TCRAP_Public/060120.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

          Friday, January 20, 2006, Vol. 9, No. 015

                         Headlines


A U S T R A L I A

3D WORKSTATION: Appoints Official Liquidator
AD PLUMBING: Members Decide to Wind Up Operations
ADRIATIC LEATHER: Enters Voluntary Liquidation
ANROSS INVESTMENTS: Creditors Agree to Close Shop
AUSTRALIAN GAS: Brokers Like Early PNG Move

BRISBANE CO-FREEMASONIC: Liquidator Distributes Assets
CHESSER HOUSE: Decides to Close Business
COMBINED TEXTILE: To Hold Final Meeting on Jan. 30
EVANS & TATE: To Sell Griffith Winery to Boost Capital
FLIGHT CENTRE: Unveils New Customer Relations Structure

GOLF AUSTRALIA: Prepares to Pay Dividend
GOUNDI HOLDINGS: Placed Under Voluntary Liquidation
IMG ARTS: Members Resolve to Liquidate Firm
KEY FORMWORK: Wind-Up Process Completed
LA BROOY: Members Pass Winding Up Resolution

LAVERNE TRADING: Liquidator To Provide Wind-Up Details
LGV ENTERPRISES: To Distribute Final Dividend
MACCOE LOGISTICS: Members, Creditors Favor Liquidation
MARKET PRODUCE: AAT Upholds Appeal by Queensland Director
MYER LIMITED: Bid Deadline Extended Until Late February

PARKSTAFF PTY: Inability to Pay Debts Prompts Wind-up
PEET KENNEDY: Liquidator To Explain Wind-Up to Members
SANTOS LIMITED: Pressure to Ink PNG Deal Grows
SANTOS LIMITED: Keeps Close Watch on Cyclone Darryl
SENDOR PTY: Decides to Close, Names Liquidator

SONS OF GWALIA: Prosecution Brief Clears Way for First Charges
TELSTRA CORPORATION: Dumps Branded Content Trend
TINPEACE PTY: Members, Creditors to Review Wind-up Report
TRANS-AG PTY: Decides to Close Operations
VILLAGE ROADSHOW: Sees Break-even Profit for 2005/06

WATCH THIS: Members Favor Liquidation
WATTYL LIMITED: Gets Expert to Advise on Allco Bid
WESTPOINT GROUP: Seeks to Repay Debt to Avoid Liquidation
WESTPOINT GROUP: Former Boss Fights for AU$23-Mln Assets
* Australian Courts to Adopt Harmonized Bankruptcy Rules


C H I N A  &  H O N G  K O N G

ASIA MILLION: Creditors Meeting Set Next Month
AWT OCEAN: Creditors Meeting Slated for Feb. 10
AWT REALTY: Calls Creditors Meeting
BEAR COMPANY: Claims Bar Date is February 10
FIRSTRATE DEVELOPMENT: Creditors' Proofs of Claim Due Feb. 3

GOLDSCHMIDT PACIFIC: Creditors to File Proofs of Claim
MACKINSEY FINANCIAL: Proofs of Claims Are Due Feb. 10
QPL INTERNATIONAL: Postpones Results Release to Jan. 23
RNA HOLDINGS: Former Officials Charged With Fraud
SC AND PARTNERS: Court to Hear Wind Up Petition March 8

SHANGHAI LAND: Former Director Goes to Jail For Fraud
SINO-FOREST CORPORATION: Moody's Affirms Ba2 Rating
VONGROUP LIMITED: First Half Loss Swells to HK$13.8 Mln
WINNER DECORATION: Creditor Files Winding Up Petition
WORLDFORD LIMITED: Creditors' Proofs of Claim Due Feb. 10


I N D I A

ADAYAR FINANCE: RBI Cancels Certificate of Registration
BHILWARA SPINNERS: Unveils Outcome of AGM
CABLE CORPORATION: To Issue, Redeem Preference Shares
CEAT LIMITED: Shareholders to Consider Amalgamation Scheme
KERALA AYURVEDA: Courts OK Scheme of Amalgamation, Arrangement

SSI LIMITED: EGM on Feb 10, 2006
SSI LIMITED: Board Approves BREAD Merger


I N D O N E S I A

GARUDA INDONESIA: To Ask Malaysian Rival to Cut Jakarta Flights
GARUDA INDONESIA: Integrates Air, Rail Services with Kereta Api
PERTAMINA: Aims to Boost Daily Fuel Production by 2009
PERTAMINA: To Shut Down Refinery for Maintenance
PERUSAHAAN LISTRIK: Denies Price Hike Rumors

PERUSAHAAN LISTRIK: Government Ups Power Tariff to Curb Deficit


J A P A N

HITACHI LIMITED: Forges Chip Alliance with Toshiba, Renesas
ITE ELECTRIC: Enters Voluntary Liquidation
KUBOTA CORPORATION: Exits Sewage Construction Business
LIVEDOOR CO.: Brokerage Executive Dead in Apparent Suicide
LIVEDOOR CO.: Keidanren Regrets Involvement in Fiasco

UBE INDUSTRIES: Moody's Upgrades Rating to B1
* Japan Bankruptcies Down 4.9% in 2005


K O R E A

ASIANA AIRLINES: Cabin Staff, Onboard Service Gain Kudos
DAEWOO ENGINEERING: Earnings Reach Record High


M A L A Y S I A

AFFIN HOLDINGS: Bourse to List, Quote New Shares
AYER MOLEK: May Reach Amicable Settlement with Mirra
CEPATWAWASAN GROUP: Civil Suit Hearing Moved to Feb. 6
LANKHORST BERHAD: Court Extends Restraining Order
LITYAN HOLDINGS: Securities Trading Suspended

MAXIS COMMUNICATIONS: Sets Up New Unit
MAXIS COMMUNICATIONS: Bourse to List, Quote New Shares
MERCES HOLDINGS: Misses Out on Payment Dues
FUTURE NUTRI: DXN Holdings Acquires Shares
PANTAI HOLDINGS: Purchases New Shares on Buy Back

PATIMAS COMPUTERS: Share Purchase Plan Gets Shareholders' Nod
SCOMI GROUP: Adds New Shares for Listing, Quotation
TANCO HOLDINGS: Court Convened Meetings Postponed Until June 30
TRU-TECH HOLDINGS: Fails to Make Monthly Deposit


P H I L I P P I N E S

APEX MINING: To Bid for North Davao Mining Claims
COLLEGE ASSURANCE: Exec's Likely Appointment at SEC Sparks Doubt
LAFAYETTE MINING: Anti-mining Moves Gather Momentum
NATIONAL POWER: Holds Last-minute Talks with Meralco
PHILIPPINE AIRLINES: Urged to Reconsider Riyadh Flights Halt

WELLEX INDUSTRIES: Installs New Officers


S I N G A P O R E

ACCORD CUSTOMER: Former Employees Fined for Cheating
INFORMATICS HOLDINGS: Details Use of Rights Issue Proceeds
INTEGRATED TECHNIQUE: Creditors Convene to Discuss Affairs


T H A I L A N D

NFC FERTILIZER: Amendments to Memorandum, Objectives Approved
PICNIC CORPORATION: Directors Decrease World Gas' Capital
THAI AIRWAYS: Picks New Audit Committee, Independent Directors
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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

3D WORKSTATION: Appoints Official Liquidator
--------------------------------------------
After a general meeting on December 23, 2005, the members of 3D
Workstation Designs Pty Limited resolved to liquidate the
Company's operations.

A meeting of creditors was held later that day. Subsequently, M.
F. Cooper was appointed as liquidator.

M. F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street
Sydney NSW 2000


AD PLUMBING: Members Decide to Wind Up Operations
-------------------------------------------------
Members of AD Plumbing & Engineering Pty Limited convened on
December 20, 2005 to liquidate Company's operations.

The members named Richard James Porter and David Ian Mansfield
to oversee the Company's wind-up.

Richard J. Porter
David I. Mansfield
Joint Liquidators
C/o Moore Stephens
460 Church Street, Parramatta NSW 2150


ADRIATIC LEATHER: Enters Voluntary Liquidation
----------------------------------------------
The members of Adriatic Leather Pty Limited convened on December
22, 2005 to voluntarily wind up the Company.

Nicholas Crouch was appointed as the official liquidator for the
wind-up.

Nicholas Crouch
Liquidator
Crouch Insolvency
Level 28, 31 Market Street
Sydney NSW 2000


ANROSS INVESTMENTS: Creditors Agree to Close Shop
-------------------------------------------------
At Anross Investments Pty Limited's meeting on December 23,
2005, creditors resolved that it is in the Company's best
interests to close its business.

John Frederick Lord was appointed to oversee the wind-up.

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


AUSTRALIAN GAS: Brokers Like Early PNG Move
-------------------------------------------
Brokers believe that Australian Gas Light's move to finalize its
investment deal with Oil Search Limited in the Papua New Guinea
Gas Project six months earlier than planned was "smart," The Age
reports.

On Monday, AGL decided to convert a 20-year gas sales agreement
with the PNG Gas Producers into a binding contract and take up a
10% stake from Oil Search for around US$400 million (AU$530
million) including interests in gas and oil reserves, production
and processing infrastructure.

According to The Age, increasing oil prices had brought up the
cost of the stake.  However, Goldman Sachs JBWere assured that
the entry price into the PNG project was still attractive on a
per boe (barrel of oil) basis and creates certainty of outcome
for AGL's proposed demerger of its infrastructure and energy
businesses.

According to The Age, AGL's equity stake is a long-term growth
option for the company.

If AGL's demerger plan were successful, UBS believed both new
businesses would become targets for the many acquisitive
vehicles in the sector.

Credit Suisse agreed that AGL could be the subject of takeover
speculation, and suggested its share price reflected the
possibility.

Closing the sales deal early with AGL was also a positive sign
that the PNG Gas Project was commercially viable.

CONTACT:

Australian Gas Light Company
Locked Bag 1837
St. Leonards
NSW 2065
General Inquiries: 02 9921 2999
General Fax: 02 9921 2552
Share Registry: 02 9921 2259
Share Registry Fax: 02 9921 2465
Web site: http://www.agl.com.au/


BRISBANE CO-FREEMASONIC: Liquidator Distributes Assets
------------------------------------------------------
At a general meeting among the members of The Brisbane Co-
Freemasonic Trust Limited on December 22, 2005, they resolved to
wind up the Company voluntarily.

The Company also appointed a liquidator to manage the
distribution of assets.

Ann Fordyce
For and on behalf of the joint Liquidators
c/o Pilot Partners
Level 5, 175 Eagle Street
Brisbane Qld 4000


CHESSER HOUSE: Decides to Close Business
----------------------------------------
Members of Chesser House Pty Limited held a meeting on December
15, 2005, and agreed on the Company's need to liquidate. They
named John Greer to supervise the wind-up.

John Greer
Liquidator
Level 7, 276 Pitt Street
Sydney


COMBINED TEXTILE: To Hold Final Meeting on Jan. 30
--------------------------------------------------
The final meeting of the members and creditors of Combined
Textile Group Pty Limited is slated for January 30, 2006, at
10:00 a.m., in order to:

  -- get an account of the manner of the Company's wind-up;

  -- pass a resolution to destroy the Company's books and
     records; and

  -- consider any other business.

Geoffrey Reidy
Liquidator
Rodgers Reidy
Level 5, 163 Clarence Street
Sydney NSW 2000


EVANS & TATE: To Sell Griffith Winery to Boost Capital
------------------------------------------------------
Evans & Tate previously announced its plan to sell its Griffith
Winery and indicated that the proceeds of the sale would be used
for general working capital purposes.

The Company's agent has received a number of inquiries regarding
the sale from interested buyers. Due diligence requests are
currently being considered.

The Company says that the sale process is progressing well.
However, it is unlikely that the sale will be completed in the
first quarter of 2006. As a result, the Company has temporarily
extended its working capital facility with ANZ by an additional
AU$12 million.

Proceeds from the sale of the Griffith Winery will be applied to
the repayment of the temporary working capital facility.


CONTACT:

Evans & Tate
54 Salvado Road,
Wembley WA 6014
PO Box 451
Wembley WA 6913
Telephone: (08) 6462 1799
Facsimile: (08) 6462 1798
E-mail: et@evansandtate.com.au
Web site: http://www.evansandtate.com.au/


FLIGHT CENTRE: Unveils New Customer Relations Structure
-------------------------------------------------------
Flight Centre Limited has announced changes to its customer
relations programs, following a comprehensive review of
RewardPass and other company initiatives.

