TCRAP_Public/071105.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, November 5, 2007, Vol. 10, No. 219

                            Headlines

A U S T R A L I A

GENERAL CABLE: Freeport-McMoran Completes Phelps Dodge Biz Sale
GENERAL CABLE: Earns US$61.1 Million in 2007 Third Quarter
GMAC AUSTRALIA: Moody's Downgrades GMAC to Ba2

C H I N A   &   H O N G  K O N G

ACA TRADING: Commences Wind-Up Proceedings
ADVERTASIA STREET: Appoints Law Yui Lun as Liquidator
AGILE PROPERTY HOLDING: To Sell US$400 Million in Bonds
AGILE PROPERTY HOLDING: Moody's Assigns Ba3 Rating to USD Notes
AGILE PROPERTY: S&P Gives Proposed Notes 'BB' Rating

BEAUTY SQUARE: Starts Wind-Up Proceedings
BEST UNITED: Proofs of Claim Filing Deadline is Nov. 23
BLISS NOVA: Final Meeting Scheduled for Nov. 30
BRIGHT SMOOTH: Proofs of Claim Due on Nov. 26
CHALLENGE POINT: Members Opt to Wind Up Business

CHINA E-BUSINESS: Sets Final Meeting for Nov. 26
DAWN TIME: Final Meeting Slated for Nov. 26
DURA DUCT: Commences Winding-Up Operations
ECR EUROCURRENCY: Proofs of Claim Due on Nov. 30
ELEGANT PLEASURE: Final Meeting Slated For Nov. 27

GEFCO OVERSEAS: Final Meeting Set on Nov. 27
GTI FINANCIAL: Appoints Timothy Lau as Liquidator
HARMONY MOULD: Final Meeting Slated for Dec. 1
JIANGXI COPPER: Aluminum Corp Eyes Copper Assets
JUST YIELD: Proofs of Claim Due on Nov. 23

LDI (HONG KONG): Commences Wind-Up Proceedings
LEAN GIAP: Starts Liquidation Proceedings
LEOPARD HONG KONG: Names Bruce and Corkhill as New Liquidators
LFD (CHINA): Lam and Toohey Resign as Liquidators
MAP NAVOTAS: Sole Member Opts to Wind Up Business

MAP PAGBILAO: Sole Member Opts to Wind Up Business
MATTEL VENDOR: Gilligan Ceases to be Liquidator
ORIENTAL CHANCE: Final Meeting Slated on Nov. 26
ORIENTAL MERCHANT: Names Briscoe and Chen as Liquidators
PACIFIC OPTICAL: Members to Meet on Nov. 30

PERKINS COIE: Final Meeting Set on Nov. 28
PREMAIN LTD: To Hold Final Meeting on Nov. 26
QING XIN: Final Meeting Date is Nov. 26
SEA WAVE: Creditors to Decide on Wind-Up on Nov. 26
SHE & HE: Proofs of Claim Filing Deadline is Nov. 30

SINODATA (H.K): Final Meeting Scheduled for Nov. 28
SOCIETE GENERALE: Enters Voluntary Wind Up
SOUTH CHINA BINDING: Names Briscoe and Chen as Liquidators
SOUTH CHINA PRINTING: Names Briscoe and Chen as Liquidators
START CLO LTD: Fitch Affirms BB Rating of Class E Notes

START III CLO: Fitch Affirms Class E Notes BB+ Rating
SUN FUNG: Creditors to Meet on Nov. 29
SWISSRE ADVISERS: Enters Wind-Up Proceedings
TRAWLNET LIMITED: Final Meeting Scheduled for Nov. 30
VALIANT PRINTING: Proofs of Claim Due on Nov. 23

WAH FUNG: Proofs of Claim Due on Nov. 30
WOLSTENHOME CHINA: Names Ming and Li As Liquidators
WORLD CONNECT: Taps Chan Chi Ho & Lau Wai Fung as Liquidators
YAN WING: Appoints Cheung Kwok Sun as Liquidator


I N D I A

AFFILIATED COMPUTER: Names Ron Gillette as Sr. Managing Director
AFFILIATED COMPUTER: Cerberus Withdraws Acquisition Offer
AFFILIATED COMPUTER: Five Directors Resign on Chairman's Call
AXIS BANK: To Incorporate Two Companies as Subsidiaries
NAVISTAR INT'L: Unit Bags US$68.8-Mln Deal from Marine Corps

RAIN CALCINING: Unit Prices US$235-Mil. Sr. Subordinated Bonds
STATE BANK OF INDIA: Earns INR16 Bil. in Quarter Ended Sept. 30
TATA STEEL: Signs MOU with Vietnam Steel for Cold Rolling Mill


I N D O N E S I A

BANK CENTRAL: 9-Month Net Profit Rises 7.7% to IDR3.36 Trillion
EXCELCOMINDO PRATAMA: Posts IDR156BB Nine-Month Net Income
INCO LTD: To Up Nickel Output by 11% to 290,000 Tonnes in 2008
PT INCO: To Build Hydroelectric Power Plant in Sulawesi Island
MEDCO ENERGI: To Sell 21.3% Stake in Cambodia Oil Block

MEDCO ENERGI: Unit Discovers Oil in 3rd Exploration Well
PERUSAHAAN LISTRIK: To Purchase Gas From Energi Mega's Unit


J A P A N

FIDELITY NATIONAL: Earns $245.3 Million in Third Quarter 2007
FORD MOTOR: UAW Contract Negotiations Continue
ICONIX BRAND: 3rd Qtr. Net Income Climbs to US$17 Mil. in 2007
MAZDA MOTOR: 2007 2nd Quarter Profit Rises 29% to JPY26.6 Bil.
NOVA CORP: Negative Net Worth to Total JPY100BB If Liquidated

SENSATA TECH: Third Quarter Net Revenue Up 24.4% to US$357.4MM


K O R E A

HYNIX SEMICONDUCTOR: Signs Consulting Deal with Ecoeye
HYNIX SEMICON: Seeks Partners for Image Chip Production
LG TELECOM: Outperforms Rival KTF Co. in Luring New Customers


M A L A Y S I A

LITYAN HOLDINGS: Court Fixes Case Hearing on January 15, 2008
MEGAN MEDIA: Auditor Resignation Cues Delay in Filing Financials
MEGAN MEDIA: Presents Proposal to Creditors Regarding Default


N E W  Z E A L A N D

CER GROUP: Included in Deloitte/Unlimited Fast 50 List
GLASS EARTH: To Raise CCND5 Million by Private Placement
IRON MOUNTAIN: Earns US$51 Million in Third Quarter 2007
PROPERTY FINANCE: Proposes Restructuring to Debenture Holders


P H I L I P P I N E S

BANK OF THE PHIL ISLANDS: Posts PHP7.6-Bil. 9-Month Net Profit
LAFAYETTE MINING: Faces Inquiry on Alleged Fishkill in Albay
RIZAL COMMERCIAL: Board OKs PHP520-Mil. Purchase of Thrift Bank
VULCAN IND'L: Stockholders Okay Increasing of Capital Stock
VULCAN IND'L: Stockholders Appoint SGV & Co. as Auditors


S I N G A P O R E

CATERINGX PTE: Creditors Set to Meet on November 9
INTEGRATED TECHNIQUE: Accepting Proofs of Debt Until Nov. 9
UNIFIZE PTE: Creditors' Meeting Set for November 9
UNISON PROJECTS: Liquidators to Present Wind-Up Report
ZHEJIANG HOLDING(S): Court to Hear Wind-Up Petition on Nov. 9


T H A I L A N D

G STEEL: Moody's Places B3 Ratings on Review for Downgrade

     - - - - - - - -

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

GENERAL CABLE: Freeport-McMoran Completes Phelps Dodge Biz Sale
---------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. has completed the sale of
its international wire and cable business, operated in the name
of Phelps Dodge International Corporation, to General Cable
Corporation for US$735 million.  FCX expects to use the proceeds
estimated to approximate US$620 million, net of taxes and other
transaction costs, to repay debt.

General Cable acquired 100% of the shares held by FCX and its
subsidiaries in the entities comprising the wire and cable
business.  PDIC operates factories and distribution centers in
19 countries throughout Latin America, Asia and Africa and is
engaged in the manufacturing and distribution of engineered
products, principally for the global energy sector.

FCX expects to record charges of up to approximately US$20
million (US$12 million to net income) for transaction and
related costs associated with the disposition.

                   About Freeport-McMoran

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.

                    About General Cable

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes  
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  General Cable
has locations in China, Australia, France, Brazil, the Dominican
Republic and Spain.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2007, Moody's Investors Service has assigned a rating of
B1 to the proposed USUS$400 million senior unsecured convertible
notes of General Cable Corporation.

As reported in the Troubled Company Reporter on Sept. 19, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on General Cable Corp.  S&P said the outlook is
stable.


GENERAL CABLE: Earns US$61.1 Million in 2007 Third Quarter
----------------------------------------------------------
General Cable Corporation has recorded net income of US$61.1
million for the third quarter of 2007, compared to US$37.0
million in the third quarter of 2006.

Net sales for the third quarter of 2007 were US$1.1 billion, an
increase of US$194.0 million or 20.6% compared to the third
quarter of 2006 on a metal-adjusted basis.  Without the impact
of acquisitions, revenue growth was approximately 12.1% in the
third quarter of 2007 compared to 2006.  This growth was
principally due to the continuing strength of the company's
global electrical infrastructure and electric utility
businesses, as well as favorable foreign exchange translation,
which together more than offset the impact of declining
telecommunications and residential construction demand. Revenues
from acquired businesses contributed US$80.3 million in the
third quarter.

The average price per pound of copper in the third quarter was
US$3.48, an increase of US$0.02 from the second quarter of 2007,
and a decrease of US$0.06 or 1.7% from the third quarter of
2006.  The average price per pound of aluminum in the third
quarter was US$1.19, a decrease of US$0.09, or 7% from the
second quarter of 2007, and equal to the third quarter of 2006.

Third quarter 2007 operating income was US$92.3 million compared
to operating income of US$65.8 million in the third quarter of
2006, an increase of US$26.5 million or 40.3%.  Operating margin
was 8.1% in the third quarter of 2007, an increase of
approximately 110 basis points from the operating margin
percentage of 7.0% in the third quarter of 2006 on a metal-
adjusted basis.  This improvement was principally due to better
price realization in many of the company's product lines,
operating improvements in acquired businesses, cost improvements
from LEAN initiatives, and approximately US$2.4 million in LIFO
gains from the liquidation of lower cost inventory, all of which
more than offset the impact of lower capacity utilization rates
for certain construction and telecommunications product lines.

Included in the earnings results for the third quarter of 2007
was approximately US$0.08 per share of tax benefits resulting
from prior year tax provision true-ups.  In addition, the 2007
estimated full year effective tax rate has been reduced to 36%
as a result of the increasing relative mix of income generated
in lower tax rate countries and the impact of effective tax
planning strategies.

                      Market Update

In North America, revenues increased 9.7% in the third quarter
compared to 2006 on a metal-adjusted basis.  This top line
improvement is net of nearly a 20% drop in metal-adjusted
revenues for telecommunications products sold primarily to
telephone operating companies.  Without the impact of
telecommunications products, North American metal-adjusted
revenue grew at 16.1% in the third quarter of 2007 compared to
2006.  Operating margin has increased by 190 basis points to
8.7%. With the exception of telecommunications products, all
North American businesses reported increased revenues and
earnings during the third quarter of 2007 compared to the prior
year.  The company has continued to benefit from its exposure to
a wide range of strong end markets including electric utility,
electrical infrastructure, networking, and electronics that are
more than offsetting continued telecommunications product
declines and the impact of a weak housing market on certain
utility cable product families.  The company is examining its
telecommunications footprint in the context of various demand
scenarios.

European electric utility and electrical infrastructure markets
broadly continue to remain robust with the exception of Spanish
construction.  Operating earnings in the Company's European
business grew by 35% to US$36.8 million in the third quarter of
2007 compared to the prior year.  Operating margin was 7.5% in
the third quarter, equal to the same period in 2006 on a metal
adjusted basis.  Revenues were up 35% in the quarter on a metal-
adjusted basis.  Before the impact of acquired businesses and
favorable changes in exchange rates, organic growth was 7.5%,
despite approximately a 20% decline in demand for cables used in
Spanish residential construction since the end of 2006.  The
company has initiated growth strategies in other European
markets for these low voltage products including the European
do-it-yourself markets.  "The Company's European operations are
showing strong results, particularly from businesses recently
acquired.  NSW is actively developing products for submarine
power and long-haul fiber optic communications markets and
Silec's high voltage solid dielectric underground cable systems
continue to gain momentum globally.  Both businesses are booking
projects into the 2009 timeframe.  At ECN, we are nearing
completion of an important technology transfer, which will allow
ECN to manufacture the company's trapezoidal design hardened
steel core overhead transmission cable.  This cable effectively
provides about 75% more capacity compared to a similar sized
cable of a traditional design, perfect for the congested rights
of way in Europe," Gregory B. Kenny, the company's President and
Chief Executive Officer, said.

                 Completion of Acquisition

The company has completed the acquisition of PDIC from Freeport-
McMoRan Copper & Gold Inc.  "This is a transformative
transaction for General Cable and one that accelerates our
globalization plans by many years.  The developing economies
that are served by PDIC are continuing to grow much faster than
the developed world. During the planning process for the
integration of this acquisition, the management teams of both
General Cable and PDIC have been encouraged by the level of
common business philosophies and the opportunities this
transaction presents for more efficient utilization of our
combined manufacturing capacity, the ability to enter new
markets, and improvements in raw material and equipment costs,"
Mr. Kenny said.

In connection with the acquisition of PDIC, the Company recently
completed an offering of US$475 million of 1% Senior Convertible
Notes due 2012.  Proceeds from this offering were used to
partially fund the acquisition of PDIC.  Additionally, as part
of the funding of the acquisition of PDIC, the Company increased
the borrowing capacity of its United States revolving asset
backed loan from US$300 million to US$400 million, effective
Oct. 31, 2007.  This increase will provide additional liquidity
to fund future acquisitions and internal growth opportunities.

                 Management Announcements

The company has announced several management changes effective
Nov. 1, 2007, which will align the company's management
structure along geographic lines.  The company welcomes Mathias
Sandoval to General Cable as Executive Vice President and Chief
Executive Officer of our combined operations in Latin America,
Sub-Saharan Africa and the Middle East/Asia Pacific.  This
includes the historical General Cable Asia Pacific and Central
and South American businesses of the company, as well as Mexico.
Domingo Goenaga has been promoted to Executive Vice President
and Chief Executive Officer of General Cable Europe and North
Africa and will continue in his current capacity.  Gregory
Lampert has been promoted to Executive Vice President and Group
President of the North American Electrical and Communications
Infrastructure Group.  This business includes products
supporting data, telephone, industrial power, assemblies and
electronic applications.  J. Michael Andrews has been promoted
to Executive Vice President and Group President of the North
American Energy Infrastructure and Technology Group.  This
business includes products supporting energy exploration,
production, transmission, and distribution applications.  Roddy
Macdonald has been promoted to Executive Vice President of
Global Sales and Business Development.  In addition to leading
our North American Sales organization, Mr. Macdonald will work
with our business and sales leaders around the globe to align
our commercial strategies and ensure that we will present one
face to global customers across all regions and businesses.
Each of these individuals will report directly to Mr. Kenny.

"Over the last decade, the General Cable management team has
successfully grown the Company from a U.S. centric business
focused on communications and construction cables, to a truly
international Company with approximately two-thirds of its
projected revenues generated outside of the United States and a
product range and geographic diversity second to none," Mr.
Kenny said.  "I expect these leaders to be relentless in their
drive for continuous improvement; have the vision to identify
new markets and business opportunities before they become
popular; and have the strength and wisdom to profitably navigate
the Company into the future through all market conditions.  I
believe we have one of the most thoughtful and energetic
management teams in the business that we can continue to
leverage as we expand globally."

