TCRAP_Public/051018.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, October 18, 2005, Vol. 8, No. 206

                            Headlines

A U S T R A L I A

AINSWORTH GAME: Receives Show Cause Order from QOGR
AIRPORT LINE: State Reaches AU$106-Mln Settlement
ANKIR PTY: Appoints Official Liquidator
ANSETT AUSTRALIA: Ansett Workers Could Receive Claimed Pay
AVONLEA LODGE: Members Pass Winding Up Resolution

BENNETTS DRILLING: To Declare Dividend Today
BODYMINDLIFE PTY: Creditors Wind Up Firm
BOVEY KNIGHT: Winding Up Process Initiated
CALEDONIAN INVESTMENTS: Liquidator to Detail Winding Up Manner
C. PRICE: Members Agree to Close Operations

ECROCILL PTY: Court Orders Winding Up
EG GREEN: Four Vie for Ailing Business
FERNDALE RECYCLERS: Schedules Final Meeting October 25
G RETAIL: Annual Loss Narrows to AU$3.4 Mln in 2005
GROOVEHEAD PRODUCTIONS: Creditors OK Liquidator's Appointment

HENDERSON MCPHERSON: Succumbs to Voluntary Administration
IKM HOLDINGS: Placed Under Voluntary Liquidation
JAMES-MARTIN NOMINEES: Distributes Dividend to Creditors
JOJOVEN PTY: Winds Up Business
K&B GLASS: Court Issues Winding Up Order

MULTIPLEX: CFO Takes on New Role
PACIFIC LIQUOR: Members, Creditors Convene to Discuss Wind Up
PHILLIP MOTORS: Enters Liquidation
S&M INVESTMENTS: Martin Lewis Named Liquidator
SONDERGAARD PTY: Intends to Declare Dividend

STATE AUTOMATION: Falls Into Administrator's Hands
SOUTHERN CROSS: Members, Creditors to Receive Wind Up Report
VILLAGE ROADSHOW: U.S. Legal Claims Settled
WAGGA WAGGA: Liquidator Explains Liquidation to Members
* ASIC Prosecutes 109 Company Officers Over Public Complaints


C H I N A  &  H O N G  K O N G

ALLIED BENEFIT: Prepares to Wind Up Operations
APPLIED INTERNATIONAL: Buys Back 380,000 Shares
BANK OF CHINA: Axes Eight Workers Over Fraud Case
BANK OF CHINA: Bags Cash Management Award, Forex Award
CHINA JITONG: Accepting Proofs of Claims Until November 14

DIALIGHT COMPANY: Court to Hear Receiver's Application Oct. 25
GUANGDONG KELON: Clarifies Statements Re Acquisitions
HELTECH LIMITED: Begins Winding Up Process
MACRO REGENT: Prepares to Shut Down Business
MAK SHING: Creditors First Meeting Fixed October 26

SHUN QUN: Court Issues Winding Up Order
SHUN WING: Court to Hear Winding Up Petition December 7
SIEMENS VDO: Winding Process Initiated
TOP STAR: Creditors Meeting Fixed October 25
WELL TECH: Court Orders Winding Up


I N D I A

DUNCANS INDUSTRIES: GP Goenka Eyes Dilution of Stake
* CITI Mulls New Scheme for Revival of Weak Mills


I N D O N E S I A

NEWMONT MINING: Not Responsible for Baby's Death, Says Lawyer


J A P A N

DAIEI INCORPORATED: Operating Profit Down Amid Restructuring
HEISEI DENDEN: Investors Likely to Feel Crunch
MCDONALD'S HOLDINGS: Shrimp Burgers Expected to Spark Sales
MITSUBISHI MOTORS: To Supply Engines to DaimlerChrysler
MITSUBISHI MOTORS: Launches All New Outlander

MITSUBISHI MOTORS: Invites Car Fans to "Owners Day"
SONY CORPORATION: S&P Downgrades Rating to 'A-/A-2'
TOKYU CORPORATION: S&P Upgrades Rating to 'BBB-'


K O R E A

KOREA EXPRESS: Kumho Asiana Ranks as Second-Largest Shareholder


M A L A Y S I A

AYER HITAM: Submits Application for Restructuring Scheme
DATAPREP HOLDINGS: Clinches Hardware Maintenance Contract
DFZ CAPITAL: Issues New Shares for Listing, Quotation
DUOPHARMA BIOTECH: Unveils Dealings in Shares
DUOPHARMA BIOTECH: Bourse to List, Quote New Shares

HONG LEONG: Unveils Resolutions Passed at Meeting
ICAPITAL.BIZ BERHAD: Books MYR212,000 1Q Net Loss
MEDIA PRIMA: New Shares up for Listing, Quotation
METROPLEX BERHAD: Wind Up Hearing on Unit Set for January
OLYMPIA INDUSTRIES: Unit Served with Writ of Summons

PAN MALAYSIA: Buys Back 950,000 Ordinary Shares
PANTAI HOLDINGS: Bourse to List, Quote New Shares
PELIKAN INTERNATIONAL: New Shares up for Listing, Quotation
POLY GLASS: Notifies Bourse on Director's Dealing in Shares


P H I L I P P I N E S

C&P HOMES: Stockholders Meeting Fixed November 14
HOMEOWNERS SAVINGS: Court to Hear Motion for Assets Distribution
NATIONAL BANK: Posts Amended Quarterly Report
NATIONAL POWER: Expired Permit May Delay Auction
NATIONAL POWER: IPPs Willing to Shoulder Taxes

PHILIPPINE AIRLINES: Told to Report to Watchdog
PMA CREDIT: Lender Faces Liquidation


S I N G A P O R E

BUSINESS GROUP: Posts Notice of Intended Dividend
CITIRAYA INDUSTRIES: In Talks With Creditor to Settle Debt
EI-NETS LIMITED: Releases Audit of Financial Statements
JV GOLDSMITH: Creditor Seeks Winding Up
POWERMATIC DATA: 2005 Half-Year Net Results Returns to Black

ROYAL DOOR: Court Issues Wind Up Order
SENDO SINGAPORE: Declares First, Final Dividend


T H A I L A N D

ASIA HOTEL: Releases Rehab Plan Update
PACIFIC ASSETS: Cancels Purchase of Pacific Estate Shares
PICNIC CORPORATION: SET Allows Trading of Securities
THAI AIRWAYS: Ministry Raises Concern over Performance
THAI DURABLE: Issues 6 Months Progress Report

BOND PRICING: For the Week 17 October to 21 October 2005

     -  -  -  -  -  -  -  -

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

AINSWORTH GAME: Receives Show Cause Order from QOGR
---------------------------------------------------
As has previously been disclosed, Ainsworth Game Technology
Limited is the subject of an on-going investigation by the
Queensland Officer of Gaming Regulation (QOGR) in relation to
the Company's Queensland License. QOGR's concerns relate to an
incident in 2003 and communications with QOGR in 2003 and March
2004.

The Company has recently received a show cause notice from the
QOGR concerning this matter. The notice calls on the Company
within 28 days to make submissions as to why sanctions should
not be applied to the Company's supplier license in Queensland.
If sanctions were imposed (which could extend to consequences
such as suspension or cancellation of the Queensland License in
certain circumstances) it could have an adverse impact on the
objectives and financial performance of the Company in future
financial years in Queensland and other jurisdictions.

The Company has recently carried out a review of its compliance
management and control systems. As a result of this, substantial
changes have been made to policies, procedures and compliance
control systems. A number of key managerial and Regulatory and
Compliance Committee to a process of continual improvement to
the Company's compliance culture.

The Company continues to co-operate with the QOGR in relation to
this matter and does not have a view as to the likely outcome.

CONTACT:

Ainsworth Game Technology Limited
10 Hoker Street
Newington, New South Wales 2127
Australia
Phone: +61 9 7398 000
Fax: +61 9 7379 483
E-mail: sales@a-g-t.com.au
Web site: http://www.ainsowrth.com.au


AIRPORT LINE: State Reaches AU$106-Mln Settlement
-------------------------------------------------
AN AU$106-million final settlement has been reached between the
New South Wales (NSW) government and Sydney's Airport Rail Link
Company (ALC), says the Australian Associated Press.

The company was placed in receivership after the line failed to
attract the expected number of passengers.

The government had ended a legal battle with the firm, which
entered into a public-private partnership with the former
coalition government in 1995 to build the line.

The state government-owned RailCorp will pay ALC AU$106 million
in compensation for performance benchmarks, which were not
achieved.

Transport Minister John Watkins said 85 percent of fare revenues
from the four airport stations would be given to ALC until the
full amount was paid.


ANKIR PTY: Appoints Official Liquidator
---------------------------------------
Notice is hereby given that at a meeting of the members and
creditors of Ankir Pty Limited held on Sept. 14, 2005, it was
resolved that the Company be wound up, and that Gideon Isaac
Rathner of Lowe Lippmann, 5 St. Kilda Road, St. Kilda, Victoria,
3182 be appointed Liquidator for such purpose.

Dated this 14th day of September 2005

Gideon I. Rathner
Liquidator
Lowe Lippman
5 St. Kilda Road, St. Kilda
Victoria 3182


ANSETT AUSTRALIA: Ansett Workers Could Receive Claimed Pay
----------------------------------------------------------
The Federal Court is expected to hear next week a deal that
would deliver an extra AU$70 million to 12,500 former employees
of failed Ansett Australia Group of Companies and the Federal
Government, according to The Advertiser.

The deal involves pooling the combines assets and liabilities of
the 39 former Ansett companies. It requires lenders owed money
by asset-rich Ansett companies agreeing to some of their money
going to former workers of cash-strapped firms.

Should administrators KordaMentha secure approval of the courts
and corporate creditors, Ansett employees would get about 86
cents in every dollar owed. If not, they will get about 81 cents
in the dollar. That 5 cents difference equates to nearly AU$40
million of AU$760 million owed. Regardless of the outcome,
unsecured creditors will get nothing of the more than AU$2
billion they are owed.

Administrator Sebastian Hams said the administrators achieve
their targeted AU$32 million from asset sales in 2005, despite
not selling all the remaining assets as expected.

Mr. Hams said the administration was likely to be completed in
late 2007 or early 2008, much sooner that anticipated after the
airline collapsed in September 2001.

Ansett's secured creditors appear to have received good value
out of KordaMentha. They have been working for about 70 percent
of their going rate.

Still, Mr. Hams could not pinpoint the cost of the
administration. Some estimates put it at more than AU$200
million, most of which is wages for about 250 staff.


AVONLEA LODGE: Members Pass Winding Up Resolution
-------------------------------------------------
Notice is hereby given that at a meeting of the shareholders of
Avonlea Lodge Pty Limited duly convened and held on Sept. 16,
2005, a Special Resolution was passed that the Company be wound
up voluntarily, and that Andrew John Stevens be appointed
Liquidator for the winding up.

Dated this 16th day of September 2005

Andrew J. Stevens
Suite 3, 17 Lawson Street
Byron Bay NSW


BENNETTS DRILLING: To Declare Dividend Today
--------------------------------------------
Bennetts Drilling Services Pty Limited will declare a dividend
today, Oct. 18, 2005.

Creditors whose debts or claims have not already been admitted,
are required on or before Oct. 18, 2005 to formally prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 19th day of September 2005

Susan Carter
Liquidator
Downie Insolvency
Level 6, 50 Cavill Avenue
Surfers Paradise Qld


BODYMINDLIFE PTY: Creditors Wind Up Firm
----------------------------------------
Notice is hereby given that at a creditors' meeting of
Bodymindlife Pty Limited held on Sept. 12, 2005, it was resolved
that the Company be wound up voluntarily, and Sule Arnautovic,
of Jirsch Sutherland Chartered Accountants, was appointed
Liquidator of the Company.

Dated this 20th day of September 2005

Sule Arnautovic
Liquidator
Jirsch Sutherland Chartered Accountants
Level 2, 84 Pitt Street
Sydney NSW 2000
Phone: 02 9233 2111
Fax:   02 9233 2144


BOVEY KNIGHT: Winding Up Process Initiated
------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of The Bovey Knight Group Pty Limited held on Sept.
12, 2005, it was resolved that the Company be wound up
voluntarily and at a creditors' meeting held on the same day,
Gregory John Keith of Grant Thornton was appointed Liquidator.

Dated this 14th day of September 2005

Gregory J. Keith
Liquidator
Grant Thornton
Rialto Towers, Level 35
South Tower, 525 Collins Street
Melbourne Vic 3000


CALEDONIAN INVESTMENTS: Liquidator to Detail Winding Up Manner
--------------------------------------------------------------
Notice is hereby given that a general meeting of members of
Caledonian Investments Pty Limited will be held on Oct. 26,
2005, 9:00 a.m. at the offices of Peter Wilson & Associates Pty
Limited, 12 Baldwin Street, Caloundra.

The purpose of the meeting is to present the Liquidator's
account showing the manner of the winding up and the disposal pf
the property of the Company, and to hear any explanation that
may be given by the Liquidator.

Dated this 19th day of September 2005

Peter N. Wilson
Joint & Several Liquidators
Peter Wilson & Associates Pty Limited
Certified Practising Accountants
12 Baldwin Street, Caloundra Qld 4551


C. PRICE: Members Agree to Close Operations
-------------------------------------------
Notice is hereby given that at a general meeting of members of
C. Price Marketing Services Pty Limited held on Sept. 13, 2005,
it was resolved that the Company be wound up voluntarily, and
that Schon Condon and Bruce Gleeson of Jones Condon Chartered
Accountants, Level 1, 34 Charles Street Parramatta NSW, be
appointed Joint Liquidators for such winding up.

Dated this 13th day of September 2005

Schon G. Condon RFD
Bruce Gleeson
Joint Liquidators
c/o Jones Condon
Chartered Accountants
Phone: 02 9893 9499


ECROCILL PTY: Court Orders Winding Up
-------------------------------------
On Sept. 13, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of Ecrocill (Aust) Pty Limited,
and appointed Steven Nicols to be Liquidator of the Company.

Steven Nicols
Liquidator
Level 2, 350 Kent Street
Sydney NSW 2000


EG GREEN: Four Vie for Ailing Business
--------------------------------------
Four parties are reportedly fighting to take over ailing beef
producer and exporter EG Green and Sons, The West Australia
reports.

Elders remains the frontrunner for the troubled business but
could face stiff competition from Australia's fourth biggest
meat producer Tasman Group Services.

Other parties invited to visit EG Green's Harvey and Mandurah
plants and meet management before lodging final bids by October
24 are believed to include the Harmony Group, which includes
producers and creditors, and another syndicate involving the
Green family.

Administrator Martin Jones, from Ferrier Hodgson, said he would
make a recommendation to creditors a week before their next
meeting on November 15. Three options would be considered -
outright sale of the company, reorganization or a deed of
company arrangement.

Meanwhile, Mr. Jones said Green's main abattoir at Harvey had
been operating well since it reopened six weeks ago after a 10-
day shutdown caused by spiraling debts. Payouts had been
finalized for about 300 workers made redundant as a result of
the abattoir reopening as a five rather than seven day a week
operation.