While the RewardPass program has many positive features,
including free membership, it has not performed to meet the
Company's and the customers' expectations since it was
introduced in December 2004. Flight Centre says that RewardPass
will wind down after having proven to be costly and after not
delivering visible benefits.

Flight Centre will instead focus on other projects and
endeavors, like Flight Centre brand's Price Beat Guarantee.
Price Beat Guarantee was recently expanded and has already
proven to be a more successful customer relations initiative.

Previously restricted to airfares, this guarantee now invites
customers to bring a competitor's quote to a Flight Centre shop
and if the product is available, Flight Centre will beat it.
Customers can now use the expanded guarantee to secure better
deals on cruises, tours, accommodation, holiday packages, car
hire and other travel products available at Flight Centre shops.

Redemption conditions will be amended to allow members to use
their entitlements within the next 12 months.

RewardPass will continue to communicate with members and
partners to ensure the smoothest possible transition. Member
communications will also be posted on the company's Web site and
the company's other leisure travel Web sites in Australia.

CONTACT:

Flight Centre Limited
Level 13, 316 Adelaide Street,
BRISBANE, QUEENSLAND,
AUSTRALIA, 4000
Telephone: (07) 3032 9013
Fax: (07) 3032 9051
Web site: http://www.flightcentre.com


GOLF AUSTRALIA: Prepares to Pay Dividend
----------------------------------------
Golf Australia Underwriting Management Pty Limited will
declare a first and final dividend on January 27, 2006.

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

Robyn Erskine
Liquidator
Brooke Bird & Co. Insolvency Practitioners
471 Riversdale Road, Hawthorn East Vic 3123
Phone: 03 9882 6666


GOUNDI HOLDINGS: Placed Under Voluntary Liquidation
---------------------------------------------------
On December 15, 2005, members and creditors of Goundi Holdings
Pty Limited agreed that a voluntary wind-up of the Company is
necessary and in its best interests.

As a result, Ozem Kassem was appointed as official liquidator.

Ozem Kassem
Liquidator
Bentleys MRI Sydney
Business Recovery & Insolvency Partnership
Level 8, 50 Carrington Street
Sydney NSW
Phone: 02 8221 8477
Email: okassem@sydbri.bentleys.com.au


IMG ARTS: Members Resolve to Liquidate Firm
-------------------------------------------
Members of IMG Arts & Entertainment Pty Limited convened on
December 14, 2005, and resolved to liquidate the Company's
business operations.

Subsequently, the members named John Frederick Taylor to
administer the wind-up activities.

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


KEY FORMWORK: Wind-Up Process Completed
---------------------------------------
Creditors of Key Formwork Systems Pty Limited held a meeting
on December 19, 2005, and agreed to wind up the Company
voluntarily.

Andrew Hugh Jenner Wily was appointed as liquidator to
supervise the wind-up.

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


LA BROOY: Members Pass Winding Up Resolution
--------------------------------------------
On December 15, 2005, members of La Brooy Pty Limited resolved
to commence wind-up operations for the Company.

Schon G. Condon and Bruce Gleeson were appointed as
liquidators to oversee the wind-up activities.

Schon G. Condon RFD
Bruce Gleeson
Joint Liquidators
C/o Jones Condon Chartered Accountants
Level 1, 34 Charles Street
Parramatta NSW
Phone: 02 9893 9499


LAVERNE TRADING: Liquidator To Provide Wind-Up Details
------------------------------------------------------
A final meeting of Laverne Trading Co Pty Limited will be
conducted on January 30, 2006, at 10:00 a.m.

Liquidator Terrence James Smith will present his final account
regarding the Company's wind-up operations at that meeting.

Terrence J. Smith
Liquidator
C/o Allens Australia Pty Limited
1925 Logan Road, Upper Mount Gravatt
Qld 4122


LGV ENTERPRISES: To Distribute Final Dividend
---------------------------------------------
LGV Enterprises Pty Limited will declare its first and final
dividend on January 30, 2006.

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

A. D'aloia
Liquidator
D'Aloia Handberg Chartered Accountants
Level 10, 200 Queen Street
Melbourne Vic 3000


MACCOE LOGISTICS: Members, Creditors Favor Liquidation
------------------------------------------------------
Maccoe Logistics Pty Limited's members and creditors agreed to
shut down the Company's operations. They named Jamieson
Louttit to act as liquidator.

Jamieson Louttit
Liquidator
Jamieson Louttit & Associates
Level 15, 88 Pitt Street
Sydney NSW 2000
Phone: 02 9231 0505
Fax:   02 9231 0303


MARKET PRODUCE: AAT Upholds Appeal by Queensland Director
---------------------------------------------------------
The Administrative Appeals Tribunal (AAT) has upheld an appeal
by Kimball John Andrews and ordered that an Australian
Securities and Investments Commission's (ASIC) decision to ban
him from managing corporations be set aside.

ASIC had banned Mr. Andrews for 18 months following an
investigation that found he was involved Market Produce Movers
Pty Ltd and Freight 1 Australia Ltd.  Market Produce Movers
and Freight 1 reportedly failed to pay creditors after being
placed into liquidation.

The AAT found that the failure of the companies was ultimately
attributable to commercial factors.


MYER LIMITED: Bid Deadline Extended Until Late February
-------------------------------------------------------
Bidders for Myer Limited may submit their final offers by the
end of February, The Sydney Morning Herald says.

Myer's parent company, Coles Myer Limited, has pushed back the
original early February deadline for final bids to allow the
potential buyers to review sales data from the Christmas
quarter -- particularly after Myer issued a profit downgrade -
- before naming their price.

The Christmas quarter data is due for release in the third
week of February.

However, Myers maintains that with interim results due four
weeks after the deadline, the potential buyers still will not
be able to see the effect of any heavy discounting on Myer's
margins.

The five shortlisted bidders for the Myer business are:

   * South African retailer Edgars Consolidated;

   * Harvey Norman;

   * the Carlyle Group and JPMorgan Capital, bidding jointly;

   * Newbridge Capital in a consortium with the Myer family;
and

   * CVC Asia Pacific.

CONTACT:

Myer Limited
295 Lonsdale Street
Melbourne Vic 3000
Telephone: (61 3) 9661 1111
Facsimile: (61 3) 9661 3770
Web site: http://www.myer.com.au

Coles Myer Limited
800 Toorak Road
Tooronga Vic 3146
Telephone: (61 3) 9829 3111
Facsimile: (61 3) 9829 6787
Web site: http://www.colesmyer.com.au


PARKSTAFF PTY: Inability to Pay Debts Prompts Wind-up
-----------------------------------------------------
Parkstaff Pty Limited has determined that, due to its
inability to pay its debts, a voluntary wind-up of its
business operations is appropriate and necessary.

In that regard, Geoffrey McDonald and Richard Albarran were
appointed to oversee the Company's liquidation activities.

Richard Albarran
Geoffrey McDonald
Liquidators
C/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000


PEET KENNEDY: Liquidator To Explain Wind-Up to Members
------------------------------------------------------
A final meeting of the members of Peet Kennedy Gardens Land
Syndicate Limited will be held on January 27, 2006, at 10:00
a.m.

At the meeting, Alan Ledger -- as liquidator -- will report
the activities that took place during the wind-up period, as
well as the manner by which the Company's property was
disposed of.

Alan Ledger
Liquidator
LCG
Level 1, 5 Mill Street
Perth WA 6000


SANTOS LIMITED: Pressure to Ink PNG Deal Grows
----------------------------------------------
Santos Limited is expected to become a part-owner and gas
consumer of the proposed AU$4-billion gas pipeline from Papua
New Guinea (PNG) to Australia, The Advertiser says.

JPMorgan analysts expect Santos to invest in the PNG Project
within the first quarter of 2006 and commit to take about 50
petajoules a year.

ABN Amro energy analyst Aiden Bradley said Santos' cash outlay
would be minimized as it already has a 25% working interest in
PNG's greater gas field.

The oil and gas firm has refused to comment about a possible
deal despite continuing negotiations with the PNG Government
and Oil Search, the majority partner in the consortium backing
the 1200-kilometer pipeline.

Analysts believe that using Santos's Moomba facilities in
South Australia as the national gas-distribution point adds to
the economic viability of the pipeline project, which is
expected to be approved this year and to be completed by 2009.

Pressure on Santos has built up since Australian Gas Light
(AGL) announced that it snapped up a 10% stake in the PNG
project and committed to a 20-year purchase of gas valued at
AU$4.5 billion.

Most analysts welcomed AGL's decision to settle its
participation in the pipeline at least six months ahead of
schedule.

CONTACT:

Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/


SANTOS LIMITED: Keeps Close Watch on Cyclone Darryl
---------------------------------------------------
Gas and oil producer Santos Limited is closely watching the
progress of cyclone Darryl as it considers whether to evacuate
staff or move oil rigs off the coast of Western Australia.

Reuters reported that tropical cyclone Darryl is currently a
category one storm, which the Bureau of Meteorology expects will
gain strength overnight and pack winds of 110 kph (68 mph) as it
passes close to oil production sites in the Indian Ocean.

The new storm comes 10 days after category three cyclone Clare
drove Santos to evacuate staff from facilities and move mobile
rigs out of the path of the approaching storm that later slammed
into towns that are the hub for the region's offshore gas and
oil industries. Santos was able to resume production at its
100,000 barrels per day (bpd) Mutineer-Exeter oil field by
Friday.


SENDOR PTY: Decides to Close, Names Liquidator
----------------------------------------------
Members of Sendor Pty Limited resolved on December 23, 2005 to
wind up the Company's operations.

Glenn A. Crisp was appointed to supervise the closing
activities of the Company.

Glenn A. Crisp
Liquidator
C/o RSM Bird Cameron
Level 8, 525 Collins Street
Melbourne Vic 3000
Phone: 03 9286 1800
Fax:   03 9286 1899


SONS OF GWALIA: Prosecution Brief Clears Way for First Charges
--------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) is
finalizing a prosecution brief relating to Sons of Gwalia's
former chief financial officer, Eardley Ross-Adjie, The West
Australian reports.

The prosecution brief, which centers on accounting matters,
could see the first charges laid from the regulator's
controversial investigation into the failed gold mining
company.

West Australian, however, clarifies that the brief will not
mark the end of the Sons of Gwalia Probe. The ASIC's inquiry
into the AU$1-billion collapse of the miner continues.

ASIC considers the investigation high priority and even
assigned a team of seven audit specialists into the case.

The ASIC investigation into Sons of Gwalia was disclosed in
August 2005, in a 185-page report sent to creditors by Ferrier
Hodgson administrators Garry Trevor, Andrew Love and Darren
Weaver.  The report revealed that the investigations had
uncovered potential violations of the corporations law and the
Australian Stock Exchange disclosure rules.

The administrators published their report after gaining
evidence through the private examination of about 20 people --
including all those issued with writs -- over several months
in the West Australian Supreme Court. Those examinations were
all witnessed by ASIC officers.

CONTACT:

Sons of Gwalia Limited
16 Parliament Place
West Perth, Western Australia 6005
Australia
Phone: +61 8 9263 5555
Fax: +61 8 9481 1271
Web site: http://www.sog.com.au/


TELSTRA CORPORATION: Dumps Branded Content Trend
------------------------------------------------
Telstra Corporation has dropped the "Bread TV" show it
produced for three seasons on Network Ten and turned its back
on the growing branded content trend, just as the show was
attracting its biggest TV and online audiences, The Age
reveals.

According to The Age, the move comes as other companies such
as Foster's, Wild Turkey, Star City Casino and John Fairfax
step up their involvement in branded entertainment. Bread TV's
last screening in December drew a weekly audience approaching
700,000 and 50,000 unique users were logging on to the Web
site each week.

Telstra's Sensis division was behind the show in what
initially was a corporate social responsibility venture by its
corporate affairs unit to help small business owners with case
studies and management information.

Sensis decided to drop the series last month as part of the
broader strategic overhaul at Telstra under its Chief
Executive, Sol Trujillo.

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/


TINPEACE PTY: Members, Creditors to Review Wind-up Report
---------------------------------------------------------
The members and creditors of Tinpeace Pty Limited will convene
on January 30, 2006, at 9:00 a.m., to receive the liquidator's
final account regarding the Company's completed wind-up and
disposal of property.

Stephen Jay
Liquidator
C/o Nicholls & Co. Chartered Accountants
PO Box 852, Wagga Wagga NSW 2650


TRANS-AG PTY: Decides to Close Operations
-----------------------------------------
Members of Trans-Ag Pty Limited held a meeting on December 21,
2005, and agreed that a voluntary liquidation is in the
Company's best interests.

