TCRAP_Public/060216.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

             Thursday, February 16, 2006, Vol. 9, No. 034

                            Headlines


A U S T R A L I A  &  N E W  Z E A L A N D

ADCORP BUILDING: Decides to Close Shop
ADVENTURE BUGGY: Faces Liquidation Proceedings
ALVERA INVESTMENTS: Appoints Receivers
B&H PLANT: Creditors Confirm Liquidator's Appointment
C&C DEVELOPMENTS: Schedules Final Meeting Today

CHOOKA'S INTERNATIONAL: Inability to Pay Debt Prompts Wind-up
CITY & COUNTRY: Taps Joint and Several Liquidators
DASCAM PTY: Prepares to Declare Dividend
GLENWAY INCENTIVE: Members to Receive Wind-up Details
INDIGO FLAME: Stan Traianedes Tapped to Wind Up Firm

IVA TRANSPORT: Members Agree on Liquidation
JIGSAW JOINERY: Appoints Official Liquidators
JO JO'S HAULAGE: Former Director Convicted of Fraud
JOMED AUSTRALIA: To Distribute Dividend on Feb. 17
KAESOR PTY: Names Receivers to Manage Firm

MILBI SCHOOL: Enters Voluntary Liquidation
MIRA INVESTMENTS: Creditors' Claims Due on Feb. 21
OTFORD PRESS: Liquidator to Present Wind-up Report
PHOENIX RIDGE: Members and Creditors Agree to Close Business
PMS CONNECTIONS: To Declare First and Final Dividend

QANTAS AIRWAYS: Mulls Garuda Indonesia Alliance
RESERVE CONCIERGE: Justin Denis Walsh Ceases to Act as Receiver
ROUGE BAR: Court to Hear Winding Up Petition Feb. 20
SONS OF GWALIA: Restructures Ops to Boost Tantalum Production
SUCIVU PTY: Placed Under Voluntary Liquidation

TELSTRA COPORATION: Court Begins AU$300-Mln Fraud Suit Hearing
TELSTRA CORPORATION: S&P Lowers Rating to 'A'
TRADEWORX PTY: Creditors Agree to Liquidate
TUNNEL VISION: Liquidation Process Commenced
VILLAGE LIFE: Trading Halt Extended

WATERSIDE HOLDINGS: BOC Files Winding Up Application
WATTYL LIMITED: Allco Still Up for Takeover Plans
YELLOWCO SEVEN: To Hold Final Meeting Today


C H I N A  &  H O N G  K O N G

BIRGMA ASIA: Names Official Liquidator
CHOY PUI: Court Declares Firm Bankrupt
FAMEAST DEVELOPMENT: Court to Hear Wind-Up Petition March 1
FOCUS ROLLER: Court Issues Wind-Up Order
GOLDSTAR ASIA: Decides to Close Operations

GROUPMARK LIMITED: Liquidator to Present Wind-up Report
HAMPSHIRE COMPANY: Names Official Liquidator
HERMES TRADING: To Declare Dividend  
HIYOSHI HONG KONG: Schedules General Meeting March 13
KAWAJITSU LEASING: To Hold Final Meeting March 10

KINGSWAY DECORATION: Members, Creditors to Meet Feb. 17
KONG SUN: Adjourns Winding Up Hearing to March 27
P&N INTERNATIONAL: Huen Ho Yin Ceases to Act as Liquidator
SHENZHEN DEVELOPMENT: President Steps Down From Post
SIU SHING: Commences Bankruptcy Proceedings

WELL FULL: Begins Bankruptcy Process


I N D I A

BHARAT PETROLEUM: To Set Up LPG Dispensing Units
JEBA FINANCE: RBI Cancels Certificate of Registration
MYSORE LAMP: Workers Call for Resumption of Operations


I N D O N E S I A

DIRGANTARA INDONESIA: Delivers CN-235 Aircraft to Malaysia
KERETA API: Fuel Price Hikes and Repair Delays to Widen Net Loss
PERTAMINA: Java Refinery Shuts Down Temporarily for Repairs
PERTAMINA: Likely to Sever Ties with Sinopec


J A P A N

DAIEI INCORPORATED: Hunt for More Tenants Continues
JAPAN AIRLINES: Faces Price Fixing Probe
JAPAN AIRLINES: Board Members Ask Head to Quit
WORLD NET: Raided for Selling Unlisted Stocks
* Japanese Corporate Bankruptcies Down 3.7% in January


K O R E A

CITIBANK KOREA: Hikes Deposit Rate by 0.2%
* Financial Firms Affected by Asian Crisis Fell by 765


M A L A Y S I A

AFFIN HOLDINGS: Prepares New Shares for Listing and Quotation
AYER HITAM: Payment Defaults Hit MYR39,624,453.59
CHG INDUSTRIES: Restraining Order Extended for 90 Days
CHG INDUSTRIES: Public Shareholding Hits 83.5%
DENKO INDUSTRIAL: ICPS Matures March 15

HUAT LAI: Issues New Shares for Listing and Quotation
KEMAYAN CORPORATION: Court Stretches RO Until April 29
MAXIS COMMUNICATIONS: EGM Slated for March 1
PACIFIC & ORIENT: Prepares New Shares for Listing and Quotation
PELIKAN INTERNATIONAL: Bourse to List and Quote New Shares Today

SCOMI GROUP: Issues New Shares for Listing and Quotation
SURIA CAPITAL: Appeals Court Decision on Times Educational Case
TANAH EMAS: Bourse to List and Quote New Shares


P H I L I P P I N E S

ABS-CBN BROADCASTING: GMA Blames Event Organizers for Tragedy
EXPORT AND INDUSTRY: Mulls Php3.2-Bln Idle Assets Sale
LAFAYETTE MINING: Provides Update on Rapu-Rapu
MANILA MINING: Awaits Exploration Permit Renewal from DENR
NATIONAL POWER: Inks Coco-Diesel Supply Contract with Petron

NATIONAL POWER: Senator Hits EPIRA and Privatization Officials
TPG CORPORATION: Step Up Program Still Waiting for SEC's Nod
URDUJA RURAL BANK: PDIC Receiving Claims Until February 2008


S I N G A P O R E

EI-NETS LIMITED: Net Loss Drops By More Than 50%
NH CERAMICS: Net Loss Balloons to SG$1.20 Mln
UNITED CONSULTANTS: Creditors' Claims Due March 7


T H A I L A N D

PAE THAILAND: Chairman Steps Down from Post
THAI AIRWAYS: Net Profit Down to THB3,809,570,000
THAI ENGINE: Adopts New Company Name

     - - - - - - - -

==========================================
A U S T R A L I A  &  N E W  Z E A L A N D
==========================================

ADCORP BUILDING: Decides to Close Shop
--------------------------------------
Members of Adcorp Building Supplies Pty Limited held a meeting
on January 24, 2006, and agreed to close the Company's business.

Moreover, members agreed to appoint Barry Cook as liquidator to
oversee the wind-up operations.


ADVENTURE BUGGY: Faces Liquidation Proceedings
----------------------------------------------
On December 22, 2005, TGA Unlimited Pty Limited has filed a
petition before the High Court of Wellington for Adventure Buggy
Company Limited to be placed under liquidation.

The application will be heard before the Court on February 20,
2006, at 10:00 a.m.

Any person, other than the defendant company, who wishes to
appear on the hearing of the application must file an appearance
not later than February 16, 2006, to:

          Teresa Shreves
          Solicitor for the Plaintiff
          Crengle Shreves and Ratner Barristers and Solicitors
          Level Twelve, Morrison Kent House
          105-109 The Terrace (P.O. Box 10-236)
          Wellington
          Facsimile: (04) 473 6675


ALVERA INVESTMENTS: Appoints Receivers
--------------------------------------
On January 13, 2006, Richard Albarran, Robert Elliott and
Geoffrey McDonald were appointed as receivers and managers of
Alvera Investments Pty Limited.


B&H PLANT: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------
At a general meeting on January 23, 2006, the members of B&H
Plant Maintenance Services Pty Limited concurred that the
Company must voluntarily commence a wind-up of its operations.

In addition, Danny Vrkic, of Jirsch Sutherland & Co. -
Wollongong, was appointed as liquidator to supervise the
Company's wind-up activities.  Creditors confirmed the
liquidator's appointment at a creditors' meeting held later that
day.


C&C DEVELOPMENTS: Schedules Final Meeting Today
-----------------------------------------------
A final meeting of the members and creditors of C&C Developments
Pty Limited will be held on February 16, 2006, at 11:00 a.m.

At the meeting, liquidator Steven Nicols of Nicols+Brien 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.


CHOOKA'S INTERNATIONAL: Inability to Pay Debt Prompts Wind-up
-------------------------------------------------------------
Chooka's International 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 John Cauchi and David James Lofthouse,
of CJL Partners, were appointed to oversee the Company's
liquidation activities.


CITY & COUNTRY: Taps Joint and Several Liquidators
--------------------------------------------------
John Trevor Whittfield and Boris van Delden, insolvency
practitioners of Auckland, were appointed joint and several
liquidators of City & Country Wholesale Limited on January 25,
2006, at 11.00 a.m., in accordance with Section 241 of the
Companies Act 1993.

The Liquidators require the Company's creditors to make their
claims and to establish any priority their claims may have on
February 22, 2006, to:

         John Whittfield
         Liquidator
         McDonald Vague, P.O. Box 6092
         Wellesley Street Post Office, Auckland
         Telephone: (09) 303 0506
         Facsimile: (09) 303 0508
         Web site: http://www.mvp.co.nz/

Failure to comply with the requirements will exclude the
creditors from the benefit or any distribution or from objecting
to the distribution.


DASCAM PTY: Prepares to Declare Dividend
----------------------------------------
Dascam Pty Limited will declare a first and final dividend for
its priority employees and unsecured creditors on February 17,
2006.

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


GLENWAY INCENTIVE: Members to Receive Wind-up Details
-----------------------------------------------------
The final meeting of the members of Glenway Incentive Pty
Limited is slated for February 16, 2006, at 11:00 a.m., to get
an account of the manner of the Company's wind-up and property
disposal from liquidator Andrew McLellan of PBB Chartered
Accountants.


