TCRAP_Public/050421.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

             Thursday, April 21, 2005, Vol. 8, No. 78

                            Headlines

A U S T R A L I A

500 DEAN: Court Hires Liquidator to Wind Up Company
A&F PAINTING: Lays Out Final Meeting Agenda
AJ VERBUNT: Members to Meet April 30
ARISTOCRAT LEISURE: S&P Raises Credit Rating to 'BB+'
AUSTRALIAN VISUAL: To Pay Dividend April 26

BAYSIDE PROJECT: Court Issues Winding Up Order
BULLANT TECHNOLOGY: Joint Meeting Slated for April 27
CASTLEDALE ENTERPRISES: To Convene Final Meeting April 25
CHEMEQ LIMITED: Manufacturing Plant Bags APVMA License
D.A. JOHNSON: Court Picks Liquidator R.J. Porter

DEPT. PROPERTIES: Winds Up Voluntarily
H&C SPORTS: Final Meeting Fixed April 26
HILLS MOTORWAY: Takes New Directors
HOME ART: Faces Winding Up Proceedings
HORIZON ENERGY: Releases Final Meeting Agenda

IMS SAS: Members Pass Resolution to Wind Up Company
LCR TELECOM: To Undergo Voluntary Liquidation
MAYNE GROUP: Goes Offshore with IT Shakeup
NATIONAL AUSTRALIA: Revises Half-year Results Format
NATIONAL TELECOMS: Members Agree to Wind Up Company

PLAN UNITS: Final Meeting Set April 22
PORTWING PTY: Members Pass Resolution to Wind Up Company
PRINT-WISE SALES: Lays Out Agenda of Final Meeting
RAE DEVELOPMENTS: Members to Meet April 22
RETAILX: To Pay AU$10,000 Penalty

STATEWIDE FUEL: Sets Joint Meeting on April 21
TEAC AUSTRALIA: Administrators Win Reprieve


C H I N A  &  H O N G  K O N G

BANK OF CHINA: S&P Upgrades Rating Outlook To 'Stable'
CHINA CONSTRUCTION: In Talks with Nine Foreign Investors
CDIB MANAGEMENT: Creditors Must Prove Debt by May 19
JOYFUL DESIGN: Receiving Proofs of Claims Until May 4
TOP TREASURE: Receives Winding Up Notice

ULTRALITE LIMITED: Creditors Meeting Set for April 29
WENG HENG: To Hold Creditors, Contributories Meeting
WIN GLORY: Court Issues Winding Up Notice
W.S. CHOY: Releases Debt Claim Notice
YUE FUNG: Creditors' Annual Meeting Slated for May 10


I N D O N E S I A

PERTAMINA: Ordered to Settle Row with Exxon Mobil
SEMEN GRESIK: Fears Cement Shortage by 2007
SEMEN GRESIK: Targets 10% Increase in Income, Profit


J A P A N

MATSUSHITA ELECTRIC: Remains PDP TVs' Topseller
MITSUBISHI MOTORS: Delays Halt of Vehicle Production
SANYO ELECTRIC: Analysts Say Recovery Possibility Still Vague
SEIBU RAILWAY: ANA Demands JPY700-Mln Loss Coverage
TOSHIBA CORPORATION: Targets 10% of Global Flat TV Market

UFJ HOLDINGS: Gets Better Rating from Goldman Sachs
VICTOR COMPANY: Retains Morgan Stanley's "Overweight" Rating
VICTOR COMPANY: Releases 52 and 61-Inch Rear Projection HDTVs


K O R E A

LG CARD: Set to Return to Black This Year


M A L A Y S I A

DATAPREP HOLDINGS: Aims for Turnaround in 2005
FABER GROUP: Set to List Extra Shares
GOLDEN FRONTIER: Buys Back 1,000 Shares
KEMAYAN CORPORATION: Court Dismisses Case Against Unit
KEMAYAN CORPORATION: Unit's Land to Be Sold in Public Auction

LION INDUSTRIES: Granted Listing of Additional Shares
MAXIS COMMUNICATIONS: Notes Additional Shares Listing
NAUTICALINK BERHAD: Seeks Extension to Implement Restructuring
PADIBERAS NASIONAL: Unveils Employee Share Option Scheme
PANGLOBAL BERHAD: Unit Discloses March Production Figures

PICA CORPORATION: Still Seeking Ways to Settle Debt
POS MALAYSIA: Lists Extra Shares
WCT ENGINEERING: Court Fixes Case Hearings on Unit


P H I L I P P I N E S

ATLAS CONSOLIDATED: Postpones Annual Stockholders Meeting
CRB LEON: Liquidator to Submit Final Project to Court
MANILA ELECTRIC: Eyes Rate Hike Under New Mechanism
MANILA MINING: Seeks Foreign Investors for Gold, Copper Assets
NATIONAL POWER: ADB to Aid Debt Refinancing

PACIFIC PLANS: Rehab Filing Shocks SEC
PHILIPPINE LONG: Ventures Into Satellite TV Biz
PHILIPPINE LONG: Lists Additional Shares
PHILIPPINE NICKEL: Mining Project Attracts Chinese Group
RB PINILI: Termination of Liquidation Process Awaits Court OK

* Senate to Delve Into Pre-need Firms' Troubles


S I N G A P O R E

ASIA-PACIFIC BULK: Creditors Meeting Set April 22
CANAL EMAS: Requires Creditors to Prove Claims by May 8
CENTRAL PROPERTIES: Company Director Quits
DIGILAND SINGAPORE: Winding Up Hearing Set April 29
HOTEL MALAYSIA: Director Steps Down

IPC CORPORATION: Unit Placed in Voluntary Liquidation
KWANG LIAN: Served with Winding Up Order
STARTECH ELECTRONICS: Amends AGM Resolution
TORM SHIPPING: Invites Creditors to Prove Claims
U.D. INTER-OCEAN: Faces Winding Up Proceedings


T H A I L A N D

M.D.X: Discloses Rehabilitation Scheme Progress
PAE: Eyes THB500 Mln in Revenue in 2005
TANAYONG: Postpones Date of Consideration for Rehab Plan
THAI PETROCHEMICAL: Informs SET on Unissued Share
THAI WAH: Releases Financial Status, Performance Progress Report

THAI WAH: Approval of Plan's Amendment Could Boost Equity

     -  -  -  -  -  -  -  -

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

500 DEAN: Court Hires Liquidator to Wind Up Company
---------------------------------------------------
On March 7, 2005, the Supreme Court of New South Wales, Equity
Division, made an Order that 500 Dean Street Pty Limited A.C.N.
083 948 681 be wound up and appointed R. J. Porter as Official
Liquidator.

R. J. Porter
Official Liquidator
Moore Stephens PMN
Chartered Accountants
Level 6, 460 Church Street,
Parramatta NSW 2150


A&F PAINTING: Lays Out Final Meeting Agenda
-------------------------------------------
Notice is hereby given that a final concurrent meeting of the
members and creditors of A&F Painting Services Pty Ltd (In
Liquidation) A.C.N. 093 013 097 will be held at the offices of
Knights Insolvency Administration, Level 3, United Overseas Bank
Building, 32 Martin Place, Sydney, NSW on April 22, 2005 at 9:30
a.m.

AGENDA

(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted and how the property of the
Company has been disposed of, and to receive any explanation
required thereof.

(2) Any other business which may be lawfully considered with the
foregoing.

Dated this 11th day of March 2005

Adrian Duncan
Liquidator
c/- Knights Insolvency Administration
Level 3, United Overseas Bank Building,
32 Martin Place, Sydney NSW 2000


AJ VERBUNT: Members to Meet April 30
------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act 2001, the final meeting of members of AJ
Verbunt Pty Ltd (In Liquidation) A.C.N. 000 786 041 will be held
at 68A Edward Street, Corowa NSW on April 30, 2005 at 9:00 a.m.
for the purpose of laying before the meeting the liquidator's
final account and report and giving any explanation thereof.

Dated this 25th day of February 2005

Adrianus J. Verbunt
Petronella J. Verbunt
Liquidators
c/- Potts & Schnelle
25 Queen Street, Corowa NSW 2646


ARISTOCRAT LEISURE: S&P Raises Credit Rating to 'BB+'
-----------------------------------------------------
Standard & Poor's Rating Services (S&P) raised its long-term
credit rating on Aristocrat Leisure Ltd. one notch to 'BB+' from
'BB'. The outlook is stable.

The upgrade reflects the Company's improved and now sound cash
flow protection measures, which have benefited from resolution
of historic product problems, improvement in sales practices,
better inventory management, and good cost management.

"Aristocrat's better operating performance has also provided the
foundation for ongoing reduction in debt levels since fiscal
2002, and the Company is well placed to maintain its more
conservative financial profile," said Peter Sikora, credit
analyst in Standard & Poor's Corporate & Infrastructure Finance
Ratings group.

"The rating also takes into account Aristocrat's leading
position in the Australian gaming equipment market, its
improving position in the U.S. market, and its good growth
prospects in other developing gaming markets such as Macau,"
said Mr. Sikora

In fiscal 2004, EBIT increased to AU$275 million from a loss of
AU$84 million in 2003 (AU$104 million EBIT profit in 2003 before
one-off adjustments). Aristocrat is well placed to grow its
sales revenue through its ongoing premium product focus,
particularly in mature gaming markets such as Australia where
revenues are reliant on replacement sales, and its focus on
development of its participation revenue base. Unit sales growth
in the U.S. market should also benefit from Aristocrat's
position as a licensed supplier to all key gaming jurisdictions
in the U.S. Japan will continue to be a volatile market for
Aristocrat with the success of new game launches key to this
business unit's contribution to group performance.

Improved working capital management and a disciplined attitude
to capital expenditure have facilitated a progressive reduction
in Aristocrats debt, which was AU$166.4 million on Dec. 31,
2004. The financial structure is further strengthened by the
Company's significant cash holdings of AU$286 million, which
underpins Aristocrats capacity to fund some further capital
expenditure in growing overseas operations and its announced
AU$100 million capital return and share buyback program without
jeopardizing the rating.

CONTACT:

Aristocrat Leisure Ltd.
71 Longueville Road,
Lane Cove, Nsw,
Australia, 2066
Head Office Telephone: (02) 9413 6300
Head Office Fax: (02) 9420 1352
Web site: http://www.aristocratgaming.com


AUSTRALIAN VISUAL: To Pay Dividend April 26
-------------------------------------------
A First and Final Dividend is to be declared on April 26, 2005
for the creditors of Australian Visual Communications Limited
(Subject To Deed Of Company Arrangement) A.C.N. 057 121 749.

Creditors who were not able to formally prove their debts or
claims will be excluded from the benefit of the dividend.

Dated this 14th day of March 2005

Geoffrey Mcdonald
Deed Administrator
Hall Chadwick
Chartered Accountants
Level 29, 31 Market Street,
Sydney NSW 2000


BAYSIDE PROJECT: Court Issues Winding Up Order
----------------------------------------------
On March 8, 2005 the Supreme Court of New South Wales, Equity
Division, made an Order that Bayside Project Services Pty
Limited A.C.N. 103 747 146 be wound up and appointed R. J.
Porter as Official Liquidator.