Michael George Welch
Mark Anthony Wilson
Directors
C/o Frank Lo Pilato
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue
Turner ACT 2611
Phone: 02 6247 5988


VILLAGE ROADSHOW: Sees Break-even Profit for 2005/06
----------------------------------------------------
Village Roadshow expects a flat net profit for 2005/06, even
after it acquired a 14.9% stake in Sydney Attractions Group,
The Age says.

A decline in the entertainment firm's earnings from its
exhibition division in December had also contributed to its
break-even full-year net profit outlook.

Village Roadshow booked a 22% fall in annual net profit to
AU$40.69 million in 2004/05 due to the dearth of big hit
movies compared to the previous year.

The break-even net profit outlook includes approximately AU$41
million of one-off, non-recurring items relating to
restructuring its film production division with the Crescent
Group, legal settlement of U.S.-based litigation, and the
Sydney Attractions Group investment.

The investment in Sydney Attractions is expected to bring
about around AU$5-million fair value write-down under new
accounting standards.

Village Roadshow Chairman Robert Kirby said Sydney Attractions
Group has a world class portfolio of leisure assets in Sydney
and is a strong business fit with Village Roadshow's theme
parks business on the Gold Coast.

CONTACT:

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


WATCH THIS: Members Favor Liquidation
-------------------------------------
At a general meeting of Watch This Roof (ACT) Pty Limited held
on December 19, 2005, members resolved to liquidate the
Company's operations.

Darren Penn
Director
C/o Frank Lo Pilato
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue
Turner ACT 2611
Phone: 02 6247 5988


WATTYL LIMITED: Gets Expert to Advise on Allco Bid
--------------------------------------------------
Wattyl Limited has appointed Ernst & Young to advise it
regarding the takeover bid from investment firm Allco Equity
Partners Limited, The Age reports.

Ernst & Young will determine whether Allco's offer is fair and
reasonable.

Wattyl will send to shareholders a target's statement on
January 23, 2006. Ernst & Young's report will be mailed
separately in early February.

Allco launched its AU$275-million hostile bid for Wattyl in
December 2005, but the target has advised shareholders to
reject the bid.

CONTACT:

Wattyl Limited
Level 1
68 Waterloo Road
North Ryde NSW 2113
Phone: +61 2 9813 3333
Fax: +61 2 9813 3311


WESTPOINT GROUP: Seeks to Repay Debt to Avoid Liquidation
---------------------------------------------------------
Failed property developer Westpoint Group is stepping up
efforts to salvage four key projects so it could refinance
AU$1-billion worth of debts owed to creditors, The Australian
reports.

Two of the Company's seven mezzanine finance firms are now in
liquidation. Two are in receivership and three are in
administration following a wind-up action taken by the
Australian Securities and Investments Commission (ASIC) last
month.

Wespoint's projects in Sydney and Melbourne were part-funded
by investors in promissory bonds issued by development finance
companies.

Westpoint has 14 construction projects worth up to AU$1
billion planned or under way in four states.

Moreover, the group seeks to complete these projects so it could
repay all its creditors:

   -- the Bayview and Bayshore apartment projects in Port
      Melbourne;

   -- the Market Street apartment tower in Melbourne's CBD;
and

   -- the Scots Church redevelopment in central Sydney --.

The company has drafted a deed of company arrangement with
administrators PricewaterhouseCoopers. The draft, which will
be finalized before the end of the week, is aimed at totally
repaying investors.

Westpoint is working to refinance its liabilities in a bid to
avert a winding up action, lodged by ASIC, due to be heard
early next month.


WESTPOINT GROUP: Former Boss Fights for AU$23-Mln Assets
--------------------------------------------------------
Westpoint Group's former executive director, Richard Beck, has
moved to secure his AU$23 million private assets as thousands
of the company's investors clamor to recover their
investments, The Age says.

Mr. Beck and his wife, Anna, are working to put their private
fortune out of creditors' reach. The two are lodging caveats
over properties registered in their names on the basis that
these are actually held in trust for a family super-annuation
nest egg.

The move was a result of an investigation conducted by the
Australian Securities and Investments Commission (ASIC). The
corporate regulator is trying to find out what happened to the
AU$300 million invested by 4000 people in Westpoint's high-
risk, high-return property financing schemes.

Westpoint and a network of financial advisers, led by Mr.
Beck's investment firm Kebbel, raised money from investors
during the recent apartment boom to bankroll Westpoint's
apartment projects.

Mr. Beck was an executive director at Westpoint while running
Kebbel, which collected commissions of up to 10% for playing a
central role in raising money for Westpoint's schemes.

The property group, however, was hit by a collapse in the
apartment market and project delays, leaving little cash to
return to investors.

Victims of the Westpoint schemes are eyeing Mr. Beck's
fortune. Litigation funder IMF has signed investors for a
potential class action against Westpoint and the advisers who
put savings into the schemes.


* Australian Courts to Adopt Harmonized Bankruptcy Rules
--------------------------------------------------------
New harmonized Bankruptcy Rules will apply shortly to bankruptcy
matters in both the Federal Court of Australia and the Federal
Magistrates Court of Australia.

The Federal Court (Bankruptcy) Rules 2005 will replace Order 77
of the Federal Court Rules and the Federal Magistrates Court
(Bankruptcy) Rules 2005 will replace Chapter 4 of the Federal
Magistrates Court Rules.

The new harmonized Bankruptcy Rules will commence on February 6,
2006. They are available on the Internet from the ComLaw site at
http://www.comlaw.gov.au.

While the new Rules are based closely on the current Order 77
FCR and Chapter 4 FMCR, there is a new version of the prescribed
form of creditors petition, which includes the affidavit
verifying paragraphs 1, 2 & 3 of the petition.

Documents need to accord with the new harmonized Bankruptcy
Rules in order to be accepted for filing from February 6, 2006.

The Guide to filing a creditors petition in the Federal
Magistrates Court in Queensland has been amended to reflect the
new Rules.

Creditors petition checklists no longer will be sent to
applicants' legal representatives. Instead copies will be
available for collection from the Brisbane registry located at
Level 6, Commonwealth Law Courts.


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

ASIA MILLION: Creditors Meeting Set Next Month
----------------------------------------------
Creditors of Asia Million Development Limited will meet on
February 10, 2006, at 10:30 a.m., at the 5th Floor, Allied
Kajima Building, 138 Gloucester Road, in Wanchai, Hong Kong,
to determine whether or not to approve the voluntary winding
up of the Company. They will also appoint a joint and several
liquidator to supervise the wind-up.

Creditors may vote either in person or by proxy. Proxies must
be lodged not later than 12:00 p.m. on February 9, 2006.


AWT OCEAN: Creditors Meeting Slated for Feb. 10
-----------------------------------------------
AWT Ocean Transport Limited notifies its creditors that a
meeting among them will be held on February 10, 2006, at 10:45
a.m., at the 5th Floor of Allied Kajima Building, at 138
Gloucester Road, in Wanchai, Hong Kong.

At the meeting, creditors will resolve on whether or not the
Company will undergo liquidation.  Creditors will also appoint
a liquidator.

Proxies who will vote on behalf of creditors must be lodged
not later than 12:00 p.m. on February 9, 2006.


AWT REALTY: Calls Creditors Meeting
-----------------------------------
A meeting of the creditors of AWT Realty Limited will be held
at the 5th Floor of Allied Kajima Building, at 138 Gloucester
Road, in Wanchai, Hong Kong, on February 10, 2006, at 11 a.m.,
so as to determine whether or not the Company should wind up
its operations. They will also appoint a joint and several
liquidator for the wind-up.

Proxies who will vote on a creditor's behalf must be lodged by
February 9, 2006, at 12:00 p.m.


BEAR COMPANY: Claims Bar Date is February 10
--------------------------------------------
The creditors of Bear Company (Hong Kong) Limited, whose debts
or claims have not already been admitted, are required to
prove their claims by February 10, 2006. Those who fail to
submit a proof of claim will be excluded from any
distribution.

Stephen Briscoe
Joint and Several Liquidator
Presented by: Alvarez & Marsal Asia Limited


FIRSTRATE DEVELOPMENT: Creditors' Proofs of Claim Due Feb. 3
------------------------------------------------------------
Creditors of Firstrate Development Limited are required to
submit to the liquidators the particulars of their debts or
claims, as well as information regarding their solicitors, if
any, by February 3, 2006.

If the liquidators require, the creditors must come in
personally or by their solicitors and prove their claims at
the time and place specified in the notice.

Creditors who are unable to formally prove their claims will
be excluded from any distribution.

Stephen Liu Yiu Keung
Robert Armor Morris
Joint and Several Liquidators


GOLDSCHMIDT PACIFIC: Creditors to File Proofs of Claim
------------------------------------------------------
The Creditors of Goldschmidt Pacific Limited are required to
send the particulars of their debts or claims, and the name
and address of their solicitors, if any, on or before February
13, 2006, to:

     Thomas Andrew Corkhill; and
     Iain Ferguson Bruce
     Liquidators
     8th Floor, Gloucester Tower
     The Landmark
     11 Pedder Street, Central
     Hong Kong

Creditors who failed to comply with the proof of claim
requirement will be excluded from any distribution.


MACKINSEY FINANCIAL: Proofs of Claims Are Due Feb. 10
-----------------------------------------------------
John Robert Lees, as liquidator for Mackinsey Financial
Management Limited, asks creditors to submit proofs of claims
against the company by February 10, 2006.

Mr. Lees may also require certain creditors, through written
notice, to come in personally or by their solicitors to prove
their claims.

Creditors who do not submit a proof of claim will lose their
chance of a distribution.

John Robert Lees
Liquidator
John Lees & Associates Limited
1904 Hong Kong Club Building
3A Chater Road, Central
Hong Kong


QPL INTERNATIONAL: Postpones Results Release to Jan. 23
-------------------------------------------------------
QPL International Holdings Limited has postponed the
announcement of its interim results for the six months ended
October 31, 2005. QPL will instead release the results on
January 23, 2006, Infocast News relates.

The Group is engaged in the manufacture of integrated circuit
leadframes, assembly of integrated circuits and testing
services, property investment, and manufacture of silicon
wafers.

CONTACT:

QPL International Holdings Limited
Unit F, 17/F CDW Building
388 Castle Peak Road
Tsuen Wan, New Territories
Hong Kong
Phone: 24065111
Web site: http://www.qpl.com


RNA HOLDINGS: Former Officials Charged With Fraud
-------------------------------------------------
The former chairman and former deputy chairman of RNA
Holdings, Raymond Chan and Alexander Chan, have been charged
with defrauding the company of HK$200 million, The Standard
relates.

According to the charges, in January 2001, the Chan Brothers
engaged in a series of bank transactions involving the
accounts of eight shell companies, and the listed company and
personal account of a 53-year old man, and created a fake
HK$100 million loan from themselves to RNA.

Together, they allegedly pocketed HK$55 million in cash and
HK$45 million worth of RNA shares in repayment for the phony
loan.

The Chan Brothers appeared in Eastern Magistrates' Courts on
Wednesday and were freed on bail ranging from HK$10,000 to
HK$100,000. The case will be heard early next month.

The company was issued a winding up order by the High Court of
Hong Kong Special Administrative Region Court of First
Instance on July 13, 2005.

CONTACT:

RNA Holdings Limited
16/F Cheung Fat Building
7-9 Hill Rd
Shek Tong Tsui
Hong Kong
Phone: 28032888
Fax: 29759487
Web site: http://www.rna.com.hk


SC AND PARTNERS: Court to Hear Wind Up Petition March 8
-------------------------------------------------------
Yuen Cheong Fire Engineering Company Limited presented a
petition for the winding up of SC And Partners Limited on
January 12, 2006.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region at on March 8, 2006, at 9:30
a.m.

Creditors or contributories of SC And Partners who wish to
support or oppose the Petition may appear in Court at the time
of the hearing. A written notice of the creditor's or
contributory's intention must be sent not later than 6:00
p.m., on March 7, 2006 to:

     Tong Kan & Co.
     Solicitors for the Petitioner
     Suite 1408, Hang Seng Building
     No. 77 Des Voeux Road Central
     Central, Hong Kong


SHANGHAI LAND: Former Director Goes to Jail For Fraud
-----------------------------------------------------
The former director of delisted Shanghai Land Holdings
Limited, Gong Beiying, was arrested on Wednesday and sentenced
to 24 months of imprisonment for his part in a fraud during a
backdoor listing, The Independent Commission Against
Corruption reports.