                 Preferred Stock Dividend

In accordance with the terms of the company's 5.75% Series A
Convertible Redeemable Preferred Stock, the Board of Directors
has declared a regular quarterly preferred stock dividend of
approximately US$0.72 per share.  The dividend is payable on
Nov. 24, 2007, to preferred stockholders of record as of the
close of business on Oct. 31, 2007.  The company expects the
quarterly dividend payment to approximate US$0.1 million

               Fourth Quarter 2007 Outlook

The company continues to benefit from strong global demand for
many of our products.  The North American Electric Reliability
Corporation recently suggested that many regions in North
America will fall below their target electricity capacity
margins within the next two or three years.  Additionally, NERC
suggested that planned transmission projects are significantly
higher than projected a year ago.  The Company believes this
assessment supports our view of a continuation of a long-term
upgrade cycle for the aging transmission grid.  However, demand
for low voltage utility products in North America will likely
continue to be weak as a result of continued new home
construction weakness with particular impact on low voltage
distribution products.  As a result, the company expects growth
in the overall utility segment to moderate.  The company will be
lowering production levels of certain utility products in North
America in the fourth quarter in an effort to better align its
production and inventory mix with end market demand, which will
have the benefit of increasing operating cash flows.  While this
will result in some short-term inefficiency in certain
manufacturing facilities, overall the Company is expected to
grow operating earnings by 20% or more in the fourth quarter
compared to the prior year before the benefit of PDIC.

Revenues for the fourth quarter without PDIC are expected to be
approximately US$1.05 billion, an increase of 12% from the
fourth quarter of 2006 on a metal adjusted basis.  In addition,
PDIC will contribute approximately US$220 million of revenues
for the balance of the fourth quarter.  For the fourth quarter,
the Company expects to report earnings per share of
approximately US$0.80 to US$0.85, including estimated
contributions from the PDIC operations, the related financing
impact, and purchase accounting related expenses.  "Looking
forward, we are increasing our accretion guidance for 2008
related to the acquisition of PDIC from a range of US$0.20 to
US$0.30 to a range of US$0.40 to US$0.50 due to the continuing
strength of PDIC's end markets," Mr. Kenny concluded.

                    About General Cable

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes  
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  General Cable
has locations in China, Australia, France, Brazil, the Dominican
Republic and Spain.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2007, Moody's Investors Service has assigned a rating of
B1 to the proposed USUS$400 million senior unsecured convertible
notes of General Cable Corporation.

As reported in the Troubled Company Reporter on Sept. 19, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on General Cable Corp.  S&P said the outlook is
stable.


GMAC AUSTRALIA: Moody's Downgrades GMAC to Ba2
----------------------------------------------
Moody's Investors Service downgraded the senior, unsecured
rating of GMAC LLC to Ba2 from Ba1.  The downgrade is in
connection with a two-notch rating downgrade of Residential
Capital LLC, GMAC's wholly-owned residential mortgage company,
to Ba3 from Ba1.  The outlook on GMAC's ratings remains
negative.

Moody's said the downgrade of GMAC's ratings reflects heightened
and continuing risks at ResCap that could negatively affect
GMAC's capitalization, liquidity profile, and profitability.

Affected ratings include:

Senior Unsecured: to Ba2 from Ba1

Preferred Stock: to B1 from Ba3

During the third quarter, GMAC injected US$1 billion into ResCap
to restore capital lost because of weakened performance.  The
impact of the injection on GMAC's stand-alone (excluding ResCap)
capital profile is minimized by GMAC's owners' conversion of
approximately US$1.1 billion of GMAC preferred stock into common
interests as well as by other intended capital management
initiatives.  On this occasion GMAC's capital position is
preserved by these actions.

However, Moody's believes that there exists a continuing
possibility that GMAC could be required to provide support to
ResCap that is not backed by a commensurate investment from
GMAC's owners.  In Moody's view, GMAC has insufficient capital
to provide support to ResCap without weakening its leverage
beyond levels that are appropriate for the current credit grade.

Moody's analyst Mark Wasden said, "GMAC's leverage, which
Moody's evaluates on a stand-alone basis net of GMAC's
investment in ResCap, is high relative to peers, despite some
improvement during 2007.  We think it is likely to remain high
in the intermediate term, given management's operating
tolerances regarding levels and uses of capital."

Moody's also said that an extension of support by GMAC to ResCap
that weakens GMAC's stand-alone credit profile, particularly its
capitalization, would indicate a weakening of the firm's resolve
to maintain operating and financial protocols that are distinct
and separate from ResCap's.  Should GMAC provide such support,
Moody's would likely equalize GMAC ratings with ResCap's
ratings.

GMAC's auto finance and insurance businesses have performed well
in 2007.  However, Moody's is concerned that ResCap's deepened
operating challenges now pose risks to GMAC's profitability and
liquidity for a longer period of time than previously
anticipated.  GMAC's borrowing costs have moved higher in tandem
with ResCap's, constraining the GMAC's profitability.

Additionally, investor appetite for aggregate GMAC and ResCap
credit exposure may undergo further contraction in light of
ResCap's impaired performance, which could challenge GMAC's
ability to efficiently access the capital markets and maintain
backup sources of liquidity.  Though GMAC has changed its
funding profile so that structured debt markets and whole loan
sale arrangements satisfy a substantial portion of its needs,
the firm has a continuing need for unsecured indebtedness given
the composition of its assets, in Moody's view.

A stabilization of ResCap's condition, together with a
continuation of improvements at GM, would lead to a
stabilization of Moody's rating outlook for GMAC.

GMAC LLC is a Detroit-based provider of retail and wholesale
auto financing, residential mortgage financing, and auto
extended warranty and insurance products.  GMAC reported a
consolidated nine-month net loss of US$1.6 billion.


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

ACA TRADING: Commences Wind-Up Proceedings
------------------------------------------
Members of ACA Trading International Ltd. has approved the wind-
up of the company's business at an extraordinary general meeting
on Oct. 16, 2007.

The voluntary wind-up was due to the company's liabilities.

Kwan Pak Kong was appointed as liquidator of the company.

The Liquidator can be reached at:

          Kwan Pak Kong
          RSM Nelson Wheeler
          Room 1304, CC Wu Building,
          302-8 Hennessy Rd.
          Wanchai, Hong Kong


ADVERTASIA STREET: Appoints Law Yui Lun as Liquidator
-----------------------------------------------------
Advertasia Street Furniture Limited has appointed Law Yui Lun as
liquidator of the company on Oct. 16, 2007.

The company's creditors were also informed that they have until
Nov. 25, 2007, to prove their claims, or be excluded from
receiving any distribution or payment.

The Liquidator can be reached at:

          Law Yui Lun
          Room 502, 5F Prosperous Bldg.
          48-52 Des Voeux Rd.
          Central, Hong Kong


AGILE PROPERTY HOLDING: To Sell US$400 Million in Bonds
-------------------------------------------------------
Agile Property Holdings Ltd plans to sell US$400 million in
senior unsecured notes through an international offering,
Reuters reports.

According to Reuters, Agile's deal comes as rival Country Garden
is expected to price an offshore bond offering of around
US$1.5 billion next week.  Country Garden's bond offering would
make it the biggest high-yield bond sale from a mainland Chinese
firm.

The report explains that Chinese property firms have been on a
capital-raising binge in the public markets as Beijing has
clamped down on bank loans to developers in order to cool the
sector.

Reuters relates that Agile's senior notes will include floating
rates and fixed rates.  The company will use the proceeds from
the bond sale to finance existing and new property projects.

Agile disclosed that it would start a roadshow to meet
institutional investors on Monday, with stops in Asia, Europe
and the United States.

HSBC will be the sole bookrunner for the deal, various reports
say.

With principal offices in Kowloon, Hong Kong, Agile Property
Holdings Limited -- http://www.agile.com.cn-- is a land  
developer of Guangdong Province, China.  It was established in
1985 as a furniture maker in Zhongshan City, and entered the
property business in 1992.  On December 15, 2005, Agile Property
was listed on the Hong Kong Stock Exchange.  Agile holds a range
of properties, such as villas, duplexes, apartments and
condominiums.  Besides residential property business, Agile is
also engaged in the development of commercial properties,
including retail shops and commercial complexes.

Agile carries Moody's Investors Service's Ba3 corporate family
rating.


AGILE PROPERTY HOLDING: Moody's Assigns Ba3 Rating to USD Notes
---------------------------------------------------------------
Moody's Investors Service has assigned its Ba3 rating to Agile
Property Holding Limited's proposed senior unsecured notes of up
to US$400 million.  At the same time, Moody's has affirmed
Agile's Ba3 corporate family rating.  The ratings outlook is
stable.

The proceeds of the notes will primarily be used to fund new
land acquisitions and general corporate activities.

"The Ba3 rating factors in Agile's established position in the
Pearl River Delta Region, particularly Zhongshan and Guangzhou,
both of which have exhibited solid growth in past years," says
Kaven Tsang, Moody's lead analyst for Agile, adding, "The
company also has a long operating track record and strong brand
equity in developing quality mid-to-high-end residential
properties."

At the same time, the rating considers the business and
financial risks associated with its rapid expansion against the
backdrop of an evolving operating environment.

"Agile has actively diversified outside Guangdong province in
the past 2 years, but an operating track record for replicating
success in these new areas is at an early stage," comments
Tsang.

"Furthermore, long-term sustainable demand in certain newly
developed cities such as Heyuan and Hainan remains unproven,"
says Tsang, adding, "Partly mitigating its exposure, Agile shows
strong execution capacity, demonstrated in its development and
management of large-scale projects in Guangzhou and Zhongshan."

Moody's expects Agile's debt/capitalization ratio will rise to
50-55% over the next two years after the proposed bond issuance
and further drawdown of construction financing.  This ratio is
at the high-end of the expectations, but remains appropriate for
the current rating level.

The rating outlook is stable, reflecting Moody's expectation
that Agile will execute and manage its expansion and land
acquisitions, such that adjusted leverage will remain at 50-55%.

The ratings could undergo a downgrade if Agile:

   1) experiences a significant downturn in China's property
      market;

   2) materially accelerates development without a correspondent
      rise in cash inflow; and

   3) executes an aggressive land acquisition plan, which is
      beyond Moody's expectations, such that its balance sheet
      further gears up.

Moody's sees adjusted leverage consistently above 55% or
EBITDA/interest under 4x as signals of downward rating pressure.

Upward rating pressure could emerge if Agile:

   1) establishes a sustainable track record in achieving
      planned sales;

   2) demonstrates strong financial discipline and soundly
      monitors its business and financial risks; and/or

   3) builds a sizable portfolio of stable recurring income.

Moody's sees adjusted leverage consistently below 45-50% and
EBITDA/interest coverage above 5.5-6x as signals of upward
rating pressure.

Agile Property Holdings Limited (Agile) is one of the major
property developers in China, targeting the mid-to-high-end
segment.  It has a land bank with gross floor area (GFA) of
24.5 million sqm.  It listed on the Stock Exchange of Hong Kong
in December 2005 and has a market capitalization of around
HK$70 billion as of October 30, 2007.


AGILE PROPERTY: S&P Gives Proposed Notes 'BB' Rating
----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue
rating to a proposed issue of up to US$400 million in senior
unsecured notes by Agile Property Holdings Ltd.

The issue will rank pari passu with an outstanding
US$400 million bond issued in September 2006.  The bond proceeds
will be primarily used to fund land acquisitions.  Standard &
Poor's has also revised its outlook on Agile to positive from
stable, and affirmed its 'BB' long-term corporate credit rating
on the company.

"The outlook revision reflects Standard & Poor's expectation
that Agile will continue to benefit from its sizable, low cost
land bank and market position to execute its growth strategy as
planned," said Standard & Poor's credit analyst Bei Fu.  "The
rating affirmation reflects our comfort that, despite Agile's
plans to increase debt to funds its rapid growth, the company's
business growth and financial results in 2006 and the first half
of 2007 met our expectations."  The affirmation also reflects
our expectations that Agile will have ample liquidity over the
medium term, partly due to its committed bank facilities.  In
addition, compared with a year ago, execution risk outside of
its home base of Guangdong has fallen, as presales of some
projects will start soon.

The rating on Agile also reflects the company's established
presence in the Pearl River Delta region of China and good
growth potential.  These strengths are partly offset by its fast
expansion plan and limited track record in new markets.
Agile has a large, low-cost land bank, which increased to 24.5
million square meters (sqm) in gross floor area as of Sept. 30,
2007, from 5.9 million sqm at the end of 2005.  The average cost
of its land bank was less than renminbi 700 per sqm--less than
10% of its average selling price.

In addition to its focus on Guangdong (76% of land bank), Agile
is rapidly expanding in other regions, which could exert
pressure on the company's resources and operational management.
To mitigate such risks, the company is developing an IT system
that adopts international standards and strengthening its
internal controls.


BEAUTY SQUARE: Starts Wind-Up Proceedings
-----------------------------------------
The board of directors of Beauty Square Ltd. has approved the
wind-up of the company's business on Oct. 15, 2007.

The company has filed the statutory declaration to the Companies
Register.

Chan Kin Hang Danvil has been appointed as a provisional
liquidator.  He may be reached at:

          Chan Kin Hang Danvil
          Ginza Square
          Room 2301, 23rd Floor
          565-567 Nathan Road
          Yaumatei, Kowloon


BEST UNITED: Proofs of Claim Filing Deadline is Nov. 23
-------------------------------------------------------
Creditors of Best United Limited have until Nov. 23, 2007, to
file proofs of claim, or be excluded from receiving any
distribution or payment.

The company's liquidator is:

          Stephen Briscoe
          Allied Kajima Building, 7th Floor
          138 Gloucester Road
          Hong Kong

BLISS NOVA: Final Meeting Scheduled for Nov. 30
-----------------------------------------------
The final meeting of members of Bliss Nova Co. Ltd. will be held
on Nov. 30, 2007, for the purpose of examining the liquidators'
accounts.

The company's liquidator is:

          KY Yip
          Flat J, 7/F. Block 3
          Greenwood Terrace
          Chai Wan, Hong Kong


BRIGHT SMOOTH: Proofs of Claim Due on Nov. 26
---------------------------------------------
Bright Smooth Development Ltd.'s creditors are required to
submit proofs of claim by Nov. 26, 2007, to the company's
liquidator, Pang Wai Kui, or be excluded from receiving any
distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

The Liquidator may be reached at:

          Pang Wai Kui
          Suite A, 12.F Ritz Plaza
          122 Austin Rd., Tsimshatsui
          Kowloon, Hong Kong


CHALLENGE POINT: Members Opt to Wind Up Business
------------------------------------------------
Members of Challenge Point Limited have approved the voluntary
wind up of the company during an extraordinary general meeting
held on Oct. 22, 2007.

Mr. Cheng Alexander Chiu Wang was appointed liquidator.

The company's creditors were also informed that they have until
Nov. 26 to prove their claims, or be excluded from receiving any
distribution or payment.

Mr. Cheng may be reached at:

          Room 810, Argyle Centre
          688 Nathan Road
          Kowloon, Hong Kong


CHINA E-BUSINESS: Sets Final Meeting for Nov. 26
------------------------------------------------
The final meeting of the members of China eBusiness Tech.
Limited will be held on Nov. 26, 2007, at 10:00 a.m.

The company's liquidator, Chen You, will give a report on the
company's wind-up proceedings and property disposal.

The Troubled Company Reporter-Asia Pacific reported on Sept. 5
that at an extraordinary general meeting held on Aug. 31, the
shareholders of the company passed a resolution to liquidate the
company's business.

The Liquidator can be reached at:

          Chen You
          Lian Hua Bei Cun, Shenzhen Shi
          Room 801, Block 12
          Guangdong Province, China


DAWN TIME: Final Meeting Slated for Nov. 26
-------------------------------------------
The final meeting of the members of Dawn Time Limited will be
held on Nov. 26, 2007, at 11:00 a.m.

The company's liquidator, Iain Ferguson Bruce, will give a
report on the company's wind-up proceedings and property
disposal.

The liquidator can be reached at:

          Iain Ferguson Bruce
          Gloucester Tower, 8th Floor
          15 Queen's Road
          Central, Hong Kong


DURA DUCT: Commences Winding-Up Operations
------------------------------------------
Dura Duct International, Ltd., commenced wind-up proceedings on
Oct. 22, 2007.

Chan Kim Hang Danvil was appointed as a provisional liquidator
by virtue of a special resolution passed by the board.

The Liquidator can be reached at:

          Chan Kin Hang, Danvil
          Ginza Square
          Room 2301, 23rd Floor
          565-567 Nathan Road
          Yaumatei, Kowloon
          Hong Kong


ECR EUROCURRENCY: Proofs of Claim Due on Nov. 30
------------------------------------------------
ECR Eurocurrency Research Ltd. has been placed under wind-up
proceedings on Oct. 12, 2007.

Kan Tim Hei was appointed liquidator of the company.  

