TCRAP_Public/051123.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, November 23, 2005, Vol. 8, No. 232

                            Headlines

A U S T R A L I A

ABETH PTY: Declares First, Final Dividend
ALLYCONN PTY: Members Resolve to Wind Up Business
AUSTRAL COAL: Glencore Applies for Review of Panel's Decision
AUTO GROUP: Amended Results Reveal AU$2.5 Mln Loss
CAFE TAPAS: Court Orders Liquidation

CHASE PULP: Schedules Final Meeting Nov. 30
CLOUGH LIMITED: Joint Venture Wins Woodside Topside Floatover
COROMANDEL VALLEY: Winds Up Business
EDINBURGH LABORATORIES: Enters Voluntary Liquidation
EXECUTIVE EXCHANGE: Creditors OK Liquidator's Appointment

FAI GENERAL: ASIC Lays Charges Against Former Officers
GILLILOU PTY: Members, Creditors to Review Winding Up Report
G MAX: Winding Up Process Initiated
HERITAGE FINE: Glass Half Empty for Wine Investors
LILY ANNE: Declares Final Dividend

MBI COMPUTERS: Decides to Close Operations
MEDIA PARTNERS: Liquidator to Explain Wind Up Manner
NATIONAL AUSTRALIA: Shares Issued as ExCaps Converted
NICHIMEN AUSTRALIA: Members Pass Winding Up Resolution
PITTORINI FISHERIES: Placed Under Voluntary Liquidation

RICKO'S EXPRESS: Intends to Pay Dividend to Creditors
RIMDEN PTY: M.C. Smith Named Liquidator
ROSTEDEN PTY: Members Resolve to Cease Operations
SARJOS PTY: Members Convene to Discuss Winding Up
STARBOC PTY: Members Agree to Close Business

TELSTRA CORPORATION: Technical Services Staff to Go
WA FISHER: Appoints Official Liquidator


C H I N A  &  H O N G  K O N G

APPLIED INTERNATIONAL: Buys Back 60,000 Shares
COMWELL PRINTING: Enters Winding Up Process
DUTY COMPUTER: Creditors Meeting Set Nov. 30
EURO WATCH: To Wind Up Operations
GALAXY ENTERTAINMENT: Moody's Assigns Rating to Proposed Bonds

HENTECH LIMITED: Winding Up Hearing Set Dec. 7
HSPG LIMITED: Prepares to Shut Down Business
JEFF & KENNY: Court Issues Winding Up Order
LAI SUN: Posts HK$705.96-Mln Net Loss
PRECISE CENTURY: Set to End Operations

SINO BUSINESS: Releases Debt Claim Notice


I N D I A

ISPAT INDUSTRIES: Issues Scheme of Reconstruction Update
JAI PARABOLIC: Unveils Board Meeting Outcome
JAYSYNTH DYESTUFF: Members to Vote on Disposal of Undertaking
SARVODAYA MAHILA: Insolvency Prompts RBI to Cancel License
WIMCO LIMITED: Kolkata Workers Stage Strike


I N D O N E S I A

ADARO INDONESIA: Gets First-Time Ba3 Rating from Moody's
DIRGANTARA INDONESIA: To Cooperate with Spanish Defense Industry
PERTAMINA: Cuts Fuel Prices by 5%
SAMPOERNA: Standard & Poor's Affirms BB+ Rating


J A P A N

ASAHI MUTUAL: Moody's Places B3 Rating for Possible Upgrade
HANSHIN ELECTRIC: Murakami Proposes Railway Firm to Delist
KIMURA KENSETSU: Files for Court Protection
MITSUBISHI MOTORS: 380 Model Voted Best Large Car
PIONEER CORPORATION: Unit Cuts Prices in Taiwan

PIONEER CORPORATION: May Slash 1,000 Jobs in Japan
SANYO ELECTRIC: Moody's Downgrades Rating to Baa2
SONY CORPORATION: Spends JPY10 Bln in LCD Expansion


K O R E A

SAMSUNG CARD: Issues ABS Worth $300Mln


M A L A Y S I A

AFFIN HOLDINGS: Issues New Shares for Listing, Quotation
ALEXANDER FORBES: To Wind Up Business
BOUSTEAD HOLDINGS: New Shares up for Listing, Quotation
EKRAN BERHAD: All Resolutions Pass During AGM
FURQAN BUSINESS: 3Q/FY05 Net Loss Reaches MYR2,978,000

GULA PERAK: Bourse to Suspend Trading of Warrants Dec. 6
MAGNUM CORPORATION: Buys Back 227,100 Shares
LION INDUSTRIES: Books MYR19,646,000 Net Loss in 3Q
LITYAN HOLDINGS: To Convene AGM Next Month
MALAYAN UNITED: Net Loss Down to MYR19,040,000 in 3Q

MAXIS COMMUNICATIONS: Bourse To List, Quote Shares
METACORP BERHAD: Agrees with Unit to Extend Disposal Date
PATIMAS COMPUTERS: ESOS Expires Nov. 20
PSC INDUSTRIES: Alliance Bank Terminates Units' Loan Facility
RASHID HUSSAIN: Books MYR16,200,000 in Net Loss Q3

SILVERSTONE CORPORATION: Suffers Net Loss in 3Q/FY05
TRU-TECH HOLDINGS: Defaults on Sinking Fund Monthly Payment
TRU-TECH HOLDINGS: Court Grants Units Extension


P H I L I P P I N E S

COLLEGE ASSURANCE: Losses Balloon by 74% to Php4.52 Bln
COLLEGE ASSURANCE: Planholders Seek to Partake of Payments
GLOBAL STEELWORKS: Creditors to Quash Default Declaration
LAFAYETTE MINING: Ban Stays Pending Compliance to EMB's Order
MAYNILAD WATER: Boss Plans to Quit This Year


S I N G A P O R E

CHINA AVIATION: To Reveal New Investors Soon
MAE ENGINEERING: Financial Results Meet Standards
SEMBAWANG AVIATION: Receiving Claims Until Next Month
SEMBAWANG SHIPMANAGEMENT: Wound Up by Parent Firm
STATS CHIPPAC: Maximizes Copper Use in Systems Integration


T H A I L A N D

KUANG PEI: Trading of Shares Still Suspended
M.D.X: SET Still Suspends Trading of Securities
NAWARAT PATANAKARN: Court Suspends Rehab Plan
PREMIER ENGINEERING: Auditor Fails to Reach Conclusion to FS

     -  -  -  -  -  -  -  -   

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

ABETH PTY: Declares First, Final Dividend
-----------------------------------------
Notice is hereby given that Abeth Pty Limited will declare a
first and final dividend today, Nov. 23, 2005.

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

Dated this 11th day of October 2005

S. K. Preen
Liquidator
C/o HLB Mann Judd
Level 19, 207 Kent Street
Sydney NSW 2000


ALLYCONN PTY: Members Resolve to Wind Up Business
-------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Allyconn Pty Limited held on Oct. 26, 2005, it
was resolved that the Company be wound up voluntarily, and James
Alexander Shaw of Ferrier Hodgson (Newcastle) Chartered
Accountants, Level 3, 2 Market Street, Newcastle NSW 2300 was
appointed as Liquidator for the winding up.

Dated this 8th day of November 2005

James A. Shaw
Liquidator
Ferrier Hodgson Chartered Accountants
PO Box 840, Newcastle NSW 2300


AUSTRAL COAL: Glencore Applies for Review of Panel's Decision
-------------------------------------------------------------
The Takeovers Panel announced that it has received a notice of
an application to the Federal Court of Australia for review of
the Panel's decision to make a declaration of unacceptable
circumstances and final orders in relation to the Austral Coal
Limited 02RR matter.

Glencore International A.G. and Fornax Investments Limited
(together, Glencore) applied under section the Administrative
Decision (Judicial Review) Act 1977 and section 39B of the
Judiciary Act 1903 on November 22, 2005 to overturn the
decisions of the Austral Coal 02RR Panel on Oct. 27 and M\Nov.
27, 2005 to make a declaration that unacceptable circumstances
existed in relation to the affairs of Austral Coal Limited and
to make orders remedying those unacceptable circumstances.

As a result of the impending application, the Panel has agreed
to grant a stay of one day with respect to the order requiring
Glencore to pay compensation to the Australian Securities and
Investments Commission (ASIC) of AU$1.32 million, for
distribution to people who sold shares on ASX, o whose sales of
Austral Coal shares were reported to ASX, between March 22 and
April 4, 2005. The Panel also granted a stay of 7 days with
respect to the order requiring ASIC to distribute Glencore's
payment.

As part of its application to the Court on Tuesday, Glencore has
also sought an injunction restraining the Panel from giving
effect to or enforcing the Panel's orders until further order of
the Court. If successful, the injunction will hold up the
payment from Glencore to ASIC of the compensation monies.

The preliminary hearing of the application was held before
Emmett J in the Federal Court Tuesday in Sydney. A decision in
relation to this application will be handed down today.

CONTACT:

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

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


AUTO GROUP: Amended Results Reveal AU$2.5 Mln Loss
--------------------------------------------------
Auto Group Limited (ALO) had incurred a net loss after tax loss
of AU$2.5 million for the year ended June 30, 2005, according to
Egoli News.

The group's updated financial position is a revision of the
AU$629,000 net profit after tax it previously reported.

Auto Group Chairman Richard Nevin said the company was of view
that this failure was intended to conceal the actual results of
the retail division.

The company said the discovery followed initial investigations
into the 2005 financial statements and had formed the
preliminary view that the consolidated net profit of Auto Group
and its controlled entities for the year ended June 30, 2005 was
overstated.

Mr. Moffitt said the overstatement of profit by approximately
AU$7.3 million before tax was comprised of an additional
doubtful debts provision of AU$757,566, additional stock
provision of AU$2.08 million and previously non recognized
trading losses of AU$4.46 million.

Auto Group said they would release the revised 2005 Financial
Statements that incorporated the necessary adjustments to the
ASX and its members once the 2005 financial statements had been
audited, which was expected to be completed by 25 November 2005.

CONTACT:

Auto Group Limited
50 Cosgrove Rd
Enfield NSW 2136
Phone: 02 8746 7000  
Web site: http://www.autogroup.com.au/


CAFE TAPAS: Court Orders Liquidation
------------------------------------
On Nov. 1, 2005, the Supreme Court of New South Wales appointed
David Young of Pitcher Partners, Level 3, 60 Castlereagh Street,
Sydney NSW to be the Official Liquidator in the winding up of
Cafe Tapas Pty Limited.

David G. Young
Liquidator
Pitcher Partners
Level 3, 60 Castlereagh Street
Sydney NSW


CHASE PULP: Schedules Final Meeting Nov. 30
-------------------------------------------
Notice is hereby given that a general meeting of Chase Pulp &
Paper International Pty Limited will be held on Nov. 30, 2005,
10:00 a.m. at the offices of Ian Stephenson & Partners, Level 3,
200 Pacific Highway, Crows Nest NSW 2065, to lay before the
meeting an account showing how the winding up was conducted and
the property of the Company was disposed of, and to give any
explanation of the account.

Ian T. Stephenson
Liquidator
Ian Stephenson & Partners
Level 3, 200 Pacific Highway
Crows Nest NSW 2065
Phone: 02 9922 2833


CLOUGH LIMITED: Joint Venture Wins Woodside Topside Floatover
-------------------------------------------------------------
Clough Limited as part of a joint venture with Aker Kvaerner on
Monday signed a Notice of Award with Woodside Energy Limited,
operator pf the North West Shelf (NWS) Venture, to install the
platform topside module for the proposed Angel gas field
development of Karratha in Western Australia. The contract value
is approximately AU$45 million.