R. J. Porter
Official Liquidator
Moore Stephens PMN
Chartered Accountants
Level 6, 460 Church Street,
Parramatta NSW 2150


BULLANT TECHNOLOGY: Joint Meeting Slated for April 27
-----------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Bullant Technology Pty Ltd (In Liquidation) A.C.N. 069 011 114
will be held at the offices of Ferrier Hodgson, Level 17, 2
Market Street, Sydney, NSW on Wednesday April 27 at 10:00 a.m.
for the purpose of having an account laid before them showing
the manner in which the winding up has been conducted and the
property of the Company disposed of and of hearing any
explanations that may be given by the Liquidator.

Dated this 14th day of March 2005

J. Melluish
Liquidator
Ferrier Hodgson
Level 17, 2 Market Street,
Sydney NSW 2000


CASTLEDALE ENTERPRISES: To Convene Final Meeting April 25
---------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Castledale Enterprises Pty Limited (In Liquidation) A.C.N. 087
945 015 will be held at the offices of GHK Green Krejci, Level
9, 179 Elizabeth Street, Sydney on April 25, 2005, at 10:00
a.m., for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and the property of the Company disposed of and of hearing any
explanations that may be given by the Liquidator.

Dated this 10th day of March 2005

Martin J. Green
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street,
Sydney NSW 2000


CHEMEQ LIMITED: Manufacturing Plant Bags APVMA License
------------------------------------------------------
Veterinary pharmaceutical company Chemeq Limited (ASX:CMQ) on
Wednesday announced that the Australian Pesticides & Veterinary
Medicines Authority (APVMA) has removed special conditions from
the Good Manufacturing Practice (GMP) license for the
manufacture and supply facility at Rockingham, Western
Australia.

The updated GMP license, and an existing permit to possess and
supply a product unregistered in Australia for export purposes,
allows Chemeq to commence export sales and shipments from its
manufacturing facility to Chemeq's customers in countries in
which Chemeq polymeric antimicrobials has received regulatory
approval.

Chemeq will now commence fulfilling its existing AU$1.5 million
sales contract in South Africa and seeking to secure new sales
under its existing distribution agreements in South Africa, New
Zealand and Malaysia.

Chemeq Chairman & CEO Graham Melrose said the Company was very
proud to have developed a major pharmaceutical drug from its
invention, through development and now to manufacture and sales.

"We believe our achievement ranks highly among those of the
evolving Australian pharmaceutical industry," he said.

"The GMP license is a major milestone for the Company, having
completed an end-to-end pharmaceutical manufacturing facility
meeting the high standards of the APVMA."

"We are excited to have secured this license as it puts us in a
position to deliver Chemeq polymeric antimicrobial under the
distribution and sales agreements we already have in place."

"Granting of the GMP license allows Chemeq immediate "release
for supply" to countries where we have approved product
registrations."

CONTACT:

Chemeq Limited
Suite 8 Petroleum House,
3 Brodie Hall Drive,
Technology Park,
Bentley, Australia, 6102
Head Office Telephone 08 9362 0100
Head Office Fax 08 9355 0199
Web site: http://www.chemeq.com.au/


D.A. JOHNSON: Court Picks Liquidator R.J. Porter
------------------------------------------------
On March 8, 2005 the Supreme Court of New South Wales, Equity
Division, made an Order that D.A. Johnson Plumbing Services Pty
Limited A.C.N. 103 736 803 be wound up and appointed R. J.
Porter as Official Liquidator.

R. J. Porter
Official Liquidator
Moore Stephens PMN
Chartered Accountants
Level 6, 460 Church Street,
Parramatta NSW 2150


DEPT. PROPERTIES: Winds Up Voluntarily
--------------------------------------
At a General Meeting of Dept. Properties Pty. Limited (In
Voluntary Liquidation) A.C.N. 001 049 976, duly convened and
held at Level 7, 1 Macquarie Place, Sydney NSW 2000 on March 7,
2005, the following Special Resolution was passed:

That the Company be wound up as Members Voluntary Liquidation
and that the assets of the Company may be distributed in whole
or in part to the members in specie should the Liquidator so
desire.

Dated this 8th day of March 2005

Peter John Ryan
Liquidator
4 Rosemont Avenue,
Woollahra NSW 2025


H&C SPORTS: Final Meeting Fixed April 26
----------------------------------------
Notice is given that the final meeting of members and creditors
of H&C Sports Pty Limited (In Liquidation) A.C.N. 074 502 006
will be held at Star Dean-Willcocks, Level 1, 32 Martin Place,
Sydney NSW, on Tuesday, April 26, 2005 at 10:30 a.m.

AGENDA

(1) To consider the account by the liquidator on the conduct of
the winding up and the disposal of the Company's property.

Proxies to be used at the meeting must be lodged with the
undersigned no later than 4:00 p.m. on Friday, April 22, 2005.

Dated this 11th day of March 2005

Adam Shepard
Liquidator
H&C Sports Pty Limited (In Liquidation)
Star Dean-Willcocks
Level 1, 32 Martin Place,
Sydney NSW 2000
Telephone: 9223 2944


HILLS MOTORWAY: Takes New Directors
-----------------------------------
The Hills Motorway Limited Board and Hills Motorway Management
Limited Board on Monday unanimously elected Mr. Laurie Cox and
Mr. Kim Edwards as Directors of the Companies.

Hills Motorway Management Limited is the Responsible Entity for
Hills Motorway Trust.

John Collier
Chief Financial Officer/Company Secretary
The Hills Motorway Limited

CONTACT:

Hills Motorway Group
Off Culloden Road
M2 Toll Plaza Building
North Ryde, New South Wales 2113
Australia
Phone: +61 2 9869 4578
Fax: +61 2 9869 4519
Web site: http://www.hillsmotorway.com.au/


HOME ART: Faces Winding Up Proceedings
--------------------------------------
On March 8, 2005 the Supreme Court of New South Wales, Equity
Division, made an Order that Home Art Painting Pty Limited
A.C.N. 107 753 597 be wound up and appointed R. J. Porter as
Official Liquidator.

R. J. Porter
Official Liquidator
Moore Stephens PMN
Chartered Accountants
Level 6, 460 Church Street,
Parramatta NSW 2150


HORIZON ENERGY: Releases Final Meeting Agenda
---------------------------------------------
Notice is given that a meeting of the members of Horizon Energy
Investment Limited (In Liquidation) A.C.N. 078 120 948 will be
held at Level 10, Tower 2, Darling Park 201 Sussex Street,
Sydney, NSW 1171 on April 26, 2005 at 10:00 a.m.

AGENDA

(i) To lay the Liquidator's account before the members showing
how the winding up has been conducted and the property of the
Company has been disposed of, and to give any explanations as
required;

(ii) Any other business.

Dated this 11th day of March 2005

Ronald George Davies
Liquidator
Level 20, Tower 2, Darling Park,
201 Sussex Street,
Sydney NSW 1171


IMS SAS: Members Pass Resolution to Wind Up Company
---------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
IMS SAS Fund Pty Ltd (In Voluntary Liquidation) A.C.N. 065 601
158 duly convened and held on March 14, 2005 a Special
Resolution that the Company be wound up voluntarily was passed
by members and M. C. Smith was appointed Liquidator.

Dated this 14th day of March 2005

M. C. Smith
Liquidator
c/- McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000
Telephone: (02) 9338 2666
Web Site: http://www.mcgrathnicol.com.au


LCR TELECOM: To Undergo Voluntary Liquidation
---------------------------------------------
Notice is hereby given that at a general meeting of the members
of LCR Telecom Pty Ltd (In Liquidation) A.C.N. 061 813 349 held
on March 9, 2005, it was resolved that the Company be wound up
voluntarily and that, A. H. J. Wily, Chartered Accountant of
Armstrong Wily, Chartered Accountants, Level 5, 75 Castlereagh
Street, Sydney NSW 2000 be nominated to act as Liquidator for
the purpose of the winding up.

Dated this 9th day of March 2005

A. H. J. Wily
Liquidator
Armstrong Wily
Chartered Accountants
Level 5, 75 Castlereagh Street,
Sydney NSW 2000


MAYNE GROUP: Goes Offshore with IT Shakeup
------------------------------------------
Mayne Group has tapped Indian outsourcing giant Infosys to
handle application support and change management for its SAP
finance and payroll systems, according to the Sydney Morning
Herald.

The firms recently inked the three-year contract after
protracted negotiations, which started in January.

Mayne's SAP infrastructure will remain in Australia but the bulk
of work will be done in India. Infosys will put a handful of
people on the ground locally to manage the project. The
transition will take six months.

The Company is rapidly assuming a global view of information
systems and management as it absorbs recent acquisitions,
including a manufacturing plant in Germany, and negotiates new
partnerships in India.

CONTACT:

Mayne Group
Level 21/390 St Kilda Rd
Melbourne 3004
Phone: +613 9868-0700
Web site: http://www.maynegroup.com/


NATIONAL AUSTRALIA: Revises Half-year Results Format
----------------------------------------------------
Prior to the release on May 11, 2005 of the National Australia
Bank's Half-year Results Announcement, the Company advised the
market of changes to its Half-year Results Announcement Format.

These include additional disclsoures, changes to the format with
regard to the new business operating model, and
reclassifications of prior period numbers. Previously reported
Group profit numbers have not changed.

To view the details of the changes, including a Proforma Half-
year Results template, click on:
http://bankrupt.com/misc/tcrap_nab042005.pdf

CONTACT:

National Australia Bank Ltd.
Level 24, 500 Bourke Street,
Melbourne, Victoria, Australia, 3000
Head Office Telephone: (03) 8641-4160
Head Office Fax: (03) 8641-4927
Web site: http://www.national.com.au/


NATIONAL TELECOMS: Members Agree to Wind Up Company
---------------------------------------------------
Notice is hereby given that at a general meeting of the members
of the Company held on March 9, 2005 it was resolved that
National Telecoms Group (No.2) Pty Limited (In Liquidation)
A.C.N. 091 992 620 be wound up voluntarily and that, A. H. J.
Wily, Chartered Accountant of Armstrong Wily, Chartered
Accountants, Level 5, 75 Castlereagh Street, Sydney NSW 2000 be
nominated to act as Liquidator for the purpose of the winding
up.

Dated this 9th day of March 2005

A. H. J. Wily
Liquidator
Armstrong Wily
Chartered Accountants
Level 5, 75 Castlereagh Street,
Sydney NSW 2000


PLAN UNITS: Final Meeting Set April 22
--------------------------------------
Notice is given that a final meeting of the members of Plan
Units Pty Ltd (In Voluntary Liquidation) A.C.N. 000 564 563 will
be held at Level 2, 38 York Street, Sydney on April 22, 2005 at
10:00 a.m.

The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and to
receive any explanation of the account.

Dated this 11th day of March 2005

G. Vumbaca
Liquidator
c/- Dobbs Vumbaca & Co
Level 2, 38 York Street,
Sydney NSW 2000
Telephone: (02) 9299 6824


PORTWING PTY: Members Pass Resolution to Wind Up Company
--------------------------------------------------------
At a General Meeting of Portwing Pty Ltd (In Liquidation) A.C.N.
003 527 508, duly convened and held at 3 Delaware Crescent,
Bathurst New South Wales on March 8, 2005 the following Special
Resolution passed:

That the Company be wound up as Members Voluntary Liquidation
and that the assets of the Company may be distributed in whole
or in part to the members in specie should the liquidators so
desire.

