TCRAP_Public/060130.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

             Monday, January 30, 2006, Vol. 9, No. 021

                            Headlines

A U S T R A L I A

ALLON PARTNERSHIP: Members Agree to Liquidate Firm
BIG RIVER: Names Donald Wilson to Manage Wind-Up
BROWN'S ANTIQUES: Enters Voluntary Liquidation
CO-GENERATION AUSTRALIA: Set to Declare Dividend
DELACOUR A'ASIA: Shuts Down Business Ops

D F FRASER: Placed Under Voluntary Liquidation
DUNCAN'S OF CLARE: Liquidator to Give Wind-Up Report
EARTH TWO: Inability to Pay Debts Leads to Wind-Up
HEALY AIRCONDITIONING: To Pay Dividend to Creditors
JH & LC MITCHELL: Members Favor Liquidation

MAUDSON HOLDINGS: Opts to Close Business
MUNJA PTY: Members Pass Winding Up Resolution
NATIONAL AUSTRALIA: Appoints New Company Secretary
NATIONAL AUSTRALIA: Switches to Lower Case Logo
NATIONAL AUSTRALIA: Strike Cripples ATM Network

NORJEG PTY: To Hold Final Meeting on Feb. 10
QANTAS AIRWAYS: Ditches Australian Airlines Brand
SCALLYWAGS RACING: To Distribute First Dividend
SCHEIDEGGER PTY: Appoints Official Liquidator
S.C.M.S. NOMINEES: Wind-Up Process Completed

SONS OF GWALIA: Prepares for AU$1-Bln Float
SPECIALITY APPLICATIONS: Decides to Halt Operations
SUPERIOR RETAIL: Liquidator to Present Wind-Up Report
TRACE BIOSCIENCES: Prepares to Close Shop
WATTYL LIMITED: Allco's Bid Extended 15 Days

WERNER HOLDINGS: Liquidator to Distribute Assets
WESTPOINT GROUP: 200 Lose Jobs in Another Crash


C H I N A  &  H O N G  K O N G

AVANTICORP HONG KONG: Creditors' Proofs of Claim Due Feb. 28
CHINA INSURANCE: Shares Dip 10% on Loss Warning
CHINA INSURANCE: Fitch Places Rating on Watch Negative
CHINA LINK: Court Issues Wind-Up Order
DIGITFORCE COMPUTER: Court to Hear Wind-Up Petition on Feb. 15

EVERBEST INVESTMENTS: SFC Reprimands Firm For Breaches
GALAXY CASINO: Moody's Affirms B1 Ratings
HONG KONG PROPERTY: Annual General Meeting Set on Feb. 17
JILIN CHEMICAL: Appoints New Director
SKYBASE INTERNATIONAL: Court to Hear Wind-Up Petition on Feb. 22

TELLINK LIMITED: Names Provisional Liquidators


I N D I A

DINILS ADHESIVES: SEBI Suspends Shares Trading
EMTEX INDUSTRIES: To Undergo Corporate Rehabilitation
IVORY SECURITIES: Banned for Six Months Over SEBI Breaches
KINETIC MOTOR: Members' EGM Fixed on Feb. 7
THOMAS COOK: Cancels Annual Meeting & Book Closure Period

TUTICORIN ALKALI: Unveils Outcome of AGM
* 27 Unprofitable State Firms See Profits in 2005/06


I N D O N E S I A

BANK MANDIRI: Prosecutors Want 20-Year Jail Term for Ex-Execs
GARUDA INDONESIA: To Spin Off Low-Cost Unit


J A P A N

BELL NET: Files for Bankruptcy
JAPAN AIRLINES: Launches Credit Card with Lawson
LIVEDOOR CO.: To Correct Past Financial Records
MITSUBISHI MOTORS: Union to Forgo Pay Hike for 4th Straight Year
MITSUBISHI MOTORS: S&P Affirms CCC+ Rating

SANYO ELECTRIC: Remains on Watch; Negative on Capital Hike Plan
SANYO ELECTRIC: Finalizes Terms for Increasing Share Capital
SANYO ELECTRIC: Shares Fall on Plan to Sell Stock at Discount
SEIBU DEPARTMENT: To Open Store In Jakarta


K O R E A

KOREA DEVELOPMENT: Moody's Ups BFSR Rating to D-
LG CARD: Takes First Step of Sale


M A L A Y S I A

AMAROD CORPORATION: Ceases Business Operations
ANTAH HOLDING: Securities Face Delisting
DFZ CAPITAL: New Shares up for Listing, Quotation
INTAN UTILITIES: Unveils Unit's Default Status
JP CONTAINER: Faces Dissolution in Three Months

KEMAYAN CORPORATION: Coral Land's Case Won't Hurt Operations
K.P. KENINGAU: Payment Default Hits MYR40,986,137.63
MAGNUM CORPORATION: Bourse to List, Quote New Shares
MAGNUM CORPORATION: Repurchases Ordinary Shares
MBF LEASING: Scheme B Creditors Get MYR1,000,000 Payment

MECHMAR CORPORATION: Unit to Dispose of Property
PANTAI HOLDINGS: Bourse to List, Quote New Shares
SBBS CONSORTIUM: Wind-Up Petition Set for Hearing Mar. 22
SCOMI ENGINEERING: Completes Financial Regularization
SUREMAX GROUP: Unit's Winding Up Won't Bring Losses

TAP RESOURCES: In Talks with RCSLS Holders


P H I L I P P I N E S

EXPORT AND INDUSTRY: Expects More Funds from Small Shareholders
LEPANTO CONSOLIDATED: Settles Gold Hedging Row with Dresdner
NATIONAL HOME: To Offload Php3-Bln Delinquent Loans
NATIONAL POWER: Senator Hits Firm on Delayed Privatization
NATIONAL POWER: Ordered to Clean Up Semirara Spill


S I N G A P O R E

A-PROSPEROUS PTE: Receiving Proofs of Claim Until Feb. 20
CHARTERED SEMICONDUCTOR: Posts US$24.13-Mln Profit in Q4/FY05
CONTRACT DESIGN: Prepares to Declare Dividend
FIRSTLINK INVESTMENTS: Ling Yew Kong Named Chairman
GENIE-LUX PTE: Winds Up Business

HONG YUAN: Creditors' Proofs of Claim Due Feb. 20
TAJIMA METALWORK: Intends to Pay Creditors' Dividend


T H A I L A N D

BANGKOK BANK: Liquidates Common Shares in Asian Capital
EASTERN WIRE: Installs New Audit Committee

     -  -  -  -  -  -  -  -

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

ALLON PARTNERSHIP: Members Agree to Liquidate Firm
--------------------------------------------------
Members of Allon Partnership Pty Limited convened on
December 23, 2005, and agreed to voluntarily wind up the
Company's business operations.

The members named David Gregory Young and Anthony Wayne Elkerton
to oversee the wind-up.

Anthony W. Elkerton
David G. Young
Liquidators
Pitcher Partners
Level 3, 60 Castlereagh Street
Sydney NSW 2000


BIG RIVER: Names Donald Wilson to Manage Wind-Up
------------------------------------------------
At a general meeting of Big River Cruises Pty Limited on
December 21, 2005, it was resolved that a voluntary liquidation
is in the Company's best interests.

Donald John Wilson was appointed as liquidator for that purpose.

Donald J. Wilson
Liquidator
Wilson, Graham & Associates
Suite 3, 94 Blackwall Road
Woy Woy NSW 2256


BROWN'S ANTIQUES: Enters Voluntary Liquidation
----------------------------------------------
On December 20, 2005, the members of Brown's Antiques Pty
Limited agreed to shut down the Company's operations.  Members
named Greogry John Keith to manage the wind-up activities.

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


CO-GENERATION AUSTRALIA: Set to Declare Dividend
------------------------------------------------
Co-Generation Australia Limited will declare a first and final
dividend on February 7, 2006.

Creditors whose debts or claims have not already been admitted
must submit their proofs of claim to the liquidator by
January 31, 2006.  Failure to comply will exclude creditors from
the benefit of the dividend.

Simon A. Wallace-Smith
Liquidator
c/o Deloitte Touche Tohmatsu
180 Lonsdale Street,
Melbourne Vic 3000


DELACOUR A'ASIA: Shuts Down Business Ops
----------------------------------------
Members of Delacour A'Asia Pty Limited convened on December 30,
2005, to close the Company's business voluntarily.

In addition, P. Ngan and G. Parker were appointed as liquidators
to supervise Delacour's wind-up activities.  The Company's
creditors confirmed the liquidators' appointment at a creditors'
meeting held that same day.

P. Ngan
G. Parker
Joint Liquidators
Ngan & Co. Chartered Accountants
Level 5, 49 Market Street
Sydney NSW 2000


D F FRASER: Placed Under Voluntary Liquidation
----------------------------------------------
At D F Fraser Pty Limited's extraordinary general meeting on
December 22, 2005, members resolved that it is in the Company's
best interests to liquidate its operations.

Clyde Peter White and Philip Newman were appointed to oversee
the wind-up.

Philip Newman
Clyde P. White
Liquidators
HLB Mann Judd Chartered Accountants
Level 1, 160 Queen Street
Melbourne


DUNCAN'S OF CLARE: Liquidator to Give Wind-Up Report
----------------------------------------------------
A final meeting of the members and creditors of Duncan's of
Clare Pty Limited will be held on February 8, 2006, at 9:30 a.m.
At the meeting, liquidator M. C. Hall 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.

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


EARTH TWO: Inability to Pay Debts Leads to Wind-Up
--------------------------------------------------
Earth Two Solar 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, Richard Herbert Judson was appointed to oversee
the Company's liquidation activities.

Richard H. Judson
Liquidator
Judson & Co. Chartered Accountants
Suite 4, Level 1, 10 Park Road
Cheltenham Vic 3192
Phone: 9585 4155


HEALY AIRCONDITIONING: To Pay Dividend to Creditors
---------------------------------------------------
Healy Airconditioning Pty Limited will declare its first and
final preferential dividend on February 3, 2006.

Creditors who are not able to submit proofs of claim will be
excluded from the benefit of the dividend.

C. M. Williamson
Liquidator
SimsPartners
Level 12, 40 St. George's Terrace
Perth WA 6000


JH & LC MITCHELL: Members Favor Liquidation
-------------------------------------------
Members of JH & LC Mitchell Investments Pty Limited convened on
December 20, 2005, to liquidate the Company's business
operations.

Subsequently, the members named Colin McIntosh Nicol and Robyn
Beverley McKern to administer the wind-up activities.

Robyn B. McKern
Colin M. Nicol
Joint Liquidators
c/o McGrathNicol+Partners
Level 1, 161 Collins Street
Melbourne Vic 3000
Phone: 03 9038 3100,
Web site: http://www.mcgrathnicol.com.au


MAUDSON HOLDINGS: Opts to Close Business
----------------------------------------
On December 23, 2005, members of Maudson Holdings Pty Limited
convened and agreed that:

   -- the Company be wound up voluntarily; and

   -- Graham Dudley Short be appointed to as liquidator.

Graham D. Short
Liquidator
54 Sailors Bay Road,
Northbridge NSW 2063


MUNJA PTY: Members Pass Winding Up Resolution
---------------------------------------------
Members of Munja Pty Limited concurred that the Company needs to
liquidate.  They named Richard James Porter and David Ian
Mansfield to supervise the Company's wind-up operations.

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


NATIONAL AUSTRALIA: Appoints New Company Secretary
--------------------------------------------------
National Australia Bank Limited has appointed Michaela Healey as
the new company secretary, effective on April 3, 2006.

There will be a transition of responsibilities before the
current company secretary, Garry Nolan, retires.

Ms. Healey is an experienced company secretary of listed
Australian companies and has held senior roles at Orica Limited
and North Limited.  She is a qualified chartered secretary and
holds a Bachelor of Laws from The University of Adelaide and a
Graduate Diploma in Natural Resources Law from The University of
Melbourne.