The Angel project is still subject to approval by the NWS
Venture participant companies.

The Clough Aker Kvaerner Joint Venture will perform all
installation engineering and construction activities related to
the transportation and installation of the Angel topside module,
which will weigh approximately 7,000 tonnes. Additional work
relating to the hookup of the topside module to the pre-
installed jacket will also be undertaken by the joint venture.

Work on the installation contract will commence immediately. The
topside installation is planned for late 2007/early 2008.

The Angel field is located on the North West Shelf of Western
Australia approximately 49km east of the Venture's North Rankin
platform. The NWS Venture is expected to consider final approval
of the Angel development in Q4 2005.

David Singleton, CEO and Managing Director of Clough Limited
said, "It is pleasing to see the joint venture between Clough
and Aker Kvaerner continue to be a successful combination. In
2003, the joint venture successfully completed the floatover of
the Bayu-Undan topsides.

It is exciting to continue our relationship with Woodside,
operator of the North West Shelf Venture and we look forward to
working on this important project."

Torgeir Ramstad, President of Aker Marine Contractors said, "We
are delighted to be given the opportunity to repeat the success
of the Bayu-Undan project, where the complementary technologies,
solutions and strengths of Clough and Aker Kvaerner respectively
will be fully exploited. We are committed to ensuring a safe and
timely execution in close cooperation with Woodside."

The contracting entity is an equal joint venture between Clough
Projects Australia Pty Ltd and Aker Marine Contractors Pty Ltd.

CONTACT:

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


COROMANDEL VALLEY: Winds Up Business
------------------------------------
Notice is hereby given that on Oct. 28, 2005, the following
Special Resolution was passed:

That Coromandel Valley Tavern Pty Limited be wound up
voluntarily relating to a Members' Voluntary Winding Up, and
that K. L. Sutherland, Chartered Accountant of 332 St. Kilda
Road, Melbourne be appointed as Liquidator for such purpose.

Dated this 28th day of October 2005

K. L. Sutherland
Liquidator
Bent & Cougle Pty Limited Chartered Accountants
332 St. Kilda Road, Melbourne Vic 3004


EDINBURGH LABORATORIES: Enters Voluntary Liquidation
----------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Edinburgh Laboratories (Australia) Pty Limited held on Oct.
28, 2005, it was resolved that the Company be wound up
voluntarily, and that John Frederick Taylor of Level 15, 309
Kent Street, Sydney be appointed as Liquidator for the winding
up.

Dated this 28th day of October 2005

John F. Taylor
Liquidator
Level 15, 309 Kent Street
Sydney


EXECUTIVE EXCHANGE: Creditors OK Liquidator's Appointment
---------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Executive Exchange Pty Limited held on Oct. 31, 2005, a
Special Resolution was passed to voluntarily wind up the
Company, and Gregory J. Parker was appointed as Liquidator for
such purpose.

Creditors confirmed the Liquidator's appointment at a creditors'
meeting held that same day.

Dated this 1st day of November 2005

Gregory J. Parker
Liquidator
Parker Insolvency
Level 5, 49 Market Street
Sydney NSW 2000


FAI GENERAL: ASIC Lays Charges Against Former Officers
------------------------------------------------------
Mr. Jeffrey Lucy, Chairman of ASIC, confirmed that criminal
charges have been laid against Messrs Daniel Wilkie, Ashraf
Kamha and Antony Boulden, former officers of FAI General
Insurance Company Limited (FAIG).

All three appeared in the Downing Centre Local Court in Sydney
this morning.

The charges arise from the investigation by ASIC into the
affairs of the HIH group of companies.

Messrs Wilkie and Kamha have both been charged with one count of
failing to act honestly in the exercise of their powers and
discharge of their duties as officers of FAIG.

It is alleged this was done with the intention of deceiving the
Australian Stock Exchange (ASX), resulting in a falsely inflated
profit result in the accounts of FAI Insurances Limited released
to the ASX for the half-year ended 31 December 1997. They have
also both been charged with one count of being privy to the
fraudulent altering of a book affecting or relating to the
affairs of FAIG. The charges relate to reductions in the
recording of case estimates (estimates of claims made on
insurance policies written by FAIG).

Mr. Boulden has been charged with one count of being privy to
the fraudulent altering of a book affecting or relating to the
affairs of FAIG concerning case estimates for the same financial
period.

The matter involving Mr. Wilkie returns to court on 31 January
2006 and the matters involving Messrs Kamaha and Boulden were
adjourned to 28 February 2006.

This matter is being prosecuted by the Director of Public
Prosecutions.


GILLILOU PTY: Members, Creditors to Review Winding Up Report
------------------------------------------------------------
Notice is given that a joint meeting of the members and
creditors of Gillilou Pty Limited will be held on Nov. 30, 2005,
10:30 a.m. at the offices of Clout & Associates Chartered
Accountants, Level 1, 144-148 West High Street, Coffs Harbour
NSW 2450 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 13th day of October 2005

M. J. Chubb
Liquidator
C/o Clout & Associates Chartered Accountants
Level 1, 144-148 West High Street
Coffs Harbour NSW 2450


G MAX: Winding Up Process Initiated
-----------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of G Max Pty Limited held on Oct. 26, 2005, it
was resolved by special resolution that the Company be wound up
voluntarily, and Ozem Kassem was appointed as Liquidator for
such winding up.

Dated this 27th day of October 2005

Ozem Kassem
Liquidator
Bentleys MRI Sydney Business Recovery & Insolvency Partnership
PO Box Q1165, QVB Post Office
Sydney NSW 1230
Phone: 02 8221 8433
Fax:   02 8221 8422


HERITAGE FINE: Glass Half Empty for Wine Investors
--------------------------------------------------
Wine earlier bought by investors in failed Heritage Fine Wines
is worth only half of what they paid for it, The Australian
says.

Auction house Grays has valued the Heritage wine at AU$38
million, against the AU$70 million that clients paid for their
wine investment portfolios.

Liquidator Nick Crouch of Crouch Insolvency, who won consent
orders for the allocation of losses in the NSW Supreme Court on
Friday, will inform investors this week whether they will get
the wine back.

But most investors will be in for the surprise of their lives
since some bottles of fine wines stores in behalf of investors
were ordered by Heritage but were not delivered, while other
appear to have vanished altogether.

The good news is that 95 per cent of the wine - by bottles,
though not by value - will be returned.

The ownership of some 19,442 bottles remains in dispute while
another 36,101 bottles have not been claimed by investors at
all.

The liquidator's report shows that only 47,476 bottles of wine,
or 5 percent of the stock, were barcoded. Mr. Crouch has put the
Heritage Fine Wines business up for sale and has shortlisted
three potential buyers to store and distribute the wine.  

The sale of Heritage and the transfer of the wine are scheduled
for December 31.

CONTACT:

Nicholas Crouch
Liquidator
Crouch Insolvency
Chartered Accountants
Level 5, 82 Elizabeth Street,
Sydney NSW 2000
Phone: 02 9221 0266
Fax: 02 9221 0566
E-mail: admin@crouch.net.au


LILY ANNE: Declares Final Dividend
----------------------------------
Lily Anne International Pty Limited will declare a final
dividend today, Nov. 23, 2005.

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

Dated this 1st day of November 2005

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


MBI COMPUTERS: Decides to Close Operations
------------------------------------------
At separate meetings of the members and creditors of MBI
Computers Pty Limited held on Oct. 28, 2005, it was resolved
that the Company be wound up voluntarily, and that Ozem Kassem
of Bentleys MRI Sydney, Business Recovery & Insolvency
Partnership, Level 8 Carrington House, 50 Carrington Street,
Sydney, NSW, be appointed as Liquidator for such purpose.

Dated this 31st day of October 2005

Ozem Kassem
Liquidator
Bentleys MRI Sydney Business Recovery & Insolvency Partnership
Level 8, Carrington House
50 Carrington Street, Sydney NSW


MEDIA PARTNERS: Liquidator to Explain Wind Up Manner
----------------------------------------------------
Notice is hereby given that a general meeting of Media Partners
Australasia Pty Limited will be held on Nov. 30, 2005, 10:30
a.m. at the offices of Ian Stephenson & Partners, Level 3, 200
Pacific Highway, Crows Nest NSW 2065, to present the
Liquidator's account showing how the winding up was conducted
and the property of the Company disposed of, and to give any
explanation of the account.

Ian T. Stephenson
Liquidator
Ian Stephenson & Partners
Level 3, 200 Pacific Highway
Crows Nest NSW 2065
Phone: 02 9922 2833


NATIONAL AUSTRALIA: Shares Issued as ExCaps Converted
-----------------------------------------------------
National Australia Bank (NAB) has issued approximately 23.5
million shares in recent days following the conversion of
approximately 14.36 million Exchangeable Capital Units (ExCaps).

US$1 billion of ExCaps (40 million units) were issued in the
United States and Europe in March 1997 as part of the National's
capital management program. The ExCaps can be converted by
investors into NAB ordinary shares (or at NAB's option, cash) at
any time at a conversion rate of 1 unit equals 1.6365 shares.

Since the ExCaps were launched a total of approximately 18
million units have been converted into NAB ordinary shares by
investors.

NAB has the right to redeem the ExCaps at the issue price of
US$25 in March 2007 but based on the current ExCaps and NAB
market prices, investors in the ExCaps may continue to convert
their holdings prior to that date.

NAB Director for Finance and Risk Michael Ulmer said no decision
would be taken on any capital management initiatives until a
number of other capital issued had been resolved.

"We continue to work with APRA to address the requirements for a
return to the internal model for calculating our market risk-
weighted assets and we are still completing the final work
associated with the new international accounting standards," he
said.

CONTACT:

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


NICHIMEN AUSTRALIA: Members Pass Winding Up Resolution
------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Nichimen Australia Limited held on Oct. 26, 2005, a Special
Resolution was passed that the Company be wound up voluntarily,
and David Levi was appointed as Liquidator for the winding up.

Dated this 26th day of October 2005

David Levi
DAVID LEVI
Liquidator
Level 10, 1 Margaret Street, Sydney NSW 2000.
Telephone 9240 9900


PITTORINI FISHERIES: Placed Under Voluntary Liquidation
-------------------------------------------------------
Notice is given that at a meeting of the members of Pittorini
Fisheries Pty Limited held on Oct. 25, 2005, it was resolved
that the Company be wound up voluntarily, and that E. R.
Verge, G. A. Lopez and C. A. L. Huxtable be appointed as Joint
and Several Liquidators for such purpose.

Dated this 25th day of October 2005

A. Pittorini
Director
Jones Condon Chartered Accountants
Colmel House, 241 Stirling Street
Perth WA 6000


RICKO'S EXPRESS: Intends to Pay Dividend to Creditors
-----------------------------------------------------
Ricko's Express Courier Service Pty Limited will declare a first
and final dividend today, Nov. 23, 2005.

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

Dated this 15th day of September 2005

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


RIMDEN PTY: M.C. Smith Named Liquidator
---------------------------------------
Notice is hereby given that at a general meeting of the members
of Rimden Pty Limited held on Oct. 26, 2005, a Special
Resolution was passed to voluntarily wind up the Company, and
M.C. Smith was appointed as Liquidator for the winding up.

Dated this 26th day of October 2005

M. C. Smith
Liquidator
McGrath Nicol & Partners
Level 9, 10 Shelley Street
Sydney NSW 2000
Phone: 9338 2666


ROSTEDEN PTY: Members Resolve to Cease Operations
-------------------------------------------------
Notice is hereby given that at a meeting of the members of
Rosteden Pty Limited held on Oct. 27, 2005, it was resolved that
the Company be wound up voluntarily, and Leigh Dudman of B.
K. Taylor & Co., 8th Floor, 608 St. Kilda Road, Melbourne was
appointed as Liquidator at a creditors' meeting held later that
day.

