--   
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The Troubled Company Reporter-Asia Pacific reported on Sep. 6,
2007, that Garuda, saddled with a debt of around US$750 million
including some US$475 million owed to the European Credit
Agency, is in negotiations with creditors to restructure some of
its debt.  The carrier's debt needs to be restructured,
otherwise Garuda will not be able to fly anymore as its debt is
too big, the report added.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on Dec. 31, 2005.

The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.

Garuda is currently undergoing debt restructuring.  The Troubled
Company Reporter-Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.


GARUDA: Suspension Due to Employee Negligence, Minister Says
------------------------------------------------------------
State Minister for State-Owned Enterprises, Sofyan Djalil, said
that the sealing of PT Garuda Indonesia's six airplanes by the   
Custom & Excise Directorate General of the Finance Department
was due to employees negligence, Tempo Interactive reports.

As reported by the the Troubled Company Reporter-Asia Pacific on
October 26, 2007, that  Indonesian control and supervision
department at the custom office prohibited six carriers of
Garuda Indonesia flying due to failure in meeting custom
requirements, causing the airline to cancel four flights and
delay seven others.

According to the TCR-AP, the six Boeing 737-400s came under
inquiry as Garuda reportedly leased them under temporary import
scheme whose term already expired.  Garuda failed to fulfill its
administrative obligation on customs over the operation of the
six aircrafts.

Secretary of Minister of State Owned Enterprises, Said Didu,
said his institution will take firm action against Garuda's
board of directors for being careless in fulfilling the customs
obligation of the six Boeing airplanes, Antara relates.   Mr.  
Didu said they will ask the board of directors to meet all the
regulations, the report adds.

                   About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--   
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The Troubled Company Reporter-Asia Pacific reported on Sep. 6,
2007, that Garuda, saddled with a debt of around US$750 million
including some US$475 million owed to the European Credit
Agency, is in negotiations with creditors to restructure some of
its debt.  The carrier's debt needs to be restructured,
otherwise Garuda will not be able to fly anymore as its debt is
too big, the report added.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on Dec. 31, 2005.

The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.

Garuda is currently undergoing debt restructuring.  The Troubled
Company Reporter-Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.


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

BOSTON SCIENTIFIC: Hires Two Officers in Clinical Sciences Group
----------------------------------------------------------------
Boston Scientific reported that Keith Dawkins, M.D., and
Takahiro Uchida, M.D., will be joining the company's Clinical
Sciences organization.

Dr. Dawkins will serve as Senior Vice President and Associate
Chief Medical Officer, sitting on both the Clinical Leadership
team and the company's Operating Committee.  He is an
internationally known senior interventional cardiologist at
Southampton University Hospital in England, and a former
President of the British Cardiovascular Society.  He trained in
medicine at London University (Guy's Hospital), and in
cardiology at the Brompton Hospital (London), John Radcliffe
Hospital (Oxford), and Stanford University Medical Center.  He
has served as an advisor to the Department of Health in the
United Kingdom, and he has worked closely with a number of
regulatory agencies there, including the Medicines and
Healthcare Products Regulatory Agency and the National Institute
for Clinical Excellence.

He will be responsible for leading the medical input process for
the company's Interventional Cardiology, Peripheral Intervention
and Neurovascular businesses.  He will also participate in the
formulation and execution of technology strategies for both
internal research and development, as well as business
development activities.  In addition, he will oversee
development and dissemination of scientifically based education
materials to inform customers and regulators.

"We are delighted to have Dr. Dawkins joining us," said Donald
S. Baim, M.D., Boston Scientific's Chief Medical and Scientific
Officer.  "He is a well-published scientific contributor who has
been actively involved in the development of the TAXUS(R) Stent
System.  He is also a respected medical lecturer who is
universally recognized for his keen insights into a broad
variety of cardiology and cardiology device-related issues.  The
addition of Dr. Dawkins will greatly enhance the capabilities of
the Clinical Sciences organization at Boston Scientific."

Dr. Dawkins will join the company in January.

Dr. Takahiro Uchida, who will serve as a Director in Clinical
Research and as Medical Director, International, is another key
addition to the Clinical Sciences organization.  He is a skilled
interventional cardiologist who received his Medical Degree from
Fukushima Medical University, followed by an M.S. in
Epidemiology from the Harvard School of Public Health, and a
Doctor of Philosophy in Medicine from Tokyo Women's Medical
University.  After training with the Japanese Pharmaceuticals
and Medical Devices Agency (PMDA), Dr. Uchida became a research
fellow in the Division of Clinical Biometrics at the Brigham and
Women's Hospital and the Harvard Clinical Research Institute.
Most recently, Dr. Uchida has served as a Medical Officer in the
Interventional Cardiovascular Device Branch of the Center for
Devices and Radiological Health (CDRH) of the U.S. Food and Drug
Administration.

He will be responsible for providing high-level medical input on
the design, regulatory strategy and conduct of a broad range of
international trials concentrated in the cardiovascular area,
while also providing a strong communication link to the key
regulatory bodies and customer base worldwide.

"Dr. Uchida will play an important role on our global Clinical
Sciences team," said Dr. Baim. "He is well qualified for his
important new role by virtue of his training as an
interventional cardiologist, uniquely augmented by his
experience with clinical trials from both the biostatistical
trial conduct and regulatory perspectives, through his service
with the Japanese and U.S. regulatory agencies."

Dr. Uchida will join the company in December.

"The addition of these two highly capable individuals
significantly strengthens Boston Scientific's Clinical Sciences'
capabilities, and further enhances our ability to serve as the
'voice of the patient' by providing the highest-level expert
clinical input throughout the product life cycle of our current
and future medical devices," added Dr. Baim.

"Combined with the talents of nearly 400 other professionals
within our group, the unique skills and contributions of Dr.
Dawkins and Dr. Uchida will be invaluable in helping us maintain
and expand Boston Scientific's worldwide leadership in the
treatment of cardiovascular disease and the broad range of other
life- threatening and disabling diseases."

                    About Boston Scientific

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--  
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its
ratings on Natick, Massachussetts-based Boston Scientific Corp.
(including the 'BB+' corporate credit rating) and removed them
from CreditWatch, where they were placed with negative
implications Aug. 3, 2007.


CABS LTD: S&P Lowers Rating on Class B Floating Rate Note to BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on CABS
Ltd.'s Master Trust Series 2003-1 class A-1 fixed rate notes and
class A-2 floating rate notes from 'AA' to 'AA-'.  At the
same time Standard & Poor's lowered its rating on CABS Ltd.
Master Trust Series 2005-1's class A floating rate notes from
'AA' to 'A-', and its rating on the class B floating rate notes
from 'BBB' to 'BB-'.  All of the ratings cited remain on
CreditWatch with negative implications, where they were
initially placed on June 15, 2007.

Standard & Poor's placed the ratings on CreditWatch on June 15,
reflecting a deterioration in performance, such as increasing
default ratios and decreasing principal payment ratios for the
securitized pool.  While Standard & Poor's continued to monitor
each transaction after the CreditWatch placements, Credia Co.
Ltd., the originator, filed for bankruptcy protection from
creditors under the Civil Rehabilitation Law on Sept. 14, 2007.
Standard & Poor's decided to keep the ratings on CreditWatch
with negative implications on Sept. 21, 2007, awaiting
additional information regarding these bankruptcy proceedings.
Such information included the possibility that Credia would
commence revitalization procedures as planned, the possibility
that its restructuring plans would be approved, and the
possibility that there would be a servicer replacement.  
Standard & Poor's was also awaiting information on how claims on
overpaid interest would be treated during the bankruptcy
proceedings.

