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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Wednesday, September 28, 2005, Vol. 8, No. 192

                            Headlines

A U S T R A L I A

A.C.N. 077 169 496: Members Pass Winding Up Resolution
AUSTRAL COAL: Centennial Updates Takeover Bid
BABYLON PROPERTY: Decides to Close Operations
BRG MERCANTILE: Liquidator to Detail Wind Up Manner
CLOUGH LIMITED: Expands Mining Business

FED PTY: Members Opt for Voluntary Liquidation
FINA GROUP: ASIC Bans Failed Property Developer
HUNTER TRANSPORT: Wind Up Process Initiated
KARRONA PTY: Members, Creditors Meet to Discuss Wind Up
KENSINGTON GARDENS: Placed Under Voluntary Liquidation

L.M. HOLDINGS: Grant Slater Named Liquidator
LUMIERE CINEMAS: Shuts Down Business
MERVIS PTY: Final Meeting Fixed October 5
NATIONAL AUSTRALIA: To Export Jobs to India
NATIONAL AUSTRALIA: Welcomes New Chairman

N&J ENTERPRISES: Members Resolve to Wind Up Company
ONE.TEL LIMITED: Judge Says Case to Last Into New Year
PAC PROJECTS: Enters Liquidation
PRECIOUS LITTLE: Distributes Dividend Today
RASOR PTY: Creditors Decides to Liquidate Business

ROBECRAFT KITCHENS: Members Agree to Close Shop
SCHROOTRANS PTY: Appoints Official Liquidator
SWANSTON STREET: Members, Creditors to Hear Winding Up Report
TRADEX ASIA: Liquidator to Distribute Company Assets
UNITED LOCK: Pays Dividend to Creditors

WHET INVESTMENTS: ASIC Obtains Orders for Payment of Funds
* KordaMentha Joins Forces With AlixPartners


C H I N A  &  H O N G  K O N G

ADVERTISING CONCEPTS: Winding Up Hearing Set October 19
ASIA TELEMEDIA: First Half Loss Balloons to HK$9.6 Mln
EAST FINE: Court Issues Winding Up Order
GLOBAL TREND: Chairman to Serve Another 12-Month Jail Term
GUANGDONG KELON: Updates Equity Transfer Agreement

GUANGDONG KELON: Says A-share Trading Resumes
HANVAST DEVELOPMENT: Creditors Meeting Slated for October 18
HAPPY BRIGHT: High Court Orders Winding Up
HUANENG POWER: S&P Cuts Rating to 'BBB'
INFOROY LIMITED: To Shut Down Operations

KOFFMAN PIONEER: To Close Down Business
ORIENT INDUSTRIES: 1H/2005 Net Loss Swells to HK$13 Mln
PATH VIEW: Court Appoints Joint, Several Liquidators
SINO GAS GROUP: Posts HK$182.65-Mln Net Loss
STRONG TIDE: Prepares to Close Business

TANHO DEVELOPMENT: Court Releases Winding Up Order
WENG HENG: Names Officials Liquidators


I N D I A

INDIAN OIL: Gasoline Importer Turned Exporter
TATA MOTORS: S&P Affirms 'BB' Rating With Stable Outlook
* Corporate Debt Restructuring Cell Launches Website


I N D O N E S I A

CHAROEN POKPHAND: Placed on Credit Watch with Negative Outlook
PEMBANGUNAN PERUMAHAN: Pefindo Affirms "BBB" Rating
PERTAMINA: Imports More Barrels of Oil for December Use
TELEKOMUNIKASI INDONESIA: Launches Fiber Optics System


J A P A N

BANDAI COMPANY: To Start Business Restructuring
DAIEI INCORPORATED: To Close Nine Outlets in November
MITSUBISHI CHEMICAL: METI OKs Business Restructuring Plan
MITSUBISHI FUSO: Truckmaker Recalls More Vehicles
MITSUBISHI MOTORS: August 2005 Sales Up 22.3%

MITSUBISHI PHARMA: METI Approves Restructuring Scheme
NAMCO LIMITED: To Undergo Business Restructuring
SONY CORPORATION: Fitch Affirms Rating on Restructuring Plan
TOSHIBA CORPORATION: Intel, Microsoft Supports HD DVD Format


K O R E A

JINRO LIMITED: Hite Unloads Portion of Stake Acquired


M A L A Y S I A

ANCOM BERHAD: Purchases New Ordinary Shares
DATUK KERAMAT: Replies to Bourse's Query on Restraining Order
DATUK KERAMAT: Explains Failure to Submit Annual Report
FABER GROUP: Issues New Shares for Listing, Quotation
GEORGE TOWN: Fails to Submit Annual Report

GEORGE TOWN: Asnwers BM's Query on Restraining Order
K.P. KENINGAU: Sees No Development on Default Status
HABIB CORPORATION: Shareholders OK Proposals Set Out in EGM
HAP SENG: Buys Back 118,300 Ordinary Shares
LEBAR DAUN: Meets Shareholding Spread Requirement of Bourse

MEDIA PRIMA: Bourse to List, Quote New Shares
PUNCAK NIAGA: Issues Shares Buy Back Notice
PUNCAK NIAGA: Adds New Shares for Listing, Quotation
TENAGA NASIONAL: To Purchase Power Project by MHES Asia
WCT ENGINEERING: New Shares Up for Listing, Quotation

WCT ENGINEERING: Court to Hear Petition Next Month


P H I L I P P I N E S

APEX MINING: Mapula Creek Files Tender Report
APEX MINING: Receives Tender Offer from Crew Gold
C&P HOMES: Board Approves Capital Restructuring
EAST ASIA: Central Bank Starts Liquidation
LMG CHEMICALS: TLO by DENR, Local Gov't Expires

MONDRAGON INTERNATIONAL: Wants Watchdog to Review Decision
PACIFIC PLANS: Planholders Want License Petition Junked


S I N G A P O R E

HESHE HOLDINGS: Invests in Joint Venture Firm
KAIMARINE OFFSHORE: Creditors Asked to Submit Debt Claims
NEOCORP INTERNATIONAL: Creditor Seeks Winding Up
STARTECH ELECTRONICS: Fails to Get Acquisition Deal
UNITED OVERSEAS: Buys More Shares in Unit


T H A I L A N D

CIRCUIT ELECTRONICS: Court Extends Submission of Reorg Plan
PACIFIC ASSETS: Provides Information on Debt Settlement
PICNIC CORPORATION: Denies Proposed Acquisition by Petronas
THAI AIRWAYS: Nok Air Mulls Delay in Inaugural Flight

     -  -  -  -  -  -  -  -

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

A.C.N. 077 169 496: Members Pass Winding Up Resolution
------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of A.C.N. 077 169 496 Pty Limited held on Aug. 23, 2005, it was
resolved that the Company be wound up voluntarily, and that
Anthony William James of Meertens Chartered Accountants, Level
10, 68 Grenfell Street, Adelaide, South Australia, be appointed
liquidator for such purpose.

Dated this 29th day of August 2005

Anthony W. James
Liquidator
Meertens Chartered Accountants
Level 10, 68 Grenfell Street
Adelaide SA 5000
Phone: 08 8418 8900
Fax:   08 8232 5077


AUSTRAL COAL: Centennial Updates Takeover Bid
---------------------------------------------
For the purpose of Australian Stock Exchange (ASX) Listing Rule
3.2, Centennial Coal Company Limited advised of the following in
relation to its off-market takeover bid (Bid) for all the
ordinary shares in Austral Coal Limited:

(a) The offer period in respect of the offers under the Bid
contained in its bidder's statement dated March 9, 2005 (as
supplemented) (Offers) has been further extended to 7:00 p.m.
(Sydney time) on Monday, October 10, 2005;

(b) At the time of making the first of the Offers under the Bid,
being March 21, 2005, Centennial and its associates had a
relevant interest in 9.6% of the ordinary shares in Austral; and

(c) At the date of the extension of the Offers, being September
26, 2005, Centennial and its associates have a relevant interest
in 85.76% of the ordinary shares in Austral.

CONTACT:

Nigel Morris
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Phone: +61 3 9655 3501
E-mail: nigel.morris@takeovers.gov.au

Austral Coal Limited
ACN 069 071 816
Level 18, 25 Bligh Street Sydney
NSW 2000 Australia
Telephone: 61+02+8256-4700
Facsimile: 61+02+9235-0997
E-mail: info@austcoal.com.au
Web site: http://www.austcoal.com.au


BABYLON PROPERTY: Decides to Close Operations
---------------------------------------------
Notice is given that at a shareholders' meeting of Babylon
Property & Cleaning Services Pty Limited held on Aug. 26, 2005,
a special resolution was passed to wind up the Company, and
creditors appointed William James Hamilton to be Liquidator of
the Company at a creditors' meeting held that same day.

Dated this 29th day of August 2005

William J. Hamilton
Liquidator
c/o Hamiltons Chartered Accountants
Level 17, 25 Bligh Street
Sydney NSW 2000
Phone: 02 9232 6611,
Fax:   02 9232 6166, DX 1208 Sydney


BRG MERCANTILE: Liquidator to Detail Wind Up Manner
---------------------------------------------------
Notice is given that a Final Meeting of BRG Mercantile Pty
Limited will be held on Oct. 5, 2005, 9:30 a.m. at St. Michaels
(Jacaranda Room), 120 Collins Street, Melbourne.

The purpose of the meetings is to lay accounts before it,
showing the manner in which the winding up was conducted and the
property of the Company disposed of, to approve liquidator fees,
and to hear any explanation that may be given by the Liquidator.

Dated this 19th day of August 2005

John Georgakis
Liquidator
Ernst & Young
Chartered Accountants
Level 27, 120 Collins Street
Melbourne Vic 3000


CLOUGH LIMITED: Expands Mining Business
---------------------------------------
Clough Limited's subsidiary company, PT Petrosea Tbk has signed
a four-year mining contract with PT Mitra Internusa Persada in
Kalimantan, Indonesia. Total contract value is of the order of
US$100 million (AU$135 million).

Petrosea will perform overburden stripping and coal mining
activities at the Sanga Sanga concession commencing immediately.
The mine is located near Samarinda in East Kalimantan,
Indonesia, approximately 90 km north of Balikpapan.

David Singleton, CEO and Managing Director of Clough Limited,
said: "Petrosea has and will continue to benefit from repeatable
earnings generated by its new and existing mining contracts.
Petrosea's profitability has improved over the last two years
and it is now a significant contributor to the Clough Group.

"Sanga Sangawas selected from a number of mining opportunities
due to the coal quality, contract terms available and its
proximity to existing Petrosea mining projects. Petrosea's
Tanjung Batu supply base in Balikpapan is well developed and
equipped to support this new opportunity," Mr. Singleton said.

Initially the mining equipment utilized will be refurbished
plant sourced from recently completed contracts in Kalimantan.
Up to an additional US$10 million of new plant will be
progressively introduced over a four-year period as income is
generated from the contract.

Since December 2004, Petrosea has added mining activity in
excess of AU$350 million to its order book.

Clough holds an 82.2% interest in the Indonesian publicly listed
PT Petrosea Tbk. Petrosea's share price has increased from
approximately IDR2000 to IDR5000 since the decision to retain
the Company was made by Clough in 2004.

CONTACT:

Clough Limited
Head Office &
Principal Registered Office
Level 6, 251 St Georges Terrace
Perth, Western Australia 6000
Telephone: +618 9281 9281
Facsimile: +618 9481 6699
E-mail: clough@clough.com.au
Web site: http://www.clough.com.au/


FED PTY: Members Opt for Voluntary Liquidation
----------------------------------------------
At a general meeting of the members of Fed (SA) Pty Limited duly
convened and held on Aug. 23, 2005, the following resolutions
were passed:

SPECIAL RESOLUTION:

That the Company be wound up voluntarily.

ORDINARY RESOLUTION:

That Alan Scott and Andre Strazdins of SimsPartners, Level 4, 12
Pirie Street, Adelaide SA 5000 be nominated Joint and Several
Liquidators for the purpose of the winding up.

Dated this 23rd day of August 2005

Alan Scott
Andre Strazdins
Joint Liqidators
SimsPartners
Level 4, 12 Pirie Strett
Adelaide SA 5000


FINA GROUP: ASIC Bans Failed Property Developer
-----------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
banned Mr. Peter Smirneos, of North Ryde, New South Wales, from
managing corporations for three years.

ASIC banned Mr. Smirneos following an investigation into his
involvement in two failed companies, Fina Group Pty Ltd and JD
Holdings Pty Limited.

Fina Group and JD Holdings were wound up after the liquidators
reported the companies would be unable to pay creditors more
than 50 cents in the dollar.

Fina Group left debts totaling approximately $1 million, and JD
Holdings folded owing $11.7 million following the development of
an apartment complex in Kings Cross Road, Potts Point, NSW.

ASIC found that Mr. Smirneos had breached the Corporations Act,
failing to comply with:

- his responsibilities as a director;
- the requirement to keep adequate financial records; and
- the requirement to provide assistance to a liquidator,
including the provision of information relating to the financial
circumstances of a failed company.

ASIC also found that Mr. Smirneos had failed to pay statutory
debts, including tax liabilities and superannuation guarantee
charges.