But Australasian Meat Industry Employees Union Secretary Graeme
Haynes said there were outstanding redundancy, staffing and
operational issues.

Department of Education and Training spokesman John Collingridge
said 109 of Green's employees made redundant had access to a
AU$1.55 million State Government assistance package. Fifty-one
had found new jobs in meat processing and in the building,
mining and horticulture industries.

Many of those who remained unemployed were not keen to move out
of the area and hoped the buyer of the local abattoir would
rebuild operations.

CONTACT:

EG Green and Sons
Hamilton Hill Office
16 Emplacement Crescent
Hamilton Hill WA 6163
Phone: 08 9433 2000
Fax: 08 9433 2122
Freecall: 1800 017 345
E-mail: sales@harveybeef.com.au


FERNDALE RECYCLERS: Schedules Final Meeting October 25
------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Ferndale Recyclers Pty Limited will be held on Oct.
25, 2005, 11:00 a.m. at Parker Advisory, Level 5, 49 Market
Street, Sydney NSW 2000.

AGENDA:

(1) To receive the Liquidator's account showing how the winding
up was conducted and the property of the Company disposed of,
and to receive any explanation required thereof.

(2) To consider any other business brought before the meeting.

Dated this 20th day of September 2005

G. J. Parker
Liquidator
Parker Advisory, Level 5
49 Market Street, Sydney NSW 2000


G RETAIL: Annual Loss Narrows to AU$3.4 Mln in 2005
---------------------------------------------------
G Retail Limited saw its annual loss shrink to AU$3.42 million
this year, as against the previous year's AU$13.024 million
loss.

For the full year to July 31, 2005 the Company reported a
revenue worth AU$27.456 million, which is lower than a revenue
of AU$31.085 in 2004.

No dividend is proposed in the company's preliminary final
report.

In commentary, the retailer said that the loss is a marginal
improvement on the profit guidance released on August 8, when it
forecast a loss of around AU$3 million.

The company has slashed its net working capital by AU$1.2
million, predominantly rising from lower inventory offset by an
AU$1.1 million reduction in creditors and accruals.

Trading conditions remain difficult, particularly within the
company's Sydney CBD-based stores while competitive discounting
is once again prevalent at an early stage of the summer season.
G Retail said it remains impractical to make a forecast of
losses for the current year.

Following the August 20 announcement of an approach that could
lead to an offer, in consultation with its advisors Baron
Partners, the company has recently signed a "no shop"
arrangement to assist in progressing a formal proposal. There is
no guarantee that such a proposal will be forthcoming.

A copy of the Company's Preliminary Final Report is available at
http://bankrupt.com/misc/tcrap_gretail101705.pdf.

CONTACT:

G Retail Ltd
Level 6, 15 Castlereigh Street
Sydney NSW 2000
Web site: http://www.gowings.com/


GROOVEHEAD PRODUCTIONS: Creditors OK Liquidator's Appointment
-------------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Groovehead Productions Pty Limited held on Sept.
13, 2005, it was resolved that the Company be wound up
voluntarily, and that Christopher Michael Williamson and
Kimberley Andrew Strickland of SimsPartners, Level 12, 40 St.
George's Terrace, Perth WA 6000 be appointed Joint and Several
Voluntary Liquidators. Creditors ratified the liquidators'
appointment at a creditors' meeting held that same day.

Dated this 13th day of September 2005

Christopher M. Williamson
Kimberley A. Strickland
Joint Liquidators
SimsPartners
Level 12, 40 St. George's Terrace
Perth WA 6000


HENDERSON MCPHERSON: Succumbs to Voluntary Administration
---------------------------------------------------------
Mr. Craig Shepard was appointed Voluntary Administrator of
Henderson McPherson Pty Limited (Administrator Appointed) on
October 3, 2005 pursuant to Section 436C of the Corporations Act
2001 (Cth), by the director of the Company.

CONTACT:

KordaMentha Pty Ltd
Level 24, 333 Collins Street
Melbourne 3000
Victoria (Australia)

GPO Box 2985
Melbourne 3001
Victoria (Australia)

Phone: +61 3 8623 3333
Fax: +61 3 8623 3399
E-mail: info@kordamentha.com
Web site: http://www.kordamentha.com.au


IKM HOLDINGS: Placed Under Voluntary Liquidation
------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
IKM Holdings Pty Limited duly convened and held on Sept. 12,
2005, members passed a Special Resolution to voluntarily wind up
the Company, and Michael Savas Damianos of HID Accountants &
Business Advisors, Suite 2, 1st Floor, 333 Drummond Street,
Carlton South, Vic 3053 was appointed Liquidator for the winding
up.

Dated this 13th day of September 2005

Michael S. Damianos
Liquidator
HID Accountants & Business Advisors
Suite 2, 1st Floor, 333 Drummond Street
Carlton South, Vic 3053


JAMES-MARTIN NOMINEES: Distributes Dividend to Creditors
--------------------------------------------------------
James-Martin Nominees Pty Limited will declare a dividend to its
preferred unsecured creditors on Oct. 19, 2005.

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

Dated this 5th day of September 2005

M. C. Hall
Liquidator
PPB Chartered Accountants
10th Floor, 26 Flinders Street
Adelaide SA 5000
Phone: 8211 7800


JOJOVEN PTY: Winds Up Business
------------------------------
At a general meeting of the members of Jojoven Pty
Limited held on Sept. 12, 2005, the following resolutions were
passed:

SPECIAL RESOLUTION:

That the Company be wound up voluntarily.

ORDINARY RESOLUTION

That Andre Strazdins and Nicholas David Cooper of SimsPartners,
Level 4, 12 Pirie Street, Adelaide SA 5000 be nominated Joint &
Several Liquidators for the winding up.

Dated this 12th day of September 2005

Nicholas D. Cooper
Andre Strazdins
Joint Liquidators
SimsPartners
Level 4, 12 Pirie Street
Adelaide SA 5000


K&B GLASS: Court Issues Winding Up Order
----------------------------------------
On Sept. 13, 2005, the Supreme Court of New South Wales, Equity
Division ordered that K&B Glass & Aluminum Pty Limited be wound
up, and appointed Steven Nicols to be Liquidator for such
purpose.

Steven Nicols
Liquidator
Level 2, 350 Kent Street
Sydney NSW 2000


MULTIPLEX: CFO Takes on New Role
--------------------------------
Due to the recent and continuing growth of Multiplex Group, a
new role of Chief Investments Officer has been created to
oversee some of the Group's major projects and investment
strategies.

John Corcoran, currently the Group's Chief Financial Officer,
has accepted this new role in which he will be responsible for
certain of the Group's transactions and special projects
strategies.

In accepting this role, John will relinquish his
responsibilities as Chief Financial Officer as soon as a
replacement for that position has been identified.

Multiplex Group Chief Executive Andrew Roberts said: "Multiplex
Group has grown substantially since its listing on the
Australian Stock Exchange in December 2003. Since then, a number
of sizeable project opportunities have arisen which did not
previously exist."

"John Corcoran has played an important role in the Group's
growth. In particular, his significant transaction experience
sees him well placed to assume the role of Chief Investments
Officer," Mr. Roberts said.

"The process of securing a new Chief Financial Officer will
begin immediately."

On taking up his new role, John will resign from the Group
Board, which will enable the board of Multiplex Limited to
compromise a majority of independent directors (five) as well as
the remaining (four) executive directors. This follows the
appointment of independent director Allan McDonald to the role
on non-executive Chairman and the appointment of James Tuckey as
an independent director to the Multiplex Group board.

CONTACT:

Multiplex Group
Level 4, 1 Kent Street,
SYDNEY, NSW, AUSTRALIA, 2000
Telephone: (02) 9256 5000
Fax: (02) 9256 5001
Web site: http://www.multiplex.com.au


PACIFIC LIQUOR: Members, Creditors Convene to Discuss Wind Up
-------------------------------------------------------------
Notice is given that an annual and final meeting of the members
& creditors of Pacific Liquor Partners Pty Limited will be held
on Oct. 25, 2005, 10:00 a.m. at Level 19, 15 William Street,
Melbourne, to receive the Liquidator's account showing the
manner of the winding up and disposal of the property of the
Company, and to receive any explanation of the account.

Accounts have been compiled in accordance with Section 539(1)
and are available for inspection at the Liquidator's office
during normal business hours.

Dated this 10th day of September 2005

A. R. Yeo
Liquidator
Pitcher Partners
Level 19, 15 William Street
Melbourne Vic 3000


PHILLIP MOTORS: Enters Liquidation
----------------------------------
At a Meeting of Members of Phillip Motors Pty Limited held on
Sept. 12, 2005, it was resolved that the Company be wound up
voluntarily, and that G. A. Lopez and E. R. Verge be appointed
the Joint and Several Liquidators for such purpose.

The liquidators' appointment was confirmed at a creditors'
meeting held later that day.

Dated this 12th day of September 2005

G. A. Lopez
E. R. Verge
Liquidators
Jones Condon Chartered Accountants
Colmel House, 241 Stirling Street
Perth WA 6000


S&M INVESTMENTS: Martin Lewis Named Liquidator
----------------------------------------------
Notice is hereby given that at a general meeting of the members
of S&M Investments SA Pty Limited held on Sept. 14, 2005, it was
resolved that the Company be wound up voluntarily, and that
Martin David Lewis, Chartered Accountant of Ferrier Hodgson,
Level 6, 81 Flinders Street, Adelaide be appointed Liquidator
for such purpose.

Dated this 14th day of September 2005

Martin D. Lewis
Liquidator
Level 6, 81 Flinders Street
Adelaide SA 5000


SONDERGAARD PTY: Intends to Declare Dividend
--------------------------------------------
Sondergaard Pty Limited will declare a first and final dividend
on Oct. 19, 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

Louis Nilant
Liquidator
KordaMentha
Level 11, 37 St. Georges Terrace
Perth WA


STATE AUTOMATION: Falls Into Administrator's Hands
--------------------------------------------------
Mr. Craig Shepard was appointed Voluntary Administrator over
State Automation Pty Ltd (Administrators Appointed) and State
Automation Services Pty Ltd (Administrators Appointed) on 3
October 2005 pursuant to Section 436A of the Corporations Act
2001 (Cth).

CONTACT:

KordaMentha Pty Ltd
Level 24, 333 Collins Street
Melbourne 3000
Victoria (Australia)

GPO Box 2985
Melbourne 3001
Victoria (Australia)

Phone: +61 3 8623 3333
Fax: +61 3 8623 3399
E-mail: info@kordamentha.com
Web site: http://www.kordamentha.com.au


SOUTHERN CROSS: Members, Creditors to Receive Wind Up Report
------------------------------------------------------------
Notice is hereby given that a final meeting of the members &
creditors of Southern Cross Petroleum Pty Limited will be held
on Oct. 25, 2005, 11:00 a.m. at the offices of PKF Chartered
Accountants, Level 10, 1 Margaret Street, Sydney NSW for the
following purposes:

AGENDA

(1) To lay before the meeting the Liquidator's account showing
how the winding up was conducted and the property of the Company
disposed of, and to give any explanation thereof.

(2) To consider, and if thought fit, pass the following
resolution:

To approve the destruction of the Company's books and records
after the liquidation has been finalized, subject to any
objection from the Australian Securities and Investments
Commission.

(3) To ratify the Liquidator's remuneration, which had been
previously approved.

(4) Any other matters raised at the meeting.

Dated this 15th day of September 2005

John Morgan
Liquidator
PKF Chartered Accountants
Level 10, 1 Margaret Street
Sydney NSW 2000
Phone: 02 9251 4100
Fax:   02 9240 9821
Web site: http://www.pkf.com.au/


VILLAGE ROADSHOW: U.S. Legal Claims Settled
-------------------------------------------
Village Roadshow Limited (VRL) has agreed to sell its entire
investment in Argentina.

Settlement for this transaction is expected to occur on Tuesday,
October 18, 2005. Completion of the sale will result in VRL
being released from its AU$42-million guarantee over the
external debt in the Argentine company.

VRL also announced it has settled the U.S. legal claims against
VRL and other group companies. The details of these claims have
been fully disclosed in the contingent liability notes to the
2005 Statutory Accounts of VRL. The terms of the settlement are
confidential.

The combined effect of these two transactions on the group's net
profit after tax for the year ending June 30, 2006 will be a
loss of approximately AU$10 million.

The net cash outflow of the two transactions is approximately
AU$10 million.

Based on current trading, the Directors now forecast the net
profit after tax for the year ending June 30, 2006 will be
approximately AU$10 million.

CONTACT:

Village Roadshow Limited
206 Bourke Street
Melbourne Vic 3000
Australia
Phone: 61 3 9667 6666
Fax: 61 3 9639 1540
Web site: http://www.village.com.au/


WAGGA WAGGA: Liquidator Explains Liquidation to Members
-------------------------------------------------------
Notice is given that a final meeting of the members of Wagga
Wagga Golf Club Limited will be held on Oct. 25, 2005, 2:00 p.m.
at Wagga RSL Club Limited, Dobbs Street, Wagga Wagga NSW 2650 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 20th day of September 2005

P. W. Gidley
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street, Newcastle West NSW 2302


* ASIC Prosecutes 109 Company Officers Over Public Complaints
-------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) on
Monday announced that over the last three months it has
successfully prosecuted 109 company officers for 203
contraventions of the Corporations Act. As a result, fines and
costs totaling more than AU$221,000 were imposed. These
prosecutions follow complaints received from the general public
and business community.

An important aspect of ASIC's work is related to small
companies, and their directors, who through failure to comply
with basic requirements, harm creditors and consumers and make
the work of company liquidators in recovering property for
creditors harder.

"Many people only associate ASIC with high-profile matters
relating to big companies, but these results clearly show that
ASIC focuses on corporate misconduct at the small business end
as well," ASIC's Director of Action, National Assessment and
Action, Mr. Adrian Borchok said.

ASIC's prosecution of company officers related to a range of
contraventions, including the failure to assist liquidators and
administrators in the administration of their failed companies,
company officers continuing to act as officers of a company
following the appointment of a liquidator, and officers and
their companies failing to update ASIC registers with the
addresses of their companies and company officers in an attempt
to hide from creditors. Other contraventions included
disqualified people managing corporations, companies failing to
keep and lodge proper financial records, and officers and their
companies lodging documents with ASIC that contained false or
misleading information.

"These requirements might look like just minor `housekeeping'
matters, but if directors fail to do these things, it generally
hurts creditors, often small businesses themselves, who have
dealt with the company. This is why we follow up on this work
and will chase company directors who don't do the right thing
here," Mr. Borchok said.

"ASIC will take action against company officers that hamper the
role of a liquidator in assessing how much the failed company
might be able to return to creditors. Where company officers are
uncooperative and refuse to provide information on the company's
finances and history, ASIC will step in and take whatever action
is necessary," Mr. Borchok said.

"We rely heavily on the information provided by the public and
encourage people to contact ASIC with their concerns and
complaints. ASIC is committed to acting promptly on the
complaints it receives," Mr. Borchok said.