Mr. Nolan has been with the National Group since 1970 and has
been the company secretary since 1992.  He was the founder of
National Australia Bank's lease financing business and played a
key role in the establishment of structured financing at the
National.  Mr. Nolan has been the Chief Governance Officer and
Chairman of a number of National subsidiary companies, including
National Nominees Limited.

CONTACT:

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


NATIONAL AUSTRALIA: Switches to Lower Case Logo
-----------------------------------------------
National Australia Bank is taking the next step of its branding
makeover by adopting a more relaxed lowercase corporate logo,
The West Australian says.  The Bank is set to unveil its
remodeled "nab" on February 13, 2006.

A spokesperson for the Bank confirmed that the logo was being
"tweaked" and that "NAB" was moving to formalize the growing
internal use of its acronym in preference to "the National," the
paper says.  According to him, the branding changes were
influenced by the Bank's concerns that "the National," as a
prefix for sponsored events, did not provide a strong enough
link to NAB.

The bank is also rolling out uniforms for its branch staff,
personally approved by the head of its Australian business,
Ahmed Fahour.

The West Australian says that NAB is sensitive to any suggestion
that the Bank can ill afford a costly makeover given lingering
shareholder anger over its forex trading scandal and several
profit downgrades last year that hammered its share price.

The Australian Bank is trying to recover from a tumultuous two
years marked by a boardroom upheaval, executive departures and
big job cuts.


NATIONAL AUSTRALIA: Strike Cripples ATM Network
-----------------------------------------------
National Australia Bank's automatic teller machines recently ran
out of cash due to a strike by the Bank's armored carrier
company, Brinks, The Age reveals.

According to The Age, NAB was unable to restock its ATMs in
Melbourne because of Brinks' action.  Around half of the Bank's
310 Melbourne ATMs were out of service as of Friday.

As a result, NAB customers are forced to withdraw money from
rival banks' machines.  NAB, however, assured that it will
refund affected customers of the usual AU$1.50 fee for using
another bank's ATM.

Customers who use rival banks' ATMs are asked to either visit a
NAB branch or calling the bank on 13 22 65 between 8 a.m. and 9
p.m. on weekdays to get their refunds.


NORJEG PTY: To Hold Final Meeting on Feb. 10
--------------------------------------------
The final meeting of the members of Norjeg Pty Limited is slated
for February 10, 2006, at 10:00 a.m.  The members will get an
account of the manner of the Company's wind-up and property
disposal from the Company's liquidator, Trevor Nixon.

Creditors who are not able to prove their claims will be
excluded from the benefit of the Company's distribution.

Trevor Nixon
Liquidator
c/o 72 Darlington Road
Darlington WA


QANTAS AIRWAYS: Ditches Australian Airlines Brand
-------------------------------------------------
Qantas Airways Ltd. is expected to phase out its unprofitable
Australian Airlines brand later this year while it prepares for
the international launch of its low-cost offshoot, Jetstar, next
year, The Australian Financial Review reports.

According to the paper, the Qantas or the Jetstar brands will
absorb Australian Airlines' operations.

The announcement is expected to come in May when Qantas will
disclose Jetstar's first international routes, the report says.  
But the national flag carrier reportedly awaits results of the
Federal Government's industrial relations overhaul before making
its final decision.

CONTACT:

Qantas Airways Limited
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com.au   


SCALLYWAGS RACING: To Distribute First Dividend
-----------------------------------------------
Scallywags Racing Pty Limited will declare its first dividend on
February 2, 2006.

Creditors are required to submit their proofs of claim by
February 1, 2006, to qualify in the distribution.

G. S. Andrews
Liquidator
G. S. Andrews & Associates
22 Drummond Street, Carlton Vic 3053
Phone: 03 9662 2666
Fax: 03 9662 9544


SCHEIDEGGER PTY: Appoints Official Liquidator
---------------------------------------------
On December 28, 2005, members of Scheidegger Pty Limited agreed
that a voluntary wind-up of the Company is necessary and in its
best interests.  As a result, Su-Lin Scheidegger was appointed
as official liquidator.

Creditors must submit their proofs of claim by February 10,
2006, to the liquidator so as to participate in the Company's
distribution.

Su-Lin Scheidegger
Liquidator
25 Stuart Street,
Longueville NSW 2066


S.C.M.S. NOMINEES: Wind-Up Process Completed
--------------------------------------------
After a meeting on December 20, 2005, the members of S.C.M.S.
Nominees Pty Limited resolved to voluntarily wind up the
Company's operations.

A creditors' meeting was also held on the same day.
Subsequently, Barry Keith Taylor was appointed as liquidator.

Barry K. Taylor
Liquidator
B. K. Taylor & Co.
8/608 St. Kilda Road,
Melbourne Vic 3004


SONS OF GWALIA: Prepares for AU$1-Bln Float
-------------------------------------------
Sons of Gwalia's administrators are preparing to float the
failed tantalum miner on the Australian Stock Exchange in the
next few months, The Australian reports.  The float is estimated
to have a market value of AU$1 billion.

The report says that Pacific National's former chief executive,
Stephen O'Donnell, was tapped to take over Gwalia's top spot and
guide the Company's re-launch as a listed entity.

As previously reported in the Troubled Company Reporter - Asia
Pacific, Gwalia called in joint and several administrators
Andrew Love, Garry Trevor and Darren Weaver of Ferrier Hodgson
in August 2004 after failing to meet its hedging commitments due
to serious deterioration of its gold reserves and resources.  
The Company collapsed with AU$862 million in debt.

The Australian notes that UBS is advising the administrators to
go through a sale process.

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/


SPECIALITY APPLICATIONS: Decides to Halt Operations
---------------------------------------------------
At a meeting of Speciality Applications Pty Limited on
December 28, 2005, members agreed to shut down the Company's
business.  They named Barry Keith Taylor to act as liquidator
for that purpose.

Barry K. Taylor
Liquidator
B.K. Taylor & Co.
8/608 St. Kilda Road, Melbourne Vic 3004


SUPERIOR RETAIL: Liquidator to Present Wind-Up Report
-----------------------------------------------------
A final meeting of Superior Retail Group Pty Limited will be
conducted on February 6, 2006, at 11:00 a.m.

Liquidator D. A. Turner will present his final account regarding
the Company's wind-up operations at that meeting.

D.A. Turner
Liquidator
PKF Chartered Accountants
11th Floor, 485 Latrobe Street
Melbourne Vic 3000


TRACE BIOSCIENCES: Prepares to Close Shop
-----------------------------------------
On December 30, 2005, the members of Trace Biosciences Pty
Limited passed a resolution to wind up the Company's business
voluntarily.

Stephen Graham Longley
David Laurence McEvoy
Liquidators
Freshwater Place, 2 Southbank Boulevard
Southbank Vic 3006


WATTYL LIMITED: Allco's Bid Extended 15 Days
--------------------------------------------
Allco Equity Partners has further extended its AU$275-million
takeover offer for Wattyl Limited until February 21, 2006, Asia
Pulse reports.

Allco, which made the bid through subsidiary AEP Financial
Investments Pty Ltd, will release a notice regarding the bid's
conditions on February 13, 2006.  AEP has already fulfilled its
offer condition relating to employee agreement information, but
it continues to study a separate condition that required Wattyl
to book first half earnings before interest and tax of AU$10
million.

Last week, Wattyl reported an unaudited EBIT of AU$7.2 million
and a net profit of AU$3.5 million for the six months ending
December 31, 2005.  The firm said its restructuring is expected
to lead to annual cost savings of AU$22 million and has forecast
EBIT of AU$36.6 million for the 2006/07 financial year.

However, AEP Managing Director Peter Yates criticized the
forecasts contained in Wattyl's target statement for being
heavily qualified.  He advised Wattyl's board to clarify the
firm's financial condition and outlook for shareholders and the
market.

CONTACT:

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


WERNER HOLDINGS: Liquidator to Distribute Assets
------------------------------------------------
After their general meeting on December 22, 2005, the members of
Werner Holdings Pty Limited agreed to close the Company's
business operations and distribute the proceeds of its assets.

Gary Wayne Packer
Steven Brett Inglis
Joint Liquidators
9 Riverview Drive, Berri SA 5343


WESTPOINT GROUP: 200 Lose Jobs in Another Crash
-----------------------------------------------
The collapse of another firm in the Westpoint Group has left 200
employees jobless, The West Australian reveals.

Westpoint Corporation, which controls a web of controversial
finance companies that have raised at least AU$300 million from
4,000 investors over the past five years, fell into the hands of
receiver managers from KordaMentha last week.  The accountancy
firm has also taken control of 11 Westpoint properties,
including the undeveloped Emu Brewery site.

KordaMentha's Mark Korda confirmed that about 200 staff, who are
owed as much as AU$10,000 in entitlements, have been made
redundant in Perth, Sydney and Melbourne.

The West Australian says that the sacked staff would have to
rely on the Federal Government's General Employee Entitlements
and Redundancy Scheme to claim any outstanding benefits because
Westpoint does not have sufficient funds to pay them.

GEERS is an assistance scheme that was set up to help employees
who lose their job and entitlements as a result of their
employer becoming insolvent or bankrupt.


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

AVANTICORP HONG KONG: Creditors' Proofs of Claim Due Feb. 28
------------------------------------------------------------
Creditors of Avanticorp Hong Kong Limited are required to submit
to the liquidators the particulars of their debts or claims, as
well as the information regarding their solicitors, if any, by
February 28, 2006.

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

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

Rainier Hok Chung Lam
Joint and Several Liquidator
22/F., Prince's Building
Central, Hong Kong


CHINA INSURANCE: Shares Dip 10% on Loss Warning
-----------------------------------------------
China Insurance International Holdings' shares fell 10% on
Friday, after the group warned that its net loss for 2005 will
"significantly increase" due to goodwill impairment on its asset
management arm and operating losses at its insurance units, The
Standard reports.

The insurer expects a goodwill impairment of HK$250 million
arising from its acquisition of China Insurance Group Assets
Management in September 2002, as the unit faces uncertainties in
tapping the Chinese market.

Nomura Securities raised its 2005 loss forecast for CIIH from
HK$101 million to HK$352 million because of the goodwill
impairment, but expects to return to profit in 2006 and 2007 if
the two Tai Ping insurance units can break even as expected this
year.

CONTACT:

China Insurance International Holdings Company Limited
12/F, Ming An Plaza Phase 2, 8 Sunning Road
Causeway Bay, Hong Kong
Phone: 28641999
Fax: 28662262
Web site: http://www.ciih.com


CHINA INSURANCE: Fitch Places Rating on Watch Negative
------------------------------------------------------
Fitch Ratings has placed China Insurance International Holding
Co Ltd's Long-term rating of 'BBB-' and the senior debt rating
of 'BBB-' assigned to the guaranteed issue of its wholly owned
subsidiary CIIH (BVI) Ltd. on the Rating Watch Negative (RWN).  
At the same time, the agency has affirmed the ratings of China
International Reinsurance Co Ltd (CIRe) and Tai Ping Life
Insurance Co Ltd (TPL) - both subsidiaries of CIIH - at Insurer
Financial Strength 'A-' (A minus) and 'BBB+', respectively.  The
Outlook for the Insurer Financial Strength ratings is Stable.

These rating actions follow the announcement on January 25, 2006
that the group expects its results for the year 2005 to be
materially and adversely affected by recognition of an
impairment of approximately HKD250 million in goodwill
associated with its 100% owned asset management subsidiary
CIGAML acquired in September 2002.  The group has stated that,
as a result of this impairment, its consolidated net losses for
the year ended December 31, 2005 will significantly increase.

"Fitch is concerned that the expected significant rise in
consolidated net losses will elevate further the debt leverage
and debt servicing coverage at CIIH," said Geoff Mayne, Managing
Director in Fitch's Insurance Group in London.  "The agency
regards this as an important consideration for the Long-term
rating of CIIH and the guaranteed senior debt issue."  The
agency expects to resolve the Rating Watch following receipt of
the full year 2005 financials for the group.

