TCRAP_Public/060301.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

            Wednesday, March 1, 2006, Vol. 9, No. 043


                            Headlines

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

34 MACLAGGAN: Placed Under Liquidation
ANGLIN INVESTMENTS: Creditors' Claims Due on March 14
A.N.T. INTERIORS: Decides to Shut Down Operations
C & D CARRIERS: Brent Kijurina Named as Liquidator
CHIRUNDU PTY: Schedules Final Meeting Today

COLLOMUNGRA PTY: Members Opt to Liquidate
CRAIG MOORE: Declares Dividend Today
DRIVEATIC PTY: Court Orders Wind-up
GREJEN PTY: Enters Voluntary Liquidation
GULF MARINE: Creditor Files Liquidation Petition

HARVESTING EQUIPMENT: Resolves to Undertake Liquidation
INDI PTY: Prepares to Pay Dividend to Creditors
J.C. FOODS: Liquidator Presents Wind-up Report
JH STATIONERS: High Court Issues Liquidation Order
JSIJ PTY: Members Agree to Wind Up Firm

JAMES HARDIE: 3Q Net Profit Jumps 79% Due to U.S. Business
KAUAE INVESTMENTS: CIR Lodges Application to Liquidate Firm
LAKE TAUPO: Court to Hear Liquidation Application on March 6
MULTIPLEX: Asset Sales Unrelated to Breaches, Group Clarifies
MULTIPLEX: Cleveland Bridge Hearing Set for April

NATIONAL AUSTRALIA: Hits All-time High
NETANA CONSULTANTS: Official Liquidators Appointed
ORANGE IMPORTS: CIR Wants Company Liquidated
POUNDSWORTH PRESS: To Distribute Final Dividend
POWER TOOL: Inability to Pay Debts Leads to Wind-up

PULP DIGITAL: Taps Insolvency Practitioners as Liquidators
ROCNEL PTY: Winds Up Business
SONS OF GWALIA: Court Rejects Appeal on Shareholder Claim Ruling
STERLING ESTATES: Trustee Company Appoints Receivers
SUMIKIN BUSSAN: Members to Receive Wind-up Details

S.W. CLARKE: Unable to Pay its Debts
SWEDE EATERS: Enters Liquidation Proceedings
TOMLIN MOTOR: Court Appoints Liquidator
VILLAGE ROADSHOW: Restructuring Costs Bring in AU$2.2 Mln Loss
WINKLER PTY: Members & Creditors to Receive Wind-up Report

XIRO CONSULTING: Poised to Liquidate Operations


C H I N A   &   H O N G  K O N G

AWT REALTY: Liquidators Named to Wind Up Assets
BRIGHT ACE: Taps Alvarez & Marsal to be Official Liquidator
CHEER CITY: Liquidates Operations
CNAC-AWT LIMITED: Appoints Joint and Several Liquidators
DEVELOPMENT LIMITED: Borrelli & Flynn Appointed as Liquidators

FAMILY INTERIOR: Creditors and Contributories to Meet on March 8
FAMILY HOLDINGS: Creditors' Meeting Fixed for March 17
FEDFLOUR TRADING: Parent Wind-up Company
FRONTSTEP LIMITED: Liquidator Receiving Claims Until March 17
HANIFAX ENGINEERING: Court Enters Wind-up Order

HUNG FUNG: Members' Meeting Set on March 9
LUCIDA LIMITED: Placed Under Voluntary Liquidation
MOULIN GLOBAL: Files Chapter 15 Petition to Stay DiChiara Action
MOULIN GLOBAL: Chapter 15 Petition Summary
MUDD JEANS: Wind Up Process Begins

NEW STAR: Creditors' Meeting Set on March 8
RICOBEST INDUSTRIAL: Commences Wind-up Proceedings


I N D I A

BRITISH INDIA: Trade Union Stages Protest
NATIONAL TEXTILE: Completion of Revival Scheme Nears
* Survey Says Private Sector More Sick than PSUs


I N D O N E S I A

INDOSAT: Moody's Affirms Ba1 Local Currency Ratings
PERTAMINA: Iran's Nuclear Crisis May Prompt Cut in Fuel Prices


J A P A N

FUJITSU LIMITED: S&P Upgrades Credit Rating to BBB
GESTION-PRIVEE: Wants Claimant's Action Stayed Under Chapter 15
GESTION-PRIVEE: Chapter 15 Petition Summary
LIVEDOOR CO.: Gandhara Master Fund Takes 6.89% Stake
PIONEER CORPORATION: Launches Car Navigation System in China

SANYO ELECTRIC: Moody's Downgrades Rating to Baa3
SEIYU LIMITED: Chinese Retailer Acquires Singapore Unit


K O R E A

DAEWOO ENGINEERING: Creditors to Hold Talks with Union
LG CARD: Asset Quality Improves
TRIGEM COMPUTER: U.S. Court Agrees Main Proceeding is in Korea
TRIGEM COMPUTER: Chapter 15 Summary
YOUNG CHANG: Wants Samsong Action Stayed Under Chapter 15

YOUNG CHANG: Chapter 15 Case Summary


M A L A Y S I A

ANTAH HOLDING: Net Loss Widens to MYR14,498,000 in 2Q/FY05
ANTAH HOLDING: Bank Pertanian Withdraws Legal Suit
AYER HITAM: Board Reviews Options of Rejected Proposal
CHG INDUSTRIES: 4Q/FY05 Net Loss Slips to MRY7,801,000
DISCCOMP BERHAD: Books MYR369,000 Net Loss for 4Q/FY05

EDARAN DIGITAL: Net Loss Dips to MYR15,000 in 2Q/FY05
FARLIM GROUP: 4Q/FY05 Net Loss Hits MYR7,870,000
HARVEST COURT: Net Loss Shrinks to MYR1,243,000 in 4Q/FY05
HUNZA CONSOLIDATION: Posts MYR5,175,000 Net Loss in 4Q/FY05
JIN LIN: Posts MYR2,246,000 Net Loss in 2Q/FY05

KAI PENG: Incurs MYR1,984,000 Net Loss in 2Q/FY05
MALAYSIA PACKAGING: Suffers MYR2,132,000 Net Loss in 4Q/FY05
MBF LEASING: Trims Defaulted Amount to MYR1,000,000
TM INTERNATIONAL: Enters Wind-Up Process


P H I L I P P I N E S

ABS-CBN BROADCASTING: Awaits Effect of National Emergency Edict
ABS-CBN BROADCASTING: President Quits to Rejoin Former Employer
ATLAS CONSOLIDATED: Provides Additional Info on Crescent Deal
LAFAYETTE MINING: BFAR Study Clears Mercury Spill Allegations
MANILA MINING: Fixes Record Date for April 17 ASM

NATIONAL BANK: Government May Sell Remaining Stake to Lucio Tan


S I N G A P O R E

ALUMCOAT PTE: OCBC Files Wind-up Petition
DC WILLIAM: Court Orders Liquidation
VIBRANT INTERNATIONAL: Decides to Close Business
YEO BROTHERS: Creditors Review Liquidator's Report


T H A I L A N D

SAFARI WORLD: Net Loss Balloons to THB475,278,000 in FY2005

     - - - - - - - -

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

34 MACLAGGAN: Placed Under Liquidation
--------------------------------------
The liquidation of 34 Maclaggan Street Limited commenced on
January 20, 2006.

On the same date, Paul Alexander Glass, chartered accountant of
Dunedin, was appointed to oversee the wind-up process.

Contact: Paul A. Glass
         P.O. Box 188, Dunedin
         New Zealand
         Telephone: (03) 477 5432
         Facsimile: (03) 474 1564


ANGLIN INVESTMENTS: Creditors' Claims Due on March 14
-----------------------------------------------------
All persons who have claims against Anglin Investments Pty
Limited are required to submit their proofs of claim to the
Company liquidator, R. R. Elliott, by March 14, 2006.

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

Contact: R. R. Elliott
         Liquidator
         c/o Brigdens & Partners
         Chartered Accountants
         307 Pitt Street
         Sydney, New South Wales
         Australia


A.N.T. INTERIORS: Decides to Shut Down Operations
-------------------------------------------------
The creditors of A.N.T. Interiors Pty Limited agreed to wind up
the Company's operations, and named Peter P. Krecji to
facilitate the liquidation of its assets.

Contact: Peter P. Krecji
         Liquidator
         GHK Green Krecji
         Level 9, 179 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


C & D CARRIERS: Brent Kijurina Named as Liquidator
-------------------------------------------------
At an extraordinary general meeting of C & D Carriers Pty
Limited on February 3, 2006, members decided that the Company
needs to voluntarily wind up its operations.

Brent Kijurina was nominated to act as liquidator to manage the
wind-up activities.

Contact: Brent Kijurina
         Liquidator
         Smith Hancock Chartered Accountants
         Level 4, 88 Phillip Street
         Parramatta, New South Wales 2150
         Australia


CHIRUNDU PTY: Schedules Final Meeting Today
-------------------------------------------
The final meeting of the members and creditors of Chirundu Pty
Limited is scheduled today, March 1, 2006, for them to get an
account of the manner of the Company's wind-up and property
disposal from liquidator Murray Godfrey.

Contact: Murray Godfrey
         Liquidator
         RMG Partners
         Level 12, 88 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9231 0889
         Fax: (02) 9213 0887


COLLOMUNGRA PTY: Members Opt to Liquidate
-----------------------------------------
The members of Collomungra Limited held a meeting on January 31,
2006, and agreed to close the Company's business.

They appointed Gregory J. Mason to facilitate the wind-up
operations.


CRAIG MOORE: Declares Dividend Today
------------------------------------
Craig Moore Engineering Pty Limited will declare its first and
final dividend today, March 1, 2006.

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

Contact: Gerald T. Collins
         Liquidator
         c/o Horwath BRI Brisbane
         Level 4, 370 Queen Street
         Brisbane, Queensland 4000
         Australia


DRIVEATIC PTY: Court Orders Wind-up
-----------------------------------
On February 2, 2006, the Supreme Court of New South Wales
ordered the liquidation of Driveatic Pty Limited, and appointed
Steven Nicols to manage the wind-up operations.

Contact: Steven Nicols
         Liquidator
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia


GREJEN PTY: Enters Voluntary Liquidation
----------------------------------------
After a meeting of the members of Grejen Pty Limited on
January 31, 2006, it was agreed that the Company wind up its
business voluntarily.

As a result, Tarquin Raoul Koch was appointed to supervise the
wind-up operations.

Contact: Tarquin R. Koch
         Liquidator
         Anthony Matthews & Associates
         Ground Floor, 91 Hutt Street
         Adelaide, South Australia 5000
         Tekephone: (08) 8232 8885
         Fax: (08) 8232 8886
         e-mail: info@matthewsassociates.com.au


GULF MARINE: Creditor Files Liquidation Petition
------------------------------------------------
On November 18, 2005, Exide Technologies Limited filed an
application to put Gulf Marine & Brokerage Limited into
liquidation.