INDIGO FLAME: Stan Traianedes Tapped to Wind Up Firm
----------------------------------------------------
After their extraordinary general meeting on January 25, 2006,
the members of Indigo Flame Pty Limited decided to close the
Company's business operations.

A meeting of creditors was held on the same day. Subsequently,
Stan Traianedes, of Hall Chadwick Chartered Accountants &
Business Advisers, was appointed as liquidator.


IVA TRANSPORT: Members Agree on Liquidation  
-------------------------------------------
Members of IVA Transport Pty Limited held a meeting on January
24, 2006, and agreed on the Company's need to liquidate.  

They named Geoffrey Charles Ridgeway and Russell Graeme Peake,
of Jenkins Peake & Company, to manage the Company's wind-up
activities.


JIGSAW JOINERY: Appoints Official Liquidators
---------------------------------------------
On January 26, 2006, the shareholders of Jigsaw Joinery Limited
appointed Bernard Spencer Montgomerie and Stuart James
Cunningham, insolvency practitioners of Auckland, as the
Company's joint and several liquidators.

The Company's creditors are asked to prove their debts or claims
by February 28, 2006, to:
          
          Bernard Spencer Montgomerie
          Liquidator
          Montgomerie & Associates,
          P.O. Box 65, Auckland 1015
          Telephone: (09) 363 2870
          Facsimile: (09) 363 2727.
         
Failure to comply with the Liquidators' requirements will
exclude the creditors from the benefit of any distribution made
before the debts are proved or, as the case may be, from
objecting to the distribution.


JO JO'S HAULAGE: Former Director Convicted of Fraud
---------------------------------------------------
Joseph Dadisho, of Kemps Creek in New South Wales, was on Friday
convicted in the Sydney Local Court of three charges brought by
the Australian Securities and Investments Commission.

Mr. Dadisho was a director of Jo Jo's Haulage Australia Pty
Limited when it went into liquidation on November 20, 2001.

The court convicted Mr. Dadisho on two counts of fraudulently
removing part of the property of the company, being AU$115,000
held in a company bank account that Mr. Dadisho transferred into
his personal account, and a motor vehicle that Mr. Dadisho
transferred to himself.

Mr. Dadisho was also convicted of one count of failing to
cooperate with the liquidator when required.

The court sentenced Mr. Dadisho to perform 100 hours community
service and to pay AU$50,000 to the liquidator of Jo Jo's
Haulage Australia.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.


JOMED AUSTRALIA: To Distribute Dividend on Feb. 17
--------------------------------------------------
Jomed Australia Pty Limited will declare a first and final
dividend on February 17, 2006.

Creditors whose claims have not already been admitted, are
required to submit their proofs of claim by today, February 16,
2006. If they do not, they will be excluded from the benefit of
the dividend.


KAESOR PTY: Names Receivers to Manage Firm
------------------------------------------
On January 13, 2006, Murray Campbell Smith and Anthony Gregory
McGrath, of McGrath Nicol and Partners, were appointed as
receivers and managers of Kaesor Pty Limited.


MILBI SCHOOL: Enters Voluntary Liquidation
------------------------------------------
At Milbi School Limited's extraordinary general meeting on
January 20, 2006, members agreed that it is in the Company's
best interests to liquidate its operations.

Craig Crosbie and Rodney Slattery, of PBB Chartered Accountants,
were appointed to oversee the wind-up.


MIRA INVESTMENTS: Creditors' Claims Due on Feb. 21
--------------------------------------------------
Members of Mira Investments Pty Limited convened on January 24,
2006, to liquidate the Company's business operations.

G. G. Woodgate, of Woodgate & Company, was appointed as the
official liquidator for that purpose.

Creditors are required to submit their proofs of claim to the
liquidator by February 21, 2006, in order to participate in the
Company's dividend distribution.


OTFORD PRESS: Liquidator to Present Wind-up Report
--------------------------------------------------
The members and creditors of Otford Press Pty Limited will
convene today, February 16, 2006, at 10:00 a.m., to receive
liquidator R. M. Sutherland's account regarding the Company's
completed wind-up and disposal of property.


PHOENIX RIDGE: Members and Creditors Agree to Close Business
------------------------------------------------------------
On January 25, 2006, the members and creditors of Phoenix Ridge
(Victoria) Pty Limited agreed that a voluntary wind-up of the
Company is necessary and in its best interests.

As a result, R. A. Sutcliffe was appointed as official
liquidator.


PMS CONNECTIONS: To Declare First and Final Dividend
----------------------------------------------------
PMS Connections Pty Limited will declare a first and final
dividend to its preferential creditors on February 20, 2006.

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


QANTAS AIRWAYS: Mulls Garuda Indonesia Alliance
-----------------------------------------------
Qantas Airways is considering a partnership with PT Garuda
Indonesia, The Sydney Morning Herald reports.

According to the paper, Qantas Chief Executive Officer Geoff
Dixon and Chief Financial Officer Peter Gregg had already held
talks with Indonesia's cash-strapped national carrier.  The move
is part of Qantas' attempt at building a presence in Indonesia's
fast growing aviation market.

The Sydney Herald says that Garuda, meanwhile, has been
struggling to pay off its debts and is in need of management
expertise and capital to help it become more competitive and to
help it deal with oil price hikes.

Indonesia's Minister for State Enterprises, Sugiharto, recently
told the state news agency, Antara, that he hoped Garuda would
form an alliance with a foreign carrier in a bid to overcome its
recent troubles.  Despite recent speculation that Air France-KLM
and Thai Airways had been eyeing a 49% stake in Garuda, the
Indonesian Government recently ruled out reducing its share in
the carrier.

The paper relates that the Indonesian Government has given
itself until 2009 to return Garuda to profitability.  It will
then consider whether to sell part of the airline.

AS previously reported in the Troubled Company Reporter - Asia
Pacific, Qantas and Indonesian low-cost carrier AdamAir, have
also engaged in talks in connection with Qantas' plan to
purchase stake in AdamAir.

                          About Qantas  

Qantas Airways -- http://www.qantas.com.au/-- is the world's  
second oldest airline.  Qantas is also recognized as one of the
world's leading long-distance airlines, having pioneered
services from Australia to North America and Europe.  The Qantas
Group employs approximately 38,000 staff across a network that
spans 145 destinations (including codeshare services) in
Australia, Asia-Pacific, Americas, Europe and Africa.  The
Qantas Group also operates a diverse portfolio of airline-
related businesses, including Engineering Technical Operations
and Maintenance Services, Airports and Catering, Qantas Freight,
Qantas Holidays, Qantas Defence Services and Qantas Consulting.  
In the year ended June 30, 2005, Qantas recorded a profit before
tax of AU$1,027.2 million, up AU$62.6 million or 6.5% on the  
previous year.  Net profit after tax of AU$763.6 million was
17.8% up on the prior year.  Revenue increased by 11.4% to
AU$12.6 billion.  The Directors declared a fully franked final
dividend of 10 cents per share, bringing total fully franked
dividends for the year to 20 cents per share.


RESERVE CONCIERGE: Justin Denis Walsh Ceases to Act as Receiver
---------------------------------------------------------------
Justin Denis Walsh ceased to act as the receiver and manager of
the property of Reserve Concierge Pty Limited on January 19,
2006.


ROUGE BAR: Court to Hear Winding Up Petition Feb. 20
----------------------------------------------------
On November 15, 2005, the Commissioner of Inland Revenue has
applied to put Rouge Bar & Eatery Limited into liquidation.

The application will be heard before the High Court of Auckland
on February 20, 2006, at 10:00 a.m.

Any person, other than the defendant company, who wishes to
appear on the hearing of the application, must file an
appearance not later than February 16, 2006, to:

          Kerryn Marie Watt
          Solicitor for the Plaintiff
          Technical and Legal Support Group
          Wellington Service Centre
          First Floor, New Zealand Post House
          7-27 Waterloo Quay (P.O. Box 1462), Wellington
          Telephone: (04) 802 8095
          Facsimile: (04) 802 8187


SONS OF GWALIA: Restructures Ops to Boost Tantalum Production
-------------------------------------------------------------
Sons of Gwalia Limited will undertake an operational restructure
following recent agreements reached with its two major customers
for reduced sales volumes in return for, among other things,
production and product specification flexibility.

The operational restructure will maximize tantalum production at
SGW's lower cost Wodgina mine.

SGW's Greenbushes open cut mine will operate on reduced tonnages
and the underground tantalum mining operations will be put on
"care and maintenance".  Lithium production at Greenbushes will
continue at capacity.

An operating plan has been developed to minimize the impact on
the Greenbushes site personnel.  However, some redundancies may
occur.  Some of the affected workers will be offered positions
based on current vacancies at the Wodgina mine.

The restructure provides SGW with production flexibility to not
only meet the contracted customer demand but with the available
capacity at Greenbushes, to respond on a timely basis to any
increase in demand.

Headquartered in Perth, Western Australia, Sons of Gwalia Ltd --
http://sog.com.au/-- is a mining company listed on the  
Australian Stock Exchange for over 20 years.  The Company had
two operating divisions, Gold and Advanced Minerals.  Sons of
Gwalia, is the world's single biggest producer of Tantalum.  It
fell into administration in 2004 after serious deterioration in
its gold reserves.  In March, the administrators sold the
group's gold unit to Perth-based St. Barbara Mines Ltd.  The
company's liabilities have been estimated at around AU$1
billion.  Its major creditors include gold hedging banks and a
group of United States-based note holders.


SUCIVU PTY: Placed Under Voluntary Liquidation
----------------------------------------------
Members of Sucivu Pty Limited held a general meeting on January
24, 2006, and agreed to:

  -- voluntarily wind up the Company's business operations; and

  -- appoint Richard Herber Judson, of Members Voluntarys Pty
     Limited, as liquidator for the wind-up.


TELSTRA COPORATION: Court Begins AU$300-Mln Fraud Suit Hearing
--------------------------------------------------------------
A brief directions hearing on the AU$300 million suit filed
against Telstra Corporation was held in the Federal Court on
February 10, 2006, The Sunday Mail relates.

According to the report, registrar Anthony Tesoriero said the
case would be heard by Justice Murray Wilcox at a date to be
fixed, possibly late next month.