Some of the matters addressed include:

Mr. Brian Bouffiere, a Newcastle accountant, was convicted, and
fined AU$10,000 plus court costs at Downing Centre Local Court
of managing a company whilst disqualified and making a false
statement in a document lodged with ASIC. An ASIC investigation
revealed that despite a duel disqualification by virtue of
bankruptcy and an ASIC banning order, Mr. Bouffiere acted in the
management of Eltransco Pty Ltd and James Court & Associates Pty
Ltd from 26 February 1999 to 30 October 2002. Mr. Bouffiere also
appointed his 18-year-old son as a director of Eltransco in an
attempt to conceal his management activities. ASIC enquiries
also revealed that he used a false residential address in
documents lodged with ASIC. As a result of the convictions
relating to lodging false documents, Mr. Bouffiere has been
disqualified from managing a corporation for five years.

Mrs. Narelle Emily Wright pleaded guilty at Mildura Magistrates
Court to performing a function of a company officer after her
company, G.N. Wright Transport Pty Ltd, was placed in
liquidation. ASIC's investigation found that Mrs. Wright
withdrew AU$51,600 from the company bank account three days
after the company was wound-up. Mrs. Wright then failed to
disclose the existence of the company bank account and the
monies that had been held in it to the liquidator. Mrs. Wright
was ordered to perform 100 hours of community service. She was
also ordered to pay fines and professional costs of AU$449.05.

Restaurant chain Zorro's Restaurants Pty Ltd was convicted and
fined AU$4,000 plus court costs of AU$436.20 in Perth
Magistrates Court following their failure to keep financial
records that correctly recorded and explained its' financial
position and performance and would enable true and fair
financial statements to be prepared and audited.

Unlisted Gold Coast public company Hope Island Resort
Development Corporation Limited was fined AU$37,000.00 at
Southport Magistrates Court in relation to their failure to
lodge financial reports for five years, failing to have the
required number of office holders and failing to update the
personal details of a director.

A full list of the people and companies prosecuted is available
at http://bankrupt.com/misc/tcrap_asic101705.doc.

These matters were prosecuted summarily before Local and
Magistrates Courts across Australia and is not intended as an
exhaustive list of all ASIC actions since the commencement of
the financial year. Since 1 July 2002 we have increased summary
prosecutions of people and companies, and in doing so have
improved the quality of information available to the public,
shareholders and members or officers of Australian companies.
Furthermore, these actions have assisted external administrators
address ongoing misconduct by company officers and prevented
disqualified directors from managing companies.

Information relating to all of ASIC's enforcement activities are
contained in individual media releases which can be found on
ASIC's web site at http://www.asic.gov.au.


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

ALLIED BENEFIT: Prepares to Wind Up Operations
----------------------------------------------
Allied Benefit International Limited whose place of business is
located at Flat B, Rear Portion, G/F, Goldfield Industrial
Building, Ph 1, 144-150 Tai Lin Pai Road, 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 October 5, 2005.

Date of Presentation of Petition: August 3, 2005

Dated this 14th day of October 2005

ET O'Connell
Official Receiver


APPLIED INTERNATIONAL: Buys Back 380,000 Shares
-----------------------------------------------
Applied International Holdings Limited bought back 380,000
shares at prices ranging from HK$0.41 to HK$0.425, or at a total
of HK$158,400 on October 14, Infocast News reports.

The Company posted a net profit of HK$96.48 million in the year
ended June 30, 2004, versus a net loss of HK$167 million a year
earlier, Chong Hing Securities relates.

CONTACT:

Applied International Holdings Limited
41/F Far East Finance Centre
16 Harcourt Road, Central
Hong Kong
Phone: 25538267
Fax: 28734676
Web site: http://www.appliedintl.com


BANK OF CHINA: Axes Eight Workers Over Fraud Case
-------------------------------------------------
The Bank of China (BOC) has discharged eight employees involved
in a financial fraud case that happened earlier this year at its
Hesongji sub-branch in Harbin, Xinhuanet News reports, citing
bank spokesman Wang Zhaowen.

The lender said it would continue to cooperate with police
investigation. Earlier reports said it might involve hundreds of
millions of yuan (tens of millions of U.S. dollars).

The dismissed employees include director Mr. Gao Shan of the
bank's Hesongjie sub-branch and two other staff said to be
engaged in the fraud, and six other BOC staff were removed from
their posts, according to Mr. Wang.

CONTACT:

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


BANK OF CHINA: Bags Cash Management Award, Forex Award
------------------------------------------------------
Bank of China spokesman Wang Zhaowen announced that Bank of
China was awarded "Best Domestic Bank for Local Currency Cash
Management Services-China RMB" and "Best Domestic Provider of FX
Services in China-Corporates" by HongKong-based magazine
Asiamoney in its "2005 asiamoney cash management poll" and "2005
asiamoney FX poll" respectively, making two consecutive years
for Bank of China to receive the awards.

According to the spokesman, it is the 15th time Asiamoney
magazine has conducted the annual poll. The awards resulted from
the magazine's cash management poll and the FX poll, which was
sent to over 3,000 listed companies, multinationals, SMEs and
unlisted local companies across the Asia-Pacific region.
Treasurers and finance managers from the enterprises took
various factors regarding the candidates' capacity to provide
cash management and forex service into consideration.

In addition to the two awards, Bank of China takes the prize
"Best FX sales" with a large margin over the second place as
voted by corporates, showing a persistent leadership in domestic
forex markets.

With the deepening of the internal reform, Bank of China has
constantly made progress in areas including operation and
management, governance structure, risk control and business
process restructuring, which is proved by its various awards by
international financial media and financial institutions.  With
a core capital of 228.447 billion RMB, Bank of China is ranked
18th in the Banker's "top 1000 World Banks" list.  Bank of China
is also awarded "STP Award for 2004 Most Efficient Bank in
China" by Bank of America.  It is the first time for Bank of
China to receive such award from foreign financial institutions.

This is a company press release.


CHINA JITONG: Accepting Proofs of Claims Until November 14
----------------------------------------------------------
Notice is hereby given that the Creditors of China Jitong
Communications Holdings (HK) Limited (In Member's Voluntary
Liquidation), which is being voluntarily wound up, are required
on or before the November 14, 2005 to send their names,
addresses and descriptions, full particulars of their debts or
claims, as well as the names and addresses of their solicitors
(if any) to the Liquidators of the said Company at 13/F., Shum
Tower, 268 Des Voeux Road Central, Hong Kong.

If so required by notice in writing from the said liquidators,
they are to prove their debts or claims at such time and place
as shall be specified in such notice. In default thereof, they
will deemed to waive all of such debts or claims and the
Liquidators will be entitled seven days after the above date, to
distribute the funds available or any part thereof to the
Members of the Company.

Dated this 14th day of October 2005

ZENG XIANGGAO
Liquidator


DIALIGHT COMPANY: Court to Hear Receiver's Application Oct. 25
--------------------------------------------------------------
Dialight Company Limited advised that an application by the
Official Receiver and Provisional Liquidator will be heard
before Master S. Kwang of High Court for consideration of the
resolutions and determinations of the First Meeting of creditors
held on September 1, 2005 and the adjourned First Meeting of
Contributories held on September 12, 2005 (if any) deciding the
differences, and making such order of appointments as the court
may think fit.

Date and Time of Hearing: Tuesday, 25th October 2005 at 9:30
a.m.
Place of Hearing: High Court Building, 38 Queensway, Hong Kong.


Any Creditor or Contributory of the Company is entitled to
attend and be heard at the above hearing.

Dated this 14th October, 2005.
E T O'CONNELL
Official Receiver & Provisional
Liquidator


GUANGDONG KELON: Clarifies Statements Re Acquisitions
-----------------------------------------------------
Guangdong Kelon Electrical Holdings Company Limited would like
to clarify certain statements relating to the Company contained
in (i) the Acquisition Report (as defined below); and (ii)
various press articles published in Hong Kong and the People's
Republic of China (PRC) on October 13, 2005 (collectively, the
Press Articles)

The Acquisition Report

It is noted that a report of Guangdong Kelon Electrical Holdings
Company Limited dated September 30, 2005 in connection with the
acquisition (the Transfer) by Qingdao Hisense Air-Conditioner
Company Limited (Hisense) from Guangdong Greencool Enterprise
Development Company Limited (Guangdong Greencool) of
approximately 26.43% of the total issued share capital of the
Company was published on the web site of the Shenzhen Stock
Exchange, the China Securities Regulatory Commission requires,
among others, Hisense (as the prospective purchaser of the
Transfer) to issued a report in connection with the Transfer. As
such, the board of directors of the Company confirms that the
Company has not been involved in the preparation and issue of
the Acquisition Report and is not responsible for the contents
of the Acquisition Report.

The Company would like to clarify certain statements contained
the Acquisition Report, among others, the following:

a. As stated in paragraph 5 under the section headed
"Declaration", the China Securities Regulatory Commission has
given its no-comment letter in respect of the proposed Transfer
(the SCRC Letter) and the proposed Transfer remains subject to
other approvals as stated in the announcement of the Company
dated September 14, 2005 (the Share Transfer Announcement). The
Company confirms that it has received from Hisense a copy of the
CSRC Letter and so far as the Company is aware and as stated in
the Share Transfer Announcement, the proposed Transfer remains
subject to other approvals from relevant authorities such as
those from State Investment Committee of Qingdao City and
Ministry of Commerce.

2. Paragraph 3 under Chapter 7 discloses the proposed future
business plan of the Company after Hisense becomes the single
largest shareholder of the Company as a result of the Transfer.
As stated in such future business plan, there will not be
material change to the principal business of the Company, which
is the manufacturing and sales of refrigerators and air-
conditioners. It further states that one of the Hisense group
that, as at the date of this announcement, neither the Company
nor any of its directors has entered into any discussions with
Hisense in respect of such proposed future business plan of the
Company and the proposed purchase of refrigerator business.

3. Paragraph 4 under Chapter 7 discloses, among others, the
proposed restructuring of the Company's assets. It is stated
that Hisense intends to enter into asset swap arrangement with
the Company under which Hisense will swap its air-conditioner
and related business with the Company's assets relating to
manufacturing of moulds, accessories, and small household
appliances. The Company clarifies and confirms that, as at the
date of this announcement, neither the Company nor any of its
directors has entered into any discussions with Hisense in
respect of such proposed arrangements.

4. As stated in paragraph 1 under Chapter 8 and so far as the
Company is aware, the Company confirms that Hisense and parties
acting in concert with it (if any) will hold approximately
26.43% of the total issued share capital of the Company
(assuming that there is no change to the total issued share
capital of the Company) upon completion of the Transfer and
based on the information available to the Company as of the date
of this announcement, the Company confirms that Hisense will
then become the single largest shareholder of the Company.

So far as the Company is aware, the Company confirms that
Hisense and parties acting in concert with it (if any) will hold
approximately 26.43% of the total issued share capital of the
Company (assuming that there is no change to the total issued
share capital of the Company) upon completion of the Transfer.
As at the date of this announcement, there is no change in the
member of the board of directors of the Company. The Company
would like to confirm that it has not been informed of nor is
aware of any mandatory general offer under Rule 26 of The
Codes on Takeovers and Mergers.

As required under the relevant rules and regulations of the
China Securities Regulatory Commission, the Company is required
to, upon receiving Hisense's notice, issue an announcement
containing, among others, the view of the board of directors of
the Company in respect of the effect on the Company as a result
of the proposed Transfer. As such, the Company will issue
further announcement in this regard.

THE PRESS ARTICLES

The Company noted that the Articles contain certain statements
relating to the Company, the Transfer and/or reference to the
Acquisition Report, some of which are set out below:

1. It is expected that completion of the Transfer will take
place on 30 November 2005;

2. Hisense intends to enter into asset swap arrangements with
the Company under which Hisense will swap its air-conditioner
and related business with the Company's assets relating to
manufacturing of moulds, accessories, and small household
appliances;

3. One of the Hisense group of companies intends to sell all its
refrigerator business to the Company; and

4. It is intended that the proposed Company's asset
restructuring and a proposed equity separation reform will be
implemented after completion of the Transfer.
The board of directors of the Company clarifies and confirms
that, as at the date of this announcement, neither the Company
nor any of its directors has entered into any discussions with
Hisense in respect of any of the above matters.

SUSPENSION OF TRADING OF H SHARES

At the request of the Company, trading in H Shares of the
Company was suspended with effect from 10:00 a.m. on 16 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, among others, the financial,
production and trading position of the Group, trading in H
shares of the Company will remain suspended until further
notice.

By order of the Board of
Guangdong Kelon Electrical Holdings Company Limited
Liu Cong Meng
Vice Chairman

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


HELTECH LIMITED: Begins Winding Up Process
------------------------------------------
Heltech (Group) Limited whose place of business is located at Rm
1802, Dominion Centre, 43-59 Queen's Road East, Wanchai, 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 October 3, 2005.

Date of Presentation of Petition: July 25, 2005

Dated this 14th day of October 2005

ET O'Connell
Official Receiver


MACRO REGENT: Prepares to Shut Down Business
--------------------------------------------
Macro Regent Limited whose place of business is located at Shops
222-231,263-267, 269-274, 2/F, Tsim Sha Tsui Centre, 66 Mody
Road, Tst East, Kowloon was issued a winding up order notice by
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on October 5, 2005.

Date of Presentation of Petition: August 3, 2005

Dated this 14th day of October 2005

ET O'Connell
Official Receiver


MAK SHING: Creditors First Meeting Fixed October 26
---------------------------------------------------
Mak Shing Yue Tong Commemorative Association Limited issued a
notice of first meetings of creditors and contributories in the
High Court of the Hong Kong Special Administrative Region Court
of First Instance

Date of Meetings: 26th October 2005 (Wednesday)

Creditors: At 10:30a.m.

Contributories: At 11:30a.m.

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

Dated this 14th day of October 2005
E T O'CONNELL
Official Receiver & Provisional
Liquidator


SHUN QUN: Court Issues Winding Up Order
---------------------------------------
Shun Qun Industrial Company Limited whose place of business is
located at Unit B, 12th Floor, Jade Centre 98-102 Wellington
Street Central, 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 October 3, 2005.

Date of Presentation of Petition: July 21, 2005

Dated this 7th day of October 2005

ET O'Connell
Official Receiver


SHUN WING: Court to Hear Winding Up Petition December 7
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Shun Wing hang Enterprises Limited by the High Court of Hong
Kong Special Administrative Region was on the 22nd day of
September 2005 present to the said Court by Coca Investment
Company Limited whose registered office is situated at Top
Floor, Chinachem Golden Plaza, 77 Mody Road, Tsimshatsui East,
Kowloon, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on December 7, 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 fo 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.

FORD, KWAN & COMPANY
Solicitors for the Petitioner
Suites 1505-1508, 15th Floor
Chinachem Golden Plaza
No. 77 Mody Road
Kowloon, 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 December 6, 2005.


SIEMENS VDO: Winding Process Initiated
--------------------------------------
Notice is hereby given that the Creditors of Siemens VDO
Automotive Limited (In Members' Voluntary Liquidation), which is
being voluntarily wound up on or before the November 14, 2005 to
send their names, addresses and descriptions, full particulars
of their debts or claims, as well as the names and addresses of
their solicitors (if any) to the Liquidators of the said
Company.