"People who become officeholders without understanding their
role and responsibilities risk regulatory action if they fail to
conduct their duties properly," ASIC's Director of National
Assessment and Action, Mr. Adrian Borchok said.

"ASIC also monitors those people it bans to ensure they abide by
their disqualification, and we will prosecute those who
disregard their banned status," Mr. Borchok added.

Mr. Smirneos has the right to appeal to the Administrative
Appeals Tribunal for a review of ASIC's decision.

Background

The Corporations Act provides that ASIC may disqualify a person
from managing a corporation for up to five years if a person has
been the director of two or more failed corporations within
seven years that have been wound up and their liquidator has
lodged a report with ASIC about the corporations inability to
pay its debts.


HUNTER TRANSPORT: Wind Up Process Initiated
-------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of the members of Hunter Transport Pty Limited held on Aug. 22,
2005, it was resolved that the Company be wound up voluntarily
and at a meeting of creditors held on the same day, it was
resolved that Richard John Cauchi and Peter Gountzos of CJL
Partners, Level 3, 180 Flinders Lane, Melbourne be appointed
Joint and Several Liquidators for the winding up.

Dated this 23rd day of August 2005

Richard J. Cauchi
Peter Gountzos
Joint Liquidators
CJL Partners
Level 3, 180 Flinders Lane
Melbourne Vic 3000
Phone: 03 9639 4779
Fax    03 9639 4773


KARRONA PTY: Members, Creditors Meet to Discuss Wind Up
-------------------------------------------------------
Notice is given that a final meeting of the creditors and
members of Karrona Pty Limited will be held on Oct. 5, 2005,
11:00 a.m. at the offices of KPMG Chartered Accountants, Level
13, Cairns Corporate Tower, 15 Lake Street, Cairns,
Queensland, for the following purposes:

AGENDA

(1) To receive an account of the Liquidator's acts and dealings
and of the conduct of the winding up;

(2) To approve the Liquidator's remuneration; and

(3) Any other business.

Dated this 6th day of September 2005

Tony Jonsson
Liquidator
c/o KPMG
Level 13 Cairns Corporate Tower
15 Lake Street, Cairns Qld 4870


KENSINGTON GARDENS: Placed Under Voluntary Liquidation
------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Kensington Gardens Pty Limited duly convened and held on Aug.
22, 2005, members passed a special resolution to voluntarily
wind up the Company, and appointed Robert Graham Carius to be
Liquidator for such winding up.

Dated this 23rd day of August 2005

Robert G. Carius
28 Vanessa Boulevard
Springwood, Queensland


L.M. HOLDINGS: Grant Slater Named Liquidator
--------------------------------------------
Notice is hereby given that at a General Meeting of L.M.
Holdings Pty Limited held on Aug. 25, 2005, it was resolved that
the Company be wound up by Members' Voluntary Liquidation and
that for such purpose, Grant Andrew Slater be appointed
liquidator.

Grant A. Slater
Liquidator
Bentleys MRI Canberra
Level 1, London Court
13 London Circuit
Canberra ACT 2601


LUMIERE CINEMAS: Shuts Down Business
------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of the members of Lumiere Cinemas Pty Limited held on Aug. 22,
2005, it was resolved that the Company be wound up voluntarily
and at a meeting of creditors held on the same day, it was
resolved that Messrs. Warren White and Nicholas Martin of PPB
Chartered Accountants, Level 10, 90 Collins Street, Melbourne,
Victoria, be appointed as Joint and Several Liquidators.

Dated this 23rd day of August 2005

Nicholas Martin
Warren White
Liquidators
PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000


MERVIS PTY: Final Meeting Fixed October 5
-----------------------------------------
Notice is hereby given that the final meeting of Mervis Pty
Limited will be held on Oct. 5, 2005, 10:00 a.m. at the offices
of Crouch Insolvency, Level 5, 82 Elizabeth Street, Sydney NSW,
for the purpose of attending to statutory duties.

Dated this 9th day of August 2005

Nicholas Crouch
Liquidator
Crouch Insolvency
Level 5, 82 Elizabeth Street
Sydney NSW


NATIONAL AUSTRALIA: To Export Jobs to India
-------------------------------------------
National Australia Bank (NAB) is stepping up efforts to move
more positions offshore, according to the Sydney Morning Herald.

The bank said it will export around 23 back-office jobs to
Bangalore in India as part of an outsourcing pilot project.

After four months of searching for a consulting firm to manage
the project, NAB had signed an agreement with Accenture.

The move will affect 23 people in NAB's accounts payable
department. However, 11 of those were contracted employees, six
would be retained and another two had been redeployed within the
bank.

NAB is taking its offshoring program slowly amid significant
concerns expressed by the Finance Sector Union and in the wake
of its announcement that 4200 jobs would be cut worldwide.

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


NATIONAL AUSTRALIA: Welcomes New Chairman
-----------------------------------------
The National Australia Bank Group on Tuesday announced the
transition of the Group's Chairmanship from Mr. Graham Kraehe to
Mr. Michael Chaney.  This follows Mr. Kraehe's announcement last
year that he would be stepping down as Chairman and retiring
from the National's Board in September 2005.

Mr. Kraehe has been a non-executive director at the National
since 1997, and was appointed Chairman in February 2004.

Mr. Chaney acknowledged Mr Kraehe's contribution to the
National, particularly in his role as Chairman of the Group.

"I speak for the entire Board of Directors in thanking Graham
for his significant contribution to the National Australia Bank.

"Graham has been a strong leader of the Board, contributing
substantially to the transformation of the National.  He led the
National's Board of Directors through a significant renewal
program, developing a Board with a strong diversity of
experience across different industries and geographies.  He has
been a leader in demonstrating cultural change at the National
'from the top'.

"He leaves the National's Board in an excellent position from
which to continue to build a stronger National.  I am looking
forward to working with John Stewart, the rest of the executive
team and Board of Directors to deliver long-term, sustainable
value for the National's shareholders," he said.

Mr. Kraehe said he had felt privileged to be able to lead the
National's Board of Directors during a challenging time.

"It has been a terrific honor to be Chairman of such an iconic
organization. It has been a challenging time, but one that I've
found greatly rewarding.  I have particularly enjoyed working
with all the people at the National, including its talented
executive team and a strong and diverse group of Directors.

"Importantly, I believe Michael will be a dynamic leader, and I
have no doubt his excellent track record will stand him in good
stead for his role as Chairman of the National.  I wish him, the
rest of the Board of Directors and the National Australia Bank
all the best for what I'm sure will be a fantastic future," he
said.

Mr. Chaney assumes the role of Chairman from 28 September 2005.
He has been a non-executive director at the National since
December 2004 and has been working closely with Mr. Kraehe since
that time to ensure a smooth changeover.

For further information:

Brandon Phillips
Group Manager, External Relations
Phone: 03 8641 3857
Mobile: 0419 369 058

Samantha Evans
External Relations Manager
Phone: 03 8641 4982
Mobile: 0404 883 509

Hany Messieh
Group Manager, Investor Relations
Phone: 03 8641 2312
Mobile: 0414 446 876


N&J ENTERPRISES: Members Resolve to Wind Up Company
---------------------------------------------------
At a meeting of creditors of N&J Enterprises Pty Limited, duly
convened and held on Aug. 25, it was resolved that the Company
be wound up voluntarily.

Dated this 26th day of August 2005

Oren Zohar
Liquidator
KordaMentha
Phone: 08 9221 6999


ONE.TEL LIMITED: Judge Says Case to Last Into New Year
------------------------------------------------------
A New South Wales (NSW) Supreme Court judge said he expected the
case filed by the Australian Securities and Exchange Commission
(ASIC) against former One.Tel chief Jodee rich and his finance
lieutenant Mark Silbermann to be wound up by the end of this
year.

Justice Robert Austin, the judge hearing the corporate
regulator's case, said he expected the defense to open its case
early next year.

The matter, which has been heard on and off since September last
year, resumed Monday after a short break and three weeks of
evidence in London from former British-based One.Tel executives.

ASIC is seeking declaration that Mr. Rich and Mr. Silbermann
breached their duties and traded while One.Tel was insolvent,
three months before the firm's collapse on May 31, 2001.  The
corporate regulator also demanded an AU$92-million compensation
from the two of them.

On Monday, Justice Austin refused an application by senior
counsel for Mr. Rich, David Williams, SC, that evidence from
Peter Yates be rejected because it touched on evidence from
British One.Tel executive Hal Davies, who could not be asked to
respond.

Mr. Yates is due to give evidence on October 11 and 12, after
Geoffrey Kleeman's expected six days of evidence. Mr. Kleeman,
PBL's financial officer, has filed a statement on which he will
be cross-examined by Mr. Williams.

Mr. Kleeman said he spent about 50 hours reviewing One.Tel's
operations in Australia, Britain and France from late October
2000. He will testify that when he sought access to One.Tel's
computer system, Mr. Rich told him he would prefer PBL did not
have access.

Mr. Rich told him the systems were complex and it would be
difficult for anyone outside One.Tel to fully understand them
and that he was going to call James Packer and tell him that.

The hearing continues.


PAC PROJECTS: Enters Liquidation
--------------------------------
Notice is hereby given that at a General Meeting of Members of
PAC Projects Pty Limited held on Aug. 26, 2005, it was resolved
that the Company be wound up in a members' voluntary winding up
and that Jack Singh, CPA of Suite 709-370 Pitt Street, Sydney,
NSW 2000 be appointed liquidator for such purpose.

Dated this 26th day of August 2005

Jack Singh
Liquidator
Suite 709-730, Pitt Street
Sydney NSW 2000


PRECIOUS LITTLE: Distributes Dividend Today
-------------------------------------------
Precious Little Blossom Pty Limited will declare a dividend on
Sept. 28, 2005.

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

Dated this 15th day of August 2005

Oren Zohaf
Liquidator
KordaMentha
Level 11, 37 St. Georges Terrace
Perth WA 6000


RASOR PTY: Creditors Decides to Liquidate Business
--------------------------------------------------
Notice is hereby given that at a creditors' meeting of Rasor Pty
Limited held on Aug. 26, 2005, it was resolved that the Company
be wound up voluntarily and that for such purpose, Danny Vrkic
of Jirsch Sutherland & Co - Wollongong, Chartered Accountants be
appointed Liquidator for the winding up.

Dated this 6th day of September 2005

Danny Vrkic
Liquidator
Jirsch Sutherland & Co - Wollongong
Chartered Accountants
Level 3, 6-8 Regent Street
Wollongong NSW 2500
Phone: 02 4225 2545
Fax:   02 4226 2546


ROBECRAFT KITCHENS: Members Agree to Close Shop
-----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Robecraft Kitchens Pty Limited held on Aug.
25, 2005, it was resolved that the Company be wound up
voluntarily.

At a meeting of creditors held later the same day, it was
resolved that Nicholas Giasoumi and Roger Darren Grant,
Registered Liquidators of Suite 8 260 Auburn Road, Hawthorn 3122
be appointed joint and several liquidators.

Dated this 25th day of August 2005

Nicholas Giasoumi
Roger D. Grant
Joint Liquidators
Dye & Rennie Chartered Accountants
Suite 8 260 Auburn Road
Hawthorn 3122


SCHROOTRANS PTY: Appoints Official Liquidator
---------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Schrootrans Pty Limited held on Aug. 26, 2005, it
was resolved that the Company be wound up voluntarily, and
Daniel I. Cvitanovic of Daniel I. Cvitanovic Chartered
Accountant, Level 1, 121-123 Crown Street, Wollongong NSW 2500
was appointed Liquidator appointed at a creditors' meeting held
that same day.

Dated this 26th day of August 2005

Daniel I. Cvitanovic
Liquidator
Chartered Accountant
Level 1, 121-123 Crown Street
Wollongong NSW 2500


SWANSTON STREET: Members, Creditors to Hear Winding Up Report
-------------------------------------------------------------
Notice is hereby given that a final general meeting of the
members and creditors of Swanston Street Food Court Pty limited
will be held on Oct. 5, 2005, 10:00 a.m. at the offices of
PPB, Level 10, 90 Collins Street, Melbourne, to present the
Liquidator's account showing the manner of the winding up and
disposal of the property of the Company, and to hear any
explanations that may be given by the liquidator.

Dated this 22nd day of July 2005

Andrew McClellan
Liquidator
PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000


TRADEX ASIA: Liquidator to Distribute Company Assets
----------------------------------------------------
At a general meeting of the members of Tradex Asia (Aust.) Pty
Limited held on Aug. 29, 2005, the following resolutions were
passed:

SPECIAL RESOLUTIONS:

That the Company be wound up voluntarily, and that Paul Jeffery
of Crispin & Jeffery Chartered Accountants, Level 2, 57
Grosvenor Street, Neutral Bay, New South Wales be appointed
Liquidator for the winding up.

That on the winding up of the Company, (subject to the payment
of its debts and liabilities and the cost of Liquidation and if
necessary), its assets may be distributed amongst the Members
(in Specie, the whole or in part), according to their rights and
interest in the Company.

The resolution was unanimously carried.