Dated this 27th day of October 2005

Leigh Dudman
Liquidator
B. K. Taylor & Co.
8th Floor, 608 St. Kilda Road
Melbourne Vic 3004


SARJOS PTY: Members Convene to Discuss Winding Up
-------------------------------------------------
Notice is hereby given that the final meeting of the members of
Sarjos Pty Limited will be held on Nov. 30, 2005, 10:00 a.m. at
the office of Star Dean-Willcocks, Level 1, 32 Martin Place,
Sydney NSW 2000, 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 explanation that may be given by the
Liquidator.

Dated this 11th day of October 2005

Nicholas C. Malanos
Liquidator
C/o Star Dean-Willcocks
Level 1, 32 Martin Place
Sydney NSW 2000
Phone: 02 9223 2944
Fax:   02 9223 3011


STARBOC PTY: Members Agree to Close Business
--------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Starboc Pty Limited held on Oct. 26, 2005, it
was resolved that the Company be wound up voluntarily, and
Andrew McLellan of PPB Chartered Accountants, Level 10, 90
Collins Street, Melbourne, Victoria, be appointed as Liquidator
for such purpose.

Dated this 31st day of October 2005

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


TELSTRA CORPORATION: Technical Services Staff to Go
---------------------------------------------------
Telstra Corporation will overhaul its infrastructure services
division that will see the departure of hundreds of technical
staff, The Age reveals.

The cuts will be part of the planned lay-off of 12,000 jobs over
the next five years, as the telco slashes costs and revamps
services with a AU$26-billion investment.

The division, renamed Telstra Services, will undergo a review to
"eliminate duplication and sharpen the telco's focus on
supporting customer service roles".

The review was expected to eliminate hundreds of employees out
of a total of 17,000 now working in the division. Most of the
losses would be "back-office administration jobs" rather than
customer-facing staff.

CONTACT:

Telstra Corporation
Level 41 - Telstra Centre, 242 Exhibition Street,
Melbourne, Victoria, Australia, 3000
Telephone: (03) 9634 6400
Fax: (03) 9632 3215
Web site: http://www.telstra.com.au/


WA FISHER: Appoints Official Liquidator
---------------------------------------
At an extraordinary general meeting of WA Fisher Industries Pty
Limited held on Oct. 31, 2005, members resolved to wind up the
Company voluntarily, and to appoint Justin Walsh and Rick Dennis
of Ernst & Young, Waterfront Place, Level 5, 1 Eagle Street,
Brisbane, Qld 4000 as Company Liquidators.

Dated this 31st day of October 2005

Rick Dennis
Justin Walsh
Liquidator
Ernst & Young
Waterfront Place, Level 5, 1 Eagle Street
Brisbane Qld 4000
Phone: 07 3243 3707


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

APPLIED INTERNATIONAL: Buys Back 60,000 Shares
----------------------------------------------
Applied International Holdings Limited bought back 60,000 shares
at the prices ranging from HK$0.405-0.41, or at a total of
HK$24,400 on November 21, Infocast News reports.

The company has current assets of HK$63.05 million in the first
half of 2005 while current liabilities stood at HK$102.64
million, Chong Hing Securities relates.

CONTACT:

Applied International Holdings Limited
Unit 3402, 34th Floor
China Merchants Tower
Shun Tak Centre, 168-200
Connaught Road Central
Hong Kong  
Phone: 25538267  
Fax: 28734676  
Web site: http://www.appliedintl.com


COMWELL PRINTING: Enters Winding Up Process
-------------------------------------------
Comwell Printing Limited, whose office address is located at
Flat 5 11/F Profit Industrial Building 1-15 Kwai Fung Crescent
Kwai Chung, New Territories, issued a winding up order notice in
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on November 9, 2005.

Date of Presentation of Petition: September 7, 2005

Dated this 18th day of November 2005

ET O'Connell
Official Receiver


DUTY COMPUTER: Creditors Meeting Set Nov. 30
--------------------------------------------
Notice is hereby given that the General Meeting of Creditors of
Chan Yick Ming trading as Duty Computer Service Company will be
held at the Official Receiver's Office, 10th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong on 30th November
2005 (Wednesday) at 2:30 in the afternoon.

Dated this 18th day of November 2005

E T O'CONNELL
Official Receiver


EURO WATCH: To Wind Up Operations
---------------------------------   
Euro Watch Gallery Co. Limited, whose office address is located
at G/F 33 Sheung Heung Road, Tokwawan Kowloon, issued a winding
up order notice in the High Court of the Hong Kong Special
Administrative Region Court of First Instance on November 9,
2005.

Date of Presentation of Petition: September 7, 2005

Dated this 18th day of November 2005

ET O'Connell
Official Receiver


GALAXY ENTERTAINMENT: Moody's Assigns Rating to Proposed Bonds
--------------------------------------------------------------
Moody's Investors Service has assigned its (P)B1 senior
unsecured rating to Galaxy Entertainment Finance Company
Limited's (BVI) proposed US$500 million bond issuance, which is
guaranteed by Galaxy Casino S.A. (Galaxy).

At the same time, Moody's has assigned its (P)B1 corporate
family rating to Galaxy. The ratings outlook is stable. This is
the first time that Moody's has assigned ratings to Galaxy.
Moody's expects to affirm the ratings and remove them from
provisional status upon completion of the proposed US$500
million bond issuance.

The securities will be sold in a privately negotiated
transaction -- without registration under the Securities Act of
1933 (the Act) -- under circumstances reasonably designed to
preclude a distribution thereof in violation of the Act. The
issuance will be designed to permit resale under Rule 144A.

The (P)B1 rating reflects the following credit challenges: 1)
Operations in a fast evolving competitive environment in Macau
gaming market, including exposure to potential oversupply in
gaming facilities, 2) Weak liquidity profile, particularly
towards the end of FY2007 when peak funding for its construction
projects is expected, 3) Exposure to potential construction cost
and time overruns for the Cotai Mega Resort, 4) Short track
record of operations with the company not expected to generate
positive operating cash flow until 2006, and 5) Sourcing and
retaining appropriate labour force to staff operations.

At the same time, the rating reflects various strengths: 1)
Galaxy holds one of five operating concessions/ sub-concessions,
allowing it to conduct gaming activities in Macau, 2) Well
positioned to benefit from the expected strong growth in Macau
gaming industry, 3) Securing of various parcels of land to build
new casino complexes, 4) Large portion of operating costs are
variable, and 5) Potential for material improvements in the
company's credit profile, should it achieve its base case
projections.

Galaxy's current and planned casino operations will be heavily
exposed to Macau's rapidly developing gaming market. On the
demand side, most of the anticipated growth in visitors is
expected to come from mainland China, where household incomes
are rising and travel restrictions are being relaxed. On the
supply side, a significant number of new gaming facilities and
resorts is expected to open in Macau within the next 4 years. As
a result, supply could exceed demand at certain points in the
medium to long term.

However, Moody's gains comfort from the fact that current demand
exceeds supply and Galaxy's initial operations have been both
profitable and cash flow positive. Moreover, most of its cost
base is expected to be variable in nature, dominated by volume-
based gaming taxes and fees paid to VIP promoters and junket
operators. Most labour costs are also expected to be variable.
As a result, it has a reasonable degree of flexibility to reduce
costs in response to any fall in demand, mitigating to some
extent its exposure to supply/demand imbalances within the Macau
market.

Moody's notes the Macau gaming industry will remain subject to
regulatory and other controls from the Macau and Chinese
governments. In such a context, Galaxy remains exposed to the
potential for new concessions to be issued post 2009 as well as
to any hikes in tax rates, although there are currently no
indications that taxes will be raised. The supply of labour for
both construction and casino operations may also become an issue
unless regulatory restrictions are relaxed to allow additional
labour into Macau. Moody's notes that current restrictions have
resulted in material increases to average wages for construction
and casino staff in the last 2 years. In addition, tightening of
travel restrictions for mainland Chinese to Macau, which Moody's
does not expect to occur in the near to medium term, would have
a material negative impact on the projected gaming revenue
growth.

Galaxy's liquidity profile is expected to weaken, particularly
in 2007, when the bulk of construction costs associated with
Phase 1 of the Cotai Mega Resort are payable. As the company has
not obtained final building and construction approval from the
Macau government and no construction contracts have been agreed,
it remains exposed to potential cost increases and time delays.

Moody's expects that Galaxy may have a stronger financial
profile in a relatively short period of time if it achieves its
projected growth. However, the risks associated with the ramp-up
of operations at its new casinos are expected to restrain the
company's credit rating in the short to medium term.

The rating may come under upward pressure if: 1) if the above
concerns surrounding the ramp-up of operations are appropriately
resolved and Galaxy establishes a track record of operations
from its new StarWorld casino, 2) the company reduces their
exposure to potential cost overruns associated with the
construction of the Cotai Mega Resort, and 3) the company
achieves the key financial metrics of total coverage above 2.0x-
2.5x and adjusted operating cash flow to adjusted debt greater
than 15%-20% on a sustainable basis. Any upward rating movement
would also take into consideration the company's ongoing
exposure to potential increases in construction costs as
additional phases of the Cotai Mega Resort are instigated.

On the other hand, the rating may come under downward pressure
should there be a material deterioration in the company's
liquidity and financial profile. This may emerge if volumes of
gamblers using Galaxy's facilities fall below expectations or
construction costs increase materially above expectations. Such
weakness may be evidenced by the following financial metrics: 1)
total coverage remaining below 2.0x and 2) adjusted operating
cash flow to adjusted debt less than 10-15% on a sustainable
basis. The up streaming of funds to the parent entity - via
dividends, share buyback's or loans - during the construction
phase of various casino projects would also place negative
pressure on the company's financial profile and the rating.

Galaxy is a casino operator based in Macau. Current operations
are focused on one complex called the Waldo Hotel. The company
plans to open additional casinos, including StarWorld and the
Cotai Mega Resort over the next 3 years in Macau.

Sydney
Peter Fullerton
Analyst
Corporate Finance Group
Moody's Investors Service Pty Ltd
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100

Sydney
Brian Cahill
Managing Director
Corporate Finance Group
Moody's Investors Service Pty Ltd
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100


HENTECH LIMITED: Winding Up Hearing Set Dec. 7
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Hentech Limited by the High Court of Hong Kong Special
Administrative Region was on October 13, 2005 presented to the
said Court by the Petitioner Plaza Hollywood Limited formerly
known as Charris Company Limited, Mullein Company Limited,
Wettersley Company Limited, Bright Smart Limited and Excellent
Base Limited, whose registered office are situated at 16th
Floor, Ocean Centre, Harbour City, Kowloon, Hong Kong.  

The said Petition is directed 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 of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

W. K. TO & CO
Solicitors for the Petitioner
11th Floor, Wheelock House
20 Pedder Street
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of December 6, 2005.


HSPG LIMITED: Prepares to Shut Down Business
--------------------------------------------
HSPG (H.K.) Limited, whose office address is located at 12th
Floor Ruttonjee House 11 Duddell Street Central, Hong Kong,
issued a winding up order notice in the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
November 9, 2005.

Date of Presentation of Petition: September 5, 2005

Dated this 18th day of November 2005

ET O'Connell
Official Receiver


JEFF & KENNY: Court Issues Winding Up Order
-------------------------------------------
Jeff & Kenny Consultation Services Pte Limited, whose office
address is located at Unit 916 9/F Miramar Tower 132-134 Nathan
Road T.S.T. Kowloon, issued a winding up order notice in the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on November 9, 2005.