The High Court of Auckland will hear the Petition on March 9,
2006, at 10:00 a.m.

Any person, other than the defendant company, who wishes to
appear on the hearing of the application, must file an
appearance not later than March 2, 2006.

Contact: Dianne S. Lester
         Solicitor for the Plaintiff
         Credit Consultants Debt Services NZ Limited
         Level Three, 3-9 Church Street
         (P.O. Box 213 or D.X. S.X. 10 069), Wellington
         New Zealand
         Telephone: (04) 470 5972


HARVESTING EQUIPMENT: Resolves to Undertake Liquidation
-------------------------------------------------------
On February 16, 2006, Harvesting Equipment and Maintenance
Limited resolved to submit itself into liquidation.

On the same date, Iain Andrew Nellies and Paul William Gerrard
Jenkins were appointed as joint and several liquidators for the
Company.

Contact: Insolvency Management Limited
         Level Six, Burns House
         10 George Street (P.O Box 1058)
         Dunedin, New Zealand


INDI PTY: Prepares to Pay Dividend to Creditors
-----------------------------------------------
Indi Pty Limited will declare an interim dividend to creditors
today, March 1, 2006.

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


J.C. FOODS: Liquidator Presents Wind-up Report
----------------------------------------------
A final meeting of the members and creditors of J.C. Foods 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, March 1, 2006.

Contact: Paul H. Jeffery
         Liquidator
         Crispin & Jeffery Chartered Accountants
         Level 2, 57 Grosvenor Street
         Neutral Bay, New South Wales 2089
         Australia


JH STATIONERS: High Court Issues Liquidation Order
--------------------------------------------------
On February 13, 2006, the High Court of Christchurch ordered for
JH Stationers (Timaru) Limited to be put into liquidation.

Iain Andrew Nellies and Wayne John Deuchrass were appointed
joint and several liquidators.

As reported by the Troubled Company Reporter - Asia Pacific on
February 8, 2006, the application to liquidate the Company was
filed on December 6, 2005, by the Commissioner of Inland
Revenue.

Contact: Insolvency Management Limited
         Level Four, 728 Colombo Street
         (P.O. Box 13-401), Christchurch
         New Zealand


JSIJ PTY: Members Agree to Wind Up Firm
---------------------------------------
Members of JSIJ Pty Limited held a general meeting on Jan. 31,
2006, and agreed to:

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

  -- appoint Robert Joseph Zagami as liquidator.

Contact: Robert J. Zagami
         Liquidator
         Eager and Partners Acocuntants
         74 Main Street, Bairnsdale
         Australia


JAMES HARDIE: 3Q Net Profit Jumps 79% Due to U.S. Business
----------------------------------------------------------
James Hardie Industries Limited's net profit for the nine months
ended 2005-06 jumped 79% to US$144.2 million (AU195.5 million)
as sales surged for its fiber-cement home-cladding products in
the United States, the Sydney Morning Herald reports.

For the third quarter, net profit more than doubled to US$40.7
million, despite a fall in earnings from its Australian business
due to an industrial dispute in Brisbane and one-off costs from
a plant upgrade in Sydney.

The Australian Associated Press says that the results come as
James Hardie continues discussions with the Australian Taxation
Office over the compensation deal it signed with asbestos
victims, unions and the New South Wales Government in December
2005.  The Company hopes to succeed and to put its compensation
deal to its shareholders for approval.  The Company is waiting
for the passage of tax legislation recently introduced to
Federal Parliament before applying for a private ruling from the
Tax Office.

Information on the asbestos compensation is available at:

   http://www.ir.jameshardie.com.au/default.jsp?xcid=34#Latest

James Hardie says that it now expects operating profit from
continuing operations for the full year ending March 31, 2006,
to come in at US$200 million to US$220 million, up from the
US$128 million it reported last financial year.

The Sydney Herald says that the Company's forecast excludes
expenses associated with the compensation agreement, which are
expected to remain material over the short term.

The paper also notes James Hardie as saying that it would not be
affected too much as the U.S. housing market eases from its
recent boom, because the Company continues to penetrate markets
that use more traditional products such as vinyl or wood siding.

Earnings before interest and tax in the U.S. business grew by
52% to US$79.7 million in the third quarter.

However, the Asia-Pacific division fell by 22% to US$8 million,
dragged down by the Australian business, which was affected by
work stoppages at its pipes plant in Meeandah, Brisbane, over a
new enterprise bargaining agreement.  Talks over the NEBA are
continuing.

James Hardie Industries Limited -- http://www.jameshardie.com/
-- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,  
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives.  After beginning Australian
operations in 1888, it reincorporated into a Netherlands-based
company in 2001 to focus on its American growth businesses.
Nearly 80% of its sales are in North America.  The Company's
troubles began with its "under-funded" allocation for asbestos
claims, which were brought in by people who suffer or may
diseases caused by exposure to the asbestos-related products
produced by James Hardie.  In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims.  The Foundation has
warned that it could run out of money within five years.  The
Asbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund.  James Hardie was then accused of topping up
the dwindling asbestos fund it established.  By 2004, James
Hardie's former asbestos manufacturing subsidiaries, Amaca and
Amaba, are two of around 150 defendants in asbestos litigation,
and based on the Foundation's own figures, they account for
US$1,000,000,000 of the predicted US$6,000,000,000 future
liabilities in Australia.  Although James Hardie stopped making
asbestos products in 1987, the average 35-year latency of
mesothelioma, an asbestos-related disease, means asbestos
compensation funds will be needed until mid-century.  In a 2005
report by a Company-hired actuary from KPMG, it was predicted
that 4,915 Australians would contract mesothelioma from exposure
to Hardie products in the coming decades.  When less serious
forms of asbestos-related disease are included, James Hardie
should expect to compensate 8,725 victims.


KAUAE INVESTMENTS: CIR Lodges Application to Liquidate Firm
-----------------------------------------------------------
On January 4, 2006, the Commissioner of Inland Revenue lodged an
application to liquidate Kauae Investments Limited.

The application will be heard before the High Court of Rotorua
on March 6, 2006, at 10:45 a.m.

Any person, other than the defendant company, who wishes to
appear on the hearing of the application, must file an
appearance not later than March 2, 2006.

Contact: G. N. Jansen
         Solicitor for the Plaintiff
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone: (07) 834 7408


LAKE TAUPO: Court to Hear Liquidation Application on March 6
------------------------------------------------------------
On March 6, 2006, the High Court of Rotorua will hear an
application to liquidate Lake Taupo Training Academy Limited.

The Liquidation Petition was lodged by the Commissioner of
Inland Revenue on December 9, 2005.

Any person, other than the defendant company, who wishes to
appear on the hearing of the application, must file an
appearance not later than March 2, 2006, with:

          G. N. Jansen
          Solicitor for the Plaintiff
          Inland Revenue Department
          1 Bryce Street, Hamilton
          New Zealand
          Telephone: (07) 834 7408
          
Further particulars may be obtained from the office of the Court
or from the plaintiff's solicitor.


MULTIPLEX: Asset Sales Unrelated to Breaches, Group Clarifies
-------------------------------------------------------------
Multiplex Group has clarified that its foreshadowed asset sales
are not related to any breaches of their loan covenants.

As reported in the Troubled Company Reporter on February 28,
2006, Multiplex is preparing to sell assets to bolster its poor
cash flow, which has led the Company to breach various financial
ratios and bank covenants.  Problems concerning Multiplex's
Wembley Stadium redevelopment project in London have resulted in
the Company issuing numerous profit warnings, culminating in
last week's AU$119.6 million half-year net loss.  Total losses
from the Wembley Project exceed AU$473 million.

Multiplex had said that it is in "dialogue with bankers and
insurance bond providers, and based on discussions to date, we
expect they will continue to support the company."

The group also indicated that it is currently evaluating various
asset disposal opportunities, both to third parties and to new
established Multiplex funds, in order to further strengthen
liquidity and provide additional working capital.

However, spokesman Matthew Chandler explained that the Company
is having dialogue with its bankers, but not in relation to any
asset sales.  He said clarified that "Multiplex bankers are not
involved in any decision-making with Multiplex Group."

Regarding reports of the Company's sale of its share of the huge
Duelguide building portfolio to British brothers Simon and David
Reuben, estimated at GBP100 million (AU236.3 million), Multiplex
said that no deal has been done.  However, the group confirmed
that it was continuing its rationalization of the Duelguide
portfolio, which it acquired in November 2004.

                         About Multiplex

Headquartered at Miller's Point, in New South Wales, Australia,  
Multiplex Group -- http://www.multiplex.biz/-- 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.  Its auditor, KPMG,
later 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.  This started a series of profit
downgrades throughout 2005.  The Company's troubles continue
with plunging share prices, extortion attempts and threats of
class action from disgruntled shareholders.  The Roberts family,
as founder and controlling shareholder of Multiplex, opted to
offer AU$50 million indemnity in a bid to appease dissatisfied
shareholders.  In May 2005, Multiplex admitted its troubled
Wembley Stadium construction project may end up with a
multimillion loss.  As of February 2006, the Company is faced
with liquidity crisis after posting a massive AU$474 million
loss on Wembley and is currently in talks to bring down possible
delay fees, pegged at AU$138,000 per day beyond the scheduled
March 31, 2006 completion date.


MULTIPLEX: Cleveland Bridge Hearing Set for April
-------------------------------------------------
Multiplex Group has been involved in certain damage actions with
subcontractors on the Wembley Stadium project, one of which is
that involving Cleveland Bridge.  Cleveland Bridge was the
former steel contractor that walked away from the Wembley
project after a series of disputes with Multiplex over the
massive steel arch from which the stadium's roof is suspended.

Cleveland Bridge had claimed that Multiplex withheld payments,
and that supply of the wrong grade of concrete for arch footings
by another Multiplex subcontractor, P.C. Harrington, was the
cause of delays to the arch in 2004.  Cleveland, according to
the Sydney Morning Herald, bundled its court action, seeking
over GBP30 million in damages, into one case.

Multiplex filed an amended counter-claim against Cleveland
Bridge with the High Court in London.

The next hearing on the case will be in April 2006.

                         About Multiplex

Headquartered at Miller's Point, in New South Wales, Australia,  
Multiplex Group -- http://www.multiplex.biz/-- 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.  Its auditor, KPMG,
later 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.  This started a series of profit
downgrades throughout 2005.  The Company's troubles continue
with plunging share prices, extortion attempts and threats of
class action from disgruntled shareholders.  The Roberts family,
as founder and controlling shareholder of Multiplex, opted to
offer AU$50 million indemnity in a bid to appease dissatisfied
shareholders.  In May 2005, Multiplex admitted its troubled
Wembley Stadium construction project may end up with a
multimillion loss.  As of February 2006, the Company is faced
with liquidity crisis after posting a massive AU$474 million
loss on Wembley and is currently in talks to bring down possible
delay fees, pegged at AU$138,000 per day beyond the scheduled
March 31, 2006 completion date.