This news is seen in the context of the significant impact on
earnings at the group's reinsurance subsidiary in the closing
months of 2005 as a result of reinsurance losses from a number
of major natural catastrophes.  Looking forward however, the
agency notes that both of the group's rapidly growing insurance
companies in the People's Republic of China, Tai Ping Life and
Tai Ping Insurance are expected to reach breakeven for the year
2006, as these businesses become more mature.

The affirmation of the insurer financial strength ratings for
both TPL and CIRe reflect the improving operational performance
of TPL and its stabilizing volume growth (with premium volume
increases slowing to a healthy 18% for 2005) and the agency's
view that CIRe continues to maintain strong underwriting
controls which are expected to lead to a combined ratio for 2005
close to breakeven, despite the impact of the surge in
catastrophe claims in 3Q05.

China Insurance Group Assets Management Ltd (CIGAML) was
acquired by CIIH in July 2002.  It provides investment
management services to the group and third parties and had total
assets under management of HKD2.5 billion at year-end 2004.  The
goodwill impairment has resulted from the loss of several
investment mandates and changes in regulation and policy
relating to this business in the PRC.

Incorporated in Hong Kong and ultimately owned by the government
of the PRC, CIIH is the holding company for a diversified
insurance and reinsurance financial services group operating
throughout Mainland China and in Hong Kong, with nationwide
licenses in the PRC for both life and general insurance.  
Operating subsidiaries are engaged in life and general insurance
underwriting, reinsurance underwriting, reinsurance broking and
asset management.  CIIH is effectively controlled (54.6%) by the
state of the PRC, while 36.0% of its shares are widely held
through a public listing in Hong Kong.  ICBC (Asia), a Hong Kong
publicly listed subsidiary of the Industrial and Commercial Bank
of China (ICBC) owns 9.5%.

CONTACT:

China Insurance International Holdings Company Limited
12/F, Ming An Plaza Phase 2, 8 Sunning Road
Causeway Bay, Hong Kong
Phone: 28641999
Fax: 28662262
Web site: http://www.ciih.com


CHINA LINK: Court Issues Wind-Up Order
--------------------------------------
On January 11, 2006, Canyon Development Limited filed a petition
for the winding up of China Link Construction Company Limited.

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

Creditors or contributories 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:

     W. H. Chik & Co.
     Solicitors for the Petitioner
     Suite 1001, Tower 1, Lippo Cneter
     89 Queensway
     Hong Kong


DIGITFORCE COMPUTER: Court to Hear Wind-Up Petition on Feb. 15
--------------------------------------------------------------
Chan Wai Yee presented a petition for the winding up of
Digitforce Computer Entertainment Limited on December 23, 2005.

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

Creditors or contributories of the company 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 February 14,
2006, to:

     Betty Chan
     For Director of Legal Aid
     34/F, Hopewell Centre
     183 Queen's Road East
     Wanchai, Hong Kong


EVERBEST INVESTMENTS: SFC Reprimands Firm For Breaches
------------------------------------------------------
The Securities and Futures Commission has reprimanded Everbest
Investments Limited and its director, Yu Chiu Wo, under Part XV
of the Securities and Futures Ordinance.

The SFC announced in a press release that Everbest had a
notifiable interest in the shares of Jingwei Textile Machinery
Company Limited at the material time.

Everbest pleaded guilty to four charges relating to its failure
to notify both the Stock Exchange of Hong Kong and Jingwei
within the specified period regarding its acquisition of shares
in Jingwei on January 18, 2005, and February 4, 2005.

Ian Candy, a Magistrate at Eastern Magistracy, fined Everbest
and Mr. Yu $8,000 each, and ordered both of them to pay $20,000
for SFC's total investigation costs.

CONTACT:

The Securities and Futures Commission of Hong Kong  
8th Floor, Chater House  
8 Connaught Road Central  
Hong Kong
Phone: 852-2840-9222/852-2842-7666  
Fax: 852-2521-7836


GALAXY CASINO: Moody's Affirms B1 Ratings
-----------------------------------------
Moody's Investors Service has affirmed its B1 corporate family
rating and B1 senior unsecured debt rating for Galaxy Casino
S.A., upon successful closing of Galaxy's US$600 million bonds
issuance, and removed both ratings from their provisional
status.  The ratings outlook is stable.

The B1 rating reflects these credit challenges:

   (1) Operations in a fast evolving competitive environment in
       Macau gaming market, including exposure to potential
       oversupply in gaming facilities;

   (2) Weak liquidity profile, particularly towards the end of
       FY2007 when peak funding for its construction projects is
       Expected;

   (3) Exposure to potential construction cost and time overruns
       for the Cotai Mega Resort;

   (4) Short track record of operations with the Company not
       expected to generate positive operating cash flow until
       2006; and

   (5) Sourcing and retaining appropriate labor force to staff
       operations.

At the same time, the rating reflects various strengths:

   (1) Galaxy holds one of five operating concessions/sub-
       concessions, allowing it to conduct gaming activities in
       Macau;

   (2) Well positioned to benefit from the expected strong
       growth in Macau gaming industry;

   (3) Securing of various parcels of land to build new casino
       complexes;

   (4) Large portion of operating costs are variable; and

   (5) Potential for material improvements in the Company's
       credit profile, should it achieve its base case
       projections.

The rating may come under upward pressure if:

   a) if the concerns surrounding the ramp-up of operations are
      appropriately resolved and Galaxy establishes a track
      record of operations from its new StarWorld casino;

   b) the Company reduces their exposure to potential cost
      overruns associated with the construction of the Cotai
      Mega Resort; and

   c) the Company achieves the key financial metrics of total
      coverage above 2.0x-2.5x and adjusted operating cash flow
      to adjusted debt greater than 15%-20% on a sustainable
      basis.

Any upward rating movement would also take into consideration
the Company's ongoing exposure to potential increases in
construction costs as additional phases of the Cotai Mega Resort
are instigated.

On the other hand, the rating may come under downward pressure
should there be a material deterioration in the Company's
liquidity and financial profile.  This may emerge if volumes of
gamblers using Galaxy's facilities fall below expectations or
construction costs increase materially above expectations.  Such
weakness may be evidenced by:

   -- total coverage remaining below 2.0x, and

   -- adjusted operating cash flow to adjusted debt less than
      10-15% on a sustainable basis.

The up streaming of funds to the parent entity -- via dividends,
share buyback's or loans -- during the construction phase of
various casino projects would also place negative pressure on
the Company's financial profile and the rating.

About Galaxy Casino S.A.

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


HONG KONG PROPERTY: Annual General Meeting Set on Feb. 17
---------------------------------------------------------
The annual general meeting of the members of Hong Kong Property
Company Limited will be held at the 20th Floor, Prince's
Building, in Central, Hong Kong.  At the meeting, the Company's
liquidator, Rainier Hok Chung Lam, will provide an account of
the wind-up activities taken during the year ended December 6,
2005.

A contributory or creditor entitled to attend at the meeting may
be represented by any proxy.

Forms of proxies for both meetings must be lodged not later than
February 15, 2006, at the meeting location.


JILIN CHEMICAL: Appoints New Director
-------------------------------------
Jilin Chemical Industrial Company Limited says that Yu Li will
no longer serve as member and chairman of the Company's Board of
Directors, effective January 23, 2006.  

Accordingly, the Company nominates Shen Diancheng as director.  
It has called for an extraordinary general meeting of its
shareholders on March 10, 2006, in Jilin City, Jilin Province.  
The record date for the Shareholders' Meeting is February 8,
2006.

Moreover, Jilin Chemical is proposing amendments to the Articles
of Association of the Company, which will be considered at the
Shareholders' Meeting.  The Amendments reflect that, at the
delisting of the Company's H Shares from the Hong Kong Stock
Exchange, ADSs from the New York Stock Exchange and A Shares
from the Shenzhen Stock Exchange, the Company will no longer be
a listed company.

Shen Diancheng, a professor-grade senior engineer, is the
general manager and secretary to the branch of the Communist
Party of PetroChina Jilin Petrochemical Branch Company.  Mr.
Shen graduated from Daqing Petroleum Institute in 1983.  He held
several executive positions, including the deputy director of
the Daqing Chemical Additive Factory, deputy director and acting
director of Daqing Oil Field Chemical Industrial Factory, deputy
general manager of PetroChina Da Qing Refining and Chemical
Branch Company, and general manager and secretary to the branch
of the Communist Party of PetroChina Liaoyang Petrochemical
Branch Company.  Mr. Shen has rich experience in the management
of large-scale petrochemical enterprises.

The Company is one of the People's Republic of China's largest
producers of basic chemical and chemical raw materials, and one
of the country's largest diversified chemical enterprises.  Its
primary business consists of the production of petroleum
products, petrochemical and organic chemical products, synthetic
rubber products, chemical fertilizers and other chemical
products.

CONTACT:

Jilin Chemical Industrial Company Limited
21/F, Entertainment Building
30 Queen's Road, Central
Hong Kong
Phone: 86-432-3903651
Fax: 86-432-3028126
Web site: http://www.jcic.com.cn/


SKYBASE INTERNATIONAL: Court to Hear Wind-Up Petition on Feb. 22
----------------------------------------------------------------
Bank of China (Hong Kong) Limited presented a petition for the
winding up of Skybase International Limited on December 30,
2005.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on February 22, 2006, at 9:30 a.m.

Creditors or contributories of the Company 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 February 21,
2006, to:

     Chu & Lau
     Solicitors for the Petitioner
     2nd Floor, The Chinese General Chamber of Commerce Building
     No. 24-25 Connaught Road
     Central, Hong Kong


TELLINK LIMITED: Names Provisional Liquidators
----------------------------------------------
On January 3, 2006, the High Court appointed Kelvin Flynn and
Cosimo Borrelli, both of Alvarez and Marsal Asia Limited, as
joint and several provisional liquidators of Tellink Limited.

CONTACT:

Alvarez & Marsal Asia Limited
18th Floor, One International Finance Center
1 Harbour View Street
Central, Hong Kong
Phone: (852) 2166 8623
Fax: (852) 2166 8538



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

DINILS ADHESIVES: SEBI Suspends Shares Trading
----------------------------------------------
On January 12, 2006, the Securities and Exchange Board of India
ordered Dinils Adhesives Pvt Ltd to restrain from accessing the
securities market and from buying, selling or dealing in
securities for a period of six months.

Members of the Company are advised to ensure compliance with the
directive.

CONTACT:

Dinils Adhesives Pvt Ltd.
110, Kasara Street
3rd Lane, Reay Road,
Mumbai 400 010
India


EMTEX INDUSTRIES: To Undergo Corporate Rehabilitation
-----------------------------------------------------
The Board for Industrial and Financial Reconstruction has
declared Emtex Industries (India) Limited "sick" on January 25,
2006.

Having heard the submissions and after considering the evidence
on record, BIFR appointed IFCI Limited as the operating agency
to formulate a rehabilitation proposal.

The Company would submit its rehabilitation scheme to IFCI
within four weeks.  IFCI would prepare and submit the
rehabilitation proposal to the BIFR within eight weeks from
January 27, 2006.

CONTACT:

Emtex Industries (India) Limited
Plot No F-4 MIDC
Badlapur
Thane
Maharashtra - 421503
Phone: 22-2014745/ 2015922/ 2051618/ 22015922
Fax: 2032106


IVORY SECURITIES: Banned for Six Months Over SEBI Breaches
----------------------------------------------------------
Ivory Securities Ltd. has been restrained from accessing the
securities market and prohibited from buying, selling or dealing
in securities for a period of six months for violations of the
provisions of the Securities and Exchange Board of India
(Prohibition of Fraudulent and Unfair Trade practices Relating
to Securities Market), Regulations, 2003.

These orders have been passed by Shri Madhukar, Whole Time
Member, SEBI on January 12, 2006.