Consequently, the company's creditors are required to submit
proofs of claim by Nov. 30 to the company's liquidator, or be
excluded from receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Ms. Kan may be reached at:

          Kan Tim Hei
          31F The Center
          99 Queen's Rd.
          Central, Hong Kong


ELEGANT PLEASURE: Final Meeting Slated For Nov. 27
--------------------------------------------------
The final meeting of the members of Elegant Pleasure Limited
will be held on Nov. 27, 2007, at 10:00 a.m.

The company's liquidators, Chan Chi Bor and Li Fat Chung, will
give a report on the company's wind-up proceedings and property
disposal.

The Liquidators can be reached at:

          Chan Chi Bor
          Li Fat Chung
          Malaysia Building
          Unit 1202, 12th Floor
          No. 50, Gloucester Road
          Wanchai, Hong Kong


GEFCO OVERSEAS: Final Meeting Set on Nov. 27
--------------------------------------------
The final meeting of the members of Gefco Overseas-Hong Kong
Limited will be held on Nov. 27, 2007, at 10:00 am.

The company's liquidators, Wu Shek Chun Wilfred and Yu Tak Yee
Beryl, will give a report on the company's wind-up proceedings
and property disposal.

The company went into liquidation on July 12, 2007.

The company's liquidator is:

          Wu Shek Chun, Wilfred
          YWC and Partners
          Empire Land Commercial Centre, 15th Floor
          81-85 Lockhart Road
          Wanchai, Hong Kong


GTI FINANCIAL: Appoints Timothy Lau as Liquidator
-------------------------------------------------
GTI Financial Information Limited's members approved on Oct. 16,
2007, the wind-up of the company's business.

Lau Cheuk Man Timothy was appointed as liquidator for the
company.

Consequently, the company's creditors are required to submit
proofs of claim by Dec. 15 to the company's liquidator, or be
excluded from receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Mr. Lau can be reached at:

          Unit 9, 17/F CitiCorp Centre,
          18 Whitfield Road
          Causeway Bay, Hong Kong


HARMONY MOULD: Final Meeting Slated for Dec. 1
----------------------------------------------
Harmony Mould Manufacturing Co. Ltd. will be holding its final
general meeting on Dec. 1, 2007, at 11:00 a.m.

The company's final general meeting for creditors will follow at
11:30 a.m.

At the meeting, the company's liquidators, Law Yui Lun and Wong
Man Chung Francis, will give a report on the company's wind-up
proceedings and property disposal.

The Liquidators can be reached at:

          Law Yui Lun
          Wong Man Chung Francis
          Room 502, 5F Prosperous Bldg.
          48-52 Des Voeux Rd.
          Central, Hong Kong


JIANGXI COPPER: Aluminum Corp Eyes Copper Assets
------------------------------------------------
Aluminum Corp. of China could look to buy Jiangxi Copper Corp.
as part of a plan to consolidate China's fragmented copper
industry, Reuters reports.

According to Reuters, industry officials have suggested Aluminum
Corp., or Chinalco -- parent of Aluminum Corp of China Ltd -- is
best placed to lead consolidation to secure supplies of copper
for the world's top consumer of the industrial metal, and
compete with international metals firms.

Jiangxi, the report points out, is China's largest copper maker.

Reuters explains that gathering copper smelters together would
give the country more bargaining power on imports of copper
concentrate, the main raw material for making copper, and allow
Beijing to tighten controls over copper mining in the country.

China produced around 2.9 million tonnes of refined copper in
2006, according to Reuters Metal Production Database, a third of
which comes from a myriad of smaller producers.

"This means Chinalco could acquire smelters and mines.  That
would increase its competitiveness in overseas copper markets,"
Reuters notes, citing one of its industry analyst in China.
He believed Chinalco, already the world's third-biggest alumina
producer, had been in talks with some copper smelters, including
Jiangxi Copper, for some time.

Fueled by economic growth of more than 11%, Chinese demand for
refined copper, used extensively in construction, electronics
and electrical products, is expected to rise to between 4.2 and
4.5 million tonnes this year versus about 3.9 million tonnes in
2006, the report relates.

Jiangxi Copper Company Limited --
http://www.jxcc.com/english/enjtgs/enindex.htm-- is an   
integrated producer of copper in the People's Republic of China.
The company's operations consist of copper mining, milling,
smelting and refining to produce copper cathode and other
related products, including pyrite concentrates, sulphuric acid
and electrolytic gold and silver. It also provides smelting and
refining services pursuant to tolling arrangements for
customers.

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating.


JUST YIELD: Proofs of Claim Due on Nov. 23
------------------------------------------
Just Yield Limited's creditors are required to submit their
proofs of claim by Nov. 23, 2007, to the company's liquidator,
or be excluded from receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

The Troubled Company Reporter-Asia Pacific reported on Oct. 24,
2007, that a special resolution was passed appointing Tsoi Ching
Ching as liquidator of the company.

The liquidator can be reached at:

          Tsoi Ching Ching
          Witty Commercial Building
          Rooms 12C-E, 11th Floor
          1A-1L Tung Choi Street
          Mongkok, Kowloon
          Hong Kong


LDI (HONG KONG): Commences Wind-Up Proceedings
----------------------------------------------
On Oct. 11, 2007, LDI (Hong Kong) Limited's members passed a
resolution to wind up the company's business.

The company also appointed Chiu Wai Hon and Lau Wai Ming as
joint and several liquidator.

The liquidators can be reached at:

          Rooms 603-4, 6/F Hang Seng Wanchai Building
          200 Hennessy Rd.
          Wanchai, Hong Kong


LEAN GIAP: Starts Liquidation Proceedings
-----------------------------------------
At an extraordinary general meeting held on Oct. 12, 2007, the
members of Lean Giap Investment (HK) Limited agreed to
voluntarily liquidate the company's business.

Wong Poh Weng and Wong Tak Man, Stephen, were named liquidators.

Consequently, the company's creditors are required to submit
proofs of claim by Nov. 27, 2007, to Pang Wai Kui, the company's
liquidator, or be excluded from receiving any distribution or
payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

The liquidators can be reached at:

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


LEOPARD HONG KONG: Names Bruce and Corkhill as New Liquidators
--------------------------------------------------------------
Iain Ferguson Bruce and Thomas Andrew Corkhill have been
appointed as joint and several liquidators of Leopard Hong Kong
Ltd. on Oct. 11, 2007.

The Troubled Company Reporter-Asia Pacific reported that Suen
Pui Yee resigned as liquidator of Leopard Hong Kong on July 27.

The new liquidators can be reached at:

          Iain Ferguson Bruce
          Thomas Andrews Corkhill
          Gloucester Tower, 8th Floor
          15 Queen's Road
          Central, Hong Kong


LFD (CHINA): Lam and Toohey Resign as Liquidators
-------------------------------------------------
Rainier Hok Chung Lam and John James Toohey ceased to be LFD
(China) Ltd.'s joint and several liquidators.

The Troubled Company Reporter-Asia Pacific reported that on
Dec. 31, 2006, the shareholders of LFD (China) passed a special
resolution voluntarily winding up the company's operations and
appointed Mr. Lam and Mr. Toohey as joint and several
liquidators.

The former liquidators can be reached at:

          Rainier Hok Chung Lam
          John James Toohey
          Prince's Building
          Central, Hong Kong


MAP NAVOTAS: Sole Member Opts to Wind Up Business
-------------------------------------------------
Map Navotas I Limited's sole member has opted that the company
be put in voluntary liquidation on Oct. 15, 2007.

Iain Ferguson Bruce and Thomas Andrew Corkhill have been
appointed as joint and several liquidators.

The company's creditors are required to submit proofs of claim
by Nov. 26 to the company's liquidator, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

The liquidators can be reached at:

          Iain Ferguson Bruce
          Thomas Andrews Corkhill
          Gloucester Tower, 8th Floor
          15 Queen's Road
          Central, Hong Kong


MAP PAGBILAO: Sole Member Opts to Wind Up Business
--------------------------------------------------
Map Pagbilao Limited's sole member has opted on Oct. 15, 2007,
that the company be put in voluntary liquidation.

Iain Ferguson Bruce and Thomas Andrew Corkhill have been
appointed as joint and several liquidators.

The company's creditors are required to submit proofs of claim
by Nov. 26 to the company's liquidator, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

The liquidators can be reached at:

          Iain Ferguson Bruce
          Thomas Andrews Corkhill
          Gloucester Tower, 8th Floor
          15 Queen's Road
          Central, Hong Kong


MATTEL VENDOR: Gilligan Ceases to be Liquidator
-----------------------------------------------
Philip Brendan Gilligan has resigned as Mattel Vendor Operations
China Ltd.'s liquidator on Oct. 15, 2007.

The Troubled Company Reporter - Asia Pacific reported on
Dec. 12, 2006, that at an extraordinary general meeting, the
members of Mattel Vendor Operations passed a special resolution
appointing Mr. Gilligan as liquidator.

The former liquidator can be reached at:

          Philip Brendan Gilligan
          7/F, Alexandra House
          18 Chater Road
          Central, Hong Kong


ORIENTAL CHANCE: Final Meeting Slated on Nov. 26
------------------------------------------------
The final meeting among members of Oriental Chance Development
Ltd. will be held on Nov. 26, 2007, at 10:00 am.

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

The Liquidator can be reached at:

          Iain Ferguson Bruce
          Gloucester Tower, 8th Floor
          15 Queen's Road,
          Central, Hong Kong


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

Stephen Briscoe and Chen Yung Ngai Kenneth were appointed
liquidators of the company on the same date.

The company's creditors are required to submit proofs of claim
by Nov. 23 to the liquidators, or be excluded from receiving any
distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

The Liquidators can be reached at:

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


PACIFIC OPTICAL: Members to Meet on Nov. 30
-------------------------------------------
The final meeting of Pacific Optical (H.K.) Company Limited's
members will be held on Nov. 30, 2007, at 3:00 p.m.

At the meeting, the company's liquidators, Ho Hoi Lam and Man
Fung Ying, will give a report on the company's wind-up
proceedings and property disposal.

The members of Pacific Optical passed a resolution to
voluntarily liquidate the company's business on July 25, 2007.

The company's liquidators are:

          Ho Hoi Lam
          Man Fung Ying
          Gold & Silver Commercial Building, 8th Floor
          12-18 Mercer Street
          Central, Hong Kong


PERKINS COIE: Final Meeting Set on Nov. 28
------------------------------------------
Perkins Coie (Hong Kong) Ltd. will be holding its final general
meeting on Nov. 28, 2007, at 10:00 a.m.

At the meeting, the company's liquidators, Yeung Betty Yuen and
Chung Miu Yin Diana, will give a report on the company's wind-up
proceedings and property disposal.

The Liquidators can be reached at:

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


PREMAIN LTD: To Hold Final Meeting on Nov. 26
---------------------------------------------
Premain Limited will hold the final general meeting for members
on Nov. 26, 2007.

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

The Liquidator can be reached at:

          Lam Ying Sui
          Room 1004-1005
          Allied Kajima Bldg.
          138 Gloucester Road
          Wanchai, Hong Kong


QING XIN: Final Meeting Date is Nov. 26
---------------------------------------
Qing Xin Cheng Shi Co. Ltd. will hold its final meeting on
Nov. 26, 2007, at 10:00 am.

At the meeting, the company's liquidators, Lee Kar Yum and Tsang
Hin Fai, will give a report on the company's wind-up proceedings
and property disposal.

As reported by the Troubled Company Reporter - Asia Pacific, the
company was placed under liquidation on Dec. 20, 2006.

The joint and several liquidators can be reached at:

          Lee Kar Yum
          Tsang Hin Fai
          Rooms 1910-1913, 19th/F
          Hutchison House
          Central, Hong Kong


SEA WAVE: Creditors to Decide on Wind-Up on Nov. 26
---------------------------------------------------
Sea Wave International Limited will hold a meeting for creditors
on Nov. 26, 2007.

A resolution for the voluntary winding up of the company is to
be proposed.


SHE & HE: Proofs of Claim Filing Deadline is Nov. 30
----------------------------------------------------
She & He Limited has appointed Law Yui Lun as liquidator on
Oct. 12, 2007.

The company's creditors were also informed that they have until
Nov. 30, 2007, to prove their claims, or be excluded from
receiving any distribution or payment.

The liquidator can be reached at:

          Law Yui Lun
          Room 502, 5F Prosperous Bldg.
          48-52 Des Voeux Rd.
          Central, Hong Kong


SINODATA (H.K): Final Meeting Scheduled for Nov. 28
---------------------------------------------------
The final meeting for members of Sinodata (H.K.) Ltd. will be
held on Nov. 28, 2007, at 11:00 am.

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

The Liquidator can be reached at:

          Law Pui Cheung
          Room 1021, Sun Hung Kai Centre
          30 Harbour Road
          Wanchai, Hong Kong


SOCIETE GENERALE: Enters Voluntary Wind Up
------------------------------------------
Members of Societe Generale Asia Investment Ltd. approved the
voluntary wind up of the company at an extraordinary general
meeting on Oct. 15, 2007.

Patrick Cowley and Paul Jeremy Brough, both of KPMG, have been
appointed as joint and several liquidators.

Consequently, creditors are required to submit proofs of claim
by Nov. 12 to the company's liquidators, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Mr. Cowley and Mr. Brough may be reached at:

          KPMG
          8th Floor, Prince's Bldg.
          10 Chater Rd., Central
          Hong Kong


SOUTH CHINA BINDING: Names Briscoe and Chen as Liquidators
----------------------------------------------------------
Stephen Briscoe and Chen Yung Ngai Kenneth were appointed
liquidators of South China Binding Limited on Oct. 11, 2007.

The liquidators can be reached at:

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


SOUTH CHINA PRINTING: Names Briscoe and Chen as Liquidators
-----------------------------------------------------------
Stephen Briscoe and Chen Yung Ngai Kenneth were appointed
liquidators of South China Printing Company Limited on Oct. 11,
2007.

The company's creditors are required to submit proofs of claim
by Nov. 23 to the company's liquidators, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

The liquidators can be reached at:

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


START CLO LTD: Fitch Affirms BB Rating of Class E Notes
-------------------------------------------------------
Fitch Ratings affirmed START CLO Limited's notes due November
2014 (with a scheduled maturity of November 2011) as follows:

   -- US$100 million Class A notes: 'AAA'

   -- US$20 million Class B notes: 'AAA'

   -- US$12 million Class C notes: 'AA-' (AA minus)

   -- US$18 million Class D notes: 'BBB'

   -- US$12 million Class E notes: 'BB'

The transaction is a synthetic balance sheet CLO by Standard
Chartered Bank (SCB, rated 'A+'/'F1') linked to a pool of senior
and predominantly unsecured loans primarily located in the
United States, the United Kingdom and Hong Kong.  START CLO
referenced a USD2 billion portfolio of mainly investment grade
loans from 166 geographically diversified reference obligations
at closing.  With loan reductions exceeding replenishments, the
reference portfolio has been reduced to US$1.5 billionn with 137
obligations at the end of September 2007. The balances of all
rated notes remain unchanged as portfolio reductions have
reduced the notional of the super-senior tranche.

Whilst the weighted average portfolio credit quality is
maintained at 'A- '(A minus)/ 'BBB+', the weighting of sub-
investment grade assets on a notional basis has increased to
6.1% from 2.4% at the last review.  There have been no credit
events to date.

The transaction is subject to replenishments by SCB in the first
three years, subject to certain conditions being met, including
the Fitch Vector Test.  Upon the occurrence of a regulatory
change, SCB has the option to redeem the notes at any time by
giving 30 days notice. Should this occur, SCB will be required
to repay noteholders any accrued interest and outstanding
principal in accordance with the documentation of the
transaction.

The rating affirmation is based on the credit quality of the
portfolio which has remained largely unchanged since closing,
and a review of the mapping of SCB's internal credit scoring
system to Fitch equivalent ratings.  In addition, the relevant
counterparties and collateral continue to maintain appropriate
ratings.  The rating affirmation is also based on the
arrangements provided under the CDS, the available credit
enhancement and the sound legal and financial structure of the
transaction.  The ratings address the likelihood of receiving
timely payment of interest and ultimate repayment of principal
by legal maturity, in accordance with the transaction
documentation.

Proceeds from the issuance of the notes remain deposited with
the account bank, Deutsche Bank AG ('AA-' (AA minus)/ 'F1+').
However, this can be switched to a repo agreement, where
eligible securities can be purchased and held by the issuer in
exchange for repo premiums paid by a repo counterparty rated at
least 'A'/'F1'.  The repo counterparty is subject to downgrade
triggers.