Date of Presentation of Petition: September 7, 2005

Dated this 18th day of November 2005

ET O'Connell
Official Receivers


LAI SUN: Posts HK$705.96-Mln Net Loss
-------------------------------------
Lai Sun Development Company Ltd. reported a net loss of
HK$705.96 million for the year ended July 31, versus a net
profit of HK$381.43 million a year earlier, The South China
Morning Post reports.

The company booked a HK$1.48 billion loss from various debt
restructuring deals. Turnover plummeted 62.6 percent to
HK$788.79 million. Loss per share was seven cents, against
earnings of 10 cents previously.

CONTACT:

Lai Sun Development Company Limited
11/F Lai Sun Commercial Centre
680 Cheung Sha Wan Road
Kowloon, Hong Kong
Phone: 27410391
Fax: 27852775
Web site: http://www.laisun.com.hk


PRECISE CENTURY: Set to End Operations
--------------------------------------
Precise Century Limited, whose office address is located at 1/F-
3/F Mary Building 71-77 Peking Road Tst Kowloon, issued a
winding up order notice in the High Court of the Hong Kong
Special Administrative Region Court of First Instance on
November 9, 2005.

Date of Presentation of Petition: September 7, 2005

Dated this 18th day of November 2005

ET O'Connell
Official Receiver


SINO BUSINESS: Releases Debt Claim Notice
-----------------------------------------
Notice is hereby given that the creditors of Sino Business
Management (HK) Limited, which is being voluntarily wound up,
are required on or before December 8, 2005, to send in their
names, addresses and particulars of their debts or claims, and
the name and address of their solicitors, if any, to Mr. Fung
Tze Wa of 3/F., Hong Kong Trade Centre, 161 Des Voeux Road
Central, Hong Kong.

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

In default thereof, they will be excluded from the benefit of
any distribution before such debts are proved.

Dated this 18th day of November, 2005

FUNG TZE WA
Liquidator


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

ISPAT INDUSTRIES: Issues Scheme of Reconstruction Update
--------------------------------------------------------
Ispat Industries Ltd has informed BSE that the Scheme of
Reconstruction and Amalgamation has become effective from
October 26, 2005. The said Scheme, inter alia, contemplates the
following:

(A) Reconstruction of Capital of the Company

Reconstruction of Capital of the Company comprises the
following:

1. Reduction of existing 692590311 Equity Shares of INR10/- each
by 40% i.e. by 277036125 Equity shares of INR10 /- each.

2. Issue of 277036125 - 0.01% Cumulative Redeemable Preference
Shares (0.01% CRPS) of INR10/- each at par in lieu of the
aforesaid reduction in equity shares.

3. Issue of 220200000 Equity Shares of INR10/- each at par to
the Promoter of the Company.

4. Issue of 86800000 - 0.01% Cumulative Redeemable Preference
Shares (0.01% CRPS) of INR10/- each at par to the Promoters of
the Company.

5. Issue of 241779890 Equity Shares of INR10/- each at par to
the Lenders of the Company, being conversion of loan amounting
to INR2417798900/- advanced by them to the Company.

(B) Merger of Ispat Metallics India Ltd (IMIL), an unlisted
company, with the Company:

Consequent upon merger of IMIL with the Company, the following
shares would be issued to the shareholders of IMIL :

1. 344908141 Equity Shares of INR10/- each at par to the Equity
Shareholders of IMIL.

2. 122072720 - 0.01% Cumulative Redeemable Preference Shares
(0.01% CRPS) of INR10/- each at par to the 0.01% CRPS
Shareholders of IMIL.

3. 13600000 - 12% Cumulative Redeemable Preference Shares (12%
CRPs) of INR100/- each at par to the 12% CRPS holders of IMIL.

CONTACT:

Ispat Industries Limited
Park Plaza,1st Floor
71, Park Street,
Kolkata - 700016
Telephone: 33-249 2117/3119/5102
Fax: 2494216/2493050/2291956
E-mail: ispatcal@vsnl.com
Web site: http://www.ispatind.com


JAI PARABOLIC: Unveils Board Meeting Outcome
--------------------------------------------
Jai Parabolic Springs Ltd has informed BSE that the Board of
Directors of the Company at its meeting held on November 17,
2005, inter alia, has decided the following:

1. To issue 750000 compulsorily fully Convertible Preference
Shares (CFCPS) of INR55.55/- each at par to M/s Randeep
Investment Pvt. Ltd.

2. To issue 2520252 CFCPS of INR55.55/- each at par to M/s
Technivest Ltd (Mauritius).

3. To Convene the adjourned Extra Ordinary General Meeting of
the members of the Company on December 14, 2005 to approve the
above mentioned issue.

CONTACT:

Jai Parabolic Springs Limited
A, 30 (a), Phase 7, Industrial Area
City Mohali   
Pincode 160057  
State Punjab  
Phone: 5096551 5096552 5096553   


JAYSYNTH DYESTUFF: Members to Vote on Disposal of Undertaking
-------------------------------------------------------------
Jaysynth Dyestuff (India) Ltd has informed Bombay Stock Exchange
(BSE) that the members of the Company will consider to approve
the Ordinary Resolution, by way of Postal Ballot, authorizing
the Board to sell, assign, transfer or otherwise dispose off the
Company's Undertaking at Vapi, Gujarat comprising of immovable
properties and movable properties situate at Vapi Notified
Industrial Area, GIDC Vapi, Taluka Pardi, Dist. Valsad, Gujarat
to M/s. Phthalo Colours and Chemicals (India) Ltd together with
the rights, title, interest, privileges and benefits of the said
undertaking for a total consideration of Rs 223.20 million
subject to necessary approvals & provisions.

The Company has appointed Mr. Nilesh Shah, Practicing Company
Secretary, as Scrutinizer for conducting Postal Ballot process
in a fair & transparent manner.

The Postal Ballot form duly completed should reach the
Scrutinizer on or before December 28, 2005. The Scrutinizer will
submit his report to the Chairman of the Company after
completion of the scrutiny and the results of Postal Ballot will
be announced on December 30, 2005.

CONTACT:

Jaysynth Dyestuff (India) Ltd
301, Sumer Kendra, Pandurang Budhkar Marg, Worli
City Mumbai  
Pincode 400018  
State Maharashtra  
Tel. Nos. 30423048     
Fax Nos. 30423434   


SARVODAYA MAHILA: Insolvency Prompts RBI to Cancel License
----------------------------------------------------------
In view of the fact that the Sarvodaya Mahila Co-operative Bank
Ltd., Burhanpur, (Madhya Pradesh) had ceased to be solvent,
efforts to revive it in consultation with the Government of
Madhya Pradesh had failed and the depositors of the bank were
being inconvenienced by continued uncertainty, the Reserve Bank
of India, on November 17, 2005, delivered the order canceling
its license to the bank.

The Registrar of Cooperative Societies, Madhya Pradesh has also
been requested to issue an order for winding up the bank and
appoint a liquidator for the bank. It may be highlighted that on
liquidation every depositor is entitled to repayment of his
deposits up to a monetary ceiling of INR1,00,000/- from the
Deposit Insurance and Credit Guarantee Corporation (DICGC).

The Reserve Bank of India decided to cancel the license of the
Sarvodaya Mahila Co-operative Bank Ltd., Burhanpur, (Madhya
Pradesh) as a final step after examining all the options for
revival of the bank and in order to protect the interest of the
depositors.

The bank had been classified as 'weak' based on the findings of
the inspection with reference to its financial position as on
March 31,2001. The bank's financial position, however, continued
to worsen and its deposits were getting eroded as realizable
value of paid-up capital and reserve was in the negative.

The Reserve Bank had, after finding the financial position of
Sarvodaya Mahila Co-operative Bank Ltd. precarious as on
December 31, 2003, issued a show cause notice dated July 01,
2004, to the bank asking it to show cause as to why the license
granted to it to conduct banking business should not be
cancelled. The bank's overall financial position continued to
deteriorate and the Reserve Bank of India placed the bank under
directions with effect from May 27, 2005, restricting its
operations. As the continuance of the bank was untenable, the
Reserve Bank of India took the extreme measure of canceling the
license of the bank in the interest of the bank's depositors.
With the cancellation of its license and after commencement of
liquidation proceedings, the process of paying the depositors of
Sarvodaya Mahila Co-operative Bank Ltd., the amount insured as
per the DICGC Act, will be set in motion.

Consequent to the cancellation of its license, the Sarvodaya
Mahila Co-operative Bank Ltd., Burhanpur, is prohibited from
carrying on `banking business' as defined in Section 5(b) of the
Banking Regulation Act, 1949 (AACS) including acceptance and
repayment of deposits.

CONTACT:

Shri. M.K.Ray
Deputy General Manager
Urban Banks Department
Reserve Bank of India
P.B. No. 32, Hoshangabad Road,
Bhopal - 462 016.
Telephone Number: (0755) 2555072
Fax Number: (0755) 2554515
E-mail address: ubdbhopal@rbi.org.in


WIMCO LIMITED: Kolkata Workers Stage Strike
-------------------------------------------
Wimco Limited has informed the Exchange that a section of
workmen at Kolkata factory have struck work illegally since the
afternoon of November 19, 2005.

However, this may not have material or significant impact on the
business of the Company, as continuity of supplies of goods to
the market will be maintained.

The Company has further informed to the Exchange that the
Company will inform the Exchange as soon as work resumes at the
said factory.

CONTACT:

Wimco Limited
Indian Mercantile chambers
R. Kamani Marg,
Ballard Estate,
Mumbai - 400038
Telephone: 022-5631 6600
Fax: 5631 4525


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

ADARO INDONESIA: Gets First-Time Ba3 Rating from Moody's
--------------------------------------------------------
Moody's Investors Service assigned its provisional P(Ba3) local
currency corporate family rating to PT Adaro Indonesia (Adaro)
for the first time on Nov. 22, 2005.

At the same time, Moody's assigned its provisional P(Ba3)
foreign currency rating to the proposed 5-year USD300 mln senior
secured bonds issued by Adaro Finance B.V., and guaranteed by
Adaro and PT Indonesia Bulk Terminal or IBT (a coal terminal and
a related group company of Adaro). The ratings outlook is
stable.

The proceeds of the bonds, together with a proposed 4-year
amortising senior secured bank debt of USD250 mln (the "senior
bank debt"), will be primarily used to refinance existing
secured bank debt and repay a portion of the mezzanine
financing. Such debts were incurred to finance the shareholder
acquisition of Adaro, IBT and another related group company.
Moody's expects to affirm the ratings and remove them from
provisional status upon the closing of both the proposed bonds
and the senior bank debt.
To view the Company's financial rating report, go to:

http://bankrupt.com/misc/tcrap_adaroindonesia112205.doc

CONTACT:

PT Adaro Indonesia
7/F World Trade Centre, Jl. Jend Sudirman Kav 29-31
Jakarta, Indonesia
Phone: 62 021 521 1255
Fax:   62 021 521 1266


DIRGANTARA INDONESIA: To Cooperate with Spanish Defense Industry
----------------------------------------------------------------
State-owned aircraft manufacturer PT Dirgantara Indonesia (DI)
will join forces with Spain's defense industry, along with three
other state firms, reports Xinhua News.

PT DI, state ordinance manufacturer PT Pindad and state
shipbuilding firm PT PAL will coopoerate to develop armored
cars, military warplanes and warships, according to Defense
Minister Juwono Sudarsono.

Spanish defense minister Jose Bono said that Spane is
considering the possibility of jointly cooperating with
Indonesia's defense field.

Both countries had been cooperating with each other in other
fields, such as humanitarian operations offered by Spain after
the tsunami in Aceh province.