CONTACT:

Ivory Securities Ltd.
E-34, Saket,
New Delhi 110017
India


KINETIC MOTOR: Members' EGM Fixed on Feb. 7
-------------------------------------------
Members of Kinetic Motor Company Limited will hold an
extraordinary general meeting on February 7, 2006, at 11 a.m.,
to consider:

    -- the listing agreements entered into between the Company
       and the stock exchanges where the firm's shares are
       listed; and

    -- the preferential issue of 2,065,000 fully paid up equity
       shares of INR10 each in the Share Capital of the Company
       at INR0.66 per equity share (including a premium of
       INR.056 per share) to Sanyang Industry Company Limited.

CONTACT:

Kinetic Motor Company Limited
D-1 Block, Plot No. 18/2
M.I.D.C., Chinchwad
PUNE 411 019
Phone: 7474301 (Hunting Line)
Fax: 7475843
Web site: http://www.kineticindia.com


THOMAS COOK: Cancels Annual Meeting & Book Closure Period
---------------------------------------------------------
Thomas Cook India Ltd advises that the February 24, 2006 Annual
General Meeting, the February 3-24 Book Closure Period and the
March 14 Dividend Payment Date are cancelled.

The Company clarifies that the Dividend Payment Date is
cancelled, but not the dividend.  The Company will inform the
Stock Exchanges as and when the new dates for the same are
scheduled.

CONTACT:    
  
Thomas Cook (India) Ltd   
Thomas Cook Building, Dr D Naoroji Road,  
Mumbai 400001  
Maharashtra  
Phone: 22048556; 22048557; 22048558  
Fax: 22871069; 22872876  


TUTICORIN ALKALI: Unveils Outcome of AGM
----------------------------------------
On January 18, 2006, members of Tuticorin Alkali Chemicals &
Fertilisers Ltd held its 33rd Annual General Meeting and
approved:

   -- the adoption of the Directors Report, Auditors Report,
      Audited Profit and Loss Account for the year ended
      September 30, 2005 and the Audited Balance Sheet as at
      September 30, 2005;

   -- the re-appointment of Thiru M. Jayasankar as Director of
      the Company;

   -- the re-appointment of M/s CNGSN & Associates, Chartered
      Accountants, Chennai, as auditors of the Company, to hold
      office from the conclusion of the Annual General
      Meeting until the conclusion of the next Annual General
      Meeting of the Company;

   -- the re-appointment of Thiru S. Chandramohan as Managing
      Director of the Company for an additional three-year
      period, from March 1, 2006, to February 28, 2009;

   -- the authorization of the Board to offer, issue and allot,
      on preferential basis, 5,62,430 equity shares of INR10
      each of the aggregate nominal value of INR56,24,300/- by
      conversion of 1,00,000 Redeemable Cumulative Preference
      Shares of INR100 each aggregating to INR10 million on such
      further terms and conditions as specified in Chapter XIII
      (Guidelines for Preferential Issues) of Securities &
      Exchange Board of India (Disclosure and Investor
      Protection) Guidelines, as amended from time to time, to
      The South Indian Bank Ltd, Thrissur, without offering the
      same to any person, who at the date of offers, are holders
      of Equity Shares of the Company and the said Equity Shares
      will rank "pari passu" with the existing Equity Shares of
      the Company in all respect.

   -- the delisting of the Company's Equity Shares from Madras
      Stock Exchange Ltd, Chennai.

CONTACT:

Tuticorin Alkali Chemicals & Fertilisers Ltd
534 East Coast Centre,
Anna Salai, Teynampet
Chennai 600018
Tamil Nadu
Phone: 24345276/ 24349560/ 24349824/ 24342360
Fax: 24348044


* 27 Unprofitable State Firms See Profits in 2005/06
----------------------------------------------------
http://asia.news.yahoo.com/060127/4/2esvj.html

The Board for Reconstruction of Public Enterprises expects 27
loss-making state-owned companies to post a turnaround this
year, Asia Pulse relates.

The list include:

  * Bharat Pumps and Compressors;
  * Bharat Coking Coal;
  * Eastern Coafields;
  * Heavy Engineering Corporation;
  * Mecon;
  * HMT Limited;
  * Praga Tools;
  * Bharat Bahri Udyog Limited;
  * Bridge and Roof;
  * BBJ Constrcution;
  * Braithwaite and Company;
  * Bharat Wagon;
  * Tyre Corporation;
  * FACT;
  * Hindustan Shipyard;
  * Hindustan Antibiotics;
  * Hindustan Organic Chemicals;
  * Hindustan Insecticides;
  * Mineral Exploration Corporation;
  * National Project Construction Corporation;
  * Engineering Projects;
  * National Building Construction Corporation; and
  * Central Electronics Limited.

If the companies succeed in improving their performance and
balance sheets, the number of under-performing public sector
companies will narrow down significantly from 88.


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

BANK MANDIRI: Prosecutors Want 20-Year Jail Term for Ex-Execs
-------------------------------------------------------------
Indonesian prosecutors are seeking a 20-year imprisonment term
for three former executives of PT Bank Mandiri who are accused
of embezzling up to IDR160 billion from the Company, the Jakarta
Post relates.

Bank Mandiri's former CEO, Edward C. W. Neloe, Risk Management
Director I Wayan Pugeg, and Corporate and Government Affairs
Director Sholeh Tasipan are charged with "enriching themselves,
thereby causing losses to Indonesia's economy," the Post
reports, citing Chief Prosecutor Baringin Sianturi.  The three
former executives allegedly approved loans to firms that did not
necessarily meet the bank's credit requirements.

The corruption charges carry a maximum life sentence.  Mr.
Sianturi recommended a 20-year jail sentence for the executives
based on the evidence against them, but, under state law, a
judge need not heed the prosecution's recommendation.

The trial for the three former executives, who had been detained
since May 2005, will resume next month.

CONTACT:

PT Bank Mandiri
Jl Jend Gatot Subroto Kav 36-38
Jakarta 12190
Indonesia
Phone: 62 21 5299 7777/5296 4023
Web site: http://www.bankmandiri.co.id  


GARUDA INDONESIA: To Spin Off Low-Cost Unit
-------------------------------------------
PT Garuda Indonesia is planning to separate its low-cost
subsidiary, Citilink, and turn it into a budget airline in order
to keep up with increased competition, The Jakarta Post says.

Garuda Vice President Joseph Saul told The Post that the spin-
off will help Citilink fare better in the cutthroat budget
airline industry.  The Company is currently looking into leasing
10 Airbus 319 planes to help Citilink take off as a budget
airline.  At present, Citilink operates five leased Boeing 737
aircraft.

Garuda's low-cost unit aims to increase its load factor from 70%
to 80%, with Mr. Saul indicating that a load factor above 75%
would result into profits for the unit.

Garuda had created Citilink in order to help the Company survive
amidst growing competition.  However, Garuda feels that
establishing Citilink as an independent carrier would be a
better way of competing with the many budget airlines currently
operating in Indonesia.

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


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

BELL NET: Files for Bankruptcy
------------------------------
Bell Net Corporation, who holds business at Palaceside Building
2F, 1-1-1 Hitotsubashi, Chiyoda-ku, in Tokyo, Japan, has begun
bankruptcy proceedings, says Teikoku Databank America.

Bell Net specializes in the integration of SIP-based
communications systems tailored to service providers.  The
company provides basic and enhanced SIP-based telephony service,
number resolution and advanced billing and subscriber
administration through a hosted network model.


JAPAN AIRLINES: Launches Credit Card with Lawson
------------------------------------------------
Japan Airlines Group and Lawson, a Japanese convenience store
chain, will issue a joint credit card to improve customer
service and create new demand.  Customers of JAL and Lawson will
be able to enjoy the merits of exchanging JAL miles and Lawson
shopping points.

JAL announced in a press release that the new card would be
available to Japan residents only.  Application forms, when
available, will be in Japanese.  Applications for the new card
can be made starting March 2006, and service will start in
April.

The new credit card -- JMB Lawson Pass Visa Card -- is actually
a combination of the "Lawson Pass Visa Card," which is a
shopping point card plus credit card with the function of a JAL
Mileage Bank member card.  JMB is the JAL Group's frequent flyer
mileage earning program.

The "JMB Lawson Pass Visa Card" will enable cardholders to use
JAL's service for domestic flight check-in and to purchase goods
and services at airport shops and restaurants, JAL hotels and
JAL Group retail travel outlets.  JMB members will be able to
exchange JAL miles for Lawson points.  Up to twice a year,
holders of the new card will be able to exchange 10,000 miles
for 10,000 Lawson points, which can be used to shop at about
8,200 Lawson stores throughout Japan, or receive awards.  Two
Lawson points can be used as 1 JAL mile to exchange for JAL
Group flight coupons or other awards.

JAL and Lawson are considering joint promotions and utilizing
the strengths of the two companies to draw customers.  Lawson
stores have seven million users a day and JAL has the largest
airline network in Japan, carrying an average of 122,000
domestic passengers a day.  The two companies will seek to
improve customer convenience through the improvement of card
services, partnership in selling tours and business cooperation
in China.  

CONTACT:

Japan Airlines Corporation
2-4-11, Higashi-shinagawa, Shinagawa-ku
Tokyo 140-8605, Japan
Phone: +81-0120-25-5931


LIVEDOOR CO.: To Correct Past Financial Records
-----------------------------------------------
Livedoor Co. intends to change its auditor and correct its past
financial data under the new management launched after the
arrests of some of its executives, Japan Today says.

Yokohama-based Koyo & Co. was in charge of auditing the
Company's financial statements.

The corrections will be made to its financial reports for years
since April 2004, when the Internet firm was listed on the Tokyo
Stock Exchange's Mothers market for start-up companies.

CONTACT:

Livedoor Co., Ltd.
Roppongi Hills Mori Tower 38th Floor
6-10-1 Roppongi
Minato-ku, Tokyo
Japan
e-mail: info@livedoor.jp


MITSUBISHI MOTORS: Union to Forgo Pay Hike for 4th Straight Year
----------------------------------------------------------------
Mitsubishi Motors Corporation's labor union will not seek a wage
increase this spring for the fourth consecutive year out of
consideration for the Company's ongoing restructuring, Asia
Pulse relates.

The union, however, is demanding a higher average annual bonus
matching 3.3 months of regular pay, up from three months at
present.

Mitsubishi's management has imposed a two-year wage reduction on
its employees, but the cut will end on March 31, 2006, and the
union was not asked for an extension.

CONTACT:

Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0059


MITSUBISHI MOTORS: S&P Affirms CCC+ Rating
------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' long-term
corporate credit rating and senior unsecured debt ratings on
Mitsubishi Motors Corporation and removed the ratings from
CreditWatch, where they were placed on December 1, 2005, with
positive implications.  The outlook on the long-term rating is
positive.

The positive outlook reflects the progress, albeit limited to
date, that Mitsubishi Motors has made in operational and
financial improvement.  The rating could be raised within one-
to-two years if Mitsubishi Motors continues to improve its
profitability and cash flow as outlined in its revitalization
plan, and reduces its heavy dependence on external financing.

In the first half of fiscal 2005 (ended Sept. 30, 2005),
Mitsubishi Motors substantially reduced its losses, and achieved
unit sales slightly higher than planned.  However, Standard &
Poor's believes the company has not yet achieved sufficient
operational and financial improvement.  Prospects for Mitsubishi
Motors' turnaround remain uncertain given the significant
challenges facing the company.

"Mitsubishi Motors faces weak sales and low production capacity
utilization in North America, and the profitability pressures in
the most lucrative geographic segment of Asia and other regions
(excluding Japan, North America, and Europe) is a concern," said
Standard & Poor's credit analyst Chizuko Satsukawa.

"The automaker is not well positioned to weather intensifying
competition in the global automobile markets because of its
limited competitive position and strained financial resources,"
Ms. Satsukawa added.