There is no swap counterparty trigger in the transaction as a
guarantor or replacement swap counterparty cannot be sought.
However, to mitigate any failure to pay interest, SCB will post
the next period's interest in advance.  This meets Fitch swap
counterparty criteria for swap counterparties with ratings of
'BBB+'/'F2' and above.  It is likely that the notes will be
credit-linked to the rating of SCB, should SCB be downgraded to
below 'BBB+'/'F2' given the absence of downgrade protection
below this rating threshold.


START III CLO: Fitch Affirms Class E Notes BB+ Rating
-----------------------------------------------------
Fitch Ratings has affirmed START III CLO Limited's notes due
June 2011 (with a scheduled maturity of June 2010) as follows:

   -- US$56.25 million Class A notes: 'AAA'

   -- US$41.25 million Class B notes: 'AAA'

   -- US$22.5 million Class C notes: 'A+'

   -- US$37.5 million Class D notes: 'BBB+'

   -- US$30.0 million Class E notes: 'BB+'

The transaction is a synthetic balance sheet CLO by Standard
Chartered Bank (SCB, 'A+'/'F1') linked to a diverse pool of
senior and predominantly unsecured loans primarily located in
Asia.  START III CLO referenced a US$1.5 billion portfolio of
mainly sub-investment grade loans from 520 diversified reference
obligations at closing.  With loan reductions exceeding
replenishments, the reference portfolio has been reduced to
US$1.2 billion with 439 obligations at the end of September
2007.

The balances of all rated notes remain unchanged as portfolio
reductions have reduced the notional of the super-senior
tranche.  There have been no credit events to date.  The
portfolio credit quality remains broadly unchanged with a
weighted average rating maintained at 'BB+'/ 'BB'.

The transaction is subject to replenishments by SCB in the first
two-and-a-half years, subject to certain conditions being met,
including the Fitch Vector Test.  Upon the occurrence of a
regulatory change, SCB has the option to redeem the notes at any
time by giving 30 days notice.  Should this occur, SCB will be
required to repay noteholders any accrued interest and
outstanding principal in accordance with the documentation of
the transaction.

The rating affirmation is based on the credit quality of the
portfolio which has remained largely unchanged since closing,
and a review of the mapping of SCB's internal credit scoring
system to Fitch equivalent ratings.  In addition, the relevant
counterparties and collateral continue to maintain appropriate
ratings.  The rating affirmation is also based on the
arrangements provided under the CDS, the available credit
enhancement and the sound legal and financial structure of the
transaction.  The ratings address the likelihood of receiving
timely payment of interest and ultimate repayment of principal
by legal maturity, in accordance with the transaction
documentation.

Proceeds from the issuance of the notes remain deposited with
the account bank, Deutsche Bank AG ('AA-' (AA minus)/ 'F1+').
However, this can be switched to a repo agreement, where
eligible securities can be purchased and held by the issuer in
exchange for repo premiums paid by a repo counterparty rated at
least 'A'/'F1'.  The repo counterparty is subject to downgrade
triggers.

There is no swap counterparty trigger in this transaction as a
guarantor or replacement swap counterparty cannot be sought.
However, to mitigate any failure to pay interest, SCB will post
the next period's interest in advance. This meets Fitch swap
counterparty criteria for swap counterparties with ratings of
'BBB+'/'F2' and above.  It is likely that the notes will be
credit-linked to the rating of SCB, should SCB be downgraded to
below 'BBB+'/'F2' given the absence of downgrade protection
below this rating threshold.


SUN FUNG: Creditors to Meet on Nov. 29
--------------------------------------
A meeting of Sun Fung Plastic Factory Ltd.'s creditors will be
held on Nov. 29, 2007, at 3:30 p.m.

The company's liquidators, Yu Kwong Fat, will report on the act
and dealings of the conduct of the winding up during the
preceding year.

The liquidator can be reached at:

          Yu Kwong Fat
          Rooms 1304-5, Easey Commercial Building
          253-261 Hennessy Road
          Wanchai, Hong Kong


SWISSRE ADVISERS: Enters Wind-Up Proceedings
--------------------------------------------
On Oct. 22, 2007, the members of SwissRe Advisers Ltd. approved
the wind-up of the company's business.

Paul David Stuart Moyes and Yeung Betty Yuen were appointed as
liquidators.

The liquidators can be reached at:

          Paul David Stuart
          Yeung Betty Yuen
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


TRAWLNET LIMITED: Final Meeting Scheduled for Nov. 30
-----------------------------------------------------
The final meeting for members of Trawlnet Ltd. will be held on
Nov. 30, 2007, for the purpose of examining the liquidators'
wind-up accounts.

The liquidator can be reached at:

          KY Yip
          Flat J, 7/F. Block 3
          Greenwood Terrace
          Chai Wan, Hong Kong


VALIANT PRINTING: Proofs of Claim Due on Nov. 23
------------------------------------------------
Valiant Printing (Far East) Ltd.'s creditors are required to
submit proofs of claim by Nov. 23, 2007, to the company's
liquidator, or be excluded from receiving any distribution or
payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Valiant Printing entered into voluntary wind-up on Oct. 11,
2007.

The company's liquidator is:

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


WAH FUNG: Proofs of Claim Due on Nov. 30
----------------------------------------
Wah Fung Productions Limited's creditors are required to submit
proofs of claim by Nov. 30, 2007, to To Fung Wo, the company's
liquidator, or be excluded from receiving any distribution or
payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Mr. To may be reached at:

          31F Chinachem Century Tower
          178 Gloucester Rd.
          Wanchai, Hong Kong


WOLSTENHOME CHINA: Names Ming and Li As Liquidators
---------------------------------------------------
Li Man Pong and Yu Kam Ming were appointed joint and several
liquidators of Wolstenholme China Ltd., after the company's
members passed a resolution Oct. 12, 2007, to wind-up the
company's business.

Consequently, the company's creditors are required to submit
proofs of claim by Nov. 30 to the company's liquidator, or be
excluded from receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

The liquidators may be reached at:

          Units 3802-04, 38/F Cosco Tower
          181 Queen's Road
          Central, Hong Kong


WORLD CONNECT: Taps Chan Chi Ho & Lau Wai Fung as Liquidators
-------------------------------------------------------------
The final meeting for members and creditors of World Connect
Limited will be held on Nov. 26, 2007, at 2:45 p.m. and 3:00
p.m., respectively.

The company's liquidators, Chan Chi Ho and Lau Wai Fung, will
give a report on the company's wind-up proceedings and property
disposal.

The liquidators can be reached at:

          Chan Chi Ho
          Lau Wai Fung
          Room 1501, 397 Hennessy Road
          Hong Kong


YAN WING: Appoints Cheung Kwok Sun as Liquidator
------------------------------------------------
Cheung Kwok Sun has been appointed liquidator of Yan Wing Fibre
and Accessory Co. Ltd.

The company's creditors are required to submit proofs of claim,
by Nov. 27, 2007, to the company's liquidator, or be excluded
from receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Mr. Cheung may be reached at:

          21/F Fee Tat Commercial Centre
          No. 613 Nathan Rd.
          Kowloon, Hong Kong


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

AFFILIATED COMPUTER: Names Ron Gillette as Sr. Managing Director
----------------------------------------------------------------
Affiliated Computer Services, Inc. has appointed Ron Gillette
senior managing director, finance and accounting, to lead and
transform its global F&A outsourcing business.  His focus will
be on standardizing the company's F&A processes and management
to enable rapid growth in the expanding F&A outsourcing market.
He reports to Ann Vezina, president of the company's Commercial
Solutions Group.

"F&A outsourcing continues to grow, particularly in Europe, and
taking advantage of these emerging opportunities will be an
important part of our growth strategy," Ms. Vezina said.  "Ron
has an exceptional blend of operations, sales, and general
management expertise and more than 18 years of global IT and
business process outsourcing experience.  I look forward to
working with him to provide the innovative services and
solutions our clients need as we pursue long-term strategic
growth and success."

Prior to joining ACS, Mr. Gillette was a senior partner with
Accenture, responsible for growing their global business process
outsourcing, including F&A and procurement outsourcing.  Before
that, he was a managing partner at Deloitte Consulting, where he
built and led that company's global IT outsourcing, creating a
network of 21 delivery centers that provide applications and
outsourcing services.  He was also a partner at Ernst & Young,
spearheading their outsourcing efforts with a focus on
technology, business process, and applications, and served as
managing director for EDS in Russia and Eastern Europe.

Mr. Gillette said, "ACS has a number of innovations and
advantages that separate us from our competition in the F&A
space, including a global delivery model, proprietary software
and technology, and an exceptional team of experienced
professionals dedicated to client service.  We have the controls
and processes in place to manage our clients' F&A work as well
or better and at a lower cost, and I am excited about leveraging
our innovations and expertise to grow our F&A business in
markets and industries across the world."

Mr. Gillette has a Bachelor of Science degree from the United
States Military Academy in West Point, New York, and is also a
graduate of the U.S. Army Command & Staff College at Fort
Leavenworth, Kansas.  He holds an MBA degree from Marymount
University in Arlington, Virginia.

                  About Affiliated Computer

Headquartered in Dallas, Affiliated Computer Services Inc.
(NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/ --  
provides business process outsourcing and information technology
solutions to world-class commercial and government clients.  The
company has more than 58,000 employees supporting client
operations in nearly 100 countries.  The company has global
operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland, and Singapore.

                       *     *     *

Affiliated Computer Services currently carries Fitch Ratings' BB
Issuer Default Rating.


AFFILIATED COMPUTER: Cerberus Withdraws Acquisition Offer
---------------------------------------------------------
Affiliated Computer Services, Inc., disclosed in a regulatory
filing with the U.S. Securities and Exchange Commission that on
Oct. 30, 2007, the Special Committee of its Board of Directors
receive a letter from Cerberus Capital Management, L.P., stating
that Cerberus was withdrawing its offer to acquire the company.

In the letter, Cerberus said that although it believes that the
company is an attractive investment opportunity, it had to
withdraw its offer due to the continuation of poor conditions in
the debt financing markets.

Cerberus further said that had the company\u2019s Special
Committee engaged with Cerberus and Mr. Darwin Deason, Chairman
of the Board of ACS, on the schedule proposed in the original
offer letter, the acquisition would been approved and closed
months ago.  Cerberus however stated that it market conditions
change, it may consider proposing another transaction with ACS.

                         Cerberus Offer

As reported in the Troubled Company Reporter on March 23, 2007,
the company confirmed that it received a proposal from Mr.
Deason and Cerberus to acquire, for a cash purchase price of
$59.25 per share, all of the outstanding shares of the company's
common stock, other than certain shares and options held by Mr.
Deason and members of the company's management team that would
be rolled into equity securities of the acquiring entity in
connection with the proposed transaction.

Mr. Deason and Cerberus stated that their proposed price
represented a premium of 15.5% over the closing price of the
company's class A common stock on March 19, 2007, and an 18.3%
premium over the 90-day average closing price.

The proponents had anticipated to execute a merger agreement in
early May 2007.

In connection with their proposal, Mr. Deason and Cerberus
entered into an Exclusivity Agreement, dated March 20, 2007,
pursuant to which Mr. Deason agreed to work exclusively with
Cerberus to negotiate an acquisition of the company.

                    Citigroup Commitment Letter

In order to further support their offer, Mr. Deason and Cerberus
disclosed that they received a letter from Citigroup Global
Markets Inc. stating that it is highly confident of its ability
to raise the debt necessary to complete the transaction.

                 Suspension of Exclusivity Agreement

However, as reported in the Troubled Company Reporter on June
12, 2007, the company reached an agreement with Mr. Deason to
suspend the Exclusivity Agreement between Mr. Deason and
Cerberus.

                             Lawsuit

As reported in the Class Action Reporter on April 12, 2007, the
company disclosed in a regulatory filing that it was facing two
class actions filed in the Court of Chancery of the State of
Delaware, New Castle County against the company and certain
directors.

The lawsuits were filed by purported shareholders opposed to a
proposal to acquire the company presented by Mr. Deason and
Cerberus. In each of the lawsuits, the plaintiff claims to be a
shareholder of the company purporting to bring the action on
behalf of all public shareholders of the company and alleges
that the proposal is "inadequate and to have resulted from an
unfair process."

               About Cerberus Capital Management

Headquartered in New York City, and established in 1992,
Cerberus Capital Management LP is one of the world's leading
private investment firms with approximately $25 billion of
capital under management in funds and accounts.  Through its
team of investment and operations professionals, Cerberus
specializes in providing both financial resources and
operational expertise to help transform its portfolio companies
into industry leaders for long-term success and value creation.  
Cerberus has offices in Los Angeles, Chicago and Atlanta, well
as advisory offices in London, Baan, Frankfurt, Tokyo, Osaka and
Taipei.

                    About Affiliated Computer

Headquartered in Dallas, Affiliated Computer Services Inc.
(NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/ --  
provides business process outsourcing and information technology
solutions to world-class commercial and government clients.  The
company has more than 58,000 employees supporting client
operations in nearly 100 countries.  The company has global
operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland, and Singapore.

                          *     *     *

Affiliated Computer Services currently carries Fitch Ratings' BB
Issuer Default Rating.  The company also carries Moody's
Investors Service's long term rating of Ba2.


AFFILIATED COMPUTER: Five Directors Resign on Chairman's Call
-------------------------------------------------------------
Affiliated Computer Services Inc. chairman Darwin Deason has
sent a letter asking five independent directors to resign saying
that the Board of Directors has come under increasing
shareholder criticism for its failure to consummate a
transaction based on Cerberus Capital Management LP's offer.

Specifically, Mr. Deason seeks resignation of Robert B. Holland,
J. Livingston Kosberg, Dennis McCuistion, Joseph P. O'Neill, and
Frank A. Rossi.

"[T]hey clearly demonstrate that the Board has lost the trust
and support of the Company's shareholders.  It is in the
shareholders' best interests to provide the Company with new
strategic leadership," Mr. Deason argues.

Mr. Deason went on to say that the Board, despite its efforts,
has failed to produce any other bidders or superior strategic
alternatives.

Such failure to produce another bidder or superior strategic
alternative has called into question the significant time and
resources dedicated to the Board's repeat auction and extensive
meetings to consider strategic alternatives, Mr. Deason avers.

                      ACS Directors Respond

The independent directors accepted Mr. Deason's call, saying
that "the best way for us to discharge our fiduciary duties is
to resign in favor of a new majority of independent directors."

However, the five directors contended that from the outset, Mr.
Deason has attempted to subvert the acquisition process in order
to prevent superior alternatives to the Cerberus offer from
being consummated.

The directors also noted that they have engaged Mr. Deason and
Cerberus in an effort to modify the proposal in a way that would
make sense for all of the company's shareholders, including
increasing the offer price, which Mr. Deason refused.

Calling his move as "remarkable piece of bullying and thuggery,"
the directors argued that Mr. Deason have made it impossible for
them to continue to effectively serve as directors of ACS.

"We could fire you and the entire management team, but that
would not help our shareholders, customers or employees," the
directors avered.

                    About Affiliated Computer

Headquartered in Dallas, Affiliated Computer Services Inc.
(NYSE:ACS) -- http://www.AffiliatedComputer-inc.com/ --  
provides business process outsourcing and information technology
solutions to world-class commercial and government clients.  The
company has more than 58,000 employees supporting client
operations in nearly 100 countries.  The company has global
operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland, and Singapore.

                          *     *     *

Affiliated Computer Services currently carries Fitch Ratings' BB
Issuer Default Rating.  The company also carries Moody's
Investors Service's long term rating of Ba2.


AXIS BANK: To Incorporate Two Companies as Subsidiaries
-------------------------------------------------------
AXIS Bank Ltd's board of directors has decided to incorporate:

   1. a public limited company, as a wholly owned subsidiary of
      the bank to undertake among others, the Trustee Services
      Business; and

   2. an asset management company as the bank's subsidiary to
      carry out the activities of Asset/Fund Management and
      Advisory and other related activities.

The board also proposed to establish a mutual fund, in the form
of a Trust, in accordance with the provisions of the SEBI
(Mutual Funds) Regulations, 1996 and other applicable laws.

The incorporation of the two subsidiary companies and
establishment of the Mutual Fund is still subject to the
approval of the Reserve Bank of India, SEBI and other regulatory
authorities.

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

                          *     *      *

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


NAVISTAR INT'L: Unit Bags US$68.8-Mln Deal from Marine Corps
------------------------------------------------------------
Navistar International Corporation's military affiliate,
International Military and Government, LLC, has won a contract
from the U.S. Marine Corps for US$68.8 million to provide field
service support for the Marine Corps' International(R)
MaxxPro(TM) mine-resistant ambush protected (MRAP) vehicles.

