/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/060224.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, February 24, 2006, Vol. 9, No. 040 Headlines A U S T R A L I A & N E W Z E A L A N D AB SECURITY: CIR Lodges Petition to Liquidate Firm ADSTEAM MARINE: First Half Profit Rises 5% ADSTEAM MARINE: Wants Portion of Eight Tenders AIR NEW ZEALAND: Engineering Division Chief Is Stepping Down AUSTRALIAN SPIRIT: Prepares to Close Shop BINGO WORLD: Falls into Liquidation CLANDON PTY: Members Agree to Wind Up Firm CLARKE'S BUILDING: To Declare Final Dividend COMPUTER POWER: Unsecured Creditors May Not Recoup Investment DAVGAZ PTY: Winds Up Business ECARGO SPV: Joint and Several Liquidators Appointed FACILITIES ASSIST: To Distribute Dividend Today FLETCHER INVESTMENTS: Members Receive Wind-up Details FRAGMA LIMITED: Court to Hear Liquidation Application Feb. 27 G. GRAY ACCOUNTANTS: Falls Into Liquidation GLOBAL TRADE: Court Issues Wind-up Order GROUP 12: Creditors OK Liquidator's Appointment GUY'S BODY SHOP: Enters Liquidation Proceedings J2S&B LIMITED: Creditors' Proofs of Claim Due March 3 L&B AUTOMOTIVE: Creditors to Submit Proofs of Claims by March 20 LIGHT COMMERCIAL: Liquidator Receiving Claims Until March 10 LUCKY MEDIA: Anthony D'Aloia Named to Wind Up Firm MORAN COMPANIES: ASIC Appoints Liquidator MULTIPLEX GROUP: Wembley Delays Affect First Half Profit MOVAC ECENTRIC: Taps Joint and Several Liquidators MTJ PTY: Prepares to Pay Dividend NILOS AUSTRALIA: Inability to Pay Debts Leads to Wind-up PARTNERS CONSTRUCTION: To Hold Final Meeting Today R10 PTY: Decides to Close Shop SANTOS LIMITED: Profit Doubles at AU$762 Million SANTOS LIMITED: Boosts Oil Reserves in 2005 SOLARIS CONSULTING: Appoints Liquidator SOUTHERN CROSS: Schedules Final Meeting Today VINCENT ENTERPRISES: Receivers Step Down WINTER AIR: Placed Under Voluntary Liquidation WINTSUN PTY: Liquidator to Give Wind-up Report C H I N A & H O N G K O N G 401 CLEANSING: Appoints Joint and Several Liquidators ASSOCIATE MARBLE: Sets Deadline for Proofs of Claims Filing COMPANION MARBLE: Creditors' Proofs of Claim Due March 20 EZCOM ELECTRONICS: Schedules Meetings for March 2 GAMEWELL ENTERPRISES: Names Official Liquidator GRAND MARINE: Members to Receive Wind-up Details HUTCHISON ENTERPRISES: Decides to Close Operations JADE LIGHT: To Hold Final Meeting March 21 KUOK OILS: Members' Final Meeting Fixed on March 24 MAXSPRING DEVELOPMENT: Court Orders Liquidation MENG CHUN: Schedules Final Meeting March 20 METZLER INTERNATIONAL: Appoints Joint Receivers and Managers SERVICE COMPANY: Creditors' Proofs of Claim Due March 20 YING YUE: To Hold Final Meeting on March 2 I N D I A BHARAT PETROLUEM: Secures April Crude Reserve NICCO CORPORATION: Board to Consider Capital Restructuring SHREE NARMADA: Aims to Amend Scheme of Compromise & Arrangements I N D O N E S I A BANK MANDIRI: Seeks Government Aid to Resolve NPL Problem LIPPO KARAWACI: Moody's Rates Foreign Currency Bond at B2 MERPATI NUSANTARA: Ten Firms Interested in Partnership PERTAMINA: Set to Build Three Geothermal Plants * Government Sets December Deadline for Tycoons to Settle Debt J A P A N JAPAN AIRLINES: To Unveil Midstream Business Plan on March 2 LIVEDOOR CO.: New Arrest Warrants for Executives NEC ELECTRONICS: Shuts Down Irish Plant NEC ELECTRONICS: Unveils Strategy to Expand Automotive Business NEC ELECTRONICS: Forms Partnership With Toshiba & Fujitsu VICTOR COMPANY: S&P Affirms "BBB-/A-3" Ratings K O R E A DAEWOO ENGINEERING: Military Association to Join Bid HANARO TELECOM: Plans to Slash Capital Stock by 50% M A L A Y S I A ADVANCE SYNERGY: Net Loss Hits MYR11,606,000 in 4Q/FY05 AMSTEEL CORPORATION: Suffers MYR4,472,000 Net Loss in 2Q/FY05 CRIMSON LAND: Net Loss Down to MYR4,502,000 in 2Q/FY05 DAI HWA: Incurs MYR265,000 Net Loss in 4Q/FY05 MPI PROPERTY: Wraps Up Voluntary Liquidation MULPHA LAND: 4Q/FY05 Net Loss Shrinks to MYR2,999,000 POH KONG: New Shares up for Listing and Quotation SETRON MALAYSIA: Books MYR527,000 Net Loss in 4Q/FY05 P H I L I P P I N E S LAFAYETTE MINING: Vows to Comply with DENR Requirements LAFAYETTE MINING: Accused of Exercising Power over President NATIONAL POWER: Eyes US$500-Mln Loan Next Month NATIONAL POWER: Debt Down on Strong Peso and Government Aid PHILIPPINE AIRLINES: High Costs Widen Fourth Quarter Net Loss * Fitch Revises Rating Outlook On Philippine Banks to Stable S I N G A P O R E DIGILAND INTERNATIONAL: Closes Books to Implement Cap Reduction GREATRONIC LIMITED: Seeks to Change Auditors L&M PRESTRESSING: Benaim Files Wind-up Petition SKIN SOLUTIONS: Creditors' Meeting Set March 3 TRI-M TECHNOLOGIES: Asks Internal Auditor to Review Losses T H A I L A N D EASTERN PRINTING: Unveils Outcome of EGM THAI DURABLE: Halts Operation of Spinning Mills * Large Companies With Insolvent Balance Sheets - - - - - - - - ============================================ A U S T R A L I A & N E W Z E A L A N D ============================================ AB SECURITY: CIR Lodges Petition to Liquidate Firm -------------------------------------------------- On January 12, 2006, the Commissioner of Inland Revenue lodged an application to put AB Security Limited into liquidation. The Application will be heard before the High Court of Wellington on February 27, 2006, at 10:00 a.m. Further particulars may be obtained from the office of the Court of from the plaintiff or the plaintiff's solicitor at: Scott Brickell 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 New Zealand Telephone: (04) 802 8091 Facsimile: (04) 802 8187 ADSTEAM MARINE: First Half Profit Rises 5% ------------------------------------------ Adsteam Marine Ltd. posted a 5% rise in first-half profit after an improved result at its Australian operations, Reuters reports. Specifically, the Australian tugboat operator Company reported a net profit of AU$21.2 million for the six months ended Dec. 31, 2005, compared with its AU$20.2 million profit a year earlier. However, Reuters says that Adsteam lowered its full-year forecast, which caused its shares to go down. The Company said that it expected to deliver a full-year net profit at the lower end of its previous forecast range of AU$42 million to AU$46 million. According to Reuters, shares in Adsteam were 4.75% down at AU$1.905 in early afternoon trade on February 23, 2006, but have largely held steady around AU$2.00 since June 30, 2005. Headquartered in New South Wales, Australia, Australia Adsteam Marine Ltd -- http://www.adsteam.com.au/-- currently has a fleet of more than 200 vessels and also also offers other maritime services such as a shipping agency, fuel distribution and salvage. Adsteam's debt was estimated to be AU$360 million. The Company had undertaken steps in a plan to divest non-core businesses since May 2003 as part of its business transformation program and has raised money to support its rescue plan designed to trim down debts and repay borrowings. ADSTEAM MARINE: Wants Portion of Eight Tenders ---------------------------------------------- Adsteam Marine Ltd wants a "reasonable portion" of eight tenders to be made available for search and rescue contracts in Australia, the Australian Associated Press reports, citing the Company's chief executive officer, John Moller. According to AAP, the Australian Government is in the process of implementing a strategy of eight zones for emergency response and salvage. Mr. Moller said that three zones have been tendered to date and the other locations are expected to be tendered in the next six months. Adsteam believes that it will be in a strong position to secure a reasonable portion of the three zones, AAP relates. Headquartered in New South Wales, Australia, Australia Adsteam Marine Ltd -- http://www.adsteam.com.au/-- currently has a fleet of more than 200 vessels and also also offers other maritime services such as a shipping agency, fuel distribution and salvage. Adsteam's debt was estimated to be AU$360 million. The Company had undertaken steps in a plan to divest non-core businesses since May 2003 as part of its business transformation program and has raised money to support its rescue plan designed to trim down debts and repay borrowings. AIR NEW ZEALAND: Engineering Division Chief Is Stepping Down ------------------------------------------------------------ Air New Zealand Group General Manager - Venture Crais Sinclair is leaving the airline company to pursue personal business interests. Upon his return from an annual leave in the New Year, Mr. Sinclair had advised Air New Zealand that he would be giving up his post once Air New Zealand Engineering Services union members had voted on their counterproposal to retain heavy maintenance work in the country. The outcome of the voting was released Monday. As reported in the Troubled Company Reporter - Asia Pacific on February 23, 2006, Air New Zealand will be proceeding with its plan to outsource wide body aircraft heavy maintenance after union members failed to ratify their own counterproposal. The flag carrier projects outsourcing to deliver NZ$48-million in cost savings over the next five years. Around 507 Air New Zealand Engineering Services positions will be made redundant on top of the 110 announced in December. Mr. Sinclair will leave Air New Zealand upon completion of work related to the Air New Zealand Engineering Services restructuring. Air New Zealand Engineering Services General Manager Chris Nassenstein, who reported to Mr. Sinclair, will now report directly to Mr. Fyfe effective immediately. Headquartered in Christchurch, New Zealand, Air New Zealand -- http://www.airnz.co.nz/-- is an international and domestic airline group which provides air passenger and cargo transport services within New Zealand, as well as to and from Australia, the South West Pacific, Asia, North America and the United Kingdom. Air New Zealand also encompasses business units providing engineering and ground handling services. Subsidiaries extend to booking systems, travel wholesaling and retailing services. In 2001, Air New Zealand became buried in debts, causing the Government to bail it out. As of 2003, the airline's restructuring has cost taxpayers NZ$885 million in an effort to reduce its debts and upgrade its long-haul international flights. In October 2003, the carrier launched a four-year plan to slash its cost base by NZ$245 million a year by 2007 and cut its 10,000 workforce by 15%. AUSTRALIAN SPIRIT: Prepares to Close Shop ----------------------------------------- The members of Australian Spirit Communications Limited held a meeting on January 30, 2006, and agreed to close the Company's business. The parties appointed Barry Cook as liquidator to facilitate the wind-up operations. Contact: Barry Cook Liquidator 54 Beechwood Avenue, Greystanes, 2145 New South Wales, Australia. BINGO WORLD: Falls into Liquidation ----------------------------------- On February 1, 2006, the members of Bingo World Pty Limited decided to wind up the Company's operations voluntarily. They appointed Schon G. Condon and Bruce Gleeson as liquidators. Contact: Schon G. Condon Bruce Gleeson Jones Condon Chartered Accountants Level 1 34 Charles Street, Parramatta New South Wales, Australia CLANDON PTY: Members Agree to Wind Up Firm ------------------------------------------ At an extraordinary general meeting of on January 25, 2006, members of Clandon Pty Limited concurred that the Company must voluntarily wind up its operations. Geoffrey William Pride was nominated to act as liquidator to manage the wind-up activities: Contact: Geoffrey William Pride 2nd Floor 54 Havelock Street, West Perth, Australia CLARKE'S BUILDING: To Declare Final Dividend -------------------------------------------- Clarke's Building Contractors Pty Limited will declare its final dividend today, February 24, 2006. Creditors who are not able to prove their claims will be excluded from the benefit of the dividend. Contact: Kim Wallman Liquidator K.S. Wallman & Co PO Box 4055, Wembley, Western Australia 6014 COMPUTER POWER: Unsecured Creditors May Not Recoup Investment ------------------------------------------------------------- Computer Power Group Pty Limited was recently placed in liquidation by creditors. The Company's liquidator said that CPG assets, including shares that CPG holds in Computer Power Limited, have been sold to The Didasko Group Pty Limited. The Liquidator has not provided any information as to the amount for which the assets were sold, but has advised CPG's parent, Easycall International Limited, that it is unlikely that CPG's unsecured creditors will receive any return from the liquidation. Under the terms of the sale, a letter of credit provided by Easycall to support CPG's obligations under the Tertiary Education Commission of New Zealand and New Zealand Qualifications Authority must be replaced by Didasko no later than May 30, 2006. Easycall will update the market in relation to this issue as further developments are advised. Easycall continues to pursue its claim against the former owners of CPG for the losses sustained by Easycall. The Troubled Company Reporter - Asia Pacific reported on Jan. 9, 2006, that EasyCall's Board of Directors has resolved to immediately cease providing ongoing financial support to its wholly owned subsidiary, Computer Power Group Ltd. As a consequence, CPG's Board has determined to appoint Messrs Ferrier Hodgson as administrator to CPG. Contact: James Stewart Liquidator Ferrier Hodgson Level 29, 600 Bourke Street, Melbourne, Victoria 3000 Australia DAVGAZ PTY: Winds Up Business ----------------------------- After a meeting of the members and creditors of Davgaz Pty Limited on January 30, 2006, it was agreed that the Company wind up its business voluntarily. As a result, Ozem Kassem, of Bentleys MrI Sydney, was appointed to supervise the wind-up operations. ECARGO SPV: Joint and Several Liquidators Appointed --------------------------------------------------- Richard Brian Burge and Brian Joseph Walshe were appointed joint and several liquidators of eCargo SPV Limited on January 