Class Action Reporter reported earlier that Telstra shareholders
filed the suit against the Australian telephone firm in a
Federal Court in Sydney, alleging breach of stock exchange
disclosure rules.  They are represented by law firm Slater &
Gordon.

According to AFX, the suit claimed the company made selective
disclosures by first briefing the journalists and the
government, about its financial woes last year before informing
the Australian Stock Exchange.  Telstra is 51.8% owned by the
government.

Telstra's stock closed at AU$5 on August 10, 2005, the day
before results were issued.  It fell AU$0.18 on August 11, 2005,
the day the results were released to market.  Weeks later,
Telstra warned profits could fall by up to 10% in the year to
June 2006 and that it had underinvested in capital expenditures
during the previous three to five years.

Shareholders who bought Telstra shares between the release of
its annual results on August 11, 2005, and the profit warning in
the week of September 5, 2005, claimed they were overcharged for
being kept in the dark about the firm's finances.

Slater and Gordon Spokesman Michael Salmon said early estimates
indicate shareholders were overcharged some AU$300 in the four-
week period alone.  The law firm said anyone who bought Telstra
shares between August 11, 2005, and September 7, 20065, is
eligible to join the suit.

Headquartered in Melbourne, Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services.  Telstra's international business
includes Hong Kong CSL Limited, TelstraClear Limited, and Reach
Ltd.


TELSTRA CORPORATION: S&P Lowers Rating to 'A'
---------------------------------------------
Standard & Poor's Ratings Services today lowered its long-term
credit ratings on Telstra Corp. Ltd. (Telstra) to 'A' from 'A+'
and affirmed its short-term credit ratings on Telstra at 'A-1'.
At the same time, the ratings were removed from CreditWatch with
negative implications, where they were placed on Nov. 15, 2005.

The actions follow a review of Telstra's operating environment,
its strategic plans, and the increase in its financial risk
tolerance. The outlook is negative.

Over the next five years, Telstra has indicated it may spend
about AU$17 billion on dividend payments and up to AU$27 billion
on capital expenditure to maintain and upgrade its network.  The
company has also increased its financial leverage boundaries,
with its debt-to-EBITDA tolerance rising to 1.7x-2.1x from 1.4x-
1.7x.

"Although Telstra maintains commanding market positions and
strong cash-generation characteristics, a more aggressive
financial risk appetite has put downward pressure on the
company's credit quality," said credit analyst Colin Atkin,
Corporate & Infrastructure Finance group.  

"The dividend and capital spending plans also leave little room
for financial underperformance without precipitating a more
significant deterioration in Telstra's financial profile than
now anticipated," Mr. Atkin said.

In addition, Standard & Poor's said Telstra remains exposed to
an evolving regulatory environment that may pressure the
company's operating margins and cash flow as regulators
intervene to promote increased competition and lower wholesale
access prices.  "The current regulatory environment is opaque
and unreliable, posing one of the biggest single near-term risk
to Telstra's credit profile.  A reduction in regulatory
intervention is considered unlikely in the near term," said Mr.
Atkin.

The government's proposal to sell its remaining 52% shareholding
in the company is less likely to affect Telstra's credit
profile.  Even so, uncertainty surrounding the impact of the
proposed privatization on Telstra's business and financial
profile overhangs the current ratings.  "The credit rating could
be adversely affected should a sale herald a major change to the
scale or mix of cash flow or the adoption of an even more
aggressive financial risk appetite," Mr. Atkin said.

The negative outlook reflects the unfavorable regulatory
environment, heightened competition, shareholder-friendly
capital management practices, and the more aggressive financial
risk tolerance of the company.  Should any one of these
pressures on the ratings become more negative, the ratings could
be lowered.  Notwithstanding these material risks to credit
quality, Telstra's existing business is underpinned by a solid
market position and a sufficient level of reliable cash flow.
Its cash flow and credit-protection ratios are, nevertheless,
expected to come under considerable pressure over the medium
term.

There is limited headroom in the rating beyond what can be
reasonably expected to accommodate a more severe deterioration
in the company's credit quality.  There could be a revision of
the outlook if the operating environment and regulatory
framework improves.  An enduring realization of strong credit-
protection ratios and the adoption of more conservative
financial policies may also lead to a favorable revision of the
rating outlook.


TRADEWORX PTY: Creditors Agree to Liquidate
-------------------------------------------
Creditors of Tradeworx Pty Limited held a meeting on January 24,
2006, and agreed to close the Company's business.

Moreover, the creditors agreed to appoint R. M. Sutherland, of
Jirsch Sutherland Chartered Accountants, as liquidator to
oversee the wind-up operations.


TUNNEL VISION: Liquidation Process Commenced
--------------------------------------------
Petone Plumbing & Building Supplies Limited has filed a petition
to liquidate Tunnel Vision Limited.

The High Court of Wellington will hear the application on Feb.
27,2006, at 10:00 a.m.

Any person, other than the defendant company, who wishes to
appear on the hearing of the application, must file an
appearance not later than February 25, 2006 to:

          J. L. Williams
          Solicitor for the Plaintiff
          Jonathan Lee Williams, Sladden Cochrane & Co,
          Solicitors
          Level Seven, Hallenstein House, 276 Lambton Quay
          (P.O. Box 10-909), Wellington

Further particulars may be obtained from the office of the Court
or from the plaintiff or to:

           Golden Bay Collections Limited
           The Plaintiff's Agent
           P.O. Box 207, Takaka 7172
           Telephone: (03) 525 7100
           Facsimile: (03) 525 9040
           e-mail: gb.collections@xtra.co.nz


VILLAGE LIFE: Trading Halt Extended
-----------------------------------
Village Life Limited's directors are seeking to extend the
current trading suspension granted on the Company on February 1,
2006.

Village Life wants the suspension extended until March 1, 2006,
to allow the Company sufficient time to assess the full impact
of the issues described on its half-year financial statements.

Since the trading halt, the Company has advanced the completion
of its accounts for the half year ended December 31, 2005,
together with negotiations with the responsible entities that
manage the two Trusts from which Village Life Limited leases 36
of its villages.

These negotiations are still in progress and t is unlikely that
Wednesday will complete these negotiations by February 15, 2006,
the date by which the Company originally anticipated that it
would be able to provide information to the market, which would
lead to a reinstatement of its shares.

The implications arising from these negotiations are significant
in that the Directors need to determine Village Life's future
prospects and finalization of these negotiations may impact on
the Directors assessment of the status of the Company's accounts
as at December 31, 2005.  Accordingly, until these negotiations
are completed, the Directors consider that it will not be
possible to complete the financial accounts as of December 31,
2005, or provide shareholders with a clear understanding of the
Company's unlikely prospects.

Headquartered in Milton, Queensland, Australia, Village Life --
http://www.villagelife.com.au/-- is one of Australia's largest  
providers of rental accommodation for seniors, providing
residents with a safe, affordable and comfortable community
lifestyle; and investors with a unique and secure investment for
life.  Village Life villages can be found throughout Australia.  
The sites are chosen for their proximity to preferred
neighborhoods for seniors and adequate access to transport,
shopping, entertainment and health care facilities.


WATERSIDE HOLDINGS: BOC Files Winding Up Application
----------------------------------------------------
On November 22, 2005, BOC Limited lodged an application to put
Waterside Holdings Limited into liquidation.

The High Court of Auckland will hear the petition on Feb. 16,
2006, at 10:45 a.m.

Any person, other than the defendant company, who wishes to
appear on the hearing of the application, must file an
appearance to:

          R. A. Fraser
          Solicitor for the Plaintiff
          Credit Services (NZ) Limited
          Level Six, 138 Victoria Street
          Christchurch
          
Further particulars may be obtained from the office of the
Court, from the Commissioner of Inland Revenue, or from
plaintiff's solicitor.


WATTYL LIMITED: Allco Still Up for Takeover Plans
-------------------------------------------------
Allco Equity Partners Ltd says that it is still considering a
takeover of Wattyl Limited, even after Barloworld Ltd. offered
AU$321 million for the paint maker.

Wattyl directors have recommended that shareholders accept the
Barloworld offer unless there is a superior bid.  Barloworld is
offering AU$3.80 per Wattyl share, compared to Allco's $3.25,
which Wattyl deems inadequate.

Allco's managing director, Peter Yates, said that the
"Barloworld offer is highly conditional. It contains a 90%
minimum acceptance condition and requires the approval of the
Australian Competition and Consumer Commission, which rejected a
similar proposal in 1995-96 on a number of competition grounds."

He says that Allco is considering its options in light of the
Barloworld offer and will keep the market informed.

Allco has extended its takeover offer by 13 days to March 6.


YELLOWCO SEVEN: To Hold Final Meeting Today
-------------------------------------------
A final meeting of the members of Yellowco Seven Incentive Pty
Limited will be held for the parties to receive the liquidator's
final account showing how the Company was wound up and how its
property was disposed of.

The meeting will be held today, February 16, 2006, at 10:30 a.m.


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

BIRGMA ASIA: Names Official Liquidator
--------------------------------------
The members of Birgma Asia (Hong Kong) Company Limited convened
on January 25, 2006, and decided to liquidate the Company's
business operations.  

The members subsequently named Andrew Morrison Paul to
facilitate the Company's wind-up activities.


CHOY PUI: Court Declares Firm Bankrupt
--------------------------------------
A bankruptcy order against Choy Pui Wai was issued on Feb. 3,
2006.  

All debts due to the estate should be paid to the official
receiver, ET O'Connell.


FAMEAST DEVELOPMENT: Court to Hear Wind-Up Petition March 1
-----------------------------------------------------------
On January 6, 2006, Lai Wei Kee presented a petition to wind up
Fameast Development Limited.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on March 1, 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 28,
2006, to:

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


FOCUS ROLLER: Court Issues Wind-Up Order
----------------------------------------
The petition to wind up Focus Roller Shutter Limited will be
heard before the High Court of Hong Kong Special Administrative
Region on March 1, 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 Feb. 28, 2006, to:

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


GOLDSTAR ASIA: Decides to Close Operations
------------------------------------------
On January 31, 2006, the creditors of Goldstar Asia Limited
convened and agreed that:

   -- the Company be wound up voluntarily; and

   -- Cheung Yin Shan be appointed to supervise the wind-up
      activities of the Company.