The contract builds on a US$71.5 million contract awarded in
September to provide parts support for the Marine Corps'
International(R) MaxxPro(TM) MRAP vehicles.  Navistar has been
awarded more than US$1 billion in total contracts for Navistar
to deliver 2,971 MaxxPro units to the Marine Corps and already
has more than a dozen people on the ground in the Iraq theater
to provide training and field support.  The MaxxPro is designed
to protect troops from roadside bombs, improvised explosive
devices and other threats.

"This contract award is another example of our track record for
providing parts to support our military vehicles," said Daniel
C. Ustian, Navistar's chairman, president and chief executive
officer.

In addition to its parts and service contracts, Navistar has
established dealerships in Iraq and Afghanistan.

Archie Massicotte, president of International Military and
Government, LLC said: "Providing solid support after delivery is
essential - just as we do for our commercial business.  We have
the expertise, infrastructure and global supply network to keep
the MaxxPro(TM) vehicles mission ready."

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.


RAIN CALCINING: Unit Prices US$235-Mil. Sr. Subordinated Bonds
--------------------------------------------------------------
Rain Calcining Ltd's subsidiary CII Carbon LLC has priced its
US$235 million senior subordinated bonds due 2015, Reuters
reports citing a source close to the deal.

According to Reuters' source, the bonds, which will not be
redeemable for four years, will have a yield of 11.125 percent
and a spread of 672 basis points over similar Treasury issuance.

As previously reported by the Troubled Company Reporter-Asia
Pacific, Standard & Poor's assigned its 'CCC+' rating to the
bonds while Moody's Investor Services assigned it a B3 rating
and Fitch Ratings gave it 'B-'.  

Proceeds from the notes will be used to refinance the   
outstanding amount from a bridge loan availed to complete RCL's
acquisition of CII.  Rain Calcining acquired the Texas-based CII
in July 2007 in a primarily cash transaction valued at US$619
million.

Headquartered in Hyderabad, India, Rain Calcining Ltd --
http://www.raincalcining.com/-- is one of the top five
producers of calcined coke globally, and is the largest in Asia.
It has an annual production capacity of 0.6 million tons, and
its plant is located in Visakhapatnam (India).  Aside from
calcining, the company also operates in the power and trading
segments.

Standard & Poor's Ratings Services on Oct. 29, 2007, assigned
its 'B' corporate credit rating on Rain Calcining Ltd. and its
subsidiary, CII.  The outlook is stable.

On Oct. 19, 2007, Moody's Investors Service assigned a B2
corporate family rating to Rain Calcining and a B1 rating to its
secured bank facility.  On the same date, Fitch gave the company
a 'B' long-term foreign currency issuer default rating.


STATE BANK OF INDIA: Earns INR16 Bil. in Quarter Ended Sept. 30
---------------------------------------------------------------
State Bank of India has disclosed its unaudited results for the
quarter ended Sept. 30, 2007.

The bank, on a standalone basis, posted a net profit of
INR16.11 billion for the three months ended Sept. 30, 2007, an
improvement compared to the INR11.84 billion for the same
quarter in 2006.  Total income has increased from
INR10.24 billion in the July-Sept. 2006 quarter to
INR13.66 billion in the latest quarter under review.

With the bank's expenditures totaling INR109.45 billion, it
booked a profit before tax of INR27.13 billion.  The bank
incurred taxes of INR10.16 billion for the July-Sept. 2007
quarter and provided INR857.1 million for provisions and
contingencies.

A copy of the bank's unaudited financial results for the quarter
ended Sept. 30, 2007, is available for free at:

http://ResearchArchives.com/t/s?24ca

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                        *     *     *

Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed
US$225 million Hybrid Tier I perpetual notes under its US$5
billion MTN program.  The Hybrid Tier I notes will be perpetual
notes with a call option 10 years from the date of issue.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.

Moody's Investors Service placed a Ba2/Not Primerating on State
Bank of India's foreign currency bank deposits, Ba2/Not Prime on
Financial Strength Rating in June 2006.


TATA STEEL: Signs MOU with Vietnam Steel for Cold Rolling Mill
--------------------------------------------------------------
Tata Steel Ltd has signed a Memorandum of Understanding with
Vietnam Steel Corporation for the proposed Cold Rolling Mill in
Vietnam.

Earlier, the company had signed the MoU with Vietnam Steel
Corporation on May 29, 2007, for the Steel Project in the Ha
Tinh Province of Vietnam.  The company is further strengthening
this relationship by partnering with VSC in establishing a Cold
Rolling Mill.  The company already has a Joint Venture with VSC
through NatSteel, which is a Singapore-based wholly owned
subsidiary of the company.

Vietnam, with a buoyant economy, significant market for steel
and raw material resources, is an attractive destination for
steel making and value added steel production.  The size of the
Cold Rolling Mill, the scope and the investment will be
determined after the feasibility study.  The company will have a
stake of 65% in the CRM project, which will be initiated on the
successful completion of feasibility study and financial
closure.

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

In April 2007, the company completed the acquisition of Corus
Group plc.  Corus' main steelmaking operations are located in
the United Kingdom and the Netherlands with other plants located
in Germany, France, Norway and Belgium.  Corus produces carbon
steel by the basic oxygen steelmaking method at three integrated
steelworks in the United Kingdom at Port Talbot, Scunthorpe and
Teesside, and at one in the Netherlands at IJmuiden.

As reported in the Troubled Company Reporter-Asia Pacific,
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on Tata Steel to 'BB' from 'BBB.'
The outlook is positive.  The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd, and changed the
outlook to negative from stable.


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

BANK CENTRAL: 9-Month Net Profit Rises 7.7% to IDR3.36 Trillion
---------------------------------------------------------------
PT Bank Central Asia Tbk's  net profit in the nine months ended
September 30, 2007, rose 7.7% to IDR3.36 trillion, from
IDR3.12 trillion of the same period last year, Thomson Financial
reports.

The report notes that the bank's fee-based income rose 19% to
IDR1.44 trillion, while net interest income grew 1.3% to
IDR7.135 trillion.

Bank Central Asia's net interest margin narrowed to 6.3% from
7.3%, Thomson Financial says.  BCA President Djohan Emir
Setijoso told the news agency that the decrease in the bank's
net interest margin is a consequence of falling interest rates.

The report relates that Bank Central invested a huge amount of
funds in Bank Indonesia Certificates that become less popular
over the past year because the SBI rate is pegged to the
benchmark BI rate, and the BI rate has gone down significantly
after aggressive cuts by the central bank.  Bank Central's  
holdings of SBIs stood at IDR27 trillion as of end-September,
the report adds.

The bank also generated lower interest income from its holdings
of floating-rate government bonds, whose interest rate also
changes in line with the BI rate, The report posts.

As of end-September, BCA's outstanding loans stood at IDR68.8
trillion, up 28.2% from last year, the report adds.

Mr. Setijoso also told Thomson Financial that the bank's
loan to deposit ratio improved to 40.7% at end-September from
38.3% last year, far below the industry average of 65%.

                     Bank Central Asia

Headquartered in Jakarta, Indonesia, PT Bank Central Asia Tbk
-- http://www.klikbca.com/-- offers individual and business  
products and services.  The bank's individual services consist
of savings accounts, home loans and car loans, remittance,
collection and safe deposit facilities.  The bank's business
services consist of working capital loans, investment loans and
bank guarantee for small and medium-sized enterprises.  In
addition, it provides export import facilities such as letters
of credit, negotiation and discounting.  The bank's subsidiaries
include PT BCA Finance, BCA Finance Limited and BCA Remittance
Limited.  It has 772 branches in Indonesia, Singapore and New
York, 42,958 EDCs and operates 4,425 ATMs.  The bank serves
6.6 million accounts throughout Indonesia.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Nov. 2,
2006, that Fitch Ratings has affirmed all the ratings of Bank
Central Asia as follows:

   * Long-term foreign currency Issuer Default rating: BB-
   * Short-term foreign currency rating: B
   * Individual: C/D and
   * Support: 4.


EXCELCOMINDO PRATAMA: Posts IDR156BB Nine-Month Net Income
----------------------------------------------------------
PT Excelcomindo Pratama posted IDR156 billion profit for the
nine months ended September 30, 2007, Bloomberg News reports.

According to the report, the company's gross revenue in the
first nine months of this year increased 32% to IDR5.43
trillion.

Excelcomindo's total subscribers increased 53% to 12.8 million
as of Sept. 30, from 8.4 million a year earlier, Bloomberg
relates.   President Director Hasnul Suhaimi said the company
expects to have as many as 15 million users by the end of this
year, the report adds.

                     About Excelcomidndo

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

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

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Oct. 19,
2007, that Moody's Investors Service has upgraded Excelcomindo
Finance Company B.V.'s foreign currency senior unsecured bond
rating to Ba2 from Ba3.  The bond is irrevocably and
unconditionally guaranteed by PT Excelcomindo Pratama.

At the same time, Moody's has affirmed the Ba2 local currency
corporate family rating of XL with a positive outlook.

On Oct. 03, 2007, Standard & Poor's Ratings Services placed its
'BB-' long-term corporate credit rating on Indonesia's cellular
operator, Excelcomindo Pratama, on CreditWatch with negative
implications following the disclosure that its parent, Telekom
Malaysia Bhd.  (foreign currency A-/Watch Neg/--; local currency
A/Watch Neg/--), intends to separate its cellular and
international operations from its fixed-line business.  At the
same time, Standard & Poor's 'BB-' rating on Excelcomindo's
outstanding senior unsecured notes has been placed on
CreditWatch with negative implications.

On May 24, 2007, that Fitch Ratings affirmed PT Excelcomindo
Pratama Tbk's Long- term Foreign Currency and Local Currency
Issuer Default Ratings at 'BB-'.  The Outlook remains Stable.  
At the same time, Fitch has affirmed the 'BB-' rating on its
senior unsecured notes programme.


INCO LTD: To Up Nickel Output by 11% to 290,000 Tonnes in 2008
--------------------------------------------------------------
Inco Limited expects to increase nickel output by 11.5% to
290,000 tonnes next year, Reuters reports citing  CVRD Investor
Relations Director Roberto Castello Branco.

According to the report, Mr. Branco said the company is
increasing capacity globally, which should lift nickel output
from 260,000 tonnes this year.  They expect it will contribute
an increase in revenue, he added.

Parent company Campanhia Vale do Rio Doc 's overall capital
spending budget for 2007 is US$7.4 billion, about US$5.4 billion
of which is to be spent on projects and research and
development, the report says.

Inco Ltd the news agency said that it is also working on its
Goro nickel project in New Caledonia with estimated spending at
US$3.2 billion, US$1.4 billion of which was spent between 2001
and 2006.  US$938 million is allocated this year, the report
adds.

                      About Inco Limited

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N)
-- http://www.inco.com/-- produces nickel, which is used  
primarily for manufacturing stainless steel and batteries.  Inco
also mines and processes copper, gold, cobalt, and platinum
group metals.  It makes nickel battery materials and nickel
foams, flakes, and powders for use in catalysts, electronics,
and paints.  Sulphuric acid and liquid sulphur dioxide are
produced as byproducts.  The company's primary mining and
processing operations are in Canada, Indonesia, and the U.K.

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


PT INCO: To Build Hydroelectric Power Plant in Sulawesi Island
--------------------------------------------------------------
PT International Nickel is in the process of expanding its
nickel production by building a hydroelectric power plant in
Indonesia's Sulawesi island, Reuters reports.

According to the report, the plant is expected to be completed
by 2010 and will allow the PT Inco to boost production of nickel
in matte to 200 million pounds per year.  The firm aims to
produce between 160-165 million pounds of nickel in matte this
year, the report adds.

                 About  PT International Nickel

Headquartered in Jakarta, Indonesia, PT International Nickel
Indonesia Tbk -- http://pt-inco.co.id-- is a nickel producer   
with a production facility and mine are in Sorowako, Sulawesi,
where it has a contract agreement until 2025.  It produces
nickel matte, an intermediate product, from lateritic ores at
its integrated mining and processing facilities near Sorowako on
the island of Sulawesi. Inco Limited of Canada holds a 60.8%
stake of the company and Sumitomo Metal Mining Co Ltd. holds a
20.1% stake.

                           *    *    *

As of October 29, 2007, the company currently holds Standard and
Poor's long-term foreign and local issuer credit ratings both at
BB- rating.

As of As of October 29, 2007, the company currently holds Fitch
Rating's BB LT Issuer Default rating and Foreign Currency LT
Derb Rating at BB.


MEDCO ENERGI: To Sell 21.3% Stake in Cambodia Oil Block
-------------------------------------------------------
PT Medco Energi International Tbk will sell 21.3% stake in Block
E to Lundin Cambodia BV, an affiliated company of Lundin
Petroleum AB, Thomson Financial reports.

According to the report, the sale-and-purchase agreement was
signed on October 24, but the value of the transaction was not
disclosed.

Transfer of the company's stake are subject to approval by the
government of Cambodia through the Cambodia National Petroleum
Authority, the report says.

Thomson Financial adds that after the transaction, Medo Energi's  
stake will decrease to  41.3%.

                      About Medco Energi

Headquartered in Jakarta, Indonesia, PT Medco Energi
Internasional Tbk -- http://www.medcoenergi.com/-- is engaged  
in the exploration, production of, and support services for oil
and natural gas and other energy industries, including onshore
and offshore drilling.  Other activities include production of
methanol and its derivatives and raising funds by issuing debt
securities and marketable securities.

Medco Energy also has operations in the United States and in
Libya.

The Troubled Company Reporter-Asia Pacific reported on Dec. 21,
2006, that Standard & Poor's Ratings Services affirmed its 'B+'
corporate credit rating on Medco Energi.  The outlook remains
negative.  According to S&P, the negative outlook on Medco
reflects the company's weak financial profile due to its
increased debt burden to fund its aggressive capital
expenditure.

A TCR-AP report on Aug. 16, 2006, said that Moody's Investors
Service changed the outlook on Medco Energi's ratings to
negative from stable.  The ratings affected by the outlook
change are:

   * B1 local currency corporate family rating -- Medco

   * B2 foreign currency long-term rating -- MEI Euro Finance
     Ltd (guaranteed by Medco).


MEDCO ENERGI: Unit Discovers Oil in 3rd Exploration Well
--------------------------------------------------------
PT Medco Energi Internasional Tbk's unit Medco International
Ventures Ltd has discovered oil in a third exploration well,
Thomson Financial reports, citing Medco Energi President Hilmi
Panigoro.

According to the report, Mr. Panigoro said flow rates were
measured through a small, restrictive choke size and "these
choke-restricted rates totaled 8,718 barrels of oil per day
(gross) from the five intervals tested," he said.

                       About Medco Energi

Headquartered in Jakarta, Indonesia, PT Medco Energi
Internasional Tbk -- http://www.medcoenergi.com/-- is engaged  
in the exploration, production of, and support services for oil
and natural gas and other energy industries, including onshore
and offshore drilling.  Other activities include production of
methanol and its derivatives and raising funds by issuing debt
securities and marketable securities.

Medco Energy also has operations in the United States and in
Libya.

The Troubled Company Reporter-Asia Pacific reported on Dec. 21,
2006, that Standard & Poor's Ratings Services affirmed its 'B+'
corporate credit rating on Medco Energi.  The outlook remains
negative.  According to S&P, the negative outlook on Medco
reflects the company's weak financial profile due to its
increased debt burden to fund its aggressive capital
expenditure.

A TCR-AP report on Aug. 16, 2006, said that Moody's Investors
Service changed the outlook on Medco Energi's ratings to
negative from stable.  The ratings affected by the outlook
change are:

   * B1 local currency corporate family rating -- Medco

   * B2 foreign currency long-term rating -- MEI Euro Finance
     Ltd (guaranteed by Medco).


PERUSAHAAN LISTRIK: To Purchase Gas From Energi Mega's Unit
-----------------------------------------------------------
PT Perusahaan Listrik Negara signed a US$1.36 billion contract
to buy gas from Energi Mega Persada unit Kangean Energi
Indonesia Ltd, Antara News reports.

Energy Minister Purnomo Yusgiantoro told the news agency that
under the contract, between 2010 and 2028, Perusahaan Listrik  
will purchase 60 trillion British thermal units of gas for from
Kangean Energi.  

The report notes that Perusahaan Listrik will use the gas for
its  Gresik power plant in East Java, the report adds.