30, 2006. In relation to this development, the Liquidators require creditors to make their claims and to establish any priority their claims may have, on or before March 3, 2006, with: Richard Brian Burge Liquidator P.O. Box 30-568 Lower Hutt, New Zealand Telephone: (04) 569 9069 FACILITIES ASSIST: To Distribute Dividend Today ----------------------------------------------- Facilities Assist Pty Limited will declare a first and final priority dividend today, February 24, 2006, to the exclusion of creditors who were not able to prove their claims. Contact: Robyn Erskine Peter Goodin Joint & Several Liquidators Brooke Bird & Co Insolvency Practitioners 471 Riversdale Road, Hawthorn East, Victoria 3123, Australia FLETCHER INVESTMENTS: Members Receive Wind-up Details ----------------------------------------------------- A final meeting of the members of Fletcher Investments Pty Limited will be held for them 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 24, 2006. Contact: Bruce Richard Byrnes Liquidator c/- Level 2, Garland House, 52 Kings Park Road, West Perth, Western Australia 6005 FRAGMA LIMITED: Court to Hear Liquidation Application Feb. 27 ------------------------------------------------------------- On February 27, 2006, the High Court of Wellington will hear an application to put Fragma Limited into liquidation. The petition was lodged before the High Court by the Commissioner of Inland Revenue on December 22, 2005. Further particulars may be obtained from: Scott Brickell 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, New Zealand Telephone: (04) 802 8091 Facsimile: (04) 802 8187 G. GRAY ACCOUNTANTS: Falls Into Liquidation ------------------------------------------- On February 2, 2006, the High Court of Dunedin issued an order placing G. Gray Accountants Limited under liquidation. The Court also appointed Iain Andrew Nellies and Paul William Gerrard Jenkins as joint and several liquidators for the Company. GLOBAL TRADE: Court Issues Wind-up Order ---------------------------------------- On January 31, 2006, the Supreme Court of New South Wales ordered the liquidation of Global Trade Support Limited, and appointed Paul John Cook, of Paul Cook & Associates, as liquidator. Contact: Paul John Cook Paul Cook & Associates 105 Macquarie Street, Hobart TAS 7000 and Level 31 ABN AMRO Tower, 88 Phillip Street, Sydney, Australia Tel: 03 6223 2555 Facsimile: 03 6223 2556 e-mail: info@pjc.com.au GROUP 12: Creditors OK Liquidator's Appointment ----------------------------------------------- The members of Group 12 Security Pty Limited met on January 30, 2006, to agree on the Company's need to wind up its operations. Roderick Mackay Sutherland was then appointed as liquidator to supervise the Company's wind-up activities. The Company's creditors confirmed the liquidator's appointment at a creditors' meeting held that same day. Contact: R. M. Sutherland Liquidator Jirsch Sutherland Chartered Accountants Level 2, 84 Pitt Street, Sydney, New South Wales 2000, Australia Tel: (02) 9233 2111 Facsimile: (02) 9233 2144 GUY'S BODY SHOP: Enters Liquidation Proceedings ----------------------------------------------- On December 23, 2005, an application to liquidate Guy's Body Shop Limited was filed with the High Court of Wellington by the Commissioner of Inland Revenue. The Application will be heard before the High Court on Feb. 27, 2006, at 10.00 a.m. Further particulars may be obtained at: Andrew Hamer Instone 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, New Zealand Telephone: (04) 802 8133 Facsimile: (04) 802 8187 J2S&B LIMITED: Creditors' Proofs of Claim Due March 3 ----------------------------------------------------- Bruce Allen Dring and Richard Brian Burge were appointed joint and several liquidators of J2S&B Limited on February 13, 2006. The Liquidators fixed March 3, 2006, as the deadline by which creditors are to make their claims and to establish any priority their claims may have. Inquiries may be directed by a creditor or shareholder of the company during normal business hours to: Bruce Allen Dring, and Richard Brian Burge The Liquidators P.O. Box 30-568 Lower Hutt, New Zealand Telephone: (04) 569 9069 L&B AUTOMOTIVE: Creditors to Submit Proofs of Claims by March 20 ---------------------------------------------------------------- On February 9, 2006, the High Court of Christchurch released an order appointing chartered accountants Warren Michael Johnstone and Malcolm Grant Hollis as joint liquidators of the Company. The Company's creditors are required to lodge their claims and to establish any priority their claims may have by March 20, 2006. Creditors and shareholders may direct their inquiries to: Wendy Somerville BDO Spicers, Level Six Spicer House, 148 Victoria Street Christchurch, New Zealand P.O. Box 246, Christchurch Telephone: (03) 379 5155 Facsimile: (03) 353 5526 e-mail: wendy.somerville@chc.bdospicers.com LIGHT COMMERCIAL: Liquidator Receiving Claims Until March 10 ------------------------------------------------------------ Creditors of Light Commercial Centre Limited are required to prove their debts or claims and on or before March 10, 2006, to: R. L. Merlo Liquidator Merlo Burgess & Co. Limited P.O. Box 51-486 Pakuranga, Auckland, New Zealand Telephone: (09) 520 7101 Facsimile: (09) 529 1360 e-mail: merloburgess&co@xtra.co.nz Failure to comply with this requirement may exclude creditors from the benefit of any distribution made before the debts are proved or, as the case may be, from objecting to the distribution. LUCKY MEDIA: Anthony D'Aloia Named to Wind Up Firm -------------------------------------------------- Members of Lucky Media Pty Limited held a meeting on January 30, 2006, and agreed on the Company's need to liquidate. They named Athony D'Aloia to manage the Company's wind-up activities. Contact: A. D'Aloia Liquidator D'Aloia Handberg Chartered Accountants Level 10, 200 Queen Street, Melbourne, Victoria 3000, Australia MORAN COMPANIES: ASIC Appoints Liquidator ----------------------------------------- The Supreme Court of South Australia has ordered that the Moran Companies, formerly controlled by Robert Moran, be wound up in insolvency following proceedings brought by the Australian Securities and Investments Commission. The Court appointed George Divitkos, of BDO Chartered Accountants and Advisers, as liquidator of the Moran Companies. The Moran Companies constitute South Australia-based Austwide Vehicle Negotiators Pty Ltd, Austwide Auto Negotiators Pty Ltd, and GTR Auto Pty Ltd. All three companies operated independently and were involved in the purchase and sale of motor vehicles. In particular, GTR Auto Pty Ltd carried on business by selling motor vehicles on consignment for consumers, and received a commission for the sales. ASIC's application for the appointment of the liquidator resulted from inquiries made by its National Insolvency Coordination Unit. ASIC will continue to take action where its intervention protects creditor's interests. Consumers who have suffered a loss due to the default of the car dealer's obligations are encouraged to contact the Office of Consumer and Business Affairs in relation to the Second-hand Vehicles Compensation Fund. MULTIPLEX GROUP: Wembley Delays Affect First Half Profit -------------------------------------------------------- Multiplex Group released its half-year results, posting a net loss of AU$119.6 million for the six months ended December 31, 2006. This after the group booked a AU$250.7 million net loss attributed to its Wembley Stadium project in London. ABC News explains that Multiplex's property trust has cushioned some of the blow, reporting a AU$184 million profit. This ensured that security holders receive a distribution of 8 cents per stapled security, down from 15.81 cents in the previous corresponding period. Multiplex claims that 41 of its other 42 current construction projects are achieving normal profit margins. The Australian Associated Press says that group revenue rose 9.6% to AU$1.73 billion in the half, due to increased property rental earnings and the inclusion of fair value adjustments to the carrying value of investment properties. Construction division revenue was steady at AU$1.5 billion. Multiplex said that the losses on Wembley included a provision for potential liquidated damages of a net AU$23.7 million. "The UK construction division also has a solid workbook in hand and the emphasis will be on the successful delivery of existing opportunities over the next two years rather than necessarily growing the workbook," Multiplex said. Multiplex's property division was benefiting from strong office markets in Australia and New Zealand. However, the division also suffered from a weaker inner city residential market in Sydney and has provided AU$13 million after tax against the carrying value of the Sydney residential development inventory. Multiplex said the board expected to meet its guidance for 2005/06 for underlying profit of AU$50 million, before minority interests and stapling eliminations, assuming no further fair value adjustments within the six months ending June 2006. Multiplex Assures No More Wembley-related Losses Multiplex says that it does not expect further losses from its Wembley Stadium reconstruction. The Company's chief executive officer, Andrew Roberts told an analyst's briefing of how "extremely disappointing" it is for the Company to disclose that "the interim results are impacted by the Wembley project by some AU$250 million after tax." He says that the Company believes the loss "represents represents the final loss impact on Wembley." About Multiplex Headquartered at Miller's Point, in New South Wales, Australia, Multiplex Group -- http://www.multiplex.biz/-- is a fully diversified property business that derives its revenue from property funds management, construction, property development, and facilities management. The Group employs over 2,000 people and has established operations and offices throughout Australia, New Zealand, the United Kingdom and the Middle East. In December 2003, Multiplex Limited listed on the Australian Stock Exchange as a part of the Multiplex Group, raising a total of AU$1.2 billion. Multiplex Group was formed by combining the various businesses of Multiplex Limited and the newly established portfolio of investments held by Multiplex Property Trust. Early in 2005, Multiplex began facing cost pressures on its reconstruction project for the Wembley Stadium in London, prompting it to conduct its own internal investigation into the Wembley difficulties. This alerted its auditor, KPMG, which then conducted its own thorough review of the problems, leading to an unpredicted write-down. In February 2005, stunned investors sold down Multiplex shares after the Company reversed its stance on two United Kingdom projects, writing off AU$68.3 million from its profits. The Roberts family, as founder and controlling shareholder of Multiplex, opted to offer AU$50 million indemnity in a bid to appease dissatisfied shareholders with a show of good faith. In May 2005, Multiplex admitted its troubled Wembley Stadium construction project may end up with a multimillion loss. MOVAC ECENTRIC: Taps Joint and Several Liquidators -------------------------------------------------- On January 30, 2006, Richard Brian Burge and Brian Joseph Walshe were appointed joint and several liquidators of Movac eCentric Holdings Limited. The Liquidators hereby fixed March 3, 2006, as the deadline by which the Company's creditors should make their claims and to establish any priority their claims may have. MTJ PTY: Prepares to Pay Dividend --------------------------------- MTJ Pty Limited will declare a final dividend to its preferred unsecured creditors on February 28, 2006. Creditors who are not able to prove their claims will exclude them from the benefit of the dividend. Contact: M. C. Hall Liquidator PPB Chartered Accountants 10th Floor, 26 Flinders Street, Adelaide 5000 Southern Australia Tel: 8211 7800 NILOS AUSTRALIA: Inability to Pay Debts Leads to Wind-up -------------------------------------------------------- Nilos Australia Pty Limited has determined that a voluntary wind-up of its business operations is necessary, due to the Company's inability to pay its debts. In that regard, Oren Zohar, of KordaMentha, was appointed to oversee the Company's liquidation activities. Contact: Oren Zohar KordaMentha Level 11, 37 St Georges Terrace, Perth, Australia PARTNERS CONSTRUCTION: To Hold Final Meeting Today -------------------------------------------------- The creditors of Partners Construction Group Pty Limited will convene today, February 24, 2006, to receive liquidators B. H. Allen and P. G. Burton's account regarding the Company's completed wind-up and disposal of property. Contact: B. H. Allen P. G. Burton Liquidator Burton Glenn Allen Chartered Accountants Level 2, 57 Grosvenor Street, Neutral Bay, New South Wales 2089, Australia R10 PTY: Decides to Close Shop ------------------------------ AT R10 Pty Limited's general meeting on January 20, 3006, members agreed to liquidate its operations. Jason Bettles and Susan Carter were nominated to oversee the wind-up. Contact: Jason Bettles Susan Carter Worrells Solvency & Forensic Accountants, Level 6, 50 Cavill Avenue, Surfers Paradise, Queensland 4217, Australia SANTOS LIMITED: Profit Doubles at AU$762 Million ------------------------------------------------ Santos Limited doubled its net profit to a record AU$762 million in 2005, which is up 115% from AU$355 million in 2004 and eclipsing the Company's previous highest annual profit of AU$487 million, achieved in 2000. The 2005 profit milestone was driven by a 64% increase in sales revenue to a record AU$2.463 billion, up from AU$1.501 billion in 2004. Annual production rose 19% to 56 million barrels of oil equivalent (mmboe), which was ahead of Santos' revised 2005 target of 55 mmboe. The average realized gas price of AU$3.62 per gigajoule and oil price of AU$73.83 per barrel were 10% and 42% higher