The downgrades reflect the performance of the underlying assets,
and the expected impact of Credia's bankruptcy proceedings on
the transactions, based on information received at this point,
mainly relating to the following:

   -- The performance of the underlying assets, such as the
      default ratios, principal payment ratios, and amount of
      refund claims on overpaid interest*;

   -- Declines in the lending interest rates on the underlying
      assets.  (Credia announced it would lower lending interest
      rates on loans after deciding to commence civil
      rehabilitation proceedings on Sept. 21, 2007.  The company
      lowered its lending rates on all loans, including loans
      extended in the past, beginning Oct. 4, 2007, with the
      maximum rate set at 18%.  The interest rates on the loans
      in the transaction asset pools are lowered accordingly.);

   -- The servicing situation; and

   -- The schedule and progress of the rehabilitation
      proceedings.

* Standard & Poor's believes the special purpose vehicles may
  incur burdens pertaining to claims for refunds of overpaid
  interest on the underlying loans.  (For further details, see
  "Consumer Loan ABS Rating Guidelines In Japan" dated June 27,
  2007.)  As with many other transactions, losses arising from
  refunds of overpaid interest on loans in the asset pools
  of these transactions will be compensated by the originator
  under the relevant agreements.  However, the originator may
  not perform its obligation to compensate such losses if the
  originator undertakes liquidation-type bankruptcy proceedings.
  As such, the rating analysis incorporates possible losses from
  refunds of overpaid interest separately.

The assessment of losses from refunds of overpaid interest is
based on the following factors:

   -- Application of overpaid interest to principal: If overpaid
      interest is applied to loan principal, the underlying loan
      principal is eroded, and the loan will be treated as a
      defaulted asset.  As such, an increase in claims for
      refunds of overpaid interest may lead to an increase in
      defaulted assets.

   -- Refunds of overpaid interest: Any residual amount, even
      after the overpaid interest is applied to loan principal,
      will be refunded to borrowers.  

As such, extra costs equivalent to such a refund may emerge in
relation to the entrusted assets of the securitization
transaction.

Standard & Poor's kept the ratings on these transactions on
CreditWatch with negative implications mainly for the reasons
outlined below.  Standard & Poor's will consider whether to
remove the ratings from CreditWatch once more information
becomes available.
   -- Although the risk of an increase in claims for refunds of
      overpaid interest is incorporated into the rating
      downgrades to a certain extent, this risk may increase
      beyond expectations as Credia's bankruptcy proceedings
      progress.

   -- The direction of the bankruptcy proceedings, including the
      feasibility of achieving rehabilitation, is still unclear.

Regarding Standard & Poor's credit ratings assessment methods,
and its perspective on surveillance in securitization
transactions backed by consumer finance loans, please refer to
the June 27 report cited above, and to the report titled "Impact
Of Originator Bankruptcy On Japanese Consumer Loan ABS
Transactions", which was published on Oct. 3, 2007.

Based in Shizuoka, Credia is a midsize consumer finance company.
The company was established in 1957 and was listed on the first
section of the Tokyo Stock Exchange in 1999.  The company had a
total loan balance of approximately JPY81 billion on a
consolidated basis at the end of March 2007.

Underlying assets relating to the two aforementioned
transactions are consumer loans originated by Credia through its
branch network, remote credit authorization machines, and
telephone network.

Ratings lowered, still on creditwatch

CABS Ltd.

Master trust series 2003-1 notes due 2012

Class   To              From           Issue Amount
A-1     AA-/Watch Neg   AA/Watch Neg   JPY1.5 bil.
A-2     AA-/Watch Neg   AA/Watch Neg   JPY8.5 bil.

CABS Ltd. Master Trust Series 2005-1

Floating rate notes due 2014

Class   To              From            Issue Amount
A       A-/Watch Neg    AA/Watch Neg    JPY8.7 bil.
B       BB-/Watch Neg   BBB/Watch Neg   JPY1.3 bil.


FIDELITY NAT'L: Spin-Off Cues Fitch to Review BB IDR
----------------------------------------------------
After Fidelity National Information Systems Inc. disclosed a
plan to split the company into two segments, Fitch Ratings said
it will reevaluate Fidelity's Issuer Default Rating and debt
ratings once further clarity is available on the final capital
structure and operating profile of each entity.

Fitch has these ratings on Fidelity National:

         -- 'BB' Issuer Default Rating;

         -- 'BB+' rating on US$900-million secured revolving
            credit facility ;

         -- 'BB+' rating on US$2.1-billion secured term loan A;

         -- 'BB+' rating on US$1.6-billion secured term loan B;
            and

         -- 'BB+' on 4.75% senior notes.

The senior notes are equally and ratably secured with Fidelity
National's bank facility.  The Rating Outlook is Stable.

Fidelity National expects to spin-off its Lender Processing
segment into a separate public company, subject to final board
approval, IRS rulings on the tax-free nature of the spin and
other issues.  Fitch believes that, based on initial
information, both companies following the proposed spin-off
would have roughly equivalent leverage (total debt / operating
EBITDA) which currently estimates to be 3.5 times.  Fidelity
National expects that approximately US$1.6 billion of its
secured bank debt will essentially be transferred to the new
company at the time of the spin-off although exact details are
not yet finalized.  Fitch anticipates reevaluating its ratings
based on the final operating and financial profile, financial
policies and management teams of each entity.

                  About Fidelity National

Based in Jacksonville, Florida, Fidelity National Information
Services, Inc. -- http://www.fidelityinfoservices.com/--  
provides core processing for financial institutions; card issuer
and transaction processing services; mortgage loan processing
and mortgage related information products; and outsourcing
services to financial institutions, retailers, mortgage lenders
and real estate professionals.  FIS has processing and
technology relationships with 35 of the top 50 global banks,
including nine of the top ten.  Nearly 50% of all US residential
mortgages are processed using FIS software.  FIS maintains a
strong global presence, serving over 7,800 financial
institutions in more than 60 countries worldwide, including
Brazil and Japan.


MITSUBISHI MOTORS: Posts 10.3% Boost in Global Production for H1
----------------------------------------------------------------
Mitsubishi Motors Corporation announced global production, as
well as domestic sales and export figures for September 2007 and
for the first half of fiscal 2007.

                        September 2007

Total global production came in at 124,145 units, an increase of
16.4% over September 2006 and marking the seventh consecutive
monthly increase since March this year.  Production volume in
Japan increased 20.9% to 75,934 units, the twelfth consecutive
month of year-on-year growth.  This growth was driven by
increased output of the new Lancer for the Russian, North
American, and Middle East and African markets and of the new
Outlander for the U.S., European and Chinese markets.

Vehicle sales in Japan in September totaled 22,515 units, an
18.9% decrease year-on-year and the first downturn since July.  
Passenger car (registrations and mini-car) sales of 17,160 units
and commercial vehicle sales of 5,355 units were 17.3% and 23.9%
down respectively on the same month last year.

Overseas production volume totaled 48,211 units, 9.9% up over
September last year.  In Europe production came in at 5,651
units or 24.8% down on last year's figure.  In North America
production at 5,339 units was 35.0% down on last year.  In Asia
production at 31,961 units was 29.1% up on September 2006 driven
by a 28.0% increase in export shipments of the L200 pick-up
truck from Thailand and an overall 24.6% increase in output at
Mitsubishi Motors Thailand.

Total exports from Japan of 56,448 units were 45.9% up on
September 2006, marking the eleventh consecutive month of year-
on-year increases and setting a new record mark for September
since Mitsubishi Motors spun off its truck and bus operations in
2003.  Exports to Europe rose to 27,709 units, a very
substantial 171.0% increase on the back of buoyant sales in
Russia, the Ukraine and central Europe. Exports to Asia fell to
2,641 units, a 14.4% decrease over the same period last year.  
Exports to North America of 4,823 units were 22.4% down on
September 2006.