NATIONAL AUSTRALIA: Hits All-time High
--------------------------------------
In early morning trade on February 28, 2006, on the Australian
Stock Exchange, NAB shares hit as high as AU$36.90, the
Australian Associated Press reports.  This beat NAB's previous
highest record of AU$36.62 in June 2002.

The rise is attributed to NAB Chief Executive Officer John
Stewart's statement that the bank was moving ahead.  He said
that NAB's crises were over and planning for the post-recovery
phase was now under way.

Over the year, NAB shares have grown 23%, compared to 20% for
the banking sector.

The bank is Australia's largest by market capitalization, just
ahead of the Commonwealth Bank.

Earlier the other day, NAB opted to put its shares in a trading
halt after the discovery of some errors in its past two years'
annual reports.   The errors regarded a breakdown of the lending
to various business industry sectors.

After NAB shares returned to trading, they rose, finishing 63
cents, or 1.75% higher at AU$36.55.

Headquartered at Melbourne, in Victoria, Australia, National
Australia Bank Ltd. -- http://www.national.com.au/-- offers a  
wide range of financial services, including: personal banking,
business banking, corporate banking, agribusiness, wealth
management, transactional solutions, custody services asset
finance and leasing financial planning.  The bank's Australian
Division is focused on delivering financial solutions to help
customers achieve their financial goals.  National Australia
Bank is undertaking a three-year revival program after its 2004  
foreign exchange trading scandal and several profit downgrades
in 2005 that hammered its share price.  The Bank is working to
recover from a tumultuous two years marked by a boardroom  
upheaval and disintegration, executive departures and huge job
cuts.


NETANA CONSULTANTS: Official Liquidators Appointed
--------------------------------------------------
Paul Graham Sargison and Gerald Stanley Rea, chartered
accountants of Auckland, were appointed as liquidators of Netana
Consultants Limited on February 9, 2006.

The Liquidators fix March 10, 2006, as the deadline for the
Company's creditors to prove their debts or claims and to
establish any title their claims may have.          

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

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


ORANGE IMPORTS: CIR Wants Company Liquidated
--------------------------------------------
On March 9, 2006, the High Court of Auckland will hear an
application to liquidate Orange Imports Limited.

The application was filed by the Commissioner of Inland Revenue
on November 23, 2005.

Any person, other than the defendant company, who wishes to
appear on the hearing of the application, must file an
appearance not later than March 2, 2006, with:

          Simon John Eisdell Moore
          Crown Solicitor
          Meredith Connell
          Level Seventeen, Forsyth Barr Tower
          55-65 Shortland Street
          (P.O. Box 2213 or D.X. C.P. 24-063)
          Auckland, New Zealand


POUNDSWORTH PRESS: To Distribute Final Dividend
-----------------------------------------------
Poundsworth Press Pty Limited will declare a final dividend
today, March 1, 2006, to the exclusion of creditors who were not
able to prove their claims.

Contact: A. H. J. Wily
         Liquidator
         Armstrong Wily Chartered Accountants
         Level 5, 75 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


POWER TOOL: Inability to Pay Debts Leads to Wind-up
---------------------------------------------------
Power Tool Specialists 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, Paul Driver was appointed to oversee the
Company's liquidation activities.

Contact: Paul Driver
         Liquidator
         C/o Hardwicke's Chartered Accountants
         6 Phipps Close, Deakin ACT 2600
         Australia


PULP DIGITAL: Taps Insolvency Practitioners as Liquidators
----------------------------------------------------------
Arron Leslie Heath and Michael Lamacraft, insolvency
practitioners, were appointed joint and several liquidators of
Pulp Digital Limited February 17, 2006.

The Liquidators require the Company's creditors to submit their
proofs of claims or debts on or before March 17, 2006, to:

          Mike Lamacraft
          Liquidator
          Meltzer Mason Heath, Chartered Accountants
          P.O. Box 6302, Wellesley Street
          Auckland, New Zealand
          Telephone: (09) 357 6150
          Facsimile: (09) 357 6152

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

Parties who have a security interest in the assets of the
company are advised to contact the Liquidators immediately.


ROCNEL PTY: Winds Up Business
-----------------------------
On February 3, 2006, the members of Rocnel Pty Limited agreed to
wind up the Company's operations voluntarily.  They appointed
Hugh Lachlan McPharlin as liquidator for that purpose.

Contact: Hugh L. McPharlin
         Liquidator
         Suite 5, 1st Floor, 4-8 Angas Street
         Kent Town, South Australia


SONS OF GWALIA: Court Rejects Appeal on Shareholder Claim Ruling
----------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific in
August 15, 2005, shareholders have raised claims arising out of
their shareholding in Sons of Gwalia Ltd.  The Federal Court, in
September, favored the ordinary shareholders and granted them
the same rights to compensation as all other unsecured
creditors.

Moreover, Justice Arthur Emmet ruled that Luka Margaretic, who
lost AU$26,000 of his retirement savings on Gwalia shares, could
be considered a creditor.  Mr. Margaretic, who purchased his
shares barely two weeks before Gwalia's collapse, claimed the
Company has breached continuous  
disclosure obligations and engaged in misleading and deceptive
conduct.

Though the Court's ruling only applied to investors who bought
their shares on market and can prove that they were led into
believing that Gwalia was worth investing in, it has sparked
fears that other classes of creditors could have their returns
dramatically cut and that the liquidation process would become
much longer and more expensive.

Gwalia's administrators have already received AU$40 million
worth of claims from more than 1,000 shareholders who will fight
for the AU$400 million allocated to satisfy around AU$900
million of total creditor claims.

Subsequently, Gwalia's administrators, Garry Trevor and Darren
Weaver, of Ferrier Hodgson, appealed the Court's decision
favoring Mr. Margaretic.

However, on February 27, 2006, three Federal Court judges have
dismissed the Gwalia Administrators's Appeal.  The full court
held unanimously that Mr. Margaretic would rank alongside
unsecured creditors if he succeeds in proving a misleading and
deceptive conduct case against the failed goldminer.

According to the Sydney Morning Herald, the pool of funds
available to unsecured creditors, including United States
noteholders that are owed $284 million, could be shared with
hundreds of shareholders if they can prove that they suffered
losses by relying on faulty disclosure by Gwalia when they
bought its shares.

The Ruling indicated that the shareholders, whose case is being
run by litigation funder IMF (Australia), had foreshadowed
claims for between AU$75 million and AU$100 million over share
purchases in the two months before Gwalia collapsed in August
2004.

Assets are expected to be "several hundreds of millions of
dollars" short of the company's AU$867 million debt.

Headquartered in Perth, Western Australia, Sons of Gwalia Ltd --  
http://sog.com.au/-- is a mining company listed on the    
Australian Stock Exchange for over 20 years.  The Company had  
two operating divisions, Gold and Advanced Minerals.  Sons of  
Gwalia is the world's single biggest producer of Tantalum.  In
August 2004, Gwalia announced a strategic review, which
included AU$10 million in cost savings for 2003-04 and the loss
of 100 jobs from the gold division and Perth head office, after
the Company failed to meet its hedging commitments due to
serious deterioration of its gold reserves and resources.  The
Company collapsed with AU$862 million in debt, and called in
joint and several administrators Andrew Love, Garry Trevor and
Darren Weaver of Ferrier Hodgson.  The Company was also unable
to obtain agreement of all creditor counterparties to a
standstill agreement.  In February 2006, Gwalia announced that
it undertake an operational restructure following recent
agreements reached with its two major customers for reduced
sales volumes in return for production and product specification
flexibility.  The operational restructure will maximize tantalum
production at Gwalia's lower cost Wodgina mine.


STERLING ESTATES: Trustee Company Appoints Receivers
----------------------------------------------------
On February 1, 2006, Perpetual Trustee Company Limited appointed
Steven James Parbery and Mark Julian Robinson as joint receivers
and managers of the property of Sterling Estates Development
Corporation Pty Limited.

Contact: Steven J. Parbery
         Mark J. Robinson
         Receivers
         PPB
         Level 15, 25 Bligh Street
         Sydney 2000, Australia


SUMIKIN BUSSAN: Members to Receive Wind-up Details
--------------------------------------------------
The members of Sumikin Bussan Coal Australia Pty Limited will
convene today, March 1, 2006, to receive liquidator M. C.
Smith's account regarding the Company's completed wind-up and
disposal of property.

Contact: Salvatore Algeri
         Simon A. Wallace-Smith
         Liquidators
         c/o Deloitte touch, Tohmatsu
         180 Lonsdale Street
         Melbourne, Victoria 3000
         Australia


S.W. CLARKE: Unable to Pay its Debts
------------------------------------
S.W. Clarke Investments Pty Limited has determined that a
voluntary wind-up of its business operations is appropriate and
necessary, due to its inability to pay debts.

In that regard, Diane Elizabeth Pope was appointed to oversee
the Company's liquidation activities.

Contact: Diane e. Pope
         Liquidator
         17 Philip Road, Dalkeith
         Western Australia 6009


SWEDE EATERS: Enters Liquidation Proceedings
--------------------------------------------
On January 23, 2006, Accident Compensation Corporation filed an
application with the High Court of Tauranga to have Swede Eaters
Contracting Limited liquidated.

The application will be heard before the High Court of Rotorua
on March 6, 2006, at 10:45 a.m.

Any person, other than the defendant company, who wishes to
appear on the hearing of the application, must file an
appearance not later than March 2, 2006, with:

          Dianne S. Lester
          Solicitor for the Plaintiff
          Maude & Miller
          Second Floor, McDonald's Building
          Cobham Court (P.O. Box 50-555 or D.X. S.P. 32-505)
          Porirua City, New Zealand


TOMLIN MOTOR: Court Appoints Liquidator
---------------------------------------
On February 3, 2006, the Federal Court of Australia appointed
Christopher J. Palmer as the official liquidator in Tomlin Motor
Co. Pty Limited's wind-up.

Contact: Christopher J. Palmer
         Liquidator
         O'Brien Palmer
         Level 4, 23-25 Hunter Street
         Sydney, New South Wales 2000
         Australia


VILLAGE ROADSHOW: Restructuring Costs Bring in AU$2.2 Mln Loss
--------------------------------------------------------------
Village Roadshow Ltd. posted a AU$2.21 million loss for the
half-year ended December 31, 2006, compared to a net profit of
AU$29.99 million in the previous corresponding half.

