TCRAP_Public/060220.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Monday, February 20, 2006, Vol. 9, No. 036

                            Headlines


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

ACUSHLA INVESTMENTS: Court Orders Wind-up
ANGLIN INVESTMENTS: Prepares to Close Business
ANN STREET: Martin Madden Named as Receiver
ARISTOCRAT LEISURE: Class Action Group May Swell
AUCKLAND TRADE: CIR Applies for Firm's Liquidation

BKD DIESEL: Enters Voluntary Liquidation
BOUQUETGARNI LIMITED: Liquidation Hearing Set Today
CANBERRA VISTA: To Declare Dividend to Creditors on Feb. 21
CARTER HOLT: Notes Takeover Offer Record Date
CAULIE PTY: Members Agree to Shut Down Firm

CRESVALE CAPITAL: To Hold Final Meeting Today
DOWER LIMITED: Placed Into Voluntary Liquidation
EB SQUARED: Members & Creditors To Receive Wind-up Details
FLORITE PLUMBING: Liquidation Petition Filed by CIR
FYNDORY PTY: Frank Pilato Named to Supervise Wind-up

GHATTAS CONCRETE: Creditors Decide to Wind Up Firm
HARTSFORD CLINIC: Appoints Official Liquidators
IMPEL BUSINESS: To Distribute Final Dividend
LABASSA GROVE: Placed Under Voluntary Liquidation
MURCHIL PTY: Liquidator to Give Wind-up Report on Feb. 20

NORTHVIEW CONSULTANTS: Taps Joint and Several Liquidators
ONE CALL: Court to Hear Wind-up Petition on Feb. 27
QANTAS AIRWAYS: Reveals Silent Slashing of 600 Jobs
QANTAS AIRWAYS: Jetstar Asia May Fly Outside Melbourne
RONALD MUIR: Members Opt to Wind Up Business

SCARBOROUGH HOSPITALITY: Creditors Agree to Company Liquidation
SOUTHROCK CORPORATION: To Pay Dividend on Feb. 21
STYLUS INVESTMENTS: Court Orders Liquidation
TE MATA: CIR Wants Company Liquidated
VAN EYK CAPITAL: Schedules Final Meeting Today

WESTPOINT GROUP: Federal Court Orders Westpoint Corp.'s Wind-Up
WESTPOINT GROUP: ASIC Chairman Conflicted in Westpoint Case
WESTWING INVESTMENTS: Liquidates Operations


C H I N A  &  H O N G  K O N G

BANK OF CHINA: IPO Closer as Temasek Buys 5% Stake
AMEX TRAVEL: Names Official Liquidator
CHEER HOST: Liquidator to Present Wind-Up Report
FAVOUR ART: Prepares to Declare Dividend
HIGH FIDELITY: Leung Shiu Tong Ceases to Act as Liquidator

I-SECURITY SOLUTIONS: Placed Under Voluntary Liquidation
JONWAY LIMITED: Opts to Liquidate Operations
LUCKYBEST INVESTMENT: Creditors' Proofs of Claim Due on Feb. 22
P.C.S. SERVICES: Court to Hear Wind-Up Petition on March 8
RELIABLE WATCH: Commences Liquidation Process

SHOEI LIMITED: Members Agree to Liquidate
TIGER VIEW: Schedules Final Meeting on March 23
TREE CODE: Creditors' Proofs of Claim Due on March 16
WINS TEAM: Enters Voluntary Liquidation
WOA HOLDINGS: Creditors' Claims Due on March 20

WONG & OUYANG: Decides to Wind Up and Names Liquidator


I N D I A

BHARAT PETROLEUM: Oil Subsidies Block Expansion Plans
BHARAT PUMPS: ONGC Likely to Handle Revival
CEAT LIMITED: Equity Shareholders Approve Amalgamation Scheme
DHANSURA PEOPLE'S: Loses License Due to Cash Woes
NAMTECH ELECTRONIC: Board Meeting Fixed for Feb. 20

SOUTH INDIAN: Provides Update on Follow-on-Public Offering


I N D O N E S I A

GARUDA INDONESIA: Citylink Unit Flies to Surabaya from Bandung
GARUDA INDONESIA: Lufthansa Wants to Buy Stake


J A P A N

HUSER LIMITED: Enters Bankruptcy Procedures
JAPAN AIRLINES: Expects Huge Losses in FY/2005
MITSUBISHI MOTORS: Develops Plant-Based Resin for Car Interiors
SANYO ELECTRIC: Fitch Says Nokia Venture Could Be Beneficial
SONY CORPORATION: Moody's Assigns A2 Ratings to Bonds

SNOW BRAND: Moody's Revises Debt Rating Outlook to Positive


K O R E A

DAEWOO GROUP: Hopes to Sell Five Affiliates Within 2006
LG CARD: Shinhan Group Concerned Over Inflated Price
SK CORPORATION: Moody's Places Ba1 Rating for Review


M A L A Y S I A

DENKO INDUSTRIAL: Bourse Suspends Trading of Shares
FOREMOST HOLDINGS: Receives Judgment in Default from Supportive
HUAT LAI: Bourse to List and Quote New Shares Today
JIN LIN: Inks 4th Supplemental Agreement with Seo Aik
MAGNUM CORPORATION: Repurchases Ordinary Shares

MAXIS COMMUNICATIONS: New Shares for Listing and Quotation Today
PACIFIC & ORIENT: Holds Shares Buy-Back
PAN MALAYSIA: Buys Back 290,000 Ordinary Shares
SETEGAP BERHAD: Requests for Another Extension of RO
SOUTHERN BANK: Not in Negotiation With Any Financial Institution

SUNWAY HOLDINGS: Judge Reschedules Wind-Up Hearing on SunCon
UNITED CHEMICAL: Loans Defaulted Hits MYR1,107,795.83


P H I L I P P I N E S

ABS-CBN BROADCASTING: Might Pay Php0.2-Mln Each to Victims' Kin
MANILA ELECTRIC: Supreme Court Ruling Worries DoE
PHILIPPINE AIRLINES: Suspends Laoag Flights
PHILIPPINE AIRLINES: Eyes 6% Profit Increase for Mindanao Ops
RB OF 1ST CENTURY: PDIC Receiving Claims Until January 2008

RB ZAMBOANGITA: Depositors' Insured Claims Due on January 2008
UNIWIDE HOLDINGS: Confirms Lease Contract with Suy Sing


S I N G A P O R E

ALADDIN SALES: To Declare Final Dividend Today
EWC ASIA: Creditor Seeks Liquidation
FIRSTLINK INVESTMENTS: To Hold EGM in March
GREATRONIC LIMITED: Malaysian Unit Seeks Debt Repayment
NKI ASIA: Creditors' Claims Due March 17

TUNG LIN: To Distribute Dividend to Creditors


T H A I L A N D

PICNIC CORPORATION: SEC Warns AJF and Former CIO
THAI DURABLE: Unveils Share Sale Results

     - - - - - - - -

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

ACUSHLA INVESTMENTS: Court Orders Wind-up
-----------------------------------------
On January 31, 2006, the Supreme Court ordered the winding up of
Acushla Investments Pty Limited, and appointed Pino Fiorentino,
of Hamiltons Chartered Accountants, as the Company's official
liquidator.


ANGLIN INVESTMENTS: Prepares to Close Business
----------------------------------------------
At a general meeting of Anglin Investments Pty Limited on
January 6, 2006, it was decided that the Company should wind up
its operations voluntarily.

In addition, Robert Roxburgh, of Bridgden & Partners, was
appointed as liquidator.


ANN STREET: Martin Madden Named as Receiver
-------------------------------------------
On January 19, 2006, Martin Madden, of KordaMentha, was
appointed as the receiver and manager of the property of Ann
Street Brisbane Pty Limited.


ARISTOCRAT LEISURE: Class Action Group May Swell
------------------------------------------------
Aristocrat Leisure Limited said that the number of shareholders
involved in a class action launched against the Company almost
three years ago might increase significantly, The Age reports.

However, the Company is still unable to determine how many
shareholders and former shareholders are potential members of
the expanded class.  The firm also cannot provide an estimate on
the extent to which the expansion of the class action will
increase its potential liability, if at all.

Class Action Reporter revealed earlier that legal firm Maurice
Blackburn Cashman and litigation company IMF Australia Limited
launched the group action against Aristocrat over the timing of
a profit warning back in November 2003.  The has Federal Court
granted an application by Dorajay Pty Limited, which is being
represented by MBC to remove a requirement that class action
members retain MBC.

According to the report, the decision follows a judgment last
October that the legal action could not continue as
"representative proceedings" while members were required to
retain MBC.

In an earlier statement to the Australian Stock Exchange,
Sydney-based Aristocrat said that Justice Margaret Stone of the
Federal Court of Australia held that the action had a "fatal
flaw" because shareholders had to be represented by MBC lawyers
and thus dismissed the suit.

The lawsuit alleges that the Company misled shareholders by not
keeping them fully informed before disclosing earnings
downgrades that wiped US$1.5 billion (AU$2 billion) from the
Company's value in 2003.  The lawsuit claims damages of US$86.37
million (AU$115 million) for losses when shareholders sold their
stock.

In addition, Aristocrat said that Dorajay would now conduct the
proceedings on behalf of all Company shareholders who acquired
an interest in shares in the gaming company between September 20
2002, and May 26, 2003.

"This may result in a significant increase in the number of
shareholders represented in the
proceedings," the Company said.  "But not all shareholders who
acquired Aristocrat shares during the specified period will have
suffered a compensable loss," it adds.

Additionally, the Company said that it would analyze its share
register of about 18,000 shareholders to work out the number of
potential class members.

Headquartered in New South Wales, Australia, Aristocrat Leisure
Limited -- http://www.aristocratgaming.com-- is mainly involved
in the design, development, manufacture and marketing of gaming
machines, software, systems and other related equipment and
services.  Its games include Poker, Keno-Bingo and 243 Ways.
Systems developed include System 6000S (Casino Management
System), Dacom Smartplay, DACOM 5000E and Computa Game. Services
provided include technical support, training and documentation,
hotline support, sales support and gaming analysis.  The Group
also provides consulting services such as venue analysis,
commercialized project management, specialized gaming training
and Aristocrat gaming analysis.  The Group operates in
Australia, North America, South America, Japan, New Zealand,
Europe, and in the Asia Pacific region.