CONTACT:

PT Dirgantara Indonesia
Jl. Pajajaran no. 154 Bandung 40174,
Indonesia
Phone: 62-22-6034562, 62-22-6010754, 62-22-6010759
Fax:   62-22-6019538, 62-22-6075671, 62-22-6031696
Email: infosales@indonesian-aerospace.com
Web site: http://www.indonesian-aerospace.com


PERTAMINA: Cuts Fuel Prices by 5%
---------------------------------
Consumers will start paying reduced prices for high-octane fuels
sold by state-owned oil and gas firm PT Pertamina next week, the
Jakarta Post reports.

Company spokesman Mochamad Harun said that Pertamina has lowered
its prices for its Pertamax fuel from IDR5,700 to IDR5, 400 and
Pertamax Plus from IDR5,900 to IDR5,600 per liter ( a IDR300
reduction), which is slightly higher than Pertamina fuel
division chief Achmad Faisal's prediction of a IDR200 per liter
reduction.

The Company's high-octane fuel Pertamina DEX will be reduced by
6%, from IDR6,300 to IDR5,900 per liter.

Due to the drop in global fuel prices, Pertamina decided to
reduce its fuel prices by a 3% average. National consumption for
its Pertamaz and Pertamax Plus fuels had decreased to 5000
kiloliters this year from last year's 2,000 kiloliters, due to
the sharp price increase of the fuel products follwoing the
government's fuel subsidy cuts.

CONTACT:

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


SAMPOERNA: Standard & Poor's Affirms BB+ Rating
-----------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
corporate credit rating on Indonesia's second-largest cigarette
maker, PT Hanjaya Mandala Sampoerna Tbk (Sampoerna) on Nov. 22,
2005, with a stable outlook. Standard & Poor's also affirms its
'BB+' rating on Sampoerna's senior unsecured notes due on June
15, 2006.

Standard & Poor's credit analyst Nancy Koh said, "The rating on
Sampoerna reflects a highly regulated business environment where
frequent changes in excise tax and minimum retail prices tend to
hurt sales and profitability." The government-imposed 15%
increase in minimum retail prices in July 2005 is expected to
dampen cigarette sales volume. The Company's financial
performance is also vulnerable to changes in raw-material
prices. Strong cigarette demand, farmers switching to other
crops due to low prices in earlier years, and adverse weather
conditions, may raise clove and tobacco prices. The rating is
also constrained by the concentration of Sampoerna's facilities
and sales in Indonesia, which faces economic, political, and
social uncertainties.

Nevertheless, these sensitivities are partially offset by the
company's strong market position despite keen competition, and
its strong financial metrics. The rating also reflects
Sampoerna's strategic importance to parent, Philip Morris
International Inc (PMI), and ultimate parent, Altria Group Inc.
(BBB+/Negative/A-2). This is because the company provides the
Altria group access to Indonesia, which has over 210 million
people, and is reportedly ranked the fifth-largest tobacco
market in the world. Compared to the U.S., Indonesia has less of
a litigation risk issue, which should be a positive for the
group. The rating also takes into consideration a degree of
insulation from sovereign debt risks. Standard & Poor's is of
the view that despite
Indonesia's difficulties, the government in recent years has not
sought to impose a debt moratorium or interfere with local
companies accessing the foreign-exchange markets to service
their foreign debt.

Sampoerna's liquidity is strong. Its cash of Indonesian rupiah
(Rp) 1.9 trillion (US$189.2 million) at March 31, 2005, was more
than sufficient to cover short-term debt of Rp52 billion.
Refinancing risk is not expected to be significant, given that
most debt maturities are fairly well spread out between fiscal
years 2006 and 2009.

The stable outlook is premised on the expectation that
Sampoerna's strong cash flow generation will allow the company
to maintain a fair financial profile, despite competition and
continuous regulatory uncertainty for the domestic cigarette
industry. The company is also expected to remain strategically
important to Altria, and stands to benefit from the group's
financial flexibility. The outlook is also reflective of
Standard & Poor's view that the Indonesian government is
unlikely to restrict nonsovereign entities' access to the
foreign exchange to service their debt even in times of
political and economic stress.

An upward revision of the rating may be considered if the
company demonstrates further improvement in its financial
profile and increased linkage with Altria. Conversely, should
the company incur substantially larger debt to fund business
growth, or expected benefits arising from the integration with
PMI are not realized, the rating would be subjected to downward
pressure.

CONTACT:

P.T. Hanjaya Mandala Sampoerna Terbuka
Jalan Rungkut Industri Raya
Surabaya, 60293
Indonesia
Phone: +62 31 843 1699
Fax:   +62 31 843 0986
Web site: http://www.sampoerna.com/


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

ASAHI MUTUAL: Moody's Places B3 Rating for Possible Upgrade
-----------------------------------------------------------
Moody's Investors Service has placed the B3 insurance financial
strength rating of Asahi Mutual Life Insurance Company (Asahi
Life) on review for possible upgrade.

This action is prompted by the improved prospects for Asahi
Life's financial fundamentals, a result of continued reduction
in asset risks and efforts to improve business efficiencies by
moderating the declines in in-force business and sales force
turnovers.

Moody's notes that Asahi Life's current rating reflects the
risks inherent in its investment portfolios and its weak capital
position, which was eroded by large investment losses.
Additionally, the rating considers the company's relatively
heavy negative spread burden, which together with declining
business in-force has limited Asahi's flexibility to organically
grow its capital levels.

While the low interest rate environment in Japan may continue to
constrain Asahi Life's earnings, Moody's is aware of the
company's restructuring accomplishments, including managing down
its asset risk -- which has been a source of earnings volatility
over the last several years. Moody's also notes Asahi Life's
increased emphasis on sales of products with good profitability
to targeted individual clients and its maintenance of existing
in-force business, as set out on its business plan "Success A".

In the review, Moody's will assess the effectiveness of the
company's initiatives to post sustainable profits and the extent
to which these will help its ongoing efforts to restore its
financial strength in an increasingly competitive market over
the intermediate term.

Asahi Mutual Life Insurance Company, headquartered in Japan, is
a Japanese life insurance company that focuses on individual
life insurance. It had total assets of Yen 6.3 trillion as of
March 31, 2005.

Tokyo
Shiyo Imai
Asst Vice President - Analyst
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Hong Kong
Wei S. Yen
Managing Director
Financial Institutions Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121


HANSHIN ELECTRIC: Murakami Proposes Railway Firm to Delist
----------------------------------------------------------
Yoshiaki Murakami, who leads an investment fund officially known
as MAC Asset Management Inc., proposed Monday that Hanshin
Electric Railway Co. should delist itself from stock exchanges,
Japan Today reports.

The fund holds a 40 percent stake in the railway firm and is the
firm's largest shareholder.

Mr. Murakami said it would be better for the railway operator to
delist via various schemes including a management buyout if it
does not want to see its shares come under selling pressure.

CONTACT:

Hanshin Electric Railway Co. Ltd.
Otemachi Building, #532,
1-6-1, Otemachi,
Chiyoda-ku, Tokyo
Phone: 03-3212-6721


KIMURA KENSETSU: Files for Court Protection
-------------------------------------------
Kimura Kensetsu is considering filing for court protection from
creditors following revelations of its alleged involvement in
falsified architect falsified structural data, Mainichi Daily
News reports.

Nevertheless, the board member denied that it was aware that
quake-resistance data provided by the Aneha architecture office
in Ichikawa, Chiba Prefecture, was falsified.

"Because of the scandal, it has become unclear whether we can
collect fees for the construction work we did," the director who
asked not to be identified said. "We didn't know that Aneha had
falsified the data."

The construction firm was involved in the construction of 11 of
the 14 buildings for which Aneha provided falsified strength
analysis data.


MITSUBISHI MOTORS: 380 Model Voted Best Large Car
-------------------------------------------------
Mitsubishi 380 was named Australia's best large car in the
combined motoring club awards this year, Australia's Best Cars
(ABC) reports.

According to ABC, if an investment of more than $600 million in
the new 380 sedans doesn't produce about 32,000 sales a year and
14 per cent of the large car market, the outlook for homegrown
Mitsubishis could be grim.

At this stage though, it seems money well spent. Mitsubishi
finally has a winning hand after years of sprouting tired
models.

The diamond brand asserts its new local hero is high on quality
and agility. Both claims are largely true. The 380's overall
build is a match for any rival. The interior finish, and
ergonomics, are not as convincing.

On-road it has plenty to offer. The 380 are the smoothest,
quietest Australian-made car. It also features beauty bump
absorption and dutiful damping, although Ford's Falcon is just
as faithful.

The radically revamped 3.8-litre V6 pulls strongly while changes
from the five-speed sequential transmission are clean and
timely. The only performance issue is a braked towing capacity
of 1600kg where rear-wheel-drive rivals stretch beyond 2000kg.

The 380 is a front-wheel-drive car with a sporty bent. Its grip
and stability are highly attuned, steering is precise and mid-
corner bumps rarely corrupt cornering. Traction control is not
standard though.

Class-leading security and lower emissions combine to lift 380's
design stocks although a minimalist level of active safety aids
hampers its safety score.

Inside, and despite a sloping rear roofline, there's ample room
for three adults to occupy the rear seat. Seating in both rows
is comfortable and supportive.

Mitsubishi's vault in value includes a mighty warranty while its
maintenance, repair and insurance outlays are low. There are,
however, dramas with its depreciation costs.

Hyundai's impressive V6 Sonata almost steals the show.

Another long warranty, swags of features and a strong showing in
design signal the Korean brand's intents. Sonata is safe,
comfortable, well built and spacious.

On the road this import scores well, though its international
suspension tune and handling characteristics are not as assured
as some local legends.

Ford's BA II Falcon, not the BF which contends in 2006, is
untroubled by its rivals for dynamic qualities, but slips back
in crucial categories such as safety and running and repair
costs.

This is a press release.

CONTACT:

Australia's Best Cars
550 Princes Highway
Noble Park North Victoria 3174
Phone: 03 9790 2990
Fax: 03 9790 2878
E-mail: info@australiasbestcars.com.au


PIONEER CORPORATION: Unit Cuts Prices in Taiwan
-----------------------------------------------
Pioneer High Fidelity Taiwan, Pioneer's Taiwan subsidiary, has
reduced retail prices of Pioneer's entry-level DVD recorders by
17% from NT$12,000 (US$360) to below NT$10,000 (US$300),
according to DigiTimes.com.

Despite the price cut, the replacement of DVD players with DVD
recorders in the Taiwan market will take time because DVD
players are still competitive in price, said marketing general
manager Maggie Chen for Pioneer High Fidelity Taiwan.

Pioneer expects to sell more than 40,000 DVD players in Taiwan
in 2005.

CONTACT:

Pioneer Corporation
4-1, Meguro 1-Chome
Meguro-Ku, Tokyo 153-8654
JAPAN  
Phone: +81 3 3495 6774
Fax: +81 3 3495 4301  
Web site: http://www.pioneer.co.jp/


PIONEER CORPORATION: May Slash 1,000 Jobs in Japan
--------------------------------------------------
Pioneer Corporation may cut about 1,000 jobs in Japan as it
reduces production of DVD recorders and plasma television, the
Nihon Keizai newspaper reports.

"You can see from the report that the company is trying to have
a major structural change within the company from all
dimensions," said Hiroshi Takada, a Tokyo-based analyst at JP
Morgan Securities Asia Ltd.


SANYO ELECTRIC: Moody's Downgrades Rating to Baa2
-------------------------------------------------
Moody's Investors Service has downgraded to Baa2 from Baa1 the
long-term issuer and debt ratings of Sanyo Electric Co., Ltd.
(Sanyo).

