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  
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