than 2004. Operating cash flow was up 141% to an all time high of AU$1.458 billion. In a separate release, Santos also highlighted its growing reserves position. During 2005, the proven reserves replacement ratio from all sources was 218%, and the three year average increased to 165%. After allowing for production, proven plus probable reserves rose by 131 mmboe to 774 mmboe, up from 643 mmboe a year earlier. Dividend higher Santos' final dividend has been increased to 20 cents per share fully franked, up from a final dividend of 18 cents previously. For the full year, the dividend has increased to 38 cents per share, 15% higher than the 2004 full year dividend of 33 cents. The final dividend will be paid on March 31, 2006, to registered shareholders as at March 6, 2006. Santos' Chairman, Stephen Gerlach, said the dividend increase reflected the record annual result and a continuing positive outlook. "Santos' record 2005 operating profit and cash flow underpin our ongoing investment and growth program, which is aimed at building a stronger business for the future. At the same time, the Board has confidence to again increase the annual dividend," Mr. Gerlach said. Production growth Commenting on the 2005 results, Santos' Managing Director, John Ellice-Flint, said the 19% increase in production reflected the ongoing contribution from Santos' long life, legacy assets such as the Cooper Basin oil and gas fields, together with the start- up of a number of new growth projects. "The successful start-up of production from the Mutineer-Exeter oil development, ahead of schedule and below budget, was a significant achievement for Santos giving the company its first offshore operated project," he said. "Also during the year, the John Brookes gas field commenced production and four other offshore development projects were progressed. Already two of these projects - Darwin LNG and Casino - are on stream, and the Oyong and Maleo projects are both expected to start up this year. "This demonstrates that our growth strategies are working. Only eight years ago the percentage of revenue from outside our traditional Cooper Basin business was 23%. In the past year, 60% of our record $2.5 billion revenue has been generated by non-Cooper Basin operations." Exploration success Mr. Ellice-Flint said Santos' active 2005 exploration program delivered rewarding results. "In 2005 we drilled 22 wildcat exploration wells and recorded seven discoveries. This is a conversion rate of 32%, which is ahead of the industry average of between 10% and 15%, and builds on our 2004 result of 44%," he said. "These discoveries include Henry in offshore Victoria which will be developed in the near term, plus Caldita in the Timor/Bonaparte Basin and Hiu Aman in Indonesia, both of which will be further appraised this year. "The high level of exploration activity is continuing in 2006 with Santos planning to drill 25 wildcat exploration wells at a cost of approximately $225 million." Tipperary acquisition A further highlight in 2005 was the acquisition of Tipperary Corporation for over AU$600 million, which delivered an approximate 72% revenue interest in the Fairview coal seam gas (CSG) field north of Roma in Queensland. The Fairview field is a high quality CSG resource, and is well located in relation to Santos' existing infrastructure and the eastern Australian gas markets. Since completing the acquisition in October 2005, the field performance has been further improved, driven by a combination of higher productivity and lower costs. 2006 outlook Mr. Ellice-Flint said the outlook continued to be positive for Santos in 2006 and beyond with further increases in total production forecast in an environment of continuing high oil prices. "Production in 2006 is expected to grow to between 60 to 61 mmboe, and in 2007 is expected to further increase to between 62 and 63 mmboe," he said. "Our strategy continues to focus on extending and enhancing existing core areas, building emerging areas and creating opportunities in potential new areas. "During 2006 Santos intends to drill over 310 wells, including an exciting oil exploitation program in the Cooper Basin and a continued expansion of coal seam gas production at Fairview. "Santos' longer term growth will be driven by opportunities such as LNG in the Timor/ Bonaparte Basin and in Indonesia with oil in East Java and LNG in the Kutei Basin. 2006 is shaping up as a watershed year for progressing projects in these areas." Headquartered in Adelaide, South Australia, Santos Limited -- http://www.santos.com.au/-- is an Australian oil and gas exploration and production company with interests and operations in major Australian petroleum provinces and in the United States, Indonesia, Papua New Guinea, Kyrgyzstan and Egypt. Santos supplies sales gas to all mainland Australian states and territories, ethane to Sydney, and oil and liquids to domestic and international customers. In Australia, Santos has one of the largest exploration portfolios by area of any company and has assembled a large, well-situated acreage position in Indonesia and the United States. The company is also pursuing new venture opportunities in North Africa, the Middle East, Central and South East Asia. At year-end 2005, Santos had a market capitalization of approximately AU$7.5 billion, making it one of Australia's Top 50 companies. SANTOS LIMITED: Boosts Oil Reserves in 2005 ------------------------------------------- Santos Limited reported that a record 122 million barrels of oil equivalent (mmboe) of proven (1P) reserves were added through exploration, appraisal, revisions and acquisitions in the year ended 31 December 2005. After allowing for production of 56 mmboe, 1P reserves increased by 66 mmboe to 414 mmboe, up from 348 mmboe at the end of 2004. For the fourth consecutive year, 1P reserves replacement exceeded total group production. The 2005 1P reserves replacement ratio from all sources was 218%, and the three-year average increased to 165%. After backing-out the impact of acquisitions and divestments, Santos' 2005 1P organic reserve replacement ratio was 123%, and the three-year average was 121%. Proven plus probable (2P) reserves also rose sharply, with the addition of 187 mmboe in this category. After allowing for production, 2P reserves rose by 131 mmboe to 774 mmboe, up from 643 mmboe a year earlier. As a result of Santos' major development focus over several years, the proportion of developed reserves has steadily increased, with 77% of 1P reserves now in the developed category. Major impacts by area across the portfolio, reported as changes in ultimate recovery for producing fields, are described below. Cooper Basin Revisions to both oil and gas reserves in existing Cooper Basin fields added 16.8 mmboe of 1P reserves. In the 2P category, negative revisions in gas reserves of 4.6 mmboe were offset by increases in oil reserves of 4.9 mmboe. The acquisition of Basin Oil from OMV Petroleum Pty Ltd resulted in an increase of 2.1 mmboe of 1P and 4.9 mmboe of 2P reserves in the South Australian Cooper Basin. Eastern Queensland Reserves were booked at the Fairview coal seam gas (CSG) field following the acquisition of Tipperary Corporation in October 2005. Year-end bookings of 49.6 mmboe of 1P and 142.6 mmboe of 2P reserves were recorded based on an independent estimate undertaken by Netherland Sewell and Associates. Also in eastern Queensland, revisions to existing fields added some 4.1 mmboe of 1P and 4.4 mmboe of 2P reserves. Southern Australia In the Otway Basin, successful appraisal of the Casino field resulted in the addition of 6.0 mmboe of 1P reserves. The discovery of the nearby Henry field resulted in the addition of 5.4 mmboe of 1P and 11.1 mmboe of 2P reserves. Also in the Otway Basin, the acquisition of the OMV Petroleum Pty Ltd and Trinity Gas Resource's interests in the Patricia- Baleen field added 2.6 mmboe of 1P and 4.3 mmboe of 2P reserves. Carnarvon Basin At the John Brookes field, successful development and appraisal activity resulted in an increase of 25.5 mmboe of 1P and 10.4 mmboe of 2P reserves. At Mutineer-Exeter, positive reservoir performance and appraisal resulted in an increase of 7.1 mmboe of 1P and 4.3 mmboe of 2P reserves. A positive revision was recorded at Legendre/Thevenard of 1.8 mmboe of 1P and 1.5 mmboe of 2P reserves. At East Spar, the remaining reserves of 1.4 mmboe of 1P and 4.0 mmboe of 2P reserves were written-off following the watering out of the field. Indonesia Minor adds to the Maleo and Kakap fields of 1.0 mmboe of 1P and 1.2 mmboe of 2P in aggregate were offset by reduced reserves at Oyong of 2.6 mmboe of 1P and 3.5 mmboe of 2P following development drilling. The 10% government back-in to the Maleo field resulted in the divestment of 1.0 mmboe of 1P and 3.0 mmboe of 2P reserves. Contingent Resources Santos' contingent resources (discovered but currently sub- commercial or technically immature hydrocarbon resources) were 1,971 mmboe at the end of the year, an increase of 528 mmboe (37%) relative to the previous year. This significant increase is largely due to the booking of additional CSG resources at Fairview and in the Roma area, together with exploration success in Caldita in the Timor/Bonaparte and Hiu Aman in offshore Indonesia. Headquartered in Adelaide, South Australia, Santos Limited -- http://www.santos.com.au/-- is an Australian oil and gas exploration and production company with interests and operations in major Australian petroleum provinces and in the United States, Indonesia, Papua New Guinea, Kyrgyzstan and Egypt. Santos supplies sales gas to all mainland Australian states and territories, ethane to Sydney, and oil and liquids to domestic and international customers. In Australia, Santos has one of the largest exploration portfolios by area of any company and has assembled a large, well-situated acreage position in Indonesia and the United States. The company is also pursuing new venture opportunities in North Africa, the Middle East, Central and South East Asia. At year end 2005, Santos had a market capitalization of approximately AU$7.5 billion, making it one of Australia's Top 50 companies. SOLARIS CONSULTING: Appoints Liquidator --------------------------------------- At a meeting of the members and creditors of Solaris Consulting Pty Limited on February 3, 2006, pursuant to Section 497(1) & (2) of the Corporations Act 2001, it was agreed that the Company be wound up. R. A. Sutcliffe was appointed as liquidator to supervise the Company's liquidation. Cntact: R. A. Sutcliffe Liquidator Ground Floor, 192-198 High Street, Northcote, Victoria 3070, Australia Tel: (03) 9482 6277 SOUTHERN CROSS: Schedules Final Meeting Today --------------------------------------------- The final meeting of the members and creditors of Southern Cross Holdings (Australia) Pty Limited is slated for February 24, 2006, for them to get an account of the manner of the Company's wind-up and property disposal from liquidator Ozem Kassem. Contact: Ozem Kassem Bentleys - MRI Sydney Business Recovery & Insolvency Partnership, Level 8, 50 Carrington Street, Sydney, New South Wales, Australia VINCENT ENTERPRISES: Receivers Step Down ---------------------------------------- On January 27, 2006, Simon Wallace-Smith and Salvator Algeri ceased to act as the receivers and managers of Vincent Enterprises Pty Limited. WINTER AIR: Placed Under Voluntary Liquidation ---------------------------------------------- Members of Winter Air Pty Limited held an extraordinary general meeting on January 31, 2006, and agreed to: -- voluntarily wind up the Company's business operations; and -- appoint Tarquin Kock as liquidator. Contact: Tarquin Koch Liquidator Anthony Matthews & Associates Chartered Accountants Ground Floor, 91 Hutt Street, Adelaide, South Australia 5000 Tel: (08) 8232 8885 Facsimile: (08) 8232 8886 e-mail; info@matthewsassociates.com.au WINTSUN PTY: Liquidator to Give Wind-up Report ---------------------------------------------- The final meeting of the members and creditors of Wintsun Pty Limited is scheduled today, February 24, 2006, where the liquidator will present an account of the manner of the Company's wind-up and property disposal. Contact: Bent & Cougle Pty Ltd, Chartered Accountants Level 5, 332 St Kilda Road, Melbourne, Victoria 3004, Australia ================================ C H I N A & H O N G K O N G ================================ 401 CLEANSING: Appoints Joint and Several Liquidators ----------------------------------------------------- On February 10, 2006, Cosimo Borrelli and Kelvin Flynn, of Alvarez & Marsal Asia Limited, were appointed to liquidate 401 Cleansing Services Limited's operations. Further inquiries may be directed to: Alvarez & Marsal Asia Limited 5th Floor Allied Kajima Building 138 Gloucester Road, Wanchai, Hong Kong Phone: (852) 3102 2600 Fax: (852) 2598 0060 ASSOCIATE MARBLE: Sets Deadline for Proofs of Claims Filing ----------------------------------------------------------- Creditors of Associate Marble Engineering Limited have until March 20, 2006, to submit the particulars of their claims, as well as any information regarding their solicitors, to: Ho Wai Ip, Liquidator Room 1903, 19/F., World-Wide House 19 Des Voeux Road, Central, Hong Kong COMPANION MARBLE: Creditors' Proofs of Claim Due March 20 --------------------------------------------------------- The creditors of Companion Marble Engineering Limited are required to submit the particulars of their debts or claims to the Company's liquidator, by March 20, 2006, to: Ho Wai Ip The Liquidator c/o Alliance & Associates, CPAs Room 1903, 19/F., World-Wide House 19 Des Voeux Road, Central, Hong Kong Phone: +852 2524 4988 Fax: +852 2868 4909 Failure to comply with the requirements will exclude the creditors from the benefit or any distribution or from objecting to the distribution. EZCOM ELECTRONICS: Schedules Meetings for March 2 ------------------------------------------------- The first meeting of creditors and contributories of Ezcom