These ratings remain under review for possible further
downgrade. The Prime-2 short-term rating of Sanyo Electric
Finance Netherlands B.V. has been also placed under review for
possible downgrade. The downgrade and continued review reflect
Moody's concern that Sanyo's capital base will be further
damaged during the fiscal year to March 2006 because of
additional substantial charges for the restructuring, announced
in its revised mid-term business plan, of some of its core but
unprofitable businesses, such as semiconductors, home appliances
and audiovisual (AV) products.

Moody's placed Sanyo's long-term rating on review for possible
downgrade on September 29, 2005 when the company revised down
its earnings forecast and announced its need for restructuring.

On November 18, 2005, Sanyo again revised down its earnings
forecast for the fiscal year to March 2006, with an operating
loss of JPY17 billion now expected instead of JPY18 billion of
profit. Its net loss was similarly amended down, to JPY233
billion from JPY140 billion.

Sanyo also announced a revised business plan that included 1)
restructuring of unprofitable businesses, 2) focusing on three
key areas where Sanyo remains competitive in the global markets
- power solution (mainly batteries), commercial-use air
conditioning and personal mobile products - and 3) improving its
financial profile as quickly as possible.

While some of the details of the revised business plan are not
yet available, Moody's believes that these measures have the
potential to stabilize and improve Sanyo's operating performance
over time.

Sanyo also announced that it would raise new capital amounting
to between Yen200bn and Yen300bn during the fiscal year to March
2006 to recover its capital base, which will be damaged by the
Yen233bn net loss.

Sumitomo Mitsui Banking Corporation (SMBC), Sanyo's main bank,
announced that it would support the company including purchasing
new shares of Sanyo. The specifics of the support have not been
agreed upon yet, but Moody's sees a high likelihood that SMBC
will continue to back Sanyo.

In its review, Moody's will examine how the announced
restructuring plan will allow the company to stabilize and
improve its competitiveness and earnings. The rating agency will
also assess how and to what extent Sanyo will be able to raise
capital in a timely manner as announced.

Sanyo Electric Co., Ltd., headquartered in Osaka, is one of the
world's leading manufacturers of consumer electronics products.

Tokyo
Naoki Takahashi
VP - Senior Credit Officer
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Tokyo
Takahiro Morita
Managing Director
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100


SONY CORPORATION: Spends JPY10 Bln in LCD Expansion
---------------------------------------------------
S-LCD, a 50-50 joint venture between Sony Corporation and
Samsung Electronics Co., said it would spend JPY10 billion to
expand its capacity to make liquid crystal displays (LCDs), AFX
News.

The new investment aims to increase monthly production of LCD
panels by 15,000 units a month to 75,000 units a month by around
spring next year.

S-LCD said it plans to raise the necessary funds on its own,
without disclosing how it will raise it.

CONTACT:

Sony Corporation
7-35 Kitashinagawa 6-Chome
Shinagawa-Ku 141-0001, Tokyo 141-0001
JAPAN
Phone: +81 3 5448 2111
Fax: +81 3 5448 2244


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

SAMSUNG CARD: Issues ABS Worth $300Mln
--------------------------------------
Samsung Card Co. unveiled Monday that it has issued $300 million
worth of three-year asset-backed securities (ABS), placed by
Standard Chartered, says Reuters.  

The securities were backed by receivables on sales on credit and
cash advances.

According to Samsung Card, the ABS was issued with a yield 17
basis points above the London Interbank Offer Rate (LIBOR).

The proceeds for the issue will be used to fund operations,
including car leasing and sales on credit.

The ABS is rated Aaa by Moody's Investors Service.

CONTACT:

Samsung Card Co. Ltd.
West Wing, Eunseok bldg.,
1-7, Yeonji-Dong, Jongro-Gu,
Seoul, South Korea 110-754
Phone: +82-2-1588-8700
Fax:   +82-2-756-8942
Web site:
http://www.samsungcard.co.kr/


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

AFFIN HOLDINGS: Issues New Shares for Listing, Quotation
--------------------------------------------------------
Affin Holdings Berhad advised that its additional 120,000 new
ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Wednesday, November 23, 2005.

CONTACT:

Affin Holdings Berhad
Jalan Bukit Bintang
55100 Kuala Lumpur, Kuala Lumpur 55100
Malaysia
Telephone: +60 3 2142 9569 / +60 2143 1057


ALEXANDER FORBES: To Wind Up Business
-------------------------------------
Sime Darby Berhad (Sime Darby) advised Bursa Malaysia Securities
Berhad that its subsidiary company, Alexander Forbes (Malaysia)
Sdn. Bhd. (AFM) held an Extraordinary General Meeting on
November 21, 2005 at which it was resolved that AFM be wound-up
voluntarily.

The shareholder of AFM also approved the appointment of Encik
Abdul Rahim bin Ismail and Puan Nik Azizan binti Nik Abdullah as
Liquidators of AFM. AFM is a wholly owned subsidiary of Sime
Alexander Forbes Insurance Brokers Sdn. Bhd. (SAF) whose shares
are held 60 percent by Sime Malaysia Region Berhad, a wholly
owned subsidiary of Sime Darby, and 40 percent by Alexander
Forbes 10200 Limited, a company incorporated in the United
Kingdom. AFM was in the business of providing insurance and
reinsurance broking, insurance advisory and consultancy services
until the cessation of its business operations in August 2002.

The voluntary liquidation of AFM is not expected to have any
material effect on the earnings and net tangible assets of the
Sime Darby Group for the financial ending June 30, 2006. None of
the directors or substantial shareholders of Sime Darby or
persons connected to them has any interest in the voluntary
liquidation.

This announcement is dated 21 November 2005.


BOUSTEAD HOLDINGS: New Shares up for Listing, Quotation
-------------------------------------------------------
Boustead Holdings Berhad advised that its additional 332,000 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., Wednesday, November 23, 2005.

CONTACT:

Boustead Holdings Berhad
18th Floor, Menara Boustead,
69 Jalan Raja Chulan,
50200 Kuala Lumpur
Telephone: 03-2141 9044
Fax: 03-21430075
Web site: http://www.boustead.com.my


EKRAN BERHAD: All Resolutions Pass During AGM
----------------------------------------------
Ekran Berhad advised Bursa Malaysia Securities Berhad that all
resolutions tabled at the Fourteenth Annual General Meeting of
the Company held at Ballroom I, Santubong Kuching Resort, Jalan
Santubong, 93748 Kuching, Sarawak on Monday, November 21, 2005
at 9:00 a.m. were duly passed.

This announcement is dated 21st November 2005.


FURQAN BUSINESS: 3Q/FY05 Net Loss Reaches MYR2,978,000
------------------------------------------------------
Furqan Business Organisation Berhad issued to Bursa Malaysia
Securities Berhad a copy of its Third Quarter Financial report
for the financial period ended September 30, 2005.

Summary of Key Financial Information
September 30, 2005
         
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    30/09/2005    30/09/2004     30/09/2005     30/09/2004
    MYR'000       MYR'000    MYR'000       MYR'000  

(1) Revenue  

    9,380        17,177          44,576         46,088

(2) Profit/(loss) before tax  

    -2,915        882           -2,319         5,292

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

    -2,978        622           -2,449         4,434

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

    -2,978        622           -2,449         4,434

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

    -0.72         0.15           -0.59         1.08

(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)  

       0.5100                      0.5200

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/FurqanBusinessReport112105.xls

To view a full copy of the notes to FS, go to
http://bankrupt.com/misc/FurqanBusiness112105.doc

CONTACT:

Furqan Business Organisation Berhad
247 Jalan Tun Razak
Kuala Lumpur 50400
Malaysia
Phone: +60 3 2148 9999
Fax: +60 3 2148 9992


GULA PERAK: Bourse to Suspend Trading of Warrants Dec. 6
--------------------------------------------------------
Gula Perak Berhad issued the following announcement to Bursa
Malaysia Securities Berhad.

(i) GPERAK's Warrants A and Warrants B will expire at 5:00 p.m.,
on Wednesday, December 21, 2005.

(ii) Trading in GPERAK's Warrants A and Warrants B will be
suspended with effect from 9:00 a.m., Tuesday, December 6, 2005
in order to facilitate the final exercise of the Warrants.

(iii) GPERAK's Warrants A and Warrants B will be removed from
the Official List of Bursa Securities with effect from 9:00
a.m., Thursday, December 22, 2005.


MAGNUM CORPORATION: Buys Back 227,100 Shares
--------------------------------------------
Magnum Corporation Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:  
   
Date of buy back: November 21, 2005

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

Total number of shares purchased (units): 227,100

Minimum price paid for each share purchased (MYR): 1.910

Maximum price paid for each share purchased (MYR): 1.920

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 227,100

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

Cumulative net outstanding treasury shares as at to-date
(units): 75,778,400

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

LION INDUSTRIES: Books MYR19,646,000 Net Loss in 3Q
---------------------------------------------------
Lion Industries Corporation Berhad submitted to Bursa Malaysia
Securities Berhad a copy of its First Quarter financial report
for the financial period ended September 30, 2005.

Summary of Key Financial Information
June 30, 2005
         
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    30/09/2005    30/09/2004      30/09/2005     30/09/2004
    MYR'000       MYR'000     MYR'000        MYR'000    

(1) Revenue  

    734,515      1,084,060        734,515        1,084,060

(2) Profit/(loss) before tax  

    -27,423      276,858          -27,423        276,858

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

   -19,646       231,181          -19,646        231,181

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

    -19,646      231,181          -19,646        231,181

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

    -2.82         34.04            -2.82         34.04

(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)  
    
       2.7900                     2.8200

To view a full copy of the financial statement, click
http://bankrupt.com/misc/LionIndustries112105.xls


LITYAN HOLDINGS: To Convene AGM Next Month
------------------------------------------
The Board of Directors of Lityan Holdings Berhad (LHB) advised
Bursa Malaysia Securities Berhad that an Extraordinary General
Meeting of the Company will be held at The Greens I Room,
Tropicana Golf and Country Resort, Jalan Kelab Tropicana, 47410
Petaling Jaya, Selangor Darul Ehsan on Wednesday, December 7,
2005 at 10:00 a.m.

To view a full copy of the notice of the meeting
http://bankrupt.com/misc/LityanHoldingsNoticeofEGM112105.doc

FILE FOR UPLOAD

CONTACT:

Lityan Holdings Berhad
Bangunan Lityan,
Peremba Square Saujana Resort,
Section U2, 40150 Shah Alam
Selangor Darul Ehsan, Malaysia
Phone: + 603-7622-1188
Fax: +603-7666-6870
E-mail: enquiry@lityan.com.my


MALAYAN UNITED: Net Loss Down to MYR19,040,000 in 3Q
----------------------------------------------------
Malayan United Industries Berhad provided Bursa Malaysia
Securities Berhad a copy of its Third Quarter financial report
for the financial period ended September 30, 2005.

Summary of Key Financial Information
June 30, 2005
         
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    30/09/2005    30/09/2004      30/09/2005     30/09/2004
    MYR'000       MYR'000         MYR'000        MYR'000    

(1) Revenue  

    302,432      358,291          952,572        1,054,568

(2) Profit/(loss) before tax  

    -18,669      -37,522          -55,555        -40,985

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

    -19,040      -39,807          -74,183        -38,066

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

    -19,040      -39,807          -74,183        -38,066

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

    -0.98          -2.05           -3.82          -1.96

(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)  

        0.6216                      0.2912

To view a full copy of the financial statement, click
http://bankrupt.com/misc/MalayanUnitedSeptember2005.xls

CONTACT:

Malayan United Industries Bhd   
14th Floor, MUI Plaza, Jalan P. Ramlee,
Kuala Lumpur Wilayah Persekutuan 50250
Telephone: 03-21482566   
Fax: 03-31689117,03-31670211
  

MAXIS COMMUNICATIONS: Bourse To List, Quote Shares
--------------------------------------------------
Maxis Communications Berhad advised that its additional 87,000
new ordinary shares of MYR0.10 each issued pursuant to the
Employee Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Wednesday, November 23, 2005.