Mr. Gong was found guilty on one joint charge of conspiracy to
defraud the minority shareholders of Ying Wing Holdings
Limited, the officers of the Stock Exchange of Hong Kong
(Stock Exchange) and the Securities and Futures Commission
(SFC), and the members of the Independent Board Committee of
Ying Wing. Mr. Gong was further convicted on one count of
false accounting.

Deputy Judge William Lam said the fraud involved the practice
of "backdoor listing", which damaged the corporate financial
system of Hong Kong, in additional to exposing the uninformed
general public into buying shares in a listed company which
possessed no business to conduct, having only a bare name.

CONTACT:

The Independent Commission Against Corruption
ICAC Regional Office (Hong Kong East)
G/F Tung Wah Mansion
201 Hennessy Road
Wanchai, Hong Kong


SINO-FOREST CORPORATION: Moody's Affirms Ba2 Rating
---------------------------------------------------
Moody's Investors Service has affirmed its Ba2 senior
unsecured debt rating and Ba2 corporate family rating for
Sino-Forest Corporation. The outlook for both ratings is
stable. This rating action follows the announcement from Sino-
Forest regarding negotiations on the arrangement of a US$150
million syndicated term loan facility.

The rating affirmation reflects Moody's expectation that
despite the potential increase in leverage, Sino-Forest's
credit metrics will remain appropriate for the current rating
level. The company's sound financial profile is further
supported by the robust state of industry demand and the cash
flow contribution from the Heyuan project.

At this stage, the facility remains in the negotiations
process and completion is subject to satisfaction of certain
conditions. The proceeds would be used for the acquisition of
additional standing timber and logs in China.

Moody's acknowledges a certain level of event and execution
risk regarding any material acquisition from the proposed
syndicated loan. While the company has a track record in
execution and has demonstrated its ability to handle large
projects, any aggressive transaction possibly heightening its
overall business risk profile could be negative for the
rating. Moody's will continue to evaluate the rating impact
when such potential acquisitions are materialized.

Moody's continues to say that the Ba2 ratings continue to
reflect the five core credit strengths of Sino-Forest: 1) its
first-mover advantage and competitive position in China's
forestry plantation industry; 2) the favorable trend evident
in wood products demand and supportive government policies; 3)
the company's proven scalability through acquisitions
spearheaded by an experienced management team with a proven
track record in managing and expanding commercial plantations
in China; 4) its systematic application of advanced planting
management practices and strong R&D capabilities to raise
plantation yields and returns; and 5) the strategic locations
of its plantations together with its sound relationships with
local forestry bureaus and plantation service providers, which
enhance its competitive advantages.

At the same time, the ratings reflect four credit challenges:
1) the cyclical and commodity nature of forestry products,
characteristics which increase cash flow volatility; 2)
exposure to China's evolving regulatory framework for forestry
plantations; and 3) Sino-Forest's position as a fast-growing
company with a relatively short operating history in standing
timber sales.

Upward rating pressure may arise if the company: 1) continues
to build up a track record in delivering on its business plan,
both in terms of financial and operational targets; and 2)
demonstrates the ability to maintain key credit metrics -
RCF/Adj. Debt above 30% and EBITDDA-Capex/Int greater than 5x
- and generate positive free cash flow throughout the industry
cycle. (EBITDDA is defined as EBITDA before non-cash depletion
expenses)

On the other hand, the rating will come under pressure if: 1)
the company fails to achieve its business plan and cash flow
declines; 2) a substantial heightening of overall business
risk emerges, stemming from potential acquisitions; or 3)
changes occur in the regulatory regime which fundamentally
alter operating conditions with a consequent reduction in
profitability. The credit metrics that Moody's would consider
for a downgrade include RCF/Adj. Debt below 20% and EBITDDA-
Capex/Int less than 3x.

Sino-Forest Corporation is a holding company listed in
Toronto, Canada. The company is engaged in forestry plantation
activities in China as well as the sale of timber, woodchips
and other wood products in that country. Sino-Wood Partners,
its principal subsidiary, contributes to over 90% of the
group's total revenue and profit.

Hong Kong
Ken Chan
Asst Vice President - Analyst
Corporate Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121

Hong Kong
Gary Lau
Senior Vice President
Corporate Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121


VONGROUP LIMITED: First Half Loss Swells to HK$13.8 Mln
-------------------------------------------------------
Vongroup Limited incurred a net loss of HK$13.828 million for
the fiscal first half ended October 31, 2005, versus a net
loss of HK$3.004 million a year earlier, Infocast News
reports.

Loss per share (LPS) was $0.0049. No interim dividend was
declared.

The Group is engaged principally in the provision of catering
services and food production industry in HK through the
operation of Chinese restaurants under the brandnames of
Kamboat Chinese Cuisine and Kamboat Chiu Chow Cuisine.

CONTACT:

Vongroup Limited
Room 507, 113 Argyle Street
Mongkok, Hong Kong
Phone: 26613281
Fax: 23453482
Web site: http://www.kamboat.com.hk/


WINNER DECORATION: Creditor Files Winding Up Petition
-----------------------------------------------------
Wong Lin Tak has filed a winding up petition against Winner
Decoration & Contracting Company Limited on December 28, 2005.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region at 9:30 a.m. on February 15,
2006.

Creditors or contributories of Winner Decoration who wish to
support or oppose the Petition may appear in Court at the time
of the hearing. Any person who intends to appear at the
hearing must serve a written notice of his intention not later
than 6:00 p.m. on February 14, 2006, to:

     (Thomas E Kwong)
     For Director of Legal Aid
     27th Floor, Queensway Government Offices
     66 Queensway
     Hong Kong


WORLDFORD LIMITED: Creditors' Proofs of Claim Due Feb. 10
---------------------------------------------------------
The creditors of Worldford Limited are required to prove their
debts or claims on or before February 10 2006.

Creditors who fail to prove their claims, either personally or
by their solicitors, will not be able to receive any
distributions.

Stephen Liu Yiu Keung
Robert Armor Morris
Joint and Several Liquidators


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

ADAYAR FINANCE: RBI Cancels Certificate of Registration
-------------------------------------------------------
The Reserve Bank of India (RBI) has on January 4, 2006 cancelled
the certificate of registration granted to Adayar Finance &
Leasing Limited for carrying on the business of a non-banking
financial institution.

Following the cancellation of registration certificate, Adayar
Finance & Leasing Limited, cannot transact the business of a
non-banking financial institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank
of India Act, 1934, the Reserve Bank can cancel the registration
certificate of non-banking financial company. The business of a
non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

CONTACT:

Adayar Finance & Leasing Limited
208, Bharathi Salai, Royapettah,
Chennai - 600 014

Reserve Bank of India
Central Office, Post Box 406
Mumbai 400001
Phone: 2266 0502
Fax: 2266 0358, 2270 3279
E-mail: helpprd@rbi.org.in
Web site: http://www.rbi.org.in


BHILWARA SPINNERS: Unveils Outcome of AGM
-----------------------------------------
At Bhilwara Spinners Limited's 24th Annual General Meeting on
December 22, 2005, members approved:

  1. the adoption of the Profit & Loss Account of the 18-month
     period ended September 30, 2005 and the Balance Sheet as on
     that date and the report of Directors and Auditors thereon.

  2. the re-appointment of Mr. Ravi Jhunjhunwala as Director of
     the Company, liable to retire by rotation.

  3. the re-appointment of M/s K S Mehta & Co., Chartered
     Accountants, New Delhi, as Auditors of the Company to hold
     office from the conclusion of this meeting until the
     conclusion of the next Annual General Meeting of the
     Company.

  4. the appointment of Mr. A R Garde as Director of the
     Company, liable to retire by rotation.

Bhilwara Spinners, which manufactures cotton, synthetic yarn and
sewing threads, has been racking up losses in the past three
fiscal years. The Company booked a net loss of INR25.4 million
in the second quarter of the current fiscal year.

CONTACT:

Bhilwara Spinners Ltd
26, Industrial Area
Bhilwara 311001
Rajasthan


CABLE CORPORATION: To Issue, Redeem Preference Shares
----------------------------------------------------
During a January 18, 2006 meeting, the Board of Directors of
Cable Corporation of India Ltd approved the:

  1. issue of 75,000 fresh Redeemable Cumulative Preference
     Shares at INR100 each to Rhiakoh Finance & Investments Pvt
     Limited; and

  2. redemption of Preference Shares issued earlier to LIC
     Housing Finance Ltd out of the proceeds from the issue of
     the aforementioned fresh preference shares.

Cable Corporation Of India Limited develops, manufactures and
markets electrical wires, conductors, strips of all types and
other products widely in India. The firm's other activities
include trading, contracting, financing, investing, lease
operations and real estate development.

Electrical cables, wires, conductors and other products
accounted for 86% of 2000 revenues and trading of goods,
contracts and others, 14%

CONTACT:

Cable Corporation OF India Limited
6 Shoorji Vallabhdas Marg Ballard Estate
Mumbai, MAHARASHTRA 400 001
INDIA
Phone: +91 22 2266 6764/67
Fax: +91 22 2263 2694


CEAT LIMITED: Shareholders to Consider Amalgamation Scheme
----------------------------------------------------------
The Bombay High Court of Judicature ordered the equity
shareholders of Ceat Limited to hold a meeting on February 10,
2006.

The shareholders will meet to consider, modify and approve the
proposed amalgamation of CEAT Holding Limited, CEAT Ventures
Limited and Meteoric Industrial Finance Company Limited with the
company.

Ceat's principal activities are the manufacture and distribution
of automotive tyres and tubes. Its products include nylon
fabric, nylon tyre yarn, glass fibre, automotive flaps, filament
mats and other rubber products. The company also provides
investment financial services.

Automotive Tyres accounted for 90% of fiscal 2002 gross
revenues; Automotive Tubes, 8%; Automotive Flaps, 2% and Other,
nominal.

CONTACT:

Ceat Limited
463 Dr Annie Besant Road Worli
Mumbai, MAHARASHTRA 400 030
INDIA
Phone: +91 22 2493 0621/5661 6054
Fax: +91 22 2493 3662/5660 6039


KERALA AYURVEDA: Courts OK Scheme of Amalgamation, Arrangement
--------------------------------------------------------------
The Honorable High Courts of Judicature at Kerala and Karnataka
have approved the Scheme of Amalgamation and Arrangement between
Katra Healthcare Pvt Ltd and Kerala Ayurveda Pharmacy Ltd.

Kerala Ayurveda received the certified copy of the order from
the Kerala High Court on January 06, 2006 and from the Karnataka
High Court by Katra Healthcare on January 13, 2006.

The Board of Directors has noted the orders of the High Courts
and authorized the Company Secretary to file the certified copy
of the order with the Registrar of Companies.

Further, the Company's Board of Directors will meet on January
24, 2006 to:

  1. consider and approve the text of the quarterly results of
     the Company (unaudited) for the period ended December 31,
     2005; and

  2. fix the record date for the purposes of Reduction of
     Capital and issue of shares and warrants in terms of the
     Scheme of Amalgamation and Arrangement among Katra
     Healthcare Pvt Ltd, the Company and, the shareholders of
     the Company.

CONTACT:

Kerala Ayurveda Pharmacy Ltd
Athani P.O
Aluva 683585
Kerala
Phone: 2476301 2476302 2476303 2476304
Fax: 2474376


SSI LIMITED: EGM on Feb 10, 2006
--------------------------------
Members of SSI Limited will hold an Extraordinary General
Meeting on February 10, 2006 to consider:

  1. an increase in Authorized Share Capital of the Company from
     INR50,00,00,000/- divided into 5,00,00,000 Equity Shares of
     INR10/- each, to INR100,00,00,000/- divided into
     10,00,00,000 Equity Shares of INR10/- each & Consequential
     Memorandum & Articles of Association of the Company.

  2. authorizing the board to issue and allot to Resident
     Individuals (RIs) and Domestic Companies (DCs), Domestic
     Financial Institutions (DFIs), Mutual Funds (MFs), Banks,
     Foreign Institutional Investors (FIIs), Non Resident
     Individuals NRIs) and Overseas Corporate Bodies (OCBs) up
     to a maximum of 71,50,000 Equity Shares of INR10/- each at
     a price (including premium) decided by the Board of
     Directors which is not lower than the minimum price
     specified as per SEBI Guidelines which is INR104.85/- per
     share.


SSI Ltd was founded in 1991. Initially the company offered IT
training in emerging software technologies. In 1999, an IT
services division was started to offer software services mainly
in financial services and government services.

In April 2003, the IT training business was merged with Aptech
Ltd. For more information on Aptech.

In July 2004, the IT services business was merged with Scandent
Solutions.