AUCKLAND TRADE: CIR Applies for Firm's Liquidation
--------------------------------------------------
On December 5, 2005, the Commissioner of Inland Revenue has
applied to put Auckland Trade Training Academy Limited into
liquidation.

The application will heard before the High Court of Auckland on
March 16, 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 March 14, 2006, to:

          Timothy Chemaly
          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 8127
          Facsimile: (04) 802 8187.

Further particulars may be obtained from the office of the Court
or from the plaintiff or the plaintiff's solicitor


BKD DIESEL: Enters Voluntary Liquidation
----------------------------------------
Members of BKD Diesel Pty Limited held a meeting on Jan. 25,
2006, and agreed to close the Company's business.

Moreover, the members agreed to appoint Nicholas Crouch, of
Crouch Insolvency Chartered Accountants, as liquidator to
oversee the wind-up operations.


BOUQUETGARNI LIMITED: Liquidation Hearing Set Today
---------------------------------------------------
The High Court of Wellington will hear today, January 20, 2006,
an application to put Bouquetgarni Limited into liquidation.

The Commissioner of Inland Revenue lodged the liquidation
application against the Company before the High Court on
November 17, 2005.


CANBERRA VISTA: To Declare Dividend to Creditors on Feb. 21
-----------------------------------------------------------
Canberra Vista Laser Eye Clinics Pty Limited will declare a
first and final dividend to its unsecured creditors on Feb. 21,
2006.

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


CARTER HOLT: Notes Takeover Offer Record Date
---------------------------------------------
On February 16, 2006, Carter Holt Harvey Limited received a
notice from Rank Group Investments Limited as required under
Rule 43of the Takeovers Code.

The Notice relates to Rank Group's offer to purchase all the
fully paid ordinary shares in Carter Holt that it does not
already own.  The Notice specifies that the Record Date for the
offer of ordinary shares is today, February 20, 2006.

Headquartered in Auckland, New Zealand, Carter Holt Harvey
Limited -- http://www.chh.com-- is a forest products company
in the Australasia region, with significant interests in wood
products, pulp, paper and packaging, supported by forests.
Leading Carter Holt Harvey brands include Bestwood,
Customwood, Ecoply, Kopine and Pinex, and the Company's
packaging can be found in most supermarket aisles.  Carter Holt
Harvey is listed on both the NZX and ASX, and employs
approximately 10,500 people across New Zealand, Australia and
Asia.


CAULIE PTY: Members Agree to Shut Down Firm
-------------------------------------------
Members of Caulie Pty Limited held a general meeting on Jan. 25,
2006, and agreed to:

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

  -- appoint Scott Cameron Turner as liquidator for the wind-up.


CRESVALE CAPITAL: To Hold Final Meeting Today
---------------------------------------------
A final meeting of the members and creditors of Cresvale Capital
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 20, 2006.


DOWER LIMITED: Placed Into Voluntary Liquidation
------------------------------------------------
The shareholders of Dower Limited have passed a resolution to
voluntarily wind up the Company's business and appoint Karen
Betty Mason and Jeffrey Philip Meltzer as liquidators.

The Liquidators now require the Company's creditors to submit
proofs of their claims and to establish any priority their
claims may have by March 2, 2006.


EB SQUARED: Members & Creditors To Receive Wind-up Details
----------------------------------------------------------
The members and creditors of EB Squared Pty Limited will convene
today, February 20, 2006, to receive the liquidator's account
regarding the Company's completed wind-up and disposal of
property.


FLORITE PLUMBING: Liquidation Petition Filed by CIR
---------------------------------------------------
On November 28, 2005, the Commissioner of Inland Revenue has
filed a petition to put Florite Plumbing Services Limited into
liquidation before the High Court of Auckland.

The High Court will hear the application on March 9, 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 not later than March 7, 2006, to:

          Timothy Chemaly
          Solicitor for the Plaintiff
          Auckland Service Centre,
          17 Putney Way (P.O. Box 76-198)
          Manukau City
          Telephone: (09) 262 9048


FYNDORY PTY: Frank Pilato Named to Supervise Wind-up
----------------------------------------------------
Members of Fyndory Pty Limited held a meeting on January 17,
2006, and agreed on the Company's need to liquidate.  They named
Frank Lo Pilato, of RSM Bird Cameron Partners, to manage the
Company's wind-up activities.


GHATTAS CONCRETE: Creditors Decide to Wind Up Firm
--------------------------------------------------
On January 13, 2006, creditors of Ghattas Concrete Pumping Pty
Limited agreed that a voluntary wind-up of the Company is
necessary and in its best interests.

As a result, Geoffrey McDonald, of Hall Chadwick, was appointed
as official liquidator.


HARTSFORD CLINIC: Appoints Official Liquidators
-----------------------------------------------
Paul Graham Sargison and Gerald Stanley Rea, insolvency
practitioners of Auckland, were appointed liquidators for
Hartsford Clinic Limited's operations.

The Liquidators require the Company's creditors to prove their
debts or claims by March 3, 2006, to:

          P. G. Sargison
          Joint Liquidator
          Gerry Rea Associates
          P.O. Box 3015
          Auckland
          Telephone: (09) 377 3099
          Facsimile: (09) 377 3098

Failure to comply with the requirement will exclude any creditor
from the benefit of any distribution made before the debts are
proved or, as the case may be, from objecting to the
distribution.


IMPEL BUSINESS: To Distribute Final Dividend
--------------------------------------------
Impel Business Solutions Pty Limited will declare a final
dividend to its preferred unsecured creditors on February 21,
2006.

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


LABASSA GROVE: Placed Under Voluntary Liquidation
-------------------------------------------------
At Labassa Grove Pty Limited's general meeting on January 24,
2006, members agreed that it is in the Company's best interests
to liquidate its operations.

Richard Herbert Judson, of Members Voluntarys Pty Limited, was
appointed to oversee the wind-up.


MURCHIL PTY: Liquidator to Give Wind-up Report on Feb. 20
---------------------------------------------------------
The final meeting of the members and creditors of Murchil Pty
Limited is slated for February 20, 2006, for them get an account
of the manner of the Company's wind-up and property disposal
from liquidator Glenn Shannon.


NORTHVIEW CONSULTANTS: Taps Joint and Several Liquidators
---------------------------------------------------------
On January 31, 2006, the shareholders of Northview Consultants
Limited appointed Boris van Delden and Peri Micaela Finnigan,
insolvency practitioners of Auckland, as the Company's joint and
several liquidators.

The Liquidators require the Company's creditors to lodge their
proofs of debt or claims by February 28, 2006, to:

          Boris Van Delden
          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 requirement 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.


ONE CALL: Court to Hear Wind-up Petition on Feb. 27
---------------------------------------------------
On February 27, 2006, the High Court of Christchurch will hear a
petition to liquidate the business of One Call Services Limited.

Allied Petroleum Limited lodged the Petition on November 23,
2005.

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 23, 2006, to:

          S. N. Mckenzie
          Solicitor for the Plaintiff
          Preston Russell Law, Solicitors,
          92 Spey Street (P.O. Box 355),
          Invercargill
          Telephone: (03) 211 0080
          Facsimile: (03) 211 0079

Further particulars may be obtained from the office of the Court
or from the plaintiff or the plaintiff's solicitor.


QANTAS AIRWAYS: Reveals Silent Slashing of 600 Jobs
---------------------------------------------------
Qantas Airways recently revealed that it had quietly slashed 600
jobs in the first half of its financial year, The Australian
Reports.

According to the paper, the undisclosed job cut surfaced as the
airline attributed its 9.6% fall in first-half net profit to
high fuel costs and redundancy payouts.

Specifically, fuel costs have blown out 58% and now account for
28% of the airline's costs.  Fuel needs for the current year are
fully hedged at US$57 a barrel and for next year are 25% hedged.

In addition, Qantas had said that most of the non-management job
losses were achieved through expressions of interest, with "very
few" compulsory redundancies.

Report of the job cuts comes as maintenance workers wait for the
airline to decide on whether it would shift heavy maintenance
operations abroad and leave at least 2,500 jobless.  Qantas
warned earlier that more jobs would go as it endeavors to go
ahead with its restructuring.

Qantas' chief executive officer, Geoff Dixon, said that even if
job losses across various areas of the business will be
inevitable, job growth will also take place in other areas.

        Australian Airlines Most Likely to be Affected

The Advertiser relates that the engineering and maintenance
divisions of Qantas' troubled international offshoot, Australian
Airlines, are the most likely targets for the expected job cuts
in the next few months.

Mr. Dixon did not specify on the Company's plans for Australian
Airlines but said that future routes were being outlined for
Qantas and Jetstar, being the two key brands.  Qantas would
operate in the premium high-yielding area and Jetstar as a
value-based airline operating within Australia and
internationally.

                          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.


QANTAS AIRWAYS: Jetstar Asia May Fly Outside Melbourne
------------------------------------------------------
Qantas Airways' Jetstar Asia subsidiary could begin flights out
of the Avalon Airport in Melbourne as early as this year, Asia
Pulse relates.

Asia Pulse quotes Qantas Chief Executive Officer Geoff Dixon as
saying that Avalon has been a "huge success domestically, much
better even than the management of Jetstar had (expected)."

The airline plans for Jetstar to operate out of the Avalon
Airport while Qantas flights leave from the main Tullamarine
Airport.

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.


RONALD MUIR: Members Opt to Wind Up Business
--------------------------------------------
After their general meeting on January 23, 2006, the members of
Ronald Muir Holdings Pty Limited decided to close the Company's
business operations and distribute the proceeds of its assets.

Subsequently, Vincent Choy, of Auswild & Co. Pty Limited, was
appointed as liquidator.


SCARBOROUGH HOSPITALITY: Creditors Agree to Company Liquidation
---------------------------------------------------------------
On January 24, 2006, creditors of Scarborough Hospitality 2000
Pty Limited agreed that a voluntary wind-up of the Company is
necessary and in its best interests.

As a result, John William Cunningham and John Richard Park, of
Ramsay Clout, were appointed as official liquidators.