                    About Perusahaan Listrik

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity   
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

The Troubled Company Reporter-Asia Pacific reported on June 18,
2007, that Standard & Poor's Ratings Services affirmed its
'BB-' foreign currency rating and 'BB' local currency rating on
Indonesia's PT Perusahaan Listrik Negara (Persero).  The outlook
is stable.  At the same time, Standard & Poor's assigned its
'BB-' issue rating to the proposed senior unsecured notes to be
issued by PLN's wholly owned subsidiary, Majapahit Holding B.V.


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

FIDELITY NATIONAL: Earns $245.3 Million in Third Quarter 2007
-------------------------------------------------------------
Fidelity National Information Services, Inc. reported financial
results for the third quarter of 2007.  Consolidated revenue
increased to US$1.2 billion and net earnings totaled
US$245.3 million, compared to last year's $1 billion
consolidated revenue and US$78.5 million net earnings.

These results include after-tax gains of US$159.4 million and
after-tax restructuring and other charges of US$12.9 million.

FIS reported revenue growth of 10.4%, adjusted EBITDA growth of
14.4%.  These results include a partial month of eFunds
operations, which the company acquired on Sept. 12, 2007.

"FIS delivered another quarter of solid operating performance in
a challenging market," FIS Executive Chairman William P. Foley,
II, stated.

"The eFunds integration is off to a good start, and we remain
confident that the additional scale and product capabilities
will generate meaningful growth opportunities," FIS President
and Chief Executive Officer Lee A. Kennedy added.  "We are also
confident that we will achieve our targeted annualized run rate
cost savings of US$65 million by the end of 2009.  Based on our
preliminary assessment, we expect eFunds to contribute
approximately US$0.05 to US$0.10 to diluted cash earnings per
share in 2008."

Transaction Processing Services’ adjusted EBITDA, which includes
a partial month of eFunds, increased 18.8% over the prior-year
quarter to US$186.7 million.  The adjusted EBITDA margin was
25.9%, which is a 170 basis point increase compared to prior
year.

Lender Processing Services’ adjusted EBITDA was
US$150.8 million, or 6.2% above the prior year quarter.  The
adjusted EBITDA margin was 33.9%, compared to 32.4% in the
second quarter of 2007, and 34.7% in the third quarter of 2006.  
The decline from the prior year quarter is the result of strong
growth in lower margin appraisal volumes and reduced volumes in
origination and tax services.

Corporate EBITDA, as adjusted, for the third quarter of 2007
totaled US$18.3 million.  The US$2.0 million decrease compared
to the prior year quarter is attributable to lower compensation
and benefit expense.  The effective tax rate was 37.0%.

                    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.

                       *     *     *

As reported in the Troubled Company Reporter on Oct. 30, 2007,
following Fidelity National Information Systems Inc.'s
announcement of a plan to split the company into two segments,
Fitch Ratings 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 currently rates Fidelity as: IDR 'BB'; $900 million
secured revolving credit facility 'BB+'; $2.1 billion secured
term loan A 'BB+'; $1.6 billion secured term loan B 'BB+'; and  
4.75% senior notes 'BB+'.  The Rating Outlook is Stable.


FORD MOTOR: UAW Contract Negotiations Continue
----------------------------------------------
Debate between Ford Motor Company and the United Auto Workers
union on union-run trust financing recommenced at 9 a.m.,
Wednesday, after it broke off at 1 a.m. Wednesday morning
following high-level contract talks that began Tuesday morning,
Jui Chakravorty and Poornima Gupta of Reuters report citing a
source familiar with the matter.

Reuters' source says the union is also seeking a favorable deal
on UAW-represented U.S. plants that the company plans to close
as part of its turnaround plan announced last year.

UAW President Ron Gettelfinger joined the negotiations on
Tuesday, indicating that both parties are nearing a settlement,
acccording to various sources.

As reported in the Troubled Company Reporter on Oct. 30, 2007,
contract talks with Ford and the union speeded up after Chrysler
LLC ratified its four-year labor contract with the union on Oct.
27, 2007.  Ford and the UAW have reached a new set of terms for
a labor contract, cutting thousands of jobs under a buyout
program.  If Ford could bargain cost savings from the UAW under
their new contract, the carmaker is likely change its plans on
closing six plants and displacing workers.

                 Ford Family Controlling Stake

Resolved differences within the Ford family botched a proposed
sale of the family's 40% controlling stake in the company,
instigating heirs of founder Henry Ford to stop talks with
investment bankers, Francesco Guerrera in New York, John Reed in
London and Bernard Simon in Toronto of the Financial Times wrote
quoting people close to the situation.

                         About Ford

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

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

                          *     *     *

As reported in the Troubled Company Reporter on July 30, 2007,
Moody's Investors Service said that the performance of Ford
Motor Company's global automotive operations for the second
quarter of 2007 was significantly stronger than the previous
year and better than street expectations.

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

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

In June 2007, S&P raised the Issue Rating on Ford's senior
secured credit facilities to B+ from B.


ICONIX BRAND: 3rd Qtr. Net Income Climbs to US$17 Mil. in 2007
--------------------------------------------------------------
Iconix Brand Group Inc. has announced US$42.7 million Licensing
revenue for the third quarter and nine months ended
Sept. 30, 2007.

                     Q3 2007 Results

Licensing revenue for the third quarter of 2007 increased 93% to
approximately US$42.7 million, as compared to approximately
US$22.1 million in the third quarter of 2006.  EBITDA for the
third quarter increased 92% to approximately US$30.8 million, as
compared to approximately US$16.1 million in the prior year
quarter and free cash flow for the quarter increased 106% to
approximately US$27.4 million, as compared to approximately
US$13.3 million in the prior year quarter.  Net income for the
third quarter increased 114% to approximately US$17.0 million
versus approximately US$7.9 million in the prior year quarter
and fully diluted earnings per share increased to approximately
US$0.28 versus US$0.18 in the prior year quarter.  EBITDA and
free cash flow are non-GAAP measures and reconciliation tables
for both are attached to this press release.

         Nine months ended Sept. 30, 2007 results:

Licensing revenue for the nine months ended Sept. 30, 2007
increased 109% to approximately US$112.6 million, as compared to
approximately US$53.8 million in the prior year nine-month
period.  EBITDA for the nine-month period increased 138% to
approximately US$85.4 million, as compared to approximately
US$35.9 million in the prior year nine-month period, and free
cash flow increased 160% to approximately US$74.5 million, as
compared to approximately US$28.7 million in the prior year nine
month period.  Net income as reported on the company's income
statement for the nine month period increased 88% to
approximately US$44.5 million, as compared to approximately
US$23.6 million in the prior year nine month period and fully
diluted earning per share as reported on the company's income
statement was US$0.73 versus US$0.54 in the prior year nine
month period.  The company recognized non-cash tax benefits in
the prior year nine-month period and therefore comparing net
income on a tax-effected basis, the company reported net income
of approximately US$44.5 million as compared to approximately
US$17.1 million (tax-effected) in the prior year nine months.
In comparing fully diluted earnings per share on a tax-effected
basis, the company reported fully diluted earnings per share of
US$0.73 in the first nine months of 2007, as compared to US$0.40
(tax-effected) in the prior year nine month period. Tax effected
net income and fully diluted EPS are non-GAAP metrics and a
reconciliation table for both is attached to this press release.

Neil Cole, Chairman and Chief Executive Officer of Iconix,
commented, "I am pleased with our results this quarter as we
increased revenue 93% and net income 114% from the prior year in
what was a very challenging period for retail in general.  Our
performance this quarter highlights the unique attributes of our
licensing model where diversification from a portfolio of 15
brands and almost 200 licensees, combined with contractually
guaranteed revenue and no inventory exposure reduces our risk
and volatility in difficult retail environments.  Looking ahead
to the remainder of this year and for 2008, I am confident we
will continue to deliver strong increases in both revenue and
profitability and execute our long term growth plan."

                       2007 Guidance:

The company is projecting that for the full year 2007 it will be
at the high of end of its current revenue guidance of US$150 -
US$160 million as well as its current fully diluted earnings per
share guidance of US$0.96 - US$1.00.

                       2008 Guidance:

The company is issuing guidance for the full year 2008 of
revenue in a range of US$240 to US$250 million and fully diluted
EPS in a range of US$1.35 to US$1.40.

                       About Iconix

Based in New York City, Iconix Brand Group Inc. (Nasdaq: ICON) -
http://www.iconixbrand.com/-- owns fashion brands to retail  
distribution from the luxury market.  The company licenses its
brands to retailers and manufacturers worldwide.  The group has
international licensees in Mexico, Japan and the United Kingdom.

                       *     *     *

As reported in the Troubled Company Reporter on June 20, 2007,
Standard & Poor's Ratings Services revised its ratings outlook
on Iconix Brand Group Inc. to negative.  At the same time,
Standard & Poor's assigned its 'B-' debt rating to Iconix's then
proposed US$250 million convertible senior subordinated notes
due 2012.

As reported in the Troubled Company Reporter on June 18, 2007,
Moody's Investors Service affirmed Iconix Brand Group Inc.'s
corporate family rating at B1 and assigned a B3 rating to the
company's then proposed US$250 million convertible senior
subordinated note offering.


MAZDA MOTOR: 2007 2nd Quarter Profit Rises 29% to JPY26.6 Bil.
--------------------------------------------------------------
Mazda Motor Corp.'s net income for the second quarter of fiscal
year ending March 31, 2008, rose 29% to JPY26.6 billion
(US$232 million) from JPY20.6 billion a year ago, helped by
demand in the U.S. and a weak yen, Bloomberg News reports.

According to the report, the company reiterated its full-year
net income forecast of JPY85 billion.

In the three months ended Sept. 30, the company said in its
statements that

Mazda exports about 80% of domestic production and is benefiting
from overseas sales as its home market shrinks, Bloomberg notes.
Demand for Hiroshima-based Mazda's CX-7 and CX-9 “crossover”
wagons and Mazda3 compact cars helped the company boost sales
8.2% in North America, offsetting a domestic decline.

The overseas production volume was below the figure for the same
month last year, down 4.3% on September 2006, mainly due to the
end of production of the second generation Mazda2 at the
Valencia plant in Spain and the end of Familia and Premacy
production in China since FAW Haima established its own original
brand, the company said in a statement.

                    First-Half Results

Mazda's first half consolidated sales revenue increased 9% year-
on-year to JPY1,656.2 billion.  This is attributable to strong
sales of the Mazda3 and the launch of the all-new Mazda2, which
led to an increase in unit sales volume, and the impact of the
depreciation of the Japanese yen on major currencies.

Consolidated operating profit increased 5% year-on-year to
JPY73.1 billion due to cost cutting initiatives and the impact
of the weaker yen, which offset increased investments in R&D and
capital equipment.  Consolidated ordinary profit was up 2% to
JPY57.6 billion and consolidated net income rose 7% to
JPY29.1 billion.  All profit levels increased when compared to
the results achieved in the first half of FY2006.

Consolidated cash flow for the first half of FY2007 was negative
JPY8.5 billion, consisting of an operating cash flow of
JPY40.3 billion less investments of JPY48.8 billion.  Net debt
was JPY287.5 billion, increased by JPY55.3 billion compared to
the FY2006 year-end figure.  Mazda will issue a dividend of JPY3
per share, its first interim dividend in 15 years.

                      About Mazda Motors

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                          *     *     *

As reported in the TCR-AP on April 27, 2007, Standard & Poor's
Ratings Services raised Mazda Motor Corp.'s long-term corporate
credit rating and the company's long-term senior unsecured debt
to:

   * Corporate Credit Rating: BB /Stable/
   * Company's Long-term Senior Unsecured Debt: BB+

S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile.  Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy.  The company continued to improve operating
and financial performance in the nine months ended Dec. 31,
2006, owing to an improved sales mix and favorable foreign
exchange rates.  Although the EBITDA margin of about 6% remains
lower than most of its Japanese peers, profitability is steadily
improving.  Mazda is now focusing on certain segments instead of
attempting to compete as a full-line producer.  The company also
has excellent product engineering capabilities.


NOVA CORP: Negative Net Worth to Total JPY100BB If Liquidated
-------------------------------------------------------------
The liabilities of Nova Corp. in excess of its assets would
total nearly JPY100 billion if the failed foreign language
school operator is liquidated, since the actual value of its
assets is only about a 10th of the book value, Japan Today
reports, citing sources familiar with the matter.

The report says that, according to a document Nova filed on
Oct. 26, 2007, with the Osaka District Court to seek court
protection from creditors, Nova had a capital deficiency of
about JPY1.6 billion as of the end of July.  The company's
assets totaled JPY42.3 billion and its liabilities totaled
JPY43.9 billion.

However, Nova's actual negative net worth would total at least
JPY94 billion in the event of liquidation, as its assets would
only total JPY4.2 billion because textbooks, school equipment
and other assets would be sold at values far less than those on
the book, the sources told Japan Today.

Osaka-based 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.


SENSATA TECH: Third Quarter Net Revenue Up 24.4% to US$357.4MM
--------------------------------------------------------------
Sensata Technologies B.V. announces Third quarter 2007 net
revenue was US$357.4 million, which represents an increase of
US$70.2 million or 24.4 percent over the third quarter of 2006.
Adjusted EBITDA was US$90.2 million, an increase of
US$15.6 million or 20.9 percent over the third quarter of 2006
Adjusted EBITDA.

For the nine months ended Sept. 30, 2007, net revenue was
US$1,031.0 million, an increase of 17.2 percent from
US$879.5 million for the same period in 2006.  Adjusted EBITDA
increased to US$264.2 million or 13.0 percent from
US$233.9 million in the same period 2006.

The quarter ending cash balance of US$54.0 million was down from
this year's second quarter balance of US$105.9 million,
primarily due to the US$89.7 million in cash that was used in
connection with the acquisition of Airpax Holdings, Inc.

Tom Wroe, Chairman and Chief Executive Officer said, "We
experienced double-digit percentage growth in net revenue and
Adjusted EBITDA for both the third quarter and the nine months
ended Sept. 30, 2007.  This was accomplished mainly through the
expansion of our core sensor base net revenue and the execution
of our acquisition strategy.  The outlook for our overall
business remains positive through year end though we will
continue to monitor various trends in the global macroeconomic
environment."

                    Recent Developments

On July 27, 2007, Sensata Technologies, Inc., the Company's
principal U.S. operating subsidiary, completed the acquisition
of Airpax Holdings, Inc., a leading manufacturer of components
and systems for power protection, sensing and controls
applications.  The purchase price was US$277.5 million plus fees
and expenses and the transaction was closed using a combination
of cash and new borrowings.  Approximately US$195 million in a
new senior subordinated term loan was issued and the balance was
funded with cash on hand.

Mr. Wroe added, "We have successfully begun the integration of
Airpax Holdings, Inc. into Sensata. We now have a leading market
position in our Controls business segment for the higher-growth
network power and critical, high-reliability mobile power
applications; markets where we did not
previously compete."

               About Sensata Technologies B.V.

Headquartered in Attleboro, Massachusetts, Sensata Technologies
-- http://www.sensata.com/-- is a supplier of sensors and  
controls across a range of markets and applications.  The
company has manufacturing locations in Brazil, Mexico, China,
Japan and the Netherlands.  Sensata Technologies employs
approximately 5,400 people worldwide.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 1, 2007, Moody's Investors Service affirmed Sensata
Technologies B.V.'s B2 corporate family rating in response to
the company's issuance of EUR141 million (US$195 million) senior
subordinate term loan and use of cash on hand to acquire Airpax
Holdings, Inc. for US$276 million, including fees and expenses.


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

HYNIX SEMICONDUCTOR: Signs Consulting Deal with Ecoeye
------------------------------------------------------
Hynix Semiconductor signed a consulting deal with local
environment company Ecoeye to enter the carbon dioxide emissions
trade market, Korea.net reports.

According to the report, under the business contract, Ecoeye
will help Hynix explore ways to reduce emissions of greenhouse
gases at its main chipmaking plants in Icheon and Cheongju.

The news agency relates that under the Kyoto Protocol of 1997,
the amount of reduced carbon dioxide emissions can be sold for
cash and Annex I countries are required to reduce their
aggregate emissions of greenhouse gases by at least 5% from 1990
levels during the 2008-2012 period.

Korea, a non-member of Annex I, is is ranked 10th in the world
in terms of carbon dioxide emissions as of last year, drawing
increased pressure from the international community to join the
mandatory reduction programs, the report says.

The report notes that Hynix has developed the necessary
technologies that can reduce greenhouse gases generated in the
process of memory chip production.  Based on this
infrastructure, it can now enter the emissions exchange market
where its carbon-reducing efforts will be officially recognized
by the U.N. organization, the report adds.