Electronics Limited will be held on March 2, 2006, at 2:30 a.m. and 3:30 p.m., respectively, at: Official Receiver's Office 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong ET O'Connell serves as the Company's official receiver and provisional liquidator. GAMEWELL ENTERPRISES: Names Official Liquidator ----------------------------------------------- The members of Gamewell Enterprises Limited convened on February 17, 2006, and decided to liquidate the Company's business operations. The members subsequently named Lam Ying Sui to facilitate the Company's wind-up activities. GRAND MARINE: Members to Receive Wind-up Details ------------------------------------------------ A meeting of the members of Grand Marine Holdings Limited will be held on March 1, 2006, at 9:30 a.m for the members 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 at the 26th Floor, Wing On Centre, 111 Connaught Road, in Central, Hong Kong. Dermot Angew serves as the Company's liquidator. HUTCHISON ENTERPRISES: Decides to Close Operations -------------------------------------------------- On February 2, 2006, the members of Hutchison Enterprises Three Limited convened and agreed that: -- the Company be wound up voluntarily; and -- Messrs. Ying Hing Chiu and Chung Miu Yin, Diana, be appointed to supervise the wind-up activities of the Company. JADE LIGHT: To Hold Final Meeting March 21 ------------------------------------------ The members of Jade Light Limited will convene on March 21, 2006, to receive the liquidator Hannah Chan Yuen Han's account regarding the Company's completed wind-up and disposal of property. KUOK OILS: Members' Final Meeting Fixed on March 24 --------------------------------------------------- A final meeting of the members of Kuok Oils & Grains (Hong Kong) Limited will be held on March 24, 2006, at 11:00 a.m. At the meeting, liquidator Sung Mi Yin 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. MAXSPRING DEVELOPMENT: Court Orders Liquidation ----------------------------------------------- On February 1, 2006, the High Court of Hong Kong released an order for the liquidation of Maxspring Development Limited. Further, the High Court appointed Chan Kin Hang, Danvil to oversee the liquidation process. MENG CHUN: Schedules Final Meeting March 20 ------------------------------------------- A final meeting of the members of Meng Chun Company Limited will be held on March 20, 2006. At the meeting, the members will receive the liquidator's final account showing how the Company was wound up and how its property was disposed. Man-Kou Tan serves as the Company's liquidator. METZLER INTERNATIONAL: Appoints Joint Receivers and Managers ------------------------------------------------------------ On February 7, 2006, Roderick John Sutton and Desmond Chung Seng Chiong, of Ferrier Hodgson Limited, were appointed as joint and several liquidators of Metzler International (Asia) Limited. Further inquiries may be directed to: Ferrier Hodgson 14th Floor The Hong Kong Club Building 3A Chater Road HONG KONG Phone: (852) 2820 5600 Fax: (852) 2521 7632 e-mail: fh@fh.com.hk Web site: http://www.fh.com/ SERVICE COMPANY: Creditors' Proofs of Claim Due March 20 -------------------------------------------------------- The creditors of Service Company Limited are required to submit the particulars of their debts or claims, as well as any information regarding their solicitors, by March 20, 2006. Their proofs of claims must be submitted to: Service Company Limited Ho Wai Ip The Liquidator c/o Alliance & Associates, CPAs Room 1903, 19/F., World-Wide House 19 Des Voeux Road Central Hong Kong Phone: +852 2524 4988 Fax: +852 2868 4909 If the liquidator requires, the creditors must come in personally or by their solicitors and prove their claims at the time and place specified in the notice. Creditors who are unable to formally prove their claims will be excluded from any distribution. YING YUE: To Hold Final Meeting on March 2 ------------------------------------------ The members and creditors of Ying Yue Garment Factory Limited will meet on March 2, 2006, to receive the liquidator Wong Ka Sek's account regarding the Company's completed wind-up and disposal of property. Forms of proxies for both meetings must be lodged not later than March 1, 2006, at: Wong Ka Sek Suites 2915-16 One International Finance Centre, 1 Harbour View Street Central, Hong Kong ========= I N D I A ========= BHARAT PETROLUEM: Secures April Crude Reserve --------------------------------------------- Bharat Petroleum Corporation already purchased two cargoes of Nigerian oil crude for April delivery, WebIndia123.com reveals. The loss-making oil marketing firm bought 950,000 barrels of April-loading Yoho crude from United States-based ExxonMobil and 600,000 barrels of Antan crude from European trader Glencore for undisclosed prices. The report stated that BPCL also bought a 500,000-barrel cargo of Yemeni Masila crude each for April and May loading, from Canadian trader Nexen and European trader Vitol. BPCL did not make any award in its term tender to buy Masila on a monthly basis for the May 2006 to March 2007 period, but may reissue the tender. BPCL made its purchases amid rumors that militant violence has disrupted Nigerian oil supplies. The militants first disputed supplies in January this year, which forced ExxonMobil to suspend its 150,000-bpd Yoho terminal on fears of militant attacks. According to WebIndia, militants have vowed to prevent oil giant Shell from using the damaged Forcados export-loading platform and threatened to attack oil tankers in their campaign for more control over revenues. 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. BPCL has been experiencing continuous losses and has lately reported a net loss of INR1,024.2 crore. The Company is blaming these losses on high crude and product prices that could not be fully passed on to consumers. The Government has not allowed oil companies to raise fuel prices despite global crude oil price crossing US$70 a barrel. NICCO CORPORATION: Board to Consider Capital Restructuring ---------------------------------------------------------- The Board of Directors of Nicco Corporation Limited will meet on March 1, 2006, to consider: -- a scheme of arrangement for re-organization of the Company's share capital in line with Corporate Debt Restructuring proposal submitted by Lead Bank; and -- convening an Extraordinary General Meeting in connection with the restructuring plan. Headquartered in Kolkota, India, Nicco Corporation Limited -- http://www.niccocables.com/about_us/index.html-- is the flagship company of the Nicco Group. For over six decades, NCL has been one of the pioneers in cable manufacturing industry. It produces a wide range of power, control, instrumentation and telecom cables and provides a spectrum of engineering services and executes turnkey projects. Nicco Corporation has been reporting substantial losses since fiscal 200-2001. In the April-June 2005 period, the Company incurred a net loss of INR26.5 million due to skyrocketing operating costs. SHREE NARMADA: Aims to Amend Scheme of Compromise & Arrangements ---------------------------------------------------------------- On January 30, 2006, Shree Narmada Aluminium Industries Limited's Board of Directors has decided to approach the Honorable High Court of Gujarat to revise the Scheme of Compromise and Arrangements with its present shareholders, secured creditors and unsecured Creditors. Details of the Scheme will be revealed in due course. Headquartered in Mumbai, India, Shree Narmada Aluminium Industries Limited deals in aluminium extruded products. The Company, which has been continuously incurring losses, has reported a net loss of INR5.29 million in the April 2005 to June 2005 quarter. The result is lower compared to a net loss of INR20.2 million in the same period last year. ================= I N D O N E S I A ================= BANK MANDIRI: Seeks Government Aid to Resolve NPL Problem --------------------------------------------------------- Bank Mandiri is seeking help from the Government to resolve its non-performing loan problems, The Jakarta Post reports. According to banking analyst Djoko Retnadi, the Finance Minister must come up with a scheme to help Bank Mandiri, and approve its plan to set up a debt management agency together with Bank Negara Indonesia, as a state finance law and a finance ministry regulation prohibit state banks from writing off debts without permission from the Finance Minister. The President and House of Representatives should also support the joint venture plan, in order to prevent future political implications. Banking industry regulator Bank Indonesia has approved the plan to set up the special purpose vehicle to deal with Bank Mandiri's non-performing loans. The Post relates that as of September 2005, Bank Mandiri's non- performing loans comprised 24.57% of its total loans. Accumulated unresolved debts and higher interest rates led to the 7.49% increase in the bank's non-performing loans. Subsequently, Bank Mandiri is subject to special monitoring by the central bank due to its high level of non-performing loans, although it can still extend credit to borrowers. Legislator Dradjad H. Wibowo advised the Government to set up an emergency regulation to go around the legal obstacles to setting up the special purpose vehicle. The Government also has to disburse the initial capital needed for the SPV, he added. Bank Mandiri -- http://www.bankmandiri.co.id/-- Indonesia's largest and best capitalized bank in terms of assets, loans and deposits, provides comprehensive financial services to more than six million corporate and individual consumers, as well as small and medium-sized enterprises in Indonesia. Its total assets as of March 31, 2002, amounts to IDR261.9 trillion, roughly 24% of the assets in the banking system, and it has a high capital adequacy ratio of 27%. LIPPO KARAWACI: Moody's Rates Foreign Currency Bond at B2 --------------------------------------------------------- Moody's Investors Service assigned its (P)B2 foreign currency senior unsecured rating to Lippo Karawaci Finance B.V.'s proposed USD180 million bond issuance, which is guaranteed by PT Lippo Karawaci Tbk (LK). The rating outlook is positive, reflecting the positive outlook for Indonesia's sovereign rating. Moody's also assigned its (P)B1 local currency corporate family rating to LK with a stable outlook, for the first time. According to Moody's analyst Kaven Tsang, "Moody's expects to affirm the ratings and remove them from their provisional status upon completion of the proposed bond issuance, the proceeds of which will refinance the company's current high level of short- term debt." Moody's expects that LK will continue to expand its core businesses and benefit from medium-term growth prospects, such that its financial profile will improve and generate positive operating cash flow. PT Lippo Karawaci Tbk - http://www.lippokarawaci.co.id/-- is one of the largest property developers in Indonesia with a market capitalization of over USD550 million. As of end-2005, it possessed a huge land bank reserve of 2,079 hectares. LK also operates four hospitals and four hotels in Indonesia. MERPATI NUSANTARA: Ten Firms Interested in Partnership ------------------------------------------------------ Ten foreign and local firms expressed interest in PT Merpati Nusantara Airlines' international and domestic landing rights to penetrate the market, the Jakarta Post says. Singapore's Tiger Airways and Rspd, Nikihaka Business Consultants of Indonesia and a Kuwaiti investor are ready to hold talks with Merpati on collaboration, Merpati corporate planner Hariadi Soepangkat told the Post. Potential investors are slated to inject working capital and provide aircraft based on a revenue-sharing agreement, while Merpati would provide access to sales network, flight operations, engineering and ground support, IT and financial backup, and landing rights. Depending on the investment, interest rates and payback schemes, Merpati would decide which routes the investors would handle. The airline company would also use part of the investment to repay its debts and offset operating costs. Last month, Merpati received IDR75 billion from the Government in order to resume flights to 40 destinations, which had been closed earlier due to lack of aircraft and financial troubles. PT Merpati Nusantara Airlines - http://www.merpati.co.id/-- was founded in 1962, and is an international and domestic scheduled passenger airline that is 100%-owned by the Indonesian government. With its main operating base in Indonesia, it flies to certain destinations in Indonesia and the surrounding Southeast Asia area. Merpati's total debts amount to IDR1.5 trillion, 70% of which are foreign-currency denominated. A runaway inflation in 1998 led to the mushrooming of the Company's debts. However, the Company has reduced its losses to IDR672 billion in 2005, from IDR811 billion in 2004. PERTAMINA: Set to Build Three Geothermal Plants ----------------------------------------------- PT Pertamina is slated to construct three geothermal power plants worth IDR13.89 trillion with local firm Para Group, Dow Jones says. Both firms signed an initial agreement for the plants, which will have a total capacity of 1,060 megawatts. However, they still need more investment to tap Indonesia's geothermal resources, Pertamina President Widya Purnama says. A feasibility study of the project will be conducted before construction on the plants can begin. The powerplants will be located near Pertamina's geothermal fields in Lampung, South Sumatra and West Java. PT Pertamina (Persero) -- http://www.pertamina.com/-- is a wholly state-owned enterprise. The enactment of Oil and Gas Law No. 22/2001 in November 2001 and Government Regulation No. 31/2003 has changed its legal status from a special state-owned enterprise into a Limited Liability Company. In carrying out its activities, PT Pertamina (Persero) implements an integrated