The entertainment group's poor financial result is blamed on
lower cinema ticket sales, compounding losses from the
restructuring of its movie production business and legal
battles, the Sydney Morning Herald reports.  A profit downgrade
in January had suggested a break-even figure.

For the December 2005 half-year period, Village Roadshow posted
a net operating profit, excluding one-off material items and
discontinued operations, of AU$26.1 million, compared to AU$30.5
million in the corresponding 2004 period.

The Australian Associated Press relates that while the Company's
film production unit scored some hit movies such as last year's
Charlie and the Chocolate Factory, produced with Warner Bros,
the division also underwent a major restructure, dragging on its
overall results.  The restructure of Village Roadshow Pictures
during the period delivered an estimated AU$200 million cash
windfall to the Company and reduced its exposure to the volatile
movie production business.

The division racked up one-off items of AU$30.0 million after
tax for restructuring and settlement of legal claims, which
comprised the group's total material costs during the half,
compared to a group loss of AU$852,000 after tax for one-off
items in the previous corresponding period.

Total revenues for the group were up 62% to AU$957 million,
driven by a AU$395.3 million increase in revenues from its film
production business.  This was more than offset by a AU$379.9
million increase in film amortization costs and expenses.

Village Roadshow, which owns around 66% of Austereo Group Ltd,
said the radio network had weathered strong competition to grow
its earnings per share on the prior year.

However, delays to the opening date for Superman Escape at
Warner Bros' Movie World and the new water slides at Wet N Wild
pushed the operating profit before tax at its theme parks
division down by AU$1.5 million to AU$7.9 million.

The Company expects to recover the "majority of this shortfall"
in the second half of the financial year."

Village Roadshow Executive Chairman Robert Kirby said that
"[p]leasingly, earnings before interest, tax, depreciation and
amortization (EBITDA) for the period remained strong at AU$104
million for the six months and this positions the company well
on a go-forward basis."

According to AAP, Village Roadshow also embarked on a cinema
exhibition restructure which included write-offs in Italy and
costs for opening three major sites in Greece, which are
expected to have positive results in the second half of the
year.

Village Roadshow also said it was looking at further investments
after it acquired a 14.9% stake in Sydney Aquarium-owner, Sydney
Attractions Group Ltd, in January.  Analysts, however, believe
that the acquisition will result in a AU$5 million write-down
for the current half due to new accounting regulations.

Village Roadshow is awaiting the outcome of a legal dispute with
its former chief executive, Peter Ziegler, who is suing the
company for AU$87 million plus an interest in VRP.

                     About Village Roadshow

Headquartered in Melbourne, Australia, Village Roadshow Limited
-- http://www.villageroadshow.com.au/-- is an international  
media and entertainment company that operates core businesses in
cinema, movie production, film distribution, radio, and theme
parks.  In Film, Village Roadshow is a major movie producer and
distributor, as well as operates one of the world's leading
cinema exhibition circuits.  In cinema exhibition, Village has
exported its expertise to the world, developing cinema circuits
in countries like Singapore, Greece and Italy.  In movie
production, the company is a successful independent producer in
Hollywood.  The Company's troubles began in 2003 when it offered
to buy back its preference shares to head off a litigation
threat by some preference shareholders who were angered at the
company's suspension of dividend payments.  Village Roadshow's
reported and budgeted profitability would not allow it to
comfortably fund about AU$42 million worth of ordinary and
preference share dividends out of annual earnings.  For the past
years, the Company has been facing major litigation brought by
former business partners, who had invested in its film
investment scheme.

In December 2005, the Film Production division undertook a
substantial restructure.  As part of this restructure, a US$115
million Promissory Note was issued to Crescent Film Holdings and
options to acquire a 50% shareholding in the Hollywood film
production and related film exploitation business, Village
Roadshow Pictures Group, were granted to Crescent and its
affiliates.  This initiative, together with the release of a
US$70 million security deposit (replaced by a Letter of Credit),
returned significant cash reserves to Village Roadshow.  By
January 2006, Village Roadshow Limited had advised that VRPG had
reached agreement with its financiers to increase its film
production facility from US$900 million to US$1.4 billion.  VRPG
will continue to co-produce and co-finance films with its
principal production partner, Warner Bros.  The revolving period
of the facility has also been extended for a further three
years.  As a result, drawdowns will now be available under the
facility until January 2011 (previously February 2008) with the
debt now scheduled to be fully repaid by January 2015
(previously January 2012).


WINKLER PTY: Members & Creditors to Receive Wind-up Report
----------------------------------------------------------
A final meeting of the members and creditors of Winkler Pty
Limited will be held today, March 1, 2006.

At the meeting, liquidator Daniel Civil 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.

Contact: Daniel Civil
         Liquidator
         Rodgers Reidy
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia


XIRO CONSULTING: Poised to Liquidate Operations
-----------------------------------------------
At the extraordinary general meeting of XIRO Consulting Pty
Limited on February 6, 2006, Riad Tahey and Antony de Vries were
appointed as liquidators to manage the Company's wind-up
activities.

Contact: Riad Tayeh
         Antony de Vries
         Joint Liquidators
         de Vries Tayeh
         c/o Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2150
         Australia


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

AWT REALTY: Liquidators Named to Wind Up Assets
-----------------------------------------------
At a meeting of the creditors of AWT Realty Limited on Feb. 9,
2006, it was agreed that the Company be wound up.  Cosimo
Borrelli and Kelvin Flynn, of Alvarez & Marsal Asia Limited,
were appointed as joint and several liquidators.

Contact: Cosimo Borrelli
         Kelvin Flynn
         Alvarez & Marsal Asia Limited
         5th Floor Allied Kajima Building
         138 Gloucester Road, Wanchai, Hong Kong
         Telephone: (852) 3102 2600
         Fax: (852) 2598 0060
         e-mail: rbaker@alvarezandmarsal.com  


BRIGHT ACE: Taps Alvarez & Marsal to be Official Liquidator
-----------------------------------------------------------
The creditors of Bright Ace International convened on Feb. 9,
2006, and decided to liquidate the Company's business
operations.  

The members subsequently named Cosimo Borrelli and Kelvin Flynn,
of Alvarez & Marsal Asia Limited, to facilitate the Company's
wind-up activities.

Contact: Cosimo Borrelli
         Kelvin Flynn
         Alvarez & Marsal Asia Limited
         5th Floor Allied Kajima Building
         138 Gloucester Road, Wanchai, Hong Kong
         Telephone: (852) 3102 2600
         Fax: (852) 2598 0060
         e-mail: rbaker@alvarezandmarsal.com


CHEER CITY: Liquidates Operations
---------------------------------
After a meeting of the members and creditors of Cheer City
Contractors Limited on January 23, 2006, it was agreed that the
Company wind up its business voluntarily.

As a result, Yiu Cho Yan and Liu Chi Tat, Stephen, of Yiu Cho
Yan CPA, were appointed to supervise the Company's wind-up
operations.

Contact: Yiu Cho Yan
         Liu Chi Tat, Stephen
         Joint and Several Liquidators
         Yiu Cho Yan CPA
         Room 1002, 10/F, Honest Motors Building
         9-11 Leighton Road, Causeway Bay,
         Hong Kong
         Telephone: (852) 2528 1223
         Fax: (852) 2529 9830
         Web site: http://www.cyyiu.com/
         e-mail: info@cyyiu.com


CNAC-AWT LIMITED: Appoints Joint and Several Liquidators
--------------------------------------------------------
On February 10, 2006, Cosimo Borrelli and Kelvin Flynn, of
Alvarez & Marsal Asia Limited, were appointed to facilitate
CNAC-AWT Limited's liquidation.

Contact: Cosimo Borrelli
         Kelvin Flynn
         Alvarez & Marsal Asia Limited
         5th Floor Allied Kajima Building
         138 Gloucester Road, Wanchai, Hong Kong
         Telephone: (852) 3102 2600
         Fax: (852) 2598 0060
         e-mail: rbaker@alvarezandmarsal.com


DEVELOPMENT LIMITED: Borrelli & Flynn Appointed as Liquidators
--------------------------------------------------------------
On February 9, 2006, Cosimo Borrelli and Kelvin Flynn, of
Alvarez & Marsal Asia Limited, were appointed to liquidate the
operations of Development Limited.

Contact: Cosimo Borrelli
         Kelvin Flynn
         Alvarez & Marsal Asia Limited
         5th Floor Allied Kajima Building
         138 Gloucester Road, Wanchai, Hong Kong
         Telephone: (852) 3102 2600
         Fax: (852) 2598 0060
         e-mail: rbaker@alvarezandmarsal.com


FAMILY INTERIOR: Creditors and Contributories to Meet on March 8
----------------------------------------------------------------
The first meetings of the creditors and contributories of Family
Interior & Furniture Limited will be held at the High Court,
High Court Building, in 38 Queensway, Hong Kong, on March 8,
2006, at 9:30 a.m.

At the meeting, they are set to appoint joint and several
liquidators and a committee of inspection.

Contact: Ip Kwun Ting
         Cho Yim Kan
         (Proposed) Joint and Several Provisional Liquidators
         High Court Building
         38 Queensway, Hong Kong,
         Telephone: (852) 2825 4672


FAMILY HOLDINGS: Creditors' Meeting Fixed for March 17
------------------------------------------------------
A meeting of Family Holdings (H.K.) Limited's creditors will be
held for them to appoint an official liquidator and to consider
further matters relevant to the Company's voluntary wind-up.

The meeting will take place on March 17, 2006, at 5:45 p.m., at
79  Robinson Road, #24-01 CPF Building, Singapore.

Creditors who want to be represented at the meeting may appoint
proxies, who must be lodged at Rooms 604-7, Dominion Centre, in
43-59 Queen's Road East, Hong Kong, or sent by fax to (852) 2529
0774 not later than March 16, 2006.

Tan Kim Hong serves as the Company's liquidator.


FEDFLOUR TRADING: Parent Wind-up Company
----------------------------------------
On February 24, 2006, FFM Berhad has placed its wholly owned
subsidiary, Fedflour Trading Company Limited, under liquidation
and has appointed Leung Shiu Tong as liquidator.

Fedflour Trading Company Limited was incorporated in Hong Kong
on July 27, 1982, and its issued and paid-up capital is HK$1
million.  The principal activity of Fedflour Trading was
investment holding, but it has been inactive for many years.  


FRONTSTEP LIMITED: Liquidator Receiving Claims Until March 17
-------------------------------------------------------------
Creditors of Frontstep (Hong Kong) Limited are required to prove
their debts or claims and on or before March 17, 2006, to:

          Gregory Michael Giangiordano
          Sole Liquidator
          Unit 1606-08, 16/F MLC Tower
          248 Queen's Road East, Wanchai,
          Hong Kong

Failure to submit proofs of claim may exclude creditors from the
benefit of any distribution made or from objecting to the
distribution.