CONTACT:

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


METACORP BERHAD: Agrees with Unit to Extend Disposal Date
---------------------------------------------------------
Metacorp Berhad (Metacorp) issued to Bursa Malaysia Securities
Berhad details of the disposal of 65,028,973 ordinary shares of
MYR1.00 each representing the entire issued and paid-up share
capital of Metramac Corporation Sdn Bhd, a wholly owned
subsidiary of Metacorp to MTD Infraperdana Bhd (MTD
Infraperdana) for a total cash consideration of MYR245 million.

The Company advised the Exchange that MTD InfraPerdana and
Metacorp had on November 21, 2005, mutually agreed and confirmed
in writing to further extend the completion date of the
Disposal to December 21, 2005.

This announcement is dated 21 November 2005.

CONTACT:

Metacorp Bhd   
22 Jalan 2/6,
Dataran Templer,
Bandar Baru Selayang
Batu Caves Selangor 68000
Malaysia
Telephone: 03-61201118   
Fax: 03-61205558


PATIMAS COMPUTERS: ESOS Expires Nov. 20
---------------------------------------
Patimas Computers Berhad advised Bursa Malaysia Securities
Berhad that its Employees' Share Option Scheme which commenced
on November 21, 2000 has expired on November 20, 2005.

This announcement is dated 21 November 2005.

CONTACT:

Patimas Computers Bhd   
Patimas Technology Centre,
Technology Park Malaysia, Bukit Jalil,
Kuala Lumpur Wilayah Persekutuan 57000
Malaysia
Telephone: 03-89941818   
Fax: 03-89941188


PSC INDUSTRIES: Alliance Bank Terminates Units' Loan Facility
-------------------------------------------------------------
PSC Industries Berhad informed Bursa Malaysia Securities Berhad
that it received a notice of demand from Alliance Bank Malaysia
Bhd on the loan and overdraft facilities granted to PSC-Naval
Dockyard Sdn Bhd.

Further to the announcement dated November 8, 2005, the Board of
Directors of PSC Industries Berhad (PSCI) advised that PSCI's
subsidiary, PSC-Naval Dockyard Sdn Bhd (PSCND), had on November
17, 2005 received a letter dated November 14, 2005 from the
solicitors acting for Alliance Bank Malaysia Berhad (Alliance)
recalling and terminating the term loan facility of MYR240
million and the overdraft facility of up to MYR20 million
(collectively the Facilities) and demanding the payment within
10 days of a total sum of MYR272,405,233.76 being outstanding
principal and interest (up to October 31, 2005) under the
Facilities plus interest that continues to accrue thereon until
full payment.

By another letter of the same date to PSCI, Alliance had also
demanded payment of the same amount from PSCI pursuant to the
guarantee dated September 18, 2003 given by PSCI in favor of
Alliance in respect of the Facilities within 10 days.

PSCI and PSCND will respond to Alliance's solicitors in respect
of the said demands.

This announcement is dated 21 November 2005.

CONTACT:

PSC Industries Berhad
3rd Flr, Ming Building
Jln Bukit Nanas
50250 Kuala Lumpur
Telephone: 03-20787770/ 20716516
Fax: 03-20787768


RASHID HUSSAIN: Books MYR16,200,000 in Net Loss Q3
--------------------------------------------------
Rashid Hussain Berhad furnished Bursa Malaysia Securities Berhad
a copy of its Third Quarter report for the financial period
ended September 30, 2005.

Summary of Key Financial Information
June 30, 2005

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period   
    30/09/2005    30/09/2004      30/09/2005     30/09/2004
    MYR'000       MYR'000     MYR'000        MYR'000  

(1) Revenue  

    1,159,378     0               3,238,569      0

(2) Profit/(loss) before tax  

    60,786        0                252,573       0

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

    -16,200       0                 -7,484       0

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

    -16,200       0                 -7,484       0

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

    -2.20         0.00              -1.00        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)  

    -2.7200                    -2.6700

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/RashidHussain112105.xls


SILVERSTONE CORPORATION: Suffers Net Loss in 3Q/FY05
----------------------------------------------------
Silverstone Corporation Berhad submitted to Bursa Malaysia
Securities Berhad its First Quarter Report for the financial
period ended September 30, 2005.  

Summary of Key Financial Information
June 30, 2005
         
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    30/09/2005    30/09/2004      30/09/2005     30/09/2004
    MYR'000       MYR'000     MYR'000        MYR'000   

(1) Revenue  

    126,751       99,475          126,751        99,475

(2) Profit/(loss) before tax  
    
     -4,628       -11,791          -4,628        -11,791

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

    -3,380        -11,770          -3,380        -11,770

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

    -3,380        -11,770          -3,380        -11,770

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

    -1.00          -3.48            -1.00       -3.48

(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)  

     0.4300                   0.4300

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/SilverstoneCorp111605.xls


TRU-TECH HOLDINGS: Defaults on Sinking Fund Monthly Payment
-----------------------------------------------------------
Tru-Tech Holdings Berhad (Tru-Tech) monthly announcement under
Practice Note 1/2001 on the status of default of Coupon Payment
on MYR55,000,000 nominal amount of Redeemable Unsecured Loan
Stock (RULS) and default of monthly deposit of MYR1,500,000 into
the Sinking Fund Account (Default).

On behalf of Tru-Tech, Avenue Securities Sdn Bhd (Avenue)
advised that the Company will not be able to make the monthly
deposit of MYR1,500,000 due on November 17, 2005 into the
sinking fund account maintained for the purposes of redemption
of the RULS, due to Tru-Tech's current tight cash flow position
(Deposit Default).

The financial and legal implications to Tru-Tech in respect of
the Deposit Default are similar to that of the Default, which
was set out in the announcement dated October 15, 2004.

Save as disclosed above, there has been no material development
in respect of the Default pursuant to Practice Note 1/2001.

The principal outstanding of all other credit facilities granted
to Tru-Tech and its subsidiaries as at October 31, 2005 is set
out in Table 1 of the Appendix to this announcement.

To view a full copy of Table 1, go to
http://bankrupt.com/misc/TruTechBerhadTable111705.xls

This announcement is dated 17 November 2005.

CONTACT:

Tru-tech Holdings Berhad
Lot 45, Batu 12
Jalan Johor Bahru - Kota Tinggi
Mukim Plentong
81800 Ulu Tiram
Johor
Telephone: 07-8615220
Fax: 07-8616371


TRU-TECH HOLDINGS: Court Grants Units Extension
-----------------------------------------------
Tru-Tech Holdings Bhd advised Bursa Malaysia Securities Berhad
that it had on November 18, 2005 announced that, on November 11,
2005 the company and its subsidiaries, namely Tru-Tech
Electronics (M) Sdn Bhd and Tru-Tech Technology Sdn Bhd were
granted an extension of retraining and stay order for a period
of 120 days effective from September 9, 2005 until January 18,
2006 by the Johor Bahru High Court.


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

COLLEGE ASSURANCE: Losses Balloon by 74% to Php4.52 Bln
-------------------------------------------------------
College Assurance Plan Phils. Inc.'s (CAP) net losses continue
to mount in the nine months ending September this year, The
Philippine Star reports.

The embattled pre-need firm widened its net loss to Php4.52
billion, up 74 percent from the Php2.59-billion loss incurred
over the same period last year.

The pre-need firm's share in the net losses of its subsidiaries
amounted to Php238.08 million while operating expenses reached
Php3.28 billion.

CAP is seeking a 10-year restructuring of its Php2.9-billion
loan obligations to creditors as part of its business recovery
program submitted to the court.

CAP had sought relief from the Makati Regional Trial Court for a
moratorium on the payment of all obligations to planholders and
creditors to give it enough breathing room to map out a viable
and acceptable rehabilitation plan. The move was also intended
to prevent the Securities and Exchange Commission from taking
over management of CAP, which could eventually lead to the pre-
need firm's extinction.

CONTACT:

College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Ville, Makati City
Malaysia
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560


COLLEGE ASSURANCE: Planholders Seek to Partake of Payments
----------------------------------------------------------
Planholders are asking College Assurance Plan Phils. Inc. (CAP)
to include a clear provision including them in the schedule of
payment, BusinessWorld reveals.

Emilia J. Imperial and Allan E. dela Cerna told the Makati
Regional Trial Court that CAP should include a provision in its
rehabilitation plan making planholder payments top priority.

"The planholders appear not to be included in CAP's payment
schedule, raising a very curious and serious question on whether
or not CAP has ever the intention to pay the planholders when it
should be and must be the priority considering that out of the
funds of CAP from the planholders these affiliates blossomed,"
they said.

Planholders claim CAP's rehabilitation plan does not show or
provide payment of its liabilities to the planholders. Instead,
what appears are payments to be made to CAP's affiliates: CAP
Pension, CAP Health, CAP Realty, Community All Transport, CAP
Life, CAP Gen, CAP Foundation, CAP Management while loans
payable include Fil-Estate Management, Inc., Penta Capital,
Philippine Veterans Bank, Bank of Commerce, W. Mendoza
Construction, Road Eagle Lending and loans from directors.

But a CAP official said the planholders may have been
misinformed.

"There is no exclusion in the rehabilitation petition. We did
not specify conditions or qualifications for payment in the
rehab plan. As soon as the petition is approved everyone will be
paid."

The Sobrepena-led firm had sought its rehabilitation and
receivership before the Makati court.


GLOBAL STEELWORKS: Creditors to Quash Default Declaration
---------------------------------------------------------
Global Steelworks International's creditors are expected to lift
their default declaration against the firm's Indian owners soon,
after the firm settled past due debts, reports The Philippine
Daily Inquirer.

Global Steelworks, formerly National Steel Corp., paid Php250
million that was due last October and renewed a Php500-million
letter of credit to cover future payments.

The board of Philippine National Bank (PNB), Global Steelworks'
biggest creditor, has approved the lifting of the default call.
But the bank awaits approvals of other lenders for a formal
lifting of the default declaration.

The lifting of the declaration would spare Global Steelworks
from foreclosure proceedings.

The National Steel plant, in the southern city of Iligan, has
been acquired by Global Steelworks International Inc., a unit of
the Ispat group of India.

The creditors struck an asset sale deal with Ispat to avail
themselves of incentives offered by a special purpose vehicle
law. It was among the single biggest SPV deal in the Philippines
since the SPV law was passed in 2002. The banking system's total
exposure to Global Steelworks originally stood at about Php12
billion.

National Steel had closed down in 1999 with over Php16 billion
in debt.

CONTACT:

Global Steelworks International (SPV-AMC), Inc.
Suarez, 9200 Iligan City
Philippines
Telephone: 063-221-2663
Fax: 063-492-2566


LAFAYETTE MINING: Ban Stays Pending Compliance to EMB's Order
-------------------------------------------------------------
The Environment Management Bureau (EMB) formally suspended
Lafayette Mining Limited's Rapu-Rapu operations, according to
BusinessWorld.

The directive came after the bureau suspended the company's
wastewater discharge permit and its chemical control order
following the recent mine spill at the Australian firm's gold
plant.

The permit suspension order directs Lafayette to "suspend any
use of cyanide in any processing in the project" and prevented
it from discharging tailings from the project.