SOUTHROCK CORPORATION: To Pay Dividend on Feb. 21
-------------------------------------------------
Southrock Corporation Pty Limited will declare a dividend on
February 21, 2006.

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


STYLUS INVESTMENTS: Court Orders Liquidation
--------------------------------------------
On January 31, 2006, the Supreme Court ordered the liquidation
of Stylus Investments Pty Limited, and appointed Pino
Fiorentino, of Hamiltons Chartered Accountants, to oversee the
wind-up.


TE MATA: CIR Wants Company Liquidated
-------------------------------------
On January 12, 2006, the Commissioner of Inland Revenue filed an
application with the High Court of Hamilton to put Te Mata Land
Limited into liquidation.

The application will be heard before the High Court on Feb. 27,
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 not later than February 23, 2006, to:

          Paul De Wet
          Solicitor for the Plaintiff
          Auckland Service Centre,
          17 Putney Way (P.O. Box 76-198)
          Manukau City
          Telephone: (09) 262 9018


VAN EYK CAPITAL: Schedules Final Meeting Today
----------------------------------------------
A final meeting of Van Eyk Pty Limited will be conducted today,
February 20, 2006, at 12:00 p.m.

The Company's liquidator, R. G. Tolcher, of Lawler Partners
Chartered Accountants, will present his final account regarding
the Company's wind-up operations at that meeting.


WESTPOINT GROUP: Federal Court Orders Westpoint Corp.'s Wind-Up
---------------------------------------------------------------
The Federal Court in Perth has ordered the winding up of
Westpoint Corporation Pty Ltd, on grounds of insolvency,
following an application by the Australian Securities and
Investments Commission.

In his order, Justice Siopis appointed Jeff Herbert and Simon
Read, of PBB, as the Company's liquidators in place of Ian
Francis and Michael Ryan, of Taylor Woodings.  ASIC, together
with the Australian Taxation Office and KordaMentha, earlier
suggested that, as PPB are already provisional liquidators of
Westpoint Management Ltd, this would reduce cost and
inefficiencies for the creditors.

As earlier reported, ASIC filed an application in the Federal
Court on December 19, 2005, seeking the winding up of Westpoint
Corporation for being insolvent.  Westpoint Corporation is at
the center of the collapsed Westpoint Group.  ASIC believes that
the Company is responsible for arranging, managing and
coordinating Westpoint Group's property projects as well as
acting as the Group's treasury.

On January 24, 2006, Westpoint Corporation's directors appointed
Taylor Woodings as voluntary administrators.  On the same day,
KordaMentha was appointed as receivers by secured creditors.

Westpoint Corporation is also one of the guarantors for loans
advanced by various mezzanine companies to developer companies
for the property development projects undertaken by the
Westpoint Group.  Most of these companies were placed under
voluntary administration and have since been put into
liquidation.

ASIC had been concerned that Westpoint Corporation failed to
meet its obligations under the guarantees given to the mezzanine
companies to make good expected shortfalls in the repayment of
amounts owed to investors.

These orders follow the Supreme Court of Western Australia's
appointment of Jeffrey Laurence Herbert and Simon Andrew Read,
of PPB, as provisional liquidators to Westpoint Management.  The
appointment of a provisional liquidator means that Westpoint
Management can no longer act as a responsible entity, or operate
managed investment schemes.

Westpoint Management is the trustee of the Market Street and
Murray Street Trusts, and responsible entity of the Paragon
Commercial Syndicate, the Warnbro Fair Syndicate and the
Westpoint Income Fund.

Under the orders, the provisional liquidators are required to
provide a report to the Court and to ASIC regarding the winding
up of the company, as soon as reasonable and in any event,
within two months of the orders.


WESTPOINT GROUP: ASIC Chairman Conflicted in Westpoint Case
-----------------------------------------------------------
The deputy chairman of the Australian Securities and Investments
Commission, Jeremy Cooper, was informed on Tuesday night that he
had indirectly provided advice to Westpoint's chief executive
officer, Norm Carey, when he was a partner at the law firm Blake
Dawson Waldron, the Sydney Morning Herald reports.

Mr. Cooper is the one leading the investigations on Westpoint
Group.  As a result, ASIC declared him as having a conflict of
interest and rules that the he will not be involved in decisions
relating to the collapsed property group.

However, the paper says that Mr. Cooper claimed he did not
recall the conversation.


WESTWING INVESTMENTS: Liquidates Operations
-------------------------------------------
Members of Westwing Investments Pty Limited convened on Jan. 23,
2006, to commence wind-up operations for the Company.

Subsequently, the members named Simon Andrew Read and Andrew
John Birch, of PBB Chartered Accountants, to administer the
wind-up activities.


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

BANK OF CHINA: IPO Closer as Temasek Buys 5% Stake
--------------------------------------------------
Bank of China has completed a 5% stake sale to Temasek Holdings
Pte, moving closer to its final initial public offering, China
Daily relates.

The report did not disclose the places and the time of the IPO.

The Chinese lender already named Goldman Sachs Group Inc., UBS
and Bank of China International in August as its financial
advisors and lead underwriters for the planned IPO.

The bank received a US$22.5 billion capital injection from the
Government in 2003 to restructure state-owned banks.

Headquartered in Beijing, China, the Bank of China --
http://www.bank-of-china.com/-- provides corporate banking,
retail banking and investment banking.  Other activities include
provision of corporate deposits, corporate loans, foreign
exchange business, savings deposits, consumer credit and
bankcards.  It has 12,967 domestic branches and 559 overseas
branches.


AMEX TRAVEL: Names Official Liquidator
--------------------------------------
The members of Amex Travel Advisors Limited convened on Feb. 6,
2006, and decided to liquidate the Company's business
operations.

The members subsequently named Chow Sin Man to facilitate the
Company's wind-up activities.


CHEER HOST: Liquidator to Present Wind-Up Report
------------------------------------------------
A final general meeting of the members of Cheer Host Industries
Limited will be held on March 17, 2006.

At the meeting, the parties will receive the liquidator's final
account showing how the Company was wound up and how its
property was disposed of.


FAVOUR ART: Prepares to Declare Dividend
----------------------------------------
Favour Art Development Limited will declare a dividend on
March 3, 2006.

Creditors who are not able to prove their claims will be
excluded from the benefit of the dividend.  For inquiries,
contact Caroline Hom at 2117 1514.


HIGH FIDELITY: Leung Shiu Tong Ceases to Act as Liquidator
----------------------------------------------------------
At a meeting of High Fidelity Limited on February 8, 2006, Leung
Shiu Tong ceased to act as liquidator of the Company.

No further details were disclosed.


I-SECURITY SOLUTIONS: Placed Under Voluntary Liquidation
--------------------------------------------------------
The members of I-Security Solutions Limited held a meeting on
February 8, 2006, and agreed to:

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

  -- appoint Ying Hing Chiu and Chung Miu Yin, Diana, as
     liquidators for the wind-up.


JONWAY LIMITED: Opts to Liquidate Operations
--------------------------------------------
The members of Joyway (Hong Kong) Limited held a meeting on
February 10, 2006, and agreed on the Company's need to
liquidate.  They named Lau Wing Ling to manage the Company's
wind-up activities.


LUCKYBEST INVESTMENT: Creditors' Proofs of Claim Due on Feb. 22
---------------------------------------------------------------
The creditors of Luckybest Investment Limited are required to
submit the particulars of their debts or claims, as well as any
information regarding their solicitors, by February 22, 2006.

Creditors whose debts or claims have not already been admitted
are required to formally prove their claims by February 22,
2006, to liquidator Kwaan Wing Lok.  Failure to submit proofs of
claim will exclude creditors from any distribution.


P.C.S. SERVICES: Court to Hear Wind-Up Petition on March 8
----------------------------------------------------------
Chan Ka Keung presented a petition to wind up P.C.S. Services
Company Limited on January 13, 2006.

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

Creditors or contributories 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 March 7,
2006, to:

         Betty Chan
         For Director of Legal Aid
         34th Floor, Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong
         Phone: 633-3368
         Fax: 634-3009


RELIABLE WATCH: Commences Liquidation Process
---------------------------------------------
Members of Reliable Watch Co. Limited convened on Feb. 7, 2006,
and decided to liquidate the Company's business operations.

The members subsequently named Huen Ho Yin to facilitate the
Company's wind-up activities.


SHOEI LIMITED: Members Agree to Liquidate
-----------------------------------------
Members of Shoei (H.K.) Limited held a meeting on Feb. 7, 2006,
and agreed to close the Company's business.

Moreover, the creditors agreed to appoint Rainier Hok Chung Lam
and John James Toohey as liquidator to oversee the wind-up
operations.


TIGER VIEW: Schedules Final Meeting on March 23
-----------------------------------------------
A final meeting of the members of Tiger View Development Limited
will be held on March 23, 2006, at 10:00 a.m.

At the meeting, liquidator Liaw Shean Y Ng 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.


TREE CODE: Creditors' Proofs of Claim Due on March 16
-----------------------------------------------------
Creditors of Tree Code Limited have until March 16, 2006, to
submit the particulars of their claims, as well as any
information regarding their solicitors, to the Company's
liquidator, Wong Yun Wah.

If the liquidator requires, the creditors must come in
personally or through their solicitors and prove their claims at
the time and place specified in the notice.

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


WINS TEAM: Enters Voluntary Liquidation
---------------------------------------
At Wins Team China Limited's meeting on February 8, 2006,
members agreed that it is in the Company's best interests to
liquidate its operations.

The members subsequently named Choi Wai Kin as the Company's
liquidator.


WOA HOLDINGS: Creditors' Claims Due on March 20
-----------------------------------------------
The creditors of Woa Holdings Limited agreed that a voluntary
wind-up of the Company is necessary and in its best interests.

Creditors whose debts or claims have not already been admitted
are required to formally prove their claims by March 20, 2006,
to liquidator Poon Wong Yuen Shan.  Failure to submit proofs of
claim will exclude creditors from any distribution.


WONG & OUYANG: Decides to Wind Up and Names Liquidator
------------------------------------------------------
On February 9, 2006, the members of Wong & Ouyang (Design)
Limited convened and agreed that:

   -- the Company be wound up voluntarily; and

   -- Poon Wong Yuen Shan be appointed to supervise
      the wind-up activities of the Company.