                    April-September 2007

In the first half of fiscal 2007, global production totaled
679,260 units, 10.3% up on the same period in fiscal 2006.  This
marks the first time first-half production volume has risen over
that of the previous year since fiscal 2002.  Total vehicle
production in Japan came to 391,888 units, a 15.2% increase
year-on-year.  This marks the highest production level since
Mitsubishi Motors spun off its truck and bus operations in 2003
and was also the third consecutive increase in first half
production volume since fiscal 2005.  Passenger car and
commercial vehicle production were 22.1% up and 22.3% down
respectively.  First half production volume of the Lancer rose
by 20.2% to 137,450 units, driven by strong sales in Russia,
North America and the Middle East and Africa, and of the
Outlander rose by 497.3% to 73,810 units to meet strong growth
in demand in North America, Europe and China.

Total vehicle sales in Japan in the first half totaled 100,723
units, a decrease of 11.9% over the same period last year and
marked the first year-on-year decline in first half sales since
2004.  Registered vehicle sales volume rose 13.2% to 36,959
units while minicar sales slipped 21.9% to 63,764 units.

Overseas production volume rose to 287,372 units, 4.2% up on the
same period last fiscal year.  Production in Europe for the
first half came in at 32,151 units, a 30.3% decrease on the same
period last year.  Production in North America decreased 16.7%
to 38,555 units.  Production in Asia rose to 190,123 units, a
16.9% increase over the same period last year, driven mainly by
higher exports of the L200 pick-up truck from Thailand.

Export shipments from Japan totaled 282,081 units, a substantial
rise of 47.5% over first half of fiscal 2006.  Exports to Europe
jumped 102.9% to 120,617 units on the back of firm sales
throughout Europe and very buoyant growth in Russia, the Ukraine
and central Europe.  Shipments to North America of 23,744 units
were 15.1% down year-on-year.  Exports to Asia of 18,125 units
were 21.7% up on the same period last year boosted by firm sales
of the new Outlander in China.

                     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.

The 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.


MITSUBISHI MOTORS: Reports JPY1.3-Bil. Net Sales in H1 of FY2007
----------------------------------------------------------------
Mitsubishi Motors Corporation announced financial results for
the first half of the 2007 fiscal year ending March 31, 2008,
and outlined its forecasts for the full year.

                  FY2007 first-half results

Performance overview

Mitsubishi Motors posted consolidated net sales of JPY1,313.4
billion for the first half of fiscal year 2007 (April 1 through
September 30, 2007), a more than 30% increase of JPY308 billion
over the same period last year (JPY1,005.4 billion).  Factors
contributing to this increase include increased sales volumes in
overseas markets, the start of supplies of SUVs to PSA Peugeot
Citroen as well as favorable yen exchange rates.

Mitsubishi Motors posted operating income of JPY18.8 billion ,
an improvement of JPY24.3 billion over the same period last year
despite an increase in selling and marketing costs stemming from
larger advertising and publicity outlays associated with the
introduction of new models in North America.  Factors
contributing to the improvement included the weaker yen, but a
more profitable model mix and higher sales volume played a
larger role.  Mitsubishi Motors posted ordinary income of
JPY6.6 billion, a year-on-year improvement of JPY19.8 billion.  
This is the first time in five years, since fiscal 2002, that
the company has posted first-half operating and ordinary
surpluses.

Mitsubishi Motors posted a net loss of JPY5.6 billion, a year-
on-year improvement of JPY10.5 billion.  While the company was
able to book an extraordinary gain from the liquidation of an
anonymous association, it also had to book an increase in
extraordinary losses that included reorganization costs incurred
in the integration of domestic consolidated sales companies and
the provision of reserves to fund the cost of disposing of PCBs
(polychlorinated biphenyls) waste, and there was also an
increase in tax expenses of the company's consolidated overseas
subsidiaries.

Unit sales volume

Global retail sales volume for the first half of fiscal 2007
totaled 690,000 vehicles, a 15% increase of 91,000 units over
the 599,000 figure for the same period last year.

In Japan, where the market has shown no signs of recovery,
Mitsubishi Motors sales volume decreased to 101,000 vehicles, a
12% decline of 13,000 units over last year.  An increase in
registered vehicle sales, driven by the introduction of the new
Delica D:5, was insufficient to offset the drop in minicar sales
volume.

In North America sales volume grew to 98,000 vehicles, a 17%
increase of 14,000 units over the same period last year.  This
growth was driven by excellent initial sales of the new Lancer
that made its global market debut in March this year as well as
the launch of the Outlander and also by increased sales in
Canada.

In Europe sales volume grew to 167,000 vehicles, an 18% growth
of 25,000 units, driven primarily by the continuing expansion of
sales in Russia, the Ukraine and other East European markets.

In Asia and other regions sales volume grew to 324,000 vehicles,
a 25% increase of 65,000 units over last year.  Factors driving
this growth include higher sales of locally produced Mitsubishi
brand models in China, a recovery in demand in Indonesia and
other ASEAN economies, and sales remaining robust in Latin
America, the Middle East and Africa.

                    2007 full-year forecasts

In the light of its first half results, the current sales
climate, and other reasons, Mitsubishi Motors has revised the
full-year forecasts announced on April 26.

The company has revised the full-year unit sales volume forecast
announced on April 26 to 1,362,000 vehicles, a three percent
increase of 39,000 units.  For the second half of fiscal 2007
the company is lowering its total unit sales volume forecast to
672,000 vehicles, a two percent reduction percent of 13,000
units.  While the company has raised its volume forecast for
Europe where it expects sales to remain robust, it has lowered
its forecasts for Japan and North America due to the harsh
market environment and uncertainty about future prospects in
those regions.

The company has increased its start-of-year forecast for net
sales to JPY2,700 billion, an 11% increase of JPY270 billion, to
allow for the effect of the higher unit sales volume now
forecast.  With this revision to the net sales forecast, the
company upwardly revises its forecasts for operating profit to
JPY70 billion, a 37% increase of JPY19 billion, and for ordinary
profit to JPY47 billion, a 57% increase of JPY17 billion.  The
company leaves its full-year net income forecast of JPY20
billion unchanged because of expected increases in tax expenses
at consolidated overseas subsidiaries in the second half,
additional to those that occurred in the first half.

   Operational initiatives for the second half of FY 2007 (by
                          region)

Japan

   * Launch of the new Lancer Evolution (in overseas market);

   * Addition of a 4WD version of the Roadest model to the
     Delica D:5 lineup;

   * Commence sales of the high-end "SUPER EXCEED" trim level in
     the Galant Fortis (Lancer, Lancer EX in overseas
     market)series;

   * Addition of a 3.0-liter V6 model to the Outlander series;

   * Introduction of special edition models targeting female
     drivers in the eK, i and Colt series;

   * Strengthen dealer sales capabilities.
       
North America

   * Launch of the new Lancer Evolution (in overseas markets).  
     (Also to be introduced in Canada for the first time);

   * Introduction of new engine models to the Outlander and
     Lancer series;

   * Dealer facility support program in the United States;
   
   * Expand sales network in Canada;
      
Europe

   * Introduction of the new Lancer in West European markets
     including a diesel-powered model;
     
   * Addition of new engine models to the Outlander series;
   
   * Expand the sales network in Russia and put the Ukranian   
     distributor in direct contact with MMC;

Asia and other regions

   * China: Addition of two SUV models to model range; build up
     and expand sales network; boost advertising and publicity.