Dated this 29th day of August 2005

Paul Jeffrey
Liquidator
c/o Crispin & Jeffery
Chartered Accountants
Level 2, 57 Grosvenor Street
Neutral Bay NSW
Phone: 02 9908 4744
Fax:   02 9953 8951


UNITED LOCK: Pays Dividend to Creditors
---------------------------------------
United Lock and Safe Co Pty Limited will declare a first and
final dividend today, Sept. 28, 2005.

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

Dated this 23rd day of August 2005

R. A. Sutcliffe
Liquidator
Ground Floor, 192-198 High Street
Northcote Vic 3070
Phone: 03 9482 6277


WHET INVESTMENTS: ASIC Obtains Orders for Payment of Funds
----------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
on Monday obtained orders by consent in the Supreme Court of New
South Wales that a company related to a former director of Whet
Investments Limited (Whet), H.H.S Pty Ltd (HHS), pay more than
AU$200,000 to the administrators of Whet.

The orders follow action by ASIC to freeze a bank account
operated by HHS. These orders were granted on 8 September 2005.

ASIC's proceedings against HHS and its director, Mr. Hugh
Gordon, arose from concerns that the sale proceeds of mining
equipment owned by Whet had been paid to HHS improperly and in
breach of undertakings given to the Supreme Court by Whet in an
earlier proceeding brought by ASIC against Whet.

The orders require HHS, without any admission of liability, to
pay to the administrators of Whet the sum of AU$222,446.90 on or
before 5 October 2005. HHS and Mr. Gordon have also agreed to
pay ASIC's costs of the proceeding, which will be dismissed upon
that payment being made.

ASIC's separate proceeding to appoint a provisional liquidator
to Whet is listed for hearing before the NSW Supreme Court on 14
October 2005. A meeting of the creditors of Whet to determine
the future of Whet will be held on 30 September 2005.

Background

On 23 May 2005, Whet gave undertakings to the NSW Supreme Court
that, among other things, it would not deal with any assets
under its control other than in the ordinary course of business
or for reasonable legal expenses of and incidental to those
proceedings.

ASIC was concerned that the sale of the mining equipment was in
contravention of the above orders and that the proceeds were
paid into the bank account of HHS, a company controlled by Mr.
Hugh Gordon, rather than being paid to Whet, which subsequently
went into administration.

ASIC took action in the New South Wales Supreme Court to ensure
that the sale proceeds are appropriately paid to the
administrators of Whet for the benefit of Whet and its
creditors.


* KordaMentha Joins Forces With AlixPartners
--------------------------------------------
Leading independent corporate advisory firm KordaMentha on
Monday announced its affiliation with internationally renowned
professional services firm, AlixPartners.

KordaMentha and AlixPartners on Monday signed an agreement in
Sydney, which will provide KordaMentha a global reach with
offices in the United States, Europe, the United Kingdom, Asia
and throughout mainland Australia.

The groups will retain their existing ownership structures and
combined, will have in excess of 600 professionals operating in
17 offices throughout the world.

Mark Korda, a founding partner of KordaMentha, said both firms
had performance improvement, corporate restructuring and related
funds management businesses making the affiliation a logical
next step in their respective plans for growth.

"The affiliation is a natural fit and part of our strategy to
continue to provide professional services to our clients that
are at the cutting edge of global trends."

"KordaMentha will also be able to provide access to global
markets and develop business models and strategies that will
ensure we can improve our service offering for our Australian
and International clients," Mr. Korda said.

"Our firms are well-matched. We share a set of values that puts
bottom line results for our clients as a first principle. We've
built our firm one person at a time, ensuring that each
professional meets the highest standards of experience,
credentials and performance, standards shared by KordaMentha,"
said Bob Dangremond Vice Chairman of AlixPartners.

"Our mission is to become the pre-eminent one stop global
business serving under performing, distressed and troubled
companies."

The strategic affiliation follows a period of negotiation
between senior representatives of both firms that began in May
2005.

KordaMentha was established in 2002 and has now has over 170
employees in offices in Melbourne, Sydney, Brisbane, Perth,
Adelaide, Townsville and the Gold Coast.

AlixPartners was established in 1981 and has over 450 employees
in offices throughout Europe, the United Kingdom, North America
and Asia with major globalwide clients in the engineering,
construction, petroleum, industrial, transportation and retail
sectors.

For further information:
Mark Korda : (03) 8623 3344

For further background:
Web site: www.kordamentha.com
Web site: www.alixpartners.com

For media inquiries:
David Wilson
Telephone: (03) 9671 4458
Mobile: 0411 055 311


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

ADVERTISING CONCEPTS: Winding Up Hearing Set October 19
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Advertising Concepts International Limited by the High Court of
Hong Kong Special Administrative Region was on August 23, 2005
presented to the said Court by Metro Publishing Hong Kong
Limited whose registered office is situate at 25th Floor, 148
Electric Road, North Point, Hong Kong.

The said Petition is directed to be heard before the Court at
9:30 am on October 19, 2005.

Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said 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 said company requiring the same by the
undersigned on payment of the regulated charge for the same.

PUN & ASSOCIATES
Solicitors for the Petitioner
7A Hong Kong Diamond Exchange Building
8-10 Duddell Street
Central, Hong Kong


Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a 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 six o'clock in the afternoon of October 18, 2005.


ASIA TELEMEDIA: First Half Loss Balloons to HK$9.6 Mln
------------------------------------------------------
Asia TeleMedia Limited (0376) posted a net loss of HK$9.649
million for the first half of 2005, versus a net loss of
HK$6.768 million a year earlier.

Loss per share (LPS) was $0.0066. No interim dividend was
declared.

Asia Telemedia posted a net loss of HK$21.13 million in the
business year ended December 31, 2004, versus a net loss of
HK$37.77 million a year earlier, Chong Hing Securities reports.

The Group is engaged in the trading securities, futures,
bullion, & shares, share margin financing, underwriting & fund
management services, share margin financing and property
developments.

CONTACT:

Asia Telemedia Limited
2808, One Exchange Square
Hong Kong
Phone: 28431431
Fax: 25378158
Web site: http://www.mansionhse.com


EAST FINE: Court Issues Winding Up Order
----------------------------------------
East Fine Investment Limited whose place of business is located
at Flat A, 4th Floor Savoy Heights (Block 24) Hong Kong Garden
100 Castle Peak Road, Tsing Lung Tau, New Territories was issued
a winding up order notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on
September 14, 2005.

Date of Presentation of Petition: July 14, 2005

Dated this 23rd day of September 2005

ET O'Connell
Official Receiver


GLOBAL TREND: Chairman to Serve Another 12-Month Jail Term
----------------------------------------------------------
Xu Peixin, the Chairman of a now delisted Global Trend
Intelligent Technologies Limited, charged by the Independent
Commission Against Corruption (ICAC), was sentenced at District
Court to an additional 12 months' imprisonment for his role in a
fraudulent scam in relation to the trading of the company's
shares, and authorizing the issuing of a misleading prospectus
in the listing of the company.

In a press release, Mr. Xu earlier pleaded guilty to one count
of conspiracy to defraud and one of authorizing the issue of a
prospectus with an untrue statement.

Deputy Judge Andrew Ma sentenced Mr. Xu to 12 months'
imprisonment for each of the above two offences, but ordered six
months for each offence to run consecutively to his current
four-year jail term for fraudulently using false business and
accounting records for auditing purpose.

In sentencing, the judge reprimanded Mr. Xu for fraudulently
misleading investors in the scam.

The case arose from a corruption complaint. Subsequent ICAC
enquiries revealed the offences.

The court heard that in July 2002, Mr. Xu offered a director of
an investment company a substantial amount of Global Trend
shares as a reward for the latter's assistance in rigging the
share price of Global Trend.

Having agreed to the deal, the director of the investment
company purchased over 10 million Global Trend shares through
his and other persons' stock accounts between July 8 and 11,
2002, creating a false appearance of active trading in Global
Trend shares in the stock market.

On July 8, 2002, the Stock Exchange of Hong Kong noticed the
unusual trading volume in Global Trend shares.

Upon a request from the Stock Exchange, Mr. Xu made an
announcement to the public, denying knowledge of the reason for
the unusual trading volume.

The court also heard that on June 18, 2002, Mr. Xu authorized
the issue of a prospectus of Global Trend, which included an
untrue statement.

The prospectus stated that in 1993, Mr. Xu founded Global Trend
and its subsidiaries by establishing Trend Intelligence
Technologies Limited (Trend Intelligence) to engage in the
trading of computers and computer-related parts and components
in the Mainland.

In fact, Trend Intelligence was not established by Mr. Xu, nor
was he a shareholder or a director of Trend Intelligence before
February 23, 2001. The company could not have engaged in the
trading of computers and computer-related parts and components
or any trading at all before that day, the court heard.

Mr. Wong Po-wing represented the prosecution, counsel on fiat,
assisted by ICAC officer Elmond Yu.

CONTACT:

Independent Commission Against Corruption
Community Relations Department
Division 2
ICAC Regional Office (Kowloon Central)
21E Nga Tsin Wai Road, Ground Floor
Kowloon City, Kowloon
Phone: 2926 6200
Fax: 2382 2112


GUANGDONG KELON: Updates Equity Transfer Agreement
--------------------------------------------------
On September 2005, Guangdong Kelon Electrical Holdings Co. Ltd.
and Hisense Agent entered into the Sales Agency Agreement under
which Hisense Agent would act as sales agent of the Company's
domestic sales products by way of distribution within the entire
domestic market.

Hisense Air-Conditioner has entered into the Equity Transfer
Agreement with Guangdong Greencool, the single largest
shareholder of the Company under which Guangdong Greencool
intends to transfer 262,212,194 domestic legal person shares in
the Company to Hisense Air-Conditioner representing 26.43% of
the Company's total issued share capital.

The aforesaid transfer is expected to complete after the
relevant regulatory approvals have been obtained. Both Hisense
Air-Conditioner and Hisense Agent are subsidiaries controlled by
Hisense Group which through Qingdao Hisense Electric indirectly
holds 93% and 70% equity interest in Hisense Air-Conditioner and
Hisense Agent respectively.

Under Rule 14A.11(4), each of Hisense Group and its subsidiaries
are deemed to be an associate of the Company's existing
substantial shareholder, Guangdong Greencool, and therefore
connected persons of the Company. As a result, the transactions
contemplated by under the Sales Agency Agreement will be deemed
to be a continuing connected transaction under the Listing
Rules. As the consideration under the Sales Agency Agreement is
subject to a maximum of RMB1.4 billion, the Sales Agency
Agreement will be subject to independent shareholders' approval.
A circular containing, among other things, details of the
transaction will be dispatched to the Shareholders as soon as
practicable.

At the request of the Company, trading in H Shares of the
Company was suspended with effect from 10:00 a.m. on 16th June
2005 pending the release of an announcement in relation to price
sensitive information. Subject to the publication of a further
announcement in relation to, amongst others, the financial,
production and trading position of the Group, trading in H
Shares of the Company will remain suspended until further
notice. Trading in A Shares of the Company will resume on
Tuesday, September 27, 2005.

For a complete copy of the press release, please go to
http://bankrupt.com/misc/tcrap_guangdong092705.pdf

CONTACT:

Guangdong Kelon Electrical Holdings Company Limited
2502-2505 Harbour Ctr
25 Harbour Rd,
Wanchai, Hong Kong
Phone: 25110363
Fax: 28023434
Web site: http://www.kelon.com


GUANGDONG KELON: Says A-share Trading Resumes
---------------------------------------------
Guangdong Kelon Electrical Holdings Co. Ltd. said trading in its
domestic investor only A-shares was set to resume on September
27.

The trading in the company's Hong Kong-listed H shares, which
have been suspended since June 16, would remain suspended
pending a further statement on its financial, production and
trading position.

Kelon is one of the highest profile victims of a brutal price
war in a domestic appliance sector with dozens of aggressive
players. It began losing money in 2000.


HANVAST DEVELOPMENT: Creditors Meeting Slated for October 18
------------------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), that the annual meeting of the
members of Hanvast Development Limited (In Creditors' Voluntary
Liquidation) will be held at Suites 3416-19, 34th Floor, Jardine
House, No. 1 Connaught Place, Central, Hong Kong on October 18,
2005 at 9:45 a.m. and will be followed by a meeting of the
creditors of the company to be held at the same place at 10:15
a.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 preceding year.

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 Suites 3416-19, 34th
Floor, Jardine House, No. 1 Connaught Place, Central, Hong Kong
not later than 4:00 p.m. on the day before the day for holding
of the creditors' meeting.

Dated this 23rd day of September 2005

WONG TAK LEUNG, CHARLES
Liquidator


HAPPY BRIGHT: High Court Orders Winding Up
------------------------------------------
Happy Bright Industrial Limited whose place of business is
located at Rm 1805, 18th Floor, Wu Sang House, 655 Nathan Road,
Kowloon was issued a winding up order notice by the High Court
of the Hong Kong Special Administrative Region Court of First
Instance on September 14, 2005.

Date of Presentation of Petition: July 7, 2005

Dated this 23rd day of September 2005

ET O'Connell
Official Receiver


HUANENG POWER: S&P Cuts Rating to 'BBB'
---------------------------------------
Standard & Poor's Ratings Services had lowered its long-term
corporate credit rating on Huaneng Power International Inc. to
'BBB' from 'BBB+'. The outlook on the rating is stable.