HANIFAX ENGINEERING: Court Enters Wind-up Order
-----------------------------------------------
Hanifax Engineering Limited had presented a petition to wind up
its operations.

On February 15, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance entered a wind-up
order pertaining to the Company.

Contact: Edward Thomas O'Connell
         Official Receiver
         HKSAR-Official Receiver's Office
         10th Floor, Queensway Government Offices,
         66 Queensway, Hong Kong
         Telephone: 2867 2426
         Fax: 3105 1814
         e-mail: eamonn@oro.gov.hk


HUNG FUNG: Members' Meeting Set on March 9
------------------------------------------
A meeting of the members of Hung Fung Holdings Limited will be
held for them to appoint one or more members of the Company's
committee of inspection.

The meeting will be held on March 9, 2006, at 3:00 p.m.

Contact: Darach E. Haughey
         Joseph Kin Ching Lo
         Joint and Several Liquidators
         Deloitte Touche Tohmatsu
         26th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong
         Telephone: + 86 (21) 6141 8888
         Fax: + 86 (21) 6335 1118


LUCIDA LIMITED: Placed Under Voluntary Liquidation
--------------------------------------------------
At a meeting of Lucida (Hong Kong) Limited's shareholders on
January 27, 2006, it was decided that the Company needs to
voluntarily wind up its operations.

Darach E. Haughey and Lai Kar Yan, of Deloitte Touche Tohmatsu,
were nominated to act as the Company's joint and several
liquidators to manage its wind-up activities.

Contact: Darach E. Haughey
         Lai Kar Yan
         Joint and Several Liquidators
         Deloitte Touche Tohmatsu
         26th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong
         Telephone: + 86 (21) 6141 8888
         Fax: + 86 (21) 6335 1118


MOULIN GLOBAL: Files Chapter 15 Petition to Stay DiChiara Action
----------------------------------------------------------------
On January 13, 2006, Moulin Global Eyecare Holdings Limited
filed a petition under Chapter 15 of the United States
Bankruptcy Code with the United States Bankruptcy Court for the
Northern District of California (San Francisco).  Through the
Petition, Moulin Global seeks recognition of the foreign
proceedings it instituted in the High Court of the Hong Kong
Special Administrative Region Court of First Instance and the
Supreme Court of Bermuda.

With the recognition, the Debtor hopes to stay the legal
proceedings filed by Anthony P. DiChiara, wherein he alleges
that he was employed by Moulin as General Counsel and Executive
Vice President for Strategic Planning and was instrumental in
Moulin's acquisition of a 56% controlling interest in ECCA
Holdings, Inc., which owns and operates Eye Care Centres of
America, Inc.

Mr. DiChiara further claimed that Moulin agreed to give him a 3%
interest in ECCA from Moulin's US$97 million ECCA interest in
consideration of his past services to the Company.

The suit alleges that Moulin's provisional liquidators, Desmond
Chung Seng Chiong and Roderick John Sutton, have tortiously and
fraudulently refused to transfer the ECCA shares to DiChiara.

In addition to his stock claim, DiChiara seeks over US$300,000
in wages and expense reimbursement for past services to Moulin.

The Troubled Company Reporter - Asia Pacific has reported that a
petition for the Winding up of Moulin Global was presented to
the High Court of Hong Kong Special Administrative Region on
June 21, 2005.  A total of 29 banks, led by HSBC, filed the
petition after Moulin disclosed accounting irregularities and
the pending insolvency of its German subsidiary, NiGuRa Optik.

TCR-AP research has found that on August 4, 2005, the banks
filed a similar winding up petition in the Supreme Court of
Bermuda.

Established in 1960, Moulin Global Eyecare Holdings Limited --
http://www.moulin.com.hk/-- is a vertically integrated eyewear  
company engaged in the design, manufacture, distribution and
retailing of quality eyewear products to customers worldwide.  
It is one of the major players in the international eyewear
industry.


MOULIN GLOBAL: Chapter 15 Petition Summary
------------------------------------------
Petitioner: Roderick J. Sutton, as Foreign Representative

Debtor: Moulin Global Eyecare Holdings, Ltd.
        Hong Kong Club Building, 14th Floor
        3A Chater Road
        Central, Hong Kong
        China

Type of Business: The Debtor designs, manufactures, distributes
                  and retails quality eyewear products to
                  customers worldwide.  of optical frames,
                  sunglasses, optical parts and accessories.
                  It is the largest eyewear manufacturer in Asia
                  and the third largest worldwide, with annual
                  production volume exceeding 15 million frames.
                  Moulin is headquartered in Hong Kong and is
                  one of the constituent stocks on the Hang Seng
                  HK SmallCap Index and Hang Seng Consumer Goods
                  Index under the Hang Seng Composite Index.
                  See http://www.moulin.com.hk/

Chapter 15 Petition Date: January 13, 2006

Court: United States Bankruptcy Court for the Northern District
       of California (San Francisco)

Case No.: 06-30018

Judge: Thomas E. Carlson

Petitioner's Counsel: Patricia S. Mar, Esq.
                      Morrison and Foerster LLP
                      425 Market Street
                      San Francisco, California 94105-2482
                      Tel: (415) 268-7000

Financial Condition as of June 30, 2004:

      Total Assets: HK$3,626,433,000

      Total Debts:  HK$1,548,291,000

More information on the Company's proceeding under Chapter 15 of
the United States Bankruptcy Code is available at
http://www.chapter15.com


MUDD JEANS: Wind Up Process Begins
----------------------------------
Mudd Jeans (Hong Kong) Limited had presented a petition to wind
up its operations.

On February 15, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance entered a wind-up
order pertaining to the Company.

Contact: Edward Thomas O'Connell
         Official Receiver
         HKSAR-Official Receiver's Office
         10th Floor, Queensway Government Offices,
         66 Queensway, Hong Kong
         Telephone: 2867 2426
         Fax: 3105 1814
         e-mail: eamonn@oro.gov.hk


NEW STAR: Creditors' Meeting Set on March 8
-------------------------------------------
A meeting of the creditors of New Star System Formwork Company
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 at the Jardine House, 5th Floor, 1
Connaught Place, in Central, Hong Kong, on March 8, 2006, at 10
a.m.


RICOBEST INDUSTRIAL: Commences Wind-up Proceedings
--------------------------------------------------
Ricobest Industrial Limited has received a wind-up order from
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on February 15, 2006.

Contact: Edward Thomas O'Connell
         Official Receiver
         HKSAR-Official Receiver's Office
         10th Floor, Queensway Government Offices,
         66 Queensway, Hong Kong
         Telephone: 2867 2426
         Fax: 3105 1814
         e-mail: eamonn@oro.gov.hk


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

BRITISH INDIA: Trade Union Stages Protest
-----------------------------------------
The members of Kanpur Trade Union staged a protest on Feb. 28,
2006, at Panel Chowk and submitted a memorandum to the Uttar
Pradesh Governor in support of their demand to restart British
India Corporation's Elgin Mill (one), Fibre2Fashion reports.

The council members organized a meeting at the Elgin Mill (one)
gate and criticized the BIC management for its treatment of the
Elgin Mill employees.  The group also claimed that different
statements coming from the management had confused them.

During the administration of the National Democratic Alliance,
the Bharathya Janatha Party had won approval from the Government
to restart Elgin Mill (one) through special purpose vehicle
route.  However, the proposal was transferred to the Board of
Industrial and Financial Reconstruction.

The employees could no longer wait for the decision of the BIFR,
which has taken a long time to act on BIC's case.

According to Hindustan Times, union members had been protesting
the last 1,014 days at the mill gate.  On many occasions, they
have been told about the restart of the Elgin Mill (one).

The British India Corporation Ltd was taken over by the
Government of India in 1981 through the acquisition of all
private shares.  The Company has two wollen mills  -- Cawnpore
Woollen Mills Branch (Lalimli) at Kanpur in Uttar Pradesh and
New Egerton Woollen Mills Branch at Dhariwal in Punjab -- under
its direct control.  It also has two cotton subsidiaries, Elgin
Mills Co. Ltd. and Cawnpore Textiles Ltd., at Kanpur in Uttar
Pradesh.  The Board for Industrial and Financial Reconstruction
sanctioned a rehabilitation scheme for the Company.  The
resources for the Scheme are to be largely generated through
sale of surplus assets.  Since the sale process has been held up
for more than two years due to non-receipt of required
permission from the State Government of Uttar Pradesh, the
Government has considered running the mills through a joint
venture.


NATIONAL TEXTILE: Completion of Revival Scheme Nears
----------------------------------------------------
The revival scheme for National Textile Corporation's 29 mills
is set to be finished very soon, the Indian Government told
NewKerala.com.

Nine parties have already submitted expressions of interests for
the operation of 22 NTC mills through joint ventures.

Under the agreement, an NTC mill would be transferred on lease
to a Special Purpose, which will be structured by 26% to 49%
equity participation by NTC in the form of assets.  The private
partner will hold 50% to 74% equity, with a 15-year lease
extendable for a further period of 15 years.

In June 2005, the NTC submitted a "single-structure"
reorganization program to the Board for Financial and Industrial
Reconstruction.  The plan was expected to trim the number of
NTC's viable textile units to 52, which will be operated under
the management of a single-board company.  The plan to merge all
nine subsidiaries and the holding company won approval from the
Central Government and the Board for Restructuring Public Sector
Companies.

Under the original plan, NTC would take up immediate
modernization of 22 units while 18 would be revived through
joint venture with a private sector.

Currently, NTC is already in the process of completing its
revival program through:

     * the settlement of its accounts financial institutions;

     * the mobilization of funds from the market by private
       placement of bonds;

     * the offer of modified voluntary retirement scheme to
       surplus employees;

     * the closure of unviable mills; and

     * the sale of surplus assets and servicing of debt.


* Survey Says Private Sector More Sick than PSUs
------------------------------------------------
Latest data from the Economic Survey revealed that private firms
constitute the bigger portion of India's non-performers, Manora
Online reports.

The survey showed that of the total 6,775 cases referred to the
Board for Industrial and Financial Reconstruction, 6,480 belong
to the private sector.

Of the 5,098 sick companies that were registered with the BIFR,
the Board has recommended the winding up of 1,234 private
companies, 41 state government-owned enterprises and only 31
central public sector companies.

In addition, the BIFR has also declared six central PSUs and 11
state PSUs as "no longer sick".  

The BIFR has already resolved 3,762 cases as of August 30, 2005.  
It has recommended rehabilitation of 593 private companies, 24
central PSUs and 20 state PSUs.


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

INDOSAT: Moody's Affirms Ba1 Local Currency Ratings
---------------------------------------------------
On February 27, 2006, Moody's Investors Service affirmed the Ba1
local currency corporate family ratings and Ba1 local currency
issuer rating of PT Indosat Tbk.