If so required by notice in writing from the said liquidators,
they are to prove their debts or claims at such time and place
as shall be specified in such notice. In default thereof, they
will deemed to waive all of such debts or claims and the
Liquidators will be entitled seven days after the above date, to
distribute the funds available or any part thereof to the
Members.

Dated this 14th day of October 2005

SUEN PUI YEE
IAIN FERGUSON BRUCE
Liquidators
8th Floor, Gloucester Tower
The Landmark
11 Pedder Street
Central, Hong Kong


TOP STAR: Creditors Meeting Fixed October 25
--------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance (Cap 32) that a meeting of the creditors of
Top Star Gament Limited will be held at Room 207, Duke of
Windsor Social Service Building, 15 Hennessy Road, Wanchai, Hong
Kong on October 25, 2005 at 10:00 a.m. for the purposes of
considering matters in relation to Sections 241, 242, 243 244,
255A and 283 of the Companies Ordinance.

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be duly completed and
lodged at Unit 1602-3, 16th Floor, Yue Xiu Building, 160-174
Lockhart Road, Wanchai, Hong Kong, not later than 4:00 p.m. on
the day before the meeting or adjourned meeting at which they
are to be used.

Dated this 14th day of October 2005

LOUIE TSZ CHUNG
Director


WELL TECH: Court Orders Winding Up
----------------------------------
Well Tech Logistics Limited whose place of business is located
at 10th Floor, Dynamic Cargo Centre, 188 Yeung UK Road, Tsuen
Wan, 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 October 5, 2005.

Date of Presentation of Petition: August 2, 2005

Dated this 14th day of October 2005

ET O'Connell
Official Receiver


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

DUNCANS INDUSTRIES: GP Goenka Eyes Dilution of Stake
----------------------------------------------------
Duncans-Goenka Group chairman GP Goenka is considering reducing
his stake in flagship company Duncans Industries to meet the
requirements of the Securities and Exchange Board of India
(Sebi), The Economic Times reports.

Mr. Goenka however said he is still not certain when he would
dilute his stake, saying it would be done at an appropriate
time. Mr. Goenka owns 68-percent of Duncans.

Meanwhile, Mr. Goenka said Duncans would continue to retain both
the tea and fertilizer divisions since the earlier scheme of
splitting the two businesses was rejected by the Corporate Debt
Restructuring (CDR) Cell. The company had approached CDR for
restructuring its debt, which Duncans was finding difficult to
service due to its cash-flow woes.

The CDR had approved the package, which required the infusion of
funds by the promoters. Mr. Goenka said the promoters have
already injected INR30 crore in the company as per the CDR
requirement.

Duncans, which had recently re-started its fertilizer operations
at Panki in Uttar Pradesh, is aiming at a turnover of INR1,000
crore in the next financial year. In the current fiscal, the
division is expected to revenue INR400 crore as revenue.

Mr. Goenka is confident the fertilizer business would help pull
up the company, which has been continuously bleeding losses. He
said Duncans would be able to generate sufficient cash flows,
which would help in overcoming the working capital crisis.

CONTACT:

Duncans Industries Limited
97, Park Street,
KOLKATA 700016
India
Phone: 91 33 220 2185
Fax: 91 33 248 6021


* CITI Mulls New Scheme for Revival of Weak Mills
-------------------------------------------------
The Confederation of Indian Textile Industry (CITI) is
discussing a new scheme to revive technically viable but
financially weak textile mills in the country, Express Textile
reveals.

The recent move came after receiving a lukewarm response to the
debt-restructuring package of the textile firms announced two
years ago.

The remodeled debt-restructuring fund scheme has already been
submitted to the Ministry of Textiles and will be presented
before the Cabinet in a month's time.

The scheme aims at restructuring the debt borrowed by mills at
high rate of interest to the current interest rates.

While the old package allowed debt restructuring through
external borrowing by banks, under the proposed scheme CITI has
sought the creation of a fund to absorb the restructuring cost,
which will be borne by the government and the banks.

The restructuring cost is pegged at around INR650 crore, of
which INR400 crore would be absorbed by the government and the
rest by banks.



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

NEWMONT MINING: Not Responsible for Baby's Death, Says Lawyer
-------------------------------------------------------------
The trial of an Indonesian unit of U.S.-based Newmont Mining
Corporation resumed last week at the Manado District Court, this
time to hear the case of a baby's death supposedly caused by
pollution from the mining process, reports the Jakarta Post.

The 5-month old baby girl of Masna Stirman died in July 2004. At
the time the family was living near the Company's mine in
Sulawesi. PT Newmont Minhasa Raya stopped mining in Sulawesi in
2003 after it had depleted gold reserves, but continued
processing gold ore until August 2004, when the mine was closed
permanently.

Prosecutors have tried to blame the baby's death on the Company,
but neither they nor the baby's mother could identify the cause
of death or link her illness to the mine. The Company is accused
of allegedly polluting the Buyat Bay with its tailings disposal
processes, which included the dumping of mercury and arsenic
into the bay.

In the high-profile environmental case, witnesses took the stand
last week to say that they fell ill after drinking the water of
the Buyat River, which is in the area of the mine. The Buyat
River was the main water source for the surrounding village of
Buyat Pante.

Presiding judge Ridwan Damanik decided that the prosecutors and
the defense should go together to Buyat for a direct
observation, in order to get a clear view of the charges.

Newmont Minhasa president Richard Ness faces a 10-year prison
term if convicted, along with a USD68,000 fine; but he said that
the Company managed its waste according to the proper
environmental standards. The trial is scheduled to continue next
week.

CONTACT:

Newmont Minhasa Raya
C/o Newmont Mining Corp.
1700 Lincoln Street
Denver, Colorado U.S.A 80203
Phone: (303) 863-7414
Web site: http://www.newmont.co.id


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

DAIEI INCORPORATED: Operating Profit Down Amid Restructuring
------------------------------------------------------------
Daiei Incorporated said on Monday its half-year operating profit
fell 29 percent from a year ago to JPY17.93 billion due to store
shutdowns and restructuring costs, The Wall Street Journal
reports.

But the retailer, which is restructuring its operations under
the control of the state-backed Industrial Revitalization
Corporation of Japan, highlighted that its earnings figures were
better than it had predicted.

The company posted a net profit of JPY414.21 billion (US$3.63
billion) for the six months ended in August, substantially
better than its year-earlier profit of JPY1.18 billion, but the
number was exaggerated by a total of JPY400.4 billion in debt
waivers its creditors conducted in March.

Daiei plans to shut down about 50 struggling stores by February,
while its surviving stores are expected to focus on food and
rent out space to tenants. The retailer will offer voluntary
retirement to 1,100 of its workers in early November.

CONTACT:

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


HEISEI DENDEN: Investors Likely to Feel Crunch
----------------------------------------------
Companies affiliated with failed Heisei Denden have stopped
paying dividends and are unlikely to return principals to many,
with about 19,000 investors likely to lose their money,
according to Mainichi International.

According to reports, Heisei Denden Setsubi and Heisei Denden
System carried out widespread campaigns advertising 8 to 10
percent returns on investments of at least JPY1 million made
from September 2003 to September 2005. It collected money and
paid dividends until last month, even though they knew Heisei
Denden was going to declare bankruptcy on October 3.

On Saturday last week, days after the company declared
bankruptcy, the two firms sent out letters to investors. It said
that Heisei Denden stopped paying lease charges and forecast
that any further payments would not be forthcoming. It also said
that the companies were unlikely to pay any further dividends
after October 11.

The companies' letter also pointed out that their investors'
contract contained a clause that informed investors that their
principal was not guaranteed. The letter also said that the
companies had adequately explained the clause and that Heisei
Denden's bankruptcy would not be accepted as a reason for
terminating investment contracts, suggesting the companies are
unlikely to be responsive to demands for the immediate return of
invested money.

Heisei Denden was formed in July 2003 to offer cheap fixed-line
telephone services. However, it never secured enough subscribers
to break even and declared bankruptcy.

CONTACT:

Heisei Denden Co. Ltd.
10th Floor, Tokyo Tatemono Hiroo Bldg.
5-8-14 Hiroo, Shibuya-ku, Tokyo
Japan, 150-0012


MCDONALD'S HOLDINGS: Shrimp Burgers Expected to Spark Sales
-----------------------------------------------------------
McDonald's Holdings Co. (Japan) is now selling shrimp burgers
worth JPY270 (US$2.36) to win over Japanese palates and spark
sales, according to the Wall Street Journal.

The hamburger chain with more then 3,700 stores in Japan has
tried everything from tofu burgers to advertising blitzers to
coax diners back to the Golden Arches after the company posted a
loss in 2002 amid the mad-cow scare.

McDonald's Japan is about 50-percent owned by McDonald's
Corporation.

CONTACT:

McDonald's Holdings Company (Japan), Ltd.
Shinjuku i-Land Tower
6-5-1 Nishi-Shinjuku
Shinjuku-ku, Tokyo 163-1339


MITSUBISHI MOTORS: To Supply Engines to DaimlerChrysler
-------------------------------------------------------
Mitsubishi Motors Corporation will supply new gasoline engines
to DaimlerChrysler AG for its next-generation Smart Fortwo
compact vehicles, Japan Today reports.

The Japanese carmaker is also using the engines on its own "i"
minivehicles due out in January 2006.

The report did not reveal when the Japanese carmaker will start
providing the German auto giant with the engines and how many
engines per year it plans to supply.

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 MOTORS: Launches All New Outlander
---------------------------------------------
Mitsubishi Motors Corporation announced that Outlander, an all-
new mid-size SUV using a new platform and a new powertrain, was
launched at Mitsubishi dealerships throughout Japan on Monday.
Tax-inclusive prices range from JPY2,352,000 to JPY2,667,000.

Outlander's distinguishing features include a new-generation
platform which underpins better crashworthiness and greater
rigidity, a high power and high fuel efficiency aluminum
cylinder block 2.4-liter MIVEC*1 engine, a Sport Mode 6-speed
CVT, and an electronically controlled 4WD system. The new model
also uses the aluminum roof panel, mono-tube rear shock
absorbers, and other advanced technology proven on Lancer
Evolution, Mitsubishi Motors' iconic sport sedan, to surpass
traditional off-road SUVs and deliver heart-thumping on-road
performance. Outlander also features major improvements in
interior comfort and utility for convenience compatible with its
Smart X Sport theme including a 7-seat model with underfloor-
stowed occasional-use seats for two extra passengers.

In terms of environmental performance, Outlander earns a 4-star
rating for emission levels that are 75% lower than required by
Japanese 2005 Emission Regulations and qualifies for Green
Vehicle Tax Exemption by returning fuel consumption that is 5%
lower than Japanese 2010 efficiency requirements.

Mitsubishi Motors has revamped its production facilities for the
new model. At the Mizushima Plant, where Outlander is assembled,
a new welding line has been installed for the first time in 10
years to accommodate the requirements of the new platform. At
the Shiga Engine Plant, state-of-the art machining and assembly
lines have been added for the new 2.4-liter MIVEC engine. The
company has also bolstered quality assurance levels throughout
the full development-to-shipment chain. Outlander is the product
of stringent scrutiny and inspections implemented through the
Mitsubishi Motors Development System (MMDS) in the development
phase and the multi-level In-Stage Quality Creation (ISQC)
system on the production line.

Outlander recently won the 2005 Good Design Award (Product
Design Category) sponsored by the Japan Industrial Design
Promotion Organization.

I . Outlander: major product features
"Heart-thumping performance", "pleasure-rendering utility", and
"sporty styling" were the key phrases that drove the development
of this exciting new model. Outlander is distinguished by: on-
road performance that redefines SUV standards, a comfortable
living space and an easy-to-use luggage compartment wrapped in
sporty lines, and premium-grade specifications for richer
driving pleasure.

Heart-thumping performance

Outlander uses a number of new components developed in line with
Mitsubishi Motors' All Wheel Control*2 (AWC) concept to deliver
the highest levels of "driving pleasure" and "reassuring safety"
and reflect the new domestic corporate slogan "Kuruma zukuri no
genten e" (English translation: "pursuing the origins of car
engineering").

1. New-generation platform
Outlander sits on a new platform that not only supports superior
acceleration, handling and stability but also underpins a level
of crashworthiness that meets the latest safety regulations.

2. Body: lightweight, high-rigidity, all-directional impact
safety
Outlander uses more high-tensile steel sheeting to increase
stiffness with little weight penalty, and employs octagonal-
section straight front side members and a reinforced cabin
environment to create a body that provides higher levels of all-
directional crashworthiness. The body construction also meets
the requirements of compatibility during impact with small cars
and pedestrian protection during impact.
An aluminum roof panel lowers the center of gravity and reduces
roll inertia to improve steering response and handling by
reducing body roll and stagger without impacting ride quality.

3. New 2.4-liter 16-valve DOHC MIVEC engine
Outlander is powered by a new compact lightweight engine with a
die-cast aluminum cylinder block. Using MIVEC intake and exhaust
valve trains, the new engine delivers more power while returning
better fuel efficiency and low emissions. It earns a 4-star
rating for emission levels that are 75% lower than required by
Japanese 2005 Emission Regulations and qualifies for Green
Vehicle Tax Exemption by returning fuel consumption that is 5%
lower than Japanese 2010 efficiency requirements.

4. New INVECS-III*3 Sport Mode 6-speed CVT
Outlander's engine is mated to Mitsubishi's INVECS-III Sport
Mode 6-speed CVT that brings significant improvements in terms
of fuel efficiency as well as in smooth and responsive
acceleration by continuously selecting the gear ratio that keeps
the engine working in its optimal power range. In addition, the
CVT features paddle shifters that allow slick and smooth gear
changing without taking hands off the steering wheel (standard
on G grade).

5. Electronically controlled 4WD
Outlander uses Mitsubishi's electronically controlled 4WD system
that continuously distributes front/rear wheel drive torque in
an optimal way according to conditions. A dial selector gives
the driver the choice of three drive modes: 2WD, 4WD AUTO and
4WD LOCK.

6. Active Stability Control (ASC)
ASC provides automatic and integrated control of braking force,
engine output, CVT and the electronically controlled 4WD when
system sensors detect an unusual change in vehicle attitude or
behavior. The system prevents the vehicle sliding sideways as a
result of sudden steering inputs or loss of traction on a
slippery surface. ASC also features a traction enhancement
system that controls wheel spin when moving off on snow-covered
or other low-friction surfaces.

7. New suspension system
Outlander employs a MacPherson strut front and a trailing arm-
type multi-link arrangement rear suspension. The wider track and
longer stroke improve handling and stability.

At the rear, Outlander employs mono-tube shock absorbers well
proven on Lancer Evolution. Offering faster response at slower
vehicle speeds, this type of shock absorber reconciles a plaint
and well-damped ride with outstanding levels of handling and
stability.

8. 18-inch lightweight, high-rigidity wheels and tires
The G grade rides on 225/55R18 all-season tires fitted to large
diameter 18-inch 5-spoke lightweight high-rigidity alloy road
wheels (factory-fitted option on M grade). They provide a sense
of power and stability to the exterior.
"Pleasure-rending utility" and premium specifications

Outlander boasts best-in-class levels of interior space, luggage
compartment versatility, and convenient storage space to
accommodate the diverse needs of the broad mid-size SUV user
base.