    * Latin America, the Middle East and Africa: Introduction of
      new Lancer and new Outlander.

    * Australia: Introduction of new Lancer.
       
                     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.

The 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.


NIS GROUP: R&I Lowers Issuer Rating to BB from BBB-
---------------------------------------------------
Rating and Investment Information, Inc., has downgraded the
issuer rating of NIS Group Co., Ltd to 'BB' from 'BBB-' with a
view to downgrading.  R&I also downgraded its rating for the
company's domestic commercial paper programme to 'b' from 'a-2'
and removed it from the rating monitor.

Financial institutions are becoming extremely cautious about the
lending to mid-and-small sized consumer finance companies and
business finance company.  Such movements are influencing NIS
Group Co., Ltd., and its funding base has been destabilized
since it does not have strong ties with any major financial
institution with high risk allowance and is relying on funding
from local and foreign financial institutions.  NIS must
prioritize securing its liquidity and there is a possibility
that its business activities may be adversely affected.  If such
situation prolongs, the business base of NIS Group may weaken.

NIS Group has been shifting its operation from commercial
finance-oriented business to comprehensive financing services
for SMEs.  In addition to the loan operation for businesses, it
has extended loan collection, real estate investment, leasing,
and securities businesses through affiliated subsidiaries.  
Among the businesses, the weight of asset backed loans and real
estate investment is rapidly increasing driven by the favorable
real estate market.  The revenue structure is diversified as
compared with a specialized consumer finance company, R&I
considers the impact from the revision of the Money Lending
Business Control Law is limited and the group holds a
reasonable risk resilience.

Despite these efforts, refinancing risk is increasing and the
funding environment is not likely to improve in a short term.  
In this respect, both the Issuer Rating and Issue Rating have
been downgraded to BB.  R&I will continue to place the group on
Rating Monitor with a view to downgrading.  CP Rating is now
downgraded to b and removed from rating monitor.

It is imminent for NIS Group to further solidify its financial
base and restore stability of its funding base.  R&I will pay
attention to such trend.


NOVA CORP: In Talks with Three Possible Sponsors
------------------------------------------------
Nova Corp.'s caretaker administrator announced that they had
started negotiations with three firms to become corporate
sponsors as part of efforts to rehabilitate the failed English
conversation school chain operator, The Yomiuri Shimbun reports.  

The administrator said he hoped to be able to choose a corporate
sponsor next week.

The Yomiuri notes that one of the firms showed serious interest
in taking over Nova's operations in their entirety.  The firm
reportedly has agreed to hire Nova employees and foreign
instructors, as well as accept students.

According to The Yomiuri, the three firms do not include
Internet firm Rakuten Inc. and retail giant Aeon Co., which had
initially been regarded as firms likely to support Nova's
rehabilitation.

Both Rakuten and Aeon said that they will have difficulty
supporting the rehabilitation of the scandal-stained Nova,
relates Kyodo News.

According to Kyodo, Rakuten and Aeon were among the companies
Nova had earlier cited as candidates for support of its
rehabilitation after Nova gave up efforts to turn itself around
and filed for protection from creditors last week.

Rakuten President Hiroshi Mikitani and Aeon President Motoya
Okada both claim that they never received such request.  
Mr. Okada said that they "would never consider it," relates
Kyodo.

Osaka-based company, Nova Corporation-- http://www.nova.ne.jp/
-- is primarily engaged in the operation of language schools.
The Company has seven subsidiaries and two associated companies.
The Company is involved in the teaching of languages, the
creation of international environment of different languages and
cultures, the provision of real time services, the development
and provision of network contents, the development of hardware
technology, the building of human network, as well as the
organization of member groups to provide services
internationally.  The Company also has subsidiaries and
associates, which are engaged in advertisement services,
interior construction, facility and commodity sale, overseas
study services, computer system services, real estate brokerage,
facility leasing and installment sale, capital management,
cleaning services, sanitary management, multimedia goods sale,
Internet connection services, customer services and assistance
to foreigners.

Nova has reported two consecutive net losses -- JPY3.09-billion
net loss for fiscal year ended March 31, 2006, and
JPY2.89 billion for the year ended March 31, 2007.

The Troubled Company Reporter-Asia Pacific reported that on Oct.
26, 2007, Nova Corp. sought protection from creditors with the
Osaka District Court under the Corporate Rehabilitation
Law with JPY43.9 billion in debt.


TIMKEN COMPANY: Completes US$200 Million Acquisition of Purdy
-------------------------------------------------------------
The Timken Company completed its acquisition of The Purdy Corp.,
a precision manufacturer and systems integrator for military and
commercial aviation customers, for US$200 million.  Both parties
entered into an agreement on Sept. 17, 2007, adding new power-
transmission products and capabilities to Timken's rapidly
growing aerospace business.

The Purdy Corp.'s expertise includes design, manufacturing,
testing, overhaul and repair of transmissions, gears, rotor-head
systems and other high-complexity components for helicopter and
fixed-wing aircraft platforms.  Founded in 1946, Purdy is based
in Manchester, Connecticut, employs more than 200 people and had
2006 sales of approximately US$87 million.

Timken will operate the business as Timken Aerospace
Transmissions, LLC, from its current location in Manchester,
Connecticut.  Timken will continue to make investments in its
ability to meet the power-transmission needs of its growing
customer base in the commercial and military aviation
industries.

"Customers have the opportunity to benefit from the strength of
a company that is a leader in friction-management technology
with growing capabilities in power transmission," J. Ron
Menning, president-aerospace and defense, said.  "We believe
that the increasing breadth of our portfolio is a distinct
advantage, and Timken is rapidly developing the kind of complete
aerospace systems expertise and portfolio that will create
exceptional customer and shareholder value."

Timken offers a comprehensive line of aerospace quality
bearings, along with a select range of turbine engine components
and MRO services.  Known for consistent, critical performance
and backed by stringent quality standards, Timken aerospace
products are found in aircraft engines, gearboxes, helicopter
transmissions, auxiliary power units, landing wheels, airframes
and instrumentation.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered  
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries.  The company has
operations in Argentina, Australia, Belgium, Brazil, Canada,
China, Czech Republic, England, France, Germany, Hungary, India,
Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania,
Russia, Singapore, South America, Spain, Taiwan, Turkey, United
States, and Venezuela and employs 27,000 employees.

                       *     *     *

The Timken Company carries Moody's Ba1 Long-Term Corporate
Family, Senior Unsecured Debt and Probability-of-Default
Ratings.  Moody's said the outlook is stable.


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

ILUSUNG CONSTRUCTION: Signs KRW47.3-Bil Service Contract w/ KEC
---------------------------------------------------------------
Ilsung Construction Co Ltd. has signed a contract worth
KRW47,361,000,000, with Korea Expressway Corporation, Reuters
Investing Keys reports.

According to the report, Ilsung Construction will provide
construction services to the later company.

Seoul, Korea-based Ilsung Construction Co., Ltd. --
http://www.ilsungconst.co.kr/-- specializes in the provision of     
construction and engineering services. The Company has five
major divisions: Construction division, which constructs
buildings, high-speed railways and condominiums; Engineering
Works division, which builds highways, subways, tunnels, bridges
and housing developments; Social Overhead Capital (SOC)
division, which collects toll fees to recoup its investment in
the construction of tunnels, environment and energy plants;
Housing division, which constructs apartment, mansions and
villas, and Gardening division, which constructs golf clubs,
parks and landscape architecture.

Korea Ratings gave the company's commercial papers a B+ rating
on January 31, 2007.


ILUSUNG CONSTRUCTION: Signs Contract with Korea-Based Company
-------------------------------------------------------------
Ilsung Construction Co Ltd. has signed a contract with a Korea-
based company to provide construction services, Reuters
Investing Keys reports.