GROUPMARK LIMITED: Liquidator to Present Wind-up Report
-------------------------------------------------------
A final meeting of the members and creditors of Groupmark
Limited will be held on March 17, 2006, at 10:00 a.m.

At the meeting, liquidator Yuen Lu Suk Kwan, Daphne 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.


HAMPSHIRE COMPANY: Names Official Liquidator
--------------------------------------------
At a meeting of Hampshire Company Limited on January 27, 2006,
members resolved that the Company undergo voluntary liquidation.  

Natalia K.M. Seng was named to supervise the Company's wind-up
activities.


HERMES TRADING: To Declare Dividend  
-----------------------------------  
Hermes Trading Company notifies parties-in-interest of an
intended dividend to be declared at the High Court of Hong Kong.
  
Creditors are required to submit their proofs of claim by
February 18, 2006, to:
  
     ET O'Connell
     The Official Receiver & Trustee
     10th Floor, Government Offices
     66 Queensway, Hong Kong
     Phone: (852) 2867 2448
     Fax: (852) 3105 1814
     e-mail: oroadmin@oro.gov.hk   


HIYOSHI HONG KONG: Schedules General Meeting March 13
-----------------------------------------------------
A final general meeting of the members of Hiyoshi Hong Kong
Limited will be held on March 13, 2006, at 5:30 p.m., for the
parties to receive the liquidator's final account showing how
the Company was wound up and how its property was disposed of.

At the meeting, the members will propose that the books,
accounts and documents of the Company will be retained by the
liquidator and at the expiration of three months from the
dissolution of the Company, be destroyed.

Natalia K.M. Seng is the Company's liquidator.


KAWAJITSU LEASING: To Hold Final Meeting March 10
-------------------------------------------------
The members of Kawajitsu Leasing (Hong Kong) Limited will meet
on March 10, 2006, at 9:35 a.m., to receive the liquidators'
account regarding the Company's completed wind-up and disposal
of property.

At the meeting, the members will propose that the books,
accounts and documents of the Company will be retained by the
liquidator and at the expiration of three months from the
dissolution of the Company, be destroyed.

Susan Y. H. Lo serves as the Company's liquidator.


KINGSWAY DECORATION: Members, Creditors to Meet Feb. 17
-------------------------------------------------------
The meetings of the members and creditors of Kingsway Decoration
& Engineering Company Limited will be held for them to receive
the liquidator's final account showing how the Company was wound
up.

The meeting among members will be held on February 17, 2006, at
11:30 a.m., at:

          27th Floor, Alexandra House
          18 Chater Road, in Central
          Hong Kong

The creditors' meeting will take place at 12:00 noon.


KONG SUN: Adjourns Winding Up Hearing to March 27
-------------------------------------------------
Kong Sun Holdings Limited advised that the hearing of its
winding-up petition has been further adjourned to March 27,
2006, Infocast News says.

In view of the winding-up petition and a number of outstanding
issues pertaining to the financial conditions of the Company,
shares will remain suspended until further notice.

Headquartered in Central, Hong Kong, Kong Sun Holdings Limited's
activities are property investment and development, that invests
in land and buildings for its rental income potential and
property development, and financial services, that engages in
the provision of loan finance and corporate finance consultancy
services.  Other activities such as trading of computer
products, information technology and securities broking and
investment have been discontinued.  Its operations are located
in Hong Kong, China and Malaysia.


P&N INTERNATIONAL: Huen Ho Yin Ceases to Act as Liquidator
----------------------------------------------------------
At a meeting of P&N International Company Limited on February 3,
2006, Huen Ho Yin ceased to act as liquidator of the Company.

No further details were disclosed.


SHENZHEN DEVELOPMENT: President Steps Down From Post
----------------------------------------------------
Jeffrey Williams has tendered his resignation as president of
Shenzhen Development Bank effective February 11, 2006.

According to Reuters, his resignation is part of the bank's
management reshuffle.

As previously reported in the Troubled Company Reporter-Asia
Pacific, the Chinese lender has the highest bad-debt burden and
lowest capital adequacy of China's listed banks.


SIU SHING: Commences Bankruptcy Proceedings
-------------------------------------------
A bankruptcy order against Siu Shing Company was issued on
February 3, 2006.

All debts due to the estate should be paid to the official
receiver, E.T. O'Connell.


WELL FULL: Begins Bankruptcy Process
------------------------------------
The High Court of Hong Kong opened bankruptcy proceedings
against Well Full Transport Company on February 10, 2006.

Consequently, all debts due to the estate should be paid to the
official receiver, E.T. O'Connell.


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

BHARAT PETROLEUM: To Set Up LPG Dispensing Units
------------------------------------------------
Bharat Petroleum Corporation Limited will install auto liquefied
petroleum gas units at Coimbatore and Erode in April this year,
NewIndpress relates.

The Company is shelling out around INR65 to 70 lakhs for the
project, which is expected to encourage people to convert
petrol-run vehicles into gas-operated ones.

BPC has already identified strategic places to install more auto
LPG filling outlets, should the Government extend its support on
the project.

Headquartered in Maharashtra, India, Bharat Petroleum  
Corporation Limited -- http://www.bharatpetroleum.com/-- is  
engaged in refining and marketing petroleum, liquefied petroleum
gas and petrochemical products including middle distillates,
light distillate, lubricants, benzene and toluene.  During the
year 2002, the Group introduced Petro Card and SmartFleet Card
and it has around 700,000 customers enrolled in 28 cities.   
There are 4,711 retail outlets and 1,729 LPG distributors that
operate in the country.  The plants of the Group are located in  
Mahul and Mallet Road in Mumbai and in Budge.


JEBA FINANCE: RBI Cancels Certificate of Registration
----------------------------------------------------
The Reserve Bank of India, has on January 31, 2006, cancelled
the certificate of registration of Jeba Finance Limited for
carrying on the business of a non-banking financial institution.

Following cancellation of the registration certificate, Jeba
Finance Limited cannot anymore transact the business of a non-
banking financial institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank
of India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company.

The business of a non-banking financial institution is defined
in clause (a) of Section 45-I of the Reserve Bank of India Act,
1934.


MYSORE LAMP: Workers Call for Resumption of Operations
------------------------------------------------------
The employees of state-owned Mysore Lamp Works Limited have
lodged with the Karnataka High Court proposals to revive the
Company, reports Deccan Herald.

Under the proposals, the MLW Staff and Employees' Union
explained it wants to resume the Company's operations without
the Government's financial support.  The Company has been idle
since June 2003.

The union proposed to fund the Company's operations through:

     -- the use of around INR60 lakh from the MLW employees'
        Gratuity Fund Trust;

     -- the use of INR15 lakh collected after disposing of scrap
        materials;

     -- the utilization of INR15 lakh generated from allowing a
        film Company to shoot in the factories premises; and
      
     -- the use of the entire amount collected between March
        2003 and March 2005 by leasin out the Company's brand to
        a private firm on royalty basis.

The Company, which has a debt of INR120 crore, was recommended
for winding up by the State Government and the Board of
Industrial and Financial Reconstruction.  The Karnataka
Government has categorically ruled out reviving Mysore Lamp
after state efforts to privatize the firm failed.

Justice Ram Mohan Reddy adjourned further hearing of the winding
up petitions to March 16, 2006, after the Union requested four
more weeks to submit a comprehensive revival proposal to the
Court.

During the last hearing, the Court had sought a detailed
explanation from the Government as to why the company cannot be
rejuvenated.  However, the Government is yet to submit its
response to the Court.


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

DIRGANTARA INDONESIA: Delivers CN-235 Aircraft to Malaysia
----------------------------------------------------------
PT Dirgantara Indonesia delivered a VIP CN-235 aircraft to the
Malaysian Air Force in a ceremony on February 14, Asia Pulse
says.  

State Enterprises Minister Sugiharto attended the ceremony,
where PT DI President M. Nuril Fuad, handed over the airplane to
Malaysian Air Force Chief Gen. Dato Sri Nik Ismail bin Nik
Mohamed.

The aircraft is slated to arrive in Malaysia this afternoon.  It
is the last of two VIP aircraft ordered by the Malaysian Air
Force, which purchased a total of six CN-235 military transport
planes and two CN-235 VIP airplanes for a total of IDR1.24
trillion, Asia Pulse reports.

According to Minister Sugiharto, the delivery of the aircraft
indicated that PT DI is still performing well as an aircraft
manufacturer.  He hopes that government institutions would be
encouraged to use locally made aircraft in the future.

PT Dirgantara Indonesia -- http://www.indonesian-aerospace.com/
-- is one of the indigenous aerospace companies in Asia with
core competence in aircraft design, development and manufacture
of civilian and military regional commuter aircraft.  Since
being established in 1976, the company has successfully
exploited its ability as industry of manufacture and has
diversified its product not only in the field of aircraft but
also in Telecommunication, Automotive, Maritime, Information
Technology, Oil & Gas, Control & Automation, Military,
Simulation Technology, Industrial Turbine, and Engineering
Services.  In production line, Dirgantara Indonesia has
delivered more than 300 units of aircraft & helicopters, defense
system, aircraft components and other services.  Through the
implementation of restructuring program in the beginning of
2004, Dirgantara Indonesia's workforce has been arrowed down
from 9, 670 employees to 3, 720; and its 18 business units have
been streamlined into five core businesses.


KERETA API: Fuel Price Hikes and Repair Delays to Widen Net Loss
----------------------------------------------------------------
PT Kereta Api is expecting to suffer a IDR40-billion increase in
net losses this year, Asia Pulse relates.

Asia Pulse reports that the Company is slated to book net losses
amounting to IDR53 billion.  The Company's 2005 net loss was
also pegged at IDR13 billion.  

According to KA president Ronny Wahyudi, recent fuel price
increases and delays in facilities and infrastructure repairs
contributed to the huge expected loss.

Since the Indonesian government has not provided the subsidy for
public service obligations to PT KA, the Company has had
difficulty trying to improve its performance.  The Government
has not paid the PSO subsidies from 2003 to 2004, amounting to
some IDR1.33 trillion.  