CONTACT:

SSI Ltd
1st Floor Mena-Kempala Arcade
113 Thyagaraya Road, T.Nagar
Chennai 600017, INDIA
Phone: +91-44-2815 3620
Fax: +91-44-2815 5824
Web site: http://www.ssiworldwide.com/


SSI LIMITED: Board Approves BREAD Merger
----------------------------------------
On January 9, 2005, the Board of SSI Limited has decided to
merge M/s. Buckingham Real Estate and Assets Developers (Madras)
Ltd. (BREAD) with the Company under Section 391 to 394 of the
Companies Act, 1956.

The details of the merger are as follows:

  1. The Appointed Date of the Scheme is March 31, 2006.

  2. The share swap ratio for the merger, as determined by an
     independent valuer is 642 Equity Shares of SSI Limited for
     each share of BREAD. The Share Capital of BREAD
     comprises of 50,070 Equity Shares. Based on the exchange
     ratio determined by the independent valuer, a total number
     of 3,21,44,940 fully paid Equity Shares of INR10/- each of
     SSI Limited will be issued to the shareholders of BREAD.

  3. The Merger Scheme is subject to approval of the majority
     of the shareholders, lenders, creditors of the Company, the
     Honorable High Court of Judicature at Madras, and the
     permission or approval of any other statutory or regulatory
     authorities, which by law may be necessary for the
     implementation of the Scheme.


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

GARUDA INDONESIA: To Ask Malaysian Rival to Cut Jakarta Flights
---------------------------------------------------------------
Troubled state carrier PT Garuda Indonesia will ask Malaysian
Airlines (MAS) to reduce flights to Jakarta in order to
stabilize prices, Business Times Malaysia reports.

Garuda wants MAS to discontinue two of the latter's thrice-a-day
flights to Jakarta, to enable it to compete fairly in the Kuala
Lumpur-Jakarta route.

The Indonesian carrier flies daily between Kuala Lumpur and
Jakarta. MAS, on the other hand, flies three times a day to the
Indonesian capital.

Garuda Indonesia's Manager for Malaysia, Ryanto A. Winarso, said
there is unhealthy competition on the Kuala Lumpur-Jakarta
route. He said too many airlines are servicing the same route,
hence the lowering of flight fares. The price cuts, in turn,
contribute to decreased profit margins.

Foreign airlines such as Air France-KLM, Emirates and Qatar
Airways are offering low fares just enough to cover costs for
the Jakarta-Kuala Lumpur route.

The chances of MAS reducing its flights on the Kuala Lumpur-
Jakarta route, however, are slim, as it is a lucrative route for
the Malaysian airline.

Despite heavy competition, Garuda Indonesia will continue flying
to Kuala Lumpur, as it is still a very profitable destination
for the Company.

CONTACT:

PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62 21 231 0082
Fax:   +62 21 231 1679
Web site: http://www.garuda-indonesia.com


GARUDA INDONESIA: Integrates Air, Rail Services with Kereta Api
---------------------------------------------------------------
PT Garuda Indonesia forged a deal to combine air and rail
transportation services with state railway firm PT Kereta Api,
Asia Pulse reports.

Under the agreement, Kereta Api would provide executive coaches
for would provide executive coaches for Garuda Indonesia
passengers in Bandung, West Java, to transport them to Soekarno-
Hatta International Airport.

Passengers from Bandung who fly Garuda can avail of
transportation services to some local and foreign destinations
without paying extra.

The new scheme is expected to convince more passengers to fly
with Garuda Indonesia. It is expected to increase revenue for
Kerata Api, as well.


PERTAMINA: Aims to Boost Daily Fuel Production by 2009
------------------------------------------------------
PT Pertamina is targeting to produce 280,000 barrels of oil on a
daily basis by 2009, Asia Pulse reports. The firm's current
production stands at only 68,000 barrels per day.

The state oil firm believes it could achieve its goal if it were
granted permission to develop the oil-rich Cepu block. The block
is estimated to yield up to 170,000 barrels of fuel per day at
maximum capacity.

In line with this, Pertamina is stepping up efforts to resolve a
deadlocked dispute between the Company and its U.S.-based
partner ExxonMobil Corp., so it can begin developing the oil
block.

Meanwhile the oil firm, through its mainstream operations unit
PT Pertamina EP, recently signed a cooperation agreement with
two foreign partners to explore and develop another oil well
located in Sarawak, Malaysia.

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


PERTAMINA: To Shut Down Refinery for Maintenance
------------------------------------------------
PT Pertamina will temporarily shut down a crude distillation
unit at its refinery in Balik Papan in May 2006 for scheduled
maintenance, Dow Jones reports.

The unit, which produces 60,000 barrels of crude oil per day,
will be closed for 10 to 20 days, according to Pertamina
Processing Director Suroso Atmomartoyo.

Mr. Atmomartoyo did not say, however, whether the Company would
purchase more fuel to cover for the planned shutdown. Pertamina
is trying to reduce its fuel stock level to that of 22 days,
from its current 28-day level. Fuel demand has dropped in recent
months due to the 125% price hike last October 2005 and
decreased consumption.


PERUSAHAAN LISTRIK: Denies Price Hike Rumors
--------------------------------------------
State power firm PT Perusahaan Listrik Negara (PLN) denied that
it increased the prices of gas turbine generators for its gas-
fired power plant in South Sumatra, Asia Pulse reports.

Based to its calculations, the price of its Truck Mounted (TM)
2500 generators amount to 67% of the price for new generators.
PLN had already paid for them in four annual installments.

PLN said it would welcome police investigation into the alleged
price mark-up, since the Company followed standard operating
procedures in buying the generators.

The cost of two new gas turbine generators ranges from IDR227.51
billion to IDR284.4 billion (free on board price). PLN paid
IDR274.91 billion for the generators in four yearly installments
instead of paying in full, due to funding problems.

CONTACT:

PT Perusahaan Listrik Negara (Persero)
Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: 62 21 725 1234
Fax:   62 21 722 1330
Web site: http://www.pln.co.id


PERUSAHAAN LISTRIK: Government Ups Power Tariff to Curb Deficit
---------------------------------------------------------------
The Indonesian government will raise the electricity tariff by
18.4% to 48.3% in the coming months to reduce the deficit of
state power firm PT Perusahaan Listrik Negara (PLN), reports
Asia Pulse.

The tariff hike will add to the burden of energy-intensive
firms, although the government has yet to discuss how much the
increase would be, according to Chief Economics Minister
Boediono.

The Chief Economics Office projected PLN will still maintain an
IDR13-trillion deficit if the tariff is raised by only 18.4%.
However, a 48% tariff increase will wipe out the power firm's
deficit.

Earlier, PLN President Eddie Widiono asked the government to
increase its fuel subsidies or increase power rates in order to
reduce its debts. The Company estimates it will to spend up to
IDR51 trillion to purchase fuel for its power plants this year.


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

HITACHI LIMITED: Forges Chip Alliance with Toshiba, Renesas
-----------------------------------------------------------
Hitachi Limited, Toshiba Corporation and Renesas Technology
Corporation, have agreed to jointly set up Advanced Process
Semiconductor Foundry Planning Co., Ltd., a planning company for
a semiconductor foundry business employing advanced fabrication
processes. The company will be established in January 2006.

Due to the increasing miniaturization of semiconductor
fabrication processes, enormous investment is now required to
construct plants that produce system LSIs, which use cutting-
edge processes. For example, construction of a semiconductor
foundry using next-generation 45-nanometer (nm) process
technology is said to require an investment of at least 300
billion yen.

The three companies have, therefore, decided to establish a
company to study the feasibility of an independent semiconductor
foundry business to which the partners could effectively
outsource fabrication of advanced system LSI products based on
65-nm or finer process technologies. After establishment, the
company will plan and evaluate the feasibility of the foundry
business over a period of approximately six months.

If the assessment results in the decision to launch the
business, willing companies among Hitachi, Toshiba and Renesas
will seek additional investors and take other steps to put in
place an optimal operating framework. Alternatively, the
planning company will be dissolved if the partners decide not to
launch the business.

Outline of Semiconductor Foundry Planning Company (Planned)

Company name: Advanced Process Semiconductor Foundry Planning
Co., Ltd.

Location: 29, Kanda Awajicho 2-chome, Chiyoda-ku, Tokyo

Date of establishment: January 2006

Representative: Hirokazu Hashimoto, President (Former Vice-
President of NEC Electronics Corporation)

Capital: JPY100 million at establishment, including capital
reserve (plans to increase capital by a further JPY100 million
in March 2006)

Shareholders and holdings: Hitachi, Ltd.: 50.1%; Toshiba

Corporation: 33.4%; Renesas Technology Corp.: 16.5%

Business activities: Examine feasibility of establishing an
independent foundry business and formulate related business
plans

Number of employees: 10

Hitachi Limited, headquartered in Tokyo, Japan, is a leading
global electronics company with approximately 347,000 employees
worldwide. Fiscal 2004 (ended March 31, 2005) consolidated sales
totaled JPY9,027.0 billion (US$84.4 billion). The company offers
a wide range of systems, products and services in market sectors
including information systems, electronic devices, power and
industrial systems, consumer products, materials and financial
services.

Toshiba Corporation is a leader in the development and
manufacture of electronic devices and components, information
and communication systems, digital consumer products and power
systems. The company's ability to integrate wide-ranging
capabilities, from hardware to software and services, assure its
position as an innovator in diverse fields and many businesses.
In semiconductors, Toshiba continues to promote its leadership
in the fast growing system LSI market and to build on its world-
class position in NAND flash memories, analog devices and
discrete devices.

Renesas Technology Corp. designs and manufactures highly
integrated semiconductor system solutions for mobile, automotive
and PC/AV markets. Established on April 1, 2003 as a joint
venture between Hitachi, Ltd. and Mitsubishi Electric
Corporation and headquartered in Tokyo, Japan, Renesas
Technology is one of the largest semiconductor companies in the
world and the world's leading microcontroller supplier globally.
Besides microcontrollers, Renesas Technology offers flash
memories, system-in-package and system-on-chip devices, Smart
Card ICs, mixed-signal products, SRAMs and more.

CONTACT:

Hitachi Limited
4-6, Kanda-Surugadai, Chiyoda-ku
Tokyo 101-8010, Japan
Phone: +81-3-3258-1111
Fax: +81-3-3258-2375


ITE ELECTRIC: Enters Voluntary Liquidation
------------------------------------------
ITE Electric Japan Co., which has ceased operations on December
31, 2005, has appointed a liquidator to over see its voluntary
winding-up.

The company's liquidation is not expected to have any material
impact on the net tangible assets and earnings per share of its
parent, ITE Electric Company Limited for the current financial
year.

CONTACT:

Ite Electric Co. Ltd
1 Harrison Road, ITE Electric Building
#01-01, Singapore 369652
Phone: (65) 6285 2233
Fax: (65) 62843452 / 62843256
e-mail : ite@ite.com.sg


KUBOTA CORPORATION: Exits Sewage Construction Business
------------------------------------------------------
Heavy equipment manufacturer Kubota Corporation will withdraw
from its construction business for sewage treatment plants in
March, Japan Today reports.

Profitability in the business field has worsened in recent years
as central and local governments have slash expenditures for
relevant public works projects, plunging plant makers into even
harsher price competition.

CONTACT:

Kubota Corporation
2-47 Shikitsuhigashi 1-Chome
Naniwa-Ku, Osaka
556-8601 Japan
Phone: +81 6 6648-2111
Fax: +81 6 6648-3862
Web site: http://www.kubota.co.jp/comp_eng/e/index.html


LIVEDOOR CO.: Brokerage Executive Dead in Apparent Suicide
----------------------------------------------------------
The vice president of H.S. Securities Co., which was involved in
Livedoor Co. corporate takeover deals, was found dead Wednesday
night in Naha, Okinawa Prefecture, in a suspected suicide, Japan
Today reports.

H.S. Securities was involved in the acquisition of publishing
company Money Life by ValueClick Japan, the predecessor of
Livedoor subsidiary, Livedoor Marketing.

This deal is at the center of the investigation into Livedoor
that prompted a massive sell-down of Japanese shares on the
Tokyo Stock Exchange on Wednesday, raising volume levels so much
that the Tokyo Stock Exchange suspended the day's trading 20
minutes early because its computer systems were being
overloaded.

H.S. Securities was also among the companies the special
investigation squad of prosecutors had raided as of Wednesday in
connection with investigations into alleged fraudulent practices
by Livedoor Co. and its group companies.