According to the report, the contract between the two companies  
is worth KRW37,042 million.

Seoul, Korea-based Ilsung Construction Co., Ltd. --
http://www.ilsungconst.co.kr/-- specializes in the provision of     
construction and engineering services. The Company has five
major divisions: Construction division, which constructs
buildings, high-speed railways and condominiums; Engineering
Works division, which builds highways, subways, tunnels, bridges
and housing developments; Social Overhead Capital (SOC)
division, which collects toll fees to recoup its investment in
the construction of tunnels, environment and energy plants;
Housing division, which constructs apartment, mansions and
villas, and Gardening division, which constructs golf clubs,
parks and landscape architecture.

Korea Ratings gave the company's commercial papers a B+ rating
on January 31, 2007.


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

DADARDOUST LTD: Court to Hear Wind-Up Petition on Nov. 1
--------------------------------------------------------
A petition to have Dadardoust Ltd.'s operations wound up will be
heard before the High Court of Auckland on November 1, 2007, at
10:00 a.m.

The petition was filed by the Commissioner of Inland Revenue on
July 11, 2007.

The CIR's solicitor is:

          Simon John Eisdell Moore
          c/o Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street
          PO Box 2213, Auckland
          New Zealand
          Telephone:(09) 336 7556


DALMI HOLDINGS: Fixes November 9 as Last Day to File Claims
-----------------------------------------------------------
Henry David Levin and David Stuart Vance were appointed
liquidators of Dalmi Holdings Ltd. on October 11, 2007.

Messrs. Levin and Vance require the company's creditors to file
their proofs of debt by November 9, 2007.

The Liquidators can be reached at:

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


D.E.M TRANSPORT: Appoints Brown and Rodewald as Liquidators
-----------------------------------------------------------
On October 8, 2007,  Kenneth Peter Brown and Thomas Lee Rodewald
were named liquidators of D.E.M Transport Limited.

The Liquidators can be reached at:

          Kenneth Peter Brown
          Thomas Lee Rodewald
          c/o Rodewald Hart Brown Limited
          127 Durham Street
          PO Box 13380, Tauranga
          New Zealand
          Telephone:(07) 571 6280
          Web site: http://www.rhb.co.nz


FINESSE PROPERTIES: Appoints Rowan Kingstone as Liquidator
----------------------------------------------------------
The shareholders of Finesse Properties Ltd., on October 1, 2007,
appointed Rowan Kingstone as the company's liquidator.

The Liquidator can be reached at:

          Rowan Kingstone
          KDB Chartered Accountants Limited
          Chartered Accountants
          PO Box 9200, Newmarket
          Auckland
          New Zealand
          Telephone:(09) 303 3007
          Facsimile:(09) 303 1600


GALBRAITH MUNRO: Subject to CIR's Wind-Up Petition
--------------------------------------------------
On September 11, 2007, the Commissioner of Inland Revenue filed
a petition to have Galbraith Munro Enterprises Ltd.'s operations
wound up.

The petition will be heard before the High Court of Invercargill
today, October 31, 2007, at 9:30 a.m.

The CIR's solicitor is:

          Andrew Hamer Instone
          Inland Revenue Department
          Legal and Technical Services
          7-27 Waterloo Quay
          PO Box 1462, Wellington
          New Zealand
          Telephone:(04) 890 1133
          Facsimile:(04) 890 0009


MADE IN AOTEAROA: Names John Francis Managh as Liquidator
---------------------------------------------------------
John Francis Managh was named liquidator of Made in Aotearoa
Ltd. on October 8, 2007.

Mr. Managh is accepting creditors' proofs of debt until Oct. 8,
2007.

The Liquidator can be reached at:

          John Francis Managh
          50 Tennyson Street
          PO Box 1022, Napier
          New Zealand
          Telephone/Facsimile:(06) 835 6280


MOKOIA ISLAND: Appoints Brown and Rodewald as Liquidators
---------------------------------------------------------
On October 8, 2007, Kenneth Peter Brown and Thomas Lee Rodewald
were named liquidators of Mokoia Island Tours Ltd.

The Liquidators can be reached at:

          Kenneth Peter Brown
          Thomas Lee Rodewald
          c/o Rodewald Hart Brown Limited
          127 Durham Street
          PO Box 13380, Tauranga
          New Zealand
          Telephone:(07) 571 6280
          Web site: http://www.rhb.co.nz


PRISTINE PLUMBING: Commences Liquidation Proceedings
----------------------------------------------------
On October 11, 2007, the shareholders of Pristine Plumbing Ltd.
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt by Nov. 11,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

          G. L. Hansen
          Goldsmith Fox PKF
          PO Box 13141, Christchurch
          New Zealand
          Telephone:(03) 366 6706
          Facsimile:(03) 366 0265


TAYLORMADE BUILDING: Taps Brown and Rodewald as Liquidators
-----------------------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were appointed
liquidators of Taylormade Building Company Limited on October 8,
2007.

The Liquidators can be reached at:

          Kenneth Peter Brown
          Thomas Lee Rodewald
          c/o Rodewald Hart Brown Limited
          127 Durham Street
          PO Box 13380, Tauranga
          New Zealand
          Telephone:(07) 571 6280
          Web site: http://www.rhb.co.nz


THE FIREBOX LTD: Court Sets Wind-Up Petition Hearing for Today
--------------------------------------------------------------
The High Court of Invercargill will hear today, Oct. 31, 2007,
at 9:30 a.m., a petition to have The Firebox Limited's
operations wound up.

The petition was filed by is Scarlett Hydraulics (Christchurch)
Limited on September 19, 2007.

Scarlett Hydraulics' solicitor is:

          Malcolm David Whitlock
          Whitlock & Co.
          c/o Baycorp House, Level 2
          15 Hopetoun Street, Auckland
          New Zealand


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

BANGKO SENTRAL: Approves in Principle DBP's US$100-Mil. ODA Loan
----------------------------------------------------------------
The Bangko Sentral ng Pilipinas has approved in principle the
Development Bank of the Philippines' plan to withdraw
US$100 million in official development assistance for health
investment projects, the Philippine Daily Inquirer reports.

The Inquirer reveals that, according to documents at the BSP,
the Asian Development Bank and the German development lender KfW
will jointly provide the loan with each one shelling out
US$50 million.  This approval will allow the BSP to commence
negotiations with the two banks.

According to the report, the loan will mature in 15 years.  It
has a grace period of two years and an annual interest rate of
2.9%.

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 Services 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.


METROPOLITAN BANK: Increases Tier 2 Offering to PHP8.5 Billion
--------------------------------------------------------------
The Metropolitan Bank & Trust Co. has increased its tier 2 peso
note offering to PHP8.5 billion from the initial PHP5 billion,
ABS-CBN News reports.

The bank has the option to further increase the issue to at most
PHP10 billion, the article adds.

The subordinated notes issued will mature in 2017, with a call
option after five years from the issue date, subject to a step-
up interest rate.

Metrobank started the offer period for the notes on October 1
and closed the offering on Friday with more than twice the
volume in orders received.  The issuance was made to replace
$125 million worth of subordinated notes that the bank is
redeeming to strengthen its capital base.

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.

                        *     *     *

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

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

On Sept. 21, 2006, 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 March 3, 2006, 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.


PAL HOLDINGS: SC Releases Firm from Obligations Under 1996 Pact
---------------------------------------------------------------
PAL Holdings Inc. and four other firms have been released by the
Supreme Court from their obligations under a 1996 agreement that
called for them to buy government shares in PAL for PHP5 each,
BusinessWorld reports.