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

BHARAT PETROLEUM: Oil Subsidies Block Expansion Plans
-----------------------------------------------------
Bharat Petroleum Corporation has decided to put on hold its
INR6,000-crore project expansion due to losses brought about by
oil subsidies, Business Standard reports.

According to Business Standard, BPCL was seeking to increase the
number of its oil and gas retail outlets from 45 to 100 within
five years in order to meet robust costumer demands.  However,
continuous losses hinder the firm from doing so.

BPCL is now urging the Government to hike the price of petroleum
products by 50% in order for the oil firm to balance its cost
and revenue, the report says.

BPCL claimed that oil marketing companies will continue to
suffer huge losses and will have difficulty implementing
expansion activities if the Government refuses to revise retail
prices to the cost plus level.

As of the third quarter ended December 31, 2005, BPCL had posted
a net loss of INR1,024.2 crore, as against INR1,024-crore net
loss registered in the previous year.

The Troubled Company Reporter - Asia Pacific earlier reported
that BPCL is blaming its continuous losses on high crude and
product prices that could not be fully passed on to consumers.

According to the report, the Government has not allowed oil
companies to raise fuel prices despite global crude oil price
crossing US$70 a barrel.

The Petroleum Ministry has proposed an increase of INR3 per
liter each in petrol and diesel prices and INR20 per cylinder
increase in liquefied petroleum gas price to save the oil
companies from going bankrupt, the report said.

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 Group's facilities are located in
Mahul and Mallet Road in Mumbai and in Budge.


BHARAT PUMPS: ONGC Likely to Handle Revival
-------------------------------------------
The Ministry of Heavy Industries is considering allowing state-
owned Oil and Natural Gas Corporation revive the cash-strapped
Bharat Pumps and Compressors Limited so the latter will not lose
its public sector utility status, Business Standard reveals.

Bharat Pumps Chairman P K Datta disclosed that a joint venture
with ONGC was being discussed.  A similar tie-up with Bharat
Heavy Electricals was also under consideration.  The proposals,
however, are subject to Cabinet approval.

Meanwhile, the Board for Reconstruction of Public Sector
Enterprises advised the Government to write off Bharat Pumps'
INR137-crore loan and interest dues.  The agency also
recommended to first explore the possibility of merging with
PSUs such as ONGC and BHEL before considering a tie-up with
private firms.

The Board has suggested that ONGC should be asked to make a
study on Bharat Pumps' financial restructuring and post-
restructuring.

Headquartered in New Delhi, India, Bharat Pumps & Compressors
Limited is a subsidiary of Bharat Yantra Nigam Limited,under the
administrative control of the Department of Heavy Industry in
the Ministry of Heavy  Industries and  Public  Enterprises,
Government  of India.  BPCL was established in 1970.  The firm
manufactures process pumps, gas compressors and high-pressure
seamless gas cylinders, as well as carbonate and ammonia pumps
for fertiliser plants, mud pumps, cement pumping units and high-
pressure reciprocating gas compressors for the oil and gas
industry.


CEAT LIMITED: Equity Shareholders Approve Amalgamation Scheme
-------------------------------------------------------------
At a meeting before the Court on February 10, 2006, the equity
shareholders of Ceat Limited have approved the Scheme of
Amalgamation of Ceat Holdings Ltd, Ceat Ventures Ltd, and
Meteoric Industrial Finance Company Ltd with the Company.

Based in Mumbai, India, Ceat's principal activities are the
manufacture and distribution of automotive tires and tubes. Its
products include nylon fabric, nylon tire yarn, glass fiber,
automotive flaps, filament mats and other rubber products.  The
company also provides investment financial services.


DHANSURA PEOPLE'S: Loses License Due to Cash Woes
-------------------------------------------------
On February 15, 2006, the Reserve Bank of India ordered to
cancel the license of Dhansura People's Co-operative Bank
Limited after all efforts to revive it had failed and the
depositors were being inconvenienced by continued uncertainty.

The Registrar of Co-operative Societies, Gujarat, has also been
requested to issue an order to wind up the bank and appoint a
liquidator.  Upon liquidation, every depositor is entitled to a
deposit repayment of up to INR1,00,000 from the Deposit
Insurance and Credit Guarantee Corporation.

The bank had faced a liquidity crisis and was prohibited from
granting or renewing loans and advances effective June 19, 2004.

A Reserve Bank of India inquiry revealed that as of December 31,
2004, the bank has already suffered deterioration of its
financial condition.  Its deposits were getting eroded, as
realizable value of paid-up capital and reserve was in the
negative.

The directions issued earlier were further modified vide
directions dated June 20, 2005, prohibiting the bank from
accepting fresh deposits and restricting repayment of deposits
up to INR1000 per depositor to prevent preferential repayment of
deposits by the bank.

Thereafter, the Reserve Bank issued a notice to the bank on June
25, 2005 asking it to show cause as to why the license granted
to it to conduct banking business should not be cancelled.

As the bank did not have a viable plan of action for revival and
the chances of its revival were remote, the Reserve Bank of
India cancelled the bank's license in the interest of the bank's
depositors.  With the cancellation of its license and after
commencement of liquidation proceedings, the process of paying
the bank's depositors, the amount insured as per the DICGC Act,
will be set in motion.

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

Inquiries may be directed to:

          Shri S.Rajgopal
          General Manager, Urban Banks Department
          Urban Banks Department, Reserve Bank of India
          La Gajjar Chambers, Ashram Road, P. B. No. 1,
          Ahmedabad 380 009
          Telephone Number: (079) 2658-5184
          Fax Number: (079) 26584853.
          e-mail address: ubdahmedabad@rbi.org.in


NAMTECH ELECTRONIC: Board Meeting Fixed for Feb. 20
---------------------------------------------------
The Board of Directors of Namtech Electronic Devices Limited
will hold a meeting on February 20, 2006, to:

         -- appoint Govindan Nair as a director;

         -- consider passing a resolution under Section
            293(1)(a) of the Companies Act, 1956, for disposal
            of Company's factory land and buildings situated at
            Electronic City, Bangalore, by postal balloting;

         -- approve notice for postal balloting, draft
            resolution to be passed, explanatory statement
            thereon and postal ballot form;

         -- appoint a scrutinizer; and

         -- approve calendar of events.

Namtech Electronic Devices Limited, located in Electronics City,
Bangalore, India, is an ISO 9002 company specialized in
manufacturing and marketing of Electronic Components and
associated products for the Electronics and Telecommunications
Industry.  It is the only manufacturer in India of both 2-Pole
and 3-Pole ceramic gas discharge tubes for use in different
types of main distribution frames like Krone, Pouyet, TVS R&M,
I.T.I. Ltd etc.  In the April 2005 to June 2005, the Company
incurred a net loss of INR24.61 million, up against a net loss
of INR16.67 million in the same period in the previous year.


SOUTH INDIAN: Provides Update on Follow-on-Public Offering
----------------------------------------------------------
South Indian Bank Limited's Committee to Decide and Monitor
Augmentation of Share Capital has adopted a resolution to fix
INR66 per share as the cut-off price for its Follow-on-Public
Offering, which was launched on February 10, 2006.

The cut-off price was decided on the recommendation of the Book
Running Lead Managers, ICICI Securities Limited and Enam
Financial Consultants Pvt Limited.  Both parties decided that
the overall subscription level, which is 7.18 times the issue
size, was at the upper end of the price band.

The South Indian Bank Limited is a 77-year-old, private sector
bank that implements Core Banking Solution with a view to
improve the customer service besides offering a range of IT
enabled services.  As of now, 300 branches and 24 extension
counters are under CBS.  The bank is based in Kerala, India.


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

GARUDA INDONESIA: Citylink Unit Flies to Surabaya from Bandung
--------------------------------------------------------------
Citylink Garuda, the budget carrier under PT Garuda Indonesia,
now flies from Bandung to Surabaya, beginning February 1, 2006,
The Jakarta Post says.

Citylink General Manager Taviana Dewi said that the airline is
targeting businessmen, students and local tourists to avail of
the new route for a cheap minimum price of IDR255,000.  The
airline will use a Boeing 737-300 with a 148-person seating
capacity for the flight.

The route was opened so as to make it more convenient for
passengers who would want to go to other destinations such as
Balikpapan and Denpasar, as the route has connecting flights to
these areas.  Ms. Dewi targeted up to 80% load factor for the
new flight.  Citylink will also open a new route from Bandung to
Batam later this year.


GARUDA INDONESIA: Lufthansa Wants to Buy Stake
----------------------------------------------
German carrier Lufthansa is interested in acquiring a stake in
troubled PT Garuda Indonesia, Asia Pulse reports, citing State
Enterprises Minister Sugiharto.

According to Sugiharto, officials from both firms met in Germany
in order to explain Garuda's current situation.  He added that
negotiations seem promising, but other investors are also
interested in Garuda.

Early last month, Troubled Company Reporter - Asia Pacific
reported that Lufthansa was not in talks with Garuda Indonesia,
as they were not interested in buying a stake in the ailing
state airline.  Secretary to the Minister of State Enterprises
had previously said that airlines such as Lufthansa, KLM Royal
Dutch Airlines and Thai Airways were interested in forming an
alliance with Garuda.

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--  
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves another 10 domestic routes.  Garuda
also ships about 200,000 tons of cargo a month and operates a
computerized tracking system.


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

HUSER LIMITED: Enters Bankruptcy Procedures
-------------------------------------------
The Tokyo District Court commenced bankruptcy procedures on
Thursday for condominium developer Huser Limited, Japan Today
relates.

The paper relates that the bankruptcy proceedings come after
around 300 owners of nine Huser condominium building units with
substandard earthquake resistance asked the court to protect
Huser's assets.  The creditors are hoping that they will get
distributions from these assets.

The bankruptcy proceedings will suspend a damages suit Huser
filed last month with the same court. The condo developer is
demanding 13.9 billion yen in damages from 18 local governments,
accusing them of failing to properly check quake-proofing data
when screening its projects.

Huser developed about 20 of 97 buildings cited so far by the
Land, Infrastructure and Transport Ministry as being designed
with substandard data compiled by disgraced architect Hidetsugu
Aneha.

Huser is embroiled in the quake-resistance data falsification
scandal that broke in November 2005.