"The rating adjustment reflects Huaneng Power's weakening
financial profile as a result of a declining operating margin
and increasing leverage," said Standard & Poor's credit analyst
Xiaoming Song.

Huaneng Power's financial profile has been weakened by a
combination of rising fuel costs, especially during 2004, and
increasing debt financing associated with aggressive capacity
expansion. The company has doubled its capacity over the past
five years and plans to expand further over the next few years.

In 2004, Huaneng Power's operating margin fell to 39% from 48% a
year earlier and its lease-adjusted EBITDA-interest coverage
declined to 11x from 18x. In the same period, the company's
ratio of funds from operations to total debt deteriorated to 37%
from 70% and its ratio of total debt to total capitalization
increased to 41% from 28%. Standard & Poor's anticipates that
the financial profile of the company will further weaken over
the medium term.

The rating takes into consideration a cost pass-through
mechanism, effective since May 1, 2005, which allows a portion
of coal price increases to be reflected in tariff increases.
However, the company expects to recover only about 50% of its
total fuel cost increases from tariff adjustments due to its
large exposure to fuel price risks.

Huaneng Power is one of China's largest independent power
producers, with total installed capacity of 21,653 megawatts on
an equity basis as of June 30, 2005. The current rating reflects
the company's leading position in China's power generation
market, its sound track record of developing, constructing, and
operating coal-fired power plants, and its geographically
diverse generation assets within the country.

CONTACT:

Huaneng Power International Inc.
West Wing Building C Tianyin Mansion
No 2C Fuxingmennan Street Xicheng District
Beijing,  100031
Phone: 86 10 6649 1856
Fax: 86 10 6649 1860
Web Site: http://www.hpi.com.cn


INFOROY LIMITED: To Shut Down Operations
----------------------------------------
Inforoy Limited whose place of business is located at Flat A &
B, 9/F Gee Luen Hing Industrial Centre, 2 Yip Fat Street, Wong
Chuk Hang, Hong Kong was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on September 14, 2005.

Date of Presentation of Petition: July 18, 2005

Dated this 23rd day of September 2005

ET O'Connell
Official Receiver


KOFFMAN PIONEER: To Close Down Business
---------------------------------------
Koffman Pioneer Financial Services Limited whose place of
business is located at 20/F No. 23 Jordan Road Kowloon was
issued a winding up order notice by the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
September 14, 2005.

Date of Presentation of Petition: July 18, 2005

Dated this 23rd day of September 2005

ET O'Connell
Official Receiver


ORIENT INDUSTRIES: 1H/2005 Net Loss Swells to HK$13 Mln
-------------------------------------------------------
Orient Industries Holdings Limited (0353) posted a net loss of
HK$13.178 million for the first half of 2005, compared to a net
loss of HK$2.401 million a year earlier.

Loss per share (LPS) was $0.078. No interim dividend was
declared.

The Group is principally engaged in the design, manufacture and
sale of a wide range of carpets under its own brand name
Jackley. The Group also engages in the trading of carpets with
reowned brand names such as Interface, Bentley and Toli.

CONTACT:

Orient Industries Holdings Limited
8/F, Luk Kwok Centre
72 Gloucester Road
Wanchai, Hong Kong
Phone: 23759357
Fax: 23751096


PATH VIEW: Court Appoints Joint, Several Liquidators
----------------------------------------------------
By an order of the High Court of the Hong Kong Special
Administrative Region dated the 1st day of September, 2005,
Nicholas Timothy Cornforth Hill and Stephen Briscoe of Alvarez &
Marsal Asia Limited, 5th Floor, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong, have been appointed as the
Joint and Several Liquidators of Path View Limited (In
Compulsory Liquidation) with no Committee of Inspection.

Dated this 23rd day of September, 2005

NICHOLAS TIMOTHY
CORNFORTH HILL
STEPHEN BRISCOE
Joint and Several Liquidators


SINO GAS GROUP: Posts HK$182.65-Mln Net Loss
--------------------------------------------
Sino Gas Group Limited (0260) reported a net loss of HK$182.656
million for the twelve months ended June 30, compared with a net
loss of HK$7.028 million a year earlier.

Earnings per share (EPS) were HK$0.0553. No second interim
dividend was declared.

The Group is engaged in the property development, trading
securities, consumer goods chemical intermediates, technology-
related business and healthcare services.

CONTACT:

Sino Gas Group Limited
Suite 2002, Fairmont House
8 Cotton Tree Drive
Admiralty, Hong Kong
Phone: 29700220
Fax: 29701161


STRONG TIDE: Prepares to Close Business
---------------------------------------
Strong Tide Development Limited whose place of business is
located at Commercial Centre Upper Level G/F & 1/F, Lai Yiu Est,
Kwai Chung, New Territories was issued a winding up order notice
by the High Court of the Hong Kong Special Administrative Region
Court of First Instance on September 14, 2005.

Date of Presentation of Petition: July 18, 2005

Dated this 23rd day of September 2005

ET O'Connell
Official Receiver


TANHO DEVELOPMENT: Court Releases Winding Up Order
--------------------------------------------------
Tanho Development Limited whose place of business is located at
Shop 201, Hing Tung Shopping Centre, Hing Tung Est, Hong Kong
was issued a winding up order notice by the High Court of the
Hong Kong Special Administrative Region Court of First Instance
on September 14, 2005.

Date of Presentation of Petition: July 14, 2005

Dated this 23rd day of September 2005

ET O'Connell
Official Receiver


WENG HENG: Names Officials Liquidators
--------------------------------------
By order of the High Court of the Hong Kong Special
Administrative Region, dated September 12, 2005, Mr. Cosimo
Borrelli and Mr. Kelvin Edward Flynn of 5/F Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong have been
appointed Joint and Several Liquidators of Weng Heng Investment
Company Limited (In Compulsory Liquidation) with a committee of
inspection.

Dated this 23rd day of September 2005

Cosimo Borrelli
Kelvin Edward Flynn
Joint and Several Liquidators
Presented by: Alvarez and Marsal Asia Limited


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

INDIAN OIL: Gasoline Importer Turned Exporter
---------------------------------------------
Indian Oil Corp (IOC) has decided to export its product, and is
expected to do so on a semi-regular basis, Reuters reports.

The state-owned oil firm, a buyer of gasoline over the past
year, has turned exporter and has offered two cargoes totaling
about 32,000 tonnes for October.

This would be the first time for IOC to sell oil internationally
since India imposed stricter environmental controls in April
that forced refiners to import higher-quality fuels before plant
upgrades could be completed.

The refiner is expected to sell small-sized lots and on an
irregular basis, depending on the volume of domestic demand, and
its cargoes are not expected to make a bearish impact on the
currently tight Asian market.

The firm generally prefers to sell their cargoes in the domestic
market, but the firm was forced to export its product after
local consumption dipped lower than usual.

The IOC cargoes, usually of 90-octane or 91-octane grades, would
normally go to east to Singapore where they are used for
blending.

Most of India's gasoline exports, totaling about 200,000-220,000
tonnes a month, find their way westwards to either the Middle
East or the United States as India's main export terminals are
located on the west coast of the country.

CONTACT:

Indian Oil Corporation Limited
G-9 Ali Yavar Jung Marg Bandra East
INDIAN OIL BHAVAN
Mumbai, MAHARASHTRA 400 051
INDIA
Phone: +91 22 26427363/26423272
Fax: +91 22 26443880
Web site: http://www.iocl.com


TATA MOTORS: S&P Affirms 'BB' Rating With Stable Outlook
--------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB'
long-term foreign and local currency corporate credit ratings on
India's Tata Motors Ltd. (Tata Motors). The outlook is stable.

Although there has been a marginal weakening in the financial
profile of Tata Motors in the year ended March 31, 2005, this
remains better compared with its peers in the 'BB' rating
category.

"The ratings on Tata Motors are constrained by its business
profile, given the company's vulnerability to cyclical changes
in the demand for commercial vehicles, the intense competition
in its target passenger vehicle segments, and the overall
moderate outlook for demand and volume growth in the short to
medium term," said Standard & Poor's credit analyst Anshukant
Taneja.

The ratings do reflect the company's strong market position in
its product segments and its higher level of integration and
operating efficiencies.

Standard & Poor's views the relatively large Indian rupee (INR)
80 billion (US$1.8 billion) medium-term capital expenditure plan
of Tata Motors, given softening demand and increased
competition, with some concern.

Lower-than-expected cash flows for funding a part of the capital
expenditure could mean additional borrowings, which can result
in deterioration in Tata Motor's overall credit-protection
parameters. The company's current financial position, adequate
liquidity, and relatively high access to financial resources
mitigate some of these concerns.

In India, Tata Motors is the largest manufacturer of commercial
vehicles and the third-largest manufacturer of passenger
vehicles. In fiscal 2005, the company's revenues stood at INR227
billion, and net income was INR13.6 billion.

Tata Motors has adequate liquidity, as at Aug. 31 2005, with
cash and bank deposits and short-term liquid investments
covering short-term borrowings sufficiently.

The outlook on the ratings is stable. Although the medium-term
forecasts for volume growth and operating profitability have
been reduced, Tata Motors' business diversity, its passenger
vehicles business, and increasing contribution from overseas
operations are expected to enhance its ability to manage
cyclical downturns in the domestic commercial vehicles segment.
The higher levels of operating efficiency, integration, and
access to financial resources also add stability to the outlook
on the ratings.

"A sustained improvement in the business profile and the
competitive position of the company across all its businesses,
accompanied by prevailing levels of credit-protection parameters
and liquidity, could result in an improvement in the outlook or
the credit ratings of the company," said Mr. Taneja.

However, a downturn in domestic demand conditions, increased
dependence on external debt for capital expenditure,
acquisitions or vehicle-financing business could hurt cash flow
protection measures, which would place downward pressure on the
outlook or ratings.

CONTACT:

Tata Motors Limited
24 Homi Mody Street
Bombay House
Mumbai, MAHARASHTRA 400 001
INDIA
Phone:+91 22 56658282
Fax: +91 22 56657799
Web site: http://www.tatamotors.com


* Corporate Debt Restructuring Cell Launches Website
----------------------------------------------------
The Corporate Debt Restructuring Cell has launched its Web site,
(www.cdrindia.org) providing information about its three-tier
structure, its members, the restructuring proposal format,
restructuring process and the monitoring mechanism.

The Web site has information on policy guidelines, performance
statistics and documents containing international experiences.

V.P. Shetty, chairman and managing director, IDBI and chairman
of CDR Standing Forum and CDR Core Group, officially launched
the Web site on September 16, said a press release.

The CDR Mechanism was instituted as per the guidelines issued by
the Reserve Bank of India in August 2001 to ensure timely and
transparent co-ordinated program of restructuring the debts of
viable corporations and to minimize the losses to creditors and
other stakeholders.

As on August 31, 124 cases having aggregate debt of INR72,721
crore were restructured, of which 97 have been fully
implemented, with nearly 75 percent cases performing well and
meeting their debt service obligations on time, the release
added.


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

CHAROEN POKPHAND: Placed on Credit Watch with Negative Outlook
--------------------------------------------------------------
Pefindo placed the ratings of PT Charoen Pokphand Indonesia Tbk.
(CPIN) and its Bond I/2003 of IDR500 billion into Creditwatch
with negative implications following the bird flu outbreak that
has been contagious into human being in Indonesia.

Moreover, the Indonesian government has stated the extraordinary
status of contagious disease with regard to this bird flu
outbreak in the country. Pefindo is concerned on further
consequences of the disease, in which people might reduce the
consumption of chicken, and thus adversely affect the demand and
selling price in the market. This condition might in turn
significantly disturb CPIN's business and financial performance
in the near and medium terms.

At the moment, Pefindo is still looking for more detailed
information from CPIN's management for further rating action. At
present, CPIN and its Bond carry "idBBB-" ratings with a stable
outlook.

PT Charoen Pokphand Indonesia is the leading manufacturer of
poultry feed in Indonesia with a network of production plants,
research and development facilities and breeding centres in
Medan, Jakarta and Surabaya.

CONTACT:

P.T. Charoen Pokphand Indonesia
Jalan Ancol VIII/1
Jakarta, 14430
Indonesia
Phone: 62 21 691 2501
Fax:   62 21 691 9862


PEMBANGUNAN PERUMAHAN: Pefindo Affirms "BBB" Rating
---------------------------------------------------
Pefindo affirmed its ratings of "idBBB" for PT Pembangunan
Perumahan Persero (PBPR) and the Company's IDR300 billion Bond
II/2004, and at the same time assigned its rating of "idBBB(sy)"
to PBPR's syariah medium term notes of IDR100 billion.

The ratings reflect a strong demand for construction business,
the Company's good presence in construction business (especially
in building segment) and moderate profitability. However, the
ratings are mitigated by working capital pressure due to the
delay payment from government projects, tightening competition,
and the Company's aggressive financial leverage and below
average cash flow protection.

PBPR is one of the largest construction companies in Indonesia.
As to date, PBPR is owned by Government of Indonesia (51% of
shares ownership) and most of its employees through Koperasi
Karyawan Pemegang Saham (49%).