system from upstream to downstream. Under the Ministry of State-owned Enterprises, PT Pertamina (Persero) commits to deliver high quality products and services to the stakeholders as well as increase its contribution to the nation's wealth. PT Pertamina (Persero) has 14 subsidiaries, among which include viz Pertamina Energy Trading Limited (Petra)/oil and gas trading, PT Elnusa Harapan/marketing and trading, PT Pelita Air Service/airline service and PT Perta Medika/hospital. * Government Sets December Deadline for Tycoons to Settle Debt -------------------------------------------------------------- The Indonesian Government has provided an ultimatum for former bank owners who have not settled their debts to a bank restructuring agency. The Government gives them the choice of either paying their debts by December this year or be prosecuted in court, The Jakarta Post relates. According to Attorney General Abdul Rahman Saleh, the debtors had not made any repayments on their debts to the Bank Indonesia Restructuring Agency since it closed operations in April 2004. IBRA was created in 1998 to look into reports conducted by the Supreme Audit Agency, which discovered IDR144.5 trillion in unpaid loans from state Bank Indonesia to local banks under the Bank Indonesia Liquidity Support program. The BLBI was set up to bail out ailing commercial banks in the wake of the 1997 Asian financial crisis. However, IBRA only managed to recover 20% of the loans extended under the program, and so extended its deadline to unpaid debts until June 30, 2003. Upon IBRA's closure in 2004, the AGO extended the deadline for BLBI debtors to repay their debts up to December 2006. The AGO threatened to prosecute any BLBI debtors who fail to repay their bdebts by this new deadline, but that each case would be reviewed before taking action. The AGO has committed to prosecute the following BLBI debtors: Bank Marapan Sentosa director Eko Edi Putranto, Bank Modern director Samadikun Hartono, Bank Surya director Adrian Kiki Irawan, and Bank Surya deputy director Bambang Sutrisno. Indonesian President Susilo Bambang Yudhoyono promised to bring back BLBI debtors who have fled the country, to encourage them to repay their debts and face trial in criminal or civil cases if necessary, but he also promised to ensure a fair trial for all the debtors who would be prosecuted. ========= J A P A N ========= JAPAN AIRLINES: To Unveil Midstream Business Plan on March 2 ------------------------------------------------------------ Japan Airlines Corporation is set to release its midterm business plan covering the period through the fiscal year ending March 2011, Dow Jones Newswire relates. The carrier has been hurt by higher jet fuel costs and lower revenue from domestic passenger flights after several safety- related incidents in 2005, including engine troubles. JAL's international passenger operations incurred losses in recent years due to negative factors such as the severe acute respiratory distress syndrome epidemic and terrorism fears. For the full fiscal year ending in March 2006, JAL forecasts a group net loss of JPY47 billion. 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. LIVEDOOR CO.: New Arrest Warrants for Executives ------------------------------------------------ Prosecutors on Wednesday have arrested Livedoor Representative Director Fumito Kumagai and former president, Takafumi Horie, and three other executives on suspicion of falsifying the Company's financial figures, Japan Times reports. Livedoor is suspected of claiming a pretax profit of JPY1.4 billion although it actually incurred a pretax loss in the business year through September 2004. In custody along with Mr. Horie are former Livedoor Chief Financial Officer Ryoji Miyauchi, former Livedoor Director and Livedoor Marketing Co. President Fumito Okamoto, and former Livedoor Operating Officer and Livedoor Finance Co. President Osanari Nakamura. Mr. Horie was first arrested on January 23 along with three colleagues, and the four have been charged with violating a securities law by spreading false information and falsifying the accounts of an affiliate. With the new allegations, it is likely that Livedoor will be delisted from the Tokyo Stock Exchange. Headquartered in Tokyo, Japan, Livedoor Co. Ltd. -- http://corp.livedoor.com/en/-- is into Internet-related business. It is involved in many sectors, including out portal site "livedoor", financial business, corporate web solution, data center and IP telephony business. NEC ELECTRONICS: Shuts Down Irish Plant --------------------------------------- NEC Electronics Corporation will close its semiconductor plant in Meath, Ireland, at the end of September due to high operating costs, reports Japan Times, citing NEC Executive Vice president Hideto Goto. The semiconductor maker plans to transfer the Irish plant's workload to other NEC facilities in China, Malaysia and Singapore, where wage levels are much lower than in Ireland. NEC, which forecasts group operating losses for fiscal 2005, has been strengthening cost-cutting measures to improve its finances. The Troubled Company Reporter - Asia Pacific reported on Oct. 27, 2005, that the Company's president, Kaoru Tosaka, decided to resign on November 1 after reporting a net loss of JPY1.55 billion in the second quarter of 2005 and forecasting a deficit for that fiscal year because of slumping chip sales. Executive Vice President Toshio Nakajima was appointed to replace Mr. Tosaka. Headquartered in Kanagawa, Japan, NEC Electronics Corporation -- www.necel.com/ -- specializes in semiconductor products encompassing advanced technology solutions for the high-end computing and broadband networking markets, system solutions for the mobile handsets, PC peripherals, automotive and digital consumer markets, and multi-market solutions for a wide range of customer applications. NEC Electronics Corporation has 26 subsidiaries worldwide including NEC Electronics America, Inc. and NEC Electronics (Europe) GmbH. NEC ELECTRONICS: Unveils Strategy to Expand Automotive Business --------------------------------------------------------------- NEC Electronics Corporation unveiled a new strategy to improve its automotive microcontroller business by streamlining manufacturing and enhancing quality control functions. NEC said in a press release that it aims to become the world's number one supplier of automotive MCUs by 2010, and accordingly is taking bold steps to improve its manufacturing efficiency and support to automotive customers worldwide. New 8-inch wafer line at NEC Electronics America's Roseville facility. NEC Electronics America's manufacturing facility in Roseville, California, will be outfitted with equipment for 8-inch wafer fabrication using 0.15-micron process technologies for the production of automotive MCUs. A pilot line will be established by September 2006, and volume production will be steadily ramped up with the goal of surpassing 6,000 wafers per month by 2008. The Roseville plant currently produces 0.35- and 0.25-micron devices on 6-inch wafers, which are primarily shipped to automotive customers in the Americas and Europe. NEC Electronics also produces automotive MCUs at its facility in Kumamoto, Japan, but to keep pace with the increase in global customer demand for 0.15-micron devices, the Company decided to establish the new line in Roseville, which has a long and distinguished history of serving automotive customers worldwide. Equipment for the new 8-inch line will be transferred from NEC Electronics' existing production facility in Sagamihara, Japan, to the NEC Electronics America plant in Roseville. The transfer of equipment rather than the purchase of new equipment will provide the benefit of establishing the new line at minimal cost. The 8-inch line at Sagamihara will be discontinued, allowing NEC Electronics to achieve cost reductions through the elimination of some operating costs. Integration of test and assembly functions in Singapore To reduce operating costs and improve management efficiency, NEC Electronics will concentrate its test and assembly services for American and European automotive MCU customers at NEC Semiconductors Singapore. Production capacity at the Singapore facility will increase 65%, reaching 10 million units per month. The additional capacity will enable the Company to respond quickly and more flexibly to fluctuations in customer demand. NEC Electronics currently operates a test and assembly facility at NEC Semiconductors Ireland as well, but due to high operating costs, the Company plans to cease production and discharge the approximately 350 employees by September 2006. The majority of the equipment used in Ireland will be transferred to Singapore. Focused Development Teams NEC Electronics is increasing resources at the development centers in the United States and Europe devoted to delivering design support services to automotive customers. In the United States, NEC Electronics America's Dallas Design Center, which formerly conducted development of ASICs (application-specific integrated circuits), has been restructured to focus on the design and development of automotive MCUs. NEC Electronics Europe will also strengthen its design resources at the European Technology Centre in Duesseldorf, Germany dedicated to the development of automotive MCUs. Enhanced Quality Assurance In the field of semiconductors, MCUs for the automotive market have particularly sensitive requirements for high quality control. NEC Electronics has one of the lowest defect rates in the industry, and the Company is ardently continuing its pursuit of high reliability and quality control standards worldwide. In April 2006, a new European Quality Centre will be established at NEC Electronics Europe's headquarters in Duesseldorf, which will merge the quality assurance activities currently conducted there with quality management efforts at NEC Semiconductors Ireland. The integration of quality management functions in the same location will enable NEC Electronics to provide even more timely and comprehensive solutions to customers in the region. NEC Electronics continually strives to provide improved services to its customers, and expects that the measures introduced today will enable the Company to increase its market share in the rapidly growing field of automotive MCUs. The Company's goal is to achieve a 20 percent market share, or approximately 140 billion yen in sales of automotive MCUs, by 2010. Headquartered in Kanagawa, Japan, NEC Electronics Corporation -- http://www.necel.com/-- specializes in semiconductor products encompassing advanced technology solutions for the high-end computing and broadband networking markets, system solutions for the mobile handsets, PC peripherals, automotive and digital consumer markets, and multi-market solutions for a wide range of customer applications. NEC Electronics Corporation has 26 subsidiaries worldwide including NEC Electronics America, Inc. and NEC Electronics (Europe) GmbH. NEC ELECTRONICS: Forms Partnership With Toshiba & Fujitsu --------------------------------------------------------- Toshiba Corporation, NEC Electronics Corporation, and Fujitsu Limited have reached an agreement on standard interface specifications known as COSMORAM (Common Specifications for Mobile RAM) Rev. 4, for Pseudo Static Random Access Memory (PSRAM) (*1) for use in mobile devices. Based on these specifications, each of the three companies will independently begin production and sales of PSRAM devices, with products scheduled to be available from each Company from March 2007. The three companies first created common specifications in September 1998 for stacked multi-chip packages (MCPs) that include both Flash memory and SRAM. In March 2002 the companies jointly announced COSMORAM Rev. 1 with page mode specification for PSRAM, followed by the announcement of the addition of burst mode specification for PSRAM in February 2003 (Rev. 2), and additional specifications for burst mode PSRAM in September 2004 (Rev. 3). As a result of these agreements, the three companies share common interface specifications for PSRAM, which easily enables higher speeds and higher densities, and eliminates the need for customers to be concerned for compatibilities among the three companies' PSRAMs. The new COSMORAM Rev. 4 is a specification for PSRAM with double data rate burst (DDR burst) (*2) mode, which enables up to twice the previous data transfer rates. DDR burst mode enables a tremendous leap in data read/write performance by achieving twice the peak data bandwidth of conventional products. In addition, the short latency mode, which cuts initial access time to roughly half that of conventional products, improves effective bandwidth. These functions are optimal for mobile phones and mobile information terminals, which require ever- increasing levels of high-speed processing. As with past COSMORAM specifications for PSRAM, customers can continue to standardize design formats, eliminating the need to customize product designs, thereby helping to shorten the design cycle and dramatically improving design efficiency. In addition, since the three companies are using common specifications, they can act as alternative sources for each other, helping to ensure a stable market supply of PSRAMs. The major areas standardized under COSMORAM Rev. 4 include the following: * Double Data Rate Burst Mode (*2) * Short Latency Mode * Capacity * Voltage Range * Control Pin Names And Functions * Truth Table (*3) * Mode Register (*4) Setting Method * AC Timing Specifications All Company and product names mentioned herein are trademarks or registered trademarks of their respective owners. Headquartered in Kanagawa, Japan, NEC Electronics Corporation -- http://www.necel.com/-- specializes in semiconductor products encompassing advanced technology solutions for the high-end computing and broadband networking markets, system solutions for the mobile handsets, PC peripherals, automotive and digital consumer markets, and