CONTACT:

H.S. Securities Co. Ltd.
Sumitomofudousan Shinjyuku Oak Tower 27F
8-1, Nishishinjyuku 6-chome
Shinjyuku-ku, Tokyo 163-6027
Phone: 03-4560-0200


LIVEDOOR CO.: Keidanren Regrets Involvement in Fiasco
-----------------------------------------------------
The chairman of the Japan Business Federation (Nippon Keidanren)
said the group's decision to admit Livedoor Co. was premature
and a mistake, The Japan Times reports.

"Depending on the outcome of the ongoing investigation by
prosecutors, we will have no choice but to take certain
measures," Hiroshi Okuda said, suggesting it might either expel
Livedoor or ask it to leave.

Nippon Keidanren decided in December consult authorities
regarding the Internet company, which is now under investigation
by prosecutors for possible accounting fraud and stock market
manipulation.  Meanwhile, prosecutors have begun analyzing over
100,000 e-mails on the personal computers of Livedoor President
Takafumi Horie and other executives to see if they include
evidence of their alleged illegal takeovers of companies.

CONTACT:

Livedoor Co. Ltd.
Roppongi Hills Mori Tower
38th Floor, 6-10-1 Roppongi
Minato-ku, Tokyo
106-6138 Japan
Phone: +81-3-5788-4753


UBE INDUSTRIES: Moody's Upgrades Rating to B1
---------------------------------------------
Moody's Investors Service has upgraded the senior unsecured
long-term debt rating of Ube Industries, Ltd. (Ube) to Ba1 from
Ba3. The rating outlook is stable.

The rating action recognizes Ube's improving balance sheet
structure, supported by the successful reinforcement of its
business portfolio and current financial policy aimed at
improving its financial fundamentals.

The rating action also reflects Moody's belief that the
stability of the company's earnings and cash flow is improving
due to the series of restructuring action of its business
portfolio including its restoration of its aluminum wheel
business through the total liquidation of its production
facilities in the US.

The action concludes the review initiated on November 29, 2005.

Ube has a diversified business portfolio, covering chemicals,
functional materials, pharmaceutical products, fine chemicals,
construction materials, machinery and aluminum wheels. In
particular, the company has strong market positions, globally or
in Asia, in caprolactam, polyimide, nylon resins, synthetic
rubber, and battery materials.

To further solidify its positions, Ube has been strengthening
these areas from the view of production capacity and
technological advantages. On the other hand, the company has
also divested or formed alliances regarding non-core businesses
and completed a clean-up of those under the restructuring
category, such as PE (polyethylene), by the end of FYE3/2005. As
a result, operating profit margin has grown steadily, climbing
6.2% for the first half of FYE3/2006 from 5.7% for FYE3/2005 and
4.3% for FYE3/2004.

In addition, Ube is expected to achieve its operating profit and
operating profit margin targets in FYE3/2006, or one year in
advance, supported by the successful implementation of its
business portfolio strategy.

Furthermore, the company closed its Ube Automotive North America
Mason Plant in October 2005, which manufactured aluminum wheels
for North America and was a volatile factor for earnings in the
machinery & metal products segment. Given the major strategic
restructuring of its business portfolio, including the aluminum
wheel business, Moody's believes that earnings and cash flow
stability should improve over the medium term.

At the same time, the company has focused on reducing debt and
improving its balance sheet structure, mainly by reducing debt
through keeping capital expenditures within 80% of depreciation
costs. Total debt to total capitalization ratio has also
improved, to 73.8% for the first half of FYE3/2006 from 75.7%
for FYE3/2005 and 79.7% for FYE3/2004. The speed of improvement
in its balance sheet structure also exceeds the outline in its
3-year business plan started in April 2004. The required size of
capital expenditure to enhance its positions in its mainstay
businesses, such as nylon resins, synthetic rubber and
functional materials, is not so large. Accordingly, Moody's
believes that it should continue to improve its financial
fundamentals over the medium term.

Ube Industries, Ltd., headquartered in Yamaguchi, is a leading
manufacturer of caprolactam and derivatives, including nylon
resin. Its business line is diversified into chemicals,
functional chemicals, pharmaceutical products, fine chemicals,
construction materials, machinery, aluminum wheels and others.
Consolidated sales for the fiscal year to March 2005 were JPY
562.7 billion.

CONTACT:

Ube Industries, Ltd.
1978-96, Kogushi
Ube, Yamaguchi 755-8633
Japan
Phone: +81-836-31-1111
Fax: +81-836-21-2252
Web site: http://www.ube-ind.co.jp


* Japan Bankruptcies Down 4.9% in 2005
--------------------------------------
A total of 12,998 companies went bankrupt in 2005, down 4.9
percent from a year earlier thanks to improved government
support and recovery in the economy, Tokyo Shoko Research
reports.

The total debt of firms that went bankrupt decreased for a fifth
straight year in 2005, falling 14.2 percent to JPY6.7 trillion
(US$58 billion).

The Japanese economy is on a recovery track with brisk exports
and corporate earnings helping fuel a rebound in employment,
wages and capital spending. Personal consumption has also been
showing steady growth.


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

ASIANA AIRLINES: Cabin Staff, Onboard Service Gain Kudos
--------------------------------------------------------
U.S. based travel magazine, Global Traveler has declared Asiana
Airlines as the Best Cabin Staff and Onboard Service for the
second time, Digital Chosunilbo said.

The result was collected from a magazine survey, wherein readers
pick the best airlines in each region and service category.

"For many, Singapore Airlines comes to mind when they think of
top cabin service, but these survey results just go to show that
it is actually Asiana that is one step ahead." Asiana Vice
Chairman Park Chan-bup said.

U.K. based Skytrax, a research company for commercial airlines,
also regarded Asiana as the Best Cabin Staff for 2005.

Asiana topped Singapore Airlines and Qantas Airways.

CONTACT:

Asiana Airlines Incorporated
47 Osoe-Dong Kangseo-Gu
157-270
Korea (South)
Telephone: +82 2 669 3114 / +82 2 669 3170


DAEWOO ENGINEERING: Earnings Reach Record High
----------------------------------------------
Daewoo Engineering & Construction Co.'s net profit for 2005
surged in 2005, reveals Asia Pulse.

The company attributed its lofty earnings to an increase in high
value-added orders, as well as the company's cost-cutting
efforts.

For 2005, Daewoo booked a net profit of KRW409.8 billion, a 65.4
percent increase from the previous year.

The Company also recorded a 1.9 percent increase in operating
profit to KRW432.1 billion. Sales increased 6.2 percent to
KRW5.7 trillion.

Total orders in 2005 reached KRW8.1 trillion, up 46.4 percent
from a year earlier.

In addition, the Company's debt ratio dropped 22 percent from a
year earlier to 130 percent as at the end of 2005.

The Company expects a booming year ahead. Currently it has
around KRW18.4-trillion worth of backlog contracts, enough to
keep it going in the next three years.

CONTACT:

Daewoo Engineering and Construction
South Korea
Phone: 82 2 2288 5140
Fax: 82 2 2288 3113
Web site: http://www.dwconst.co.kr


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


AFFIN HOLDINGS: Bourse to List, Quote New Shares
------------------------------------------------
Affin Holdings Berhad's additional 274,000 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 effective 9:00 a.m., Friday, January 20, 2006.

CONTACT:

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


AYER MOLEK: May Reach Amicable Settlement with Mirra
----------------------------------------------------
The Ayer Molek Rubber Company Berhad issued an update to the
winding-up petition filed with the Kuala Lumpur High Court by
Mirra Sdn Berhad.

(1) The Petition refers to Mirra's claim for the sum of
MYR3,224,689.74 as at December 8, 2005. The claim relates to a
Judgment in Default dated November 22, 2005 obtained by the
Petitioner, Mirra Sdn Bhd for work done but as yet not completed
by the Petitioner as consultants to change the condition of use
of the lands belonging to the Company in 1996.

The interest paid under the statement of claim is at eight
percent per annum on the judgment sum of MYR2,097,315.62 from
March 24, 1999 up to full settlement.

(2) Since 1999, the Company had in constant negotiation with the
Petitioner to pay the amount allegedly owed to the Petitioner
but taking into account the fact that the development plans by
the Company which involved the conversion of land was aborted.

Hence, the Petitioner should not claim the contracted sum but
rather abortive fees. The parties had in August 2005 reached a
settlement amount of MYR300,000.00 for work done by the
Petitioner.

Owing to several conditions, which were not fulfilled by the
Petitioner, the settlement arrangement came to a standstill.
Following the breakdown of negotiations, the winding-up petition
was presented against the Company.

(3 & 4) No material financial and operational impact is expected
on the group as amicable settlement is expected to be concluded.

This announcement is dated 17 January 2006

CONTACT:

The Ayer Molek Rubber Company Bhd
3rd Floor, Wisma Goldhill, No. 67,
Jalan Raja Chulan, Kuala Lumpur
Wilayah Persekutuan 50200 Malaysia
Telepone: 03-20317900
Fax: 03-20317834


CEPATWAWASAN GROUP: Civil Suit Hearing Moved to Feb. 6
------------------------------------------------------
Cepatwawasan Group Berhad updates Bursa Malaysia Securities
Berhad on the Kuala Lumpur High Court Civil Suit No. D3-22-1168-
2004: Cepatwawasan Group Berhad and Prolific Yield Sdn. Bhd.
versus Tengku Dato' Kamal Ibni Sultan Sir Abu Bakar and 17
others.

(1) Tengku Dato' Kamal Ibni Sultan Sir Abu Bakar (NRIC: 611008-
06-5021) - 1st Defendant;

(2) Lt Kol Tengku Dato' Kamarul Zaman Ibni Sultan Sir Abu Bakar
(NRIC: 621104-06-5135) - 2nd Defendant;

(3) Kassim bin Mohamed Ali (NRIC: 570718-10-5915) - 3rd
Defendant;

(4) Abdul Rahim bin Sendiri (NRIC: 460708-06-5203) - 4th
Defendant;

(5) Opti Temasek Sdn. Bhd. (Company No. 650698-D) - 5th
Defendant;

(6) Yip Kum Wah (NRIC: 390923-08-5783) - 6th Defendant;

(7) Lee Ah Lan (NRIC: 501002-05-5394) - 7th Defendant;

(8) Sheikh Abdul Rahim bin Sheikh Hassan (NRIC: 681026-06-5133)
- 8th Defendant;

(9) Yip Fook Yian (NRIC: 701106-08-5557) - 9th Defendant;

(10) Yip Chee Meng (NRIC: 690422-08-5771) - 10th Defendant;

(11) Yip Ha and Yip See Khow (NRIC: 2708621) - 11th Defendant;

(11) Chew Poh Kong (also known as Paul Hew) (NRIC: 460810-08-
5075) - 12th Defendant;

(13) Hew Yen Fatt (also known as Patrick Hew) (NRIC: 550131-10-
5555) - 13th Defendant;

(14) Tan Sri Datuk Chai Kin Kong (NRIC: 590825-06-5179) - 14th
Defendant;

(15) Dato Chua Tiong Moon (NRIC: 590831-06-5179) - 15th
Defendant;

(16) Chai Kim Chong (NRIC: 620118-06-5035) - 16th Defendant;

(17) Chai Woon Chet (also known as Eddie Chai) - 17th Defendant;
and

(18) Tan Kok Aun (NRIC: 580522-08-5907) - 18th Defendant,
for recovery of:

- MYR13 million which was wrongfully and fraudulently paid out
by the former directors of Prolific Yield Sdn. Bhd. to Opti
Temasek Sdn. Bhd. as advance; and

- MYR3 million which was wrongfully and fraudulently paid to a
Sheikh Abdul Rahim bin Sheikh Hassan (NRIC: 681026-06-5133) as
advance with no interest and no fixed term of repayment.

The Board of Directors of the Company advised that the hearing
of the 14th to 17th Defendants' application to strike out the
Company's claim against them has been adjourned to February 6,
2006.

CONTACT:

Cepatwawasan Group Bhd
Malaysia
Phone: 60 89 272 773
Fax: 60 89 272 772
e-mail: cptgrp@tm.net.my


LANKHORST BERHAD: Court Extends Restraining Order
-------------------------------------------------
The Kuala Lumpur High Court has ordered for a further extension
of Lankhorst Berhad's Restraining Order (RO).

Subsequently, the Court also ordered to extend the Restraining
Order of the following subsidiaries.

(1) Lankhorst Pancabumi Contractors Sdn. Bhd.

(2) Cardon (M) Sdn. Bhd.

(3) Lankhorst Hartanah Sdn. Bhd.

(4) Lankhorst M&E Sdn. Bhd.

(5) Port Dickson Sepang Quarry Sdn. Bhd.

(6) Lankhorst Track Construction Sdn. Bhd.

(7) Rampai Budi Jaya Sdn. Bhd.