CONTACT:

PT Pembangunan Perumahan Persero
Operation Division I
Jl. H. Adam Malik No. 103 Medan 20114
Phone: 061 6615199 (Hunting)
Fax:   061 6618499
Email: ptppcab1@indosat.net.id
Web site: http://www.pt-pp.com/


PERTAMINA: Imports More Barrels of Oil for December Use
-------------------------------------------------------
After having previously imported almost 15 million barrels of
oil from the United States, state-owned oil and gas firm PT
Pertamina plans to import more oil for future use, Dow Jones
reports.

According to Pertamina spokesamn Abadi Purnama, the Company is
slated to import up to 13.4 million barrels of fuel producs for
consumption in December this year, although Mr. Purnama did not
provide further details.

Even if Indonesia is the only Southeast Asian member of the
Organization of Petroleum-Exporting Countries (OPEC), it is
considered a net oil importing country, as its output is not
enough to keep up with demand. Pertamina is the only company
allowed by the Indonesian government to import oil.

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


TELEKOMUNIKASI INDONESIA: Launches Fiber Optics System
------------------------------------------------------
In order to provide better services for its clients in Java,
state-owned telecommunications firm PT Telekomunikasi Indonesia
(Telkom) launched a fiber optics communcation system on Sept.
26, 2005, reports the Jakarta Post.

According to Telkom president Arwin Rasyid, the new
communication system would not only improve services, but would
also increase the bandwidth capacity by eight times in Java,
three times in Kalimantan and two times in Sulawesi. It is also
expected to increase economic development in these areas.

The Company had spent almost IDR250 billion to lay fiber optic
cables in order to connect the main islands in the country;
every kilometer of fiber optic cable iad amounts to IDR82.17
million, and Telkom has laid more than 9,000 kilometers of fiber
optic cable already.

According Telkom's corporate communiations vice president
Muhammad Awaluddin, the system is slated to increase revenues,
once more operators and customers use the system.

CONTACT:

P.T. Telekomunikasi Indonesia (Persero)
Jalan Japati No 1
Bandung 40133
Indonesia
Phone: +62 22 452 1108
Fax:   +62 22 452 1408
Web site: http://www.telkom.co.id/


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

BANDAI COMPANY: To Start Business Restructuring
-----------------------------------------------
The Ministry of Trade and Industry (METI) has approved the
business-restructuring plan of Bandai Co. Ltd. under the Law on
Special Measures for Industrial Revitalization on September 22,
2005.

The restructuring plan was evaluated pursuant to Article 3,
Paragraph 6 of the Law on Special Measures for Industrial
Revitalization, and found to fulfill the requirements.

CONTACT:

Bandai Co. Ltd.
1-4-8 Komagata, 2-chome, Taito-ku
Tokyo 111-8081, Japan
Phone: +81-3-3847-5005
Fax: +81-3-3847-5067


DAIEI INCORPORATED: To Close Nine Outlets in November
-----------------------------------------------------
Daiei Incorporated will shut down nine money-losing outlets in
November 27, in line with its restructuring plan to close a
total of 53 stores across Japan, Japan Today reports.

The nine stores are located in Iwate, Saitama, Shiga, Kagawa,
Tokushima, Hiroshima and Chiba prefectures.

The supermarket chain operator has been restructuring itself
under a rehabilitation plan set up late last year with the help
of the governmental Industrial Revitalization Corporation of
Japan.

CONTACT:

Daiei Incorporated
4-1-1, Minatojima Nakamachi,, Chuo-ku
Kobe 650-0046, Japan
Phone: +81-78-302-5001
Fax: +81-3-3433-9226


MITSUBISHI CHEMICAL: METI OKs Business Restructuring Plan
---------------------------------------------------------
The Ministry of Trade and Industry (METI) has approved the
business-restructuring plan of Mitsubishi Chemical Corporation
under the Law on Special Measures for Industrial Revitalization
on September 22, 2005.

The restructuring plan was evaluated pursuant to Article 3,
Paragraph 6 of the Law on Special Measures for Industrial
Revitalization, and found to fulfill the requirements.

CONTACT:

Ministry of Economy, Trade and Industry (METI)
3-1 Kasumigaseki 1-Chome
Chiyoda-ku, Tokyo
Phone: 81-3-3501-1511
Email: webmail@meti.go.jp
Web site: http://www.meti.go.jp/english/index.html


MITSUBISHI FUSO: Truckmaker Recalls More Vehicles
-------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation, 85 percent owned by
Germany's DaimlerChrysler Ag, announced five new recalls Monday
covering some 120,000 middle and lightweight trucks, the
Associated Press reports.

The overall figures include some vehicles recalled up to eight
times for defects such as faulty tail pipes, or wiring that can
short a fuse or cause the vehicle to stop.

Mitsubishi Fuso has been embroiled in a defect cover-up scandal
that first surfaced in 2000. At that time, it was still a part
of Mitsubishi Motors Corporation.

The carmaker hopes to complete 90 percent of all recall repairs
by next March, and that repair costs would reach JPY149 billion
(US$1.3 billion). It could not immediately provide information
on recalls covering trucks and buses sold overseas.

CONTACT:

Mitsubishi Fuso Truck and Bus Corporation
2-16-4, Kounan,
Minato-ku,Tokyo 108-8285,
Phone: +81-3-6719-4821
Fax: +81-3-6719-0111
Web site: http://www.mitsubishi-fuso.com


MITSUBISHI MOTORS: August 2005 Sales Up 22.3%
---------------------------------------------
Mitsubishi Motors Corporation announced global production, as
well as domestic sales and export results for August 2005.

In a company press release, total global production was 103,774
units, an increase of 22.3 percent from August 2004.
Domestically, 45,847 units were produced in the month, 57.8
percent more than the same period last year.

Total Sales in Japan came to 12,530 units, or a 23.5 percent
increase of the previous period's figure. Domestic sales have
now increased year-on-year for four consecutive months. Total
sales for passenger cars were 8,029 units, 131 percent of last
year's volume, while commercial vehicle sales also increased
steadily, reaching 4,501 units, or 112.1 percent year-on-year.

Overseas production for the month rose to 57,927 units, a 3.7
percent increase from the amount manufactured last year.
European production was up 78.7 percent compared to last year's
volume, to 4,586 units. Production in Asia increased to 41,564
units, 105.2 percent of last year's figure for August, while
production in North America slightly declined 0.2 percent to
9,060 units.

Total exports from Japan were up 19 percent to 33,803 units.
Exports to Europe dropped to 10,028 units, or 91.9 percent year-
on-year. Exports to Asia were down by 22.3 percent, for a total
of 2,341 units, while exports to North America increased to
4,995 units, or 116.8 percent compared to the year before.

CONTACT:

Mitsubishi Motors Corporation
Address:  2-16-4 Konan, Minato-ku
Tokyo 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014


MITSUBISHI PHARMA: METI Approves Restructuring Scheme
-----------------------------------------------------
The Ministry of Trade and Industry (METI) has approved the
business-restructuring plan of Mitsubishi Pharma Corporation
under the Law on Special Measures for Industrial Revitalization
on September 22, 2005.

The restructuring plan was evaluated pursuant to Article 3,
Paragraph 6 of the Law on Special Measures for Industrial
Revitalization, and found to fulfill the requirements.

CONTACT:

Mitsubishi Pharma Corporation
2-6-9, Hiranomachi, Chuo-ku
Osaka 541-0046, Japan
Phone: +81-6-6201-1600
Fax: +81-6-6233-2516


NAMCO LIMITED: To Undergo Business Restructuring
------------------------------------------------
The Ministry of Trade and Industry (METI) has approved the
business-restructuring plan of Namco Limited under the Law on
Special Measures for Industrial Revitalization on September 22,
2005.

The restructuring plan was evaluated pursuant to Article 3,
Paragraph 6 of the Law on Special Measures for Industrial
Revitalization, and found to fulfill the requirements.

CONTACT:

Namco Limited
1-21 Yaguchi 2-Chome
Ohta-Ku 146-8655, Tokyo
JAPAN
Phone: +81 3 3756 2311
Fax: +81 3 3756 1248
Web site: http://www.namco.co.jp


SONY CORPORATION: Fitch Affirms Rating on Restructuring Plan
------------------------------------------------------------
Fitch Ratings has today affirmed Sony Corporation's Senior
Unsecured foreign currency rating at 'A-' (A minus) and Short
term rating at 'F2' following the company's recent announcement
of a mid-term restructuring plan. Even though the rating Outlook
remains Stable, the agency says it believes the plan does not do
enough to address Sony's core problems.

"Fitch will closely track how Sony implements its restructuring
plan but the agency believes that Sony must focus on innovation
and creativity as it lacks the "big hit" product needed for the
company to revitalize its electronics division. This, more than
mere cost-cutting and downsizing operations, is necessary for
Sony to strengthen its group performance," says Mr. Tatsuya
Mizuno, director in Fitch's Telecom, Media & Technology team.

On 22 September 2005, Sony announced its group corporate
strategy for FY2005-FY2007, with a focus on strengthening group
performance through revitalization of its electronics division.
According to the plan, Sony aims to achieve consolidated sales
of over JPY8 trillion and an operating profit margin (before
restructuring and one time charges) of 5% (electronics 4%) by
the end of fiscal year ending 31 March 2008 ("FYE08"). Sony's
forecast for consolidated operating income (post restructuring
charges) was revised downward by JPY50 billion to JPY20bn loss
for FYE06.

The restructuring plan envisages streamlining its operation by
reducing 10,000 group employees over the three years to March
2008, closing 11 factories, and reducing the number of product
models by 20%. Through these measures, the company aims to cut
costs by JPY200bn. In addition, Sony will sell JPY120bn of
assets by FYE08, including real estate and stock holdings.

Sony's strengths lie in its value-added electronics products
with innovation and creativity, which previously enabled Sony to
earn premium margins on products in the consumer electronics
markets despite product prices continuing to decline. In the
past, Sony had demonstrated its initiative and market leadership
in creating innovative products with unique technologies like
the Trinitron color TV, Walkman personal headphone stereo, CD
player, 8mm camcorder, MD system, and Playstation game console,
but the market has rarely seen such innovative electronics
products from Sony in the past ten years.

Sony's CEO, Howard Stringer, emphasized "eliminating corporate
silos" which have prevented the company from focusing its vast
resources on its most competitive products and to foster
coordinated, efficient and rapid decision-making. However, Fitch
stresses the importance that Sony's employees have a clear
strategic direction and focus on developing products that
clearly differentiate Sony from its competitors in order to
attract consumers.

Sony has been emphasizing "synergies" between its key
electronics and entertainment businesses, but they have
different business profiles, are based on different corporate
cultures and are pursuing targets on a different time horizon.
Thus, Fitch believes "eliminating corporate silos" and striving
for the "synergies" will likely bring about more difficulties
than expected.

"If the gap in strategies between the electronics and the
entertainment operations continues to widen, given the
possibility of conflict between them, it will further undermine
Sony's corporate identity," notes Mr. Mizuno.

Fitch's ratings on Sony already incorporate problems the company
is currently experiencing, however, should the abovementioned
concerns crystallize, it may lead the rating agency to take a
further rating action.

CONTACT:

Tatsuya Mizuno, Tokyo,
Phone: +81 3 3288 2771

Jonathan Cornish, Hong Kong
Phone: +852 2263 9901.
Media Relations:

Ching-Yuen Lock, Singapore
Phone: +65 6238 7301

Sony Corporation
7-35, Kitashinagawa
6-chome, Shinagawa-ku
Tokyo 141-0001, Japan
Phone: +81-3-5448-2111
Fax: +81-3-5448-2244


TOSHIBA CORPORATION: Intel, Microsoft Supports HD DVD Format
------------------------------------------------------------
Toshiba Corporation was delighted to learn that Intel and
Microsoft Corporation have announced their support for HD DVD,
the next generation DVD format.

Toshiba Corporation actively promotes HD DVD and serves as the
chair of the DVD Forum, the industry organization that has
defined the specifications of HD DVD as the next-generation DVD
format.

This announcement of support by two of the key companies in the
IT industry reflects the growing recognition of HD DVD as the
ideal format for the IT industry in terms of superior scope,
versatility and reliability -- essential factors that also apply
to the consumer electronics industry. This endorsement
underlines the excellent interoperability offered by HD DVD in
respect of sustaining the digital convergence of consumer
electronics and IT.

We are confident that Intel and Microsoft's endorsement of HD
DVD, in addition to the support already expressed by major
Hollywood studios, Japanese and international content holders
and disc replicators, will add to the momentum of support that
is powering acceptance of HD DVD as the format of choice for
next generation HD applications.

The HD DVD format is the family of advanced optical discs
defined by the DVD Forum, an international body with some 240
member companies, including major Hollywood studios and leaders
from the CE and IT industries. Disc specifications approved by
the Forum are arrived at as a result of open and extensive
discussions and technical evaluations.

HD DVD features compatibility with current DVD, and to this adds
advanced features, including cost-efficient manufacturing of
discs and hardware, superior interactivity through the adoption
of iHD software, and the ability to meet rapidly increasing
consumer demand for high definition DVD content on large-sized
flat panel TVs and PCs.

HD DVD also realizes Hollywood's most pressing concern: robust
content protection -- essential for content holders -- thereby
supporting healthy growth of the content industry.

Toshiba will continue to promote accelerated adoption of the HD
DVD format and collaboration with interested companies.