Mitsubishi Motors' financial profile remains highly aggressive.  
Although operating cash flow turned positive in the first half
of fiscal 2005, free cash flow is expected to remain negative
over the next few years.  Large capital enhancement in early
2005 significantly improved its liquidity and capital structure,
but the ratio of total debt to capital remains high at about
64%, adjusted according to Standard & Poor's captive finance
methodology.

Support from the three Mitsubishi group companies--Mitsubishi
Heavy Industries Ltd. (BBB/Negative/--), Mitsubishi Corp. (A-
/Watch Pos/A-2), and Bank of Tokyo-Mitsubishi UFJ Ltd.
(A/Stable/A-1)--continues to be a major factor underpinning
Mitsubishi Motors' ratings.  These companies have increased
their stake in aggregate to 34% by converting preferred shares
to common shares as initially planned. Mitsubishi Corp.'s recent
purchase of JPY30 billion in new preferred shares issued by
Mitsubishi Motors also suggests its continued support.

Mitsubishi Motors' liquidity position improved after a capital
injection of JPY284 billion mainly from the three Mitsubishi
group companies in March 2005 and some external funding.
Nevertheless, liquidity remains weak given Mitsubishi Motors'
expected negative free cash flow generation, and its fairly
limited funding ability due to its low credit quality and the
poor performance of its ABS issues in the past.  These negative
effects have been partially offset by the reduction in funding
needed for its captive finance operations in North America.

As of September 30, 2005, Mitsubishi Motors had cash and
marketable securities of JPY241 billion, compared with short-
term debt of JPY270 billion.

The rating on Mitsubishi Motors' senior unsecured debt is equal
to its long-term issuer rating because of balancing factors.  
This is based on the assumption that the company's main creditor
banks would forgive Mitsubishi Motors' debt if needed, while
bondholders would still be reimbursed in the event of a default,
given the willingness of Mitsubishi group companies to provide
financial support.  At the same time, the rated unsecured bonds
have relatively weak ranking, given priority debt, including
secured debt, make up a relatively large proportion of the
Company's total assets.


SANYO ELECTRIC: Remains on Watch; Negative on Capital Hike Plan
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB' long-term
corporate credit and 'BB+' long-term senior unsecured debt
ratings on Sanyo Electric Co. Ltd. will remain on CreditWatch
with negative implications, following the release of the
company's plan to raise capital and reshuffle management.  The
ratings on Sanyo Electric were first placed on CreditWatch with
negative implications on September 28, 2005, and have remained
on CreditWatch after being lowered twice last year, on November
2 and November 22.

Sanyo Electric plans to raise JPY300 billion in capital through
issuance of preferred stock.  Daiwa Securities SMBC Co. Ltd. (A-
/Stable/A-2), Goldman Sachs Group Inc. (A+/Positive/A-1), and
Sumitomo Mitsui Banking Corp. (A/Stable/A-1) will underwrite the
preferred stock, and as a result, these three groups will hold
the majority of the voting rights.  Also, under the new
management structure, five of the nine board members are to be
appointed from these three financial institutions.

"Enhancement of Sanyo Electric's capital through the plan is
within our expectations," said Standard & Poor's credit analyst
Katsuyuki Nakai.  "But, Sanyo Electric has yet to provide a
specific plan for the strategic business alliance in its TV and
white goods segments, as it announced in its medium-term
management plan in November 2005," Mr. Nakai added.

After the capital increase, the company's debt-to-capital ratio
is expected to remain at about 70% at the end of March 2006, and
as such, its financial base will remain weak.  Standard & Poor's
will resolve the CreditWatch listing after the company announces
a detailed plan on restructuring its audio-visual equipment,
semiconductors, and white goods segments under the new
management.  However, a downgrade of Sanyo Electric is likely
before such a plan is announced if the company is not able to
show concrete progress quickly and its business performance
appears to have limited prospects for recovery.  

Key factors for resolving the CreditWatch placement are Sanyo
Electric's specific measures to bolster currently weak
businesses and their impact on the company's financial
performance, debt reduction and the source of repayments, and
the feasibility of its plan to increase profits from core
businesses.  A critical issue is the company's ability to stop
the rapid deterioration in its business performance through
ongoing cost reduction efforts.  

If all preferred stock issued under the plan are converted into
common shares, the number of stock issues outstanding would
increase more than three fold.  Standard & Poor's will closely
monitor the likelihood of Sanyo Electric buying back more of its
shares and possible impact on its credit quality through any
changes in the overall reputation of the company.

CONTACT:

Sanyo Electric Co., Ltd.,
Media Relations Unit
Phone: +81 (0)3-3837-6206
Fax: +81 (0)3-3837-6381
e-mail: tokyo-pr@svnet.sannet.ne.jp


SANYO ELECTRIC: Finalizes Terms for Increasing Share Capital
------------------------------------------------------------
Sanyo Electric Co., Ltd. disclosed the terms of its final
agreement with Daiwa Securities SMBC Principal Investments Co.
Ltd., the Goldman Sachs Group Inc., and the Sumitomo Mitsui
Banking Corporation, regarding the Company's plan to increase
its share capital.

1. Need for increasing share capital
  
Sanyo's profitability decreased following the intensification of
global competition across the electronics sector, surge in raw
material prices and rapid fall in the prices of finished
products, especially in the digital consumer electronics
division.  Moreover, the Niigata earthquake in October 2004
caused immense damage to Sanyo's Semiconductor business,
resulting in a consolidated net loss of JPY171.5 billion in the
FY 2004 financial results.  In FY 2005, unavoidable additional
costs due to structural reforms centered around the
Semiconductor business resulted in a forecasted net loss of 233
billion yen.  As a result, if the current share capital is not
increased, the consolidated stockholders' equity would reduce to
75 billion yen, and stockholders' equity ratio will fall sharply
to 3.9% - far below the standards of other companies in the same
sector.

Also, there is a tendency of the outlook of external rating
agencies on Sanyo's creditworthiness becoming stringent.
In addition, Sanyo embarked on a three-year reform plan called
"Sanyo Evolution Project" in July 2004, based on which a Mid-
Term Business Plan (FY 2005 - FY 2007) was launched in November
2004.  In order to achieve the targets set in the Mid-Term
Business Plan and regain the foundation for continuous operation
of its businesses, it is estimated that to enable Sanyo to
conduct capital investment and research and development
investments that are necessary for a growth strategy centered on
Sanyo's core businesses, Sanyo would need to make investments to
the amount of approximately JPY220 billion in FY 2006, another
JPY230 billion in FY 2007, and for the acceleration and
implementation of its structural reforms, an additional JPY100
billion.

Taking all these into consideration, Sanyo decided that it was
indispensable to increase its share capital by approximately
JPY300 billion through the issuance of new shares within this
fiscal year.

2. Details of the Newly Issued Shares
  
Focusing on the ability to procure funds to underwrite an
increase in capital stock in such a short period of time, and
its certainty, Sanyo requested the following groups and funds
operated by these groups to inject capital, on the condition of
approval by Sanyo's stockholders.  Sanyo completed a stock
subscription agreement on January 25, 2005 with these entities
as capital investors, based on their high creditworthiness
combined with proven underwriting ability:

   (a) Sanyo's main bank, Sumitomo Mitsui Banking Corporation;

   (b) Daiwa Securities SMBC Principal Investments Co. Ltd.,
       subsidiary of Sanyo's lead securities firm, Daiwa
       Securities SMBC Group; and

   (c) Oceans Holdings Co. Ltd., an affiliate company of The
       Goldman Sachs Group Inc., the world's top investment
       bank, which has a deep understanding of Sanyo.

Based on the stock subscription agreement, on the condition of
approval of all related agenda at the Extraordinary
Shareholders' Meeting scheduled for February 24, 2006, and the
date of stock payment being March 14, 2006, preferred shares
worth approximately JPY300 billion would be issued.

Regarding the issuing price and terms, taking into consideration
Sanyo's severe financial condition and profitability, as well as
unexpected fluctuations of stock price in the future etc., Sanyo
decided on these terms based on careful deliberations with the
capital investors:

   (a) Class of Shares

       No. 1 Class A preferred shares and No. 1 Class B
       preferred shares

   (b) Number of Newly Issued Shares:

       182,542,200 shares of No.1 Class A preferred shares, and
       246,029,300 shares of No.1 Class B preferred shares

   (c) Issuing Price

       One preferred share of each class equals JPY700

   (d) Portion of Issuing Price not to be Incorporated into
       Common Stock

       JPY350 for each preferred share of each Class

   (e) Stock Payment Date

       March 14, 2006, or an alternative date decided at the
       Board Meeting

   (f) Method of Allocation

       Based on the method of third party allocation (i) Daiwa
       Securities SMBCPI (or a 100% subsidiary of Daiwa
       Securities SMBCPI) would be allocated 89,804,900 shares
       of Class A shares and 88,766,600 shares of Class B
       shares; (ii) Oceans HD (or another affiliate company of
       The Goldman Sachs Group Inc.) would be allocated
       89,804,900 shares of Class A shares and 88,766,600 of
       Class B shares; and (iii) the Sumitomo Mitsui Banking
       Corporation would be allocated 2,932,400 shares of Class
       A shares and 68,496,100 shares of Class B shares.

   (g) Contents of No. 1 Class A Preferred Shares & No. 1 Class
       B Preferred Shares

       No. 1 Class A Preferred Shares
       ------------------------------
       * No. 1 Class A preferred shares (Issuing price: 1 share
         equals JPY700) have a conversion right, which allows
         them to be converted at the rate of 10 common shares
         per each preferred share between March 14, 2007, and
         March 13, 2026.  Thus, each No. 1 Class A preferred
         share may be converted into 10 common shares.

       * Cash dividends and interim cash dividends of No. 1
         Class A preferred shares will be paid in the same
         priority as to the holders of common stock and
         shareholders of other types of shares.  Cash dividends
         and interim cash-dividends for each common share would
         be multiplied according to the conversion rate then in
         effect, to calculate the cash dividends and interim
         cash-dividends for each preferred share.

       * Whenever Sanyo engages in a distribution of residual
         assets, it will pay to No. 1 Class A preferred
         shareholders, JPY700 per each No. 1 Class A preferred
         share, in preference to common shareholders.

       * No. 1 Class A preferred shares would have voting rights
         at the Shareholders Meeting.

       * The number of shares in each stock unit of No. 1 Class
         A preferred shares (100 shares) is one-tenth the number
         of shares in each stock unit of common shares (1000
         shares).

       No. 1 Class B Preferred Shares
       ------------------------------
       * No. 1 Class B preferred shares (Issuing price: 1 share
         equals JPY700) have a conversion right, which allows
         them to be converted at the rate of 10 common shares
         per each preferred share after the stock payment date
         up to March 13, 2026.  Thus, each No. 1 Class B
         preferred share may be converted into 10 common shares.

       * Cash dividends and interim cash dividends of No. 1
         Class B preferred shares will be paid in the same
         priority as to the holders of common stock and
         shareholders of other types of shares.  Cash dividends
         and interim cash-dividends for each common share would
         be multiplied according to the conversion rate then in
         effect, to calculate the cash dividends and interim
         cash-dividends for each preferred share.

       * Whenever Sanyo engages in a distribution of residual
         assets, it will pay to No. 1 Class B preferred
         shareholders, JPY700 per each No. 1 Class B preferred
         share, in preference to common shareholders.

       * No. 1 Class B preferred shares would not have voting
         rights at the Shareholders Meeting, unless otherwise
         stipulated by law.

       * The number of shares in each stock unit of No. 1 Class
         B preferred shares (100 shares) is one-tenth the number
         of shares in each stock unit of common shares (1,000
         shares).

   (h) Conversion Rights of Preferred Shares and Restrictions on
       Transfer of Common Stock After Conversion

       The conversion of No. 1 Class A preferred shares into
       common shares is restricted until March 13, 2007.