Mr. Wahyudi said he hopes the Government will disburse the funds
soon.

Headquartered in Bandung, West Java, Indonesia's state railway
PT Kereta Api -- http://www.kereta-api.com/-- operates a large  
and busy network.  Its 6,000 kilometers of track extend
throughout Java and Sumatra and carry some 200 million
passengers per year.  Since 1999, KAA has operated as a limited
corporation and is currently implementing a strategy for change
designed to make it Indonesia's main choice of transport for all
sectors of Indonesian society.


PERTAMINA: Java Refinery Shuts Down Temporarily for Repairs
-----------------------------------------------------------
PT Pertamina will shut down an oil refinery located in Java, in
order to conduct repairs, Today Online says.

According to Pertamina spokesman M. Harun, production in the
Balongan refinery in West Java was suspended on February 15 and
will be reopened on March 5, 2006.

Pertamina processing director Suroso Atmomartoyo told Today
Online that fuel supply will not be affected by the temporary
closure, as the shutdown has already been anticipated.

PT Pertamina (Persero) -- http://www.pertamina.com-- is a  
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation No.  
31/2003 has changed its legal status from a special state-owned
enterprise into a Limited Liability Company.  In carrying out
its activities, PT Pertamina (Persero) implements an integrated
system from upstream to downstream.  Under the Ministry of  
State-owned Enterprises, PT Pertamina (Persero) commits to
deliver high quality products and services to the stakeholders
as well as increase its contribution to the nation's wealth.  PT  
Pertamina (Persero) has 14 subsidiaries, among which include viz  
Pertamina Energy Trading Limited (Petra)/oil and gas trading, PT  
Elnusa Harapan/marketing and trading, PT Pelita Air
Service/airline service and PT Perta Medika/hospital.


PERTAMINA: Likely to Sever Ties with Sinopec
--------------------------------------------
PT Pertamina may cancel its partnership with China Petroleum &
Chemical Corporation in a project to build a IDR13.8 trillion
plant in East Java, The Jakarta Post says.

Pertamina processing director Suroso Atmomartoyo said that
Sinopec was taking more time to decide on investment terms in
the construction project.  Both parties had signed a preliminary
agreement on the project last July, but it seemed that Sinopec
was hesitant to invest since it had received offers from other
countries, and could not commit to building a plant with
Pertamina.

The refinery, to be built in Tuban, East Java, was slated to
produce up to 200,000 barrels daily to further reduce
Indonesia's fuel imports, according to The Post.  Earlier plans
to construct the refinery failed when investment agreements with
Mitsui & Corporation and Mitsubishi Corporation in 2003 and
Petroliam Nasional Berhad in 2004 did not push through.

PT Pertamina (Persero) -- http://www.pertamina.com-- is a  
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation No.  
31/2003 has changed its legal status from a special state-owned
enterprise into a Limited Liability Company.  In carrying out
its activities, PT Pertamina (Persero) implements an integrated
system from upstream to downstream.  Under the Ministry of  
State-owned Enterprises, PT Pertamina (Persero) commits to
deliver high quality products and services to the stakeholders
as well as increase its contribution to the nation's wealth.  PT  
Pertamina (Persero) has 14 subsidiaries, among which include viz  
Pertamina Energy Trading Limited (Petra)/oil and gas trading, PT  
Elnusa Harapan/marketing and trading, PT Pelita Air
Service/airline service and PT Perta Medika/hospital.


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

DAIEI INCORPORATED: Hunt for More Tenants Continues
---------------------------------------------------
Daiei Incorporated is seeking successor tenants to occupy
remaining outlets in Japan as early as possible, Kyodo News
reports.

Daiei, with support from Industrial Rehabilitation Corporation
of Japan, has decided to close 54 stores nationwide, including
subsidiaries, as part of its new business reconstruction plan.

Of the 54 Daiei stores that have been closed, only six were to
be reopened by other tenants at the end of January.

Headquartered in Hyogo, Tokyo, Daiei Incorporated
-- http://www.daiei.co.jp/-- operates through four divisions  
namely retail, finance and real estate.  Retail includes general
merchandise stores, department stores and convenience stores.


JAPAN AIRLINES: Faces Price Fixing Probe
----------------------------------------
The European authorities had searched the Frankfurt offices of
Japan Airlines as part of a probe into a possible price fixing
in the air cargo market, Reuters relates.

The European Union's executive arm and the United States Justice
Department also raided the offices of British Airways Plc,
Deutsche Lufthansa AG and Air France-KLM Group on Tuesday.
    
The authorities investigated the leading passenger airlines'
cargo operations in Europe and around the United States, and
were asked for information related to the probe.

Headquartered in Tokyo, Japan, Japan Airlines Corporation  
(formerly Japan Airlines System Corporation) --
http://www.jal.com/en/-- was created as a result of the merger  
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Combined, the airlines serve more than 170 cities in
some 30 countries and operate more than 270 mostly jet aircraft.
Both carriers continue to operate separately as Japan Airlines
International Co. Ltd. and Japan Airlines Domestic, though they
are combined in a single brand as JAL/Japan Airlines.


JAPAN AIRLINES: Board Members Ask Head to Quit
----------------------------------------------
Japan Airlines Corporation said that four board members have
demanded that President Toshiyuki Shinmachi resign to answer for
the airline's losses, Kyodo News relates.

Mr. Shinmachi rejected the demands, saying that the four board
members are also to blame for a series of safety lapses and
business losses.

The carrier incurred a net loss of JPY23 billion in third
quarter ending in December 31, 2006, and expects a JPY47 billion
net loss for the current business year through March 31.

Early this month, individual shareholder Eitaro Itoyama has
called on Mr. Shinmachi to resign and take the responsibility
for JAL's poor performance.

Headquartered in Tokyo, Japan, Japan Airlines Corporation  
(formerly Japan Airlines System Corporation) --
http://www.jal.com/en/-- was created as a result of the merger  
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Combined, the airlines serve more than 170 cities in
some 30 countries and operate more than 270 mostly jet aircraft.
Both carriers continue to operate separately as Japan Airlines
International Co. Ltd. and Japan Airlines Domestic, though they
are combined in a single brand as JAL/Japan Airlines.


WORLD NET: Raided for Selling Unlisted Stocks
---------------------------------------------
Police raided the headquarters of World Net Investment on
Tuesday on suspicion of selling Earth Chemical shares in
November 2005, without a license, Japan Today relates.

The raid came after Earth Chemical received as many as about
1,300 inquiries from individuals claiming they suffered losses
by buying the Company's shares prematurely.

The two financial companies allegedly lured investors by saying
that they would make profits by buying unlisted shares before
the company was listed.


* Japanese Corporate Bankruptcies Down 3.7% in January
------------------------------------------------------
Japanese corporate bankruptcies fell 3.7% in January from the
previous month to 730 cases, marking the first decline in two
months, credit research agency Teikoku Databank says.

The Japanese economy has been recovering in recent years
following a decade-long slowdown, Teikoku reveals.

Corporate profits are improving, unemployment is easing and
consumer spending is recovering, the agency adds.


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

CITIBANK KOREA: Hikes Deposit Rate by 0.2%
------------------------------------------
Citibank Korea Incorporated has raised its one-year time deposit
rate by 0.2%, reports Yonhap News Agency.  Aside from the time
deposit rate, other deposit rates will also be adjusted.  

Citibank decided to hike its deposit rates to match the increase
in the benchmark interest rate set by the Central Bank by a
quarter of one percentage point to four percent.  Rival banks
have also increased their deposit rates.

Last week, the Central Bank has augmented the policy rate by the
margin in an apparent move to keep an economic rebound from
sparking inflationary pressure, Yonhap News cites.

Headquartered in Seoul, Korea, Citibank Korea --  
http://citibank.co.kr/english/index.html-- offers a combination   
of local knowledge and global expertise and resources to provide  
its clients with unmatched products and services in terms of  
variety and range.  The Company has 4,100 employees and 238  
consumer branches.  The Company also offers transactional  
banking, treasury and risk management instruments, loans  
syndication, capital markets expertise, and credit cards and  
wealth management.


* Financial Firms Affected by Asian Crisis Fell by 765
------------------------------------------------------
Financial firms hit by the 1997 Asian crisis have decreased by
765, The Korea Times relates, citing the Financial Supervisory
Service.

According to the financial regulator, the affected firms have
now been down to 1,338, from 2,103 in 1997.

The number of affected Banks fell to 19 from 33.  Since 1997,
five banks were closed, 10 banks were merged and one new bank
was created, The Korea Times says.

The recovery resulted from the bank's restructuring efforts.  

Last year, most banks booked net profits due to a sharp fall in
bad-loan provisioning costs and special gains from selling share
holdings.

The restructuring was the most active in the non-banking sector,
including merchant banks, investment trust firms and lease
firms.  Some 510 financial institutions in the sector were
closed or merged, the FSS revealed.

Around 20 insurance firms have vanished over the past years, but
new players maintained the number of market players to 50 in
that period.

In contrast, the number of securities firms rather increased to
39 from 36 in 1997.  Fifteen stockbrokers were liquidated but 20
firms were created in that period, the FSS added.


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

AFFIN HOLDINGS: Prepares New Shares for Listing and Quotation
-------------------------------------------------------------
Affin Holdings Berhad's additional 148,000 new ordinary shares
of MYR1.00 each issued pursuant to the Employees' Share Option
Scheme will be granted listing and quotation by Bursa Malaysia
Securities Berhad on February 10, 2006.

Headquartered in Kuala Lumpur, Malaysia, Affin Holdings Berhad -
- http://www.affin.com.my/-- is engaged in commercial banking,   
merchant banking, finance company business, stock broking and  
asset management business.  The Company's other activities  
include the provision of insurance services, lease and hire  
purchase financing, nominee services and investment holding.   
Operations are carried out principally in Malaysia.


AYER HITAM: Payment Defaults Hit MYR39,624,453.59
-------------------------------------------------
As of January 31, 2006, Ayer Hitam Tin Dredging Malaysia
Berhad's payment defaults have reached MYR39,624,453.59.