In its 11-page decision, the SC released PAL Holdings, Ascot
Holdings, Inc., Cube Factor Holdings, Inc., Pol Holdings Inc.
and Sierra Holdings and Equities, Inc. from such obligations,
the article says.  

BusinessWorld recounts that the companies owned shares in PAL
that were later acquired by PAL Holdings.

The complaint stemmed from the claims made by Philippine
National Bank, Development Bank of the Philippines, Armed Forces
of the Philippines Retirement and Separation Benefits System and
the Government Service Insurance System that the holding firms
reneged on the contract, the report explains.  The defendants
had petitioned the Makati Regional Trial Court to release them
from the contract in 2002 because of radical changes in
conditions since the signing of the deal.

The Court of Appeals also dropped the Land Bank's request for
review of the case saying that the motion "did not toll the
reglementary period to appeal the judgment. . .  As a
consequence, the [appellate court] has no more jurisdiction to
entertain the petition for review which Landbank intended to
file before it, much less to grant the motion for extension of
time for the filing thereof," the report reveals.

The CA also junked Land Bank's claim that it will lose
investments as a result of the decision, saying that "[a]ny
benefit that [the holding firms] may derive from the continued
profitable operations of PAL will likely benefit [the government
financial institutions]."

                         About PAL Holdings

Formerly known as Baguio Gold Holdings Corporation, the
Company's principal activity is that of a holding company. Based
in Makati City, Philippines, the Company's primary purpose is to
purchase, subscribe, acquire, hold, use, manage, develop, sell,
assign, exchange or dispose of real and personal property,
including shares of stocks, debentures, notes and other
securities of any domestic or foreign corporation.  The company
is a major shareholder of Philippines Airlines Inc.

On August 17, 2006, the Corporation acquired 100% ownership of
six holding companies that collectively own 81.5% of Philippine
Airlines Inc.

PAL Holdings Inc. reported a PHP13.4 billion shareholders'
equity deficit as of December 31, 2006.


PHILODRILL: Annual Stockholders' Meeting Set for January 16
-----------------------------------------------------------
The Philodrill Corp. will hold its annual stockholders' meeting
on January 16, 2008, at 3:00 p.m. at the Banahaw Ballroom of the
Legend Villas, in 60 Pioneer Street, Mandaluyong City.

Only stockholders of record as of November 17, 2007, will be
entitled to notice and to vote at the meeting.

Headquartered in Mandaluyong City, Philippines, --
http://www.philodrill.com/ -- The Philodrill Corporation was  
registered with the Philippine Securities and Exchange
Commission on June 26, 1969, as an oil exploration and
production company.  In 1989, realizing the need to balance the
risk associated with its petroleum activities, the company
changed its primary purpose to that of a diversified holding
company while retaining petroleum and mineral exploration and
development as one of its secondary purposes.

The company, which is operating in only one business segment,
has three associates with one engaged in real estate and the
others in financial services.  The company and its associates
have no geographical segments as they were incorporated and are
operating within the Philippines.

                          *     *     *

After auditing Philodrill's 2005 annual financial statements,
Sycip, Gorres and Velayo & Co., raised doubt on the company's
ability to continue as a going concern, as its current
liabilities exceed current assets by PHP419.2 million as of
Dec. 31, 2005.  The company also had difficulty meeting its
obligations to creditor banks.

In early 2006, Philodrill was able to redenominate its loans
with Rizal Commercial Banking Corp. amounting to
PHP28.25 million, from U.S. dollars to Philippine Pesos.


SAN MIGUEL: Supreme Court Rules Against 20 Guards in Labor Case
---------------------------------------------------------------
The Supreme Court has ruled in favor of San Miguel Corp. in a
labor suit filed against it by 20 security cards regarding the
company's "no time card policy," the Philippine Daily Inquirer
reports.

The Inquirer says that in their complaint, the guards alleged
that the policy deprived them of overnight, holiday and night
premium pay.  The complainants requested overtime pay and
damages against SMC.  However, the company argued that the
guards were supervisory employees exempt from the Labor Code
provisions on work hours and rest days.  It said that aside from
not being required to punch time cards, the guards were given a
10% salary increase and a night shift allowance together with
their yearly merit increase.

In its decision, the Supreme Court said that the respondents
"failed to show the circumstances of the present case
constituted an exception to the general rule," the Inquirer
relates.  The Supreme Court also junked the guards' claim on
overtime pay, saying that the pay was not a benefit, and that
they were discriminated, as it was the company's prerogative to
treat supervisors differently from the rank and file.  

The Supreme Court also ruled that the guards had been
compensated for services beyond regular working hours, including
the 10-percent salary increase and night shift allowance, the
report relates.

                    About San Miguel Corp.

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.

On August 22, 2007, Moody's Investor Service downgraded its
local currency corporate family rating for San Miguel
Corporation to Ba2 from Ba1.  The rating outlook is stable.

Standard & Poor's Ratings Services affirmed on August 22, 2007,
its 'BB' long-term foreign currency corporate credit rating on
San Miguel Corp. and removed it from CreditWatch, where it was
placed with negative implications on May 15, 2007.  The outlook
is negative.


STA. LUCIA LAND: PSE Lifts Suspension on Trading of Securities
--------------------------------------------------------------
The trading suspension imposed on the shares of Sta. Lucia Land
Inc., formerly known as Zipporah Realty Holdings Inc., has been
lifted by the Philippine Stock Exchange.

Trading of the company's shares resumed 9:00 a.m. yesterday.


Formerly known as Zipporah Realty Holdings, Inc., Sta Lucia Land
Inc. was originally incorporated as a mining firm.  Presently,
it is primarily engaged in real estate holding and development
with mining as its secondary purpose.  Its main source of
revenue comes from sales of real estate properties.

The company's subsidiary, EBEDEV, Inc., launched its first
project, the Westmont Village Project along Dr. A. Santos Avenue
in Sucat, Paranaque, which started commercial operations in
January 1996.  The Westmont Village was conceptualized primarily
to answer the needs of young urban professionals and the growing
demands of the medium income market for a condominium project
accessible to the centers of commerce and industry, affordable
and with the amenities of a first-class condominium.

The company registered a PHP746.12-million deficit for 2006.


STA. LUCIA LAND: Board OKs Additional Public Offering of Shares
---------------------------------------------------------------
The Board of Directors of Sta. Lucia Land Inc., formerly known
as Zipporah Realty Holdings Inc., has approved the additional
public offering of the company's shares.

The Board has also authorized the company to assume the
obligations of Sta. Lucia Realty & Development Corp. secured by
the SLR Mall at Marcos Highway Corner Imelda Avenue in Cainta,
Rizal.  

The approvals are subject to the Securities and Exchange
Commission's approval of the company's application for the
increase in its authorized capital stock by at least PHP2
billion to at most PHP16 billion.

The Board also approved the appointment of Sebastian Liganor
Galinato & Alamis Law Offices as special counsel for the
issuance of shares and the additional public offering.


Formerly known as Zipporah Realty Holdings, Inc., Sta Lucia Land
Inc. was originally incorporated as a mining firm.  Presently,
it is primarily engaged in real estate holding and development
with mining as its secondary purpose.  Its main source of
revenue comes from sales of real estate properties.

The company's subsidiary, EBEDEV, Inc., launched its first
project, the Westmont Village Project along Dr. A. Santos Avenue
in Sucat, Paranaque, which started commercial operations in
January 1996.  The Westmont Village was conceptualized primarily
to answer the needs of young urban professionals and the growing
demands of the medium income market for a condominium project
accessible to the centers of commerce and industry, affordable
and with the amenities of a first-class condominium.

The company registered a PHP746.12-million deficit for 2006.