multi-market solutions for a wide range of customer applications. NEC Electronics Corporation has 26 subsidiaries worldwide including NEC Electronics America, Inc. and NEC Electronics (Europe) GmbH. VICTOR COMPANY: S&P Affirms "BBB-/A-3" Ratings ---------------------------------------------- Standard & Poor's Ratings Services has affirmed its "BBB-/A-3" corporate credit and debt ratings on Victor Company of Japan Ltd. (JVC Corp.), following JVC's announcement that it expects to book larger losses for fiscal 2005. The outlook on the rating remains negative. This latest cut by JVC to its fiscal 2005 (ending March 31, 2006) earnings forecast follows an earlier revision in October 2005, but the projections are still in line with Standard & Poor's expectations. JVC has struggled to rectify the poor performance of its key consumer electronics business in the face of falling product prices. These problems have been compounded by the disposal of defective products and delays in new products launched in the past year, highlighting weaknesses in the Company's R&D and marketing activities. A key issue for JVC is its strategy to restructure its product development and launch processes. However, the Company has not yet indicated any radical new measures to achieve this. As a result, although JVC intends to announce further earnings recovery measures, concerns remain that its business performance will fail to recover quickly. The ratings on JVC could be lowered if the measures to strengthen its product competitiveness and marketing power in its key consumer electronics business are determined to be insufficient and a recovery in earnings appears unlikely. A downgrade could also be triggered by deterioration in the Company's financial profile due to further slides in earnings and cash flow, and additional restructuring costs. At the same time, JVC continues to enjoy support from its parent Company, Matsushita Electric Industrial Co. Ltd. (A+/Stable/A- 1). The likelihood that support from Matsushita will continue is a key factor for the ratings on JVC. Headquartered in Kanagawa, Japan, Victor Company of Japan Limited -- http://www.jvc-victor.co.jp/-- manufactures audio- video equipment and products with the digital and networking products such as digital camcorders and D-VHS as the core competencies and visual software. Operations are carried out through consumers' products (TVs, Stereo, Car Audio, CD radio cassettes, DVD players), industrial products (Karaoke Systems),electronic devices (video heads, motors, display parts), soft media (compact discs, videodiscs, music and visual software), and interior furniture. ========= K O R E A ========= DAEWOO ENGINEERING: Military Association to Join Bid ---------------------------------------------------- The Military Mutual Aid Association has signified its interest to acquire Daewoo Engineering & Construction Company, Asia Pulse reports. According to Asia Pulse, the plan is part of MMAA's principle to make a less than 10% investment per business. It is willing to allocate as much as KRW500 billion for an investment. The MMAA is responsible for stabilizing the livelihoods and welfare of soldiers and civilians attached to the military. The Association manages funds worth KRW5.5 trillion. The Association plans to invest in one out of three consortiums led by cement and confectionery producer Eugene Group and the family-run conglomerates Kumho Asiana and Doosan in early March. A formal tender is scheduled in March and a preferred bidder will be selected in April. Daewoo Engineering is valued at KRW4.5 trillion to KRW5 trillion. The Korea Asset Management and other creditors have been looking to dispose of their 50 percent plus one share in the Company out of their 74 percent shareholdings. Creditors bailed out Daewoo after being hit by the 1997 to 1998 financial crisis. Headquartered in Seoul, South Korea, Daewoo Engineering & Construction Co. -- http://www.daewooenc.com-- has become a world leader in civil engineering, housing construction, power and industrial plant development, architectural services, and construction of liquid natural gas facilities. In addition to large-scale domestic projects, Daewoo has more recently built gas plants in Nigeria, a hospital in Libya, and the Trump World Tower in New York, to name a few. Spun off by the now-defunct Daewoo Group in 2000, the company became a potential acquisition target in 2006. HANARO TELECOM: Plans to Slash Capital Stock by 50% --------------------------------------------------- In a press release, Hanaro Telecom Incorporated disclosed that its Board of Directors adopted a resolution on a 50% reduction of capital stock without payment to shareholders. If the capital reduction is approved at the Annual General Meeting of Shareholders scheduled for March 24, 2006, two registered common shares will be consolidated into one registered common share, with the par value remaining at KRW5,000, decreasing the number of total outstanding shares from 463,353,012 to 231,676,506 and the amount of paid-in capital from KRW2,316,765,060,000 to KRW1,158,382,530,000. Hanaro explained that it plans to eliminate the accumulated deficit of KRW1,072.9 billion with about KRW1,158.3 billion of gains from the capital reduction. Based on the improved financial structure, it will pursue shareholder-friendly initiatives such as a dividend payout or purchase of treasury stock, the Company said. Furthermore, Hanaro expects the capital reduction will result in a decrease in the number of outstanding shares and thus lead to an increase in the book value per share, so that the share price will reflect the value of the Company appropriately. The Board of Directors also adopted a resolution on delisting and deregistration of its American Depository Receipts from NASDAQ. Hanaro said the purpose of the delisting and deregistration is to be relieved of various obligations and heavy cost burdens, considering the number and trading volume of the ADRs on NASDAQ account for less than one percent of the total outstanding shares as well as the total trading volume on KOSDAQ. The Company added that with an increasing number of foreign private issuers, particularly Europeans, that are considering delisting, it will pursue deregistration in the first half of this year when a proposed bill to relax deregistration requirements for foreign private issuers will take effect. Byung-Moo Park, the Representative Director designee, said, "We had to carry out painful restructuring at the end of last year. The decision on capital reduction is inevitable as well for the purposes of actively pursuing shareholder-friendly initiatives and taking another leap forward." "We will do our best to enhance management efficiency and profitability, which will lead to dividend payouts to our shareholders in the near future," he added. Headquartered in Seoul, South Korea, Hanaro Telecom Inc. -- http://www.hanaro.com-- is a player in the Korean local telephone market. It provides high-speed Internet services in Korea. In June 2001, the Company integrated broadband Internet access services, which included ADSL, Hybrid Fiber Coaxial cables and Broadband Wireless Local Loop into a single brand called HanaFOS. Hanaro offers VoIP services to its broadband business customers as a bundled service and also as a stand-alone service. Its VoIP infrastructure consists of an ADSL / VDSL circuit, a splitter and a modem. The splitter, which is connected through a DSL or cable modem line, converts the user's voice into digital data packets, which are further passed on through the Internet. The operator had 1.5 million VoIP subscribers at the end of July 2005. =============== M A L A Y S I A =============== ADVANCE SYNERGY: Net Loss Hits MYR11,606,000 in 4Q/FY05 ------------------------------------------------------- Advance Synergy Capital Berhad has released its unaudited fourth quarter financial statement for the financial period ended December 31, 2005. Summary of Key Financial Information December 31, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 31/12/2005 31/12/2004 31/12/2005 31/12/2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 5,101 6,971 27,695 22,093 (2) Profit/(loss) before tax -12,340 -11,304 4,791 -4,431 (3) Profit/(loss) after tax and minority interest -11,606 -12,934 -1,134 -10,993 (4) Net profit/(loss) for the period -11,606 -12,934 -1,134 -10,993 (5) Basic earnings/(loss) per shares (sen) -7.04 -8.25 -0.72 -7.01 (6) Dividend per share (sen) 1.00 1.00 1.00 1.00 (7) Net assets per share (MYR) As at end of As at Preceding Current Quarter Financial Year End 2.3898 2.4151 The financial statement is available for free at: http://bankrupt.com/misc/AdvanceSynergy4QResults2005.xls Headquartered in Kuala Lumpur, Malaysia, Advance Synergy Capital Berhad formerly known as United Merchant Group Berhad is engaged in investment holding and provision of management services. The Company's other activities include investment trading and venture capital, credit and leasing, and provision of bus maintenance services. AMSTEEL CORPORATION: Suffers MYR4,472,000 Net Loss in 2Q/FY05 ------------------------------------------------------------- Amsteel Coporation Berhad's unaudited second quarter report for the financial period ended December 31, 2005 has been released to Bursa Malaysia Securities Berhad. Summary of Key Financial Information December 31, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 31/12/2005 31/12/2004 31/12/2005 31/12/2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 86,543 87,260 175,733 179,746 (2) Profit/(loss) before tax 990 -966 5,658 -9,772 (3) Profit/(loss) after tax and minority interest -4,472 -5,293 -3,634 -20,276 (4) Net profit/(loss) for the period -4,472 -5,293 -3,634 -20,276 (5) Basic earnings/(loss) per shares (sen) -0.34 -0.40 -0.27 -1.52 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 (7) Net assets per share (MYR) As at end of As at Preceding Current Quarter Financial Year End 0.1700 0.1700 The financial statement is available for free at: http://bankrupt.com/misc/AmsteelCorp2q06.xls Headquartered in Kuala Lumpur, Malaysia, Amsteel Corporation Berhad is involved in the provision of plantation management, property development, management and contractor; hotel operation and food court. The Company is also involved in transportation and logistic services, department stores, nominee services, trading securities, manufacture and sale of tools, dies, tyres, rubber compound, light trucks and buses, financial management; distributes steel products, develops real estate property; cultivation of rubber and oil palm, golf and country club, sale and distribute Suzuki motorcycles, beer brewing and mineral water bottling. CRIMSON LAND: Net Loss Down to MYR4,502,000 in 2Q/FY05 ------------------------------------------------------ Crimson Land Berhad unveiled its unedited second quarter financial report for the financial period ended December 31, 2006. Summary of Key Financial Information December 31, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 31/12/2005 31/12/2004 31/12/2005 31/12/2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 6,980 13,709 21,467 21,865 (2) Profit/(loss) before tax -4,600 -6,811 -10,569 -14,467 (3) Profit/(loss) after tax and minority interest -4,502 -6,816 -10,001 -15,190 (4) Net profit/(loss) for the period -4,502 -6,816 -10,001 -15,190 (5) Basic earnings/(loss) per shares (sen) -1.43 -2.17 -3.18 -4.83 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 (7) Net assets per share (MYR) As at end of As at Preceding Current Quarter Financial Year End 0.5984 0.6308 The financial statement is available for free at: http://bankrupt.com/misc/CrimsonLandDEC2005Financial The notes to the financial statement is available for free at: http://bankrupt.com/misc/CrimsonLandDEC2005Notes.doc Headquartered in Kuala Lumpur, Malaysia, Crimson Land Berhad's activities are property development, maintenance, investment and rental services. The Company is also into investment holding, property cultivation, growing and trading of marine products, rental of promotional space, management services and investment holding. The Group operates in Malaysia. DAI HWA: Incurs MYR265,000 Net Loss in 4Q/FY05 ---------------------------------------------- Dai Hwa Holdings (M) Berhad's unaudited fourth quarter financial report for the financial period ended December 31, 2005 has been released to Bursa Malaysia Securities Berhad. Summary of Key Financial Information December 31, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 31/12/2005 31/12/2004 31/12/2005 31/12/2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 0 0 0 0 (2) Profit/(loss) before tax -265 -303 -1,230 -6,956 (3) Profit/(loss) after tax and minority interest -265 -303 -1,230 -6,956 (4) Net profit/(loss) for the period -265 -303 -1,230 -6,956 (5) Basic earnings/(loss) per shares (sen) -0.24 -0.27 -1.09 6.17 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 (7) Net assets per share (MYR) As at end of As at Preceding Current Quarter Financial Year End 0.3900 0.4000 The financial statement is available for free at: http://bankrupt.com/misc/DaiHwa022206.doc Headquartered in Johor, Malaysia, Dai Hwa Holdings (M) Berhad's principal activity is investment holding. All its subsidiaries ceased operations on August 15, 2003, and remained dormant since. MPI PROPERTY: Wraps Up Voluntary Liquidation -------------------------------------------- The liquidator of MPI Property Sdn Bhd has convened a final meeting to conclude the Company's voluntary liquidation proceedings. A Return by Liquidator Relating to Final Meeting was lodged on February 21, 2006, with the Companies Commission of Malaysia and the Official Receiver. On May 21, 2006, or three months after the lodgment date, MPI Property will be dissolved. Hong Leong Industries Berhad placed MPI Property, which is its wholly owned subsidiary, under Member's Voluntary Winding-Up pursuant to Section 254(1)(b) of the Companies Act, 1965. Ling Kam Hoong, of Ling Kam Hoong & Co., No. 