       According to the stock subscription agreement, common
       stock issued after conversion from No. 1 Class B
       preferred shares cannot be transferred to third parties
       without Sanyo's consent until March 13, 2007.

It is understood that according to the agreement between the
shareholders, Daiwa Securities SMBCPI, Oceans HD and SMBC, Daiwa
Securities SMBCPI and Oceans HD would each retain 24.5% of total
shareholder voting rights for two years after the subscription,
with the exception of the case in which they sell their shares
with the consent of all the three parties.

3. Regarding New Candidates, Retiring Directors and New
   Management Structure

For the issuance of preferred shares, accomplishment of
structural reforms based on the Mid-Term Business Plan, and
further selection and focus on Sanyo's core businesses by making
optimum use of its strengths as a provider of cutting-edge
Environment and Energy products and services, Sanyo plans to
make these changes in the Board of Directors:

   (a) Resignation of Directors and Executive Director on the
       Board of Directors:

       Sanyo Executive Director Satoshi Iue is scheduled to
       resign as of the holding of the Extraordinary
       Shareholders Meeting, scheduled on February 24, 2006.  In
       addition, Outside Directors Nobuaki Kumagai and Louis E.
       Lataif are scheduled to resign as of January 31, 2006.
       Moreover, Directors Satoshi Inoue and Osamu Kajikawa are
       scheduled to resign as directors as of the holding of the
       Extraordinary Shareholders Meeting, but they would
       continue to hold office as Senior Officers.

   (b) New Candidates for the Board of Directors:

       As principal stockholders of Sanyo, Daiwa Securities
       SMBCPI, the Goldman Sachs Group and SMBC will take part
       in the company's management in order to raise its
       corporate value.  Thus, Sanyo would accept the dispatch
       of board directors from each of these companies.  Five
       persons, whose profiles are attached on a separate sheet,
       would be new candidates for the Board of Directors.  In
       addition, two new candidates for the board of directors
       would be nominated from Sanyo, to strengthen the core
       businesses of the Mid-Term Business Plan.  Following the
       approval of their appointment at the Extraordinary
       Shareholders Meeting scheduled on February 24, 2006, all
       the candidates would be appointed as directors on the
       same day.

   (c) Changes in Number of Directors and Term of Office:

       At the holding of the Extraordinary Shareholders Meeting
       on February 24, 2006, these two amendments will be
       proposed:

       1. Changing the number of Board of Directors to not more
          than 9 directors; and

       2. Changing the term of office of directors such that the
          term of office of any director will expire at the
          conclusion of the ordinary general meeting of
          shareholders held with respect to the final closing of
          accounts falling within one year after such director's
          assumption of office.

   (d) Strengthen Requirements of Decisions made by Board of
       Directors:

       In a change for Sanyo's Board of Directors' rules and
       internal rules, in the case of important decisions, a
       total of more than 2/3rd of the total directors will have
       to vote in the affirmative.

   (e) Other:

       Sanyo plans to abolish the top management meeting, which
       undertakes preliminary review of agenda for the meeting
       of Board of Directors, newly establish a Management
       Meeting and also abolish the appointment of a chief
       executive officer, a chief operating officer, and a chief
       financial officer.  The details of these plans would be
       decided upon further deliberations with each of the
       investors.

4. Tentative Schedule

   -- February 24, 2006: Date of Extraordinary Shareholders; and

   -- Meeting March 14, 2006: Date of Payment

CONTACT:
  
Sanyo Electric Co., Ltd.,
Media Relations Unit
Phone: 81 (0)3-3837-6206
Fax: 81 (0)3-3837-6381
e-mail: tokyo-pr@svnet.sannet.ne.jp


SANYO ELECTRIC: Shares Fall on Plan to Sell Stock at Discount
-------------------------------------------------------------
Sanyo Electric Co. shares fell as much as 16% after the Company
said it will sell JPY300 billion (US$2.6 billion) in new stock
at a discount, Bloomberg News relates.

The electronics maker will sell preferred securities to Goldman
Sachs Group Inc., Daiwa Securities SMBC Co. and Sumitomo Mitsui
Financial Group Inc. that can be converted into common stock at
JPY70 apiece.

Sanyo, which is scheduled to report quarterly earnings on
January 31, expects a net loss of JPY233 billion in the year
ending in March 31.


SEIBU DEPARTMENT: To Open Store In Jakarta
------------------------------------------
Seibu Department Stores Ltd. plans to open a new outlet in
Indonesia this September in cooperation with local retailer PT
Mitra Adiperkasa, Bisnis Indonesia says.

The Seibu store will be located in a shopping center under
construction in Jakarta's prime business area that will cover
33,000 square meters.

CONTACT:

Seibu Department Stores Ltd.
1-28-1, Minami-ikebukuro
Toshima-ku
Tokyo 171-8569, Japan
Phone: +81-3-3989-0111
Fax: +81-3-6213-7139


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

KOREA DEVELOPMENT: Moody's Ups BFSR Rating to D-
------------------------------------------------
Moody's Investors Service has upgraded the bank financial
strength rating of Korea Development Bank to D- from E+.

The ratings on the A3 senior debt rating and the A3/ Prime-2
long-term/ short-term deposit ratings are not affected by this
rating action.  The rating outlook on all ratings is stable.

The rating upgrade is underpinned by recent improvements in the
bank's asset quality and profitability, which are largely the
result of the completion of corporate restructurings and
accompanying asset sales.

Moody's also believes that improvements which have taken place
in the bank's risk management, combined with the fact that going
forwards the scale of such restructurings is likely to decrease,
mean that the potential negative impact of such restructurings
on the bank's financial strength has been reduced.

The bank continues to carry large corporate debt and equity
exposures as a result of its policy role, and the D- bank
financial strength rating reflects Moody's expectation that the
bank would see a decline in asset quality during future economic
downturns and a subsequent recovery in profits following on from
any restructurings.

However, the rating agency noted that, even taking into account
the bank's large loan and equity exposures, capital levels are
high, having been boosted by an increase in retained earnings,
as well as capital injections from the government.  The Tier 1
ratio reached 14.59% at the end of September 2005.

Moody's also noted that KDB has shown a significant improvement
in bottom-line profitability since 2004, thanks to lower loan
loss provisions, equity method gains, and asset sales of
restructured companies.

However, core profitability, reflected in net interest income
and fees and commissions, is still low, and the bank would need
to see a significant improvement in these metrics for any
further upward pressure on the financial strength rating.

The Korea Development Bank was established in 1954 pursuant to
the KDB Act that requires the government to maintain 100%
ownership and support the bank's solvency.  It is Korea's
primary development finance institution and functions as a
conduit for funds that are channeled to strategic and often
under-served sectors.  With KRW102 trillion assets as of
December 31, 2004, the bank is the largest policy bank in Korea.


LG CARD: Takes First Step of Sale
---------------------------------
The due diligence at LG Card Co. kicked off last week, Reuters
reveals.  Creditors, led by the Korea Development Bank, are
ready to cash in their shares in the firm right after the due
diligence is completed.  

"We started due diligence last week and it usually takes one
month or so," an official at one of the creditor banks, told
Reuters, declining to be named. However, a spokesman for KDB
told Reuters that he was unaware of the due diligence.

The lead manager for the sale of LG Card will be JP Morgan.  
Deloitte Anjin LLC was chosen as the accounting adviser and a
local law firm will be in charge of legal advise.

LG Card was on the brink of bankruptcy in 2004.  Creditors
rescued the card company via a two joint bailout package worth
KRW4.5 trillion.

LG Card has a market value of around KRW6 trillion.

CONTACT:

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


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

AMAROD CORPORATION: Ceases Business Operations
----------------------------------------------
Amarod Corporation Sdn Bhd, a dormant company dissolved on
January 26, 2006, reported that it had lodged with the Companies
Commission of Malaysia the relevant statutory forms together
with the Liquidator's Statement of Accounts relating to the
Company's voluntary winding-up.

Amarod is a wholly owned unit of LLB Steel Industries, which is
a subsidiary of troubled Lion Industries Corporation Berhad.


ANTAH HOLDING: Securities Face Delisting
----------------------------------------
Antah Holdings Berhad failed to submit to Bursa Malaysia
Securities Berhad its 2005 Annual Report for the financial year
ended June 30, 2005.

As a consequence for breaching the bourse's listing
requirements, Bursa Malaysia will continue to suspend trading in
the shares of the Company should it fail to issue and submit the
Annual Audited Account 2005 and AR 2005 by January 31, 2006.  
The Company's securities have already been suspended since
February 2, 2005.

Meanwhile, Antah explains that its failure to submit its annual
report on time in compliance with the Listing Requirement of
Bursa Malaysia.

The Company said it failed to issue and submit its AAA 2005 and
AR 2005 because:

     -- it had on December 30, 2005, and January 12, 2006,
        submitted its Annual Audited Account 2004 and AR 2004,
        to the Exchange; and

     -- Messrs. BDO Binder has indicated their intention not to
        seek for re-appointment at the Company's forthcoming
        Annual General Meeting, which is scheduled for
        February 9, 2006.

        It is a statutory requirement pursuant to Section 172 of
        the Companies Act, 1965 that the appointment and
        resignation of Auditors can only be effected at a
        general meeting of shareholders.

        Accordingly, Resolution 7 at the Company's forthcoming
        AGM is for the appointment of a new Auditor in place of
        the retiring Auditors, Messrs. BDO Binder.

The steps taken or proposed to be taken to achieve the issuance
of the AAA 2005 and AR 2005 are provided for in this timeline:

    Description                Timeline          Status
    -----------                --------          ------
(1) Convening of AGM           Feb. 9, 2006      To be achieved
    and appointment of                           on Feb. 9, 2006
    new Auditors at the AGM

(2) Submission of the          End February      To be achieved
    Company's AAA 2005                           2006

(3) Issuance of Notice         By March 30,      To be achieved
    of general meeting         2006
    and submission of
    AR 2005

(4) Convening of               By April 30,      To be achieved
    Extraordinary General      2006
    Meeting to receive
    AAA 2005


CONTACT:

Antah Holding Berhad
9577 Jalan SS16/1 Subang Jaya
47500 Petaling Jaya Selangor
Telephone: 03-5632 8668
Fax: 03-5635 1234


DFZ CAPITAL: New Shares up for Listing, Quotation
-------------------------------------------------
Bursa Malaysia Securities Berhad will list and quote DFZ Capital
Berhad's additional 29,300 new ordinary shares of MYR1.00 each
arising from the conversion of 322,300 Irredeemable Convertible
Preference Shares-A on February 3, 2006.


INTAN UTILITIES: Unveils Unit's Default Status
----------------------------------------------
Intan Utilities Berhad summarized the defaulted loans of its
70%-owned units, IDS Electronics Sdn Bhd and IDS Technology Sdn
Bhd, and the steps taken to address the defaults.

As of December 31, 2005, IDSE paid a total of MYR2.79 million
for its defaulted loans.  The repayments comprise fixed monthly
repayment of MYR90,000 from February 2004 to July 2005, and
thereafter MYR120,000 per month for August and September 2005.    
The repayment from October to December 2005 amounted to
MYR150,000 per month.

The copy of the media release is available for free at:

   http://bankrupt.com/misc/IntanUtilitiesIDSEDefaultJan06.xls

CONTACT:

Intan Utilities Berhad
11th Floor Menara Berjaya,
KL Plaza, 179 Jalan Bukit Bintang,
55100 Kuala Lumpur
Telephone: 03-2935 8888
Fax: 03-29358043
Website: http://www3.jaring.my/intan


JP CONTAINER: Faces Dissolution in Three Months
-----------------------------------------------
On January 25, 2006, Johor Port Berhad met to conclude the
member's voluntary winding up of its wholly owned subsidiary, JP
Container Services Sdn Bhd.

The liquidator of JPCS had lodged the Form 69 (Return by
Liquidator Relating To Final Meeting) on January 26, 2006, with
the Companies Commission of Malaysia and with the Official
Receiver.

Three months after the lodgment date, JCPS will be dissolved.