The court declared that the Company's liabilities exceed its
assets.  The court named lawyer Hideo Seto as administrator for
the bankruptcy procedures.

For inquiries, please contact Mr. Seto at 81 3 5501 4002.


JAPAN AIRLINES: Expects Huge Losses in FY/2005
----------------------------------------------
Japan Airlines Corporation expects to incur huge losses in the
business year ended March 31, 2006, The Yomiuri Shimbun relates,
citing the Construction and Transport Ministry.

In November, JAL announced that it would cut the pay of all its
employees by an average of 10% due to poor business performance
caused by a string of mishaps and growing oil prices.  The
airline also set out reform policies centered on dropping
unprofitable international routes.

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.


MITSUBISHI MOTORS: Develops Plant-Based Resin for Car Interiors
---------------------------------------------------------------
Mitsubishi Motors Corporation and Aichi Industrial Technology
Institute have developed an automotive interior material, which
uses a plant-based resin, polybutylene succinate (PBS), combined
with bamboo fiber.  Parts made from the material will be used in
the interior of a new-concept minicar, to be launched in Japan
in fiscal 2007.

Mitsubishi Motors has dubbed its independently developed plant-
based resin technology, including this PBS-bamboo fiber resin,
"Green Plastics".  Mitsubishi Motors will continue to promote
the development of environmentally friendly materials, directed
toward increased practical applications.

In an effort to help stop global warming, slow the depletion of
our oil reserves, and protect our forests, Mitsubishi Motors
plans to substitute plant-based resins and quick-growing plant
fibers for materials such as petroleum-based resins and wood
hardboards used in car interiors.  The use of these renewable
plant-based resources, in principle, will add no CO2 to the
atmosphere.  Mitsubishi Motors began developing the materials in
conjunction with the Aichi Industrial Technology Institute in
2004.

PBS, the main component of the material, is a plant-based resin
composed mainly of succinic acid and 1,4-butanediol.  The
succinic acid for the material will be created through the
fermentation of sugar extracted from sugar cane or corn. The new
material combines bamboo fiber with PBS in order to increase its
rigidity.  Bamboo grows to its full height in just a few years,
compared with the tens of years required for traditional timber,
and as such may be called a potentially sustainable resource.
Bamboo is available and can be grown in a wide variety of areas
including Japan, China, and Southeast Asia.  The use of Green
Plastics may lead to further breakthroughs in the use of bamboo.

According to tests, this PBS/bamboo-fiber prototype achieves an
estimated 50% cut in lifecycle CO2 emissions over polypropylene,
a widely used petroleum-based plastic.  VOC (volatile organic
compounds) levels are also reduced drastically over processed
wood hardboards (roughly 85% in testing).

In addition to Green Plastic, Mitsubishi Motors is undertaking
development of environmental technologies including the MIEV
(Mitsubishi In-wheel motor Electric Vehicle) concept, and
technologies contributing to comfortable interior environment
such as Oeko-Tex Standard 100 certified seating material, the
Bio-clear Filter, and deodorant rooflining.  Mitsubishi aims to
build cars appropriate to this, the "century of the
environment".

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.
The Company also operates consumer-financing services and
provides this to its customer base.  Mitsubishi's problems stem,
in part, from the scandal surrounding years of systematically
covering up defects and ill-advised auto lending policies in the
United States.


SANYO ELECTRIC: Fitch Says Nokia Venture Could Be Beneficial
------------------------------------------------------------
Fitch Ratings said that the proposed joint venture combining the
respective code-division multiple access (CDMA) businesses of
Finland's Nokia Corporation with that of Japan's Sanyo Electric
Co. could offer benefits to both companies.  In particular, the
proposed venture offers Nokia the opportunity of significantly
boosting its share of a market where its presence has been
relatively weak and where its strategy has been somewhat
unclear.

Nokia is currently rated Long-term IDR "A+" with a negative
outlook.  Fitch comments that it is too early to assess the
potential credit impact of the development from a rating
perspective but takes the view that the joint venture could over
time ease some pressure on Nokia's R&D and add positively to
earnings.  With scale an increasingly important factor in
technology markets, Fitch expects the venture to bring important
R&D synergies for Nokia, while offering the venture the
potential to exploit Nokia's extensive handset distribution
relationships.

While as a wireless technology CDMA is smaller in scale than the
dominant GSM (global system for mobile) standard, it is
nevertheless estimated to account for around 20% of global
sales.  In a total market of between 780-810 million units in
2005, CDMA volumes of around 150-160 million handsets form a
significant market opportunity, with this volume expected to
grow in 2006.  Nokia's focus on its core strengths in the GSM
family of technologies - where it is the undisputed global
market leader - has arguably lead to a lower emphasis in a
technology with a significant prevalence in the US, Latin
America and parts of Asia.  The combination offers a good
geographic fit, as well as bringing together Nokia's strengths
in the entry level-mid tier with Sanyo's presence in the mid-
high end category.

"This could be a good solution to a market where Nokia's
position has been uncharacteristically low" said Stuart Reid, a
Director in Fitch's European TMT group.  "The joint venture
approach has worked well for Sony Ericsson.  A successful
combination of Nokia and Sanyo's CDMA businesses would form a
strong player in the technology, with the venture claiming the
number two slot in a market currently lead by South Korea's
Samsung."

While the Sony Ericsson joint venture was regarded with some
circumspection when it was originally formed, it now achieves
good levels of profitability and consistently vies for the
market number four position.  Fitch's believes this success
could be replicated by the Nokia Sanyo venture, with Nokia's
traditional CDMA strengths in Latin America and more recently in
North America, complementing Sanyo's presence in Japan.  Nokia
currently has a strong CDMA market share in Brazil, India and
China but has no representation in Japan, while Sanyo has only
limited exposure to the North American carriers.  The venture
also offers a good technological fit, with Nokia's presence in
the lower-end of the market complementing Sanyo's mid-high tier
position.

While handset vendors tend not to break out sales by technology,
Nokia is estimated to be the market number three in CDMA sales,
while Sanyo's focus on its home market adds a strong Japanese
complement but limited exposure elsewhere.  Combined the venture
is expected to have more than 20% of the CDMA market, which, as
noted above, will rank it second in the market behind global
CDMA leader Samsung.

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd.
--  http://www.sanyo.co.jp/koho/index_e.html-- carries out its
operations through its audio-visual and information division
which manufactures digital cameras, cellular phones, LCD
projectors,  televisions, video recorders and information
systems; home appliances division which manufactures
washing machines, vacuum cleaners, microwave ovens,
refrigerators and compressors; machinery division which
manufactures commercial air conditioners, vending machines,
commercial kitchen equipment and heat pump air conditioners;
electronic devices division which produces electronic components
for personal computers, cellular phones and semiconductors; and
batteries division which produces nickel metal hybrid batteries
for personal computers, lithium-ion batteries for cellular
phones and nickel-cadmium batteries for power tools.


SONY CORPORATION: Moody's Assigns A2 Ratings to Bonds
-----------------------------------------------------
Moody's Investors Service has assigned A2 ratings to Sony
Corporation's JPY40 billion domestic unsecured straight bond due
2010, JYP35 billion domestic unsecured straight bond due 2013
and JPY25 billion domestic unsecured straight bond due 2015.
The rating outlook is stable.

The ratings reflect Sony's strong position in the global AV
(audio visual) products and game consoles markets, as well as in
the picture and music markets.  The rating also incorporates the
company's growing finance businesses.

Price declines of consumer electronics products -- Sony's core
business -- have been so fast that the division recorded
successive operating losses in the fiscal years to March 2004
and March 2005, despite the company's restructuring measures in
the last few years.  These measures have included factory
closures and personnel cuts, incurring restructuring charges of
approximately JPY360 billion between the fiscal years to March
2003 and March 2005 on a consolidated basis.

The rating agency takes particular note that Sony's TV business,
which was its major cash cow in the past, is now suffering from
heavy losses because of the delay in developing its own flat
panel displays.  Sony has responded to this problem by
establishing a joint venture with Samsung Electronics Co., Ltd.
to produce LCD panels for its TVs.  The joint venture started
providing Sony with LCD panels in 2005.

Moody's expects that the TV business have the potential to
return to profitability during the fiscal year to March 2007
because the new LCD TVs -- using the panels manufactured by the
joint venture -- will benefit from the panels' competitiveness
in price and technology, and losses on CRT (cathode ray tube)
TVs will be reduced thanks to restructuring measures.

Meanwhile, Sony's other businesses -- game consoles and finance
-- have been generating stable profit, supporting the consumer
electronics division. Moody's expects that the other divisions
will continue to support the overall company.

Moody's also points out that Sony's balance sheet has been
strengthened in the last few years, mainly thanks to
improvements of working capital requirements.  Total debts were
reduced to approximately JPY900 billion at end-March 2005 from
JPY1,250 billion one year earlier, which should provide a
cushion for the negative free cash flows expected in the next
few years.  The total debt to capitalization ratio improved to
23.4% at end-March 2005 from 32.3% at end-March 2001.

The stable rating outlook reflects Moody's expectation that Sony
will be able to gradually recover profitability thanks to the
restructuring measures taken and the launch of new TVs that use
its own LCD panels.  In addition, the company's balance sheet
will be able to keep financial stability appropriate for the A2
rating.

Headquartered in Tokyo, Japan, Sony Corporation's
-- http://www.world.sony.com/-- principal activities are to
develop, design, manufacture and sell electronic equipment,
instruments and devices for consumer and industrial markets.
The Group also manufactures and markets home-use game consoles
and software.  The Group operates through six segments:
electronics (audio-visual, informational and communicative
equipment, instruments and devices); game (PlayStation game
consoles and related software); music (recorded music in all
commercial formats and musical genres); pictures (image-based
software); financial services (insurance-related underwriting
business) and other segment (various operating activities
including Internet-related services and advertising agency).


SNOW BRAND: Moody's Revises Debt Rating Outlook to Positive
-----------------------------------------------------------
Moody's Investors Service has changed to positive from stable
the rating outlook for the Ba3 senior unsecured debt ratings of
Snow Brand Milk Products Co. Limited.  The outlook change
reflects the faster-than-expected recovery of Snow Brand's
operating performance and financial profile.