Dated this 8th day of March 2005

Blake Anthony Britton
Michael Charles Loneragan
Joint and Several Liquidators
3 Delaware Crescent, Bathurst NSW 2795


PRINT-WISE SALES: Lays Out Agenda of Final Meeting
--------------------------------------------------
Notice is given that the final meeting of members and creditors
of Print-Wise (Sales) Pty Limited (In Liquidation) A.C.N. 094
864 490 will be held at Level 1, 32 Martin Place, Sydney, NSW,
on Wednesday, April 27, 2005 at 10:00 a.m.

AGENDA

(1) To consider the account by the liquidators on the conduct of
the winding up and the disposal of the Company's property.

Proxies to be used at the meeting should be lodged prior to the
commencement of the meeting.

Dated this 11th day of March 2005

Nick Malanos
Liquidator
Print-Wise (Sales) Pty Limited (In Liquidation)


RAE DEVELOPMENTS: Members to Meet April 22
------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act a final meeting of members of RAE Developments Pty Ltd (In
Voluntary Liquidation) A.C.N. 000 870 986 will be held at 49
Bultje Street, Dubbo, at 6:00 p.m. on April 22, 2005.

The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and the
assets of the Company have been disposed of, and to receive any
explanation of the account.

Dated this 11th day of March 2005

Robert Olsson Wright
Liquidator


RETAILX: To Pay AU$10,000 Penalty
---------------------------------
The disciplinary committee of the New Zealand Exchange censured
and imposed an AU$10,000 fine on RetailX for failing to promptly
disclose the receivership of its Building Depot unit, The
Independent reports.

The Company advised the media before it told the exchange of its
unit's liquidation. The Building Depot was unexpectedly placed
under receivership in September last year at the request of ANZ
National Bank, leaving debts of more than AU$8 million.

Controversial RetailX has managed to escape liquidation as three
of its sister firms are bound to be wound up. The application to
wind up the listed management firm was withdrawn after counsel
Pete Mulinder told the High Court at Christchurch that an
agreement has been reached between the Company and its
creditors.

CONTACT:

RetailX Limited
15 North Ave., Devonport
Auckland, New Zealand
Phone: 0800 244 244


STATEWIDE FUEL: Sets Joint Meeting on April 21
----------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Statewide Fuel Haulage Pty Ltd (In Liquidation) A.C.N. 073 376
904 will be held at the offices of Horwath Sydney Partnership,
Level 10, 1 Market Street, Sydney NSW 2000, on Thursday, April
21, 2005 at 11:30 a.m., for the purpose of having an account
laid before them showing the manner in which the winding up has
been conducted and the property of the Company disposed of and
of hearing any explanations that may be given by the Liquidator.

Dated this 14th day of March 2005

G. T. Hancock
Liquidator
Horwath Sydney Partnership
Level 10, 1 Market Street,
Sydney NSW 2000


TEAC AUSTRALIA: Administrators Win Reprieve
-------------------------------------------
The Federal Court has granted the administrators of TEAC
Australia Pty Ltd extra time to evaluate the financial state of
the failed television and audio equipment maker, according to
the Sydney Morning Herald.

Voluntary administrators Sal Algeri and Simon Wallace-Smith of
accounting firm Deloitte will conduct a "thorough financial and
operational review" of TEAC Australia after the Federal Court
allowed the second meeting of creditors to be postponed for 45
days. The second creditors meeting will now be held in June.

Following the review, Mr. Algeri and Mr. Wallace-Smith expect to
receive a deed of Company arrangement from TEAC Corporation that
will enbale the firm to carry on with its operations. Creditors
will then be asked to vote on the deed of Company arrangement.

TEAC Australia, a unit of Tokyo-based global consumer
electronics Company TEAC Corporation, collapsed last month after
suffering from cash-flow problems that strained its working
capital.

TEAC Australia turns over about AU$170 million a year and
employs more than 100 people in sales, product warranty,
distribution and administration.

CONTACT:

TEAC Australia
Address: 280 William St
Melbourne Vic 3000
Phone: (03) 9672 2400
       (03) 9644 2442
Fax: (03) 9672 2499
E-mail: info@teac.com.au
Web site: http://www.teac.com.au/


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C H I N A  &  H O N G  K O N G
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BANK OF CHINA: S&P Upgrades Rating Outlook To 'Stable'
-----------------------------------------------------
Standard & Poor's Ratings Services (S&P) said that it had
revised the outlook on its 'BBB+' long-term counterparty rating
on Bank of China (Hong Kong) Ltd. (BOCHK) to stable from
negative. The revision reflects a steady improvement in the
bank's culture and risk management capability due to internal
reform. The improvement mitigates concerns about the
effectiveness of the bank's credit approval controls.

At the same time, the long-term rating and the A-2 short-term
counterparty rating on BOCHK were affirmed. The ratings reflect
the bank's strong market position, satisfactory capitalization,
good liquidity and improved loan quality.

"The stable outlook reflects the likelihood that BOCHK will
maintain its strong market position, satisfactory
capitalization, good liquidity, and sound loan quality. The
bank's creditworthiness could be strengthened by further
enhancement of its corporate governance practices, a significant
improvement in its profitability, and continued good asset
quality," said Standard & Poor's credit analyst Ryan Tsang.

Improvement in operating profitability will depend on the bank's
loan pricing strategy as well as the trend of interest rates and
loan demand in Hong Kong as interest income remains the bank's
major income source.

BOCHK's efforts to expand its noninterest income will also help
its profitability in the longer term. BOCHK's risk management
capability and the effectiveness of its internal controls are
likely to continue to improve as the bank consolidates recent
enhancements to its structure and procedures.

BOCHK's overall asset quality is satisfactory, and its loan
quality is improving, though still somewhat below the domestic
industry average. The bank's nonperforming asset ratio decreased
to 2.99% at the end of 2004 from 7.85% at the end of June 2003.

The bank's net profit increased by 49.7% in 2004 to Hong Kong
dollar (HK$) 12 billion as a result of a HK$1.63 billion write
back of loan loss provisions (following provision expenses of
HK$1.67 billion in 2003) and a HK$2.1 billion net gain from
revaluation and disposal of property holdings.

While recovering property values and the bank's own debt
recovery efforts boosted its net profit in 2004, write backs of
this magnitude are exceptional and unlikely to be repeated in
the near future. New accounting standards may lead to further
write backs in 2005, but not on the same scale.

As with other banks in Hong Kong, BOCHK's net interest margin
continued to fall in 2004, putting pressure on the bank's
profitability as defined by its ratio of operating profit before
loan loss provisions to average assets. Growth in non-interest
income in 2004 partially offset the pressure on the net interest
margin, which is likely to ease as interest rates rise and loan
demand strengthens.

BOCHK's level of capitalization is satisfactory and, like many
banks in Hong Kong, the bank has good liquidity and funding.

CONTACT:

Bank of China
1 Fuxingmen Nei Dajie
Beijing, 100818, China
Phone: +86-10-6659-6688
Fax: +86-10-6601-4024
Web site: http://www.bank-of-china.com


CHINA CONSTRUCTION: In Talks with Nine Foreign Investors
--------------------------------------------------------
China Construction Bank (CCB) is negotiating with nine foreign
strategic investors interested to pour in equity investment in
the bank, Asia in Focus reports.

New CCB Chairman Guo Shuging confirmed the number of potential
investors is up from the initial six when the bank started
investment talks in the second half of last year.

Mr. Guo said that the price offer is not the primary factor for
consideration in the discussions. He also affirmed that there
are no changes in the bank's plan to list this year.

No further details were disclosed.

CONTACT:

China Construction Bank
25 Finance St.
Beijing, 100032, China
Phone: +86-10-6759-7114
Fax: +86-10-6360-3194
Web site: http://www.ccb.cn/portal/cn/home/index.html


CDIB MANAGEMENT: Creditors Must Prove Debt by May 19
----------------------------------------------------
Notice is hereby given that the creditors of CDIB Management
(HK) Limited (In Members' Voluntary Liquidation), whose debt or
claims have not already been admitted, are required on or before
May 19, 2005 to prove by affidavit their debt or claims by
sending in their names, addresses and descriptions and full
particulars of their debts or claims in accordance with Form 63A
of the Companies (Winding-up) Rules, and the name and address of
their solicitors, if any, to the undersigned Liquidators of the
said Company.

If so required by notice in writing from the said Liquidators,
they are to come in by their solicitors, or personally and prove
their said debts or claims at such time and place as shall be
specified in such notice. In default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proved.

Dated this 18th day of April 2005

Natalia K M Seng
Susan Y H Lo
Joint and Several Liquidators
28/F., Bank of East Asia Harbour View Centre
56 Gloucester Road
Wanchai
Hong Kong


JOYFUL DESIGN: Receiving Proofs of Claims Until May 4
-----------------------------------------------------
Notice is hereby given that the creditors of Joyful Design
Limited (In Creditors' Voluntary Liquidation), which is being
wound up by the Court, are required on or before 5:30 p.m. on
May 4, 2005 to prove their debts or claims and the names and
addresses of their solicitors, if any, to the Official
Receiver's Office at 10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong and to establish any title they may have
to priority under Section 265 of the Companies Ordinance or in
default thereof they will be excluded from the benefit of the
distribution made next after the May 4, 2005 or as the case may
be from objecting to such distribution.

Dated this 15th day of April 2005

LAI KAR YAN (DEREK)
DARACH E. HAUGHEY
Joint and Several Liquidators
26th Floor, Wing On Centre
111 Connaught Road Central
Hong Kong


TOP TREASURE: Receives Winding Up Notice
----------------------------------------
Top Treasure Engineering Limited with registered office located
at Room A, 14/F, Wah Hen Commercial Centre, 381-383 Hennessy
Road, Wanchai, Hong Kong was issued a winding up notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on April 4, 2005.

Date of Presentation of Petition: January 28, 2004.

Dated this 15th day of April 2005.

ET O'Connell
Official Receiver


ULTRALITE LIMITED: Creditors Meeting Set for April 29
-----------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), a meeting of the members of
Ultralite Limited (In Creditors' Voluntary Liquidation) will be
held at 26th Floor, Wing On Centre, 111 Connaught Road Central,
Hong Kong on April 29, 2005 at 2:30 p.m. and will be followed by
a meeting of the creditors of the Company to be held at the same
place at 3:00 p.m. for the purpose of receiving an account of
the liquidator's act and dealings and of the conduct of the
winding up of the Company during the year ended January 30,
2005.

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the Company. Forms of
proxies for both meetings must be lodged at 26th Floor, Wing On
Centre, 111 Connaught Road Central, Hong Kong not later than
4:00 p.m. on the day before the meetings.

Dated this 15th day of Aril 2005

Dermot Agnew
Joseph K. C. Lo
Joint and Several Liquidators


WENG HENG: To Hold Creditors, Contributories Meeting
----------------------------------------------------
Weng Heng Investment Company Limited posted in a notice made to
The Standard that it would hold meetings at the following date
and time:

Date of Meetings: April 26, 2005 (Tuesday)

Creditors: At 2:30 p.m.