ANNEX

1) About DVD Forum

Note: The DVD Forum's major mission is to define DVD format
specifications, promote exchanges and the dissemination of ideas
and information about the DVD format, and to encourage broad
acceptance of DVD products on a worldwide basis, across the
entertainment, consumer electronics and IT industries. Key
issues, including the adoption of new DVD formats and related
policy decisions, are determined by the Forum's Steering
Committee.

As of September 2005, the Steering Committee members are:
Hitachi, Ltd., IBM Corporation, Industrial and Technology
Research Institute, Intel Corporation, LG Electronics Inc.,
Matsushita Electric Industrial Co. Ltd., Microsoft Corporation,
Mitsubishi Electric Corporation, NEC Corporation, PIONEER
CORPORATION, Royal Philips Electronics, SAMSUNG ELECTRONICS CO.,
LTD., SANYO Electric Co., Ltd., SHARP CORPORATION, Sony
Corporation, THOMSON, Time Warner Inc., Toshiba Corporation,
Victor Company of Japan, Limited, Walt Disney Pictures and
Television

2) Some recent highlights related to HD DVD

September 27, 2005

Toshiba announces development of the world's first notebook PC
integrating a slim-type HD DVD-ROM drive. Toshiba plans to
commercialize the new PC by the beginning of 2006, initially in
Japan.

September 26, 2005

Toshiba Samsung Storage Technology (TSST) announces
commercialization of the world's first slim HD DVD drive for
notebook PCs. TSST will start sample shipment of the drive by
the end of the year.

September 21, 2005

Toshiba announces a 30GB dual-layer HD DVD-R (recordable) disc
that extends the capacity for a write-once next generation DVD
disc.

June 29, 2005

Several key manufacturers in the disc replication and equipment
industry simultaneously confirm the manufacturability of HD DVD
discs at high volumes, backing up their findings with tangible
data proving production feasibility and realistic output levels.

June 8, 2005

Toshiba and three major manufacturers announce successful
development of a prototype 15GB HD DVD-R disc, the write-once
next generation DVD disc, that can be easily produced at high
volume on standard DVD-Recordable production lines.

May 11, 2005

Toshiba announces two new HD DVD discs: a triple-layer HD DVD-
ROM (read-only) disc with a data capacity of 45 gigabytes; and a
double-sided, dual-layer hybrid ROM disc with a dual-layer HD
DVD-ROM side and dual-layer DVD-ROM side that can store 30GB of
high-definition content on the HD DVD-ROM side and 8.5GB of
standard-definition content on the DVD-ROM dual layer side.

This is a company press release.

CONTACT:

Toshiba Corporation
Keisuke Ohmori,
Phone: +81-3-3457-2105
Web site: http://www.toshiba.co.jp/contact/media.htm


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

JINRO LIMITED: Hite Unloads Portion of Stake Acquired
-----------------------------------------------------
A part of the 52 percent of Jinro Ltd. shares acquired by Hite
Brewery Co. will be sold to Morgan Stanley Emerging Market Fund,
Asia Pulse reports.

Once Morgan Stanley completes the acquisition, Hite's equity
stake in Jinro will be reduced to 41.85 percent.

The disposal of KRW250 billion worth of Hite's 31.25 percent
stake, is being done in a bid to improve its financial standing
following its acquisition of the Jinro Stake.

The Hite-led consortium was chosen in April as preferred
negotiator for the acquisition of the company.  The consortium
is estimated to have paid KRW3.2 trillion (US$3.1 billion) when
the deal was finalized in June.

Jinro, the largest producer of South Korea's popular distilled
liquor soju, went into court receivership in May 2003.

CONTACT:

Jinro Limited
1448-3 Seocho-dong Seocho-gu
Jinro Bldg
Seoul, SEOUL 137-866
KOREA (SOUTH)
Telephone: +82 2 520 3114; +82 2 520 3453
Web site: http://www.jinro.co.kr/


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

ANCOM BERHAD: Purchases New Ordinary Shares
-------------------------------------------
Ancom Berhad furnished Bursa Malaysia Securities Berhad a notice
of shares buy back with the following details:

Date of buy back: September 26, 2005

Description of shares purchased: Ordinary shares of MYR1.00
each

Total number of shares purchased (units): 63,800

Minimum price paid for each share purchased (MYR): 0.620

Maximum price paid for each share purchased (MYR): 0.630

Total consideration paid (MYR):

Number of shares purchased retained in treasury (units): 63,800

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

Cumulative net outstanding treasury shares as at to-date
(units): 13,988,600

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

CONTACT:

Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor
Telephone: 03-77252888
Fax: 03-77257791
Web site: http://www.ancom.com.my


DATUK KERAMAT: Replies to Bourse's Query on Restraining Order
-------------------------------------------------------------
Datuk Keramat Holdings Berhad furnished Bursa Malaysia
Securities Berhad a reply to its query letter.

Further to the announcement made to Bursa Malaysia on September
20, 2005, the Company disclosed that the interim restraining
order was granted by the Court of Appeal on September 19, 2005
(restraining order) pursuant to Section 176(10) of the Companies
Act, 1965.

There is no fixed expiry date for the restraining order as the
Court of Appeal has granted that the restraining order is valid
for the duration and until the final disposal of the Companies
appeal to the Court of Appeal.

To view a full copy of the query letter, click
http://bankrupt.com/misc/DatukKeramatBursalettercontent092605.pd
f

CONTACT:

Datuk Keramat Holdings Berhad
16B 3rd Floor
Jalan 14/20 Section 14
46100 Petaling Jaya
Malaysia
Phone: 03-79588166
Fax: 03-79566766


DATUK KERAMAT: Explains Failure to Submit Annual Report
-------------------------------------------------------
Datuk Keramat Holdings Berhad refers to its announcement made to
Bursa Malaysia Securities Berhad on July 7, 2005 in respect of
the Annual Report for the 15 months Financial Period ended
December 31 2004 (AR2004).

The company advised Bursa Malaysia of the following:

(1) The Company has yet to submit the AR2004 as at todate.

(2) The Company is not able to submit the AR2004 on or before
the expiry of the 3 months period from June 30, 2005 i.e.
September 30, 2005.

(3) The trading in the securities of the Company will be
suspended on the market day following the expiry of the 3 months
from June 30, 2005 i.e. October 1, 2005 and shall only be
uplifted on the market day following the submission of the
outstanding AR2004.

However, the trading in the securities of the Company has been
suspended since August 1, 2005 following the non-submission of
the Annual Audited Accounts together with the Auditors' and
Directors' Reports for the financial year ended December 31,
2004.

(4) The reason for the delay is that the Company is still in the
midst of working on the proposed restructuring scheme as
announced earlier to the Exchange.


FABER GROUP: Issues New Shares for Listing, Quotation
-----------------------------------------------------
Faber Group Berhad informed that its additional 147,000 new
ordinary shares of MYR1.00 each arising from the conversion of
MYR294,000 Nominal Value of 2000/2005 Irredeemable Convertible
Unsecured Loan Stocks into 147,000 New Ordinary Shares will be
granted listing and quotation with effect from 9:00 a.m.,
Wednesday, September 28, 2005.

CONTACT:

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


GEORGE TOWN: Fails to Submit Annual Report
------------------------------------------
George Town Holdings Berhad explained to Bursa Malaysia
Securities Berhad the delay in the submission of its Annual
Report for the 15 months financial period ended December 31,
2004 (AR2004).

The company refers to its announcement made on July 7, 2005 in
respect of the above subject matter.

The company advised the exchange of the following:

(1) The Company has yet to submit the AR2004 as at to date.

(2) The Company is not able to submit the AR2004 on or before
the expiry of the 3 months period from June 30, 2005 i.e.
September 30, 2005.

(3) The trading in the securities of the Company will be
suspended on the market day following the expiry of the 3 months
from June 30, 2005 i.e. October 1, 2005 and shall only be
uplifted on the market day following the submission of the
outstanding AR2004.

However, the trading in the securities of the Company has been
suspended since August 1, 2005 following the non-submission of
the Annual Audited Accounts together with the Auditors' and
Directors' Reports for the financial year ended December 31,
2004.

(4) The reason for the delay is that the Company is still in the
midst of working on the proposed restructuring scheme as
announced earlier to the Exchange.

CONTACT:

George Town Holdings Berhad
Jalan 14/20 Section 14
46100 Petaling Jaya, Selangor Darul Ehsan 50300
Malaysia
Telephone: +60 3 7958 8166
Fax:  +60 3 7957 8471


GEORGE TOWN: Asnwers BM's Query on Restraining Order
----------------------------------------------------
George Town Holdings Berhad issued to Bursa Malaysia Securities
Berhad details of the Restraining Order in favor of the company
and 22 subsidiary and Associate Companies.

Further to the announcement to Bursa Malaysia Securities Berhad
on September 20, 2005, the Company advised that the interim
restraining order was granted by the Court of Appeal on
September 19, 2005 (restraining order) pursuant to Section
176(10) of the Companies Act, 1965.

There is no fixed expiry date for the restraining order as the
Court of Appeal has granted that the restraining order is valid
for the duration and until the final disposal of the Companies
appeal to the Court of Appeal.

Click to view a full copy of the query letter
http://bankrupt.com/misc/GeorgeTownHoldings092605.pdf


K.P. KENINGAU: Sees No Development on Default Status
----------------------------------------------------
In compliance with Bursa Malaysia Securities Berhad Practice
Note 1/2001, K.P. Keningau Bhd (KPK) hereby provides an update
on its default in payments status as at August 31, 2005 per
attachment in Appendix A.

Total defaults by KPK and its subsidiaries on principal sums
plus accrued interest as at August 31, 2005 amounted to
MYR 40,773,970.61.

The defaulted amounts owing to financial institutions are in
respect of past banking facilities, which comprised of trade
financing, term loans, revolving creditors and overdrafts.

Current status of legal claims is as follows:

On RHB Suit No: K22-32-2005, the Plaintiff has filed an
application for summary judgment, and the date for hearing has
been fixed for October 12, 2005.

On UOB Writ of Summons and Statement of Claims re Suit No: K22-
165-2004 and K22-169-2004 respectively, the Defendants' appeals
will be heard and for decision on October 16, 2006.

Also, on the above two UOB cases, the Defendants' Stay
Applications have been fixed on December 30, 2005 for decision.
Lastly, on UOB Suit No: K22-164-2004 the Plaintiff's summary
judgment application has been set for a decision hearing on
December 9, 2005.

Save for the above, there is no new development on the default
in payments and legal suits status since the previous
announcement made pursuant to this Practice Note.

This announcement is dated 26 September 2005.

To view a full copy of Appendix A, click
http://bankrupt.com/misc/KPKeningauBerhad092605.pdf

CONTACT:

K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor
Telephone: 03-7784 3922
Fax: 03-7784 1988


HABIB CORPORATION: Shareholders OK Proposals Set Out in EGM
-----------------------------------------------------------
Habib Corporation Berhad issued to Bursa Malaysia Securities
Berhad an update to the following proposals:

(I) Proposed Employees' Share Option Scheme (ESOS) for eligible
employees and directors of the company and its subsidiaries
(Proposed ESOS);

(II) Proposed increase in the authorized share capital of the
company from MYR802,000,000 comprising 800,000,000 ordinary
shares of MYR1.00 each (Habib shares) and 200,000,000 Redeemable
Convertible Cumulative preference shares of MYR0.01 each (Habib
RCCPS) in the company to MYR1,000,000,000 comprising 998,000,000
Habib shares and 200,000,000 Habib RCCPS (Proposed Authorized
Share Capital Increase);

(III) Proposed Change of Name of the Company (Proposed Name
Change) and

(IV) Proposed Amendment to the Memorandum and Practices of
Association (M&A) of the company (Proposed Amendments).

(Collectively known as the proposals)

Commerce International Merchant Bankers Berhad, on behalf of the
company advised that the shareholders of the Company have
approved the ordinary and special resolutions pertaining to the
Proposals as set out in the Circular dated September 2, 2005 at
the Extraordinary General Meeting of our Company.

This announcement is dated 26 September 2005.

CONTACT:

Habib Corporation Berhad
1st Floor, Bangunan Habib Corporation,
Lot 106, Lorong Mamanda 2, Ampang Point,
68000 Ampang, Selangor
Malaysia
Telephone: (60) 3 452 7777
Fax: (60) 3 452 2143


HAP SENG: Buys Back 118,300 Ordinary Shares
-------------------------------------------
Hap Seng Consolidated Berhad issued to Bursa Malaysia Securities
Berhad a notice of its shares buy back with the following
details:

Date of buy back from: September 14, 2005

Date of buy back to: September 20, 2005

Total number of shares purchased (units): 118,300

Minimum price paid for each share purchased (MYR): 2.120

Maximum price paid for each share purchased (MYR): 2.200

Total amount paid for shares purchased (MYR): 259,414.72

The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad

Number of shares purchased retained in treasury (units): 118,300

Total number of shares retained in treasury (units): 33,328,700

Number of shares purchased which were cancelled (units): 0

Total issued capital as diminished: 0

Date lodged with registrar of companies: September 26, 2005

CONTACT:

Hap Seng Consolidated Berhad
No. 1A, Jalan 205
46050 Petaling Jaya
Selangor
Telephone: 03-7783 9888
Fax: 03-7781 6305


LEBAR DAUN: Meets Shareholding Spread Requirement of Bourse
-----------------------------------------------------------
Lebar Daun Berhad (LDAUN) issued to Bursa Malaysia Securities
Berhad details of its compliance with the Public Shareholding
Spread Requirement pursuant to Paragraph 8.15(1) of the Listing
Requirements of Bursa Malaysia.