1. Split tailgate
Outlander sports a split tailgate that enhances convenience and
loading ease. Smaller items of luggage can be loaded through the
top section. Opening both sections provides a large tailgate
opening that facilitates the loading of larger items. The bottom
section takes static loads up to 200 kg, permitting its use as a
convenient seat.

2. Cavernous luggage compartment
The low-floor height design and other elements in Outlander's
high-efficiency packaging realize a luggage compartment VDA
volume of between 774 and 882 liters, depending on the second
row seat slide position, with five passengers on board.
Moreover, with the second row seats tumbled forward, VDA volume
increases to a cavernous 1,691 liters. The luggage compartment
also sports a number of features that enhance utility and
convenience.

3. One-step fold-and-tumble for second row seats
Operating a switch on the luggage compartment wall causes the
second row seatbacks to fold down and seats to tumble forward
automatically, making it an easy task to expand luggage
compartment space for carrying large items.

4. Underfloor-stowed third row seats
Outlander is available with a seating capacity of seven that
allows two extra passengers to be carried using occasional-use
third row seats that are normally stowed flat under the floor.

5. Rockford Fosgate Premium Sound system
Outlander sports an in-car entertainment system developed
jointly with Rockford Fosgate, a leading car audio brand in the
United States, specifically for Outlander. Optimally matched to
the interior's acoustical characteristics, the 650-watt
amplifier, nine speakers, DSP system blows away conventional
factory-fitted systems with powerful, clear sound. The doors
have been stiffened to deaden unwanted vibration. This system is
standard on G grade and a factory-fitted option on M grade
models.

Sporty styling
Outlander's styling was developed to a Smart X Sport theme in
creating a new-generation crossover design that embraces the
twin requirements of road performance and versatile utility.

1. Exterior
The design wraps a generously roomy and comfortable interior
space in sporty lines that give vivid visual expression to
Outlander's exhilarating road performance. The purposeful and
handsome design sits on a rock-firm stance generated by the wide
tracks and large diameter 18-inch wheels and tires (G grade),
while the sculptured fender flares embrace the wheels and
combine with the front undercover to add SUV-defining toughness.

2. Interior
Doors and a floor console that feature a strong motorbike motif,
along with a dashboard that sweeps across the width of the car
are the principle elements in an interior design that marries
tough with classy sport. The handsome design gives solid
expression to Outlander's SUV-defining utility and
functionality.

3. Coloring
Outlander is available in a range of eight body colors that have
strong outdoor associations rendered in a sporty fashion. The
black keynote interior color scheme uses silver highlights in
creating an ambience that gives a pulse-quickening taste of
Outlander's smooth and dynamic performance.

This is a company press release.


MITSUBISHI MOTORS: Invites Car Fans to "Owners Day"
---------------------------------------------------
Mitsubishi Motors North America (MMNA) is driven to thrill like
never before, announcing its first-ever Factory Mitsubishi
Owners Day on Saturday, October 22 at the company's Normal,
Ill., manufacturing facility.  The event, which is free and open
to the public, welcomes "home" any current owner of a Mitsubishi
vehicle, including many unique, customized Mitsubishi
automobiles and their owners.

Known as FACTORY MOD'05, the outdoor event is expected to draw
hundreds of Mitsubishi owners from throughout the Midwest who
will display their vehicles. Visitors can roam freely to capture
the excitement of new Mitsubishi models that will also be on the
grounds, including the fourth-generation, all-new 2006 Eclipse;
the just-launched Raider pickup truck; and a number of
Mitsubishi concept vehicles appearing for the first time in
Central Illinois.

In addition, Mitsubishi's "Raider Tailgate Tour" will feature a
unique tailgate party with a J. Cool twist.  MOD'05 attendees
will be entertained by Japanese-style Taiko drummers as seen in
the new "Driven to Thrill" television advertisements, playing
from the beds of Raider trucks.

"It's a great time to be in the automobile business, and we want
to share the excitement with our loyal Mitsubishi customers, as
well as others who want to check out the cool vehicles we'll
have on display at MOD '05," said Jerry Berwanger, MMNA
Executive Vice President and Chief Operating Officer,
Manufacturing Division.

"We have heard from hundreds of Mitsubishi owners who want to
make the drive to Normal to show their vehicles, coming from all
points of the compass," Berwanger added.  "It's a great
opportunity for the public to get up-close and personal with
these uniquely customized Mitsubishi vehicles and their owners,
who share a special pride of ownership."

That pride in Mitsubishi ownership is also reflected in recent
retail sales for September, including the Normal-built 2006
Eclipse.  The all-new Eclipse had its best sales month so far
this year, up 193 percent from September 2004 and 7 percent from
last month.  The Endeavor also fared well in September, with
sales up 29 percent from last September and 17 percent from last
month.

In addition, Mitsubishi's new Gas Comes Standard program has
been so well received by customers that the program is being
extended to select 2006 models, including the Normal-built
Galant and Endeavor.

Along with a variety of performance parts suppliers, on-site
food vendors, music, and special giveaways, tours of the MMNA
plant will be offered during the event, which is open to
visitors from 10 a.m. to 3 p.m.  Parking is free at the MMNA
plant site, located at 100 North Mitsubishi Motorway in Normal,
Ill., just a few minutes west of the Market Street/Route 9 Exit
#160 off Interstate 55, and just south of Exit #125 from
Interstate 74.

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States.  Mitsubishi Motors sells coupes,
convertibles, sedans and sport utility vehicles through a
network of approximately 570 dealers.  For more information,
contact the Mitsubishi Motors News Bureau at (888) 560-6672 or
visit http://media.mitsubishicars.com.

CONTACT:

Mitsubishi Motors North America Inc.
6400 Katella Ave.
Cypress, CA 90630-0064
Phone: 714-372-6000
Fax: 714-373-1020
Web Site: http://media.mitsubishicars.com

This is a company press release.


SONY CORPORATION: S&P Downgrades Rating to 'A-/A-2'
---------------------------------------------------
Standard & Poor's Ratings Services has lowered its corporate
credit ratings on Sony Corp. to 'A-/A-2' from 'A/A-1'. The
outlook on the 'A-' long-term rating is stable. At the same
time, Standard & Poor's affirmed its 'A+' counterparty and
financial strength ratings on Sony Life Insurance Co. Ltd. and
'A-' counterparty rating on Sony Bank Inc. The outlooks on the
long-term ratings are stable.

The ratings on Sony, Sony Life Insurance and Sony Bank were all
removed from CreditWatch negative, where they were placed on
Aug. 4, 2005, following Sony's downward revision of its profit
forecast for fiscal 2005 (ending March 31, 2006).

"Sony's profitability and cash flow are likely to fall
substantially in fiscal 2005, due to weak performance and
business restructuring costs. But, whether the company can
achieve a recovery in profitability and cash flow as outlined in
its management plan are not clear," said Standard & Poor's
credit analyst Fusako Nagao.

Restructuring--including expense cutting, streamlining product
lineups, and standardizing parts and platforms--is expected to
produce some benefits in fiscal 2006. However, a full-scale
recovery in profitability and cash flow will take a
significantly enhanced product mix, based on launches of
superior new products that are more resilient to price
pressures.

Sony also faces the challenge of reorganizing its product
development system to regain its ability to deliver new
competitive products to market in a timely manner. While the
company is adopting some measures to remedy this, such as
strengthening coordination across business groups and boosting
development capability for key devices and software, the effects
will not flow through for some time.

Short-term ratings on issuers with 'A-' long-term ratings can be
as high as 'A-1' only if the issuer has extremely strong factors
underpinning its short-term credit quality, such as a
substantial liquidity over short-term debt, strong prospects for
short-term cash flow, and strong financing capability and
flexibility. Sony has relatively strong short-term liquidity
among 'A-' rated companies.

As of the end of June 2005, the company (excluding its financial
services segment) had JPY331.7 billion in cash, cash
equivalents, and short-term securities and approximately 850
billion in unused commitment lines, most of which are for three
to five years, which well exceeds its short-term debt of
JPY191.7 billion (of which JPY120 billion was already rolled
over to straight bonds in September).

However, Standard & Poor's considers Sony's short-term credit
quality not strong enough for an 'A-1' rating, due to the
likelihood of negative free cash flow and unclear prospects for
the recovery of profitability.

The stable outlook on the long-term rating reflects Standard &
Poor's expectations that the company could maintain its debt at
a satisfactory level for the rating, although net debt to
capital is likely to deteriorate, from 10% as of March 2005, due
to the drop in cash flow.

"Sony's healthy balance sheet together with any additional asset
sales should be sufficient to absorb any risks from a delay in
cash flow restoration to some extent," Ms. Nagao said. "However,
the ratings could come under pressure if cash flow does not
recover in fiscal 2006 or additional restructuring charges
substantially erode the soundness of its balance sheet."

Sony Life Insurance has a stable and sound financial profile,
which is likely to support the credit quality of the whole
financial arm of Sony. Since Sony Financial Holdings (the parent
company of Sony Life Insurance and Sony Bank) is a subsidiary of
Sony, the credit quality of the financial subsidiaries is
affected by the credit quality of Sony. However, the negative
impact from the downgrade of Sony is limited. Financial
subsidiaries are subject to banking and insurance laws, limiting
the amount of financial support that they can extend to other
businesses within the group. In addition, Sony maintains its
policy of managing cash flow from its financial services
business separately from its cash flow from other businesses.

The stable outlooks on the ratings on Sony Life Insurance and
Sony Bank reflect their prospects for continued sound
performance. However, the ratings could come under pressure if
the credit quality of Sony further deteriorates. The ratings
could also be affected negatively by any change in the position
of financial services within the Sony group, although Sony has
announced its intention to retain a majority holding of the
outstanding shares in the financial holding company after the
company's shares are sold publicly, currently scheduled for
2007. Meanwhile, the ratings on the financial subsidiaries would
be positively impacted if a shareholder with strong credit
quality took a large stake in the financial holding company and
this led to self-sustaining growth in the operations of the
financial subsidiaries.

Ratings Lowered And Removed From CreditWatch
                                   To                     From
Sony Corp.
  Corporate credit rating          A-/Stable/A-2
A/Watch Neg/A-1
Sony Capital Corp.
  Corporate credit rating          A-/Stable/A-2
A/Watch Neg/A-1
Sony Global Treasury Services PLC
  Corporate credit rating          A-/Stable/A-2
A/Watch Neg/A-1

Ratings Affirmed And Removed From CreditWatch

Sony Life Insurance Co. Ltd.
  Counterparty credit rating       A+/Stable/--
  Financial strength rating        A+/Stable

Sony Bank Inc.
  Counterparty credit rating       A-/Stable/A-2

CONTACT:

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


TOKYU CORPORATION: S&P Upgrades Rating to 'BBB-'
------------------------------------------------
Standard & Poor's Ratings Services has raised its long-term
corporate credit rating on Tokyu Corp., and its ratings on the
long-term senior unsecured debt issued by Tokyu Corp. and Tobu
Railway Co. Ltd. each by one notch to 'BBB-' from 'BB+'. At the
same time, Standard & Poor's affirmed its 'BB+' long-term
corporate credit rating on Tobu Railway. The outlooks on the
corporate credit ratings are stable.

The ratings on Tokyu Corp. were raised on the company's ongoing
debt reductions and stabilized cash flow generation.

"Tokyu Corp.'s railway business is expected to be less affected
by the aging of the Japanese population than its peers, backed
by the high competitiveness of the residential areas along its
rail network," said Standard & Poor's credit analyst Eiro
Taniguchi.

While most Japanese railway companies have been facing a drop in
passenger volume, Tokyu Corp. has enjoyed an increase in total
passenger volume and a turnaround in the number of commuter
passengers who use train passes. The high popularity of the
residential areas along the company's railroads, which is partly
backed by the extended railway networks that flow through to
central Tokyo via subway system connections, also contributes to
ensuring passenger volume. Given the increasing population in
the residential areas along its railroad network, the negative
impact of the aging population
on the railway business is likely to be limited compared with
its peers.

"Moreover, taxable household income per capita in the areas
along Tokyu Corp.'s railway is 1.5x higher than the national
average and this will likely have a positive impact on
retailing, the company's third core business," added
Mr. Taniguchi.

Tokyu Corp. has streamlined its group businesses to concentrate
on core operations. The company has taken measures including
withdrawing from unprofitable businesses and selling off
subsidiaries. Given that the company has made progress in
restructuring, requests for support from financially
troubled group companies is expected to decrease, and its core
railway and property business is expected to continue to support
earnings.

Although Tokyu Corp.'s ratio of total debt to capital remains
higher than its peers, it has been improving to 82.6% at March
2005 from 90.8% at March 2001. However, debt reduction is likely
to slow in the future as there are plans for a large development
project around the Shibuya station area, and the inauguration of
a new direct train service between Subway Line No. 13 and the
Toyoko line scheduled for fiscal 2012 (ending March 31, 2013).
Another upgrade would require continued improvement in the
company's capital and debt structure.

Tobu Railway's senior unsecured debt rating was raised on the
decreasing balance of the company's outstanding secured debt and
the declining ratio of secured debt to total assets.

Originally, Standard & Poor's assigned a rating on the senior
unsecured debt issued by Tobu Railway equal to that on the
issuer, as the senior unsecured debt has lower recoverability
than higher priority debt even though creditor banks were likely
to forgive the company's debt in case of bankruptcy. However,
Tobu Railway's outstanding debt balance has been decreasing
since peaking in fiscal 1999 (ended March 31, 2000), and the
ratio of secured debt to total assets has also been decreasing.
In assessing that the recoverability has improved, Standard &
Poor's raised its rating on Tobu Railway's unsecured debt to
one-notch higher than the issuer rating.

Ratings List


Ratings Raised                To              From
Tokyu Corp.
  Corporate credit rating     BBB-/Stable/--   BB+/Stable/--
  Senior unsecured debt       BBB-             BB+

Tobu Railway Co. Ltd.
  Senior unsecured debt       BBB-            BB+

Rating Affirmed
Tobu Railway Co. Ltd.
  Corporate credit rating     BB+/Stable/--

CONTACT:

Tokyo Corporation
5-6 Nanpeidai-Cho
Shibuya-Ku 150-8511, Tokyo 150-8511
Japan
Phone: +81 3 3477 6168
Fax: +81 3 3462 1690
Web site: http://www.tokyu.co.jp


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

KOREA EXPRESS: Kumho Asiana Ranks as Second-Largest Shareholder
--------------------------------------------------------------
In line with Kumho Asiana Group's efforts not to lose another
battle with STX Pan Ocean Group, it bought a 14.7 percent stake
in Korea Express Co. last week, reveals JoongAng Daily.

Kumho and STX Group competed last year for rights to Pan Ocean
Shipping Co. which ultimately was acquired by STX Group's STX
Shipbuilding Co. and became STX Pan Ocean.

With the acquisition of Korea Express shares, Kumho became the
second-largest shareholder next to STX Pan Ocean, which
purchased a 21.3 percent stake on October 7.