Contributories: At 3:30 p.m.

Place:

At the Official Receiver's Office, 10th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.

Dated this 15th day of April 2005.

E T O'Connell
Official Receiver & Provisional Liquidator


WIN GLORY: Court Issues Winding Up Notice
-----------------------------------------
Win Glory Group Limited with registered office located at Room
1003, Takshing House, 20 Des Voeux Road Central, Hong Kong was
issued a winding up notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on April
6, 2005.

Date of Presentation of Petition: January 6, 2005.

Dated this 15th day of April 2005.

ET O'Connell
Official Receiver


W.S. CHOY: Releases Debt Claim Notice
-------------------------------------
Notice is hereby given that the creditors of W.S. Choy & Company
Limited (In Members' Voluntary Winding Up) which is being wound
up voluntarily are required on or before 5:30 p.m. on May 17,
2005 to send particulars of their debt or claims and the names
and addresses of their solicitors, if any, to the undersigned.

If so required by notice in writing from the liquidators, they
are to come in and prove their said debt or claims by themselves
or their solicitors at such time and place as shall be specified
in the notice.

In default thereof they will be deemed to have waived all or any
of such debts or claims and the liquidators shall be entitled
seven days after the above date to distribute the funds
available or any part thereof to the members.

Dated this 15th day of April 2005.

Natalia Seng Sze Ka Mee
Cynthia Wong Tak Yee
Joint and Several Liquidators
28th Floor, Bank of East Asia Harbnour View Centre
56 Gloucester Road, Wanchai, Hong Kong


YUE FUNG: Creditors' Annual Meeting Slated for May 10
-----------------------------------------------------
Notice is hereby given that the meetings of creditors and
contributories of Yue Fung International Group Holdings Limited
(In Liquidation) will be held at 8/F, Prince's Building, 10
Chapter Road, Central, Hong Kong on May 10, 2005 at the times
specified below, for the purposes of having an account laid
before the meetings by the Joint and Several Liquidators of
their acts and dealings and of the conduct of the winding-up.

Creditors Meeting 4:30 p.m.
Contributories Meeting 2:30 p.m.

Dated this 15th day of April 2005.

Gabriel CK Tam
Jacky CW Muk
Joint and Several Provisional Liquidators


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

PERTAMINA: Ordered to Settle Row with Exxon Mobil
-------------------------------------------------
The Indonesian government ordered PT Pertamina to renegotiate
with Exxon Mobil on a dispute over a strategic oil field in
Cepu, Java, the Associated Press reports.

Indonesia's Coordinating Minister for the Economy Aburizal
Bakrie confirmed the state has given the order to the Company to
start talks, and have spoken with Exxon Mobil about resuming
talks. He, however, refused to provide further details.

Exxon Mobil acquired rights to the Cepu field in 2000 from a
Company managed by the son of Indonesian former dictator
Suharto. The Company got the rights to the field from Pertamina,
in a technical assistance contract.

Exxon Mobil discovered oil reserves that the Company was unable
to find after 30 years of looking. But the government demanded
that Exxon Mobil share part of its discoveries with the Company,
and in return would grant a 20-year extension of Exxon Mobil's
contract on the field, which is set to expire in 2010. The field
is expected to provide an impressive 600 million barrels of oil
reserves.

Indonesian President Susilo Bambang Yudhoyono said that he would
aim for a quick resolution to the dispute.

CONTACT:

PT Pertamina Tbk
Jalan Merdeka, Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax:   3846865/ 3843882
Web site: http://www.pertamina.com


SEMEN GRESIK: Fears Cement Shortage by 2007
-------------------------------------------
PT Semen Gresik forecasts a shortage of cement in the country by
2007 because of increasing demand to build infrastructure
projects led by the government, the Jakarta Post reports.

The Company is planning to build new plants in West Java or East
Java, in order to anticipate the coming shortage.

The state-owned cement maker had previously forecast that there
would be a cement shortage in the country in 2010, but had left
out the expected demand for cement to be used in government-led
infrastructure projects. The projects would cost more than
USD150 billion, with the bulk to be provided by private
investors.

Semen Gresik President Satrio said cement manufacturers can
still keep up with demand, as many of the infrastructure
projects are not set to start until next year due to regulatory
constraints. But he warned cement makers will have difficulty
keeping up with demand in later years.

The Company is currently producing 44% of Indonesia's cement,
operating at full capacity of 6.9 million tons. It expects to
yield up to 7.5 million tons of cement this year from its two
subsidiaries.

The proposed new plants would cost IDR3.35 billion, and would
take three to four years to construct. Thirty percent of the
investment will come from the Company's cash reserves, while the
rest would be obtained through bank loans and bond issues.

CONTACT:

PT Semen Gresik (Persero) Terbuka
Jalan Veteran
Gresik 61122
Indonesia
Phone: +62 31 398 1731-2/1745
Fax:   +62 31 398 3209/3972 2264


SEMEN GRESIK: Targets 10% Increase in Income, Profit
----------------------------------------------------
PT Semen Gresik projects a 10-percent rise in its net income and
profit, despite a 5 to 6 percent price hike, reports Asia Pulse.

The Company reported higher net income for 2004, at IDR6.67
trillion as compared to its 2003 net income of IDR5.45 trillion,
and net profit also rose 39.5 percent to IDR520.5 billion.

The inevitable price hike is caused by increased fuel prices and
transportation costs, Company president Satriyo declared.

According to Mr. Satriyo, the Company is currently looking for a
place to build a new plant with 3 million tons annual capacity,
in order to meet increasing demand, adding that Indonesia would
need 33 million tons of cement this year alone.


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

MATSUSHITA ELECTRIC: Remains PDP TVs' Topseller
-----------------------------------------------
Matsushita Electric Industrial Co. is likely to keep its post as
the world's number one seller of plasma display panel (PDP)
televisions, Asia in Focus reveals.

The Japanese electronics firm, which deals appliances under the
Panasonic brand name, is expected to sell around 1.23 million
units of PDP TVs in 2005 and retain its top ranking.

South Korea's LG Electronics Inc. is expected to follow with
780,000 units sold. Not far behind is Samsung Electronics Co.
with 620,000 units sold.

Global shipments of PDP TVs are forecast to skyrocket 67.5
percent to 5.56 million units this year resulting from robust
demand.

CONTACT:

Matsushita Electric Industrial Co Ltd (Panasonic)
1006, Oaza Kadoma
Kadoma-shi, Osaka 571-8501
Japan
Phone: +81 6 6908 - 1121
Fax: +81 6 6908 2351


MITSUBISHI MOTORS: Delays Halt of Vehicle Production
----------------------------------------------------
At a session of the Managing Directors Meeting Tuesday,
Mitsubishi Motors Corporation made a decision to temporarily
postpone the stoppage of vehicle production at its Okazaki
Plant, near Nagoya.

The decision does not represent any change in the basic policy
of the Mitsubishi Motors Revitalization Plan announced on
January 28 this year. Rather, the Company places top priority on
maintaining its quality control and production systems as the
introduction of new products scheduled this fiscal year will be
key to its revitalization.

Therefore the Company will temporarily postpone the stoppage and
transfer of vehicle production at the Okazaki plant, and will
re-examine the situation when it becomes reasonably obvious that
the Revitalization Plan will be achieved.

Postponing the transfer of Okazaki vehicle production is aimed
at ensuring that the new model introductions scheduled for the
current fiscal year are carried out in an environment of optimum
quality control. The fixed-cost cutting program set out in the
Revitalization Plan is on track and the transfer postponement
announced will not significantly impact the Plan's numerical
targets.

CONTACT:

Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp


SANYO ELECTRIC: Analysts Say Recovery Possibility Still Vague
-------------------------------------------------------------
Sanyo Electric's observers predicted that the electronics maker
is unlikely to reduce its unprofitable operations in the near
term, Dow Jones Newswires relates.

Speculations have emerged that Sanyo's share price will not go
over JPY350 in the next 5-12 months, especially amid the firm's
plan to appoint an inexperienced newscaster to head the board in
June. Sanyo refused to unveil the name of the possible
appointee.

Lehman Brothers' analyst, Yuki Sugi, advised investors not to
take stakes in Sanyo until a major restructuring program is laid
out.

CONTACT:

Sanyo Electric Co. Ltd
5-5, Keihan-Hondori 2-Chome
Moriguchi City, 570-8677, Osaka 570-8677
JAPAN
Phone: +81 6 6991 1181
Fax: +81 6 6991 6566


SEIBU RAILWAY: ANA Demands JPY700-Mln Loss Coverage
---------------------------------------------------
All Nippon Airways Co. (ANA) has requested Kokudo Corporation to
pay some JPY700 million for losses the airline incurred from
investing in Seibu Railway shares, Bloomberg reports.

The airline sent a letter to Seibu's controlling shareholder,
Kokudo, on April 7 and threatened to seek legal action if Kokudo
fails to grant the request.

ANA claimed it lost JPY1 billion (US$9.3 million) when it sold
its Seibu stake, acquired between 2000 and 2002. ANA sold 1
million Seibu shares before the railway operator's shares were
expelled from the Tokyo bourse on Dec. 17 for violating
shareholding rules. The delisting caused the price of Seibu
shares to plunge significantly.

CONTACT:

Seibu Railway Co Ltd
11-1 Kusunokidai 1-Chome
Tokorozawa 359-8520, Saitama 359-8520
Japan
Phone: +81 42 926 2081
Fax: +81 42 926 2237
Web site: http://www.seibu-group.co.jp/


TOSHIBA CORPORATION: Targets 10% of Global Flat TV Market
---------------------------------------------------------
Toshiba Corporation is looking to grab 10 percent of the global
flat panel display television market in the current fiscal year.

The electronics firm announced its target Monday during the
launch of three new LCD TV models with built-in hard disc drives
and screen sizes of 26-37 inches.

Toshiba hopes to start selling the three new models by late May
this year.

CONTACT:

Toshiba Corporation
1-1-1 Shibaura, Minato-ku, Tokyo, Japan
Contact: Naoto Hasegawa, General Manager
Corporate Communication Office
Phone: 81 3 3457 2096


UFJ HOLDINGS: Gets Better Rating from Goldman Sachs
---------------------------------------------------
Goldman Sachs has raised the ratings of UFJ Holdings Inc. and
its merger partner Mitsubishi Tokyo Financial Group (MTFG) to
"Outperform" from "In-line", according to Dow Jones Newswires.

The global investment research agency lifted the ratings due to
expected rises in short-term interest rates, likely growth of
retail services after the two bank's merger in October this
year, projected Return on Equity (ROE) in financial year 2008
put MTFG's fair value at JPY1.35 million. UFJ's rating was
raised in line with MTFG's upgrade.

Under Goldman Sachs' rating system, "Outperform" means the
firm's stock is expected to outperform the median return for the
analyst's coverage universe over the next 12 months. "In-Line"
means the stock is expected to perform in line with the median
total return for the analyst's coverage universe over the next
12 months.