Further to the announcement made on September 22, 2005, the
Board of Directors of LDAUN informed Bursa Malaysia Securities
Berhad that it has on September 23, 2005 met the minimum
requirement of 1,000 public shareholders.

Based on the Company's Record of Depositors as at September 23,
2005, the public shareholding spread is 35.05 percent held by
1,063 public shareholders holding not less than 100 shares each.

Hence, LDAUN has duly complied with the public shareholding
spread requirement pursuant to paragraph 8.15(1) of the Listing
Requirements of Bursa Malaysia Securities Berhad.

This announcement is dated 26 September 2005.

CONTACT:

Lebar Daun Berhad
No 2 Jalan Tengku Ampuan Zabedah J9/J
Seksyen 9, 40000 Shah Alam, Selangor Darul Ehsan
Malaysia
Telephone: +60 3 5511 1333
Fax: +60 3 5511 1888


MEDIA PRIMA: Bourse to List, Quote New Shares
---------------------------------------------
Media Prima Berhad informed that its additional 400,000 new
ordinary shares of MYR1.00 each arising from the conversion of
600,000 Irredeemable Convertible Unsecured Loan Stocks 2003/2008
into 400,000 New Ordinary Shares will be granted listing and
quotation with effect from 9:00 a.m., Wednesday, September 28,
2005.

CONTACT:

Media Prima Berhad
Sri Pentas,
No. 3 Persiaran Bandar Utama,
Bandar Utama,
47800 Petaling
Selangor
Phone: 03-77266333
Fax: 03-77280787
Web site: http://www.mediaprima.com.my/index.asp


PUNCAK NIAGA: Issues Shares Buy Back Notice
-------------------------------------------
Puncak Niaga Holdings Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:

Date of buy back: September 26, 2005

Description of shares purchased:  Ordinary shares of MYR1.00
each

Total number of shares purchased (units): 100,000

Minimum price paid for each share purchased (MYR): 2.730

Maximum price paid for each share purchased (MYR): 2.750

Total consideration paid (MYR): 275,884.15

Number of shares purchased retained in treasury (units): 100,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 2,671,000

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

CONTACT:

Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Phone: 03-20318648
Fax: 03-20784386
Web site: http://www.puncakniaga.com.my


PUNCAK NIAGA: Adds New Shares for Listing, Quotation
----------------------------------------------------
Puncak Niaga Holdings Berhad advised that its additional 78,000
new ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Wednesday, September 28, 2005.


TENAGA NASIONAL: To Purchase Power Project by MHES Asia
-------------------------------------------------------
Tenaga Nasional Berhad advised Bursa Malaysia Securities Berhad
that it has signed an agreement for the purchase of electricity
energy generated by a small Renewable Energy (RE) power project
developed by MHES Asia Sdn. Bhd. under the Small Renewable
Energy Power Program or widely known as SREP.

The SREP Program was launched by the Government in May 2001 to
promote the utilization of renewable energy in power generation
in line with the Government's Fifth Fuel Policy and to reduce
emission of greenhouse gases. The signing of this REPPA
demonstrates the continuous support given by TNB for the success
of the Government's SREP Program.

TNB has agreed to purchase the electricity from MHES Asia Sdn.
Bhd. for a period of 21 years. The estimated value of this REPPA
is about MYR13.4 million per year.

The RE power plant developed by MHES Asia Sdn. Bhd. which
utilizes oil palm waste as biomass fuel will be located in
Serting, Negeri Sembilan and will have an export capacity of 10
MW to TNB. With the signing of this REPPA with MHES Asia Sdn.
Bhd., TNB has to date signed six REPPAs with a total capacity of
36.2 MW.

CONTACT:

Tenaga Nasional Berhad
129 Jalan Bangsar
59200 Kuala Lumpur, 59200
Malaysia
Telephone: +60 3 2296 5566
Fax: +60 3 2283 3686


WCT ENGINEERING: New Shares Up for Listing, Quotation
-----------------------------------------------------
WCT Engineering Berhad advised that its additional 30,000 new
ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation with effect from 9:00 a.m., Wednesday, September 28,
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
Telephone: 603-7805 2266
Fax: 603-7804 9877
E-mail: wctbhd@wcte.com.my


WCT ENGINEERING: Court to Hear Petition Next Month
--------------------------------------------------
Further to the WCT Engineering Berhad's announcement made to
Bursa Malaysia Securities Berhad on July 15, 2005, the Board of
Directors advised that the Court has fixed the date for decision
in respect of Maju Holdings Sdn. Bhd's Originating Summons on
October 18, 2005.

This announcement is dated 26 September 2005.


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

APEX MINING: Mapula Creek Files Tender Report
---------------------------------------------
Further to Circular for Brokers No. 4241-2005 dated September
19, 2005, Apex Mining Co. Inc. furnished the Philippine Stock
Exchange (PSE) a copy of the Tender Offer Report (SEC Form 19-1)
filed by Mapula Creek Gold Corporation.

The report is submitted pursuant to the Share Purchase Agreement
signed by Mapula Creek Gold Corporation with various
stockholders of the Company involving an aggregate of Three
Hundred Thirty-Eight Million Seven Hundred Twenty Thousand Eight
Hundred Forty-Six 9338,720,846), which constitutes approximately
Seventy-Three and 80/100percent (73.80%) of the total
outstanding Class "A" common shares of the Company.

As stated in the report, the purpose of the tender offer is to
acquire legal and beneficial ownership of the listed and
unlisted outstanding Class "A" common shares of the Company that
are not subject of the Share Purchase Agreement dated August 24,
2005.

Attached is a copy of the said report for your reference.
http://bankrupt.com/misc/tcrap_mapulacreekreport092705.pdf

CONTACT:

Apex Mining Company Inc.
6/F Manila Bank Building
6772 Ayala Avenue, Makati City 1226
Telephone:  810-0882; 892-6504
Fax: 810-0887


APEX MINING: Receives Tender Offer from Crew Gold
-------------------------------------------------
Further to Circular for Brokers No. 4241-2005 dated September
19, 2005, Apex Mining Co. Inc. furnished the Philippine Stock
Exchange (PSE) a copy of the Tender Offer Report (SEC Form 19-1)
filed by Crew Gold Corporation.

The report is submitted pursuant to the Share Purchase Agreement
signed by Crew Gold Corporation with various stockholders of the
Company involving an aggregate of Two Hundred Eleven Million Two
Hundred Forty-Five Thousand Six Hundred Seventy Eight
(211,245,678), which constitutes approximately Seventy-One and
43/100 percent (73.80%) of the total outstanding Class "B"
common shares of the Company.

As stated in the report, the purpose of the tender offer is to
acquire legal and beneficial ownership of the listed and
unlisted outstanding Class "B" common shares of the Company that
are not subject of the Share Purchase Agreement dated August 24,
2005.

Attached is a copy of the said report for your reference.
http://bankrupt.com/misc/tcrap_crewgoldreport092705.pdf


C&P HOMES: Board Approves Capital Restructuring
-----------------------------------------------
In a special meeting held Monday, September 26, 2005, the Board
of Directors of C&P Homes Inc. (the Company), approved the
following:

1) A restructuring for the US$150 million Floating Rate Notes
(FRN) issued by C&P Homes International Limited and guaranteed
by the Company, which will be presented to the holders of the
same FRNs for approval:

2) A capital restructuring that will involve:

(i) the application of the Company's additional paid-in capital
to partially wipe out the accumulated deficit of the Company;

(ii) the decrease in the authorized capital stock of the Company
from Five Billion Pesos (Php 5,000,000,000.00) to Five Hundred
Million Pesos (Php500,000,000.00) divided into Five Hundred
Million (500,000,000) common shares with par value of One Peso
(Php1.00) per share and in its subscribed and paid-up capital
stock from Four Billion Seven Hundred Ninety Six Million Seventy
One Thousand Nine Hundred Twenty Nine (4,796,071,929) shares to
Four Hundred Seventy Nine Million Six Hundred Seven Thousand One
Hundred Ninety Two (479,607,192) shares;

(iii) the application of the reduction surplus resulting from
the aforementioned capital decrease to partially wipe out the
accumulated deficit of the Company;

(iv) the increase in the Company's authorized capital stock to
Five Billion Pesos (Php5,000,000,000.00) divided into Five
Billion (5,000,000,000) common shares with par value of One Peso
(Php1.00) per share, and

(v) the issuance of shares out of the said capital increase to
certain holders of the outstanding Long-Term Commercial Papers
of the Company who have agreed to convert their LTCP holdings to
equity in the Company; and

3) The corresponding amendments to the Articles of Incorporation
of the Company.

The Board also resolved to convene a Special Stockholders'
Meeting on November 14, 2005 for the purpose of presenting the
above-described resolutions for stockholders' ratification and
set October 10, 2005 as the record date for said meeting.

About the Company

C & P Homes, Inc. (CMP) was incorporated to primarily engage in
the land or real estate business. It is the holding company to
consolidate the operations of its subsidiaries. The Company
conducts virtually all of its operations through its wholly
owned subsidiaries. These subsidiaries are principally engaged
in the development and marketing of low and medium cost homes.

CMP is the largest private low-cost housing developer in the
country, which operates in different geographic regions in the
Philippines. In addition to its core focus in providing
socialized and low-cost housing to the low-income segment of the
population, the company has likewise expanded its product range
to include higher value homes, which caters to the growing
middle-class. CMP, which has a market dominance in its
traditional focus in low-cost housing, is currently
strengthening its foothold in the middle-income market through
its Crown Asia projects.

The Company is more popularly known under the brands Camella and
Palmera. The Camella projects focus in southern Metro Manila,
Cavite, Laguna and Batangas regions while the Palmera brands are
visible in northeastern Metro Manila, Rizal and Bulacan. CMP
likewise markets socialized housing under the Carissa brand
name. C&P also has projects in Cebu, Cagayan de Oro and
Pangasinan.

CONTACT:

C&P Homes Incorporated
Las Pinas Business Centre
National Road, Las Pi¤as City
Phone:  874-5758; 873-2178; 772-1093; 726-6143
Fax:  872-4697; 726-6143
E-mail:  ltan@cmphomes.com.ph
Web site: http://www.cmphomes.com.ph


EAST ASIA: Central Bank Starts Liquidation
------------------------------------------
Liquidation of failed investment house East Asia Capital Corp.
(EACC) has begun, according to The Philippine Star.

The Bangko Sentral ng Pilipinas (BSP) or the central bank has
already placed and concluded the receivership of the investment
firm, which is now undergoing the liquidation process.

BSP has in June 2003 recommended putting EACC under receivership
and its licensed revoke after the firm suffered financial
problems, which started in 2001.

The Monetary Board (MB), the policy-making arm of the BSP, had
approved the appointment of Tomas Aure, a former BSP director of
Supervision and Examination Sector (SES), as receiver. The move
was made after the MB found that EACC is unable to pay its
liabilities, has sufficient realizable assets, and cannot
continue business without involving probable losses to
depositors and creditors.

East Asia, one of the investments houses hurt by the closure of
Urban Bank Corp. in 2000, is facing 19 legal cases by creditors.
Its total liabilities of Php1.08 billion exceeded its total
assets of Php667.13 million.

The MB had also recommended to the Securities and Exchange
Commission (SEC) the revocation of the East Asia's license.

In July 2000, the SEC ordered the closure of East Asia but was
later on lifted a month later to give way to negotiations
between the financially-strapped investment house and its
prospective investors.

The SEC's cease-and-desist order (CDO) was issued following an
audit that showed East Asia's failure to comply with the minimum
paid-up capital requirement of P300 million. SEC said the
investment house should infuse additional capital, amounting to
over P172.33 million or face appropriate sanctions or revocation
of license.

The SEC's Php300-million capital requirement was first imposed
in March 1998 to promote and ensure stability of the capital
market and competitiveness of investment houses in the country.

The regulator's audit findings also showed that East Asia
violated an MB Resolution, which requires that at least 25
percent of the firm's total income be derived from underwriting
and other fee-based activities.

According to the SEC's report, East Asia's fee-based income for
the month ending May 31, 2000 amounted to Php1.37 million or 20
percent of its gross income of Php6.82 million.


LMG CHEMICALS: TLO by DENR, Local Gov't Expires
-----------------------------------------------
The Temporary Lifting Order (TLO) issued to LMG Chemicals
Corporation by the Department of Environment and Natural
Resources (DENR) and the Local government of Pasig City expired
Friday last week.

The Company has applied for the issuance of a Permanent Lifting
Order (PLO) citing its compliance with the requirements of the
DENR/City Government of Pasig.