(8) Tradepro Sdn. Bhd.

The further extension to the RO is valid for a period of One
Hundred Twenty (120) days from January 13, 2006. The expiry date
of the RO would be on May 13, 2006.

CONTACT:

Lankhorst Berhad
5th Floor, Bangunan Umno Selangor
Persiaran Perbandaran , Section14
40000 Shah Alam
Selangor, Malaysia
Phone: 03-50313030
Fax: 03-50313036


LITYAN HOLDINGS: Securities Trading Suspended
---------------------------------------------
Bursa Malaysia Securities Berhad suspended trading in the
securities of Lityan Holdings Berhad effective Wednesday,
January 18, 2006.

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


MAXIS COMMUNICATIONS: Sets Up New Unit
--------------------------------------
Maxis Communications Berhad (Maxis) has completed the
acquisition of a subsidiary, Maxis Sdn Berhad (MSB).

MSB is a private limited company incorporated in Malaysia on 28
December 2005 and has an authorized share capital of
MYR100,000.00 comprising 100,000 ordinary shares of MYR1.00
each, of which two (2) Ordinary Shares of MYR1.00 each have been
issued and are fully paid-up as at to-date.

Prior to the Acquisition, the Company held one (1) ordinary
share of MYR1.00 each representing 50% of the issued and paid-up
share capital of MSB.

Pursuant to the Acquisition, the Company has on January 18, 2006
acquired the remaining one (1) ordinary share of MYR1.00 each in
the share capital of MSB representing 50 percent of its issued
and paid-up share capital for a cash consideration of MYR1.00.
Consequently, MSB is now a wholly owned subsidiary of the
Company.

Financial effects of the Acquisition

The Acquisition is not expected to have any material effect on
the earnings and net tangible assets of Maxis group for the year
ending December 31, 2006.

Directors' and/or Substantial Shareholders' and/or Persons
Connected with a Director or Substantial Shareholders' Interest.

None of the Directors or substantial shareholders of the Company
and/or persons connected to them has any interest, directly and
indirectly, in the Acquisition.

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


MAXIS COMMUNICATIONS: Bourse to List, Quote New Shares
------------------------------------------------------
Maxis Communications Berhad's additional 106,000 new ordinary
shares of MYR0.10 each issued pursuant to the Employees' Share
Option Scheme will be granted listing and quotation by Bursa
Malaysia Securities Berhad effective 9:00 a.m., Thursday,
January 19, 2006.


MERCES HOLDINGS: Misses Out on Payment Dues
-------------------------------------------
Merces Holdings Berhad's status of default payments of interests
and principal sum due to Southern Bank Berhad still remains
unchanged since the announcement made to Bursa Malaysia
Securities Berhad on December 9, 2005.

CONTACT:

Merces Holdings Bhd
Malaysia
Phone: 60 3 2072 8100
Fax: 60 3 2072 8101


FUTURE NUTRI: DXN Holdings Acquires Shares
------------------------------------------
DXN Holdings Berhad has acquired on January 18, 2006 two
ordinary shares of MYR1.00 each, representing the entire issued
and paid up share capital of Future Nuturi Sdn. Bhd. (FNSB) for
a total cash consideration of MYR2.00.

FNSB was incorporated on September 20, 2005. It has authorized
share capital of MYR100,000.00 divided into 100,000 ordinary
shares of MYR1.00 each, of which two (2) ordinary shares of
MYR1.00 each are fully paid up.

FNSB is currently dormant and the acquisition is for expansion
purpose.

The Acquisition is not expected to have any material effect on
the earning and net assets of the Company for the current
financial year.

None of the Directors nor Substantial shareholders of the
Company nor any person connected to them has an interest, direct
or indirect in the Acquisition.


PANTAI HOLDINGS: Purchases New Shares on Buy Back
-------------------------------------------------
Pantai Holdings Berhad held a shares buy back from January 11,
2006 until January 13, 2006.

The following are the results of the said buy back:

Total number of shares purchased (units): 2,060,000

Minimum price paid for each share purchased (MYR): 1.890

Maximum price paid for each share purchased (MYR): 1.930

Total amount paid for shares purchased (MYR): 3,915,903.99

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

Number of shares purchased retained in treasury (units):
2,060,000

Total number of shares retained in treasury (units): 40,692,300

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: January 18, 2006

Lodged by: Pantai Management Resources Sdn Bhd

CONTACT:

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


PATIMAS COMPUTERS: Share Purchase Plan Gets Shareholders' Nod
-------------------------------------------------------------
The shareholders of Patimas Computers Berhad had approved the
resolution on the proposed purchase by the Company of its own
shares during its Extraordinary General Meeting on January 17,
2006.

CONTACT:

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


SCOMI GROUP: Adds New Shares for Listing, Quotation
-----------------------------------------------------
Bursa Malaysia Securities Berhad will list and quote Scomi Group
Berhad's additional 1,915,100 new ordinary shares of MYR0.10
each issued pursuant to the Employees' Share Option Scheme
effective 9:00 a.m., Friday, January 20, 2006.


TANCO HOLDINGS: Court Convened Meetings Postponed Until June 30
---------------------------------------------------------------
The Kuala Lumpur High Court had extended Tanco Holdings Berhad's
Court convened meetings until June 30, 2006.

In addition, the Court also granted the same to the Company's
affected subsidiaries, comprising of:

- JKMB Development Sdn. Bhd.

- Palm Springs Development Sdn. Bhd.

- Palm Springs Resort Management Berhad-

- Popular Elegance (M) Sdn. Bhd.

- Tanco Development Sdn Bhd

- Tanco Land Sdn Bhd

- Tanco Properties Sdn Bhd

- Tanco Resorts Berhad

- Tanco Club Berhad

CONTACT:

Tanco Holdings Berhad
Jalan Desa Bandar Country Homes
48000 Rawang, Selangor Darul Ehsan 48000
Malaysia
Telephone: +60 3 6092 8333 / +60 3 6091 3188


TRU-TECH HOLDINGS: Fails to Make Monthly Deposit
------------------------------------------------
Tru-Tech Holdings Berhad (Tru-Tech) will not be able to make the
monthly deposit of MYR1,500,000 due on January 17, 2006 into the
sinking fund account maintained for the purposes of redemption
of the Redeemable Unsecured Loan Stock (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 December 31, 2005 is set
out in Table 1 of the Appendix to this announcement.

To view a full copy of Table 1, click
http://bankrupt.com/misc/TruTechTable

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


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

APEX MINING: To Bid for North Davao Mining Claims
-------------------------------------------------
Apex Mining Corporation plans to bid for the mining claims of
North Davao Mining Corporation, The Philippine Star has learned.

Apex, controlled by Canada's Crew Gold Corp., is reportedly
interested in North Davao Mining's privatization rather than
wait for the outcome of the case it filed against the latter.

In 1998, Apex alleged that its mining claims in Compostela
Valley overlap with that of North Davao Mining. The case is
still pending with the Mines and Geosciences Bureau's regional
arbitration panel.

Several local and foreign mining groups have reportedly
signified their interest in North Davao Mining. But market
observers doubt the mining firm's salability given the legal
issues concerning its Compostela mining claims.

Meanwhile, Crew Gold is preparing Apex's facilities for
production early this year. The Canadian firm had mobilized
three drill rigs to initially conduct 9,000 meters of resource-
definition drilling in more than 10 sites and will be
substantially adding more drill rigs this month.

Apex operates gold mines in Masara and Teresa in Compostela
Valley in southeastern Mindanao.

CONTACT:

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


COLLEGE ASSURANCE: Exec's Likely Appointment at SEC Sparks Doubt
----------------------------------------------------------------
The assistant corporate secretary of College Assurance Plans
(Philippines) Inc. (CAP) has been tapped to become new
commissioner of the Securities and Exchange Commission,
according to BusinessWorld.

Romela Bengzon is likely to replace Joselia Poblador, who
stepped down recently.

The possible appointment has raised concerns since Ms. Bengzon
is one of the respondents in a case filed by the regulator
against CAP. The SEC and CAP had been in continuing discussions
since 2002 on how to solve the long-standing issue on the pre-
need firm's trust fund deficiency assessed by the regulator.

CAP did not comment on Ms. Bengzon's possible appointment.

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


LAFAYETTE MINING: Anti-mining Moves Gather Momentum
---------------------------------------------------
Tension at Lafayette Mining Limited's Philippine subsidiary is
heating up as the Catholic Church joins the call for the closure
of the mining facility in Rapu-rapu, Albay, Asia Pulse reports.

The clergy is aware of the woes brought about by the miner to
the lives of families that derive their income mainly from
fishing grounds that have been contaminated with toxic chemicals
spilled by Lafayette, Sorsogon Bishop Arturo Bastes said.

The fishing industry in the area surrounding Rapu-rapu suffered
a severe blow from the series of mine tailings spillage at the
mining site October last year. Reports from the Bureau of
Fisheries and Aquatic Resources (BFAR) also revealed high
mercury contaminations in the seawaters, making the fishes in
the area unfit for human consumption.

On confirmation of the cyanide spillage, the Department of
Environment and Natural Resources (DENR) imposed a Php10.7
million fine (US$202,728) on Lafayette for violations of the
Clean Water Act of 2004, the Toxic Substances and Hazardous and
Nuclear Waste Control Act of 1990 and the Philippine Mining Act
of 1995.

The DENR also ordered the suspension of Lafayette's gold
processing operations until it is able to institute corrective
measures on its mining waste disposal.

Civic group Alliance of Sorsogon Fishermen threatened to hold a
series of mass actions to press for the closure of Lafayette in
their area.

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


NATIONAL POWER: Holds Last-minute Talks with Meralco
----------------------------------------------------
The National Power Corporation (Napocor) and the Manila Electric
Company (Meralco) held last-minute talks yesterday to resolve
issues in a power supply deal before today's contract signing,
BusinessWorld reports.

Meralco has to meet with Napocor several times before it can
commit to the transition supply contract. State-owned Napocor
has long been wooing the distribution utility to ink the
contract in order for its privatization program to take off.

A transition supply agreement is mandated under the Electric
Power Industry Reform Act (EPIRA) while the government sells
Napocor's generating assets. This will ensure the incoming
private investor will have ready market upon takeover of the
assets.

The two firm's bilateral power supply contract ended on Dec. 31,
2004. But on Jan. 4, 2005, the Energy Regulatory Commission
(ERC) mandated the two firms to continue talks pending the
consummation of a transition supply contract to avoid power
outages in Meralco's franchise area.

The deal, which will take effect five days after the signing,
would be terminated upon the commercial operations of the
wholesale electricity spot market (WESM). Thirty days before the
deal is terminated however, Napocor and Meralco should already
be able to resolve provisions under a longer deal via a
bilateral contract.

Bilateral contracts, based on EPIRA, will provide consumers with
steady supply of power upon market deregulation.

CONTACT:

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


PHILIPPINE AIRLINES: Urged to Reconsider Riyadh Flights Halt
------------------------------------------------------------
A Philippine senator has requested Philippine Airlines (PAL) to
reconsider its decision to discontinue flights to Riyadh, Saudi
Arabia starting March 2, relates The Philippine Daily Inquirer.

Senate Minority Floor Leader Aquilino Pimentel Jr. believes
PAL's decision to stop servicing the Manila-Riyadh route was a
"big letdown" to millions of overseas Filipino workers (OFWs) in
the region.

Last week, the national flag carrier announced that the three-
times-a-week flights to Riyadh had not been profitable for the
past several years due to cutthroat competition from at least
six airlines from the different Arab Gulf states.

Six Middle Eastern national carriers already operate a total of
43 flights weekly between Manila, Cebu, and nine points in the
region. In addition, five East Asian carriers serve the Gulf
market from the Philippines with 33 flights weekly via their
hubs.

CONTACT:

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


WELLEX INDUSTRIES: Installs New Officers
----------------------------------------
At the annual meeting of the stockholders of Wellex Industries,
Inc. held on January 19, 2006, stockholders took up and acted
upon the following:

  1. The stockholders elected the members of the Board of
     Directors to serve for the term 2005-2006. Those elected
     regular members of the Board were:
       a. Mr. Rogelio D. Garcia
       b. Ms. Elvira A. Ting
       c. Mr. William T. Gatchalian
       d. Mr. Kenneth T. Gatchalian
       e. Mr. Weslie T. Gatchalian
       f. Atty. Lamberto Mercado, Jr.
       g. Mr. Abelardo G. Palad - Independent Director
       h. Mr. Byoung H. Suh
       i. Dr. Rafael Sison - Independent Director
       j. Mr. Roberto Borja - Independent Director
       k. Atty. Arthur R. Ponsaran

  2. The stockholders designated Diaz Murillo Dalupan & Company
     as the Corporation's external auditors.

     At the meeting of the Board held immediately after the
     Stockholders' meeting, the newly elected Directors elected
     the following Corporate Officers:
       a) Chairman - Mr. Rogelio Garcia
       b) President - Ms. Elvira A. Ting
       d) Treasurer - Mr. Weslie T. Gatchalian
       e) Corp. Secretary and
         Corporate Information
         Officer - Atty. Ma. Julieta C. Santos
       f) Compliance Officer - Atty. Lamberto Mercado, Jr.