According to financial industry analysts, Kumho's affiliates,
such as Kumho Industrial Co., Kumho Life Insurance Co. and Kumho
Merchant Bank, bought the shares during after-trading hours
Friday.

Kumho Group executives want to make sure that this time their
chances for Korea Express is high.  Kumho pointed out that in
2004 it posted a record annual sales of KRW8.6 trillion.

Another thing that Kumho pointed out is the success of Kumho
Tire Co., as the second Korean company to be listed on both the
Korea and London Stock Exchanges.

The emergence of Korea Express from court receivership in May is
considered as an important variable in Kumho's bidding, when the
number of shares will increase by 5 million.  Once completed the
number of stakes of all shareholders will drop: STX's will fall
to 14.2 percent, while Kumho's will dip to 9.8 percent.

In order to get a strong foothold in Korea Express, shareholders
would either have to purchase more shares before May or buy
extra shares during the public offering of shares in May.

According to Lee Kook-dong, President of Korea Express, it only
takes KRW1 trillion to acquire a 51 percent of Korea Express
shares.

CONTACT:

The Korea Express Co. Ltd.
58-12 Seosomun-dong Chung-gu Seoul, Korea
Seoul 100-110 Korea
Phone: 02 - 3782 - 0114
Fax: 02 - 3782 - 0786
Homepage: http://www.korex.co.kr


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

AYER HITAM: Submits Application for Restructuring Scheme
--------------------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad issued to Bursa Malaysia
Securities Berhad an update to the following proposals:

- Proposed Capital Reduction;

- Proposed Amendments to the Company's Memorandum of
Association;

- Proposed Rights Issue;

- Proposed Private Placement;

- Proposed Debt Settlement; and

- Proposed Disposal of Motif Harta Sdn Bhd

(collectively, the Proposed Restructuring Scheme)

Further to the announcements on May 27, 2005 and August 17,
2005, Avenue Securities Sdn Bhd on behalf of the Board of
Directors of Ahtin disclosed that the applications in relation
to the Proposed Restructuring Scheme have been submitted to the
Securities Commission on October 14, 2005.

This announcement is dated 14 October 2005.

CONTACT:

Ayer Hitam Tin Dredging Malaysia Berhad
8 Jalan Raja Chulan
50200 Kuala Lumpur, 50200
Malaysia
Telephone: +60 3 2031 9633 /+60 3 2031 6920


DATAPREP HOLDINGS: Clinches Hardware Maintenance Contract
---------------------------------------------------------
Dataprep Holdings Berhad furnished Bursa Malaysia Securities
Berhad details of the acceptance of award from the Ministry of
Home Affairs, Malaysia, for hardware maintenance services.

Introduction

Dataprep Holdings Bhd (Dataprep or the Company) advised that the
Company has been awarded the Contract from the Ministry of Home
Affairs, Malaysia for hardware maintenance services.

Duration of The Contract

The Contract is for a period of two (2) years effective from
October 1, 2005 to September 30, 2007

Financial Effects

The Contract is expected to contribute positively to the
earnings of Dataprep for the current financial year and future
years through out the duration of the Contract.

Directors' and Substantial Shareholders' Interest

None of the Directors or substantial shareholders or any person
connected to the Directors or substantial shareholders of
Dataprep has any interest, either direct or indirect in the
Contract.

Statement of the Directors

The Board of Directors of the Company is of the opinion that the
Contract is in the ordinary course of business and is in the
best interest of the Company.

CONTACT:

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


DFZ CAPITAL: Issues New Shares for Listing, Quotation
-----------------------------------------------------
DFZ Capital Berhad advised that its additional 2,909 new
ordinary shares of MYR1.00 each arising from the conversion of
32,000 Irredeemable Convertible Preference Shares - A
(2005/2010) of MYR0.10 Each into 2,909 New Ordinary Shares will
be granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Tuesday, October 18, 2005.


DUOPHARMA BIOTECH: Unveils Dealings in Shares
---------------------------------------------
Duopharma Biotech Berhad provided Bursa Malaysia Securities
Berhad details of the Conditional Mandatory Offer by Tekan Maju
Sdn Bhd (TMSB), a wholly owned subsidiary of Chemical Company of
Malaysia Berhad, to acquire up to 92,490,610 Duopharma Shares
(Offer Shares) not already owned by TMSB and persons acting in
concert for a cash offer price of MYR2.80 per offer share.

Pursuant to Section 36 of the Code, Duopharma disclosed the
dealings by TMSB in the Duopharma Shares. The details of the
dealings are set out in the table below:

Date of          Name of   Description    No. of     Transaction
transaction      Party     of             Shares     price per
                           transaction    Acquired/  share
                                          Disposed

October 13, 2005  TMSB     Acquisition    529,000    2.7800


DUOPHARMA BIOTECH: Bourse to List, Quote New Shares
---------------------------------------------------
Duopharma Biotech Bhd advised that its additional 138,500 new
ordinary shares of MYR0.50 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., Tuesday, October 18, 2005.


HONG LEONG: Unveils Resolutions Passed at Meeting
-------------------------------------------------
Hong Leong Industries Berhad informed the following
announcements to Bursa Malaysia Securities Berhad:

(A) 42nd Annual General Meeting (AGM)

At the 42nd AGM of the Company held on October 14, 2005, the
shareholders of the Company had approved all the ordinary
resolutions and special businesses as set out in the notice of
the AGM.

(B) Extraordinary General Meeting (EGM)

The ordinary resolutions pertaining to the following matters
were approved by the shareholders of the Company at the EGM
convened immediately after the conclusion of the 42nd AGM:

(a) Proposed renewal of the authority for the purchase of own
shares by the Company;

(b) Proposed shareholders' mandate on recurrent related party
transactions of a revenue or trading nature with Hong Leong
Company (Malaysia) Berhad (HLCM) and persons connected with
HLCM;

(c) Proposed shareholders' mandate on recurrent related party
transactions of a revenue or trading nature with Mr. Chuah Chuan
Thye, YBhg Tan Sri Quek Leng Chan, Mr. Kwek Leng San and Mr.
Quek Leng Chye and persons connected with them;

(d) Proposed shareholders' mandate on recurrent related party
transactions of a revenue or trading nature with Mr. Ng Choong
Hai and persons connected with him;

(e) Proposed shareholders' mandate on recurrent related party
transactions of a revenue or trading nature with Yamaha Motor
Co. Ltd (YMC) and persons connected with YMC;

(f) Proposed shareholders' mandate on recurrent related party
transactions of a revenue or trading nature with YBhg Tan Sri
Dato' Zaki bin Tun Azmi and persons connected with him;

(g) Proposed shareholders' mandate on recurrent related party
transactions of a revenue or trading nature with Tasek
Corporation Berhad and its subsidiaries and associated
companies;

(h) Proposed termination of the existing executive share option
scheme;

(i) Proposed establishment of a new executive share option
scheme of up to fifteen percent (15%) of the issued and paid-up
ordinary share capital of the Company;

(j) Proposed grant of options to Mr. Kwek Leng San; and

(k) Proposed grant of options to Mr. Quah Thain Khan.

This announcement is dated 14 October 2005.

CONTACT:

Hong Leong Industries Berhad
Level 9, Wisma Hong Leong
18, Jalan Perak
50450 Kuala Lumpur
Malaysia
Phone: 03-2164 2631
Fax: 03-2164 2514
Web site: http://www.hongleong.com


ICAPITAL.BIZ BERHAD: Books MYR212,000 1Q Net Loss
-------------------------------------------------
Icapital.Biz Berhad furnished Bursa Malaysia Securities Berhad a
copy of its unaudited first quarter financial report for the
financial period ended August 31, 2005.

There are no comparative results presented, as these are the
first quartely results announced by icapital.biz Berhad.

Summary of Key Financial Information
August 31, 2005


        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    31/08/2005    31/08/2004      31/08/2005     31/08/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

    0             0               0              0

(2) Profit/(loss) before tax

    -212          0               -212           0

(3) Profit/(loss) after tax and minority interest

    -212          0               -212           0

(4) Net profit/(loss) for the period

    -212          0               -212           0

(5) Basic earnings/(loss) per shares (sen)

    -10,600,000.00  0.00          -10,600,000.00    0.00

(6) Dividend per share (sen)

    0.00          0.00             0.00          0.00

  As at end of               As at Preceding
  Current Quarter            Financial Year End

(7) Net tangible assets per share (MYR)

    -175,550.0000            0.0000

To view a full copy of the financial statement, click
http://bankrupt.com/misc/icapbiz2005Announcement101405.xls


MEDIA PRIMA: New Shares up for Listing, Quotation
-------------------------------------------------
Media Prima Berhad that its additional 3,358,053 new ordinary
shares of MYR1.00 each arising from the conversion of 5,037,083
Irredeemable Convertible Unsecured Loan Stocks 2003/2008 into
3,358,053 New Ordinary Shares will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Tuesday, October 18, 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


METROPLEX BERHAD: Wind Up Hearing on Unit Set for January
---------------------------------------------------------
Metroplex Berhad (MB) issued to Bursa Malaysia Securities Berhad
details of the Winding-Up petition served on Legend
International Resorts Limited (LIR), a 59.99 percent owned
subsidiary of MB.

The company informed the Exchange that the High Court of Hong
Kong has on October 12, 2005 fixed the hearing of Morgan Stanley
Emerging Markets, Inc. (the Petitioner)'s winding-up petition
against LIR on January 4 and 5, 2006.

This announcement is dated 14 October 2005.

CONTACT:

Metroplex Berhad
Level 10, Grand Seasons Avenue,
No. 72, Jalan Pahang,
53000 Kuala Lumpur
Telephone: 03-2931828, 03-4431828
Fax: 03-2912798


OLYMPIA INDUSTRIES: Unit Served with Writ of Summons
----------------------------------------------------
The Board of Olympia Industries Berhad (OIB) advised that its 71
percent owned subsidiary, Mascon Sdn Bhd (MSB) had on October
13, 2005 received a Writ of Summons and Statement of Claim filed
by Hanson Building Materials Malaysia Sdn Bhd (formerly known as
Pioneer Sun-Mix Concrete Sdn Bhd).  The amount claimed
(inclusive of interest) is MYR625,413.55.

The claim was for the supply of ready mixed concrete to a
project site of MSB. The total cost of investment of OIB in MSB
is MYR30,655,896.00.

However, full provision has been made for diminution in the
value of investment in MSB. The claim has no material impact on
the financials and operations of the OIB Group.

MSB has instructed its solicitors to proceed with the necessary
defense actions.

CONTACT:

Olympia Industries Bhd.
Malaysia
Phone: 60 3 2070 0033
Fax: 60 3 2070 0011
E-mail: olympia@oib.com.my


PAN MALAYSIA: Buys Back 950,000 Ordinary Shares
-----------------------------------------------
Pan Malaysia Corporation Berhad issued to Bursa Malaysia
Securities Berhad a notice of shares buy back with the following
details:

Date of buy back: October 14, 2005

Description of shares purchased: Ordinary shares of MYR0.50 each

Total number of shares purchased (units): 950,000

Minimum price paid for each share purchased (MYR): 0.485

Maximum price paid for each share purchased (MYR): 0.495

Total consideration paid (MYR): 470,944.71

Number of shares purchased retained in treasury (units): 950,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 52,060,000

Adjusted issued capital after cancellation (no. of shares)
(units): 0

CONTACT:

Pan Malaysia Holdings Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
Malaysia
Telephone: +60 3 2031 6722
Fax: +60 3 2031 1299


PANTAI HOLDINGS: Bourse to List, Quote New Shares
-------------------------------------------------
Pantai Holdings Berhad advised that its additional 1,100,400 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., Tuesday, October 18, 2005.

CONTACT:

Pantai Holdings Berhad
8 Jalan Damansara Endah
Damansara Heights Kuala Lumpur, Malaysia 50490
Malaysia
Telephone: +60 3 2713 2282 / +60 3 2094 4528


PELIKAN INTERNATIONAL: New Shares up for Listing, Quotation
-----------------------------------------------------------
Pelikan International Corporation Berhad advised that its
additional 7,992 new ordinary shares of MYR1.00 each arising
from the;

(1) Conversion of MYR6,000 nominal value of 3 percent
Irredeemable Convertible Unsecured Loan Stocks 2005/2010 into
3,996 new Ordinary Shares.

(2) Conversion of MYR6,000 nominal value of 3 percent Redeemable
Convertible Unsecured Loan Stocks 2005/2010 into 3,996 new
ordinary shares.

(Collectively defined as conversion)

will be granted listing and quotation with effect from 9:00
a.m., Tuesday, October 18, 2005.


POLY GLASS: Notifies Bourse on Director's Dealing in Shares
-----------------------------------------------------------
Pursuant to Paragraph 14.08 of the Listing Requirements of the
Bursa Malaysia Securities Berhad, Poly Glass Fibre (M) Berhad
notified Bursa Malaysia that it has on October 14, 2005 received
a notification dated October 2005 from Mr. Fong Wah Kai, the
Executive Director of the Company in relation to his indirect
acquisition of 76,400 ordinary shares of MYR1.00 each in the
Company as per the information below:

Date of Dealing: October 13, 2005

Consideration for the dealing: MYR0.13 per ordinary share

Amount of Securities acquired: 76,400 ordinary shares of MYR1.00
each

Percentage of Securities acquired: 0.05 percent

Total number of Securities and percentage held after
acquisition:

Direct: 5,611,500 (3.51%)

Indirect: 51,849,600 (32.41%)

Dated this 14th day of October 2005.


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

C&P HOMES: Stockholders Meeting Fixed November 14
-------------------------------------------------
The Special Meeting of the stockholders of C&P Homes
Incorporated (the Company) will be held at the Italia Country
Club, Capitoline Hill Street, BF Resort Village, Las Pinas City
on November 14, 2005 at 10:00 a.m.

Notices of the meeting and copies of the Information Statement
will be sent to stockholders of record on 18 October 2005.
Replies, queries and proxies must be sent to the following
address:

MS. ESTRELLITA TAN
Chief Information Officer
C&P Homes, Incorporated
3rd Floor Las Pinas Business Centre
Alabang-Zapote Road
Las Pinas City

A copy of the Company's Special Meeting Notice is available at
http://bankrupt.com/misc/tcrap_c&phomes101705.pdf.

CONTACT:

C&P Homes Incorporated
Las Pinas Business Centre
National Road, Las Pinas 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


HOMEOWNERS SAVINGS: Court to Hear Motion for Assets Distribution
----------------------------------------------------------------
Please take notice that on October 21, 2005 at 8:30 a.m. the
motion for Approval of Partial Project of Distribution of the
Assets of Homeowners Savings and Loan Bank will be submitted to
the Liquidation Court (RTC National Capital Judicial Region
Branch 217, Quezon City, Sp. Proc. No. Q-99-38945) for approval.