The said defaults refer the term loan and syndicated term loan
extended by the Company's lenders:

          * Alliance Bank Malaysia Berhad;
          * EON Bank Berhad;
          * Kewangan Bersatu Berhad;
          * Malayan Banking Berhad; and
          * AmBank Berhad.

A full-text copy of the various credit facilities owed by the
Company is available for free at:

  http://bankrupt.com/misc/AyerHitamTinDredging021406.pdf

Headquartered in Kuala Lumpur, Malaysia, Ayer Hitam Tin Dredging  
Malaysia Berhad -- http://www.ahtin.com.my-- is involved in   
property development and the trading of promotional products and  
services in Malaysia.  The Company is also engaged in the  
trading of uninterrupted power supply equipment and magnetic  
fuel treatment systems and the provision of investment holding,  
nominee services, hotel development and management and  
renovation services.


CHG INDUSTRIES: Restraining Order Extended for 90 Days
------------------------------------------------------
The restraining order granted on CHG Industries Berhad has been
extended for a period of 90 days from January 24, 2006, to April
23, 2006, to facilitate the implementation of the firm's
proposed debt and corporate restructuring scheme.

Headquartered in Selangor Darul Ehsan, Malaysia, CHG Industries  
Berhad -- http://www.chg.com.my/-- is an investment holding   
company listed on the Main Board of the Kuala Lumpur Stock
Exchange, Malaysia.  It is the parent company of the CHG  
Industries Group, whose principal activity is in the  
manufacture, distribution and export of plywood, LVL (Laminated  
Veneer Lumber) and other veneer products.


CHG INDUSTRIES: Public Shareholding Hits 83.5%
----------------------------------------------
As of December 31, 2005, CHG Industries Berhad's shareholders
public shareholding spread not holding less than 100 shares have
reached 4,962.

The percentage of the Company's shareholding now stands at
83.50%.

Headquartered in Selangor Darul Ehsan, Malaysia, CHG Industries  
Berhad -- http://www.chg.com.my/-- is an investment holding   
company listed on the Main Board of the Kuala Lumpur Stock
Exchange, Malaysia.  It is the parent company of the CHG  
Industries Group, whose principal activity is in the  
manufacture, distribution and export of plywood, LVL (Laminated  
Veneer Lumber) and other veneer products.


DENKO INDUSTRIAL: ICPS Matures March 15
---------------------------------------
The 20,391,222 irredeemable convertible preference shares issued
by Denko Industrial Corporation Berhad will mature on March 15,
2006.  Unless previously converted, all outstanding ICPS shall
cease to bear dividend after the maturity date.

On March 15, the remaining outstanding ICPS will be withdrawn
from the ICPS holders CDS account on March 16, 2006, and shall
be automatically converted into fully paid shares of the Company
on the basis of every one ICPS for every one new Company share
in the Company in accordance with the terms of the Memorandum
and Articles of Association of Denko.

The ICPS will be removed from the Official List of Bursa
Securities on March 16, 2006.

The rights of the ICPS holder to receive dividends prior to
conversion of the ICPS are subject to the availability of
sufficient net profits after taxation for distribution and in
priority to any payment in respect of any other class of shares
in the capital of Denko.  As of financial year ended March 31,
2005, Denko booked accumulated losses of MYR43,957,229.

The ICPS holders are also advised to read carefully these
procedures:

      Suspension of trading and last date of trading

The last day for trading of ICPS on Bursa Securities will be on
February 27, 2006 at 5:00 p.m.  The trading of ICPS on Bursa
Securities will be suspended February 28, 2006 until the
Maturity Date.

     Book closure date in relation to the maturity of ICPS

Registered holders of the deposited ICPS should take note of    
these provisions of Bursa Depository which will apply to the
ICPS:

      * Bursa Depository will not be accepting any request for
        the transfer of ICPS for the period commencing March 8,
        2006 to the Maturity Date.

      * A depositor shall qualify for conversion of the ICPS
        into new ordinary shares in Denko in respect of the:

        -- ICPS transferred into depositor's securities account
           before March 8, 2006, in respect of transfers; and

        -- ICPS bought on the Bursa Securities on a cum
           entitlement basis according to the Rules of the Bursa
           Securities.

All inquiries concerning the above should be addressed to the
registrar at:

           PFA Registration Services Sdn Bhd
           1301, Level 13, Uptown 1
           No. 1 Jalan SS 21/58, Damansara Uptown  
           47400 Petaling Jaya
           Telephone Number:03-77254888
           Fax No. :03-77222311

Headquartered in Kuala Lumpur, Malaysia, Denko Industrial Corp.
Berhad manufactures and sells plastic raw materials, semi-
finished products and chemicals, plastic pipes and plastic
injection moulding products, foundation garments made of cotton,
polyester and other types of fabrics, consumer and industrial
products.

The Company is also engaged in the provision of maintenance
services for sewerage systems and waste water treatment plants,
production of packing material and vacuum foams, property
rental, wholesaling and retailing of foodstuff and investment
holding.  Operations are carried out in Malaysia.


HUAT LAI: Issues New Shares for Listing and Quotation
-----------------------------------------------------
Bursa Malaysia Securities Berhad will list and quote Huat Lai
Resources Berhad's additional 36,000 new ordinary shares of
MYR1.00 each arising from the conversion of MYR36,000 Nominal
Value of Irredeemable Convertible Unsecured Loan Stocks
2005/2010 today, February 16, 2006.

Headquartered in Melaka, Malaysia, Huat Lai Resources Berhad --
http://www.huatlai.com/index.htm-- specializes in the  
production of commercial table eggs, layer chicks, organic
fertilizers and egg trays.


KEMAYAN CORPORATION: Court Stretches RO Until April 29
------------------------------------------------------
The High Court of Malaya, Kuala Lumpur has extended the
Restraining Order for Kemayan Corporation Berhad for a period of
90 days.  The Restraining Order will now expire on April 29,
2006.

In addition, the Court also granted leave for the:

  * disposal of a parcel of land and two partially completed
    steel structured sheds situated at Jalan Tuaran, held by  
    Alrosa Sdn Bhd, a subsidiary of the Company, to Hwa Sen
    Holdings Bhd for a total cash consideration of MYR6.6
    million; and

  * disposal of a parcel of land and an industrial building
    erected thereon situated at Mile 5 1/2, Jalan Kolombong,
    Kolombong Industrial Area, held by Kemtrad Holdings Sdn Bhd,
    a subsidiary of the Company, to NCT Forwarding & Shipping
    Sdn Bhd for a total cash consideration of MYR3.47 million.

Headquartered in Johor Darul Takzim, Malaysia, Kemayan
Corporation Berhad -- http://www.kemayan.com/-- develops,  
constructs and manages properties.  The firms' other activities
include the operation of resorts, cultivation of palm oil,
trading of office equipment and supplies and the provision of
management, engineering and investment holding services.
Operations of the Group are carried out in Malaysia, Asia
Pacific and others.


MAXIS COMMUNICATIONS: EGM Slated for March 1
--------------------------------------------
Maxis Communications Berhad will convene an extraordinary
general meeting on Wednesday, March 1, 2006, at 10:00 a.m., at:

          Sapphire Room, Level 1,
          Mandarin Oriental Kuala Lumpur,
          Kuala Lumpur City Centre
          50088 Kuala Lumpur
          Malaysia.

The meeting will consider the:

  -- acquisition of a 39% stake at Aircel Limited for US$422
      million;

  -- subscription of shares at Deccan Digital Networks Private   
      Limited (JVC):

     (i) Equity shares (25.714%) for INR118,284,400; and

    (ii) Preference shares for US$375 million.

      All or part of the amount will be used to finance the
      acquisition of the Aircel stake.

  -- creating put and call options on 63,243,243 equity shares
     at Aircel Limited.

Headquartered in Kuala Lumpur, Malaysia, Maxis Communications
Berhad -- http://www.maxis.com.my/main.asp/-- provides the  
means (complete mobile and fixed-line telecommunications
services as well as broadband and other Internet-related
services) and the media (mobile phones and other
telecommunications equipment) by which people can keep in touch.

The company was founded in 1995 and first started on the Kuala
Lampur stock exchange in 2002.  It is listed on the Fortune 1000
compilation of the world's most lucrative companies and is the
fifth-largest publicly traded company in Malaysia.


PACIFIC & ORIENT: Prepares New Shares for Listing and Quotation
---------------------------------------------------------------  
Pacific & Orient Berhad repurchased 2,000 ordinary shares of MYR
MYR1.00 each for a total consideration of MYR3,556.60 during its
shares buy back on February 14, 2006.

The maximum price paid for each share purchased is MYR1.770
The number of shares purchased retained in treasury is 2,000
units.

Cumulative net outstanding treasury shares as at to-date is
5,607,856 units.

Headquartered in Kuala Lumpur, Malaysia, Pacific & Orient Berhad  
-- http://www.pacific-orient.com-- is engaged in the provision   
of general insurance and management services.  The firm's other  
activities include provision of information technology services,  
sale of information technology equipment, distribution of  
consumer products, provision of sales and administrative  
services, provision of management and privilege card programmed  
services, research and development and trading activities and  
money lending and investment holding.


PELIKAN INTERNATIONAL: Bourse to List and Quote New Shares Today
----------------------------------------------------------------
Pelikan International Corporation Berhad's additional 5,753,998
new ordinary shares of MYR1.00 each will be granted listing and
quotation by Bursa Malaysia Securities Berhad today, February
16, 2006.

The shares are issued pursuant to the:

     -- conversion of MYR8,629,999 nominal value of three
        percent five-year Irredeemable Convertible Unsecured
        Loan Stocks 2005/2010 into 5,753,332 new ordinary shares
        of MYR1.00 each; and

     -- conversion of MYR999 nominal value of three percent
        five-year Redeemable Convertible Unsecured Loan Stocks
        2005/2010 into 666 new ordinary shares of MYR1.00 each.

Pelikan International Corporation Berhad formerly known as  
Diperdana Holdings Berhad is engaged in the provision of  
container haulage services to importers and exporters.  The  
Company's activities include customs brokerage, intermodal  
transportation, chartering and marine insurance services,  
provision of container storage, repair, cleaning and reefer  
services, storage and management of stocks, distribution,  
consolidation and braking of cargo. The Group operates in  
Malaysia.