    Audit Committee Members:
      1. Dr. Rafael Sison
      2. Mr. Roberto Borja
      3. Mr. Kenneth T. Gatchalian

    Nominations Committee Members:
      1. Mr. Rogelio D. Garcia
      2. Atty. Arthur R. Ponsaran
      3. Dr. Rafael Sison

    Compensation Committee Members:
      1. Ms. Elvira A. Ting
      2. Atty. Lamberto Mercado, Jr.
      3. Mr. Abelardo G. Palad

CONTACT:

Wellex Industries Inc.
22/F, Citibank Tower
8741 Paseo de Roxas, Makati City 1200
Phone No/s:  848-0851 local 114
Fax No/s:  848-0532
e-mail Address:  info@ccplaw.com.ph


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

ACCORD CUSTOMER: Former Employees Fined for Cheating
----------------------------------------------------
Two former managers of mobile phone services firm Accord
Customer Care Solutions Limited were fined up to SGD10,000 for
cheating mobile phone giant Nokia, Channel NewsAsia reports.

Leo Rong Wen and Teo Yew Chee pled guilty to falsifying phone
repair claims. They were charged with conspiracy to cheat
Finnish mobile phone firm Nokia by billing them improperly of
SGD4.3 million in phone repair bills.

Twelve former ACCS executives were allegedly involved in the
chaeting scam. Of the twelve, Mr. Leo and Mr. Teo are the first
to be charged.

An ongoing case agaist former ACCS Chief Financial Officer Yip
Hwai Chong was adjourned to February 13, 2006. Mr. Yip is
charged with 98 counts of aggravated ceating and fraud against
Nokia, and is currently negotiating with the Attorney General to
reduce his charges.

Five ex-managers of ACCS were in court on January 18, 2006 to
face the charges against them, while ex-CEO Victor Tan will
stand trial for his role in the cheating scandal in May 2006.

CONTACT:

Accord Customer Care Solutions Limited
20 Toh Guan Road #07-00
Accord District Center
Singapore 608839
Phone: 65 6410 2600
Fax:   65 6410 2610
Web site: http://www.accordccs.com


INFORMATICS HOLDINGS: Details Use of Rights Issue Proceeds
----------------------------------------------------------
Informatics Holdings made use of approximately SGD4.87 million
from the proceeds of a renounceable non-underwritten rights
issue as follows:

To repay unsecured interest free personal loan from Tan Sri -
SGD2.761 million

To repay balance of principal and interest of Berjaya Loan -
SGD1.98 million

To pay part of the professional fees incurred for the Rights
Issue - SGD133,000

To view the Company's statement on the rights issue, go to:

http://bankrupt.com/misc/tcrap_informatics011906.pdf

CONTACT:

Informatics Holdings Limited
Informatics Campus
12 Science Centre Road
Singapore 609080
Phone: 65 6562 5625
Fax:   65 6565 1371
Web site: http://www.informaticsgroup.com


INTEGRATED TECHNIQUE: Creditors Convene to Discuss Affairs
----------------------------------------------------------
Creditors of Integrated Technique Pte Limited will hold a
meeting on January 27, 2006, at 10:00 a.m., to get an account of
the Company's assets and liabilities, and to appoint an
Inspection Committee if deemed necessary.

Don M. Ho FCPA
Liquidator
C/o Don Ho & Associates Certified Public Accountants
Corporate Advisory & Recoveries
20 Cecil Street
#12-02 & 03 Equity Plaza
Singapore 049705
Phone: 6532 0320 (8 lines)
Fax:   6532 0331

Note:

Creditors must lodge a proof of debt at the Liquidator's office
within 48 hours before the meeting begins, to be entitlted to
vote at the meeting.


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

NFC FERTILIZER: Amendments to Memorandum, Objectives Approved
-------------------------------------------------------------
On January 18, 2006, the Extraordinary Shareholders Meeting of
NFC Fertilizer Public Co. Ltd. approved these:

(1) The addition of the new clauses 26-28 of Particulars of
    Objectives and the amendment of clause 3 of the Memorandum
    of Association as follows:

    Clause 26:
    To engage locally and internationally in the business of
    providing services, agent, consultancy and advisory
    services and procuring agents for the business of
    transportation of goods, passengers and others, logistics
    and distribution of goods, door to door cargo shipping
    services, and using a network of intermodal carriers for
    shipment and distribution of cargoes in all manner of
    communications, such as by boat, road, ocean and air.

    Clause 27:
    To engage in the business of providing services, lease or
    sub-lease and for warehousing and cross-dock facilities
    and access to the same.

    Clause 28:
    To engage in the business of selling, providing services
    and lease of all kinds of containers and other specialized
    equipment for cargo holding.


    The amendment of Clause 3 of the Memorandum of Association
    in order to be consistent with the addition of the
    Company's Particulars of Objectives as follows:

    Clause 3:
    The Company's objectives contain 28 clauses.

    This agenda item must obtain approval by not less than
    three quarters of the total number of votes of
    shareholders attending the meeting and having the right to
    vote.

    Resolved:

    The shareholders with a vote of 1,790,925,180 or 73.10
    percent of the total number of votes of shareholders
    attending the meeting and having the right to vote, which
    is less than three quarters of the total number of votes
    of shareholders attending the meeting and having the right
    to vote, resolved to approve the addition of the new
    clauses 26-28 of Particulars of Objectives and the
    amendment of clause 3 of the Memorandum of Association.

    There were 658,951,510 votes or 26.90 percent of the total
    number of votes of shareholders attending the meeting and
    having the right to vote that objected to this agenda and
    121,130 votes or 0 percent of the total number of votes of
    shareholders attending the meeting and having the right to
    vote that abstained from exercising voting rights on this
    agenda item.

    Therefore, the Company is unable to add the particulars of
    objectives and amend Clause 3 of the Memorandum of
    Association.

(2) An extension of recovery period for maintaining the
    Company as a listed company to the Stock Exchange of
    Thailand (SET).

    This agenda item must obtain approval by majority votes of
    the total number of votes of shareholders attending the
    meeting and having the right to vote.

    Resolved:

    The shareholders with a majority vote of 1,359,442,860 or
    55.49 percent of the total number of votes of shareholders
    attending the meeting and having the right to vote,
    resolved to approve the decline of the waiver for applying
    for an extension of recovery period for maintaining the
    Company as a listed company to the Stock Exchange of
    Thailand (SET).
    There were 1,090,463,980 votes or 44.51 percent of the
    total number of votes of shareholders attending the
    meeting and having the right to vote that objected to this
    agenda and 500 votes or 0% of the total number of votes of
    shareholders attending the meeting and having the right to
    vote that abstained from exercising voting rights on the
    item.

Therefore, the Company shall not apply for an extension of
recovery period for maintaining the Company as a listed
company to the Stock Exchange of Thailand (SET).

CONTACT:

NFC Fertilizer Pcl
Laopengnguan Bldg 1, Floor 17-19,
333 Vibhavadi Rangsit Road, Chatu Chak, Bangkok
Telephone: 0-2618-8100
Fax: 0-2618-8200
Web site: http://www.nfc.co.th


PICNIC CORPORATION: Directors Decrease World Gas' Capital
---------------------------------------------------------
The Board of Directors of Picnic Corporation Public Co. Ltd.
resolved to decrease paid-up share capital of World Gas
(Thailand) Co. Ltd., in which Picnic Corporation holds a
99.99% stake.

The paid up share capital prior to the paid-up share capital
at acquisition date has these details:

   Ordinary paid-up share capital: THB710 million

   Converse debt to Equity: THB600 million

   Existing paid-up share capital: THB1,310 million

   Resolved to decrease paid-up share capital amounting:
   THB510 million

   Par value: THB100, in order to write-off retained losses in
   accordance to agreement with a bank, which it will decrease
   Picnic's financial burden because WGT will be able to raise
   debt by itself.

   The Company still holds 99.99 percent stake in World Gas
   (Thailand) Co. Ltd.

   The decreasing paid-up share capital details are:

   Existing paid-up share Capital: THB1,310 million

   Decrease paid-up share Capital: THB(510) million

   Paid-Up share Capital: THB800 million after Decreasing

   The number of common shares decreased 5,100,000 shares from
   13,100,000 shares to 8,000,000 shares.

CONTACT:

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


THAI AIRWAYS: Picks New Audit Committee, Independent Directors
--------------------------------------------------------------
The Board of Directors of Thai Airways International Public
Company Limited made these appointments during its meeting on
January 18, 2006:

(1) Audit Committee Members:

    -- Pichai Chunhavajira
    -- Pachara Yutidhammadamrong
    -- Vudhibhandhu Vichairatana
    -- Police General Nopadol Somboonsub

    Advisor:

    -- Kesaree Narongdej

(2) Independent Directors

    Members

    -- ACM. Chalit Pukbhasuk
    -- Tirachai Vutithum
    -- Police General Nopadol Somboonsub
    -- Vudhibhandhu Vichairatana
    -- Pachara Yutidhammadamrong

CONTACT:

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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                         Total
                                         Shareholders   Total
                                         Equity         Assets
Company                      Ticker    ($MM)          ($MM)
------                       ------    ------------   ------


CHINA & HONG KONG
-----------------
Guangdong Meiya Group Co. Ltd. 000529      27.43      178.19
Guangdong Sunrise Group
Group Co. Ltd-A                000030    (-182.94)      35.98
Guangdong Sunrise
Group Co. Ltd-B                200030    (-182.94)      35.98
Hainan Dadong-A                000613     (-6.63)      17.81
Hainan Dadong-B                200613     (-6.63)      17.81
Heilongjiang Black Dragon      600187     (-29.45)    153.92
Co. Ltd.
Shenz China Bi-A               000017     (-206.9)      50.08
Shenz China Bi-B               200017     (-206.9)      50.08
Xinjiang Tunhe Investment      600737       47.57      476.47
Co. Ltd.

INDONESIA
---------
Barito Pacific Timber Tbk Pt    BRPT     (-62.86)     360.72

MALAYSIA
--------

Kemayan Corp Bhd                KOP      (-353.12)      84.89
Lityan Holdings Bhd              IT       (-8.43)       28.86
Panglobal Bhd                   PGL       (-50.36)     189.92
PSC Industries Bhd              PSC         51.63      639.35

PHILIPPINES
-----------

Pilipino Telephone Co.          PLTL     (-159.78)     280.22

SINGAPORE
---------
China Aviation Oil (Singapore)   AO       132.64  351.87
Corporation
Informatics Holdings Ltd         INFO     (-6.73)       27.59
Lindeteves-Jacoberg Limited       LG       39.61      332.07
Pacific Century Regional          PAC     (-145.53)   1289.71

THAILAND
--------
Asia Hotel PCL                  ASIA       (-30.12)     101.17
Asia Hotel PCL                  ASIA/F     (-30.12)     101.17
Bangkok Rubber PCL              BRC        (-57.11)      78.78
Bangkok Rubber PCL              BRC/F      (-57.11)      78.78
Central Paper Industry PCL      CPICO      (-37.02)      40.41
Central Paper Industry PCL      CPICO/F    (-37.02)      40.41
Circuit Elect PCL               CIRKIT     (-25.89)      61.3
Circuit Elect PCL               CIRKIT/F   (-25.89)      61.3
Datamat PCL                     DTM        (-1.72)       17.55
Datamat PCL                     DTM/F      (-1.72)       17.55
National Fertilizer PCL         NFC          70.66       142.61
National Fertilizer PCL         NFC/F        70.66       142.61
Siam Agro-Industry Pineapple
And Others PCL                  SAICO      (-14.71)      13.38
Siam Agro-Industry Pineapple
And Others PCL                  SAIC0/F    (-14.71)      13.38
Thai Wah Public
Company Limited-F               TWC        (-47.01)     158.87
Thai Wah Public
Company Limited-F               TWC/F      (-47.01)     158.87







                            *********


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, Erica Fernando and Freya Natasha Fernandez, Editors.

Copyright 2006.  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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                 *** End of Transmission ***