PHILIPPINE DEPOSIT INSURANCE CORPORATION
Liquidator
PDIC Bldg., 2228 Chino Roces Avenue
1231 Makati City, Philippines
Phone: (632) 841-4000
E-mail: info@pdic.gov.ph
Web site: http://www.malaya.com.ph/


NATIONAL BANK: Posts Amended Quarterly Report
---------------------------------------------
Philippine National Bank (PNB) provided the Exchange a copy of
its Amended Quarterly Report, using SEC Form 17-Q, for the
quarter ended June 30, 2005.

A copy of PNB's Amended Quarterly Report shall be made available
for downloading at the PSE web site: http://www.pse.com.ph
(under Listed Companies) or at
http://bankrupt.com/misc/tcrap_pnb101705.pdf.

CONTACT:

Philippine National Bank
Pres Diosdado P Macapagal Boulevard
PNB Financial Center
Pasay 1300
Philippines
Phone: +63 2 891 6040
Fax: +63 2 551 5187
Web site: http://www.pnb.com.ph/


NATIONAL POWER: Expired Permit May Delay Auction
------------------------------------------------
Private investors conducting due diligence on National Power
Corporation's (Napocor) Calaca power plant were surprised to
discover that the facility's permit to operate has expired, The
Manila Bulletin reports.

The operating permit of the 600-megawatt coal-fired power
facility has been found to lapse in 2003. The permit was first
extended by six months and then by another three months. However
investors are not certain if a long-term permit would be issued
before the Power Sector Assets and Liabilities Management
Corporation (PSALM) could finally bid it out.

Prospective investors have been sounding off that despite the
government's insistence to re-bid the asset, Calaca is one of
the most problematic facility it has been offering so far to
private takers.

Aside from incessant questions on whether the facility has been
complying with environmental standards set forth under the
Philippine Clean Air Act and that one laid down by the World
Bank, there are also other major issues hounding the plant's
viability such as its fuel supply agreement and if a transition
supply contract (TSC) be afforded as part of its privatization
package.

The plant was first scheduled for privatization bidding last
June 28, which was declared a failure after two of the expected
interested parties backed out.

In August, PSALM announced that Calaca was being placed on
second round of auction; and that at least three parties are
finally making it to join the bidding. Until now, however, the
bidding date is yet to be finalized.

CONTACT:

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


NATIONAL POWER: IPPs Willing to Shoulder Taxes
----------------------------------------------
In a bid to resolve disputes between National Power Corporation
and local government units (LGUs), independent power producers
(IPPs) are willing to advance the payment of real estate taxes
of the troubled state power firm.

Independent Power Producers Association (IPPA) president Ernesto
Pantangco told The Manila Standard that the move is seen as a
compromised between the IPPs and the LGUs for an issue that has
plagued the industry.

Mr. Pantangco said the issue at stake is the imposition of local
taxes such as real estate tax, of which machineries and
equipment are the biggest component.  While the issue affects
only Napocor-IPPs and not private IPPs of distribution
utilities, Mr. Pantangco said the industry has taken a
collective stance.

He said that the IPPs will advance the payment and then get
reimbursed by Napocor or the Power Sector Assets and Liabilities
Management Corp. (PSALM), just to get the issue off their backs.

Napocor was previously exempted from payment of real property
tax. However, the Local Government Code, signed into law on Oct.
10, 1991, has withdrawn exemptions from payment of real property
tax previously granted to, or were being enjoyed by any person
whether natural or juridical, including the government-owned and
-controlled corporations.

The move, backed by a recent ruling from the Department of
Finance, has pushed the LGUs to collect the taxes from Napocor's
IPPs.


PHILIPPINE AIRLINES: Told to Report to Watchdog
-----------------------------------------------
Philippine Airlines (PAL) and other firms whose rehabilitation
are still under the jurisdiction of the Securities and Exchange
Commission (SEC) maybe required by the corporate regulator to
present on a regular basis developments on their rehabilitation,
The Manila Bulletin says.

Petitions for corporate rehabilitation has already been
transferred to the regular courts but several companies under
rehab are still under the jurisdiction of the SEC.

Aside from PAL, the other companies include Uniwide Holdings
Inc., ASB Holdings, Inc., Victorias Milling Company.

The suggestion to direct these companies to regularly report
developments was raised during a Commission en Banc meeting held
last week.

PAL was a particular concern. PAL is under a ten-year
rehabilitation program. Last year, the nation's flag carrier
wanted out of its rehab program to be able to borrow money to
expand and turnaround its operations. PAL is already on the
track to recovery as it registered a net income of hp1.2 billion
for its fiscal year ending March 2005 coming from a net loss
Php643 million during the same period last year.

CONTACT:

Philippine Airlines
Mabuhay Miles Service Center
Ground Floor, Philippine Airlines Center
Legazpi Street, Legaspi Village
Makati City 0750, Philippines
Phone : Manila (632) 817-8000
       USA/CANADA 1-800-747-1959
Fax : (632) 818-4921 ; 893-6884
E-mail : mabuhaymiles@pal.com.ph
Web site: www.philippineairlines.com


PMA CREDIT: Lender Faces Liquidation
------------------------------------
The Cooperative Development Authority (CDA) announced the
Philippine Military Academy (PMA) Credit Cooperative is now
under liquidation, SunStar Daily reveals.

CDA information officer Martin Manodon said that their board of
liquidators is now collecting all loans receivable, including
their penalties and interests, from members who have existing
payable accounts with the PMA cooperative.

The collection followed the credit lending firm's application
for voluntary dissolution with the CDA on May 16 this year due
to internal problems bugging the operations of its credit
cooperative.

The firm opted to file for voluntary dissolution due to the
resignation of several of several duly elected members of the
(cooperative's) Board (of Directors) sometime in 1998 and 1999,
before the chairperson abandoned the enterprise in 2000 without
calling for a general assembly, and various complaints from
members.

Upon the satisfaction of creditors, members and the disposition
of funds, the CDA will ascertain the fairness and finality of
liquidation, before canceling (PMA's) certificate of
registration.


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

BUSINESS GROUP: Posts Notice of Intended Dividend
-------------------------------------------------
Business Group (Singapore) Pte Limited, formerly of 200 Jalan
Sultan, #12-02 Textile Centre, Singapore 199018, posted a notice
of intended dividend at the Government Gazette, Electronic
Edition with the following details:

Name of Company: Business Group (Singapore) Pte Limited
Court: Singapore High Court
Number of Matter: Companies Winding Up No. 42 of 1995
Last day for receiving proofs: Oct. 28, 2005
Name  & address of Liquidators: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Beverly Wee
Assistant Official Receiver


CITIRAYA INDUSTRIES: In Talks With Creditor to Settle Debt
----------------------------------------------------------
Citiraya Industries Limited announced that it filed a petition
to be placed under Judicial Management (JM). The petition, which
was scheduled to be heard on Sept. 23, 2005, was adjourned to
Nov. 4, 2005.

On the same date (Sept. 23, 2005), Company creditor United
Overseas Bank (UOB) filed an application to repossss the
Company's properties mortgaged to the bank; the application was
scheduled to be heard on Oct. 14, 2005.

Citiraya Industries has been discussing with UOB to explore
various options to settle its debt with such creditor, including
the redemption of the Mortgaged Properties or a buy-out of UOB's
debt by third parties.

The third parties who are considering buying Citiraya's debt to
UOB are Company investor Chip Lian Investments Pte Limited and
privater equity investment firm First Alverstone Capital Limited
(FAC). Chip Lian and FAC are willing to assist the Company by
ensuring the continued availability of the Mortgaged Properties,
and therefore assist in the restructuring efforts and the
completion of the Investment Agreement. The purchase of the
Company's debts to UOB will involve the assignment of the rights
under the mortgages over the Mortgaged Properties to Chip Lian
and/or FAC.

Chip Lian and FAC have agreed that, in the event the Proposed
Assignment is completed, they will not (in the absence of any
unforeseen circumstances) charge the penalty interest that UOB
are entitled to charge unless the Investment Agreement is
terminated or until June 30, 2006 (whichever is the earlier).
The Company is in talks with relevant government authorities to
seek approval of the proposed assignment.

If the Proposed Assignment cannot be carried out, Citiraya
Industries has sought the Court's leave to redeem the Mortgaged
Properties. The Company has obtained valuation reports on the
Mortgaged Properties, indicating an open market value well above
the amount required for the redemption of the Mortgaged
Properties. The Company's application for leave was heard on
Oct. 15, 2005, and was adjourned to be heard together with the
JM Petition on Nov. 4, 2005.

Similarly, UOB's application for possession of the Mortgaged
Properties was adjourned to Nov. 4, 2005. The Company also made
an application to Court to seek approval for the engagement of
accounting firm of PricewaterhouseCoopers (PWC) to act as
financial adviser to a committee of the Company's creditors (to
be set up). The Court made no order on the Company's
application.

The Company is considering making a fresh application to appoint
a financial adviser to the Creditors Committee at the
appropriate juncture. The Company obtained leave to make various
other payments relating to the operations of the Company and the
Group.

Citiraya Industries has also received claims from one of its
suppliers, Infineon Technologies (Malaysia) Sdn Bhd and Infineon
Technologies Asia Pacific Pte Ltd, for the sums of
EUR8,163,958.13 and USD39,714,936.47, and USD14,429,825.41
respectively for alleged wrongful dealings with quantities of
non-compliant integrated circuits. The Company makes no
admission in relation to these claims.

By Order of the Board

Tan San-Ju
Company Secretary
Oct. 14, 2005

CONTACT:

Citiraya Industries Limited
65 Tech Park Crescent
Singapore 637787
Phone: 65 62644338
Fax:   65 62666731
Web site: http://www.citiraya.com/


EI-NETS LIMITED: Releases Audit of Financial Statements
-------------------------------------------------------
Ei-Nets Limited announced that accounting firm Deloitte & Touch
has concluded its audit on the Company's financial statements
for the year ended June 30, 2005, and have released a statement
clarifying such report.

For the year ended June 30, 2005, the Company incurred a net
loss amounting to SGD2.31 million. Desipte the net loss,
however, the Company can still ontain adequate financial
resources in order to continue operating as a going concern
business.

Ei-Nets Limited believes that it has disseminated sufficient
information to the market, so as to ensure that trading in the
Company's shares are orderly.

To vew a copy of the Company's audit report/clarifications on
such report, go to:

http://bankrupt.com/misc/tcrap_EiNetsLimited101705.pdf

http://bankrupt.com/misc/tcrap_einetslimited01101905.pdf

CONTACT:

Ei-Nets Limited (Singapore)
152 Ubi Avenue 4 #03-00
ArmorCoat Technologies Building
Singapore 408826
Phone: 65 6846 8826
Fax:   65 6846 8827
Email: enquiry@ei-nets.com
Web site: http://www.ei-nets.com/


JV GOLDSMITH: Creditor Seeks Winding Up
---------------------------------------
Notice is hereby given that the Hongkong & Shanghai Banking
Corporation Limited (HSBC), a creditor of JV Goldsmith &
Jewellery Pte Limited, presented a winding up petition against
the Company to the Singapore High Court on Oct. 7, 2005.

The petition is directed to be heard before the Court sitting at
the Singapore High Court on Nov. 4, 2005, 10:00 a.m.

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

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

The Petitioner's address is at 21 Collyer Quay, HSBC Building,
Singapore 049320.

The Petitioner's solicitors are Messrs. Shook Lin & Bok of 1
Robinson Road, #18-00, AIA Tower, Singapore 048542.

Messrs Shook Lin & Bok
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the petition
must serve on or send by post to the Petitioner's solicitors,
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, 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 Nov. 3, 2005 (the day
before the day appointed for the hearing of the petition).

CONTACT:

JV Goldsmith & Jewellery Pte Limited
91 Serangoon Road, Singapore
Phone: 65 6392 1153
Fax:  65 6726 3682


POWERMATIC DATA: 2005 Half-Year Net Results Returns to Black
------------------------------------------------------------
Powermatic Data Systems Limited announced that the Company has
incurred a net profit for the first six months of the financial
year ended Aug. 31, 2005.

In its half-year financial statement, the Company posted a net
profit of SGD692,000, as compared to a SGD1.89 million net loss
for the same period last year.

Enclosed is the Company's full-year financial statement for the
year ended April 28, 2005, and its half-year financial statement
for the period ended Aug. 31, 2005:

http://bankrupt.com/misc/tcrap_powermatic01101705.pdf

http://bankrupt.com/misc/tcrap_powematic02101705.pdf

CONTACT:

Powermatic Data Systems Limited
135 Joo Seng Road , #08-01
PM Industrial Building
Singapore 368363
Phone: 65 6288 8220
Fax:   65 6285 8237


ROYAL DOOR: Court Issues Wind Up Order
--------------------------------------
In the matter of Royal Door Systems Pte Limited, the Singapore
High Court issued a winding up order against the Company on
Sept. 30, 2005, with the following details:

Name and Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Dated the 4th day of October 2005

Ang & Partners
Solicitors for the Petitioners
150 Beach Road
#32-00 The Gateway West
Singapore 189720

CONTACT:

Royal Door Systems Pte Limited
177 Kaki Bukit Avenue
1 Shun Li Industrial Park
Phone: 65 6841 3843
Fax:   65 6841 6536


SENDO SINGAPORE: Declares First, Final Dividend
-----------------------------------------------
Sendo Singapore Pte Limited will declare a first and final
dividend for its preferential creditors today, Oct. 18, 2005.

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

Dated this 14th day of October 2005

Timothy James Reid
Liquidator
C/o Ferrier Hodgson
50 Raffles Place
#16-06 Singapore Land Tower
Singapore 048623


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


ASIA HOTEL: Releases Rehab Plan Update
--------------------------------------
Asia Hotel Public Company Limited (Asia) issued to the Stock
Exchange of Thailand (SET) a report on the progress of the
corporate rehabilitation of ASIA and its subsidiaries to the SET
and for disclosure to investors:

(1) Asia Hotel Public Company Limited

After performing well pursuant to the debt restructuring
agreement made on August 1999, the loan balance of ASIA was
reduced to THB1,529.80 million as at June 30, 2005.  ASIA has
proposed the major financial institution (outstanding loan of
THB1,247.20 million) the revised debt restructuring agreement to
strengthen its financial position. At present, the negotiation
has a substantial further progress and it is expected to come to
the conclusion within this year.

(2) Asia Pattaya Hotel Company Limited

After repayment of loan according to the debt restructuring
agreement made in January 2003, the loan balance of Asia Pattaya
was decreased to THB279 million as at June 30, 2005.

Furthermore, Asia Pattaya has renovated its hotel facilities to
boost the business potential and to satisfy customers' need.  It
is expected that this year result will be greater than last
year.

(3) Asia Airport Hotel Company Limited

Initially, Asia Airport had outstanding loan and interest of
THB1,201.80 million with Sukhumvit Asset Management (SAM) which
was formerly transferred from the Bangkok Metropolitan Bank.
Asia Airport and SAM eventually came to the conclusion of the
agreement of debt restructuring and signed the agreement on
December 24, 2004.

According to the mentioned agreement, SAM allowed Asia Airport
to settle the debt at the amount of THB261 million within 180
days from the agreement date.

After the said repayment is completed, SAM agreed that the rest
of the debt will be cancelled.