SCOMI GROUP: Issues New Shares for Listing and Quotation
--------------------------------------------------------
On February 17, 2006, Bursa Malaysia Securities Berhad will list
and quote Scomi Group Berhad's additional 28,000 new ordinary
shares of MYR0.10 each issued pursuant to the Employees' Share
Option Scheme.

Headquartered in Kuala Lumpur, Malaysia, Scomi Group Bhd --  
http://www.scomigroup.com.my/publish/home.shtml-- provides   
drilling fluids and mud engineering services and the supply of  
industrial and production chemicals to the upstream and  
downstream oil and gas industry.


SURIA CAPITAL: Appeals Court Decision on Times Educational Case
---------------------------------------------------------------
Suria Capital Holdings Berhad has filed an appeal to the
decision made by the Kuala Lumpur High Court to the Legal Suit
against Times Educational Company.

Suria has appealed the Court's decision to dismiss the
Company's application to adduce fresh evidence relating to the  
Kuala Lumpur High Court Suit No. S1-22-38-04 Times Educational  
Co. Sdn. Bhd. Vs. Suria Capital Holdings Berhad.

Headquartered in Sabah, Malaysia, Suria Capital Holdings
Berhad's principal activities are property development and
investment holding. During 2001, the entire shares of Sabah Bank
Bhd, a wholly owned banking subsidiary, was disposed.  The
Company has identified a core business in the form of commercial
operations of Sabah Ports Authority and at year 2001 is actively
in negotiations to conclude with the signing of the conditional
sale and purchase agreement.


TANAH EMAS: Bourse to List and Quote New Shares
-----------------------------------------------
Bursa Malaysia Securities Berhad will list and quote Tanah Emas
Corporation Berhad's additional 22,000 new ordinary shares of
MYR1.00 each arising from the conversion of 33,000 Irredeemable
Convertible Unsecured Loan Stocks 2001/2006 into 22,000 New
Ordinary Shares on February 17, 2006.

Headquartered in Sandakan, Sabah, Malaysia, Tanah Emas  
Corporation Berhad -- http://www.tanamascorp.com/-- is engaged   
in cultivation and processing of crude palm oil and palm
kernel.  The Company is also engaged in the production of sawn
timber, plywood and veneer, manufacture, import, export and
distribution of organic fertilizers, provisioning of technology
license and investment holding.


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

ABS-CBN BROADCASTING: GMA Blames Event Organizers for Tragedy
-------------------------------------------------------------
President Gloria Macapagal-Arroyo said that ABS-CBN Broadcasting
Corporation was to blame for the February 4 Philsports stampede
that killed 71 people and injured more than 600, The Philippine
Star reports.

Pres. Arroyo told a radio interview Tuesday that the event
organizers and sponsors were careless in their preparations
resulting in the tragedy, The Star says.

She also branded as unfair the comments of some people who
blamed the poor for forcing their way into the event site and
pinning their hopes on the television program and her
administration for the problem of poverty in the country.

The President said the government's job is to find the cause of
the stampede, identify those who should be held liable for the
event, and ensure that the victims would get justice.  She said
regardless of rank in society or even position in government,
those who should be held liable must be made to face the
consequences of their actions.

Meanwhile, ABS-CBN scored President Arroyo's statement on the
stampede, saying that issues surrounding the tragedy have been
prejudged.  

In a separate statement, the network said that it has not
forgotten about the responsibility of looking after the victims
of the stampede. The network said it has shouldered medical,
burial and transportation expenses of the victims.

The network also established the 71 Dreams Foundation, which
aims to provide long-term assistance to the orphans of those who
died in the tragedy.

ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle
Broadcasting Network -- http://www.abscbn-ir.com-- is a leading  
radio and television broadcasting network and multimedia company
in the Philippines.  It was founded in 1953, and was the first
television station in the Philippines.  The network's main
broadcast facilities are located at the ABS-CBN Broadcast Center
in Mother Ignacia St., Diliman, Quezon City, Philippines.


EXPORT AND INDUSTRY: Mulls Php3.2-Bln Idle Assets Sale
------------------------------------------------------
Export and Industry Bank is planning to sell Php3.2 billion
worth of idle assets in order to clean up its books,
BusinessWorld reports.

According to BusinessWorld, the bank will dispose of non-
performing assets through the special purpose asset vehicle,
which is composed of asset management firms that buy bad loans
and idle assets at deep discounts.

Aside from this, the bank is expected to be more liquid after
the entry of new investments.  The fresh capital will also boost
the bank's ability to protect its depositors.

Headquartered in Makati City, Manila, Exportbank --
http://exportbank.com.ph/-- has 50 branches and has revived  
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit-
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.


LAFAYETTE MINING: Provides Update on Rapu-Rapu
----------------------------------------------
Late last year, Lafayette Mining Limited's Rapu-Rapu mine, which
is 350 kilometers south-east of Manila, experienced two
wastewater discharges that led to a temporary closure of
operations and to the Philippine Government imposing fines and
sanctions.

To alleviate the consequent funding pressures, the Company
announced on December 14, 2005, that it would raise over AU$10
million through share placements and a Share Purchase Plan.  
These placements have since been successfully completed, and the
SPP is due to close on February 17, 2006, with strong levels of
acceptance to date from retail shareholders.

On January 17, Lafayette announced a range of Board and senior
management changes to position the Company for the re-
commissioning and production phase.  This principally involved
the introduction of a team led by Filipino businessman, Carlos
Dominguez.  That team is now in place and has made progress.  
The team has worked closely with government at a national and
local level as well as with the local community.  Further, the
expanded project team has made considerable progress with
preparations for the commissioning of the base metals plant,
despite record levels of rainfall in the area over the past few
months, which have slowed some pre-start activities.

As part of the introduction of Mr. Dominguez's team, the Company
has invited the former to place a minimum of AU$1 million in
Lafayette shares at a price of 11 cents per share.
In the quarterly report to shareholders issued on January 30,
2006, Lafayette Mining said that following rigorous process
reviews, the Company was anticipating a resumption of mining
operations and the commencement of production at levels that
will sustain profitability.

Those reviews have included considerable government involvement
in an effort to ensure that reported allegations about elevated
mercury levels in waters near the island are refuted.  The
government has since confirmed that the Rapu-Rapu operations
were not responsible for these alleged occurrences.  The Rapu-
Rapu project produced its first gold in July last year. It does
not use mercury in any form in its processing of gold, copper or
zinc ore.

This ongoing process has created delays in the timing of the
commencement of commissioning at Rapu-Rapu, which is now
scheduled for mid-March, subject to the resolution of the
outstanding issues.

This situation creates a range of issues for the Company.  In
particular, the consequent delay in project revenues is
impacting the Company's working capital position.  Accordingly,
the Company is closely monitoring its liquidity position and
funding requirements and has commenced various initiatives with
its major stakeholders in an effort to restructure its existing
commitments and facilities.  These initiatives will include
discussions with the banking syndicate to realign its hedging
portfolio to the expected production profile once operations
have commenced.  The successful implementation of these
initiatives is expected to provide sufficient time to confirm
that the project team has resolved all regulatory requirements.

Headquartered in Melbourne, Australia, Lafayette Mining Limited
-- http://www.lafayettemining.com/-- has been listed on the  
Australian Stock Exchange since August 1997.  Its focus is the
development of a polymetallic project involving copper, gold,
zinc and silver on the Island of Rapu-Rapu in the Philippines.  
The Company is also undertaking additional exploration
activities at the Rapu-Rapu site with preliminary results so far
indicating the life of mine can be extended.


MANILA MINING: Awaits Exploration Permit Renewal from DENR
----------------------------------------------------------
Manila Mining Corporation is awaiting the Department of
Environment and Natural Resources' renewal of its exploration
permit over the Kalaya-an Property.  The EP renewal is
indispensable for the purpose pf advancing negotiations with the
Company's prospective partners.

MMC is optimistic the EP renewal will be officially released
sooner since it has complied with all the requirements of law
regulations.

On November 30, 2005, the EP renewal was approved by the
Director of the Mines and Geosciences Bureau.  The EP renewal
already has the acceptance signature of MMC's duly authorized
representative.  However, the DENR/MGB has yet to officially
release the said document.

Manila Mining Corporation was incorporated primarily to carry on
the business of mining, milling, concentrating, converting,
smelting, treating, preparing for market, manufacturing, buying,
selling, exchanging and otherwise producing and dealing in
precious and semi-precious metals, ores, minerals and their by-
products.  On April 16, 1999, the Securities and Exchange
Commission approved the extension of the company's corporate
term for another 50 years after the expiration of its original
term on May 30, 1999.

The Company is an affiliate of Lepanto Consolidated Mining
Company.  It started its mining operations in Placer, Surigao
del Norte in 1981.  Until 2001, it was producing gold bullion
through a Carbon-In-Pulp Plant.  It was producing copper
concentrates from its copper flotation plant until July, 2001
when it suspended mining and milling operations.


NATIONAL POWER: Inks Coco-Diesel Supply Contract with Petron
------------------------------------------------------------
National Power Corporation recently granted Petron Corporation
the right to supply pre-blended coco-biodiesel for use on
Napocor's vehicles, The Philippine Star reveals.

Under the contract, Petron will supply some 180,000 liters of
coco-methyl ester or coco-biodiesel to Napocor.  The supply is
likely to be sourced from bulk coco-diesel manufacturers such as
Chemrez Incorporated.

According to The Star, the agreement provides that the risk of
using such product will be shouldered by the buyer and not by
the supplier.

Petron had been hesitant to market pre-blended coco-biodiesel
products in its gas refilling stations due to fear of future
risks.  Petron is currently selling only bottled coco-diesel
products in all of its retail stations.

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph-- is a state-owned  
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power-generating facilities.  It works
with independent producers under a build-operate-transfer
program.  Its transmission network has a line length of nearly
13,000 circuit miles.  With a generating capacity of more than  
11,500 MW, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the Company has begun
selling off its generation assets.  It has also separated its
transmission operations into a new subsidiary, the National
Transmission Corporation.


NATIONAL POWER: Senator Hits EPIRA and Privatization Officials
--------------------------------------------------------------
A Philippine senator is urging the government to scrap the
Electric Power Industry Reform Act and fire officials concerned
with the privatization of National Power Corporation, The
Philippine Star says.