CONTACT:

UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
Web site: http://www.ufj.co.jp


VICTOR COMPANY: Retains Morgan Stanley's "Overweight" Rating
------------------------------------------------------------
Analysts at Morgan Stanley maintained their "overweight" rating
on Victor Company of Japan, reports Newsratings.com.

Analysts based the rating on Victor's reduced sales guidance for
fiscal 2004 from JPY905 billion to JPY840 billion. The reduction
was attributed to the delay in new products and music software.

The analysts expect Victor to post FY04 sales, net income and
operating profits at JPY891 billion, JPY6.9 billion and 20.1
billion, respectively.

The Company's new target reflects operating losses of JPY1.8
billion during the quarter.

CONTACT:

Victor Company of Japan, Limited
1-7-1, Shinbashi, Minato-ku, Tokyo 105-0004, Japan
Telephone: 03-3289-1458
Telefax: 03-3289-0376
Web site: http://www.jvc.co.jp


VICTOR COMPANY: Releases 52 and 61-Inch Rear Projection HDTVs
-------------------------------------------------------------
Victor Company of Japan, Ltd. (JVC) announced the release of two
rear projection HDTVs based on the Company's original D-ILA
(Direct-Drive Image Light Amplifier) high-resolution
microdisplay device. The new sets are available in 52-inch (HD-
52MD60) and 61-inch (HD-61MD60) sizes, and support terrestrial,
broadcast satellite and 110-degree CS digital high definition
broadcasts.

JVC will market the rear projection HDTVs using D-ILA device as
the Big Screen EXE series. The Company has positioned the new
sets as the third JVC option for large-screen flat panel
televisions, in addition to the Company's existing plasma and
LCD television offerings. These products are designed to meet
the rapidly growing demand for large-screen televisions in
Japan, which has been driven by the widespread availability of
terrestrial and broadcast satellite digital television
broadcasts.

Main Features

1. Exclusive D-ILA high-resolution reflective liquid crystal
device in a three-chip design

1) Uniformly bright, smooth large-screen images The new sets use
1280 x 720 pixels, diagonal 0.7-inch D-ILA high-resolution
device. The technology results in uniformly bright images. The
wide viewing angle minimizes color variations when viewed from
the sides. Furthermore, smooth, exquisite and deep images are
achieved with no noticeable "grid."

2) Three-chip design for naturally exquisite color reproduction
The three-chip design uses D-ILA device dedicated to each of the
red (R), green (G) and blue (B) components, which are combined
using a high-efficiency optical engine for full color image
projection. The three-chip design results in naturally exquisite
color reproduction.

2. Exclusive Genessa "image intelligence" high quality image
reproduction technology

The image-processing device, which determines image quality
factors such as brightness and color reproduction, uses an
integrated 32-bit CPU for image processing. JVC's original high-
resolution imaging technologies have been refined over many
years to delivery realistic and exciting high-resolution images.
Exclusive technologies include Intelligent Gamma Technology for
optimized gradient correction, and Color Creation Technology for
vivid memory color reproduction.

3. 198-watt reduced power consumption, outperforming a 32-inch
CRT television or 40-inch LCD television

4. Flat design with less depth than a 21-inch CRT television,
enabling compact placement in living room corners

The 61-inch (HD-61MD60) model has a depth of just 47 cm, which
is less than the 48.2 cm depth of JVC's 21-inch CRT television.
The side frame and rear design form a compact trapezoid,
enabling the unit to fit in the same corner space as a 36-inch
CRT television. The 61-inch model weighs just 46.3 kg, which is
less than the 48.5 kg weight of JVC's 29-inch CRT television.

5. Comfortable audiovisual functions

1) TV Guide supports terrestrial, broadcasting satellite and
110-degree CS digital broadcasts and terrestrial analog
Broadcasts, and greatly enhances ease of finding programs.

2) An HDMI compatible input offers an uncompressed solution to
the transmission and display of HD video and audio content.

3) Featuring Oblique Cone speakers and a tuned bass reference
box construction for powerful audio reproduction.

6. Compact and stylish design as flat panel screen TVs

Exclusive Genessa "image intelligence" high quality image
reproduction technology

The Genessa LSI is offering an integrated 32-bit CPU to perform
dedicated image processing for image quality management of
characteristics such as brightness and color reproduction. The
Genessa LSI incorporates JVC proprietary technologies refined
over many years for high quality image reproduction.

1. New Intelligent Gamma Technology delivers automatic,
optimized gradient correction
In using up to two million patterns, Intelligent Gamma
Technology utilizes massive computing performance to analyze the
unique characteristics of each image scene. It performs
optimized gamma gradient correction in real time; combined with
automatic 16-dimension management to deliver more life-like
images.

2. Color Creation Technology for vivid color reproduction
Color Creation Technology corrects red, green, blue, and yellow
as well as skin tones individually without affecting other
colors. By maintaining balanced and natural color tones
throughout images, Color Creation Technology reproduces more
vivid colors and fine gradients in dark image areas, resulting
in deep images with subtle color tone variations.


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

LG CARD: Set to Return to Black This Year
-----------------------------------------
LG Card Co., Ltd. is forecast to rake in recurring profit of
KRW660 billion for this year, against a KRW790 billion loss
reported in 2004, the Star News reports.

The positive estimate may help hasten the planned sale of the
Company, which is slated to attract both domestic and foreign
bidders to offer to take over the Company.

According to major creditor Korea Development Bank, the positive
forecast was spurred by a recovery in local consumption, which
meant an increase in credit card usage. This could lead to the
improving health of the credit card issuer, KDB stated in a
report to the South Korean parliament.

LG Card Co. has incurred monthly profit since September last
year, and its overdue loan ratio is still declining. Late last
month, the Company posted KRW136.5 billion in net profit for the
year, up to March 8.

The Company, which was rescued from bankruptcy by a KRW5
trillion-bailout package by creditors, has about 10 million
cardholders in Korea. This would help create a niche for the
Company in the consumer finance market, despite increasing
competition.

CONTACT:

LG Card Company Limited
Fax: (02) 3420-7002
E-mail: webmaster@card.lg.co.kr
Web site: http://www.lgcard.com


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

DATAPREP HOLDINGS: Aims for Turnaround in 2005
----------------------------------------------
Dataprep Holdings Berhad is targeting to become profitable again
after incurring consecutive losses for two years, reports
Business Times.

According to Dynaquest Sdn Berhad, who is making a report on the
Company, said that the Company's financial health is continuing
to improve after a restructuring scheme which has cleared the
firm's interest-bearing borrowings and allowed for positive
shareholder equity.

The entry of VXL Holdings Sdn Berhad, which acquired a 45.4%
stake in the Company as a result of its restructuring in 2002,
has led to the beginning of new projects in China and other
countries in the Asian region.

Dynaquest Berhad is predicting a positive 4.5 sen earnings per
share for the Company this year, with a MYR2.9 million net
profit on revenue of MYR68.5 million.

The Company incurred net losses totaling MYR39.28 million for
2004, but is optimistic on the possibility of expansion with the
aid of major stakeholder VXL Holdings Berhad.

CONTACT:

Dataprep Holdings Berhad
Lot 69-73, Jalan Setiabakti
Bandar Damansara
50490 Kuala Lumpur, WP
Malaysia
Phone: 603-2539625
Fax:   603-2539620


FABER GROUP: Set to List Extra Shares
-------------------------------------
Faber Group Berhad's additional 10,000 new ordinary shares of
MYR1.00 each arising from the Company's Conversion of MYR20,000
nominal value of 2000/2005 irredeemable convertible unsecured
loan stocks into 10,000 new ordinary shares will be granted
listing and quotation effective Friday, April 22, 2005, 9:00
a.m.

CONTACT:

Faber Group Berhad
20th Floor, Menara 2 Faber Towers,
Jalan Desa Bahagia, Taman Desa
Off Jalan Klang Lamas
58100 Kuala Lumpur
Malaysia
Phone: 03-76282888
Fax:   03-76282828


GOLDEN FRONTIER: Buys Back 1,000 Shares
---------------------------------------
Golden Frontier Berhad disclosed the details of its shares buy
back on April 19, 2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 19/04/2005

Description of shares purchased: Ordinary Shares of MYR1.00 Each

Total number of shares purchased (units):              1,000

Minimum price paid for each share purchased (MYR):      0.605

Maximum price paid for each share purchased (MYR):      0.605

Total consideration paid (MYR):                      618.25

Number of shares purchased retained in treasury
(units):  1,000

Number of shares purchased which are proposed to be cancelled
(units):      0

Cumulative net outstanding treasury shares as at to-date
(units): 1,459,300

Adjusted issued capital after cancellation
(no. of shares) (units):

CONTACT:

Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Phone: +60 4 226 2226
Fax:   +60 4 228 2890


KEMAYAN CORPORATION: Court Dismisses Case Against Unit
------------------------------------------------------
Kemayan Corporation Berhad announced that on April 19, 2005, the
Kuala Lumpur High Court dismissed (with costs) the applications
of Manhore Sign & 34 ors and Loh Mei Chan & 36 ors, to commence
action against the Company for leave of court, in a case
involving the purchase of shop office lots at 1388 Rasah Kemayan
Golf & Country Township from the Company' subsidiary, Kemayan
Resources Sdn Berhad.

Further to the announcements dated 13 January 2005 and 9 March
2005, the Board of Directors of Kemayan Corporation Berhad ("the
Company") hereby announce that the High Court of Malaya, Kuala
Lumpur has on 19 April 2005 dismissed with costs the
applications of Manhore Singh & 34 ors and Loh Mei Chan & 36
ors, the purchasers of the shop office lots at 1388 Rasah
Kemayan Golf & Country Township project for leave of court to
commence action against Kemayan Resources Sdn Bhd, a subsidiary
of the Company.

CONTACT:

Kemayan Corporation Berhad
Taman Tasek
Johor Bahru, Johor Bahru 80200
Malaysia
Phone: +60 7 236 2390
Fax:   +60 7 236 5307


KEMAYAN CORPORATION: Unit's Land to Be Sold in Public Auction
-------------------------------------------------------------
Kemayan Corporation Berhad announced that its subsidiary, Alrosa
Sdn Berhad, received a Schedule K Notice from The Assistant
Collector of Land Revenue (ACLR), to inform that Standard
Chartered Bank Malaysia Berhad was granted an order of sale to
dispose of land held under land title CLO15091835, located at
Jalan Tuaran, Kota Kinabalu (land area 14.425 acres) by public
auction to be held at the ACLR office on June 23, 2005, 9:30
a.m.

The said land was charged to the bank as a security for banking
facilities of MYR10,000,000.00.


LION INDUSTRIES: Granted Listing of Additional Shares
-----------------------------------------------------
Lion Industries Corporation Berhad's additional 183,000 new
ordinary shares of MYR1.00 each issued pursuant to the Company's
Executive Share Option Scheme will be granted listing and
quotation effective Monday, April 25, 2005, 9:00 a.m.