Snow Brand has successfully reorganized its capital structure
and business portfolio in the past few years as per its
reconstruction plan, which was fully achieved half a year
earlier than its initially scheduled end of March 2006.

Snow Brand has restructured its group's product lineup and has
concentrated on higher-profitability products, namely butter,
margarine and cheese.  The group has maintained top domestic
sales shares in the three products and kept sales promotion
costs moderate.  Consequently, the company's consolidated
operating margin showed a remarkable turnaround from negative
3.0% in fiscal 2002 to positive 1.2% in fiscal 2003, and
expanded to positive 2.3% a year after.

The profitability improvement and continuous group
organizational restructuring have contributed to a recovery in
Snow Brand's capital structure.  The company achieved positive
consolidated retained earnings at the end of March 2005 for the
first time in four years -- achieving one of its reconstruction
plan targets a year early.  Similarly, the total debt to total
capitalization ratio improved to 53.3% at the end of September
2005 from 56.6% a year earlier.

Following the early accomplishment of its reconstruction plan,
in September 2005 Snow Brand launched a new mid-term business
plan for the period to March 2009.  Moody's will continue to
monitor the progress of the new plan.

Headquartered in Tokyo, Japan, Snow Brand Milk Products Co.'s
-- http://www.snowbrand.co.jp/-- principal activity is the
production of milk and dairy products, other food products and
pharmaceuticals.  Operations are carried out through the
following sectors: Foods include ice cream, oil, milk products
and other include foodstuff, wrapping materials, and seeds.


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

DAEWOO GROUP: Hopes to Sell Five Affiliates Within 2006
-------------------------------------------------------
Five former affiliates of Daewoo Group, which went bankrupt and
were separated from the group in 1999, are up for sale this
year, JoongAng Daily said.

The five affiliate companies are:

   1. Daewoo Engineering & Construction Co.,
   2. Daewoo International Corp.,
   3. Daewoo Shipbuilding & Marine Engineering Co.,
   4. Daewoo Electronics Corp., and
   5. Daewoo Precision Industries Co.

The Korea Asset Management Corporation hopes to recoup KRW1.5
trillion out of KRW37.1 trillion the five companies hold as bad
loan, JoongAng said.

KAMCO plans to pick a preferred bidder for Daewoo Engineering in
April.  While creditors of Daewoo Precision, which are currently
in talks with S&T Dynamics Company are targeting for a May sale.

Daewoo Electronics plans to receive preliminary bids in May, as
a consortium led by Woori Investment & Securities Co. is
currently conducting due diligence.  The successful bidder will
be named in September.

The asset manager will start the sale process of Daewoo
International and Daewoo Shipbuilding & Marine Engineering in
the second half of this year after consulting with creditors,
KAMCO told JoongAng.

Daewoo Group collapsed after the 1997 Asian financial crisis
with a debt of around US$80 billion in July of 1999.

Daewoo Group has grown into one of Korea's largest business
groups.  There are 25 companies in the Daewoo Group involved in
a wide range of manufacturing and service industries, including
trading, construction, ship building, industrial machinery,
consumer electronics, telecommunications, automobiles, hotels,
finance and securities.  Daewoo has over 75 offices worldwide.
It has a joint ventures with General Motors, General Electric,
ITT, and Sikorsky.  There are also licensing and manufacturing
agreements with British Aerospace, Northern Telecom, Boeing, and
Caterpillar.


LG CARD: Shinhan Group Concerned Over Inflated Price
----------------------------------------------------
As previously reported in the Troubled Company Reporter - Asia
Pacific, Merrill Lynch and Shinhan Financial Group are likely to
lodge a joint bid for LG Card Co.  Shinhan hinted in December on
its plan to team up with a strategic partner to help finance the
possible acquisition of LG Card to boost its credit card
business and overtake rival, Kookmin Bank, in assets by 2008.

Shinhan Bank President Shin Sang-hoon, however, said on Thursday
that LG Card's price may have become inflated, JoongAng Daily
reports.

Mr. Shin told JoongAng that the bank's parent company, Shinhan
Group, is worried about how to approach the deal since
shareholders will be eager for LG's share price to keep on
rising.  Moreover, Mr. Shin said that he expects the merged bank
to become a global player through expanded overseas operations

LG Card's creditors have been eager to dispose of their shares
in the credit card company, which they rescued from bankruptcy
in 2004, through a massive bailout.  Shinhan Group is only one
of the financial institutions interested in LG Card, aside from
Woori Finance Holdings Co. and Citigroup Inc.

Headquartered in Seoul, South Korea, LG Card Co. --
http://www.lgcard.com-- is a leading credit card player and
unsecured consumer lender with over 11 million card members and
an approximate 20% share of the Korean credit card market.
Credit card penetration, transaction volumes and credit
balances have grown dramatically in Korea since 1998 due to
government policy encouraging the use of credit cards as a means
of payment, deregulation of consumer lending and the
introduction of unsecured consumer loan products more convenient
than those provided by the banks.  LG Card's principal products
are credit card based which account for over 80% of total risk
assets.


SK CORPORATION: Moody's Places Ba1 Rating for Review
----------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the Ba1 long-term rating of SK Corp.

In accordance with Moody's global rating methodology for oil
refining and marketing companies, SK Corp's operating and
financial profile is consistent with a Baa rating profile.

However, the rating has been held back in recent years by
concerns over previously weak corporate governance and risk
management practices.  SK Corp continues to make progress in
this area, including the recent establishment of a new internal
control system.  The review will consider advancements in this
area and how sustainable and effective they are.

Moody's also notes that the financial profile of SK Corp. has
been impacted in recent months by the acquisition of Inchon Oil
and the announcement of a share buyback.  The review will
further focus on the medium term outcome of such on SK's
financial profile and whether its likely financial metrics,
financial targets, and operating profile are consistent with an
investment grade rating.

Headquartered in Seoul, Korea, SK Corporation --
http://www.skcorp.com-- is Korea's largest oil refining and
marketing and petrochemicals company.  The company's other
businesses include lubricants, exploration and production
activities.


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

DENKO INDUSTRIAL: Bourse Suspends Trading of Shares
---------------------------------------------------
Trading of Denko Industrial Corp. Berhad's Irredeemable
Convertible Preference Shares 2004/2006 will be suspended as of
February 28, 2006, and will be removed from the Official List of
the Bourse on March 16, 2006.

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's other activities include 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.


FOREMOST HOLDINGS: Receives Judgment in Default from Supportive
---------------------------------------------------------------
http://announcements.bursamalaysia.com/EDMS/edmsweb.nsf/LsvAllBy
ID/48256E5D001092D84825711700371ED9?OpenDocument

Foremost Holdings Berhad has received the notice of judgement in
default by Supportive Technology Sdn Bhd on Yaku Shin (JB) Sdn
Bhd, a 58.75% owned subsidiary of Foremost.  The default in
payments is attributed to wrongful claim.

Yaku Shin has managed to secure a hearing on February 17, 2006,
from the High Court Johor Bahru in order to file a stay on the
Writ of Seizure and Sale obtained by Supportive Technology.
Yaku Shin will then proceed to set aside the Judgement In
Default.

The litigation has no direct impact on the financial well being
of the Group as Foremost has not given any guarantees nor
created any debenture to the plaintiff-supplier.  There are
therefore no legal implications on Foremost in the litigation.

Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets.  The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services.  Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, USA, other
Asian countries, other European countries and other countries.


HUAT LAI: Bourse to List and Quote New Shares Today
---------------------------------------------------
Bursa Malaysia Securities Berhad will list and quote Huat Lai
Resources Berhad's additional 1,000,000 new ordinary shares of
MYR1.00 each arising from the conversion of MYR1,000,000 nominal
value of Irredeemable Convertible Unsecured Loan Stocks
2005/2010, effective today, February 20, 2006.


JIN LIN: Inks 4th Supplemental Agreement with Seo Aik
-----------------------------------------------------
Jin Lin Wood Industries Berhad has entered into a fourth
supplemental restructuring agreement with Seo Aik Leong in
respect of the Proposed Restructuring Scheme.

On even date, Gefung Holdings Berhad has also entered into:

(a) a third supplemental sale and purchase agreement with Seo
    Aik Leong and Siw Seng Chiw and Seo Seng Chew in respect of
    the Proposed SBG Acquisition;

(b) a third supplemental sale and purchase agreement with Seo
    Aik Leong in respect of the Proposed SGMG Acquisition; and

(c) a third supplemental sale and purchase agreement with
    Hillitake Timber Sdn Bhd in respect of the Proposed
    Disposal.

The fourth Supplemental Agreement, third Supplemental SPA-SBG,
third Supplemental SPA-SGMG and third Supplemental SPA-Disposal
are in relation to extending the time period for a further
period of six months expiring on August 9, 2006, to fulfill all
conditions precedent of the said agreements.

Headquartered in Kuala, Lumpur Malaysia, Jin Lin Wood Industries
Berhad is engaged in the manufacture and trade of timber and
related timber products.  The Company is also involved in
warehousing, chemical treatment and investment holding.


MAGNUM CORPORATION: Repurchases Ordinary Shares
-----------------------------------------------
During its shares buy-back on February 6 to February 10, 2006,
Magnum Corporation Berhad repurchased 3,934,500 ordinary shares
for a total consideration of MYR7,808,957.52.

Each share had a minimum price of MYR1.950 and a maximum price
of MYR2.010.

The number of shares purchased retained in treasury is 3,934,500
units.  The total number of shares retained in treasury is
102,978,700 units.

Headquartered in Kuala Lumpur, Malaysia, Magnum Corporation
Berhad -- http://www.magnum.com.my-- operates a four-digit
number forecast betting game.  It is also engaged in property
holding and development and letting of properties, operation of
hotel, general investment holding and trading, printing
activities, credit services, securities dealing and brokerage,
and provision of computer software and other related services.
The Group sponsors Alex Yoong, the first Malaysian Formula One
driver, and KL Minardi Formula One Team.  Operations of the
Group are carried out in Malaysia, Hong Kong, The People's
Republic of China, Philippines and other countries.


MAXIS COMMUNICATIONS: New Shares for Listing and Quotation Today
----------------------------------------------------------------
Maxis Communications Berhad's additional 126,000 new ordinary
shares of MYR0.10 each issued pursuant to the Employees' Share
Option Scheme will be granted listing and quotation by Bursa
Malaysia Securities Berhad today, February 20, 2006.