6-1, Jalan 3/64A, Udarama Kompleks, Off Jalan Ipoh, 50350 Kuala Lumpur was MPI Property's liquidator. MPI Property has been dormant since its incorporation in 1989 and there are no future plans to activate this company. MULPHA LAND: 4Q/FY05 Net Loss Shrinks to MYR2,999,000 ----------------------------------------------------- A summary of key financial information for the fourth quarter of Mulpha Land Berhad has been released to Bursa Malaysia Securities Berhad. Fourth Quarter Financial Report Financial period ended Dec. 31, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 31/12/2005 31/12/2004 31/12/2005 31/12/2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 1,093 19,496 22,222 77,496 (2) Profit/(loss) before tax -3,363 -7,445 1,345 -7,024 (3) Profit/(loss) after tax and minority interest -2,999 -7,430 2,006 -6,983 (4) Net profit/(loss) for the period -2,999 -7,430 2,006 -6,983 (5) Basic earnings/(loss) per shares (sen) -4.96 -12.28 3.32 -11.54 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 (7) Net assets per share (MYR) As at end of As at Preceding Current Quarter Financial Year End 1.6400 1.3400 The financial statement is available for free at: http://bankrupt.com/misc/MulphaLandMLB4qtr2005FINAL1.xls The notes to the financial statement is available for free at: http://bankrupt.com/misc/MulphaLandQ4notesFINAL1.doc Mulpha Land Berhad formerly known as Mega Pascal Berhad produces and sells ready-mixed concrete. Other activities include property development, property development, quarry operations, contractors and dealers of granite products and rental of mixer trucks and investment holding. Operations are carried out in Malaysia. POH KONG: New Shares up for Listing and Quotation ------------------------------------------------- Poh Kong Holdings Berhad prepares its additional 7,550 new ordinary shares for listing and quotation with Bursa Malaysia Securities Berhad today, February 24, 2006. The issuance is pursuant to the conversion of MYR12,080 Irredeemable Convertible Unsecured Loan Stocks 2004/2007 into 7,550 new ordinary shares of MYR1.00 each Headquartered in Selangor, Darul Ehsan, Malaysia, Poh Kong Holdings Berhad is engaged in the manufacture and retail of gold ornaments, jewelleries and precious stones. The company's other activities include the issue of franchises and related business, property investment. SETRON MALAYSIA: Books MYR527,000 Net Loss in 4Q/FY05 ----------------------------------------------------- Setron (Malaysia) Bhd has released its unaudited fourth quarter financial report for the financial period ended December 31, 2006. Summary of Key Financial Information December 31, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 31/12/2005 31/12/2004 31/12/2005 31/12/2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 3,091 1,174 10,137 5,111 (2) Profit/(loss) before tax -527 -419 -2,878 -2,218 (3) Profit/(loss) after tax and minority interest -527 322 -2,878 -1,477 (4) Net profit/(loss) for the period -527 322 -2,878 -1,477 (5) Basic earnings/(loss) per shares (sen) -0.84 0.51 -4.58 -2.37 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 (7) Net assets per share (MYR) As at end of As at Preceding Current Quarter Financial Year End 0.1346 0.1869 The financial statement is available for free at: http://bankrupt.com/misc/SetronBerhadFinreport31Dec05.xls The notes to financial statement is available for free at: http://bankrupt.com/misc/SetronBerhadexplanatorynotes31Dec2005.d oc Headquartered in Kuala Lumpur, Malaysia, Setron (Malaysia) Berhad's principal activities are the assembly and sale of television receivers, video and audio products, the distribution of household electrical appliances and the provision of investment holding in Malaysia. ===================== P H I L I P P I N E S ===================== LAFAYETTE MINING: Vows to Comply with DENR Requirements ------------------------------------------------------- Lafayette Mining Incorporated has assured the Provincial Government of Albay that it will meet all requirements set by the Department of Environment and Natural Resources, The Philippine Information Agency relates. During a consultation forum held on February 16, 2006, at the Albay Provincial Capitol, Lafayette Philippines Chairman Carlos Dominguez appealed to the Government not to shut down the Company's mine in Rapu-Rapu, Albay. According to the January 12, 2006, issue of the Troubled Company Reporter - Asia Pacific, Lafayette is working to resume its Rapu-Rapu Plant operations, which were suspended by the Environmental Management Bureau of the DENR after a mine spill incident in October last year. To comply with the DENR requirements, Mr. Dominguez said that Lafayette will introduce new initiatives in Rapu-Rapu, including: * the installation of key areas of the plant that can allow real time on-line monitoring of its operations through Internet access by interested parties; * the training of key individuals in various local communities in environmental monitoring and reporting so they can detect, document, report and remedy immediately any environmental concerns within their localities; * the establishment of fish sanctuaries and fish pens at the discharge and mixing points of the waters around the plant in partnership with local communities both as a livelihood and environmental monitoring project; * the development of environmental consciousness among students by assisting teachers through continuing education to prepare, design and integrate environmental subjects in their curriculum; and * the acceleration of the grant of the benefits to all local communities to ensure that all affected residents improve the dignity and quality of their lives and the state of their environment not only during the life of the mine but most critically after the life and closure of the mine. Moreover, Lafayette assured the Government that it will work out a tax payment scheme to address Rapu-Rapu Mayor Dick Galicia's complaint that the Company does not pay taxes to the municipality. Headquartered in Melbourne, Australia, Lafayette Mining Incorporated-- http://www.lafayettemining.com/-- has been listed on the Australian Stock Exchange since August 1997. Its focus is the development of a polymetallic project involving copper, gold, zinc and silver on the Island of Rapu-Rapu in the Philippines. The Company is also undertaking additional exploration activities at the Rapu-Rapu site with preliminary results so far indicating the life of mine can be extended. LAFAYETTE MINING: Accused of Exercising Power over President ------------------------------------------------------------ A militant fisherfolk group accused Lafayette Mining Incorporated of enjoying supreme and sovereign power over Philippine President Gloria Macapagal-Arroyo, Bulatlat News reveals. Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas, or Pamalakaya, claimed that Lafayette's letter to Pres. Arroyo, dated February 26, 2004, showed that the mining firm was commanding the President to act favorably on its request. Pamakalaya asserted that the letter was coercing the President to order Philippine Economic Zone Authority to forward Lafayette's application of the Rapu-Rapu Polymetallic Project to her office, even without the concurrence of Rapu-Rapu Mayor Dick Galicia. The civic group, together with other complainants including Pamana-Sugbo, Bokkana-Bohol, Pamalakaya-Negros, Lambat-Masbate and Lambat-Bicol, filed a 20-page affidavit with the Office of the Ombudsman on February 14, 2006, asking for the permanent closure of the Australia-based firm. Pres. Arroyo was also named defendant on the case. The other defendants include: * Foreign Affairs Secretary Alberto Romulo; * former Department of Environment and Natural Resources Secretary Michael Defensor; * Rod Watt, country manager of Lafayette Philippines; and * Wilhelm Ortaliz, Lafayette's project manager; According to the plaintiffs, the respondents breached the Anti- Graft and Corruption Practices Act or RA 3019, the Code of Conduct and Ethical Standards or RA 6713 and other pertinent environmental laws in allowing Lafayette to conduct operations in Rapu-Rapu, Albay. The Troubled Company Reporter - Asia Pacific reported on Nov. 14, 2005, that Lafayette suspended processing activities at the Rapu Rapu polymetallic mine in the central Philippines while it investigates two recent process water discharges. Lafayette confirms that two separate discharge events took place within the mine area. The first incident occurred on October 11, 2005, when the events pond over-topped, releasing approximately five cubic meters of material allegedly containing cyanide. The second event took place on November 1, 2005, following a sustained period of torrential rain. Headquartered in Melbourne, Australia, Lafayette Mining Incorporated-- http://www.lafayettemining.com/-- has been listed on the Australian Stock Exchange since August 1997. Its focus is the development of a polymetallic project involving copper, gold, zinc and silver on the Island of Rapu-Rapu in the Philippines. The Company is also undertaking additional exploration activities at the Rapu-Rapu site with preliminary results so far indicating the life of mine can be extended. NATIONAL POWER: Eyes US$500-Mln Loan Next Month ----------------------------------------------- State-owned National Power Corporation intends to secure a US$500-million loan from the international capital market as early as March this year, Dow Jones Newswire reports. The Power Sector Assets and Liabilities Management Corporation, the agency in charge of Napocor's privatization, expects to issue a request for proposal for the loan, which is expected to boost the power firm's capital thereby attracting more investors. In January, the Government issued US$1.5 billion in 25-year bonds and EUR500 million in 10-year bonds. Fund managers flocked to the deals that were brought into the market by Citigroup, Credit Suisse, Deutsche Bank, and UBS. Napocor last tapped the international debt market in late August 2005 via a US$100 million reopening of its six-year floating rate bond that was managed by Bear Stearns. The reopening followed warm investor response to its US$300 million six-year bond that was sold earlier that month. In total, the utility raised US$600 million last year, including via peso bonds sold in May and November. According to Dow Jones, Napocor has a financing requirement of between US$500 and US$700 million for this year, with the actual figure depending on the size of proceeds from the Napocor's privatization. Before the August sale, Napocor was having difficulty borrowing from the offshore market because of widening losses and ballooning debts in recent years. As a result, the Government has had to borrow on its behalf until 2004. Napocor hopes to stay in the black this year, expecting lower interest expense following the Government's absorption of two-fifths of its Php500 billion debt in December 2004, and recent increases in electricity tariffs. PSALM expects to raise a total of around US$2 billion from the sale of 70% of Napocor's assets as part of a privatization exercise set to complete at the earliest in the middle of 2008. Headquartered in Quezon City, Philippines, National Power Corporation -- http://www.napocor.gov.ph-- is a state-owned utility that builds and operates nuclear, hydroelectric, thermal, and alternative power-generating facilities. It works with independent producers under a build-operate-transfer program. Its transmission network has a line length of nearly 13,000 circuit miles. With a generating capacity of more than 11,500 MW, Napocor sells electricity to distributors and industrial companies. To comply with the privatization bill approved by the Philippine Congress, the Company has begun selling off its generation assets. It has also separated its transmission operations into a new subsidiary, the National Transmission Corporation. NATIONAL POWER: Debt Down on Strong Peso and Government Aid ----------------------------------------------------------- The state agency tasked to privatize the assets of National Power Corporation reported that the power firm's outstanding liabilities has gone down to US$7 billion last year from US$10.2 billion in 2004, The Manila Times relates. The Power Sector Assets and Liabilities Management Corporation attributed the decline to the strong peso and the Government's absorption of some Php200 billion of Napocor's debt, as mandated by the Electric Power Industry Reform Act. However, PSALM warned that Napocor will continue to incur fresh debt to service maturing financial obligations, the Manila Times says. Napocor incurred its huge losses to fund the operations of its power facilities. PSALM explained that 95% of Napocor's assets was financed through borrowings and only 5% was funded by the Government. As of end-2004, capital infused by the government, including contributions from the Philippine Games and Amusement Corp. amounted to Php31 billion, or 2.9% of Napocor's total asset base of Php1.055 trillion. Headquartered in Quezon City, Philippines, National Power Corporation -- http://www.napocor.gov.ph-- is a state-owned utility that builds and operates nuclear, hydroelectric, thermal, and alternative power-generating facilities. It works with independent producers under a build-operate-transfer program. Its transmission network has a line length of nearly 13,000 circuit miles. With a generating capacity of more than 11,500 MW, Napocor sells electricity to distributors and industrial companies. To comply with the privatization bill approved by the Philippine Congress, the Company has begun selling off its generation assets. It has also separated its transmission operations into a new subsidiary, the National Transmission Corporation. PHILIPPINE AIRLINES: High Costs Widen Fourth Quarter Net Loss ------------------------------------------------------------- National flag carrier Philippine Airlines blamed its US$3.1- million net loss in the quarter ending December 2005 on soaring fuel