STA. LUCIA LAND: To Open PHP500-Mil. Credit Facility from RCBC
--------------------------------------------------------------
Sta. Lucia Land Inc., formerly known as Zipporah Realty Holdings
Inc., will open a credit facility valuing PHP500 million from
the Rizal Commercial Banking Corp.

Under the terms of the facility, PHP400 million will be
allocated for the company, while the remaining PHP100 million
will be made available to Sta. Lucia Realty & Development Corp.

Formerly known as Zipporah Realty Holdings, Inc., Sta Lucia Land
Inc. was originally incorporated as a mining firm.  Presently,
it is primarily engaged in real estate holding and development
with mining as its secondary purpose.  Its main source of
revenue comes from sales of real estate properties.

The company's subsidiary, EBEDEV, Inc., launched its first
project, the Westmont Village Project along Dr. A. Santos Avenue
in Sucat, Paranaque, which started commercial operations in
January 1996.  The Westmont Village was conceptualized primarily
to answer the needs of young urban professionals and the growing
demands of the medium income market for a condominium project
accessible to the centers of commerce and industry, affordable
and with the amenities of a first-class condominium.

The company registered a PHP746.12-million deficit for 2006.


UNION BANK: Nine-Month Profit Jumps 57% Year-on-Year to PHP1.6BB
----------------------------------------------------------------
Union Bank of the Philippines recorded a net income of
PHP2.57 billion in the first nine months of 2007, 57.67% higher
than PHP1.63 billion the Bank earned in the same period last
year, and surpassed full year 2006 profit of PHP2.51 billion.

Total operating income jumped 36.80% to PHP6.84 billion in 9M07
from PHP5.00 billion in 9M06.  Gross interest income from loans
increased by 25.69% to PHP2.74 billion from PHP2.18 billion.
Service charges, fees and commissions went up by 15.25% to
PHP0.63 billion during the reference period.

The Bank’s asset base expanded to PHP171.36 billion in September
2007, PHP25.61 billion higher from PHP145.75 billion in the same
month last year.  Loan portfolio increased by 16.62% to
PHP41.40 billion from PHP35.50 billion.  Deposits stood at
PHP105.48 billion.  Strong internal capital generation and
proceeds from the recently concluded follow-on equity offering
increased capital base by 46.54% to PHP26.04 billion from
PHP17.77 billion.  iBank branches are now fully integrated into
the UnionBank system, allowing both UnionBank and former iBank
clients to transact in 186 branches nationwide free of interbank
charge on deposit and withdrawal transactions.

Since the merger last year, UnionBank has already realized
almost PHP500 million in cost savings. More cost synergies are
expected to be realized from the elimination of overlaps and the
implementation of better systems and updated technologies.

Union Bank of the Philippines -- http://www.unionbankph.com/--  
offers a wide range of products and services to both corporate
and individual clients.  Its core businesses are payment
services, corporate cash management foreign exchange, capital
markets, corporate finance and consumer finance.  It is also
engaged in investment management, trust banking, insurance
brokerage, currency brokerage, private banking, pre-need
products marketing, investment banking and financial advisory
and real property development and marketing via Union
Properties, Inc.

Moody's Investors Service gave UnionBank a 'Ba3' Senior
Unsecured Debt and Long-Term Bank Deposits Ratings effective
May 25, 2006. The bank also carries Moody's Bank Financial
Strength Rating of D with stable outlook.


* Daily Trades in Local Bond Market Grows Twice This Year: BSP
--------------------------------------------------------------
The Philippine bond market has reported daily trades this year
to be more than twice than daily trades last year, in which the
market also reported remarkable growth, the Bangko Sentral ng
Pilipinas told the Philippine Star.

Strong investor demand has cued the surge in the local market
despite the fact that it is less established and developed than
its equities counterpart, PhilStar cites Deput Governor Nestor
Espenilla Jr. as saying.  He also attributed the growth to
structural charges that improved efficiency, regulation and risk
management in the debt market.

Strong macroeconomic fundamentals and increased liquidity from
the government's domestic exchange program made the difference
in the secondary market, Mr. Espenilla added.

                        *     *     *

On September 14, 2007, Standard & Poor's Ratings Services
affirmed its 'BB-/B' foreign currency and 'BB+/B' local currency
issuer credit ratings on the Philippines. The outlook is stable.  
Also in May 2007, S&P assigned its 'BB+' senior unsecured rating
to the Philippines' new three- and five-year benchmark bond
issues.  The new bonds mature in 2010 and 2012 and carry
interest rates of 5.5% and 5.75%, respectively.  The exchange
offers yielded approximately Philippine peso 55 billion and
PHP58 billion for the three- and five-year bonds, respectively,
from the exchange of eligible issues.

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

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


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

CANAL EMAS: Sets Members' Final Meeting for November 27
-------------------------------------------------------
A final meeting will be held for the members of Canal Emas
Shipping Pte Ltd on November 27, 2007, at 11:00 a.m.,  at 25
International Business Park, in #04-22/26 German Centre,
Singapore.

Steven Tan Chee Chuan and Douglas Tan Kay Yeow, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


CHEMTURA CORP: Paying Five Cents Per Share Dividend on Nov. 23
--------------------------------------------------------------
Chemtura Corporation's Board of Directors has declared a regular
quarterly dividend of five cents per share on the common stock
of the corporation, payable Nov. 23, 2007, to holders of record
on Nov. 5, 2007.

                    About Chemtura Corp.

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE:CEM) -- http://www.chemtura.com/-- is a global  
manufacturer and marketer of specialty chemicals, crop
protection, and pool, spa and home care products.  The company
has approximately 6,400 employees around the world and sells its
products in more than 100 countries.  The company has facilities
in Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany,
Mexico, and The United Kingdom.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Moody's Investors Service lowered Chemtura
Corporation's ratings:

  -- Corporate Family Rating: Ba2 from Ba1

  -- Senior notes, USUS$500 million due 2016: Ba2 from Ba1;
     LGD4 (53%)

  -- Senior Unsecured Notes, USUS$150 million due 2026: Ba2
     from Ba1; LGD4 (53%)

  -- Senior Unsecured Notes, USUS$400 million due 2009: Ba2
     from Ba1; LGD4 (53%)


MEIKI CO: Members' Final Meeting Set for November 27
----------------------------------------------------
The members of Meiki Co Singapore Pte Ltd will have their final
meeting on November 27, 2007, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at 25 International Business Park, in
#04-22/26 German Centre, Singapore.


READER’S DIGEST: Inks Exclusive Partnership with Williams Lea
-------------------------------------------------------------
The Reader's Digest Association, Inc. has inked a multi-year
exclusive partnership with Global Corporate Information
Solutions.  This will represent a managed cost base of more than
US$1 billion over the contract duration and will see Williams
Lea deliver outsourced print procurement and marketing solutions
to RDA's operations in 19 countries across the United States and
Canada, Europe, Middle East, Asia Pacific and Latin America.

In one of the most complex process reengineering projects of its
kind, the global BPO deal has set an industry first in terms of
solution and scale.  In creating the Print Utility, Williams Lea
will assume the promotional printing operations of RDA's direct-
mail business, providing RDA with increased leverage and
purchasing power by virtue of Williams Lea's expertise and
global scale.  The Print Utility program is expected to both
help RDA improve its business processes worldwide as well as
reduce its costs by approximately US$130 million over the first
three years.

Williams Lea was selected after RDA conducted a global review of
suppliers and outsourcing firms.  The implementation program
will involve the transfer of 100 RDA employees augmented by 70
new staff from Williams Lea.