Moody's also placed on review for possible upgrade the bond
ratings of Indosat Finance Company B. V. and Indosat
International Finance Company B.V., which are guaranteed by the
Company.

   * Foreign currency senior unsecured bond rating of Indosat
     Finance Company B.V., Ba3

   * Foreign currency senior unsecured bond rating of Indosat
     International Finance Company B.V., Ba3

PT Indosa Tbk was established in 1967 as a foreign investment
company to provide international telecommunications services in
Indonesia, commencing its operations in 1969 with the
inauguration of the Jatiluhur earth station.  In 1980, the
Government of Indonesia acquired all of the shares of Indosat,
which then became a state-owned enterprise.

On December 12, 2005, Standard & Poor's Ratings Services
affirmed Indosat's affirmed BB local currency and BB- foreign
currency ratings, indicating that the Company's profile
remains constrained by the macroeconomic environment and
consumer spending in Indonesia, despite its financial strength.


PERTAMINA: Iran's Nuclear Crisis May Prompt Cut in Fuel Prices
--------------------------------------------------------------
PT Pertamina may slash its fuel prices for industrial
consumption, as a potential nuclear crisis in Iran may cause
global oil prices to fall, the Jakarta Post says.

Global crude prices started to drop after Iran said it might let
Russia process its uranium, thus easing concerns of United
Nations' sanctions against the major oil producer, The Post
reports.

Pertamina fuel division chief Djaelani Sutomo said that
effective March 1, 2006, the price of fuel for transportation
would be set at IDR5,270 per liter while the price of fuel for
manufacturing needs would be sold at IDR5,043 per liter -  a 3%
reduction from last month's prices.  Premium gasoline would also
be sold at IDR4,898 per liter, from IDR4,936 per liter
previously.

However, the price of fuel for industrial use would go up this
month to IDR3,600 per liter, from the previous IDR3,380 per
liter last month.  Kerosene fuel would also be sold at IDR5,747
per liter, instead of IDR5,740 per liter last month.  Pertamina
set the new prices based on the average price of Mid Oil Platts
Singapore from January 15 to February 15, 2006, plus 15% premium
to cover costs, and its profit margin.

Chief Sutomo added that Pertamina is preparing to implement bi-
weekly price adjustments for its fuel products to offset price
fluctuations.  The Company is still studying the possibility of
adjusting its fuel prices on a daily basis.

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.  Despite reporting a net
profit of IDR3.03 trillion for the first six months of 2005,  
Pertamina's failure to service its financial obligations was
pegged as one of the contributors to Indonesia's decreased
income for the year.


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

FUJITSU LIMITED: S&P Upgrades Credit Rating to BBB
--------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Fujitsu Limited to BBB from BBB-,
based on the strengthened earnings of its core system
integration (SI) and solutions and large-scale integration (LSI)
businesses.  The likelihood that Fujitsu will maintain its
improved financial profile has also improved.  The outlook on
the rating is stable.  At the same time, Standard & Poor's
affirmed its 'BBB' ratings on Fujitsu's senior unsecured debt.  

Fujitsu's profitability in the SI and solutions business has
been improving and stabilizing, thanks to the Company's efforts
to strengthen its cost controls and project management, and
write-off expected losses on unprofitable projects.  Although
the recovery of investments in the IT industry is expected to
continue, Fujitsu's IT service division is likely to be under
persistent downward price pressure amid intensifying competition
in the global market.  However, the Company is likely to
maintain relatively stable earnings and cash flow, given that it
is strengthening its procedures to review the potential for
profit of each project from the initial stages, hammer out
concrete measures to cut costs, and mitigate to some extent
downward risk on earnings.  While domestic peers are struggling
to generate sound profitability, Fujitsu's LSI business has
generated relatively stable profits, as it has successfully
taken advantage of its strength in solution innovation.

Fujitsu's financial profile is also improving.  Alongside the
strengthened earnings base in the two core businesses, the
Company's cash flow generation is stabilizing, leading to debt
reductions.  Its net debt-to-capital ratio is projected to
improve further to nearly 35% at the end of March 2006 from 38%
a year earlier.  In January 2006, the Company announced its plan
to build a new LSI plant that employs 65 nanometer process
technology and 300 millimeter wafers.  This JPY120 billion
investment is unlikely to lead to any substantial deterioration
of the Company's balance sheet, as the investment is expected to
be covered by its cash flow.

In spite of problems associated with the computer systems
developed by Fujitsu, including glitches at the Tokyo Stock
Exchange and the Nagoya Stock Exchange in November 2005, and the
erroneous sell order placed by Mizuho Securities Co. Ltd. in
December 2005, there has been no particular drop in the number
of orders received by the Company.  If temporary expenses are
incurred from these incidents, it is unlikely that they will
lead to a substantial deterioration of the Company's financial
standing.  Still, maintaining market competitiveness is a key
for Fujitsu.

An upward revision of its outlook or rating will depend on
Fujitsu's ability to strengthen profitability in its core
businesses, including SI and solutions, and system platforms,
maintain profitability in the LSI and HDD (hard disk drive)
divisions, as well as to further improve its balance sheet.  In
particular, a key challenge for Fujitsu's LSI business is to
implement effective measures to uphold and bolster its
competitiveness in the LSI market while avoiding deterioration
in its financial profile amid the continued reshuffling of the
overall semiconductor industry.

Headquartered in Minato-ku, Tokyo, Fujitsu Limited
-- http://www.fujitsu.com/global/-- is a provider of  
information technology and communications solutions for the
global marketplace.  Pace-setting device technologies, computing
and communications products, and a worldwide corps of systems
and services experts uniquely position the Company to deliver
solutions that open up possibilities for its customers' success.  
Fujitsu Limited has returned to profit in the third quarter of
2005 with a JPY3.4 billion net income, as against a JPY9.6
billion net loss in 2004.  The increased IT spending by foreign
firms and rising IT demand from local finance and telecom firms
led to the turnaround, with sales of its flat panel business
contributing significantly to its earnings.


GESTION-PRIVEE: Wants Claimant's Action Stayed Under Chapter 15
---------------------------------------------------------------
On January 18, 2006, Gestion-Privee Location LLC filed a
petition under Chapter 15 of the United States Bankruptcy Code
with the U.S. Bankruptcy Court for the Middle District of North
Carolina (Durham).  The Petition seeks recognition of the
foreign proceeding it instituted in the Tokyo District Court,
Japan.

The Troubled Company Reporter - Asia Pacific has learned that an
affiliate of the Company, Gestion-Privee Japan, raised funds
from individual investors under fraudulent advertising that
these funds would be invested in Swiss Private Banking assets.  
The funds never made it into the Swiss interests, and were,
instead, diverted and transferred to the parent, which used the
funds to purchase various real estate properties.

In July 2005, investors learned that GPJ did not have sufficient
funds to perform its obligations and honor its promises to
return the invested sums to Japanese investigators, after
failing to pay dividends to its investors are earlier promised.  
This, and the fact that Yuji Hata, representative director of
GPJ was missing, spurred GPJ directors to initiate a bankruptcy
filing.

By September 2005, the debtor, along with Mr. Hata and GPJ, has
been declared bankrupt.

The Chapter 15 filing stems from Pinehurst Homes, Inc.'s July
2005 claim that Gestion-Privee owed the sum of US$180,860, plus
interest and attorney's fees, which was a result of a renovation
contract that the two parties entered in late 2004.

On September 20, 2004, Gestion-Privee purchased a luxury
residence -- The Castle -- in North Carolina for US1.4 million.  
Renovation on the property, contracted with Pinehurst Homes,
amounted US$1.1 million, plus a US$.2 million contractor's fee.  

Through Chapter 15 protection, Manjiro Yamakawa, Foreign
Representative for the Company, wants Pinehurst's claim stayed
in recognition of GPJ's bankruptcy proceeding in Japan.


GESTION-PRIVEE: Chapter 15 Petition Summary
-------------------------------------------
Petitioner: Manjiro Yamakawa, Foreign Representative

Debtor: Gestion-Privee Location L.L.C.
        438 Matsuya-cho
        Gojyo-dori Karasuma Higashi Iru, Shimogyo-ku
        Kyoto-shi, Japan 600-8105

Type of Business: The Debtor acquires, holds, and sells
                  various real properties.

Chapter 15 Petition Date: January 18, 2006

U.S. Court: United States Bankruptcy Court for the Middle
            District of North Carolina (Durham)

Case No.: 06-80071

Petitioner's Counsel: Robert K. Imperial, Esq.
                      Maupin Taylor, P.A.
                      3200 Beechleaf Court, Suite 500
                      Raleigh, North Carolina 27604-1064
                      Tel: (919) 981-4000
                      Fax: (919) 981-4300

Estimated Assets: $1 Million to $10 Million

Estimated Debts:  $1 Million to $10 Million

More information on the Company's proceeding under Chapter 15 of
the United States Bankruptcy Code is available at
http://www.chapter15.com


LIVEDOOR CO.: Gandhara Master Fund Takes 6.89% Stake
----------------------------------------------------
Gandhara Master Fund acquires a 6.89% stake in Livedoor Co. for
investment purposes, Japan Today relates, citing a report
submitted by the Hong Kong-based investment fund to the Finance
Ministry on Monday.

The Troubled Company Reporter - Asia Pacific reported on
February 15, 2006, that the Tokyo Stock Exchange may delist
Livedoor Co. if its former executives are arrested again for
tampering the Company's financial statements.  Prosecutors
arrested former Livedoor President Takafumi Horie and three
other former executives last month.  They were recently indicted
on charges of market manipulation and accounting fraud by a
Livedoor subsidiary.

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.


PIONEER CORPORATION: Launches Car Navigation System in China
------------------------------------------------------------
Pioneer Corporation has launched its AVIC-D8000 DVD-ROM based
car navigation system, merging high-quality navigation and
entertainment functions in a double DIN chassis, which will mark
Pioneer's first consumer-market navigation system in China.

Pioneer launched the world's first GPS car navigation system
designed for consumer markets in Japan in June 1990, followed by
the European and North American consumer markets in 1999.  This
entry into the Chinese consumer market represents an additional
step in Pioneer's efforts to further expand the global market
for car navigation systems.

In China, which in recent years has been developing rapidly as a
society dependent on automobiles, the number of new
registrations for commercial and private vehicles surpassed 5
million in 2004.  In 2006, the number of new vehicles being
registered is expected to expand to 6.5 million, surpassing the
figures in Japan, and in 2014, the number is forecast to exceed
10 million.  With the increase in number of private-vehicle
owners and the expansion of their driving lifestyle, the demand
for navigation systems in China is growing stronger.