The order says the suspensions are in effect until such time as
the EMB finds that the tailings management and disposal system
are capable of containing the tailings and that the cyanide
detoxification plant is capable of reducing cyanide levels.

A Lafayette official confirmed receipt of the permit suspension
order, saying the company saw "no issue as this is what we have
been working through with the EMB to resolve quickly."

In the permit suspension orders, the EMB said Lafayette was
found to have violated its wastewater discharge permit, which
specified that no overflows would be discharged from its pond. A
discharged of effluent which is not at a par to Department of
Environment and Natural Resources (DENR) standards is a ground
for a revocation of the permit.

The order also stated that Lafayette was also found to have
violated the chemical control order conditions, which stipulated
that no cyanide could be discharged to the environment without
prior approval from the department.

The MGB has asked Lafayette also to revise the rehabilitation
plan it has submitted to the bureau two days after the mine
spill incident.

CONTACT:

Lafayette Mining Limited
Suite 1, Level 5
189 Flinders Lane
Melbourne
Australia VIC 3000
Telephone: +61 (0)3 9654 6044
Facsimile: +61 (0)3 9654 6010
E-mail: info@lafayettemining.com
Web site: http://www.lafayettemining.com


MAYNILAD WATER: Boss Plans to Quit This Year
--------------------------------------------
Maynilad Water Services Inc. President Fiorello Estuar has
decided to leave the troubled water firm this year, according to
BusinessWorld.

Mr. Estuar tendered his resignation since "the environment is no
longer conducive for him to become effective". The resignation
will take effect by end-December.

The resignation letter was submitted to both the Metropolitan
Waterworks and Sewerage System (MWSS) and Oscar Lopez, who
appointed Mr. Estuar for the post, last September.

BusinessWorld tried to reach Mr. Estuar but he was not available
for comment as of press time. Maynilad corporate communications
head Jesus Matubis, meanwhile, declined to issue a statement.

However, Maynilad receiver Rosario Bernaldo confirmed that Mr.
Estuar had informed her of his intention to leave, but added
that he committed to stay until the end of the year.

Stakeholders, meanwhile, are concerned that Mr. Estuar's
departure may jeopardize Maynilad's planned reprivatization.

CONTACT:

Maynilad Water Services Inc.
G/F MWSI Building, Katipunan Road
MWSS Compound, Balara
Quezon City
Philippines


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

CHINA AVIATION: To Reveal New Investors Soon
--------------------------------------------
Troubled jet fuel trader China Aviation Oil Corp. (Singapore)
Limited (CAO) is expecting to issue a formal announcement on its
new investors as soon as next week, reports Channel NewsAsia.

CAO is still working out the details of its restructuring
program, amid reports that UK oil giant BP hopes to acquire a
23% stake in the Company for SGD45.1 million.

Reports cited BP as having reached an initial agreement with CAO
and its parent firm, Beijing-based China Aviation Oil Holdings
Co. to make BP a strategic investor in CAO. A Company spokesman
refused to comment, saying only that they would release a formal
announcement on the matter next week. CAO is reportedly selling
as much as 20% of its stake to investors as part of its
restructuring plan.

Analysts say that the proceeds from the share sale would go
towards paying off the Company's debts.

Other firms interested in buying a stake in CAO are: U.K. firm
Ashmore Investment Management and Vitol Holdings BV, and equity
firm Newbridge Capital.

CONTACT:

China Aviation Oil (S) Corp. Ltd.
Phone: (65)6334 8979
Fax:   (65)6333 5283
Web site: http://www.caosco.com/


MAE ENGINEERING: Financial Results Meet Standards
-------------------------------------------------
MAE Engineering posts the query by the Singapore Exchange and
Securities Trading Limited (SGX-ST) regarding paragraph five (5)
of the Company's financial results for the first six months of
the year ended Sept. 30, 2005:

SGX-ST Question:

We note that the new Singapore Financial Reporting Standards are
mandatory for companies with financial years beginning on or
after Jan. 1, 2005. Would the new standards have a material
impact on the Company's financials?

The Compan'ys response:

MAE Engineering Limited has implemented the new Singapore
Financial Reporting Standards. There is no material impact on
the Company's current financial period compared with the
previous period after the implementation.

To view the Company's half-year financial report, click on:

http://bankrupt.com/misc/tcrap_maeengineering112205.pdf

CONTACT:

MAE Engineering Limited
149 Rochor Road #05-13/15
Fu Lu Shou Complex
Singapore 188425
Phone: 65 6334 0300
Fax:   65 6339 0020


SEMBAWANG AVIATION: Receiving Claims Until Next Month
-----------------------------------------------------
Notice is hereby given that the creditors of Sembawang Aviation
Pte Limited, which is being wound up voluntarily, are required
on or before Dec. 19, 2005 to send in their names and addresses,
with particulars of their debts and claims, and the names and
addresses of their solicitors (if any) to the Company
liquidators.

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

Dated this 18th day of November 2005

Low Sok Lee Mona
Teo Chai Choo
Liquidators
C/o Low, Yap & Associates
4 Shenton Way
#04-01 SGX Centre 2
Singapore 068807


SEMBAWANG SHIPMANAGEMENT: Wound Up by Parent Firm
-------------------------------------------------
Sembawang Shipmanagement Pte Limited announces that its parent
firm, SembCorp Logistics, placed the dormant Company under a
members' voluntary liquidation, and appointed Low Sok Lee Mona
and Teo Chai Choo as Liquidators for such purpose.

CONTACT:

Sembawang Shipmanangement Pte Limited
30 Old Toh Tuck Road
#05-04 Sembawang Kimtrans Logistics Centre
Singapore 597654
Phone: 65 6461 2363  
Fax:   65 6466 5016  
E-mail: tess@tschudi-eitzen.com.sg


STATS CHIPPAC: Maximizes Copper Use in Systems Integration
----------------------------------------------------------
STATS ChipPAC Limited, a leading independent semiconductor test
and advanced packaging service provider, announced on Nov. 21,
2005 that it qualified a copper process for integrated passive
devices (IPD) which delivers superior performance and
miniaturization in radio frequency (RF) wireless systems.

In the wireless market where there is intense pressure to
optimize size, performance and cost, passive integration
technology offers significant advantages for applications such
as GSM/DCS and CDMA cellular phones, Wireless LAN 802.11 a/b/g
and WiMax systems, primarily in RF power amplifiers and front
end modules (FEM) which make up the critical part of those radio
systems. Individual passive devices produced using conventional
ceramic technology are often limited in terms of profile height
thinness, however, by integrating and fabricating passive
devices at the silicon wafer level, STATS ChipPAC is able to
fabricate IPDs which are significantly smaller, thinner and with
higher performance than standard passive devices that are
commercially available today.

To further maximize the performance potential of IPDs, STATS
ChipPAC implemented copper metallization to achieve superior
performance in terms of insertion loss and miniaturization. The
Company's process can 8 microns or more of copper on a silicon
wafer. This reduces the loss in the RF signal transmission path,
thereby increasing battery performance of the wireless system or
improving reception. In addition, the size of matching circuitry
and filters are significantly reduced. STATS ChipPAC Chief
Technology Officer Dr. Han Byung Joon commented, "Integrated
passive devices are a cost effective way to reduce footprint,
reduce interconnection complexity, and improve component
tolerance, yield and reliability. By moving to a copper film
process, we have increased the performance level of IPDs and are
able to produce higher Q components."

STATS ChipPAC has established a library of standard IPD
solutions. Custom designs are also available to optimize
performance for specific applications. Library elements are
available for GSM/DCS low pass filters and diplexers, WLAN
802.11a/b/g filters and a number of BALUNs at various
frequencies. STATS ChipPAC's IPD technology is a key enabler of
its innovative Chip Scale Module Package (CSMP) offering which
was announced in 2004. CSMP is an advanced systemin- package
solution which features a unique modular architecture to
integrate mixed IC technologies and a wide variety of passive
devices such as resistors, capacitors, inductors, filters,
BALUNs and interconnects directly onto a silicon substrate.

Dr. Han continued, "With our leading edge technology in CSMP and
IPD and our comprehensive RF solutions portfolio, including
wafer sort, design, assembly, RF test and supply chain
management, STATS ChipPAC offers RF semiconductor companies a
distinct competitive advantage in their market. Coupled with our
core capabilities in 3D packaging such as PoP, PiP and stacked
die, STATS ChipPAC can provide customers with a high level of
wireless systems integration."

CONTACT:

STATS ChipPAC Limited
10 Ang Mo Kio Street 65
#05-17/20 Techpoint
Singapore 569059
Phone: 65 6824 7777
Fax:   65 6720 7823
Web site: http://www.statschippac.com/


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

KUANG PEI: Trading of Shares Still Suspended
--------------------------------------------
Kuang Pei San Food Products Public Company Limited (POMPUI) has
submitted to the Stock Exchange of Thailand (SET) its reviewed
financial statement for the period ending September 30, 2005.

As the company's auditors were unable to reach any conclusion on
the financial statement, it can be considered that the numbers,
which represent the company's financial status and operating
outcome as presented in its financial statements, failed to
adequately and/or properly reflect the actual position of the
Company.  

The SET, then informed shareholders and investors on the above
matters to scrutinize the auditors' reports on their financial
statements.

The SET has still suspended trading of securities of the company
in view of the fact that the company must prepare a
rehabilitation plan.

CONTACT:

Kuang Pei San Food Products PCL
Tanasarn Tower, 43 Chiangmai Road,
Khlong San, Bangkok  
Telephone: 0-2863-3288
Fax: 0-2437-8123


M.D.X: SET Still Suspends Trading of Securities
-----------------------------------------------
M.D.X. Public Company Limited (MDX) has submitted to the Stock
Exchange of Thailand (SET) its reviewed financial statement for
the period ending September 30, 2005.

As the company's auditors were unable to reach any conclusion on
the financial statement, it can be considered that the numbers,
which represent the company's financial status and operating
outcome as presented in its financial statements, failed to
adequately and/or properly reflect the actual position of the
Company.  

The SET, then informed shareholders and investors on the above
matters to scrutinize the auditors' reports on their financial
statements.

The SET has still suspended trading on the securities of the
company in view of the fact that the company must prepare a
rehabilitation plan.

CONTACT:

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


NAWARAT PATANAKARN: Court Suspends Rehab Plan
---------------------------------------------
Nawarat Patanakarn Public Company Limited informed the Stock
Exchange of Thailand (SET) that the Central Bankruptcy Court
cancelled the rehab plan of the company as it has already
completed all conditions of the rehab plan.

Please be informed and publish to investors.

Yours sincerely,
Mr. Mana Karnasuta
Director             

Mr. Polpat Karnasuta
Director


PREMIER ENGINEERING: Auditor Fails to Reach Conclusion to FS
------------------------------------------------------------
Premier Engineering & Technology Public Company Limited (PE&T)
has submitted to the Stock Exchange of Thailand (SET) its
reviewed financial statement for the period ending
September 30, 2005.

As the company's auditors were unable to reach any conclusion on
the financial statement, it can be considered that the numbers,
which represent the company's financial status and operating
outcome as presented in their financial statements, failed to
adequately and/or properly reflect the actual position of the
Company.  

The SET then informed shareholders and investors on the above
matters to scrutinize the auditors' reports on their financial
statements.

The SET has still suspended trading of securities of PE&T in
view of the fact that the company must prepare a rehabilitation
plan.

CONTACT:    

Premier Engineering & Technology PCL
1/10 Moo 4, Bangchan Industrial Estate,
Khan Na Yao Bangkok  
Telephone: 0-2517-1276-8, 0-2517-7520-8
Fax: 0-2518-1473




                            *********


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
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contained herein is obtained from sources believed to be
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                 *** End of Transmission ***