                  About Hynix Semiconductor

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

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

                          *     *     *

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

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

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

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


HYNIX SEMICON: Seeks Partners for Image Chip Production
-------------------------------------------------------
Hynix Semiconductor Inc. plans to start producing digital camera
components after a three-year ban on new types of products ended
this month, Bloomberg News reports.

Chief Executive Officer Kim Jong Kap said the company is seeking
allies to start production of CMOS chips.  Hynix had been
prevented from entering those businesses under a 2002 bailout,
which led to a Citigroup Inc. buyout fund acquiring Hynix's non
memory unit to help stave off bankruptcy, the report recounts.

Mr. Kap told the news agency that the company will be trying to
forge alliances with the major players in this sector.

The report relates that Hynix shares had tumbled 32% this year
before October 31, as an oversupply of memory chips eroded
prices and cut profit.  Non-memory does improve Hynix's product
portfolio, the report relates citing  Lee Seung Jun, who
oversees about US$1.5 billion at CJ Asset Management Co. in
Seoul.

Hynix's stock has lagged behind its biggest rivals in memory
chips this year, Bloomberg points out.   An analyst at Meritz
Securities Co. Lee Sun Ta said to compensate for lost time,
Hynix's likely option is to partner with a bigger maker or a
fabless design manufacturer.  Strengthening non-memory chips
shows Hynix's will to make money in this business as the outlook
is positive on higher demand, the report adds.

                    About Hynix Semiconductor

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

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

                          *     *     *

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

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

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

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


LG TELECOM: Outperforms Rival KTF Co. in Luring New Customers
-------------------------------------------------------------
LG Telecom Ltd. outperformed  rival KTF Co. in attracting new
customers in October, Asia Pulse relates, citing data released
by both companies.

According to the report, LG Telecom reported that it lured a net
73,748 customers last month, bringing its customer base to
7.68 million.    

While KTF, during the same month, said it gained a net 14,416
customers with the total number of its service users growing to
13.59 million, the report adds.

                    About LG Telecom

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

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

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

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


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

LITYAN HOLDINGS: Court Fixes Case Hearing on January 15, 2008
-------------------------------------------------------------
On Jan. 20, 2007, Lityan Holdings Berhad had submitted a
Proposed Restructuring Scheme to the Securities Commission,
Foreign Investment Committee and Bank Negara Malaysia for
approval.  However, the Securities Commission did not approve
the PRS.  Thus, Lityan on July 6, 2006, submitted to the
Securities Commission an application for a review of its
decision.

The Securities Commission rejected Lityan's Appeal on Sept. 27,
2006.  Lityan, on Oct. 9, 2006, filed an application for
Judicial Review on the Securities Commission's decision and also
applied for an Interim Order to stay Bursa Malaysia Securities
Berhad's decision to remove the company's securities from its
Official List on October 13, 2006.

The company discloses that the Kuala Lumpur High Court, on
October 8, 2007, fixed the hearing for its ex-parte application
for leave to issue a certiorari to squash the Securities
Commission's order rejecting the company's PRS on Jan. 15, 2008.
In the interim, Bursa Malaysia has agreed to a stay the de-
listing until the date of the scheduled hearing.


Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides    
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

On May 10, 2005, the Company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.

Lityan Holdings Bhd's unaudited balance sheet as of March 31,
2007, went upside down with an equity deficit of
MYR83.07 million, from total assets of MYR62.01 million and
total liabilities of MYR145.08 million.


MEGAN MEDIA: Auditor Resignation Cues Delay in Filing Financials
----------------------------------------------------------------
Megan Media Holdings Berhad had previously stated that it was in
the process of finalizing the audit of its financial statements  
for the financial year ended April 30, 2007, together with its
auditors and its subsidiaries.

However, on November 1, 2007, Megan Media received a letter from
its auditors, KPMG, stating that they are withdrawing from the
audit engagement and had tendered their resignation as auditors
for the company and its subsidiary, Memory Tech Sdn Bhd.
Pursuant to Section 172(15) of the Companies Act, 1965, KPMG has
requested the Board of Directors of the company to convene a
shareholders’ meeting to appoint a new auditor.

The Board of Directors is currently evaluating its next best
course of action.

Yet, pursuant to the Bursa Malaysia Securities Berhad's Listing
Requirements, if a listed issuer fails to issue its outstanding
financial statements within six months from the expiry of the
relevant filing timeframe, in addition to any enforcement action
that Bursa Securities may take, delisting procedures will be
commenced against the listed issuer.

Therefore, Megan Media asks Bursa Securities for an extension of
its deadline to file its audited financial statements for the
financial year ended April 30, 2007.


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

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

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

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


MEGAN MEDIA: Presents Proposal to Creditors Regarding Default
-------------------------------------------------------------
Megan Media Holdings Berhad had earlier disclosed with the Bursa
Malaysia Securities Berhad that it, together with its
subsidiaries, had defaulted on MYR899.956 million (principal
only) in maturing banking facilities.

The company explained that constraints to current cash flow from
its manufacturing operations render its unable to service and
repay amounts due to its lenders.  Thus, the company, together
with its operating subsidiaries -- Memory Tech Sdn Bhd and MJC
(Singapore) Pte Ltd -- continues to be saddled with debts
procured from banks on the back of its trading business which
Investigative Accountants have now established as fraudulent.

The company recounted that following initial meetings with its
creditor banks on May 7 and 11, 2007, it, upon the advice of its
Specialist Advisors, Sage 3 Capital Sdn Bhd, proposed the
appointment of Investigative Accountants to probe into what its
Advisors viewed as highly suspicious and irregular transactions.  
Pursuant to those meetings, the Creditor Banks proposed the
appointment of Ferrier Hodgson MH Sdn Bhd as Investigative
Accountants for the Malaysian operations.

PricewaterhouseCoopers, who were initially appointed by the
company as Independent Financial Advisors to MJC in Singapore,
have more recently been appointed as Judicial Managers and will
have responsibilities for managing and conducting investigations
into the affairs of MJC in Singapore.

Ferrier Hodgson has since reported their commercial findings to
all Malaysian Creditor Banks and the company.

Subsequently, the company, with support from its Specialist
Advisors, forwarded a formal proposal to the Creditors Steering
Committee on September 19, 2007, of a Comprehensive Debt
Restructuring and Regularization Plans.  The work to initiate
legal proceedings to recover all amounts lost due to the
irregularities is ongoing, given the quantum of the losses
incurred.

In a recent filing with Bursa Malaysia, the company relates that
on October 26, 2007, it presented a formal proposal to the
Malaysian Creditor Banks with an exposure to the company and its
subsidiary, Memory Tech Sdn Bhd.  On October 30, 2007, the
company presented a formal proposal to Singapore creditor banks
that have a corporate guarantee from the company.

The company appointed OSK Investment Bank Berhad on Oct. 29 to
act as the advising merchant bank.

The company says, however, that it will announce details to
Bursa Securities only upon the Creditor banks' acceptance and
the finalization of its proposal.

Until a formal or informal standstill agreement is reached,
Creditor Banks reserve their position to initiate legal action.


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

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

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

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


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

CER GROUP: Included in Deloitte/Unlimited Fast 50 List
------------------------------------------------------
CER Group joins just a handful of companies in the
Deloitte/Unlimited Fast 50 list to make a return appearance in
the annual awards on Oct. 31, with a 600% increase in sales
revenue for the 2004 to 2006 sales period.

David Warrick, Managing Director CER Group Limited, says holding
the number 13 spot on the list is a real recognition of the
sustainability of the company's growth.

"The ability to sustain our spot on the Fast 50 list
demonstrates that our aggressive growth and acquisition strategy
is working.  It was particularly pleasing to top this off with
the Fastest Growing Technology Business Award last night.

"Our focus on environmentally sustainable businesses with unique
products continues to return positive growth domestically with
the NZ Nature Company, and this is complemented by an upswing in
growth in the international markets through the Certified
Organics business.

"Further good news is that sales growth is continuing strongly
this year with Group sales to the third quarter up 23%."

Recent announcements showed that the Certified Organics business
continues to deliver, growing 25% in the third quarter after
receiving initial commercial agricultural registration in
Australia. This has allowed it entry to the Australian
viticultural industry with its unique pine extract-based BioWeed
Control herbicide.

CER Group expects continued uplift in its performance with the
recent purchase of Australian sustainable environmental
management company, Vital Resource Management, which specialises
in microbial products to treat soil and water.  The company made
its first sales contribution to the Group in September this
year.


Auckland, New Zealand-based CER Group Ltd. --
http://www.certified-organics.com/-- formerly Certified
Organics Limited, is engaged in the development, manufacture and
marketing of naturally based biological control, hygiene and
health products for use in agriculture, industry and
domestically, both within New Zealand and for export.  The
company is also involved in the sale of Internet catalogue goods
both within New Zealand and for export.  The company's
subsidiaries include New Zealand Nature Company Limited, Organic
Interceptor Products Limited, Certified Organics (Aust) Pty
Limited and Certified Organics Inc.

The Troubled Company Reporter-Asia Pacific, citing a report
from ShareChat News, said on March 5, 2007, that CER Group's
December 2006 full-year loss narrowed to NZ$53,000 from
NZ$327,000 in 2005.


GLASS EARTH: To Raise CCND5 Million by Private Placement
--------------------------------------------------------
Glass Earth Limited is undertaking a private placement financing
for gross proceeds of CND5 million.

                        Private Placement

The Private Placement will consist of 25,000,000 units at a
price of CND0.20 per unit.  Each unit will consist of one common
share and a one half share purchase warrant.  Each whole warrant
will entitle the holder to purchase one common share at a price
of CND0.30 per share, exercisable for a period of 2 years from
the closing date.

Glass Earth's parent company, St. Andrew Goldfields Limited, has
advised that it will maintain its existing 50.2% equity and will
subscribe to 12.5 million units of the placement.

The proceeds from the financing will principally be used to
undertake drilling of targets within Glass Earth's Exploration
Permits in the Central Volcanic Region in the North Island.
These targets have been developed as a result of ground
geophysical and geochemical programs recently completed.  A
continuous drilling program starting immediately will carry
through to the end of the New Zealand summer (April/May).
Targets to be drilled include Ohakuri, Tahunaatara and
Gibraltar.

Ground-based exploration programs are being accelerated in the
Otago Region following up targets identified from the recently
completed CA$3M airborne geophysics campaign in that Region.

In addition, part of the proceeds will be used for general
administration purposes.

All the securities issued pursuant to the foregoing will be
subject to a four-month hold period.  The private placement is
subject to the approval of the TSX Venture Exchange.  Finder's
fees may be payable in connection with the private placement in
such amounts as may be permitted under the policies of the TSX
Venture Exchange

                        About Glass Earth

Glass Earth Ltd -- http://www.glassearthlimited.com/-- and its
Subsidiaries' principal activity is the exploration for and
mining of gold deposits in New Zealand.  Glass Earth has
established a large portfolio of gold prospecting and
exploration permits in New Zealand, including advanced gold
prospects in the Hauraki-Waihi area; advanced and greenfields
gold prospects at the Mamaku-Muirs Reef area between Rotorua and
Tauranga; Greenfield gold prospects in the Central Volcanic
Region between Rotorua and Taupo, and advanced and greenfields
gold prospects in the Otago mesothermal gold fields, including
priority over a 20,550km2 prospecting permit area which it
believes is prospective for Macraesstyle gold mineralisation.
All Glass Earth's business operations are owned and managed by
its New Zealand subsidiaries Glass Earth (New Zealand) Limited
and HPD New Zealand Limited.  As of December 27, 2006, St Andrew
Goldfields Ltd. held approximately 50.2% interest in the
company.

As of June 30, 2007, the company booked a deficit of
CND3,422,000, compared with the CND1,953,000 deficit as of
May 31, 2006.


IRON MOUNTAIN: Earns US$51 Million in Third Quarter 2007
--------------------------------------------------------
Iron Mountain Incorporated has reported strong revenue growth,
higher operating income and earnings of US$51 million or
US$0.25 per diluted share.  In a separate release, the company
announced the signing of a definitive agreement to acquire
electronic discovery business, Stratify, Inc.

Iron Mountain posted solid operating income before depreciation
and amortization (OIBDA) growth of 28% in the third quarter
supported by strong revenue growth, gross margin improvement and
continued overhead expense control.  Included in OIBDA for the
quarter was a US$5 million gain primarily associated with
proceeds received in connection with the July 2006 warehouse
fire in London.  The company had balanced revenue performance
across its North American Physical, International Physical and
Worldwide Digital business segments with overall gains supported
by robust service revenue growth.  Acquisitions and favorable
foreign currency fluctuations also contributed about 6% to
overall revenue growth.

"We continue to be pleased with the performance of the business
this year," said Richard Reese, Chairman and Chief Executive
Officer.  "We are delivering solid revenue and OIBDA growth
across our portfolio.  The business is running well and we are
continuing to invest as we grow, making investments consistent
with our strategy that enhance our ability to provide
comprehensive, end-to-end solutions to our customers' most
complex information management challenges.  Our pending
acquisition of Stratify, Inc., announced earlier today, is one
example of how we are investing within that context."

In keeping with its strategy to distribute new services and
extend its leadership position in targeted digital markets, Iron
Mountain announced the signing of a definitive agreement to
acquire Stratify, Inc. for approximately US$158 million in cash.
Stratify, based in Mountain View, California, is a leader in
advanced electronic discovery services for the legal market,
offering in-depth discovery and data investigation solutions for
AmLaw 200 law firms and leading Fortune 500 corporations.  This
acquisition is subject to regulatory review and customary
closing conditions and is expected to be completed by the end of
the year.

                    Key Financial Highlights

Iron Mountain's total consolidated revenues for the quarter grew
18% to US$702 million driven by solid internal growth of 12% and
augmented by several acquisitions, most notably ArchivesOne,
Inc. and RMS Services - USA, Inc.  The company's overall revenue
growth was highlighted by continued strength in service revenue
internal growth (16%) led by increased special project revenues
in both North America and Europe and strong recycled paper
revenues.  Solid storage (8%) and core service (10%) internal
revenue growth rates were also key factors in the company's
revenue performance for the quarter.

OIBDA for the quarter grew 28% to US$192 million, including the
US$5 million gain, reflecting the impact of the company's robust
revenue performance and solid cost leverage, benefiting from
continued control of overhead spending.  Selling, general &
administrative expenses decreased 70 basis points as a
percentage of revenues.  Additionally, the company posted a
moderate increase in gross margin resulting primarily from
increased higher margin service revenues.  This improvement more
than offset dilutive margin impacts from acquisitions and
increased real estate taxes and property insurance costs.  See
Appendix B at the end of this press release for a discussion of
OIBDA and the required reconciliation to the appropriate GAAP
measures.

Operating income increased 33% to US$129 million, indicative of
higher OIBDA and higher depreciation and amortization expense
reflecting the impact of recent acquisitions.  Net income for
the quarter was US$51 million, or US$0.25 per diluted share,
including other expense, net of US$9 million, or US$0.03 per
share.  The components of other expense, net, including the
impact of foreign currency fluctuations are detailed in the
table below.

Also impacting net income was a decrease in the company's
effective tax rate for the quarter.  The 17.0% tax rate reflects
the net positive tax effect of certain foreign currency gains
and losses recorded in different tax jurisdictions and other
discrete items such as tax rate changes in the UK and decreases
to our tax reserves as a result of certain state matters.
Absent the impact of any additional foreign currency rate
fluctuations and other discrete items, the company expects its
effective tax rate to be approximately 37% for the fourth
quarter of 2007.  All per share amounts have been adjusted to
reflect the three-for-two stock split effected in the form of a
stock dividend on Dec. 29, 2006.

The company's year to date free cash flow before Acquisitions
and Discretionary Investments for the nine months ended
Sept. 30, 2007, is US$95 million reflecting a 17% increase in
cash flows from operating activities, approximately US$29
million of insurance proceeds related to the July 2006 warehouse
fire in London and controlled capital expenditures.  We expect
our full year 2007 capital expenditures to be between US$385
million and US$415 million.  See Appendix B at the end of this
press release for a discussion of free cash flow and the
required reconciliation to the appropriate GAAP measures.

                          Acquisitions

Iron Mountain's acquisition strategy focuses on acquiring
attractive businesses that provide a strong platform for future
growth by expanding the company's geographic footprint and
service offerings while enhancing its existing operations.
Since the end of the second quarter of 2007, the company
completed several important acquisitions, most notably, the
previously announced acquisition of RMS Services - USA, Inc.,
the industry's leading provider of outsourced file room
solutions for hospitals, which closed in September 2007.
Furthering its European expansion strategy, Iron Mountain also
acquired records management businesses in France, the
Netherlands and Ireland, all of which were previously reported.