and maintenance costs, The Philippine Daily Inquirer relates. The latest result was significantly high compared to a net loss of US$355,000 in the same period in 2004. In a financial report filed with the Securities and Exchange Commission, PAL stated its October-December net operating revenues in the quarter amounted to US$250.8 million, up 11% year-on-year from US$226.3 million, thanks to an increase in passenger revenues. According to the airline, passenger revenues grew 12% to US$210.8 million from US$187.9 million in the same quarter in 2004. Operating expenses rose nine percent to US$228.2 million from US$208.7 million. Fuel costs, on the other hand, rose by US$7.7 million or 12% to US$74.6 million. Increased fuel consumption in the quarter and a rise in the average price aviation fuel to US$55.6 a barrel in 2005 from US$52.4 in 2004 also bloated costs, PAL added. Increased aircraft and component costs and engine repair costs in the quarter pushed up maintenance costs by 16% from the previous year's quarter total of US$36.9 million, the airline said. The Troubled Company Reporter - Asia Pacific reported on Dec. 8, 2005, that PAL is expected to end its rehabilitation program earlier than scheduled, as it continues to make headway in its debt settlement efforts. The airline said it already paid US$1 billion out of its US$2.2-billion obligations to the U.S. Export Import Bank and a group of European export credit agencies and local lenders. According to the report, PAL's early exit from its rehabilitation programs would allow it to borrow new money and fund expansion 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. PAL filed for rehabilitation in June 1998. It trimmed down its operations after the 1997 Asian financial crisis. The fleet was reduced from 53 to 22 aircraft, many domestic and international routes were discontinued, and the workforce was reduced. * Fitch Revises Rating Outlook On Philippine Banks to Stable ------------------------------------------------------------ Fitch Ratings revised the Outlook on the Long-term ratings of four Philippine banks to Stable from Negative. At the same time, the agency also affirmed all its ratings on the banks as: * Security Bank Corporation: Long-term foreign currency (LTFC) 'BB'; Short-term foreign currency (STFC) 'B'; Long-term local currency (LTLC) 'BB'; Individual 'D'; Support '4'. * Equitable PCI Bank: LTFC 'BB'; STFC 'B'; Individual 'D'; Support '3'. * Metropolitan Bank & Trust Company: LTFC 'BB-' (BB minus); STFC 'B'; Individual 'D/E'; Support '3'. * Rizal Commercial Banking Corporation: LTFC 'BB-' (BB minus); LTLC 'BB-' (BB minus); Individual 'D/E'; Support '3'. The revisions are in line with Fitch's rating methodology, and it follows a similar change made by Fitch to the Outlook of the Philippines sovereign's ratings (rated 'BB'/Outlook Stable). ================= S I N G A P O R E ================= DIGILAND INTERNATIONAL: Closes Books to Implement Cap Reduction --------------------------------------------------------------- Digiland International Limited will close its share transfer books and register of members from March 10, 2006, at 5:00 p.m., to March 13, 2006, 9:00 a.m., to determine shareholders' entitlements to new consolidated ordinary shares in the Company's share capital, relating to a capital reduction and consolidation of every two ordinary shares of SGD0.0005 each, being the par value after the capital reduction takes effect, into one new ordinary share of SGD0.001 each. Shareholders, being depositors, whose securities accounts with the Central Depository of Singapore are credited with the existing shares in DIL's share capital as of the books closure date will have their securities accounts credited with the New Shares on the basis of the number of Old Shares standing to the credit of their securities accounts. Shareholders, whose securities accounts with CDP are credited with Old Shares and are based outside Singapore, may contact: The Central Depository of Singapore 4 Shenton Way, #02-01 SGX Center 2 Singapore 068807 Shareholders, whose Old Shares are not registered in the name of CDP and whose names appear in DIL's Register of Members of the Company on the Books Closure Date, will be credited with the New Shares on the basis of the number of Shares they hold as stated in the register. Shareholders, whose Shares are not registered in the name of CDP, based outside Singapore may contact DIL's Share Registrar at: Lim Associates Pte Limited 10 Collyer Quay, #19-08 Ocean Building Singapore 049315 DIL's Share Registrar will register duly completed and stamped transfers, together with all relevant documents of title that it has received, to determine Shareholders' entitlements to the New Shares. GREATRONIC LIMITED: Seeks to Change Auditors -------------------------------------------- Greatronic Limited will hold an extraordinary general meeting on March 9, 2006, to seek shareholder approval for the proposed change of the Company's auditors. At the meeting, the shareholders will be asked to approve the appointment of Messrs Moore Stephens as the Company's auditors in place of Messrs Ernst and Young, to hold office until the conclusion of the next Annual General Meeting at a fee to be agreed between the Directors and Messrs Moore Stephens. The Company has dispatched a circular to shareholders on February 22, 2006, informing them of the proposed change. A full-texh copy of Greatronic's Circular to Shareholders is available for free at: http://bankrupt.com/misc/tcrap_greatronic2022306.pdf 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. L&M PRESTRESSING: Benaim Files Wind-up Petition ----------------------------------------------- On February 9, 2006, Benaim (Singapore) Pte Limited filed a winding up petition against L&M Prestressing Pte Limited. The Singapore High Court will hear the Petition on March 3, 2006, at 10:00 a.m. Any Company creditor or contributory who wants to support or oppose the winding up order may appear at the hearing by himself or his counsel for that purpose. The Petitioner's solicitors, MessrsWong Thomas & Leong, 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 Messrs Shook Lin & Bok 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. SKIN SOLUTIONS: Creditors' Meeting Set March 3 ---------------------------------------------- The creditors of Skin Solutons Asia pacific Pte Limited will hold a meeting on March 3, 2005, at 10:00 a.m., to consider the appointment of a Committee of Inspection pursuant to Section 277 (1) of the Companies Act, Cap. 50., and to consider any other matters to be brought before the meeting. Creditors must file their proofs of claim with liquidator Tam Chee Chong no later than 12:00 p.m. on March 1, 2006, in order to be entitled to vote at the meeting. TRI-M TECHNOLOGIES: Asks Internal Auditor to Review Losses ---------------------------------------------------------- Troubled Company Reporter Asia Pacific reported on February 21, 2006, that Tri-M Technologies (Singapore) Limited's net loss for the six months ended September 30, 2005 was understated, due to an overstatement of the Company's sales figures. In November 2005, Tri-M management discovered an overstatement of certain consignment sales worth SGD590,000 to its wholly owned Chinese subsidiary, from April 2005 to September 2005. The purchase orders for these sales were received before September 20, 2005, but delivery and acceptance of the goods occured only after that date. TRI-M management conducted an internal review and an internal audit of its Chinese unit. Once the review was completed, it was discovered that the overstatement of sales amounted to SGD795,000, for the period from January 2005 to September 2005. Hence, TRI-M's pre-tax loss for the financial period ended September 30, 2005, would be SGD1.946 million, instead of a previously reported SGD1.51 million. TRI-M Technologies Limited confirmed that the overstatement is limited to the Company's Chinese unit from January 2005 to September 2005, and had notified its financial advisor, Ernst & Young, of the error. Ernst & Young is now auditing the Company's year-end financial results. The Audit Committee has also requested that the internal auditor and Tri-M's management team review the matter further. Tri-M Technologies (Singapore) Limited -- http://www.tri-m.com.sg/-- is a diversified Electronics Manufacturing Services provider with facilities in Singapore, Malaysia, Philippines and China. In addition, Tri-M has forged strategic alliances in SJ, USA for prototyping and small quantity run to support U.S.-based customers. Tri-M provides services in product design & development, prototyping, full turnkey manufacturing & total supply chain management. The Company has been posting financial losses since 2004, when reported a SGD931,000 net loss for the six months ended September 30, 2004. =============== T H A I L A N D =============== EASTERN PRINTING: Unveils Outcome of EGM ---------------------------------------- At the extraordinary meeting of Eastern Printing Public Co. Limited on February 22, 2006, the shareholders agreed to: * elect a minimum of five and a maximum of 11 Company Directors; * elect eight new directors, namely: -- Yuth Chinsupakul -- Weera Louwitawat -- Dan Chinsupakul -- Sumalee Ongcharit -- Siriwat Likitnuruk -- Sumitr Karnjanampa -- Thamnoon Ananthothai, Ph. D. -- Major General Wittaya Kosiyasathit * split the Par Value of the Company from THB4 to THB1 per share; * amend Clause 4 of the Memorandum of Association to reflect the new par value; and Registered Capital: THB1,546,230,604 Divided to 1,546,230,604 shares Par Value: THB1 Divided to ordinary shares: 1,546,230,604 shares Preferred Shares: None * exercise warrants to Ordinary Shares on any working day until year 2009. Headquartered in Bangkok, Thailand, Eastern Printing Public Co. Limited is categorized under the Rehabco Sector of the Stock Exchange of Thailand. Companies placed under Rehabco presently undergo rehabilitation process. THAI DURABLE: Halts Operation of Spinning Mills ----------------------------------------------- Thai Durable Group Public Company Limited advised that it has stopped production and has closed down one of its three spinning mills. The Company will shut down the remaining spinning mills and weaving mills temporarily until March 31, 2006. The Company decided to shut down productions due to: -- the mills' inability to produce at full capacity; -- high oil prices and electricity costs; and -- high cost of production. In addition, competition has been very stiff from both domestic and export markets, textile market prices continue to drop. As a result, the Company suffers losses from operations and working capital. As of December 31, 2005, the Company has laid off the 211 workers in the spinning mill and related units at the cost of approximately THB16 million. The Company will lay off an approximate of 720 of the remaining production workers and related employees. The Company will pay compensation according to the labor law to those workers, at the cost of approximately THB50 million. It expects to lay off all workers as early as possible. During the course of the shutdown, the Company has an inventory of finished goods available for sale. At present, the Company is doing a feasibility study to change the business nature from its current textile business to property development business. The main objective is to avoid loss from manufacturing. Details and progress of the plan will be reported to by the beginning of March 2006. Such plan will be reported to the annual general meeting of shareholders for consideration and approval within April 2006. Headquartered in Samut Prakarn, Thailand, Thai Durable Group Public Co. Limited -- http://www.tdt.co.th-- is currently in rehabilitation. Its Securities are placed under the Rehabco Sector of the Stock Exchange of Thailand. * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Shareholders Total Equity Assets Company Ticker ($MM) ($MM) ------ ------ ------------ ------ CHINA & HONG KONG ----------------- Guangdong Meiya Group Co. Ltd. 000529 27.43 178.19 Guangdong Sunrise Group Co. Ltd-A 000030 (-182.94) 35.98 Guangdong Sunrise Group Co. Ltd-B 200030 (-182.94) 35.98 Hainan Dadong-A 000613 (-6.63) 17.81 Hainan Dadong-B 200613 (-6.63) 17.81 Heilongjiang Black Dragon Co. Ltd. 600187 (-29.45) 153.92 Shenz China Bi-A 000017 (-206.90) 50.08 Shenz China Bi-B 200017 (-206.90) 50.08 Xinjiang Tunhe Investment Co. Ltd. 600737 47.57 476.47 INDONESIA --------- Barito Pacific Timber Tbk Pt BRPT (-62.86) 360.72 MALAYSIA -------- Kemayan Corp Bhd KOP (-428.54) 62.72 Maycom Bhd MYC (-114.64) 227.68 Lityan Holdings Bhd IT (-8.43) 28.86 Olympia Industries Bhd OLYM (-227.85) 255.84 Panglobal Bhd PGL (-50.36) 189.92 PSC Industries Bhd PSC 51.63 639.35 PHILIPPINES ----------- Pilipino Telephone Co. PLTL (-159.78) 280.22 SINGAPORE --------- China Aviation Oil (Singapore) Corporation AO 132.64 351.87 Informatics Holdings Ltd INFO (-6.73) 27.59 Lindeteves-Jacoberg Limited LG 39.61 332.07 Pacific Century Regional PAC (-145.53) 1289.71 THAILAND -------- Asia Hotel PCL ASIA (-30.12) 101.17 Asia Hotel PCL ASIA/F (-30.12) 101.17 Bangkok Rubber PCL BRC (-57.11) 78.78 Bangkok Rubber PCL BRC/F (-57.11) 78.78 Central Paper Industry PCL CPICO (-37.02) 40.41 Central Paper Industry PCL CPICO/F (-37.02) 40.41 Circuit Elect PCL CIRKIT (-25.89) 61.30 Circuit Elect PCL CIRKIT/F (-25.89) 61.30 Datamat PCL DTM (-1.72) 17.55 Datamat PCL DTM/F (-1.72) 17.55 National Fertilizer PCL NFC 70.66 142.61 National Fertilizer PCL NFC/F 70.66 142.61 Siam Agro-Industry Pineapple And Others PCL SAICO (-14.71) 13.38 Siam Agro-Industry Pineapple And Others PCL SAIC0/F (-14.71) 13.38 Thai Wah Public Company Limited-F TWC (-47.01) 158.87 Thai Wah Public Company Limited-F TWC/F (-47.01) 158.87 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza Dejito, Erica Fernando, Freya Natasha Fernandez, and Peter A. Chapman, Editors. Copyright 2006. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***