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
Lumpur 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: Holds Shares Buy-Back
---------------------------------------
Pacific & Orient Berhad repurchased 40,400 ordinary shares for a
total consideration of MYR71,795.24.

The minimum price paid for each share purchased was MYR1.740,
while the maximum price was MYR1.780.

The number of shares purchased retained in treasury is 40,400
units.  The total number of shares retained in treasury is
5,610,856 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.


PAN MALAYSIA: Buys Back 290,000 Ordinary Shares
-----------------------------------------------
Pan Malaysia Corporation Berhad repurchased 290,000 ordinary
shares for a total consideration of MYR134,179.03.

Each share had a minimum price of MYR0.450, while maximum price
paid for each share purchased was MYR0.465.

The number of shares purchased retained in treasury is 290,000
units.  The total number of shares retained in treasury is
56,424,500 units.

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia
Corporation Berhad provides management services and the
manufacturing, marketing and distribution of confectionery and
cocoa-based and other food products.  The Company also operates
departmental and specialty stores, construction and property
investment and investment holding. The Group operates in
Malaysia, Australia and the rest of Asia-Pacific.


SETEGAP BERHAD: Requests for Another Extension of RO
----------------------------------------------------
The High Court of Malaya, Kuala Lumpur, has extended the Interim
Restraining Order in favor of Setegap Berhad until February 28,
2006.  On the same date, the High Court will also hold a hearing
on Setegap Berhad's application for a further extension of the
Restraining Order.

Headquartered in Petaling Jaya, Malaysia, Setegap Berhad's
principal activities are construction and maintenance of roads,
railways and building, including services rendered on quarrying.
The Company's other activities include manufacturing and selling
of road construction equipment, asphalt plants, mixing plants,
asphalt emulsions and premix.  The Group also provides
mechanical and electrical services, leases machinery and
investment holding.  Operations of the Group are carried out
predominantly in Malaysia.


SOUTHERN BANK: Not in Negotiation With Any Financial Institution
----------------------------------------------------------------
In response to Bursa Malaysia Securities Berhad's query
regarding an article in the Edge Financial Daily entitled, "SBB
Spurns BCHB's Proposal," Southern Bank Berhad confirmed that it
is currently not in negotiation with any financial institution.
Southern Bank clarified that it is mindful of the statutory
requirement on the need to obtain the written approval of the
Minister of Finance prior to the commencement of any negotiation
with another financial institution licensed under the Banking
and Financial Institutions Act, 1989.

On February 8, 2006, the Board of Southern Bank announced that
it had unanimously decided to discontinue negotiation with
Bumiputra-Commerce Holdings Berhad following three months of
discussions.  On February 10, 2006, the Board announced that it
was seeking alternative merger partners and announced the
criteria for the assessment of merger partners.

On February 13, 2006, the Board received an unsolicited offer
from Bumiputra to acquire the business of Southern Bank (the
Business Offer) as well as a notice of Conditional Voluntary
Offer.  On February 14, 2006 the Board announced that it
rejected the unsolicited Business Offer.

In the announcement of February 14, 2006, the Board also
mentioned that a major local financial institution has been
identified and that it had approached Bank Negara Malaysia for
the necessary approval to enter into negotiations.

The Board assures Bursa Malaysia that it remains committed to
act in the best interest of all shareholders and stakeholders.

Headquartered in Kuala Lumpur, Malaysia, Southern Bank Berhad --
http://www.southernbank.com.my/-- is engaged in the provision
of commercial banking business and other related financial
services which include Islamic banking services.  Other
activities are accepting deposits and advancing loans, property
ownership and management, provision of risk capital,
stockbroking, sale and management of unit trusts, building
construction, property investment and investment holding.


SUNWAY HOLDINGS: Judge Reschedules Wind-Up Hearing on SunCon
------------------------------------------------------------
As previously reported, a winding up petition against Sunway
Construction Sdn Bhd -- a wholly owned subsidiary of Sunway
Holdings Incorporated Berhad -- was presented by Boon Wah
Engineering at the High Court at Shah Alam in December 2005.

The Court postponed the hearing of the winding-up proceedings to
September 21, 2006, due to two additional interlocutory
applications:

   * the appeal against the dismissal of the stay; and

   * the application to strike off the winding up petition.

The Judge had directed parties to appear before him on
August 21, 2006, to hear the Order 14 Summary Judgement Appeal.
Thus, in effect he has given an interim stay pending the
disposal of the O14 Appeal.

Headquartered in Selangor Darul Ehsan, Malaysia, Sunway
Construction Berhad -- http://www.suncon.com.my/-- is engaged
in the construction of civil engineering and building works and
property development.  The Company also provides mechanical and
electrical works.


UNITED CHEMICAL: Loans Defaulted Hits MYR1,107,795.83
-----------------------------------------------------
There are no new significant developments in relation to United
Chemical Industries Berhad's various defaults in payment.

Yet, the Company's Board of Directors provided an update on the
details of all facilities currently in default under Section 3.1
of Practice Note 1/2001.

The amount on interest of the revolving loan provided by Bank
Industri Malaysia Berhad as stated in the list of outstanding
loans defaulted is MYR1,107,795.83 instead of MYR1,093,068.56 as
announced on February 14, 2006.

A full-text copy of the facilities currently in default is
available free of charge at:

   http://bankrupt.com/misc/UnitedChemical021606.xls

Headquartered in Kuala Lumpur, Malaysia, United Chemical
Industries Berhad is a plastic and Polystyrene producer.


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

ABS-CBN BROADCASTING: Might Pay Php0.2-Mln Each to Victims' Kin
---------------------------------------------------------------
Senator Miriam Defensor-Santiago said that ABS-CBN Broadcasting
Corporation may be held liable for the February 4 "Wowowee"
stampede and will have to compensate the injured as well as
families of the deceased, Asian Journal reports.  Sen. Santiago
estimated that the network will have to shell out Php200,000 for
each of the families of the 71 deceased, and Php100,000 for each
of the 600 injured.

Sen. Santiago, a former regional trial court judge, based her
"educated guess" on the Php50,000 value that the Philippine law
gives to each lost life, the compensation for loss of income and
the damages that the ABS-CBN would have to pay the victims.

The Senator told The Journal that the network's accepting
responsibility for the stampede and helping the victims were
already an "admission in law" of its liability.

However, Sen. Santiago warned that even if certain ABS-CBN
officials were charged and convicted, they might not serve their
jail sentences because the maximum penalty for them is only four
years, which will allow them to apply for probation.

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.


MANILA ELECTRIC: Supreme Court Ruling Worries DoE
-------------------------------------------------
The Department of Energy is concerned that the Supreme Court's
decision on Manila Electric Company's generation rate adjustment
could be disadvantageous to consumers, The Manila Standard says.

DoE Secretary Raphael Lotilla told The Standard that adopting
the automatic rate adjustment would benefit power companies like
the National Power Corporation but would burden customers since
power rates will shoot up.

Before the Energy Regulatory Commission approved the GRAM, which
is aimed at recovering electricity firms' foreign exchange
losses and fuel costs, power utilities are free to adjust their
rates to offset costs without ERC approval.

In the interest of transparency and lowering electricity costs,
ERC approved the GRAM and requested utilities to file its
petition for recovery every quarter.

In effect, utilities shoulder the cost of the forex and fuel
fluctuations until such time that it is allowed by the ERC to
recover its costs by approving its GRAM petition.

However, the High Court voted unanimously to nullify the ERC's
decision allowing Meralco to implement Php0.14 per kilowatt-hour
increase.  The Court said ERC violated the Electric Power
Industry Reform Act, citing the lack of published
advisories on the proposed rate increase.

According to a Troubled Company Reporter - Asia Pacific report,
the ERC will appeal the Supreme Court's decision to junk its
approval of a petition to hike Meralco's distribution rates.

The regulator explained that the increase Meralco is seeking is
not an actual rate hike but a scheme to recover what the Company
has already advanced to power generating units including
National Power Corporation and independent power producers.

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the biggest among
the electric distribution utilities in the country.  The
principal business of the issuer is the distribution and sale of
electric energy through its distribution network facilities in
its franchise area.  Meralco has diversified into businesses
directly related to its core business of electric distribution.
The Company has investments on companies involved in
engineering, construction, and consultancy with expertise in the
fields of power generation, transmission and distribution,
telecommunications and industrial installations.  Through its
other investments, it is also involved in information technology
and property development.


PHILIPPINE AIRLINES: Suspends Laoag Flights
-------------------------------------------
Philippine Airlines has discontinued flights to Laoag starting
January 13, 2006, due to lack of staff willing to serve at the
Laoag International Airport, Noticias.Info relates.

The report says that since PAL resumed regular service to Laoag
in April 2004, its ground-handling operations at the LIA have
been handled by a local company.  PAL, however, still oversees
all activities by periodically assigning regular staff from its
head office to Laoag.

PAL flies four times weekly to the Ilocos Norte capital using
150-seater Airbus A320 aircraft.

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation. With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  As of 2005, it claims
to serve twenty-one domestic airports and thirty-one foreign
cities.  Its main hub is Ninoy Aquino International Airport in
the capital city of Manila.


PHILIPPINE AIRLINES: Eyes 6% Profit Increase for Mindanao Ops
-------------------------------------------------------------
Philippine Airlines' operations in Mindanao is eyeing a 6%
increase in its profit target this year despite soaring fuel
costs, The Philippine Information agency relates.

PAL's vice president for Mindanao, Dominador Duerme, expects the
airline to record a higher performance this year due to its 70%
load factor at the Davao International Airport.

According to PIA, PAL is considering increasing the number of
Davao flights on top of the recent increase in the frequency of
the Manila-Davao flights to four times a day from Monday to
Saturday and three times on Sundays.

Mr. Duerme said that PAL has not increased its fare except on
the fuel surcharges, which continue to experience movements
every time fuel prices jump.

However, Mr. Duerme said the PAL management is studying the
pricing very carefully to make sure the fare is still affordable
to clients.