On June 20, 2005 Asia Airport repaid SAM the sum amount of
THB261 million to settle the debt restructuring agreement by
borrowing THB200 million from a financial institution.  As a
result, Asia Airport obtained a great gain on debt restructuring
of THB940.89 million which was presented as an extraordinary
item in the financial statements for 2005 second quarter.

(4) Zeer Property Company Limited

Zeer Property has signed the debt restructuring agreement with
the financial institution on January 17, 2000 and signed the
agreement with Thailand Asset Management (TAM) on December 9,
2003.

After repayment according to both aforementioned agreements, the
loan balances as at June 30, 2005 were reduced to THB124.10
million and THB153.85 million respectively. Zeer Property has
developed more rental space to gain more shops rented such
space.  This year operating results were expected to be greater
than those of last year.

Steady developing the hotel facilities to boost the business
potential and to satisfy customers' need ASIA and its
subsidiaries thus have normal operating profits since the fourth
quarter of 2004 onwards. It is expected that ASIA and its
subsidiaries will also have consecutive operating profits in the
third and fourth quarters of this year due to the high season of
hotel business.

Consolidated Profit from Normal Activities

(Million Baht)
Particulars     Quarter 4/2004     Quarter 1/2005      Quarter
2/2005

Consolidated
Normal Profit         26.34            25.34            1.64

As a result of accomplishment of the debt restructuring with
financial institutions, the shareholders' equity of ASIA and its
subsidiaries have been much more improved and become nearly zero
figure.

Consolidated Shareholders' Equity
(Million Baht)

Particulars      Quarter 4/2004    Quarter 1/2005    Quarter
2/2005

Consolidated
Shareholders'
Equity               (1,171.71)     (1,146.37)        (203.83)

The consolidated shareholders' equity as at 30 June 2005 was
merely THB203.83 million below zero.   Hence, if the debt
restructuring agreement as mentioned in no. 1 is finalized
agreed, the shareholders' equity of ASIA and its subsidiaries
will be a lot improved greater than zero.  However, ASIA still
has some risks due to the terms and conditions as mentioned in
no. 1 are on negotiation.

This information is provided for notification to the SET and for
disclosure to investors.

Best regards,

Mr. Kumpol Techaruvichit
Chairman and Managing Director

CONTACT:

Asia Hotel Public Company Limited
296 Phayathai Road, Phaya Thai Bangkok
Telephone: 0-2215-0808
Fax: 0-2215-4360
Website: http://www.asiahotel.co.th


PACIFIC ASSETS: Cancels Purchase of Pacific Estate Shares
---------------------------------------------------------
Reference is made to the resolution of the Board of Directors'
Meeting of Pacific Assets Public Company Limited held on
September 23, 2005 to approve the Company to purchase 82,000,000
shares from Pacific Estate Development Limited (PED) (a
subsidiary that the Company holds 99.99 percent of the
registered capital) in proportion to the shares held by the
Company at the par of THB10 per share, totaling THB820,000,000.

The registered capital of PED will then increase from
THB600,000,000 to THB1,420,000,000.  The capital increase is a
part of the business restructuring plan of the Company to settle
the inter-company debts as disclosed in the notice of the
Extraordinary General Meeting of Shareholders No. 1/2005.

The Company informed the Exchange that the Company has been
reviewing the alternative ways for the business restructuring
plan to settle the inter-company debts; therefore, PED no longer
requires the capital increase to convert its debt to equity.

Consequently, the Board of Directors' Meeting No. 20/2005 held
on October 14, 2005 resolved to approve the cancellation of
purchasing the common shares of Pacific Estate Development
Limited as mentioned above.

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: SET Allows Trading of Securities
----------------------------------------------------
Starting October 17, 2005 the Stock Exchange of Thailand (SET)
allowed the securities of Picnic Corporation Public Company
Limited (PICNI) to be traded on the SET after finishing capital
increase procedures.

Name: PICNI

Issued and Paid up Capital

Old: THB1,477,673,297

Number of common share 1,477,673,297 Shares

New: THB2,955,346,594

Number of common shares: 2,955,346,594 Shares

Par value: 1 Baht

Allocate to: Existing shareholders as of the shareholder
register on October 8, 2005 with the ratio of 1 existing
ordinary shares to 1 new ordinary

Number of shares: 1,477,673,297 Shares

Offering Price: THB1.50

Subscription Date: September 26-30, 2005
/Payment Date

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: Ministry Raises Concern over Performance
------------------------------------------------------
Thai Airways International will sit with Finance Minister
Thanong Bidaya to discuss concerns over the impact of fuel
prices on operations, Bangkok Post reveals.

Thai Airways being under the regulatory control of the Transport
Ministry, the Finance Ministry as the largest shareholder was
concerned about the airline's performance.

The airline reported an increase in net loss of THB4.7 billion
in the third quarter for the period ending June 30, compared to
the losses incurred from the previous year of THB913.1 million.

The 55 percent increase in fuel costs since last year plus the
increase in operating expenses to 22 percent contributed to the
loss.

In an effort to cut operating costs, the airline has announced
route changes and increased fuel surcharges.

CONTACT:

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


THAI DURABLE: Issues 6 Months Progress Report
---------------------------------------------
According to the progress report of Thai Durable Group Public
Company Limited to solve the grounds for delisting from the
Stock Exchange of Thailand (SET) on April 18, 2005, the Company
issued a report on the progress of the rehabilitation plan
during the past six months from April 1, 2005 to September 30,
2005 as follows:

(1) Legal Disputes

The Company has a pending legal dispute with the former
employees (Mrs. Nuansawat Ruaysungnoen and colleagues for a
total of 374 persons) who had submitted to the Central Labor
Court for charging the Company compensation in total amount of
THB91.7 million, the Central Labor Court had read the judgment
asking the Company to pay the compensation amounting THB10.3
million. Nonetheless, the Company was not satisfied with the
judgment and then appeal against the judgment to the Supreme
Court.

Currently, the case is pending to the Supreme Court. In this
regard, the Company has reserved THB13.6 million for the
compensation of which the amount is considered sufficient.

(2) Progress on Operation and Financial Status

(i) The Company emphasized in producing higher quality products.
However, due to shortage of cash to acquire sufficient raw
material and spare parts necessary for production, sales volume
reduced as compared with the same period of last year.

(2) During the period, high price of oil affected high price of
raw material and high cost of electricity.  The cancellation of
Quota at the beginning of 2005, also affected the price
competition particularly the low-priced products from China.

(3) The Company adjusted its strategy by adding the new garment
department at the end of last year to add value to the finished
goods, such as bleaching and stitching of the products into
tablecloth, bed sheet, and finished garment. During the period,
additional sales personnel were recruited to help the retail
sales. The Company also participated in various exhibitions. As
a result, sales of the garment products were increased
continually.

(4) The Company was in the process of negotiation with the bank
for the postponement of the defaulted loan, the principal
totaled approximately THB241 million.

(5) The Company sold some of the obsolete, high-cost production,
and non-producing machines to help ease the cash flow of the
Company.  The Company also planed to sell those remaining
machines as stated above. In addition, the Company will downside
the production by reducing production costs including number of
personnel, while shifting to produce higher quality products and
more finished products.

From the above data, it shall be seen that the Company has
strong intention to recover the business to increase its
financial stability and business continuity.

For your consideration,

Thai Durable Group Public Company Limited
Mrs. Phakarat Visudhimark
Director

Mr. Chavalit Thonglim
Managing Director

CONTACT:

Thai Durable Group Pcl
33 Moo 4 Suksawadi Road,
Tambol Bangchak, Phra Pradaeng Samut Prakarn
Telephone: 0-2463-0024, 0-2463-2293-6
Fax: 0-2463-3821




BOND PRICING: For the Week 17 October to 21 October 2005
--------------------------------------------------------

Issuer                              Coupon     Maturity   Price
------                              ------     --------   -----


AUSTRALIA
---------
Advantage Group Ltd                  10.000%     4/15/06     1
Ainsworth Game                        8.000%    12/31/09     1
Alinta Networks                       5.750%     9/22/10     6
Amcom Telecommunications Ltd         10.000%    10/28/07     2
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     8
Arrow Energy NL                      10.000%     3/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%     6/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     8
BIL Finance Ltd                       9.250%    10/15/06     9
Capital Properties NZ Ltd             8.500%     4/15/07     8
Capital Properties NZ Ltd             8.500%     4/15/09     8
Capital Properties Nz Ltd             8.000%     4/15/10     8
Cardno Limited                        9.000%     6/30/08     4
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%     2/28/08     1
Djerriwarrh Investments Ltd           6.500%     9/30/09     4
eBet Limited                         10.000%    11/29/06    24
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.550%     3/15/11     8
Fletcher Building Ltd                 7.800%     3/15/09     8
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%     3/15/08     8
Fletcher Building Ltd                 8.750%     3/15/06     8
Fletcher Building Ltd                 8.850%     3/15/10     8
Fernz Corp Ltd                        8.560%    10/15/06     8
Futuris Corporation Ltd               7.000%    12/31/07     2
GPS Online Ltd                       10.000%     6/30/06     1
Gympie Gold Ltd                       8.500%     9/30/07     1
Hy-Fi Securities Ltd                  7.000%     8/15/08     8
Hy-Fi Securities Ltd                  8.750%     8/15/08    10
Hudson Timber Products Ltd            7.000%    12/31/10     1
Hutchison Telecoms Australia          5.500%     7/12/07     1
Infrastructure & Utilities NZ Ltd     8.500%     9/15/13     8
Infrastructure & Utilities NZ Ltd     8.500%    11/15/15     8
Investa Property Group Ltd            6.000%     5/28/08     6
Kagara Zinc Ltd                       9.750%     5/06/07     2
Longreach Group Ltd                  10.000%    10/31/08     1
MacArthur Coal                       10.000%    12/11/05     7
Minerals Corporation Ltd             10.500%     9/30/07     1
Nuplex Industries Ltd                 9.300%     9/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    10
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%     1/31/08     1
Riversdale Mining Ltd                 8.000%    12/31/05     2
Salomon SB Australia                  4.250%     2/01/09     8
Sapphire Securities Ltd               7.410%     9/20/35     7
Sapphire Securities Ltd               9.150%     9/20/35     9
Sherlock Bay Nickel                  12.000%     9/01/07     1
Silver Chef Ltd                      10.000%     8/31/08     1
Software of Excellence                7.000%     8/09/07     1
Speirs Group Ltd                     10.000%     6/30/49     1
Strathfield Group                    11.000%    12/31/05     1
Sunshine Gas Company Ltd             12.000%     9/30/06     1
Sydney Gas Company                   12.000%     4/01/06     1
Sydney Gas Limited                   12.000%     6/01/06     1
Tower Finance Ltd                     8.650%    10/15/09     8
Tower Finance Ltd                     8.750%    10/15/07     8
TrustPower Ltd                        8.300%     9/15/07     7
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%     9/15/12     8
TrustPower Ltd                        8.500%     3/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     2


INDONESIA
---------

Indonesia Government Bond             9.500%     6/15/15    73
Indonesia Government Bond            10.000%     7/15/17    74

   KOREA
   -----

Korea Electric Power                  7.950%     4/01/96    54


MALAYSIA
--------

Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
Artwright Holdings Bhd                5.500%     3/06/07     1
Asian Pac Holdings Bhd                4.000%    12/22/05     1
Berjaya Group Bhd                     5.000%    10/17/09     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Berjaya Sports Toto Bhd               8.000%      8/04/12    4
Camerlin Group Bhd                    5.500%      7/15/07    1
Crescendo Corporation Bhd             3.000%      8/25/07    1
Dataprep Holdings Bhd                 4.000%      8/06/07    1
Eden Enterprises (M) Bhd              2.500%     12/02/07    1
EG Industries Bhd                     5.000%      6/16/10    1
Equine Capital Bhd                    3.000%      8/26/08    1
Fountain View Development Sdn Bhd     3.500%     11/03/06    1
Furqan Business Organization          2.000%     12/19/05    1
Gadang Holdings Bhd                   2.000%     12/24/08    1
Greatpac Holdings Bhd                 2.000%     12/11/08    1
Gula Perak Bhd                        6.000%      4/23/08    1
Hong Leong Industries Bhd             4.000%      6/28/07    1
Huat Lai Resources Bhd                5.000%      3/28/10    1
I-Berhad                              5.000%      4/30/07    1
Insas Bhd                             8.000%      4/19/09    1
Integrax Bhd                          3.000%     12/24/05    1
Kamdar Group Bhd                      3.000      11/09/09    1
Killinghall Bhd                       5.000%      4/13/09    1
Konsortium Lebuhraya                  4.000%      7/15/22   72
Kosmo Technology Industrial Bhd       2.000%      6/23/08    1
Kretam Holdings Bhd                   1.000%      8/10/10    1
Kumpulan Jetson                       5.000%     11/27/12    1
LBS Bina Group Bhd                    4.000%     12/29/06    1
LBS Bina Group Bhd                    4.000%     12/31/07    1
LBS Bina Group Bhd                    4.000%     12/31/08    1
LBS Bina Group Bhd                    4.000%     12/31/09    1
Lebar Daun Bhd                        2.000%      1/06/07    3
Lion Diversified Holdings Bhd         2.000%      6/01/09    1
Media Prima Bhd                       2.000%      7/18/08    1
Mithril Bhd                           3.000%      4/05/12    1
Mithril Bhd                           8.000%      4/05/09    1
Mutiara Goodyear Development Bhd      2.500%      1/15/07    1
Naim Indah Corporation Bhd            0.500%      8/24/06    1
Nam Fatt Corporation Bhd              2.000%      6/24/11    1
Pantai Holdings Bhd                   5.000%      3/28/07    2
Pantai Holdings Bhd                   5.000%      7/31/07    2
Patimas Computers Bhd                 6.000%      2/19/06    1
Pelikan International Corp Bhd        3.000%      4/08/10    1
Poh Kong Holdings Bhd                 3.000%      1/20/07    1
Prinsiptek Corporation Bhd            2.000%     11/20/06    1
Puncak Niaga Holdings Bhd             2.500%     11/18/16    1
Ramunia Holdings                      1.000%     12/20/07    1
Rashid Hussain Bhd                    0.500%     12/24/12    1
Rashid Hussain Bhd                    3.000%     12/24/12    1
Rhythm Consolidated Bhd               5.000%     12/17/08    1
Silver Bird Group Bhd                 1.000%      2/15/09    1
Southern Steel                        5.500%      7/31/08    1
Tanah Emas Corporation Bhd            2.000%     12/09/06    1
Talam Corporation Bhd                 7.000%      4/19/06    1
Tap Resources Bhd                     2.000%      6/29/06    1
Tenaga Nasional Bhd                   3.050%      5/10/09    1
Time Engineering Bhd                  2.000%     12/25/05    1
VTI Vintage Bhd                       4.000%      8/22/06    1
WCT Land Bhd                          3.000%      8/02/09    1
Wah Seong Corp                        3.000%      5/21/12    3


SINGAPORE
---------

Sengkang Mall                         8.000%     11/20/12    1
Structural System Singapore          11.000%      6/30/07    1
Tincel Limited                        7.400%      6/31/11    1


                            *********


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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

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delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***