CONTACT:

Lion Industries Corporation Berhad
Level 46, Menara Citibank
165, Jalan Ampang
50450 Kuala Lumpur
Malaysia
Phone: 03-21622155
Fax:   03-21623448
Web site: http://www.lion.com.my


MAXIS COMMUNICATIONS: Notes Additional Shares Listing
-----------------------------------------------------
Maxis Communications Berhad's additional 59,000 new ordinary
shares of MYR0.10 each issued pursuant to the Company's Employee
Share Option Scheme will be granted listing and quotation
effective Monday, April 25, 2005, 9:00 a.m.

CONTACT:

Maxis Communications Bhd
Level 18, Menara Maxis
Kuala Lumpur City Centre
Off Jalan Ampang
50088 Kuala Lumpur
Malaysia
Phone: 03-23307000
Fax:   03-2330059


NAUTICALINK BERHAD: Seeks Extension to Implement Restructuring
--------------------------------------------------------------
Nauticalink Berhad announced that on April 15, 2005, the
Company's appointed solicitors, Messrs Raslan Loong, submitted
an application to the Kuala Lumpur High Court to extend further
a restraining order from April 16, 2005 to Oct. 15, 2005, for
the Company to implement its proposed restructuring scheme.

The Court has scheduled to hear the application on Friday, April
22, 2005.

CONTACT:

Nauticalink Berhad
8th Flr, Tower Block
Plaza Pekeliling
2, Jln Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: 03-40431005
Fax:   03-40431058


PADIBERAS NASIONAL: Unveils Employee Share Option Scheme
--------------------------------------------------------
Padiberas Nasional Berhad's additional 126,500 new ordinary
shares of MYR1.00 each issued pursuant to the Company's Employee
Share Option Scheme will be granted listing and quotation
effective Friday, April 22, 2005, 9:00 a.m.

CONTACT:

Padiberas Nasional Berhad
Level 8B, 10 & 19, CP Tower
No.11, Section 16/11, Jalan Damansara
46350 Petaling Jaya
Malaysia
Phone: 03-4604545
Fax:   03-4604646
Web site: http://www.bernas.com.my/


PANGLOBAL BERHAD: Unit Discloses March Production Figures
---------------------------------------------------------
PanGlobal Berhad announced that the timber production volume of
its wholly owned subsidiary, Limbang Trading (Limbang) Sdn Bhd
for March 2005 was 35,546.20 cubic meters.

CONTACT:

Panglobal Berhad
8 Lorong P Ramlee
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 2031 9199
Fax:   +60 3 2032 3977


PICA CORPORATION: Still Seeking Ways to Settle Debt
---------------------------------------------------
Pica (M) Corporation Berhad announced that in relation to the
retrieval of its application for a revised proposal from the
Securities Commission, the Company is currently looking into
alternative debt settlement schemes for its bank facilities.

CONTACT:

Pica (M) Corporation Berhad
No 3 Jalan Kia Peng
Kuala Lumpur, 50450
Malaysia
Phone: +60 3 2161 8800
Fax:   +60 3 2161 1714


POS MALAYSIA: Lists Extra Shares
--------------------------------
Pos Malaysia & Services Holdings Berhad's additional 116,000 new
ordinary shares of MYR1.00 each issued pursuant to the Company's
Employee Share Option Scheme will be granted listing and
quotation effective Monday, April 25, 2005, 9:00 a.m.

CONTACT:

Pos Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 2166 2323
Fax:   +60 3 2166 2266


WCT ENGINEERING: Court Fixes Case Hearings on Unit
--------------------------------------------------
WCT Engineering Berhad announced that in a writ of summons
served on Maju Holdings Sdn berhad, and in accordance with the
Company's application to enter judgement against Maju Holdings,
the Court has scheduled the hearing for May 26, 2005.

In relation to the writ of summons served on the Company's
subsidiary, WCT Construction Sdn Berhad, by Maju Holdings Sdn
Berhad, the Court has scheduled to hear WCT Construction Sdn
Berhad's application to strike out the writ of summons on the
same day, May 26, 2005.

CONTACT:

WCT Engineering Berhad
12, Jalan Majistret U1/26
Seksyen U1, Lot 44,
Hicom-Glenmarie Industrial Park
40150 Shah Alam, Selangor Darul
Ehsan, Malaysia
Phone: 603-7805 2266


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

ATLAS CONSOLIDATED: Postpones Annual Stockholders Meeting
---------------------------------------------------------
Atlas Consolidate Mining and Development Corporation discloses
that its Annual Meeting of Stockholders on April 27, 2005 is
hereby postponed as the audit of the Company's financial
statements for the year 2004 is yet to be completed.

Further information on the matter will be issued at an
appropriate time.

By: Noel T. Del Castillo
Corporate Secretary and Treasurer
April 18, 2005

CONTACT:

Atlas Consolidated Mining and Development Corporation
7/F, Quad Alpha Centrum
125 Pioneer St., Mandaluyong City
Phone No:  635-2387/4495
Fax No:  633-3759; 634-2312
E-mail Address:  acmdcmla@info.com.ph
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Stock Transfer Service, Inc.


CRB LEON: Liquidator to Submit Final Project to Court
----------------------------------------------------
Please take notice that on April 21, 2005 at 9:00 a.m., the
Philippine Deposit Insurance Corporation (PDIC) as Liquidator of
the closed Community Rural Bank of Leon (Iloilo) Inc. (CRB
Leon), will submit the Final Project of Distribution of the
Assets of the said bank for approval of the Liquidation court
(Regional Trial Court - Branch 33, Iloilo City, Sp. Proc. No.
2718).

PHILIPPINE DEPOSIT INSURANCE CORPORATION
Liquidator


MANILA ELECTRIC: Eyes Rate Hike Under New Mechanism
---------------------------------------------------
Troubled Manila Electric Co. (Meralco) is considering a new rate
adjustment based on the new performance-based rate (PBR)
mechanism to replace the existing return-on-rate-base (RORB)
system, relates The Philippine Star.

The power utility firm said it will apply for performance-based
rate under Group A by May 31 this year. The Company, however,
did not indicate if the rate-setting mechanism would result to a
higher or lower power rate.

Meralco only registered an RORB of 0.07 percent, much lower than
the eight-percent level prescribed by its lenders. The firm
would need to get a waiver from its creditors since it did not
meet the RORB level for 2004.

Meralco should have recorded an RORB of 8.2 percent in 2004 if
it did not allocate huge provision for potential losses due to
the Supreme Court's order to stop the implementation of its
unbundled rate. Due to the huge provision for losses, Meralco
suffered a net loss of Php2.6 billion as of end-2004 compared to
a net income of Php1.26 billion in 2003.

CONTACT:

Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone:  16220 (TL); 633-4553 (Corp. Sec.)
Fax:  (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph


MANILA MINING: Seeks Foreign Investors for Gold, Copper Assets
--------------------------------------------------------------
Manila Mining Corp. is inviting foreign investors to develop
three of its idle gold and copper exploration assets, Business
World says.

The mining firm said it has already started talks with four
potential investors including Anglo American Plc., East Asia
Minerals Corp., Phelps Dodge Corp., and Ivanhoe Mines Ltd.

The Companies are reportedly interested in exploring the
potential of Manila Mining's Kalaya-an, Corridor and Historical
Operations sites for gold and copper located in Boyongan,
Surigao. All three projects are 100-percent owned by Manila
Mining.

Anglo-American is interested in exploring the lucrative Kalaya-
an site. Gold miner East Asia wants to explore all three blocks.
Phelps Dodge said it aims to develop either Kalaya-an or
Corridor. Ivanhoe, on the other hand, has not revealed its
preference.

Cost estimates for the exploration of the sites could run from
US$15 million to US$25 million for the first phase of the
exploration.

CONTACT:

Manila Mining Corporation
20/F, Lepanto Building
8747 Paseo de Roxas
Makati City
Phone:  815-9447 to 50
Fax:  812-0451; 810-5583
E-mail Address:  odette.javier@lepantomining.com


NATIONAL POWER: ADB to Aid Debt Refinancing
-------------------------------------------
The Asian Development Bank (ADB) is keen on extending a partial
credit guarantee to state-controlled National Power Corporation
(Napocor), in a bid to assist in the power firm's turnaround,
The Philippine Star reports.

The extension is aimed at reducing further Napocor's debt
service requirements. It will also support refinancing of
Napocor's loans on softer terms.

The Department of Energy (DOE) is poised to sign later a
memorandum of understanding (MOU) with ADB for a proposed Power
Sector Development Program. The MOU will be a major step forward
in government's efforts to reform the power sector.

Under the scheme, the ADB will support the power sector policy
objectives and programs of our government. The ADB will assist
us to restore the financial viability of the power sector
through moves to reduce and eliminate Napocor's losses. The ADB
assistance would also include an investment component and
partial credit guarantees to deal with the credit risk of energy
off-takers in the spot market.

CONTACT:

National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax:   +63-2921-2468
Web site: http://www.napocor.gov.ph/


PACIFIC PLANS: Rehab Filing Shocks SEC
--------------------------------------
The Securities and Exchange Commission (SEC) was surprised to
learn that Pacific Plans Inc. has filed for suspension of
payments and rehabilitation with the Makati Regional Trial
Court, Yehey News relates.

SEC was even more shocked after it has been informed that the
court has already issued a Stay Order preventing the embattled
pre-need firm from making any payments to its creditors,
suppliers and planholders.

"The Company could have not been too busy to forget that the SEC
is its regulator and should have been informed of moves to seek
rehab approval from the courts," SEC chairman, Fe Barin, said.

Ms. Barin added that based on the audited financial statements
that Pacific Plans has submitted to the Commission, the Company
seems to have no problem. This is why, she said, the Commission
has requested Pacific Plans to submit its petition for
suspension of payments, its proposed rehab plan and the Order
recently issued by the Makati RTC.

According to Ms. Barin, as the regulator of the pre-need
industry, they will have to keep its eye on the developments on
Pacific Plans' rehab program. She added the SEC will not just
look into possible violations of the Company but will also
consider whether with the rehab plan in place, planholders will
not be prejudiced.


PHILIPPINE LONG: Ventures Into Satellite TV Biz
-----------------------------------------------
Philippine Long Distance Telephone Company (PLDT) is looking to
enter the satellite TV business, according to The Philippine
Daily Inquirer.

The telecommunications firm is most likely to team up with
EchoStar, the biggest direct-to-home digital television network
in the United States.

EchoStar Communications chairman and CEO Charles Argen was
reportedly scheduled to arrive in Manila on Tuesday to sign a
memorandum of understanding on the proposed US$85- million
venture with PLDT.

The direct-to-home pay TV business will also become the
infotainment and broadcast platform long dreamed of by PLDT
chairman Manuel V. Pangilinan, who has been thwarted in his
attempt to acquire GMA Network Inc. PLDT is mulling over
establishing another subsidiary that will also produce shows for
the satellite TV venture.

Under the joint venture, the publicly listed EchoStar will
provide not only setup boxes and home antennas but also make
available to PLDT more than 2,000 video and audio channels, and
video-on-demand services, that it currently offers its 11
million American subscribers.

CONTACT:

Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers:  814-3552; 888-0188
Fax Number:  813-2292
Web site: http://www.pldt.com.ph


PHILIPPINE LONG: Lists Additional Shares
----------------------------------------
The Exchange approved on June 14, 2000, the application
submitted by PHILIPPINE LONG DISTANCE TELEPHONE COMPANY to list
additional 1,289,745 common shares, with a par value of P5.00
per share, to cover the Executive Stock Option Plan (ESOP) of
the Company, at an exercise price of Php814.00 per share.