CONTACT:

LMG Chemicals Corp.
Chemphi Bldg., 1851 Arnaiz Ave.,
Makati City, Philippines
Phone: 818-6228,818-8711


MONDRAGON INTERNATIONAL: Wants Watchdog to Review Decision
----------------------------------------------------------
Beleaguered firm Mondragon International Philippines Inc. has
asked the Securities and Exchange Commission (SEC) to reconsider
its decision to revoke the Company's registration, Today News
relates.

The corporate regulator has cancelled Mondragon's certificate of
registration after the firm failed to submit its 2003 annual
report and its 2004 first quarter report for which it was fined
Php100,000 and Php75,000 respectively.

But the SEC released an order in August, which not only revoked
the Company's registration of securities, it also denied the
firm's request for reconsideration of a December 2004 suspension
order.

In its request, Mondragon sought an extension period for its
payment of the monetary penalties imposed by the SEC for its
disclosure violations. It added it is awaiting a High Court
ruling on its petition for resolution filed last June 28, 2004,
to settle its obligations worthy the regulator.

Mondragon said it is entitled to receive Php491.29 million from
Clark Development Corp., which took over Mimosa Leisure Estates.

The company said that it is currently plagued with financial
woes due to the closure of the Mimosa Regency Casino it operated
in Mimosa Leisure Estate in Clark Field, Pampanga.

CONTACT:

Mondragon International Philippines Inc.
Penthouse, Mondragon House
324 Sen. Gil J. Puyat Ave., Makati City
Phone:  818-2060/7084
Fax:  810-7584


PACIFIC PLANS: Planholders Want License Petition Junked
-------------------------------------------------------
A group of Pacific Plans clients has urged the Securities and
Exchange Commission (SEC) to reject the pre-need firm's
application for a dealership license, The Philippine Star has
learned.

The Parents Enabling Parents Coalition Inc. (PEPCI) wanted the
corporate regulator to shelve Pacific Plans license petition on
the ground that there is a valid and existing suspension of
payments order against the pre-need firm.

PEPCI also said Pacific Plans was found to have been guilty of
fraud in its transactions prior to and in connection with its
dealings, which resulted to the filing of the petition for
rehabilitation in the court.

The group said granting Pacific Plans application for
registration would be to the disadvantage of the pre-need firm's
shareholders, since order issued by a local court is still in
full force.

The Makati Regional Trial Court has issued an order prohibiting
Pacific Plans from making any payment of its liabilities as of
April 7 and selling any of its properties or assets except in
the ordinary course of business.

The SEC said there is no need for Pacific Plans to undergo
corporate rehabilitation as its financial statements show it is
solvent and liquid. The watchdog said Pacific Plans had a total
net worth of Php657.84 million and Php119.08 million as of end-
December 2004 and March 31, 2005, respectively.

Pacific Plans sought debt reprieve as it foresees the
impossibility of meeting future claims of its over 34,000
planholders owing to rising tuition costs.

Pacific Plans stopped selling open-ended educational plans in
1992, realizing that it would be a matter of time before the gap
between tuition and its income would affect it the way it does
now.

CONTACT:

Pacific Plans Inc.
2nd Flr., Grepalife Bldg,
221 Sen. Gil Puyat Ave.
Makati City
E-mail: bizialcita@grepa.com


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

HESHE HOLDINGS: Invests in Joint Venture Firm
---------------------------------------------
Pursuant to a joint venture agreement between Heshe Holdings
Limited and Chinawise Limited dated Aug. 29, 2005, the Company
announceD that on Sept. 26, 2005 it invested 700,000 in the
joint venture firm, Vic Technology Limited.

As a result of the investment, the Company owns 70% of Vic
Technology's issued share capital.

By Order of the Board
Chng Weng Wah
Director
Sept. 26, 2005

CONTACT:

Heshe Holdings Limited
78 Shenton Way
#20-01 MCL Land Building
Singapore 079120
Phone: 65 6372 4300
Fax:   65 6220 4327
Email: contacts@heshe.com.sg
Web site: http://www.heshe.com.sg


KAIMARINE OFFSHORE: Creditors Asked to Submit Debt Claims
---------------------------------------------------------
Notice is hereby given that the creditors of Kaimarine Offshore
Pte Limited, which is being voluntarily wound up, are required
on or before Oct. 18, 2005 to send in their names and addresses
with particulars of their debts and claims and the names and
addresses of their solicitors (if any) to the Liquidator c/o
Messrs Wee Seng Tiong & Co., 1 Coleman Street, #06-10 The
Adelphi, Singapore 179803.

If so required by notice in writing from the said Liquidator,
are by their solicitors or personally to come in and prove their
debts and 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 and claims are proved.

Dated: Sept. 16, 2005

Wee Hui Pheng
Liquidator
C/o Messrs. Wee Seng Tiong & Co.
1 Coleman Street, #06-10 The Adelphi
Singapore 179803


NEOCORP INTERNATIONAL: Creditor Seeks Winding Up
------------------------------------------------
Notice is hereby given that Standard Chartered Bank, a judgment
creditor of Neocorp International Limited, presented a winding
up petition against the Company to the Singapore High Court on
Sept. 14, 2005.

The Petition is directed to be heard before the Court sitting at
the Singapore High Court on Oct. 7, 2005, 10:00 a.m.

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 same by the
undersigned on payment of the regulated charge for the same.

The Petitioners' address is 6 Battery Road, Singapore 049909.

The Petitioners' solicitors are Messrs. Wong Partnership of One
George Street #20-01, Singapore 049145.

Messrs Wong Partnership
Solicitors for the Petitioners

Note:

Any person who intends to appear at the hearing of the Petition
must serve on or send by post to the solicitors Messrs. Wong
Partnership 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 solicitors (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the solicitors not later than 12:00 p.m. of Oct.
6, 2005(the day before the day appointed for the hearing of the
Petition).

CONTACT:

NeoCorp International Limited
31 Changi South Ave 2
Singapore 486478
Phone: 65 6542 9315
Fax:   65 6545 7880
Email: corp_affairs@neocorp.com.sg
Web site: http://www.neocorp.com.sg/


STARTECH ELECTRONICS: Fails to Get Acquisition Deal
---------------------------------------------------
Startech Electronics Limited refers to its announcements on
Sept. 16, 2005 requesting for a trading halt, and subsequently
on Sept. 20, 2005, in relation to the indicative offer for a
significant acquisition.

The Company has received an indicative offer from a third party
in relation to the possible acquisition of assets/business from
said Vendor and the proposed issue and allotment of shares in
the capital of the Company in consideration thereof, resulting
in the Vendor acquiring control of the Company.

The Company announces that following discussions with the
Vendor, the parties have decided not to proceed with the
proposed transaction.

As a condition to the acquisition, the Vendor had, inter alia,
required that the Group settle its outstanding debts and have a
positive net tangible asset value prior to completion of the
acquisition. The Company also announce sthat with a view to
improving the Group's financial position and facilitating the
aforementioned acquisition, the Company had considered a rights
issue and had, during the suspension of the Company's shares,
approached certain shareholders in relation to securing their
support for the rights issue.

Notwithstanding that the Company will not be proceeding with the
aforementioned transaction, it will continue with its plan to
improve its financial position and will release further
announcements as and when appropriate.


Submitted by
Lim Tai Toon
Managing Director


UNITED OVERSEAS: Buys More Shares in Unit
-----------------------------------------
United Overseas Land Limited announces that the Company
purchased an aggregate of 130,000 shares in its subsidiary,
Hotel Plaza Limited, for a total of SGD130,000 from the open
market on Sept. 26, 2005.

As a result, the Company's shares in Hotel Plaza Limited have
increased to 307,937,000 shares, 76.98% of the subsidiary's
entire issued and paid up capital of 400 million shares.

CONTACT:

United Overseas Land Limited
101 Thomson Road #33-00
United Square
Singapore 307591
Phone: 65 6255 0233
Fax:   65 6252 9822


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

CIRCUIT ELECTRONICS: Court Extends Submission of Reorg Plan
-----------------------------------------------------------
Circuit Electronic Industries Public Co. Ltd. previously
informed the Stock Exchange of Thailand (SET) that it has to
process the reorganization plan in order to submit to the
Central Bankruptcy Court within September 20, 2005.

Presently, the reorganization plan could not be submitted to the
Central Bankruptcy Court on time for it is still under review
and the company has yet to amend the Proforma Financial
Statements.

The Company has requested the Central Bankruptcy Court to extend
the due date from September 20 to October 21, 2005, which the
court approved as requested.

Please be informed

Yours sincerely,
Mr. Sukit Nganthavee
Director

CONTACT:

Circuit Electronic Industries Public Company Limited
45 Moo 12,Rojana Industrial Park, Amphoe Uthai Ayutthya
Telephone: 0-3533-0556-9, 0-3522-6280-9, 0-3522-6711
Fax: 0-3533-0560, 0-3522-6710
Web site: http://www.cei.co.th


PACIFIC ASSETS: Provides Information on Debt Settlement
-------------------------------------------------------
Pacific Assets Public Company Limited provided the Stock
Exchange of Thailand (SET) with additional information on the
inter-company debt settlement as requested by the SET, following
the letter of the Company previously disclosed on September 23,
2005 regarding the offer to purchase the common shares of
Pacific Estate Development Limited (PED)- a subsidiary which the
Company holds 99.99 percent of the registered capital.

(1) Summary of the debt settlement between PED and the Company.

According to the Sale Agreement with Lehman Brothers (Thailand)
Co. Ltd., the Company has to settle all inter-company debts
before selling its assets to Lehman.

Therefore, the Company clarified the process of the debt
settlement between PED with the Company as follows:

Million Baht

Total Outstanding Debts between PED and the Company as of August
31, 2005

Principal                   917

Accrued interest            509                   1,426.0

Debt Settlement

(1) Transfer of PED's Investment in
    its 4 Subsidiaries to the Company              (96.0)

(2) Transfer of the Debt of Pacific
    City Club to the Company                      (228.0)

(3) Transfer of the Debt of Pacific
    Home Office to the Company                    (282.0)

Remaining Debt between PED and the
Company to be Converted to Equity                  820.0

(2) The inter-company debt settlement and the debt to equity as
mentioned in item 1 will have no impact on the THB3,220 million
of the company's assets that will be sold to Lehman Brothers
(Thailand) Co. Ltd.

(3) The debt settlement of THB820 million between PED and the
Company will be under the process that PA will purchase the
shares of PED and, upon receiving the payment of the shares, PED
will then repay the debt to PA.

Please be informed accordingly.

Sincerely Yours,
Pacific Assets Public Company
Limited
Mr. Alex Te- Heng Ho
Vice Chairman

CONTACT:

Pacific Assets Public Company Limited
Two Pacific Place, Floor 23,
142 Sukhumvit Road,
Khlong Toei, Bangkok
Telephone: 0-2254-9900
Fax: 0-2254-9909, 0-2254-9287


PICNIC CORPORATION: Denies Proposed Acquisition by Petronas
-----------------------------------------------------------
Picnic Corporation Public Co. Ltd. issued to the Stock Exchange
of Thailand (SET) a statement clarifying news reports that
Petronas will buy the company.

The Company disclosed to the SET the fact about the news that
Head International LPG Business - Commercial & Retail Group Oil
Business of Petronas visited the Company, in September, and
listened to the presentation about the Company's businesses.

The information in the presentation has already been disclosed
to the SET and announced to the public, which the Company used
to present to investors and analysts.

The Company and Petronas have not entered in any agreement and
not concluded any deal yet.  The company will inform the SET if
there is any progress in the future.

Please be informed accordingly.

Yours faithfully,
Mr. Nattachai Aramrasmewanich
Managing Director

CONTACT:

Picnic Corporation Public Company Limited
805 Srinakarin Road, Suan Luang Bangkok
Telephone: 0-2721-3600-59
Fax: 0-2721-3571
Web site: http://www.picniccorp.com


THAI AIRWAYS: Nok Air Mulls Delay in Inaugural Flight
-----------------------------------------------------
Local tourist operators and 29 employees call for the retention
of Thai Airways International Plc as the operator for the Chiang
Mai-Mae Hong Son route for fear that Nok Air might drop the
service once it becomes unprofitable, reports The Nation.

As a result Nok Air considered the postponement of the service
for at least two weeks, executive vice president Sehapan Chumsai
said. Nok Air which is a subsidiary of Thai Air, was supposed to
make its inaugural flight on October 1, to take over the service
in order for Thai Airways to save cost.

"Nok Air will delay launching the service for at least two
weeks, or until the three parties reach agreement," Mr. Sehapan
said.

Thai Airways services the Chiang Mai and Mae Hong Son four
flights a day using the ATR-72 aircraft.  The charge for a
roundtrip is THB1,500 including tax and fuel surcharge.

According to Mr. Sehapan, the price was lower than Thai Airways
cost of operating the route, adding that it was about the same
price as might be charged by a low-cost airline.

"If Nok Air services the route, we may need to increase the
airfare to more than THB1,500. This might disappoint local
people and travelers," Mr. Sehapan said.

Once Nok Air begins the service, it will consider the fare on a
business basis.  If it finds the service unprofitable it will
stop the service.

CONTACT:

Thai Airways International Public Co., Ltd. (TG)
89 Viphavadi-Rangsit Road
Ladyao Chatuchak
Bangkok 10900 Thailand
Telephone: 662-5451000
Fax: 662-5122173






                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito and Erica Fernando, Editors.

Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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