Sen. Joker Arroyo pointed out that the EPIRA, which was supposed
to reduce power rates and liquidate Napocor's debts, has failed
to fulfill its objectives, The Star relates.

The Senator revealed that of the 70% of Napocor's assets that
are set for privatization, only 0.0015% or five generating
assets were sold.

According to Sen. Arroyo, Napocor's debt has now ballooned to
Php800 billion while the total proceeds from the sale of the
generating assets reached only Php287 million.  He said that
Napocor's debt has blown out to such a huge level that even the
sale of the firm's entire generating assets would not be able to
cover for its liabilities.

The Star says that Sen. Arroyo has urged the Government to call
the attention of the Energy Secretary, and the presidents of
Napocor, Power Sector Assets and Liabilities Management
Corporation and National Transmission Corporation for the
continuous increase of electricity rates despite the EPIRA.

The Senator also called on the President to fire all of the
officials involved in the sale of the Napocor's assets for their
failure to perform on their obligations, The Star adds.

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph-- is a state-owned  
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power-generating facilities.  It works
with independent producers under a build-operate-transfer
program.  Its transmission network has a line length of nearly
13,000 circuit miles.  With a generating capacity of more than  
11,500 MW, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the Company has begun
selling off its generation assets.  It has also separated its
transmission operations into a new subsidiary, the National
Transmission Corporation.


TPG CORPORATION: Step Up Program Still Waiting for SEC's Nod
------------------------------------------------------------
TPG Corporation is still awaiting the Securities and Exchange
Commission's approval of its Step Up program, which will make
plan holders equity owners, BusinessWorld says.

An informed source, however, said TPG does not expect the
regulator to issue an approval since no formal proposal was
presented.

The source also told BusinessWorld that that the SEC is not in a
position to approve or disapprove the Step Up program since it
is no longer equated as a judicial body that could adjudicate on
corporate disputes since 2000 when the Securities Regulation
Code was implemented.

According to BusinessWorld, TPG's decision not to renew its
license this year has sparked speculations that it is likely to
file for a petition for corporate rehabilitation like College
Assurance Plans Philippines Incorporated, Pacific Plans
Incorporated and Platinum Plans Philippines Inc.

TPG, however, explained it did not file for renewal of license
due to concerns on the emerging scenario of an "industry
meltdown."

Meanwhile, TPG's bid to transfer its office from a building it
owns in Mandaluyong City to an area in Makati City ignited
rumors that it is bent on transforming its operations to that of
a financial services company from a pre-need firm.


URDUJA RURAL BANK: PDIC Receiving Claims Until February 2008
------------------------------------------------------------
The Philippine Deposit Insurance Corporation has started
servicing claims for insured deposits in the closed Urduja Rural
Bank of Tayug (Pangasinan) Incorporated on February 9, 2006.  
The shutdown, which was ordered on February 2, 2006, is pursuant
to Monetary Board Resolution No. 97.

Depositors are requested to proceed directly to the premises of
URBTI where they can file their claims with the PDIC
representatives from February 9 to 17, 2006, during office
hours, from Monday to Friday, except holidays.

After the specified dates, all depositors can file their claims
personally at:

          PDIC Claims Counter
          6th Floor, SSS BLDG
          Ayala Avenue corner V.A. Rufino St.
          Makati City

Or mail to:

          The Manager
          Claims Processing Department
          Philippine Deposit Insurance Corporation
          2228 Chino Roces Avenue
          1231 Makati City
                  
Depositors are advised to present to PDIC representatives:

      * an original evidence of deposit such as Savings
        Passbook, Certificate of Time Deposit, or Bank Statement
        including Unused Checks; and

      * two latest valid identification cards/documents with
        depositor's signature.

Other documents may be required by the PDIC representatives in
the course of their processing of claims filed.

Pursuant to the provisions of R.A. 3591, as amended by R.A.
9302, the last day for filing claims for insured deposits in the
closed Urduja Rural Bank of Tayug (Pangasinan), Inc., is on
February 4, 2008.  After the deadline, PDIC shall no longer
accept any claim for insured deposits maintained with the said
closed bank.


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

EI-NETS LIMITED: Net Loss Drops By More Than 50%
------------------------------------------------
Ei-Nets Limited reports a 66.7 % decrease in its half-year net
loss in FY05. The Company posted a SGD415,000 net loss for the
six months ended December 31, 2005, while its net loss for the
same period in 2004 stood at SGD1.25 million.

A full-text copy of Ei-Nets' half-year 2005 financial results is
available for free at:

      http://bankrupt.com/misc/tcrap_ei-nets021506.pdf

Ei-Nets Limited - http://www.ei-nets.com/-- started out in  
September 1999 under the name Ei-Nets.com Pte Limited. It became
a public limited company in 2000, and later changed its name to
Ei-Nets Limited.  The Company's principal activities are trading
computer equipment and products, as well as IT consultancy
services.  It also provides IT network solutions for intranet,
internet and extranet systems.


NH CERAMICS: Net Loss Balloons to SG$1.20 Mln
---------------------------------------------
NH Ceramics Limited has noted a significant increase in its net
loss for the six months ended December 31, 2005.

The Company's net losses grew to SG$1.21 million, as compared to
its SG$352,000 net loss for the same period last year.

A full-text copy of NH Ceramics' 2005 half-year financial
results is available for free at:

   http://bankrupt.com/misc/tcrap_nhceramics021506.pdf

Headquartered in Singapore, NH Ceramics Limited supplies ceramic
and marble tiles and other finishing and building materials for
use in residential, commercial and industrial applications. It
also carries out processing, fabrication and precision cutting
of building materials.  The Group supplies a wide range of
building materials, including the core products of ceramic wall,
floor tiles, marble tiles and other finishing materials (e.g.
fired clay pavers, roofing tiles, swimming pool tiles, etc.).  
Aside from that, NH Ceramics Limited also provides interior
design and renovation services.


UNITED CONSULTANTS: Creditors' Claims Due March 7
-------------------------------------------------
United Consultants Pte Limited, which is preparing to declare a
dividend, has required its creditors to submit their proofs of
claim by March 7, 2006, to liquidator Wee Hui Pheng, of Wee Seng
Tiong & Company. Failure to comply with this requirement will
exclude creditors from the benefit of the dividend.


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

PAE THAILAND: Chairman Steps Down from Post
-------------------------------------------
Pornsak Durongkavibul has resigned as chairman of PAE (Thailand)
Public Company Limited's Board of Directors effective February
9, 2006.

Headquartered in Bangkok, Thailand, PAE (Thailand) Public Co.
Limited -- http://www.pae.co.th/-- is principally involved in  
communication & manpower supply, construction, industrial
service and trading.

PAE had since continued to grow and was well recognized as a
leading construction company in Thailand.  However, in 1997, due
to the economic crisis and the baht devaluation, PAE (T) was
among many business enterprises affected by severe liquidation
problems.  

The company had submitted the application for the business
rehabilitation according to the Bankruptcy Act and was approved
by the Central Bankruptcy Court on February 22, 2000 with GTT
Planners Co., Ltd. appointed as the Plan Administrator.  The
Central Bankruptcy Court finally ordered the release of PAE(T)
from the rehabilitation plan on April 28, 2004.  The
rehabilitation plan called for an increase in the share capital
of THB1,200 million.


THAI AIRWAYS: Net Profit Down to THB3,809,570,000
-------------------------------------------------
Thai Airways International Public Company Limited released a
summary of its reviewed first quarter financial statements for
the period ended December 31, 2005

Reviewed (In thousands)
Ending December 31  
Quarter 1

Year                       2005              2004

Net profit (loss)          3,809,570         5,716,971

EPS (baht)                      2.24              3.38

Type of report: Unqualified Opinion

The company hereby certifies that the information above is
correct and complete.  In addition, the company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure, and
has also submitted the original report to the Securities and
Exchange Commission.

Headquartered in Bangkok, Thailand, Thai Airways International  
Public Company Limited -- http://www.thaiairways.com/-- is   
engaged in the operation of domestic and international air  
transportation service.  This includes support services such as  
freight forwarding, warehousing, on-line ticketing, hotel and  
restaurant operations, fuel storage and filling for aircraft at  
the airport Air catering and fuel pipeline transportation.  The  
Group also provides services in other type of transportation  
in connection with the information technology services,  
distributes computer services, flight reservation and other  
travel-related services.                      


THAI ENGINE: Adopts New Company Name
------------------------------------
The Central Bankruptcy Court has approved to change Thai Engine
Manufacturing Public Company Limited's name to Agro Industrial
Machinery Public Company Limited.
  
The court approved the revision of the Company's articles of
association to reflect the name change and to comply with the
Stock Exchange of Thailand's regulations concerning the
execution of connected transactions and the acquisition or
disposal of assets, which are applicable to listed companies,
and the Public Limited Companies Act B.E. 2535, as amended.
  
The increase of the registered capital has also been approved.  
Thai Engine's 6,315,801 new ordinary shares will be issued and
allocated to the existing shareholders, whose names are in the
share register since September 3, 2001, on a pro rata basis at
the ratio of 3.80 existing shares to one new ordinary share.  
The new shares will be offered at THB0.01 each.  

The investors, which have acquired a stake in the Company as a
result of the December 23, 2001 capital increase, will be liable
for the subscription fee concerning the new shares to be offered
to the Company's existing shareholders.  

In compliance with the Central Bankruptcy Court's order, the
Company's qualifications will meet the Bourse's requirement so
that it will be able to apply the SET to release it from the
Rehabco sector and re-classify it as a member of the ordinary
industrial sector.
  
The Company registered its name change, amendments to its
articles of association and capital increase at the Department
of Business Development, Ministry of Commerce on February 9,
2006.  And the Company's initials are changed from TEM to AMAC
to reflect the new name.

Headquartered in Bangkok, Thailand, Thai Engine Manufacturing
Public Co. Limited manufactures and distributes small diesel
engines, engine components and spare parts for the agricultural
industry.  It involves the single industry segment of assembly
and sale of small diesel machines, and are carried on entirely
in Thailand.



                            *********


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.

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