The Pioneer AVIC-D8000 will be available in China in March 2006
for a reference price of CHY19,800 including tax.

The navigation system's main features are:

   * Screen Display, Voice Guidance, and Touch Screen to support
     a wide range of users.  All menu screens are displayed in
     simplified Chinese.  Mandarin or Cantonese can be selected
     for the voice guidance.  Touch Screen facilitates easy
     operation even by beginners.

   * Map data includes four municipalities (Beijing, Shanghai,
     Tianjin, and Chongqing), 20 provinces (e.g. Fujian, Canton,
     and Sichuan), and two autonomous regions (Neimenggu and
     Guangxi).

   * Various entertainment functions.  Memory CD compresses and
     holds up to 480 minutes of music CDs.  Vehicle Dynamics
     Mode graphically displays your vehicle's performance on
     screen including acceleration and the incline or decline of
     the vehicle.  With a rear monitor (separately sold)
     connected, rear-seat passengers can enjoy DVD videos.

Headquartered in Tokyo, Japan, Pioneer Corporation
-- http://www.pioneer.co.jp/-- is a maker of consumer and  
commercial electronics, about 40% of its sales come from car
electronics (stereos, speakers, navigation systems), which are
sold to retailers and automobile manufacturers.  Pioneer also
makes video equipment (projection TVs, DVD players and DVD
recorders, plasma displays) and audio products (stereo
components, stereo systems).  It also sells products to business
customers (plasma displays, AV systems, factory automation
systems) and, through Disco vision Associations (United States-
based subsidiary), it generates revenue from licensing optical
disc technologies.  Pioneer has more than 30 manufacturing
facilities worldwide.

In February 2005, Standard & Poor's Ratings Services lowered its
long-term issuer credit and senior unsecured debt ratings on
Pioneer Corp. to 'BBB' from 'BBB+' reflecting substantial
deterioration in earnings in the Company's home electronics
business and weak prospects for early recovery in performance.  
The rating action also reflects the subsequent deterioration in
cash flow protection.  By November 2005 S&P placed its 'BBB'
ratings on Pioneer on CreditWatch with negative implications,
following the Company's yet weaker profit forecast for fiscal
2005 (ending March 31, 2006).  In December 2005, Pioneer
announced business restructuring plans that involve improving
management efficiency through organizational restructuring.  The
Company dismantled its current "internal company" system as of
January 1, 2006, and reorganized into a two-department set-up
featuring the Home Entertainment Business Group and the Mobile
Entertainment Business Group.  All operations related to plasma
displays, DVD products and home audio products will be
integrated into the Home Entertainment Business Group.  The Home
Entertainment Business Group staff, currently working at three
locations, will be consolidated at one location in Japan by
2007.  Furthermore, the Company's entire head office
organization, particularly administrative and back office
operations, will be reorganized by around April 2006.  As part
of Pionner's efforts to reduce fixed costs for the entire group,
it is also consolidating its worldwide production sites from 40
to about 30, and in this regard, cutting about 2,000 employees,
mostly at overseas production sites.


SANYO ELECTRIC: Moody's Downgrades Rating to Baa3
-------------------------------------------------
Moody's Investors Service has downgraded to Baa3 from Baa2 the
long-term issuer and debt ratings of Sanyo Electric Co., Ltd.
The rating outlook is stable.  The short-term rating of Sanyo
Electric Finance Netherlands B.V. has been also downgraded to
Prime-3 from Prime-2.

The downgrade reflects Moody's concern that Sanyo's capital base
will be severely damaged during the fiscal year to March 2006
because of substantial charges for the restructuring --
announced in its revised mid-term business plan -- of some of
its core but unprofitable businesses, such as semiconductors,
home appliances and audiovisual (AV) products.  This rating
action concludes the review initiated on November 21, 2005.

On November 18, 2005, Sanyo revised down its earnings forecast
for the fiscal year to March 2006, with an operating loss of
JPY17 billion now expected instead of JPY18 billion of profit.  
Net loss was similarly amended down, to JPY233 billion from
JPYen140bn.  Sanyo also announced a mid-term business plan whose
targets included 1) restructuring of unprofitable businesses, 2)
focusing on three key areas where Sanyo has retained global
competitiveness and 3) improvement of its financial profile as
quickly as possible.

Moody's placed Sanyo's long-term ratings on review for possible
further downgrade on November 21, 2005, at the same time the
rating agency downgraded those long-term ratings to Baa2 from
Baa1.

On February 24, 2006, Sanyo's shareholders approved the issuance
of preferred shares, totaling approximately JPY300 billion, to
help restore the Company's capital base, which is expected to be
severely damaged during the fiscal year to March 2006.

Sumitomo Mitsui Banking Corporation (SMBC), Daiwa Securities
SMBC Principal Investments Co. Ltd. and a subsidiary of The
Goldman Sachs Group Inc. are expected to purchase the preferred
shares.

SMBC -- Sanyo's main bank -- announced on November 18, 2005 that
it would support the Company. The bank has also seconded senior
management to Sanyo to help it execute its mid-term business
plan.

Moody's considers that there is a possibility for Sanyo to be
able to recover its profitability if its mid-term business plan
is implemented as planned.  Sanyo's business portfolio, in the
rating agency's opinion, was too diversified for its relatively
weak capital base, ranging from AV (audio visual) products, home
appliances, batteries, commercial-use air-conditioning systems
and semiconductors to the finance business.

The mid-term business plan aims to focus on the three areas
where Sanyo has retained strong global competitiveness --
batteries, commercial-use air-conditioning systems and personal
mobile electronics products.  In December 2005, Sanyo sold a
majority stake of Sanyo Electric Credit Co., Ltd., following the
strategy outlined in its mid-term business plan.

Moody's expects that Sanyo will be able to keep and enhance its
strengths in the three areas the mid-term business plan focuses
on.  Meanwhile, the rating agency points out that Sanyo's planed
restructuring of its non-core businesses will further damage its
equity base to some extent, which is incorporated in the Baa3
rating.  The rating is also based on continuous support from
SMBC and other relationship banks, as well as successful
issuance of the preferred shares.

The stable rating outlook reflects Moody's expectation that
Sanyo's credit metrics, such as total debt to total
capitalization ratio, will stabilize at a Baa level following
the execution of its mid-term business plan.

Sanyo Electric Co., Ltd., headquartered in Osaka, is one of the
world's leading manufacturers of consumer electronics products.


SEIYU LIMITED: Chinese Retailer Acquires Singapore Unit
-------------------------------------------------------
CapitaLand Limited, Southeast Asia's biggest developer, has sold
Seiyu Ltd's Singaporean unit to Beijing Hualian Group for SGD4
million (US$2.36 million), Xinhua News reports.

The parties have decided that Beijing Hualian will keep Seiyu's
present executives and employees for the local business
operation, but Seiyu Singapore will have to change its name two
years later.

Japan Seiyu incurred losses for five consecutive years and
expects an even bigger loss this year, so it is seeking to
dispose some of its overseas assets to revamp the group in
general.

CapitaLand, which acquired the Singaporean unit of Seiyu Ltd for
SGD1 million in October 2005, has been acting as a property
advisor for Wal-Mart's outlets in many Asian countries and holds
a batch of commercial real estate projects at the continent.

Headquartered in Tokyo, Japan, Seiyu Limited --
http://www.seiyu.co.jp/-- is Japan's top retailer.  Seiyu runs  
400-plus stores, including supermarkets and department stores.
Merchandise includes food, apparel, and household goods (some
under the Martha Stewart Everyday brand or SEIYU's own brands).  
Company flags include SEIYU, Sunny, and S.S.V. (supermarkets)
and Livin (department stores).  Some stores anchor another main
endeavor -- large shopping centers called The Mall.  The debt-
laden Company has been unloading unprofitable operations.  
Sumitomo owns 10% of Seiyu, while retail giant Wal-Mart in 2005
increased its ownership to 50% of the Company's voting rights.


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

DAEWOO ENGINEERING: Creditors to Hold Talks with Union
------------------------------------------------------
Prior to conducting sale talks with six potential bidders for
Daewoo Engineering & Construction Company, the Company's
creditors will try to ease the sentiments of union workers who
oppose the sale of the Company, The Korea Times said.

The union, which is made up of around 1,000 members, has agreed
to meet with the Company's main creditor for a series of talks
to sort out the deadlocked procedures, the Korea Times reported.

Despite the union's show of disapproval, the Korea Asset
Management Corporation said it would maintain its planned sale
of the Company.  However, it will try to persuade the union
first as the process of due diligence has been suspended for
several days.

The union has blocked bidders from conducting due diligence on
Daewoo Engineering.  The union placed a group of employees at
the lobby of the Company's headquarters in Seoul to bar bidders
from entering.

The union has been demanding reassurance from creditors not to
sell their entire shareholding in the Company.  

"If KAMCO fails to offer reasonable solutions, we will continue
to hamper the bidders' due diligence" union leader Jung Chang-
doo said.

The union fears that the inflated price of Daewoo Engineering
would drag it back to insolvency because of high interest
payments.

The union demanded to have a hand in the final draft of any sale
contract, to make sure that the new owner would be banned from
selling the Company's assets or stakes for at least three years.
In addition, the union wants two out of the six short-listed
bidders to be out of the race, due to their past business
irregularities.

Two conglomerates, Doosan Group and Hanwha Group, which started
their due diligence two weeks ago, have experienced the most
severe protest from the union.  The union is highlighting past
scandals involving slush funds of the two business groups.

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.  Daewoo Engineering is one of
several Daewoo units that initially survived the 1999 collapse
of the conglomerate Daewoo Group under US$80 billion of debts in
South Korea's largest corporate bankruptcy.  In early 2004, the
Korea Asset Management Company announced a proposed auction of
Daewoo Engineering.  Daewoo Engineering is the latest part of
the bankrupt Daewoo business empire to be sold.  KAMCO's 46%
stake in the Company had been estimated to fetch about KRW800
billion (US$677 million).  The Company has since became a
potential acquisition target in 2006.


LG CARD: Asset Quality Improves
-------------------------------
The improvement in the asset quality of LG Card Co. entails an
increase to its market value, The Korea Times reports.

Since LG Card has shown improvements, potential bidders of the
firm are expected to pay more than originally planned, a source
close to the deal told The Korea Times.

In January 2006, LG Card reported a drop in its delinquency
ratio to a record low of 7.36.  Delinquency Ration is the
percentage of card bills and loans unpaid for 30 days and
longer.  The drop enabled LG Card to meet the financial
regulators' demand for the Company to lower its delinquency
ratio to less than 10% by the end of 2006, or else face a forced
restructuring.

Also, LG Card booked a record high net profit of KRW1.36
trillion (US$1.4 billion) in 2005, which is a turnaround from a
loss of KRW81.6 billion a year earlier.  