In this connection, please be advised that a total of 11,341
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.

In view thereof, the listing of the 11,341 common shares is set
for Wednesday, April 20, 2005. This brings the number of common
shares listed under the ESOP to a total of 458,525 common
shares.

The designated stock transfer agent is hereby authorized to
record and register in its books the above number of shares.

For your information and guidance.

(Original Signed)
CLAUDINE E. CRUZ
OIC, Listings Department

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President


PHILIPPINE NICKEL: Mining Project Attracts Chinese Group
--------------------------------------------------------
A Chinese consortium that includes China's mining and refinery
giant, Jinchuan Nonferrous Metals Corporation, has signified its
interest in the rehabilitation of Philippine Nickel Corp.'s
(Philnico) mining project in Surigao, Mindanao, reports The
Philippine Daily Inquirer.

Philnico and the Chinese group have finalized a joint agreement
that would pave the way for the US$1-billion revival project of
the mining site. The deal is expected to be sealed when the
Chinese Prime Minister visits the country on April 25 to April
27.

The consortium, lead by Jinchuan and Shanghai Baosteel Group
Corp. and would also include China Development Bank, will infuse
US$500 million into the mining facility. The amount is
equivalent to a 40-percent equity in Philnico. The group would
also assist Philnico in getting loans to complete the US$1-
billion revival fund.

The project will likewise involve acquisition of new technology,
including the high-pressure acid leach system.


RB PINILI: Termination of Liquidation Process Awaits Court OK
-------------------------------------------------------------
Please take notice that on May 05, 2005 at 8:30 a.m. the Motion
for Approval of Final Distribution of the Assets and Termination
of the Liquidation of Rural Bank of Pinili (Ilocos Norte), Inc.
will be submitted to the Liquidation Court (RTC of Batac, Ilocos
Norte-Branch 18, Sp. Proc. No. 1753-18) for approval.

PHILIPPINE DEPOSIT INSURANCE CORPORATION
Liquidator


* Senate to Delve Into Pre-need Firms' Troubles
-----------------------------------------------
As part of efforts to map put a remedial legislation, the
Philippine Senate said it will conduct "financial forensics"
into the financial woes of pre-need companies, Asia Pulse
reveals.

The chairman of the Senate committee on trade and commerce, Sen.
Mar Roxas, made the statement shortly after stricken pre-need
provider, Pacific Plans Inc., sought legal protection from
crditors. The firm reportedly left 34,000 disgruntled.  He said
the Securities and Exchange Commission (SEC) was "obviously
caught flatfooted" by the firm's financial troubles.

To protect planholders, Sen. Roxas advised the SEC to promptly
re-examine the financial health of all pre-need firms. He also
urged all pre-need providers to be transparent and truthfully
declare their financial condition.

In February, Sen. Roxas' panel and the (Senate) committee on
banks and financial institutions chaired by Sen. Edgardo Angara,
jointly started looking into the financial problems of College
Assurance Plans Inc. (CAP), the country's largest pre-need
provider, with over one million planholders.


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

ASIA-PACIFIC BULK: Creditors Meeting Set April 22
-------------------------------------------------
Take notice that a meeting of creditors of Asia-Pacific Bulk
Terminal (Holdings) Pte Ltd will be held at 8 Cross Street, #17-
00 PWC Building, Singapore 048424 on April 22, 2005 at 10:00
a.m.

AGENDA

(1) To obtain approval to provide mandate to the Liquidators to
accept any offer for US$2 million and above for the sale of the
Company's investment in Asia-Pacific Port Pte Ltd.

(2) Any other matters.

Dated this 15th day of April 2005.

Gautam Banerjee
Joint Liquidator
for Asia-Pacific Bulk Terminal (Holdings) Pte Ltd
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424

Forms of general and special proxies are enclosed herewith.
Proxies to be used at the meeting must be deposited at 8 Cross
Street #17-00, Singapore 048424, not less than forty-eight (48)
hours before the time appointed for holding the above meeting.


CANAL EMAS: Requires Creditors to Prove Claims by May 8
-------------------------------------------------------
Notice is hereby given that the Creditors of Canal Emas Shipping
Pte Ltd (In Members' Voluntary Winding-Up), which is being wound
up voluntarily, are required on or before May 8, 2005 to send in
their names and addresses and the particulars of their debts or
claims, and the names and addresses of their Solicitors (if
any), to the undersigned, the Joint Liquidators of the said
Company.

If so required by notice in writing from the said Joint
Liquidators, they are by their Solicitors or personally to come
in and prove their said debts or claims at such time and place
as shall be specified in such notice. In default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.

Dated this 8th day of April 2005.

Steven Tan Chee Chuan
and
Douglas Tan Kay Yeow
Joint Liquidators
138 Cecil Street
#15-00 Cecil Court
Singapore 069538


CENTRAL PROPERTIES: Company Director Quits
------------------------------------------
The Liquidators of Central Properties Limited (In Members'
Voluntary Liquidation) announced in a disclosure made to the
Singapore Stock Exchange (SGX) that Mr. Reggie Thein has
resigned as a director of the Company with effect April 15,
2005.

Submitted by Ong Yew Huat, Liquidator of Central Properties
Limited (In Members' Voluntary liquidation) on April 19, 2005.

CONTACT:

Central Properties Limited
21 Mount Elizabeth #02-00
York Hotel
Singapore 228516
Telephone: 65 62350455
Fax: 65 67348055


DIGILAND SINGAPORE: Winding Up Hearing Set April 29
---------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Digiland (Singapore) Pte Ltd by the High Court was, on April 6,
2005, presented by Hewlett-Packard Singapore (Sales) Pte Ltd
(Reg No. 198204256H) of 450 Alexandra Road, Singapore 119960, a
Creditor.

The Petition is directed to be heard before the Court sitting at
the High Court, Singapore at 10:00 a.m. in the forenoon, on
Friday, April 29, 2005.

Any creditor or contributory of the Company desiring to support
or oppose the making of an Order on the Petition may appear at
the time of hearing by himself or his Counsel for that purpose.

A copy of the Petition will be furnished to any creditor or
contributory of the Company requiring the copy of the Petition
by the undersigned on payment of the regulated charge for the
same.

The Petitioner's address is at 450 Alexandra Road, Singapore
119960.

The Petitioner's solicitors are Engelin Teh Practice LLC of No.
10 Collyer Quay, #23-01 Ocean Building, Singapore 049315.

Messrs Engelin Teh Practice LLC
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the Petition
must serve on or send by post to the abovenamed Engelin Teh
Practice LLC, notice in writing of his intention to do so.

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or if posted, must be sent by post in sufficient time
to reach the abovenamed not later than twelve o'clock of the
April 28, 2005.


HOTEL MALAYSIA: Director Steps Down
-----------------------------------
The Liquidators of Hotel Malaysia Limited (In Members' Voluntary
Liquidation) advised the Singapore Stock Exchange (SGX) that Mr.
Reggie Thein has resigned as a director of the Company with
effect April 15, 2005.

Submitted by Ong Yew Huat, Liquidator of Hotel Malaysia Limited
(In Members' Voluntary Liquidation) on April 19, 2005.

CONTACT:

Hotel Malaysia Limited
21 Mount Elizabeth #02-00
York Hotel
Singapore 228516
Telephone: 65 62350455
Fax: 65 67348055


IPC CORPORATION: Unit Placed in Voluntary Liquidation
-----------------------------------------------------
The Board of Directors of IPC Corporation Ltd announced to the
Singapore Stock Exchange (SGX) that IPC-Transtech Display (Pte)
Ltd (IPCT), an associated Company of the Company's subsidiary,
IPC Peripherals Pte Ltd, has been voluntarily liquidated.

The liquidation of IPCT will not have any significant impact on
the financial position of the Group for the current financial
year.

CONTACT:

IPC Corporation Limited
23 Tai Seng Drive
IPC Building
Singapore 535224
Telephone: 65 67442688
Fax: 65 67430691
Web site: http://www.ipc.com.sg


KWANG LIAN: Served with Winding Up Order
----------------------------------------
In the matter of Kwang Lian Engineering & Company Pte Ltd. a
winding up order was made on April 1, 2005.

Name and address of Liquidator:

The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118

Messrs Eng Leong & Partners
Solicitors for the Petitioners

Note:

(a) All creditors of the abovenamed Company should file their
proof of debt with the Liquidator who will be administering all
affairs of the Company.

(b) All debts due to the abovenamed Company should be forwarded
to the Liquidator.


STARTECH ELECTRONICS: Amends AGM Resolution
-------------------------------------------
Startech Electronics Ltd. refer to the Notice of the Sixth
Annual General Meeting (AGM) dated April 8, 2005 relating to the
forthcoming AGM to be held on Wednesday, April 27, 2005 at 4:00
p.m. (AGM Notice).

Subsequent to the dispatch of the AGM Notice on April 8, 2005,
the Company received on April 13, 2005 a letter of requisition
(the Requisition Letter) from Mr. Seah Siew Heng (NRIC No.
S0136212G), a registered shareholder of the Company, proposing
to re-elect Mr. Tan Kah Imm (NRIC S1220140J) as a Director of
the Company who is retiring pursuant to Article 107 of the
Articles of Association.

The Requisition Letter is enclosed herewith.

In view of this requisition, apart from the proposed resolutions
set out in the AGM Notice, the following additional ordinary
resolution, will be inserted as resolution 2A before resolution
3 and tabled at the AGM:

ORDINARY RESOLUTION:

"2A To re-elect Mr. Tan Kah Imm as a Director of the Company who
is retiring pursuant to Article 107 of the Company's Articles of
Association."

A supplemental proxy form in respect of the proposed new
ordinary resolution at the AGM is also enclosed. If you are
unable to attend the meeting and wish to appoint a proxy/proxies
to attend and vote at the AGM on your behalf, please complete
and return the enclosed supplemental proxy form to the
registered office of the Company at 11 Collyer Quay #13-01 The
Arcade Singapore 049317.

The completed supplemental proxy form must reach the Company at
its registered office not less than 48 hours before the time
appointed for the AGM.

Please note that in addition to the aforesaid supplemental proxy
form:

(a) All earlier proxy forms lodged with the Company will be
accepted as submitted, notwithstanding the insertion of new
resolution 8; and

(b) You may still lodge the earlier proxy forms with the Company
in respect of the earlier resolutions proposed to be passed at
the AGM provided the same is lodged with the Company at its
registered office not less than 48 hours before the time
appointed for the AGM.

Note to Resolution 2A

Mr. Tan Kah Imm, a veteran with 20 years experience in the oil
and gas industries, is a former executive director of Federal
International (2000) Ltd, a listed Singapore Company in the
value-added distribution and solutions provider for the energy &
infrastructure industries. Mr. Tan has been with Federal
International from 1986 to 2003.