CONTACT:

JP Container Services Sdn Bhd   
P.O. Box 140, Pasir Gudang Johor
81707 Malaysia
Telephone: 07-2527207   
Fax: 07-2522077


KEMAYAN CORPORATION: Coral Land's Case Won't Hurt Operations
------------------------------------------------------------
Kemayan Corporation Berhad provided an update on the writ of
summon served on its subsidiary, Coral Land Corporation Sdn Bhd
(CLCSB).

Kemayan reported that the financial and operation impact of the
Group is not expected to be significant, as provision has been
made in Coral Land's account for the outstanding tax
liabilities.

CONTACT:

Kemayan Corporation Berhad
Jalan Mewah Ria 2/1 Tawan Bukit Mewah
81200 Johor Bahru, Johor Darul Takzim 80200
Malaysia
Telephone: +60 7 238 9888 / +60 7 236 5307


K.P. KENINGAU: Payment Default Hits MYR40,986,137.63
----------------------------------------------------
As of December 31, 2005 total defaults by K.P. Keningau Berhad
and its subsidiaries on principal sums plus accrued interest
amounted to MYR40,986,137.63.  

The total amount has been reduced, as the debt has been offset
by proceeds from the sale of charged properties by a financial
institution creditor.

Meanwhile, KPK's solicitors are appealing to the Judge-in-
Chamber on the legal suit No: K22-164-2004, while status of the
other legal claims remain unchanged.

A full-text copy of this media release is available for free at:
   
   http://bankrupt.com/misc/KPKeningauBerhad012606.pdf

CONTACT:

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


MAGNUM CORPORATION: Bourse to List, Quote New Shares
----------------------------------------------------
Magnum Corporation Berhad's additional 17,000 new ordinary
shares of MYR0.50 each issued pursuant to the Employees' Share
Option Scheme will be granted listing and quotation by Bursa
Malaysia Securities Berhad on February 3, 2006.

CONTACT:

Magnum Corporation Berhad
No 8 Jalan Munshi Abdullah
50100 Kuala Lumpur, 50100
Malaysia
Telephone: +60 3 2698 8033/ +60 3 2698 9885


MAGNUM CORPORATION: Repurchases Ordinary Shares
-----------------------------------------------
Magnum Corporation Berhad has concluded its shares buy back on
January 20, 2006.

The details are:

Total number of shares purchased (units): 2,746,700

Minimum price paid for each share purchased (MYR): 1.960

Maximum price paid for each share purchased (MYR): 2.000

Total amount paid for shares purchased (MYR): 5,471,081.65

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

Number of shares purchased retained in treasury (units):
2,746,700

Total number of shares retained in treasury (units): 95,928,900

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

Total issued capital as diminished:  

Date lodged with registrar of companies: January 26, 2006.

Lodged by: Ms Gan Cheong Ann


MBF LEASING: Scheme B Creditors Get MYR1,000,000 Payment
--------------------------------------------------------
As of January 26, 2006, MBf Leasing Sdn Bhd was able to reduce
its defaulted loans from MYR21,478,317.00 to MYR20,478,317.00
after it paid MYR1,000,000 to the Scheme B Creditors.

In addition, MYR431,509 has been paid to all Scheme Creditors,
resulting in a shortfall of MYR719,181 in interest repayment to
all Scheme Creditors for the month of January 2006.

CONTACT:

MBf Leasing Sdn Bhd   
Lot 6.03, Plaza Prima, 4 1/2 Miles, Jalan Klang Lama,
Kuala Lumpur Wilayah Persekutuan 58200 Malaysia
Telephone: 03-79813338   
Fax: 03-79810283


MECHMAR CORPORATION: Unit to Dispose of Property
------------------------------------------------
On January 23, 2006, Tujuan Adil Sdn Bhd, a wholly owned
subsidiary of Mechmar Corporation (Malaysia) Berhad (13380-M)
entered into a sale and purchase agreement with Smart Darma Sdn
Bhd (Purchaser) to dispose of pieces of industrial land at No.
1, Jalan Perunding U1/17, Seksyen U1, Hicom-Glenmarie Industrial
park, 40150 Shah Alam, Selangor Darul Ehsan measuring
approximately 79,201 square feet together with an office cum
warehouse erected thereon for a cash consideration of
MYR7,800,000.

                Details of the Proposed Disposal

The total sale consideration for the Proposed Disposal of
MYR7,800,000 was determined on a willing buyer-willing seller
basis.

The Property is to be disposed of free from all encumbrances.

The Property was acquired on December 14, 1994.  The total cost
of the Property comprises of land cost of MYR2,585,193 and
building cost of MYR6,499,042.  The unaudited net book value of
the Property amounted to MYR7,948,074 as of December 31, 2005.

There are no salient terms incorporated into the SPA except for:

   (a) Consent for assignment from the Developer and/or the
       Selangor State Authority to be obtained within a period    
       of two months.

   (b) The property is sold subject to the existing Tenancies
       with all TASB's rights, title, interest and benefit in
       and to the Property.  Respective portions of the Property
       are tenanted to several related parties.

A 10% deposit will be paid upon execution of the SPA.  Balance
purchase price of MYR7,020,000 will be paid to the Solicitors as
stakeholders within six months from date of obtaining consent
from the Developer and /or Selangor State Authority for the
assignment of the Property or such extended date to be mutually
agreed upon.

The net proceeds of MYR7,020,000 less tax and expenses arising
from the Proposed Disposal will be utilized to repay bank
borrowings.

                  Information on the Purchaser

Smart Darma Sdn Bhd was incorporated in Malaysia on May 26,
2004, and has an authorized share capital of MYR100,000.00
comprising 100,000 ordinary shares of MYR1.00 each of which
MYR2.00 comprising 2 ordinary shares of MYR1.00 each has been
issued and fully paid up.  The Purchaser is principally an
investment holding company.

               Rationale for the Proposed Disposal

  -- To reduce the bank borrowings and interest charges.

                Effects of the Proposed Disposal

  -- Issued and paid-up share capital and shareholding structure
     of the substantial shareholders.

The Proposed Disposal would not have any effect on the issued
and paid-up share capital and shareholding structure of the
substantial shareholders of the Company as it does not involve
any allotment or issuance of new ordinary shares in the Company.

                            Earnings

The Proposed Disposal is expected to give rise to a loss of
MYR148,074 and will not have a material impact on the earnings
per share.

                              NTA

The Proposed Disposal is expected to reduce the NTA by
MYR148,074.

               Conditions of the Proposed Disposal

The Proposed Disposal is subject to the consent of the Developer
and/or Selangor State Authority for the assignment of the said
Property to the Purchaser.

               Estimated timeframe for completion

The Proposed Disposal is expected to be completed six months
after the Purchaser's solicitors receive the original letter of
consent to sell, transfer and assign from the Developer and/or
relevant State Authority.

The Proposed Disposal would not depart from the Securities
Commission's Policies and Guidelines on Issue/ Offer of
Securities.

               Documents available for inspection

A copy of the SPA is available for inspection by the
shareholders of the Company at the registered office at No. 1,
Jalan Perunding U1/17, Seksyen U1, Hicom-Glenmarie Industrial
Park, 40150 Shah Alam, Selangor Darul Ehsan, during normal
business hours on Mondays to Fridays (excluding public holdings)
for a period of three months from the date of this announcement.

CONTACT:

Mechmar Corporation (Malaysia) Berhad   
No 1, Jalan Perunding, U1/17, Seksyen U1,
HICOM-Glenmarie Industrial Park,
Shah Alam Selangor
40150 Malaysia
Telephone: 03-55692828   
Fax: 03-55691316


PANTAI HOLDINGS: Bourse to List, Quote New Shares
-------------------------------------------------
Bursa Malaysia Securities Berhad will list and quote on February
3, 2006, Pantai Holdings Berhad's additional 366,800 new
ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme.

CONTACT:

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


SBBS CONSORTIUM: Wind-Up Petition Set for Hearing Mar. 22
---------------------------------------------------------
The winding-up proceeding for SBBS Consortium Berhad is fixed
for hearing on March 22, 2006.

Meanwhile, SBBS Consortium advised that there is no significant
change to the status of default in payment to the other lenders.

The Board of Directors of the Company will make available the
status of the debt-restructuring scheme under Section 176 of the
Companies Act, 1965 from time to time.


SCOMI ENGINEERING: Completes Financial Regularization
-----------------------------------------------------
Scomi Engineering Bhd (formerly known as Bell & Order Berhad)
has regularized its financial condition and no longer fulfills
the criteria under Paragraph 2.0 of the Practice Note 17/2005:

A full-text copy of the content of Practice Note 17/2005 is
available for free at:

   http://bankrupt.com/misc/PracticeNote17-2005.pdf

CONTACT:

Bell & Order Berhad
28 & 30 Jalan Pjs 11/14
Bandar Sunway
Petaling Jaya 46150
Malaysia
Phone: 03 - 56336966
Fax: 03 - 56345081


SUREMAX GROUP: Unit's Winding Up Won't Bring Losses
---------------------------------------------------
Success Earthwork & Construction Sdn Bhd filed a wind-up
petition to the Johor Bahru High Court on December 30, 2005,
against Suremax Builders Sdn Bhd a wholly owned subsidiary of
Suremax Group Berhad.  The wind-up petition was served to SBSB
on January 23, 2006.

SEC is claiming for the sum of MYR41,524.34, being the
outstanding sum for infrastructure works and road works at a few
projects i.e. Pinggiran Senawang Phase RT5, Seri Mambau Phase
A1, Seri Mambau Phase A3, Seri Mambau Phase D1 and Seri Mambau
Main infrastructure works.

Listed below are the details of the default or circumstances
leading to the filing of the Winding-Up Petition on SBSB.

  (i) SBSB is indebted to SEC an amount of MYR41,524.34 as at
      October 3, 2005 for infrastructure works and road works
      carried out by SEC.

(ii) SEC via its solicitor, Messrs. K F Hua & Partners, had
      served a Notice pursuant to Section 218 of the Companies
      Act, 1965 (Notice) dated October 17, 2005 on SBSB at    
      SBSB's registered office and business office on October
      20, 2005, and October 21, 2005, respectively.

(iii) More than 21 days had lapsed since SEC served the
      Notice, however, SBSB failed to pay or settle the debt.

Suremax's total cost of investment in SBSB is MYR8,167,219.00.

The financial and operational impact of the winding-up
proceedings on the Group will be negligible as only legal and
administration cost will be incurred.

In view of that, the Board of Directors of Suremax does not
expect any losses to be incurred arising from the winding-up
proceedings.

Suremax had appointed Solicitors on the Winding-Up Petition on
SBSB and is in the process of negotiating with SEC to settle the
outstanding amount.

The hearing for the winding-up petition on SBSB has been fixed
on April 18, 2006, by the Johor Bahru High Court.


TAP RESOURCES: In Talks with RCSLS Holders
------------------------------------------
Tap Resources Berhad is currently deliberating with the three
Redeemable Convertible Secured Loan Stocks Holders on the:

(i) redemption and interest payment of the RCSLS which were due
     on June 30, 2005; and

(ii) interest payment of the RCSLS which were due on December
     30, 2005.

CONTACT:

Tap Resources Berhad
No. 18, Block B,
Jalan 1/89B (Seksyen 92A),
Batu 3 1/2 Off Jalan Sungei Besi,
57100 Kuala Lumpur
Malaysia
Phone: 03-79823388
Fax: 03-79811329


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

EXPORT AND INDUSTRY: Expects More Funds from Small Shareholders
---------------------------------------------------------------
Export and Industry Bank expects to get Php500 million from its
minority shareholders, on top of a Php15-bilion infusion from
its foreign partners and the Philippine Deposit Insurance Corp.,
BusinessWorld reports.