"We are delighted that Reader's Digest Association has chosen
Williams Lea as a partner to engage in this critical element of
its business process," said Tim Griffiths, CEO at Williams Lea.
"From our perspective, being awarded this contract reaffirms the
considerable cost and operational benefits that a global
organisation can achieve by managing its promotional printing
within a truly integrated process."

"The Print Utility project with Williams Lea is an innovative
partnership on a global scale in the handling of print
promotion," said Mary Berner, President and Chief Executive
Officer at RDA.  "The project reflects RDA's firm commitment to
reduce costs and improve our business processes worldwide in
support of our plan for sustainable, long-term growth."

"We are very pleased to be working with Williams Lea, which
throughout our discussions showed strong interest in our company
and sensitivity to our business and employees," said Albert L.
Perruzza, Senior Vice President of Global Operations and
Business Redesign, at RDA.  "We are approaching this
relationship in the spirit of a partnership, with a shared goal
of creating solutions that ultimately are best for our company,
our customers and our employees."

The implementation process is now under way with six of the 19
locations going live this month in Canada, Germany, the United
Kingdom and United States. Full implementation is planned by
March 2008.

                      About Williams Lea

Williams Lea is the leading global provider of Corporate
Information Solutions. As a BPO organisation, we combine
consultancy, unique expertise and the latest integrated
technology to develop solutions that transform the way
organisations communicate and exchange their printed and
electronic information. Williams Lea employs over 10,000 staff
across Europe, the US and Asia Pacific with key centres in
London, Dublin, Paris, Frankfurt, Bonn, New York, Chicago, Los
Angeles, Tokyo, Sydney, Hong Kong, Beijing and Chennai. We work
with many world leading organisations in sectors such as
financial services, investment banking, legal and professional
services, retail telecoms, automotive, energy, utilities and
pharmaceuticals.

                     About Reader's Digest

Headquartered in Pleasantville, New York, The Reader's Digest
Association, Inc, -- http://www.rda.com-- is a global publisher
and direct marketer of products including magazines, books,
recorded music collections and home videos.  Products include
Readers Digest magazine, which is published in 50 editions and
21 languages.  Annual revenues approximate US$2.4 billion.

The company has offices in Australia, Hong Kong, Malaysia,
Taiwan, Philippines and Singapore.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported on
February 21, 2007, that Moody's Investors Service placed The
Reader's Digest Association, Inc.'s Ba1 Corporate Family Rating
and Ba2 senior unsecured note rating on review for possible
downgrade.  The review is prompted by increasing debt to fund
acquisitions and return of capital to shareholders,
deterioration in cash generation, and Moody's concern regarding
the company's weakened liquidity position.

Another TCR-AP report said that Standard & Poor's Ratings
Services placed its ratings, including the 'BB' corporate credit
and 'BB-' senior unsecured debt ratings, on Reader's Digest
Association Inc. on CreditWatch with negative implications.


UNITED TEST: Enters Research Collaboration Agreement with IME
-------------------------------------------------------------
United Test and Assembly Center Ltd has inked a research
collaboration agreement with the Institute of Microelectronics,
to jointly develop Through Silicon Via packaging solution, which
aims to achieve miniaturisation, improve integration/performance
and decrease cost of semiconductor chips.

Electronic products demand integration of different functional
chips like digital, RF, analog, MEMS and optical in a single
module.  Next-generation processors and memory devices require
even higher density of integration and functionality leading to
increase in I/O count.  TSV integration architecture is the key
enabling technology to do so.  TSV enables the jump from 2D chip
layouts to 3D chip stacks, hence offering greater density in the
same footprint, as well as improved functionality, higher
performance and lower cost.  Leading this trend, IME initiated
its TSV technology efforts in 2002 with research activities
including wafer level packaging, through-hole processes, and
wafer-to-wafer bonding for CMOS MEMS devices.

In this two-year long research project, the team will develop 3D
packaging based on TSV technology which can be used for flash
and DRAM memory, 3D-SoC/SiP for memory and logic and other 3D
packaging for mobile applications.  The chips to be developed
are 10x10mm and 15x15mm in size, and allow 3D stacking of
silicon modules.  This novel stacked module offers reduced wire
length, higher silicon efficiency, smaller size and highly
miniaturised package.

“We are actively pursuing TSV as it is an emerging interconnect
technology.  Since 2002, IME has worked with more than 20
industry partners on various projects related to TSV technology.
This year, we will further develop TSV technology for large die
copper/low-k chip with very fine pitch interconnection.  We are
pleased to partner UTAC to enable commercial applications of
this technology”, said Professor Kwong Dim-Lee, Executive
Director of IME.

Dr. Anthony Sun, UTAC Group VP for Packaging and Assembly
Technology, said that “One key focus of this project is to
develop an innovative and effective solution using
TSV formation, wafer thinning/ handling, RDL, micro-bumping to
interconnects bonding and wafer level assembly becomes
integrated to maximise cost effectiveness and reduce production
times to meet the current high volume manufacturing market
requirements.  The success of this project will help in the
adoption of TSV technology as the mainstream IC packaging
solution in the semiconductor industry.”

                           About UTAC

United Test and Assembly Center Ltd, based in Singapore and
listed on the Singapore Stock Exchange since 2004, is an
independent provider of test and assembly services for
semiconductor devices, including memory, mixed-signal and logic
integrated circuits.  The company has manufacturing facilities
in Singapore, China (Shanghai), Taiwan and Thailand, and a
global sales network in Singapore, Thailand, Taiwan, the US,
Italy, Korea and Japan.

                           *     *     *

As reported by the Troubled Company Reporter – Asia Pacific on
October 30, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on UTAC to 'B+' from 'BB-'.  The outlook
is stable.

The TCR-AP also reported on October 22, 2007, that Moody's
Investors Service downgraded the corporate family rating of UTAC
to B1 from Ba3 and withdrawn the Ba3 senior unsecured rating of
its US$190m convertible bonds.  These bonds will be cancelled
upon conclusion of the takeover of UTAC.  At the same time,
Moody's has assigned a provisional (P)Ba3 senior secured
rating to UTAC's new parent, Global A&T Electronics Ltd's
(Global A&T), proposed US$625m term loan facility and US$150m
revolving facility.  The ratings outlook is stable.


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

KRUNG THAI BANK: Unit Wants to Rank Third Among Consumer Lenders
----------------------------------------------------------------
KTB Leasing, a subsidiary of Krung Thai Bank PCL, hopes to
increase its ranking among consumer product leasing companies to
third place in 2008 from the current fifth place, president
Phinyavat Chantrakantanond told the Bangkok Post.

By next year, the article says, KTB Leasing expects its loan
portfolio to grow to PHP2 billion.  KTB Leasing also sees its
interest income to reach more than THB500 million and net profit
to hit PHP130 million.  It also expects more than THB20 million
in net profit after provisions this year, the report adds.  

The article recounts that KTB Leasing recorded a THB16-million
loss after provisions last year.


Headquartered in Bangkok, Thailand, Krung Thai Bank Public
Company Limited -- http://www.ktb.co.th/-- began its operation  
on March 14, 1966, through the merger of business between the
Agricultural Bank Limited and the Provincial Bank Limited with
the Ministry of Finance as its major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business oriented and public utility types.
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services assigned on September 11,
2006, its BB+ rating to the proposed perpetual, non-cumulative,
hybrid Tier-I securities by Krung Thai Bank Public Co. Ltd
(BBB/Stable/A-2).






                           *********

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

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

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




                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Mark Andre Yapching, Azela Jane Taladua, Rousel
Elaine Tumanda, Valerie Udtuhan, Francis James Chicano, Tara
Eliza Tecarro, Freya Natasha Fernandez-Dy, Frauline Abangan, and
Peter A. Chapman, Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***