Dated this 19 day of April 2005

By Order of the Board
Lim Tai Toon
Managing Director

CONTACT:

Startech Electronics Ltd
11 Collyer Quay
The Arcade #13-01
Singapore 049317
Telephone: 65 62200762
Fax: 65 62202839
Web site: http://www.startechgrp.com


TORM SHIPPING: Invites Creditors to Prove Claims
------------------------------------------------
Notice is hereby given that the creditors of Torm Shipping Asia
Pte. Ltd. (In Members' Voluntary Liquidation), which is being
wound up voluntarily are required on or before May 16, 2005 to
send in their names and addresses and particulars of their debts
or claims, and the names and addresses of their solicitors (if
any) to the undersigned, the Liquidators of the said Company.

If so required by notice in writing by the said Liquidators are,
by their solicitors or personally, to come in and prove their
debts or claims at such time and place as shall be specified in
such notice. In default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

Dated this 15th day of April 2005.

Chee Yoh Chuang
Lim Lee Meng
Liquidators
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423


U.D. INTER-OCEAN: Faces Winding Up Proceedings
----------------------------------------------
In the matter of U.D. Inter-Ocean Pte. Ltd. a winding up order
was made on April 1, 2005.

Name and address of Liquidator:

The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Messrs Tan Kim Seng & Partners
Solicitors for the Petitioner


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

M.D.X: Discloses Rehabilitation Scheme Progress
-----------------------------------------------
M.D.X. Pcl furnished the Stock Exchange of Thailand (SET) a copy
of the Company's accomplishments as shown in Report No. 1 and
No. 2 for the past six months.

(1) Payment of interest to creditors group 4, group 5, group 6,
group 7, group 8, group 10 and the shortfall of principal of
creditors Group 1 after the transfer of secured assets, who
exercised debt repayment option 2, for the Term Loan
Restructured Indebtedness of THB1,599,807,813.62.

Interest is calculated from October 1, 2004 to December 31, 2004
and January 1, 2005 to March 31, 2005 at rate of 0.01 per annum.

There are nine creditors whose interest have not been paid
because the aggregate amount of interest that should be paid in
this quarter and in the two previous quarters are too small to
remit.

However, MDX has already informed all those creditors and seek
their consent to transfer later when each amount reaches USD.
100.

(2) Execution of the Debt Restructuring Agreement for the Term
Loan Restructured Indebtedness in the total amount of
THB1,599,807,813.62 by having them signed during October 19-21,
2004 by creditors group 4, group 5, group 6, group 7, group 8,
group 10 and the shortfall of principal of creditors Group 1
after the transfer of secured assets who exercised debt
repayment option 2.

(3) Payment to creditors group 9 (Employee) for an amount
equivalent to 20 percent of the principal exceeding the first
THB100,000.

CONTACT:

M.D.X. Public Company Limited
Nailert Tower, Floor 7, 10,2/4 Wireless Road,
Lumpini, Pathum Wan, Bangkok
Telephone: 0-2253-0428-36, 0-2267-9071
Fax: 0-2253-0427, 0-2253-2731


PAE: Eyes THB500 Mln in Revenues in 2005
----------------------------------------
The Stock Exchange of Thailand (SET) requires all public
companies under Rehabco category to report every six months the
progress of the Company's performance and business plan, for
compliance PAE (Thailand) Pcl issued to the SET a report of its
performance as of December 2004.

                          31/12/04   31/12/03
                              Million of Baht

Revenue from Services           212.27     91.85

Total Revenue                   246.01    123.79

Profit Before Interest           12.81    (11.94)

Interest Expense                  1.53    217.25

Operation Profit                 11.28   (229.19)

Net Profit                    2,993.26   (229.19)

Assets                          406.29    590.50

Liabilities                     121.83  3,522.44

Paid Up Capital
(registered 1,200m)             383.00      8.00

Equity                          284.46 (2,931.94)

The On-Going Projects

Below are the current projects that PAE have been operating
since 2004 and carried forward in 2005:

-SDH EGAT Fiber Optic
Contract value left in 2005: THB75 million

-Industrial Services in Oil & Gas
Contract value: 73

-Various telecom projects with TOT 70

-Other services 31

2005 Plan

The Company has firm commitment to go back in shares trading in
SET within year 2005 with estimated revenue of THB500 million.
The Company still focus on contraction and telecommunication
business.

Sincerely Yours,
Soradej Choothesa
Director of Finance

CONTACT:

PAE (Thailand) Pcl
69 Sinakharin Road, Suan Luang, Bangkok
Telephone: 0-2322-0222
Fax: 0-2322-2970-1
Web site: http://www.pae.co.th


TANAYONG: Postpones Date of Consideration for Rehab Plan
--------------------------------------------------------
Pursuant to the Central Bankruptcy Court's orders on December
30, 2003 for the business reorganization of Tanayong Public
Company Limited, and on March 15, 2004 to appoint Tanayong
Public Company Limited as the Planner, the creditors' meeting
has passed a resolution to approve the plan on March 31, 2005.
Thus, the Court had set April 19, 2005 as a date for considering
the Plan.

However, before the consideration of the Plan, there were 7
creditors that raised objections. The Court has asked the
Planner to clarify these objections. The Court set April 28,
2005 as a date for plan consideration.

Please be informed accordingly.

Yours sincerely,
Mr. Sudha Liptawat / Mr.Rangsin Kritalug
By Tanayong Public Company Limited
On behalf of the Planner of Tanayong Public Company Limited

CONTACT:

Tanayong Public Company Limited
100-100/1 Moo 4, Km.14,Bangna-Trat Road,
Bang Plee, Samut Prakarn
Telephone: 0-2273-8511-15
Fax: 0-2273-8516-17
Web site: http://www.tanayong.co.th


THAI PETROCHEMICAL: Informs SET on Unissued Share
-------------------------------------------------
With reference to the report of Thai Petrochemical Industry
Pcl's (TPI) former plan administrator, Effective Planners
Limited, dated June 8, 2001 informing the Stock Exchange of
Thailand (SET) about the offering of increased capital of TPI
and the allotment of 16,303,737 shares to the non-scheme
creditors, the Company informs the SET that up to this writing,
such number of shares remain unissued.

Your acknowledgement of the above matter is highly appreciated.

Yours sincerely,
Suwit Nivartvong
Plan Administrator for
Thai Petrochemical Industry Pcl

CONTACT:

Thai Petrochemical Industry Pcl
TPI Tower, Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: http://www.tpigroup.co.th


THAI WAH: Releases Financial Status, Performance Progress Report
----------------------------------------------------------------
Thai Wah Group Planner as the plan administrator of Thai Wah Pcl
issued to the Stock Exchange of Thailand (SET) a report on the
Company's financial status, performance and the implementation
of the Company's plan for the October 2004 to March 2005.

(1) Progress Report on Financial Status and Performance of the
Company

(1.1) Starch Operations

The starch operations make up the core business of the Company
and it consists of the manufacture and sale of tapioca flour and
other related products.  Fresh cassava roots are purchased and
processed into tapioca flour of which a small portion is then
used in the manufacture of downstream products such as tapioca
pearls, modified starch and pulp.

As explained in the next section, the Company's starch
operations continue to be profitable in the period under review.

However, a prolonged drought in the last few months in the
cassava root production regions is expected to lower the
production output of cassava roots.  Prices of cassava roots
have already risen in anticipation of the shortage, and prices
are expected to rise further if the situation does not improve.

Due to limited working capital, the Company may find it
difficult to maintain normal production levels if the supply and
prices of cassava roots continue to increase. On average, the
Company requires approximately THB500 million in working capital
in a combination of cash, inventory and accounts receivable.

(1.2) Performance of Starch Operations

Sales revenue during the six months from October 1, 2004 to
March 31, 2005 amounted to THB726 million, which is about 53
percent higher than the previous same six-month period. Sales
volume increased 26 percent to approximately 78,600 tons
(tapioca starch only) while the average unit selling price
increased 26 percent, to approximately THB8,500 per ton (tapioca
starch only).

Gross operating profit generated by starch operations in the
period under review increased by 23.5 percent over the same
period last year to THB135 million at a profit margin of 48.5
percent.

Operating profit before interest & taxes increased by 3 percent
to THB45 million.

(2) Progress of Plan Implementation

(2.1) Payment to the Creditors

The Company by the Plan Administrator paid principal and
interest to the creditors as due from October 16, 2004 to
present a total of US$ 11.26 million plus THB163.03 million.

(2.2) Sale of Non-Core Assets

(2.3) Strategies to Return the Company to Positive Equity

See update of No. 2.2 and No. 2.3 provided by Class B Directors
of Thai Wah Group Planner Company Limited in a separate letter.

Please be informed accordingly.

Yours sincerely
Mr. Kuan Chiet
Thai Wah Public Company Limited
By Thai Wah Group Planner Company Limited
as the Plan Administrator

CONTACT:

Thai Wah Public Company Limited
21/63-64, 21/66A, 21/68 Thai Wah Tower I, 21st, 22nd, 24th
floor, South Sathorn, Tungmahamek, Sathorn, Bangkok 10120
Telephone: 0-2285-0040, 0-2285-0241-56
Fax: 0-2285-0269-70
Web site: http://www.thaiwah.com


THAI WAH: Approval of Plan's Amendment Could Boost Equity
---------------------------------------------------------
Thai Wah Pcl filed to the Stock Exchange of Thailand (SET) a
report regarding the progress of the implementation of the
Business Reorganization Plan for the period from the end of
September 2004 to the end of April 2005 and strategies to return
the Company to positive equity.

(1) Sales of non-core assets

The Company refers to the letter to the Stock Exchange of
Thailand dated February 24, 2005.  The Company has disposed
certain non-core assets and distributed the proceeds to the
creditors in accordance with the amended business reorganization
plan. Everen Investment Pte Ltd has released all the claims
against the Company.

The table below shows the outstanding debt balances to Classes
1, 2 and 5 creditors as of March 31, 2005 as reported by the
Facility Agent:

Description   Class 1        Class 2       Class 5      Total

USD Loan*  Baht Loan  (Bt Millions) (US$ Millions) (Bt Millions)

Equivalent
Tranche A
Serviceable
Debt        20.98         290.93       11.11      1,130.87

Tranche B
Convertible
Non-Core
Asset Debt  63.51         880.60       33.64      3,426.01

Tranche C
Incentive
Debt         8.47         145.02        4.06        483.68

Tranche D
Accrued
Interest Debt -             -             -            -

Tranche E
Converted
Debt-             -           1.63          1.63

Total           92.97       1,316.55       50.44      5,042.19

Bt Equivalent*
(Bt Millions)  3,672.20     1,316.55       50.44      5,042.19

* Exchange Rate at Bt39.50 / US$ 1

(2) Strategies to return the Company to positive equity

The Class B directors of the Plan Administrator propose to file
an amendment to the current business reorganization plan
shortly.

The content of this amendment has been discussed with the Stock
Exchange of Thailand, the debtor executive and a number of
creditors and has received their verbal support.  Should both
the creditors and the Central Bankruptcy Court accept the
amendment, the Company will return to a positive equity
situation in a relatively short period.

Yours sincerely,

Ian Pascoe
Class B Director of Thai Wah Group Planner Co Ltd,
as the Plan Administrator of Thai Wah PCL.



                            *********


S U B S C R I P T I O N  I N F O R M A T I O N

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