Exportbank Chairman Sergio R. Ortiz was surprised that the
stockholders were willing to buy common B shares, BusinessWorld
says.  The shares are subject to a lock-in clause and
effectively block the sale or trade of 67% of locked shares for
10 years.  New investors, specifically the Lippo Bank of Hong
Kong, hold common B shares.

During a meeting last week, an Exportbank stockholder questioned
the decision of bank management to allow its foreign partner to
buy more stocks and raise its stake to 30%, saying this could
result in a dilution of their shares.  The stockholder said the
bank should have given other stockholders to buy shares.

The shareholders also backed proposals of the board of directors
and bank management to increase the bank's authorized capital
stock to Php7.5 billion.  The increase would enable the infusion
of Php3 billion in fresh capital.

The additional funds will help the bank reverse last year's
losses and earn an estimated Php380 million this year.

CONTACT:  

Export and Industry Bank  
30 Paseo de Roxas Ave. cor. Jupiter St.,  
Makati City, Metro Manila  
e-mail: expertinfo@exportbank.com.ph   
Web site: http://exportbank.com.ph       


LEPANTO CONSOLIDATED: Settles Gold Hedging Row with Dresdner
-----------------------------------------------------------
As previously reported, Lepanto Consolidated Mining Co. had
various hedging transactions with NM Rothschild & Sons
(Australia) Limited and Dresdner Kleinwort Wasserstein.  
However, it has been Lepanto's position that these hedging
contracts are null and void.

In August 2005, Lepanto filed with the Regional Trial Court of
Makati a case to annul the hedging contracts with Rothschild.  
Subsequently, Rothschild has closed Lepanto's hedge position
under the questioned hedging contracts.

While Dresdner was substantially in the same position as
Rothschild, it looked to a commercial solution to the problem.  
After months of discussions and negotiations, Lepanto and
Dresdner have arrived at a commercial resolution to the
controversy.

Lepanto and Dresdner have reached an understanding and have
signed a Gold Delivery Agreement whereby Lepanto would undertake
to deliver a minimum of 200 ounces of old or its US$ equivalent
at spot price monthly to Dresdner running to the end of
September 2009.  In entering into the GDA, it was understood
that Lepanto does not recognize any obligations under the
hedging contracts.

Lepanto will continue to prosecute its action to have the
hedging contracts with Rothschild declared null and void.

With these developments, Lepanto can now benefit fully from the
rising gold prices.

CONTACT:

Lepanto Consolidated Mining Co.
21st Floor, Lepanto Building
8747 Paseo de Roxas
1226 City of Makati
Telephone No. 815-9447
Fax: 63 (2) 812-0451/63 (2) 810-5583
e-mail: mis@lepantomining.com   
Web site: http://www.lepantomining.com


NATIONAL HOME: To Offload Php3-Bln Delinquent Loans
---------------------------------------------------
The National Home Mortgage Finance Corporation will dispose of
around Php3 billion worth of non-performing loans this year,
BusinessWorld relates.  

The loans, which consist of foreclosed accounts and those with
arrearage of over two years, will be offloaded through public
bidding or assignment of mortgage contract receivables to
interested parties.

NHMFC will publish once in three major broadsheets or tabloids
the accounts to be sold for public bidding, including data on
the property such as location, lot and floor areas, and minimum
bid price, BusinessWorld says.  Qualified bidder-buyers of the
mortgages may either be natural or juridical persons.

The sale or assignment of mortgage loans to a single buyer
involving more than one unit shall be on cash basis.  

On the other hand, installment sale will be allowed for a single
unit transaction per buyer, provided that the buyer shall pay at
least 20% down payment, the first 10% of which is to be paid
upon filing of application for purchase.  For installment sales,
a maximum of 15 years repayment period shall be allowed.

According to BusinessWorld, NHMFC was able to dispose of a total
of 55,000 highly delinquent real-estate mortgage accounts with
an outstanding principal balance of some Php13.4 billion between
May 2004 and October 2005.

CONTACT:

National Home Mortgage Finance Corporation
Filomena III Bldg., 104 Amorsolo St.,
Legaspi Village Makati City
Telephone: 892-5146 / 892-5430


NATIONAL POWER: Senator Hits Firm on Delayed Privatization
----------------------------------------------------------
Philippine Senator Joker Arroyo blamed National Power
Corporation for the slow implementation of the Electric Power
Industry Reform Act of 2001, reports Asia Pulse.

The EPIRA mandates the privatization of all government-owned
power generation assets, including the independent power
producer contracts, real estate and other disposable assets of
Napocor.

Sen. Arroyo said that under the law, the government only needs
three years after the passage to sell 70% of assets.  But as of
2006, the Senator claimed only 3% were sold to private
companies.

The sad part of it, according to the Senator, is Napocor
employees have already collected their separation pays amounting
to about Php12 billion (US$228.9 million) when their payments
must be given when the assets are privatized.

Sen. Juan Ponce Enrile defended Napocor cannot sell its assets
since it has no buyers, the report says.  Sen. Serge Osmena III,
however, contradicted Sen. Enrile's statement, saying there are
always buyers.

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

   
NATIONAL POWER: Ordered to Clean Up Semirara Spill
--------------------------------------------------
The Joint Congressional Power Committee has ordered National
Power Corporation to immediately clean up the oil spill from a
power barge that threatens marine life in Semirara town in
Antique, reports Asia Pulse.

PowerCom chairperson Sentaor Miriam Defensor-Santiago wants the
source and "end-user" of the bunker fuel identified to make them
also liable for the spill, along with Napocor.

According to The Philippine Daily Inquirer, nearly 200,000
liters of bunker fuel had contaminated 236 hectares of mangroves
and 40 square kilometer of marine life off the coast of Semirara
Island.

The oil spill is expected to affect the economy of the province
and the aquatic marine life, Asia Pulse says.


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

A-PROSPEROUS PTE: Receiving Proofs of Claim Until Feb. 20
---------------------------------------------------------
Creditors of A-Prosperous (Singapore) Pte Limited are required
to submit their proofs of claim by February 20, 2006, to:

LAU CHIN HUAT
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809

In default thereof, creditors will be excluded from the benefit
of the Company's dividend distribution.


CHARTERED SEMICONDUCTOR: Posts US$24.13-Mln Profit in Q4/FY05
-------------------------------------------------------------
On January 27, 2006, Chartered Semiconductor Manufacturing
Limited posted its results for the fourth quarter ended December
31, 2005 at the Singapore Exchange & Securities Trading Limited.

According to Chartered CEO Chia Song Hwee, 2005 started out as a
disappointing year with the overhang of inventory correction and
demand softness in certain end markets, although the Company's
capitalization on technology growth led to record revenues
toward the end of the year.

Chartered returned to profit in the fourth quarter of 2005,
garnering a net income of US$24.13 million as compared to a
US$26.83 million loss for the same period in 2004. However, it
posted an annual net loss of US$162.79 million for 2005, against
a US$6.6 million profit in 2004.

Chartered Semiconductor Chief Financial Officer George Thomas
said that the Coompany aims to garner a net income of US$15
million for the first quarter this year, mainly due to revenues
from its technology products.

A full-text copy of this Media Release is available for free at:

   http://bankrupt.com/misc/tcrap_charteredsemi012706.pdf

CONTACT:

Chartered Semiconductor Manufacturing Limited
60 Woodlands Industrial Park D Street 2
Singapore 738406
Phone: 65 63622838
Fax: 65 63622938
Web site: http://www.charteredsemi.com  


CONTRACT DESIGN: Prepares to Declare Dividend
---------------------------------------------
Contract Design Pte Limited advised parties-in-interest of its
intention to declare a dividend.

In order to participate in the distribution of the dividend,
creditors of the Company are required to submit their proofs of
claim by February 15, 2006, to:

Don M Ho, FCPA
Liquidator
c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705
Phone: 65 6532 0320 (8 lines)
Fax:   65 6532 0331


FIRSTLINK INVESTMENTS: Ling Yew Kong Named Chairman
---------------------------------------------------
Firstlink Investments Limited appointed Ling Yew Kong as
Chairman and Managing Director of the Company, effective
immediately.

CONTACT:

Firstlink Investments Corporation Limited
6 Battery Road
Singapore 049909
Phone: 65 6448 6211
Fax:   65 6445 2506


GENIE-LUX PTE: Winds Up Business
--------------------------------
Members of Genie-Lux (Singapore) Pte Limited convened on January
25, 2006, to liquidate the Company's business operations and
distribute its assets.

Chia Lay Beng was appointed to oversee the Company's wind-up
activities.

Chia Lay Beng
Liquidator
1 Scotts Road, #21-07/08/09 Shaw Center
Singapore 228208


HONG YUAN: Creditors' Proofs of Claim Due Feb. 20
-------------------------------------------------
In order to receive dividend, the creditors of Hong Yuan
Holdings Pte Limited must submit their proofs of claim by
February 20, 2006, to:

Wee Hui Pheng
C/o Messrs. Wee Seng Tiong & Co.
1 Coleman Street, #06-01 The Adelphi
Singapore 179803


TAJIMA METALWORK: Intends to Pay Creditors' Dividend
----------------------------------------------------
Tajima Metalwork (Singapore) Pte Limited, which is
preparing to declare a dividend, has required its creditors to
submit their proofs of claim by February 6, 2006, to:

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

Failure to comply with this requirement will exclude creditors
from the benefit of the dividend.


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

BANGKOK BANK: Liquidates Common Shares in Asian Capital
-------------------------------------------------------
Bangkok Bank Public Co. Ltd. has liquidated its entire
investment of 24,000 common shares in Asian Capital Company Ltd.
amounting to THB134,069.

These common shares represent 10% of the Company's total paid-up
capital of 240,000 common shares (par THB10) since the Company
has been already liquidated, according to the letter of
certificate of Ministry of Commerce dated November 11, 2004.


EASTERN WIRE: Installs New Audit Committee
------------------------------------------
The Board of Eastern Wire Public Co. Ltd. met on January 26,
2006, and approved the resolutions to appoint the Chairman and
members of the Audit Committee.

The Audit Committee is now composed of:
         
Mr. Vichai Tantikulanant       Chairman of the Audit Committee
Mrs. Chomchaba Sathapornpong   Audit Committee
Mr. Chaiyawut Chitthiwong      Audit Committee

The Company's Audit Committee shall:

     -- review and assure the accuracy of the Company's   
        financial report in accordance with the generally
        accepted auditing standard and the sufficiency of data
        disclosure;

     -- review and assure the efficiency and effectiveness of
        the Company's Internal Control and Internal Audit
        Systems;

     -- review and assure the Company acts in compliance with
        rules and regulations of the Stock Exchange of Thailand
        and related lows pertaining the Company business;

     -- consider, select and propose the appointment of
        Accounting Auditor and auditing fee;

     -- review and consider the accuracy of Company
        disclosures in the occurrence of Related Transaction and
        the Conflict of Interest;

     -- review and provide comments pertaining to the Company's
        related transaction with its subsidiaries in compliance
        with rules, regulations and guidance of The Stock     
        Exchange of Thailand;

     -- review and assure the effectiveness of the Company's
        Risk Management System;

     -- review and provide comment of Internal Audit Plan,   
        Internal Audit Operation and coordinating with an
        accounting auditor;
       
     -- provide approval of appointment, transfer, and discharge
        as well as considering performance and virtue of the
        head of Internal Audit Department;
    
     -- provide Audit Committee supervision report, signed by   
        the Audit Committee Chairman and expose the
        Company's Annual Report; and
     
     -- report Operation Result of the Auditing Committee to the
        Board of Directors, at least four times a year.

The Committee will report to the Board of Directors.

The Company certifies that the appointed members meet all the
qualifications prescribed by the Stock Exchange of Thailand.

CONTACT:

Eastern Wire Pcl   
Rasa Tower, Room 1201-1203,
555 Phaholyothin Road,
Chatu Chak Bangkok    
Telephone: 0-2937-0058-66   
Fax: 0-2937-0067




                            *********


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, Freya Natasha Fernandez, and Peter A.
Chapman, 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
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***