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation. With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  As of 2005, it claims
to serve twenty-one domestic airports and thirty-one foreign
cities.  Its main hub is Ninoy Aquino International Airport in
the capital city of Manila.


RB OF 1ST CENTURY: PDIC Receiving Claims Until January 2008
-----------------------------------------------------------
On January 25, 2006, less than a week from its takeover of the
closed Rural Bank of 21st Century (Balagtas) Incorporated, state
insurer Philippine Deposit Insurance Corporation started
servicing depositors' claims for insured deposits.

This is in keeping with PDIC's commitment to start claims
servicing in single-digit turn-around-time (TAT) from bank
takeover.  RB of 21st Century was ordered closed by the Monetary
Board on January 19, 2006, and was taken over by PDIC on the
same day.

Depositors who were not able to present proofs of claims on
January 25 to February 10, 2006, may file their claims at:

          Claims Processing Department
          PDIC Extension Office
          6/F SSS Bldg.
          Ayala Avenue corner V.A. Rufino St.
          Makati City.

RB of 21st Century has four banking units, including its head
office in Balagtas, Bulacan.  The bank's three branches in
Bulacan are located in the towns of Bocaue, Bulacan and
Meycauayan.  Depositors of RB of 21st Century are given 24
months from bank takeover to file their claims or until January
21, 2008.


RB ZAMBOANGITA: Depositors' Insured Claims Due on January 2008
--------------------------------------------------------------
On January 11, 2006, the Philippine Deposit Insurance
Corporation started servicing claims for insured deposits in
Rural Bank of Zamboangita (Negros Oriental) Incorporated, which
was closed by the Monetary Board on January 5, 2006.

Depositors who were not able to file their claims with PDIC
representatives from January 11 to January 27, 2006, may submit
proofs of 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:

     * the 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 provision of R.A. 3591, as amended by R.A. 9302,
the last day for filing claims for insured deposits in the
closed Rural Bank of Zamboanguita is on January 7, 2008.  After
January 7, 2008, PDIC will no longer accept any claim for
insured deposits maintained with the closed bank.


UNIWIDE HOLDINGS: Confirms Lease Contract with Suy Sing
-------------------------------------------------------
Uniwide Sales Warehouse Club Incorporated confirmed that the
contract of lease between its franchisee, Uniwide Holdings
Incorporated, and Suy Sing Commercial Corporation was executed
on January 7, 2006, for the operation of the Supermarket
Division at these branches:

          * Uniwide Tarlac
          * Uniwide Novaliches
          * Uniwide Caloocan
          * Uniwide Sucat
          * Uniwide Las Pinas
          * Uniwide Coastal

The lease agreement will generate a monthly rental income of
about Php4 million for Uniwide Sales.  Operation of the
Department Store Division and other divisions of the Uniwide
Stores will still be under Uniwide Sales.

As a result of the development, Uniwide Sales has scheduled
retrenchment of about of 424 Uniwide Sales employees effective
February and March 2006.

Uniwide Holdings, Incorporated -- http://www.uni-wide.com--  
does not engage in retail activities itself, but provides
support services to franchisees in the areas of inventory
management, merchandising, marketing, advertising and training.
It also engages in two kinds of real estate operations.  The
first is the acquisition, development, holding and leasing of
land and buildings used to house Warehouse Clubs, Department
Stores and Family Stores.  The second is property development
principally involving the acquisition, horizontal development
and sale of land for residential communities and commercial lots
adjacent to Warehouse Clubs, and the development of shopping
alls anchored by Warehouse Clubs.


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

ALADDIN SALES: To Declare Final Dividend Today
----------------------------------------------
Aladdin Sales & Marketing Pte Limited will declare its final
dividend today, February 20, 2006.

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


EWC ASIA: Creditor Seeks Liquidation
------------------------------------
On February 9, 2006, Ng Lai Heng filed a winding up petition
against EWC Asia Pte Limited.

The Singapore High Court has scheduled to hear the Petition on
March 3, 2006, at 10:00 a.m.

Any creditor or contributory who wants to support or
oppose the winding up order may appear at the hearing by himself
or his counsel.

The Petitioner's solicitors, Yeow Wee Kiong Law Corporation,
will provide, upon payment of a regulated charge for the same, a
copy of the winding up petition to any Company creditor or
contributory who requires a copy of the petition.

Any person who intends to appear at the hearing of the petition
must serve on or send by post to solicitors Yeow Wee Kiong Law
Corporation a written notice of his intention.  The notice must
state the name and address of the person, or, if a firm, the
name and address of the firm, and must be signed by the person,
firm or his or their solicitor (if any) and must be served, or,
if posted, must be sent by post to reach the solicitors not
later than 12:00 p.m. on March 2, 2006.


FIRSTLINK INVESTMENTS: To Hold EGM in March
-------------------------------------------
Firstlink Investments Corporation Limited will hold an
extraordinary general meeting on March 8, 2006, in order to seek
approval for the proposed appointment of Messrs Moore Stephens
as the company's auditor, in place of Deloitte and Touche.

A member is entitled to vote on the said matter.  If
unavailable, he is entitled to appoint up to two proxies to vote
in his stead.  The proxy must also submit the necessary
documents to the liquidator's office not more than 48 hours
before the EGM.

The development came a little more than a month after Firstlink
changed the members of its Audit Committee, after the
resignation of Foo Chek Heng, as earlier reported in the TCR-AP.

Incorporated in 1978, FirstLink Investments Corporation Limited
- http://www.firstlinkcorp.com.sg/-- was converted into a
public company in September 1987 and was listed on SESDAQ in
October 1987.  The principal activity of the Company is
investment holding.  FirstLink currently holds a stable of
companies (both listed and unlisted) in Singapore, Malaysia,
Australia and New Zealand, with proven expertise and success in
the electronic manufacturing and hospitality industries.  In
late 2003, the Company decided to venture beyond these
industries in order to deliver more efficient returns for
shareholders.  New areas that the Company is exploring or has
already initiated a presence include leisure and salt business.


GREATRONIC LIMITED: Malaysian Unit Seeks Debt Repayment
-------------------------------------------------------
Greatronic Technology Berhad, a subsidiary of Greatronic
Limited, sent a letter of demand to Greatronic unit M & V
Holdings (Singapore) Pte Limited on February 13, 2006, seeking
payment of a SGD285,000 debt.

M&V has until February 20, 2006, to settle its obligations
before GTM initiates legal proceedings, which may include a
winding up petition, against the company.

Greatronic Limited believes that GTM's claim will have a
material impact on the M&V as a going concern, and is currently
considering the next course of action in this case.

Greatronic Limited, a material-handling company first known as
Material Handling Engineering when it was listed on Sesdaq in
1989, became Cybermast Ltd in 2000 to reflect its move into
Internet-related business.  It then streamlined its business in
2001 to focus on the manufacturing of products such as power
supply cords for the electronics industry before adopting its
present name in 2003.

NKI ASIA: Creditors' Claims Due March 17
----------------------------------------
Creditors of NKI Asia Pacific Pte Limited are required to submit
their formal proofs of claim by March 17, 2006, to liquidator
Lai Seng Kwoon.

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


TUNG LIN: To Distribute Dividend to Creditors
---------------------------------------------
Tung Lin Construction Pte Limited, which is preparing to declare
a diivdend on March 6, 2006, has required its creditors to prove
their proofs of claims to the Company's liquidator.

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


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

PICNIC CORPORATION: SEC Warns AJF and Former CIO
------------------------------------------------
Ayudhya JF Asset Management and its former chief investment officer, Suchart
Techaposai, was reprimanded by the Securities and Exchange Commission for
breaching the regulator's order, Bankok Post reports.

Mr. Suchart was criticized for allowing the AJF Fixed Income 1/49 Fund to
purchase Picnic Corporation's Bills of Exchange despite the SEC directing
Picnic to do a special audit and revision of its statements.

The SEC presumed that Mr. Suchart used Picnic's unrevised 2004 statements,
which the regulator finds insufficient, inappropriate and not credible, the
Post relates.

According to the Post, AJF's investment committee directed fund mangers to
meet with Picnic executives to assess financial stability.

The SEC banned Mr. Suchart from working in the capital market for six months
and fined AJF THB323,437.50 for failing to maintain effective controls.

Headquartered in Bangkok, Thailand, Picnic Corporation Public Co. Limited
formerly known as Picnic Gas & Engineering Public Company Limited --
http://www.picniccorp.com--  is engaged in Liquefied Petroleum Gas Trading
business under "Picnic Gas" trademark transferred from Union Gas and
Chemicals Company Ltd.

The Company operates engineering related activities formerly engaged in the
installation of air conditioning system, electricity system, sanitary
system, fire prevention system, electrical power substation and
telecommunication system.  The Group operates mainly in Thailand.


THAI DURABLE: Unveils Share Sale Results
----------------------------------------
Thai Durable Group Public Company Limited has offered 141.905 million
ordinary shares to investors.  The subscription date for the sale is from
October 20 to November 3, 2005.

The payment for the shares was divided into two installments.  The first
installment for the 65,250,000 shares was scheduled on November 29, 2005,
while the 64,750 remaining shares were scheduled for payment on January 27
and February 8, 2006.

The shares were partially sold out with some 11,905,000 shares remaining.

                  Details of the Sale



   Thai investors      Foreign investors    Total Number
Juristic  Natural    Juristic   Natural     of persons
persons   persons    persons    persons

   -             -         -        1           1

Number of shares subscribed

   -             -         -      130,000,000  130,000,000

Percentage of total shares offered for sale

   -             -         -      91.61%        91.61%

Amount of money received from the sale of shares

Total amount: THB57,627,500

Fee for capital increase registration: THB273,000

Net amount received: THB57,354,500

Headquartered in Phra Pradaeng Samut Prakarn, Thailand, Thai Durable Group
Public Company Limited (TDT) -- http://www.tdt.co.th/Index.html-- is one of
the oldest and most accomplished textile manufactures, founded on August 19,
1960.

TDT offers a wide range of over 400 products of yarns, fabrics, and garment
(Table Cloth and Uniform) made from cotton, polyester, and rayon.  It
remains one of Thailand's ten largest textile companies producing over 30
million pounds of yarn and in excess of 25 million yards of fabric annually,
exporting to customers around the globe.




                            *********

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
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                 *** End of Transmission ***