                  Financial Performance Outlook

The company is raising its financial performance outlook for the
full year ending Dec. 31, 2007, to reflect its year-to-date
financial performance and updated estimates for Q4 2007 results.
Due to the uncertainty around the timing of the closing of the
Stratify transaction, no updates have been made to the company's
financial outlook with respect to that specific transaction.

                       About Iron Mountain

Headquartered in Boston, Massachusetts, Iron Mountain
Incorporated is an international provider of information storage
and protection related services.   The company offers
comprehensive records management and data protection solutions,
along with the expertise to address complex information
challenges such as rising storage costs, litigation, regulatory
compliance and disaster recovery.

Iron Mountain entered the Asia Pacific region for the first time
in December of 2005 through the acquisition of the Australian
and New Zealand operations of Pickfords Records Management.   In
May 2006, Iron Mountain entered India when it formed a joint
venture with Mody Access.   And in June 2006, Iron Mountain
expanded its presence in Australia and New Zealand with the
acquisition of Melbourne-based DigiGuard.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Mar. 19, 2007, Moody's Investors Service assigned a Ba2 rating
to the proposed US$800 million senior secured credit facilities
of Iron Mountain Inc.  Concurrently, Moody's affirmed other
ratings and changed the outlook for the ratings to positive.
The positive outlook recognizes continued strength in operating
performance, including increases in the rate of growth in
storage revenues in recent quarters, and anticipates improved
covenant cushions under the proposed credit facilities.  The
positive outlook also incorporates Moody's expectation that,
given the current market position of the company, the size of
future acquisitions is likely to be smaller on a relative basis
than was the case in prior years.  Moody's expects the company
to continue to pursue an acquisitive strategy.


PROPERTY FINANCE: Proposes Restructuring to Debenture Holders
-------------------------------------------------------------
PropertyFinance Group Limited's wholly owned subsidiary
PropertyFinance Securities Limited, which is in receivership, is
planning to hold a special meeting for its debenture stock
holders on Dec. 19, 2007, in Auckland, a regulatory filing with
the New Zealand Stock Exchange discloses.

During the meeting, PFSL will propose to restructure its
debenture stock maturity dates, which move is aimed at enabling
PFSL to be removed from receivership.

The restructuring will be effected by an extraordinary
resolution of debenture stockholders at a special meeting of
debenture stock holders held pursuant to the Trust Deed.  The
extraordinary resolution will require 75% support to pass.

The restructuring proposal would see investors extend their
debenture stock maturities for three years from the date of the
meeting, with principal and interest payments made as the PFSL
assets are realized.  The expected interest rate to investors is
9.33%, equivalent to the weighted average rate which was payable
on PFSL's debenture stock at the time of receivership.

If the resolution is approved, the first payment, comprising
interest arrears and an initial principal payment, is expected
to be made on Friday, Dec. 21.

PFG can also advise that PFSL will, following the approval of
the restructuring, effectively become a non-trading entity with
an orderly wind-down of its assets and liabilities.  PFSL would
be managed by PFG under a pre-agreed management contract during
the wind-down and supervised by the Trustee as provided in
PFSL's Trust Deed.

The meeting is conditional on a number of aspects, including but
not limited to:

   -- the completion of a short-form prospectus;

   -- agreement with the Trustee on the size of a capital
      injection to PFSL by PFG; and

   -- rescheduling PFSL's unsecured creditors.

PFG's Managing Director, Darryl Queen, said "the restructuring
proposal is clearly in the best interests of our investors; we
anticipate an orderly wind-down will see a complete recovery of
principal and interest for debenture stock holders."

Mr. Queen advised that "it is PFG's intention to hold a series
of meetings throughout the country prior to the special meeting
to give debenture stockholders the opportunity to express their
views on the restructuring proposal and vote by proxy if
wished".

If successful, the restructuring will have a positive effect on
PFG and enable it to consider commercial property lending
opportunities utilizing the funding trusts it has established
and other opportunities in the property market.

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

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 27, 2007, PropertyFinance Group's board of directors is
looking into a number of restructuring opportunities because of
concerns on the company's ability to manage its current
liquidity position.  The company believes its problem with
liquidity arose from a timing mismatch between its assets and
liabilities.

The Group owns a number of subsidiary companies, the principal
subsidiary of which is Propertyfinance Securities Limited.  PFSL
was placed in receivership by Covenant Trustee Company Limited
at the request of PFSL's directors on Aug. 29, 2007.  Grant
Graham and Brendon Gibson of Ferrier Hodgson were appointed as
receivers.  At the time of the receivership PFSL had total
assets of NZ$92 million (un-audited) and liabilities of some
NZ$82 million (un-audited).


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

BANK OF THE PHIL ISLANDS: Posts PHP7.6-Bil. 9-Month Net Profit
--------------------------------------------------------------
The Bank of the Philippine Islands has reported that its net
profit for the nine-month period ending September 30 climbed 11%
year-on-year to PHP7.6 billion, ABS-CBN News reports.

The bank had reported a net profit of PHP6.8 billion in the same
period last year, the report recounts.

According to the bank, it registered a net income of
PHP1.32 billion for the third quarter alone.  It also said that
its non-performing loan ratio as of end-August was down 4.5%
from the 6.5% ratio at August 30, 2006.  

The nine-month net income translates into a 15.5% return on
equity and 1.8% return on assets, ABS-CBN News relates.  Total
revenues for the period jumped 11%, driven by 5% growth in net
interest income and 24% increase in non-interest income.  
Operating expenses grew 13% from costs of one-off accruals,
settlement of prior taxes and manpower expenses.

Bank of the Philippine Islands -- http://www.bpi.com.ph/-- is
the oldest bank in South East Asia and is the second largest
commercial bank in the Philippines in terms of assets, deposits,
loans and capital base in the year 2003.  The bank has two major
products and services categories: the first covers its deposit
taking and lending/investment activities, while the second
covers income derived from all services other than deposit
taking, lending and investing, which are generally in the form
of commissions, service charges and fees.

On May 28, 2007, Moody's Investor Services assigned a B1 foreign
currency deposit rating to BPI.


LAFAYETTE MINING: Faces Inquiry on Alleged Fishkill in Albay
------------------------------------------------------------
Lafayette Mining Philippines Inc. is currently subject to an
official inquiry regarding a reported fishkill about 10
kilometers away from its Rapu Rapu polymetallic project in
Albay, the Daily Tribune reports.

The company is cooperating with the inquiry, the report adds.

According to company spokesman Bayani Agabin, the company has
invited anti-mining groups into the plant in a bid to disprove
their allegations against the company.  The company also had
taken water and fish samples from the poblacion for testing by
independent laboratories, Mr. Agabin added.

Mr. Agabin disputed the fishkill allegations, saying that the
plant has ceased operations starting early in October 27 for
maintenance.  Mr. Agabin stressed that the plant's tailings dam
has about 11 meters of water to spare, and insisted that the dam
released no water in the previous days.

Reports on the fishkill vary in volume from 10 kilos to two
sacks, with anti-mining groups alleging more, the Tribune
relates.

Lafayette Mining Philippines, Incorporated, is a subsidiary of
Australian firm Lafayette Mining, Incorporated --
http://www.lafayettemining.com/-- which has been listed on the   
Australian Stock Exchange since August 1997.  Lafayette
Philippines is currently developing a polymetallic project
involving copper, gold, zinc and silver on the Island of Rapu-
Rapu in the Philippines.

The TCR-AP's "Large Companies with Insolvent Balance Sheets"
column on Oct. 19, 2007, reflected Lafayette Mining Limited as
having a US$127.82-million equity deficit, on total assets of
US$78.17 million.


RIZAL COMMERCIAL: Board OKs PHP520-Mil. Purchase of Thrift Bank
----------------------------------------------------------------
Rizal Commercial Banking Corp. is set to buy into the Merchants
Savings & Loan Association Inc. after its Board of Directors
approved the deal which is valued at PHP520 million, ABS-CBN
News reports.

The bank will purchase the thrift bank from Finman Capital Corp.
and the heirs of Luis Manapat, the report says.  The parties
hope to close the deal by the end of this year pending the
Bangko Sentral ng Pilipinas approval.

RCBC's president, Lorenzo Tan, said the approval kept the bank
on track with its commitment to ink at least one acquisition on
its first year.  Mr. Tan also revealed that the bank will double
efforts in enlarging its ATM network.

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

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

On November 6, 2006, the TCR-AP also reported that Moody's
Investors Service revised the outlook for RCBC's foreign
currency senior debt rating of Ba3, foreign currency Hybrid Tier
1 of B3, and foreign currency long-term deposit rating of B1 to
stable from negative.  The outlook for RCBC's foreign currency
Not-Prime short-term deposit rating and bank financial strength
rating of E+ remains stable, the TCR-AP said.

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


VULCAN IND'L: Stockholders Okay Increasing of Capital Stock
-----------------------------------------------------------
Vulcan Industrial and Mining Corp.'s stockholders have approved
the Board of Directors' proposal and recommendation to increase
the company's authorized capital to 1.5 billion shares from the
present 600 million shares.

According to a disclosure with the Philippine Stock Exchange,
the planned 900-million increase in shares will first be offered
to existing stockholders in accordance with their righs under
the company's articles of incorporation.

Headquartered in Mandaluyong, Vulcan Industrial & Mining
Corporation is engaged mainly in oil and mineral exploration
projects.  One of its successful ventures is the concrete
aggregate project in Rodriguez, Rizal, which was spun-off into a
joint venture company called Vulcan Materials Corporation.  VMC
is on its tenth year of rock aggregate quarrying, crushing and
marketing.

VMC has an edge over the other rock aggregates companies due to
its captive market in D.M. Consunji, Inc., one of the giants in
the construction industry, which owns 49% of VMC, the remaining
51% is owned by Vulcan Industrial.

As of December 31, 2001, the company is still in the exploration
stage and no discovery of oil and gas in commercial quantities
has been made.  The full recovery of deferred petroleum
exploration costs is dependent on the discovery of oil and gas
in commercial quantities.

                          *     *     *

J. Carlitos Cruz at Sycip Gorres Velayo raised significant doubt
on Vulcan Industrial & Mining Corporation's ability to continue
as a going concern after auditing the company's financials for
the fiscal year ended Dec. 31, 2006.

Mr. Cruz cited the company's and its subsidiary's current
liabilities exceeding their current assets by
PHP204.5 million and PHP231.3 million, respectively.  In
addition, the company and its subsidiary had difficulty meeting
their obligations to their creditor banks.

For the year ending 2006, the group suffered a net loss of
PHP32.5 million, its third consecutive annual net loss after
2005's PHP29.0 million and 2004's PHP47.9 million.


VULCAN IND'L: Stockholders Appoint SGV & Co. as Auditors
--------------------------------------------------------
The stockholders of Vulcan Industrial Mining Inc. has appointed
Sycip Gorres Velayo & Co. as external auditors during a meeting
held Monday, a company disclosure with the Philippine Stock
Exchange reveals.

The stockholders have also approved the appointment of these
individuals as new directors:

    * Alfredo Ramos
    * Patrick Caoile
    * Augusto Sunico
    * Presentacion Ramos
    * Adrian Ramos
    * Christopher Gotanco
    * Francisco Navarro
    * Rolando David
    * Alfredo Calub

Headquartered in Mandaluyong, Vulcan Industrial & Mining
Corporation is engaged mainly in oil and mineral exploration
projects.  One of its successful ventures is the concrete
aggregate project in Rodriguez, Rizal, which was spun-off into a
joint venture company called Vulcan Materials Corporation.  VMC
is on its tenth year of rock aggregate quarrying, crushing and
marketing.

VMC has an edge over the other rock aggregates companies due to
its captive market in D.M. Consunji, Inc., one of the giants in
the construction industry, which owns 49% of VMC, the remaining
51% is owned by Vulcan Industrial.

As of December 31, 2001, the company is still in the exploration
stage and no discovery of oil and gas in commercial quantities
has been made.  The full recovery of deferred petroleum
exploration costs is dependent on the discovery of oil and gas
in commercial quantities.

                          *     *     *

J. Carlitos Cruz at Sycip Gorres Velayo raised significant doubt
on Vulcan Industrial & Mining Corporation's ability to continue
as a going concern after auditing the company's financials for
the fiscal year ended Dec. 31, 2006.

Mr. Cruz cited the company's and its subsidiary's current
liabilities exceeding their current assets by
PHP204.5 million and PHP231.3 million, respectively.  In
addition, the company and its subsidiary had difficulty meeting
their obligations to their creditor banks.

For the year ending 2006, the group suffered a net loss of
PHP32.5 million, its third consecutive annual net loss after
2005's PHP29.0 million and 2004's PHP47.9 million.


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

CATERINGX PTE: Creditors Set to Meet on November 9
--------------------------------------------------
A meeting will be held for the creditors of Cateringx Pte Ltd
on November 9, 2007, at No. 1, Marina Boulevard Level 9, in One
Marina Boulevard, Singapore 018989.

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

The company's liquidator is:

         Teo Seng Chee
         c/o 149 Rochor Road
         #05-07 Fu Lu Shou Complex
         Singapore 188425


INTEGRATED TECHNIQUE: Accepting Proofs of Debt Until Nov. 9
-----------------------------------------------------------
The creditors of Integrated Technique Pte Ltd are required to
file their proofs of debt by November 9, 2007, to be included in
the company's dividend distribution.

The company's liquidator is:

         Don M Ho, FCPA
         c/o Don Ho & Associates
         Certified Public Accountants
         Corporate Advisory & Recoveries
         Equity Plaza
         20 Cecil Street #12-02 & 03
         Singapore 049705
         Telephone: 6532 0320 (8 lines)
         Facsimile: 6532 0331


UNIFIZE PTE: Creditors' Meeting Set for November 9
--------------------------------------------------
Unifize Pte Ltd will hold a meeting for its creditors on
November 9, 2007, at 3:00 p.m., at No. 1, Marina Boulevard Level
9, in One Marina Boulevard, Singapore 018989.

At the meeting, the creditors will be asked to:

   -- receive the liquidator's report on the company's wind-up
      proceedings and property disposal.;

   -- approve the remuneration of the liquidator; and

   -- discuss other matters.

The company's liquidator is:

         Teo Seng Chee
         Unifize Pte Ltd
         c/o 149 Rochor Road
         #05-07 Fu Lu Shou Complex
         Singapore 188425


UNISON PROJECTS: Liquidators to Present Wind-Up Report
------------------------------------------------------
On November 2, 2007, the creditors of Unison Projects Singapore
Pte Ltd had a meeting and received the liquidators' report on
the company's wind-up proceedings and property disposal.

The company's liquidators are:

         Yeo Ek Khuan
         Ng Geok Mui
         c/o BDO Raffles
         5 Shenton Way
         #07-01 UIC Building
         Singapore 068808


ZHEJIANG HOLDING(S): Court to Hear Wind-Up Petition on Nov. 9
-------------------------------------------------------------
A petition to have Zhejiang Holding(s) Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
November 9, 2007, at 10:00 a.m.

The petition was filed by Lai Yew Seng Pte Ltd on October 9,
2007.

Lai Yew's solicitors are:

          Mallal & Namazie
          No. 50, Robinson Road
          #12-00 VTB Building
          Singapore 068882


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

G STEEL: Moody's Places B3 Ratings on Review for Downgrade
----------------------------------------------------------
Moody's Investors Service has today put on review for possible
downgrade the B3 corporate family rating and senior unsecured
bond rating of G Steel Public Company Limited.

"The rating action reflects the company's heightened refinancing
risks following its inability to term out the US$120m bridge
loan upon its maturity on 30 October 2007," says Kathleen Lee,
Moody's lead analyst for G Steel, adding, "The company is still
negotiating the refinancing arrangements of the above loan with
the lenders."

The review will focus on the implications of protracted
refinancing negotiations between G Steel and its bank lenders
over how the company will observe and fully comply with the
provisions of the US$100 million Senior Unsecured Notes due
2010.  The review will also assess the potential financial
impact which the revised terms and conditions of the refinancing
agreement would have on G Steel's financial profile in the event
that such an agreement is reached.

Headquartered in Bangkok, G Steel is Thailand's second largest
hot rolled coil steel manufacturer and distributor.  It
currently produces about 1 million tons of steel per year using
the electric arc furnace and continuous casting methods.





                           *********

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 ***