In addition, LG Card has also decreased bad debt expenses and
improved profitability boosted its bottom line.

LG Card has an estimated value of over KRW3 trillion.  A couple
of investors, which includes Shinhan Financial Group and Woori
Financial Group have been vying for the 51% stake LG Card
creditors are planning to sell.

Headquartered in Seoul Korea, LG Card Co. --
http://www.lgcard.com/-- provides installment finance services  
and credit card, as well as leasing services to credit worthy
companies while acquiring valuable assets from merchant banks
and leasing firms.  LG Card also finances families wishing to
purchase big ticket items such as automobiles, appliances and
computers.  At the end of October 2003, LG Card had KRW3.24
trillion more debt than assets and had faced threats of
liquidity crisis and court receivership.  LG Card has been in
the hands of creditors since it was rescued from bankruptcy
through a KRW5 trillion (US$4.78 billion) debt-for-equity swap
and a further KRW1 trillion bailout in late 2004.


TRIGEM COMPUTER: U.S. Court Agrees Main Proceeding is in Korea
--------------------------------------------------------------
Il-Hwan Park, the duly appointed receiver for TriGem Computer,
Inc., asked the United States Bankruptcy Court for the Central
District of California to recognize TriGem's pending case under
the Corporate Reorganization Act in Korea as a foreign main
proceeding.

Section 1517 of the U.S. Bankruptcy Code provides that "an order
recognizing a foreign proceeding shall be entered" if three
conditions are met:

   1. The foreign proceeding for which recognition is sought is
      a foreign main proceeding or foreign non-main proceeding
      within the meaning of Section 1502;

   2. The foreign representative applying for recognition is a
      person or body; and

   3. The petition meets the requirements of Section 1515.

TriGem's CRA Case has met these requirements, Mr. Park says:

   -- The CRA Case is a foreign main proceeding within the
      meaning of Section 1502(4) since it is a judicial
      corporate reorganization proceeding pending in the
      Republic of Korea, the country where TriGem has the center
      of its main interests.  Mr. Park notes that TriGem's head
      office is in Ansan City in Korea. It has branch offices in
      Seoul, Busan, Kyungbuk, Choongchung and Honam.  Its
      business, research and training centers are in Wonju.

   -- The foreign representative applying for recognition is a
      person over the age of 18.

   -- The Chapter 15 Petition was accompanied by:

         (i) the decision of the Suwon District Court in Korea,
             which affirmed the existence of the CRA Case and
             the appointment of the Receiver;

        (ii) a translation of the Decision in English; and

       (iii) a statement identifying all foreign proceedings
             with respect to the Debtor known to the Receiver.

A full-text copy of the Korean Court's Order accepting TriGem's
CRA Petition is available at http://chapter15.com/

                          Court's Nod

The U.S. Court finds that the corporate reorganization
proceeding commenced by the Debtor before the Suwon District
Court, Bankruptcy Division, in the Republic of Korea, is a
foreign main proceeding within the meaning of Section 1502 of
the U.S. Bankruptcy Code.

The Debtor has its main center of interests in Korea.

The Chapter 15 Petition filed by Il-Hwan Park, the duly
appointed receiver for TriGem, satisfies all aspects of Section
1515.  Notice of the Petition was duly given in full compliance
with Rule 2002(q)(1) of the Interim Bankruptcy Rules adopted by
the Central District of California.

"Neither granting the Chapter 15 Petition nor thereby
recognizing the CRA Proceeding as a foreign main proceeding, is
manifestly contrary to the public policy of the United States,"
the Hon. Thomas B. Donovan says.

The Court also finds that Mr. Park, as Foreign Representative,
is a "person" for the purposes of Section 1517(a)(2).

Judge Donovan rules that the commencement or continuation of any
and all judicial, administrative, or other action or proceeding
against the Debtor in the United States is automatically stayed.

                     Pending Litigation

TriGem is a party to litigation pending in the United States
initiated by these parties:

     1.  Robert Miles (Plaintiff)
         c/o Robert C. Schubert, Esq.
         Schubert & Reed LLP
         Two Embarcadero Center, Suite 1660
         San Francisco, CA 94111

     2.  Toshiba Corporation
         c/o Evan Finkel, Esq.
         Pillsbury Winthrop Shaw Pittman LLP
         725 South Figuera Street, Suite 2800
         Los Angeles, California 90017-5406

     3.  David Packard (Plaintiff)
         5870 Jefferson Street
         Vidor, TX 77662

             -- and --

         John E. Hock (Plaintiff)
         2002 Solitude Cave
         Round Rock, TX 78664

         Gary N. Reger, Esq.
         Orgain, Bell & Tucker
         470 Orleans
         Beaumont, TX 77701

         Law Office of L. DeWayne Layfield
         P.O. Box 3829
         Beaumont, TX 77704-3829

         The Reaud Law Firm
         801 Laurel
         Beaumont, TX 77701

         Hubert Oxford, III, P.C.
         3535 Calder, P Floor
         Beaumont, TX 77706

         The Dodd Law Firm
         P.O. Box 3504
         Beaumont, TX 77704-5304

         Joseph C. Blanks, P.C.
         P.O. Drawer 999
         Doucette, TX 75942

Mr. Park has noted that while TriGem has been named a defendant
in the Miles lawsuit, it does not appear that TriGem has been
ever served.  TriGem may not be a party to the lawsuit.

Mr. Park is represented by Charles D. Axelrod, Esq., and Scott
H. Yun, Esq., at Stutman Treister & Glatt P.C., in Los Angeles,
California.

The Troubled Company Reporter - Asia Pacific reported in May
2005 that TriGem Computer filed for court protection in order to
suspend its debt payments, and would initiate a restructuring  
program to reduce its overseas operations and focus on its
domestic operations.  The Company also had liquidity problems
with current assets slated at only KRW900 billion, while its
total liabilities are at KRW950 billion.

In the first quarter ended March 31, 2005, TriGem reported a net
loss of KRW2.9 billion on sales of KRW368 billion, a 26% decline
from a year earlier.

Headquartered in Ansan City, Kyunggi-Do, Korea, TriGem Computer
Inc. -- http://www.trigem.com/--  manufactures desktop PCs,  
notebook PCs, LCD monitors, printers, scanners, other computer
peripherals, and PIDs and supplies over four million PCs a year
to clients all over the world.  Il-Hwan Park, as TriGem's
Foreign Representative, filed a petition under Chapter 15 of the
United States Bankruptcy Code on November 3, 2005.


TRIGEM COMPUTER: Chapter 15 Summary
-----------------------------------
Petitioner: Il-Hwan Park
            Foreign Representative
            201-404 Shinshigsji Apartment
            Mok 6-dong, Yangchun-gu
            Seoul, Republic of Korea

Debtor: TriGem Computer Inc.
        1125-1 Shingil-dong
        Danwon-gu
        Ansan City Kyunggi-Do 425-839
        Korea

Type of Business: The Debtor manufactures desktop PCs,
                  notebook PCs, LCD monitors, printers,
                  scanners, other computer peripherals, and
                  PIDs and supplies over four million PCs a
                  year to clients all over the world.  The
                  Debtor has a global network of production,
                  research, marketing, logistics and service
                  centers in major markets in the U.S., Japan,
                  China, Europe, Australia and Mexico.  
                  See http://www.trigem.com/

                  TriGem America Corporation, an affiliate of
                  the Debtor, filed for protection under the
                  United States Bankruptcy Code on June 3, 2005
                  (Bankr. C.D. Calif. Case No. 05-13972).
                  TriGem Texas, Inc., another affiliate of the
                  Debtor, also filed for Chapter 11 protection
                  on June 8, 2005 (Bankr. C.D. Calif. Case No.
                  05-14047).

Section 304 Petition Date: November 3, 2005

Korean Court: Suwon District Court
              Bankruptcy Division

U.S. Court: United States Bankruptcy Court for the Central
            District Of California (Los Angeles)

Case No.: 05-50052

U.S. Judge: Thomas B. Donovan

Petitioner's Counsel: Charles D. Axelrod, Esq.
                      Stutman Treister & Glatt, P.C.
                      1901 Avenue of the Stars, 12th Floor
                      Los Angeles, California 90067
                      Telephone: (310) 228-5600

Financial Condition as of March 31, 2005:

Total Assets: KWR872.3 Billion

Total Debts: KWR774.6 Billion


YOUNG CHANG: Wants Samsong Action Stayed Under Chapter 15
---------------------------------------------------------
On January 13, 2006, Young Chang Company Limited filed a
petition under Chapter 15 of the United States Bankruptcy Code
with the U.S. Bankruptcy Court for the Western District of
Washington.

The Petition was filed by Ho Seok Lee, the court-appointed
manager of Young Chang, for the purpose of having the Company's
proceeding in Korea recognized, and thus preventing Samsong
Manufacturing Co., Ltd., from pursuing a civil action in the
Pierce County Superior Court.  Through its civil action, Samsong
seeks to seize United States-based accounts receivable owed to
Young Chang as payment for Young Chang's KW2.1 billion debt to
Samsong.  

The Troubled Company Reporter - Asia Pacific has learned that in
March 2004, Samick Korea, Samsong's parent, acquired 26.5% of
Young Chang's stock, while Samsong acquired a 22.08% stake.  The
combined stakes gave Samick control over Young Chang, and paved
the way for merger efforts.

In September 2004, however, the Korean Fair Trade Commission,
citing violation of Korea's antitrust laws, unwound Samick's
takeover of Young Chang.  The piano-maker filed for bankruptcy
under Korea's Company Reorganization Act the day after at the
Incheon District Court, Department of Bankruptcy, Republic of
Korea, declared the Company insolvent.  The Company also
defaulted on a KW460 million (US$400,000) debt.

More information on the Company's Chapter 15 proceeding is
available at http://www.chapter15.com/


YOUNG CHANG: Chapter 15 Case Summary
------------------------------------
Petitioner: Ho Seok Lee
            Foreign Representative

Debtor: Young Chang Co. Ltd.
        178-55 Kajwa-Dong Seo-Gu
        Incheon, Republic of Korea 404-714

Type of Business: The Debtor is one of the world's largest
                  piano makers with corporate headquarters and
                  main piano manufacturing operations in
                  Inchon, Korea.  Young Chang pianos are sold
                  in more than 45 countries throughout the
                  world.  The company, which has won numerous
                  awards for its manufacturing excellence,
                  manufactures several brands of pianos,
                  including Bergmann, Young Chang, and
                  Pramberger Signature Series.  See
                  http://www.youngchang.com/  

Chapter 15 Petition Date: January 13, 2006

Case No.: 06-40043

U.S. Court: Western District of Washington (Tacoma)

Judge: Philip H. Brandt

Petitioner's Counsel: Jason T. Dennett, Esq.
                      Carlson & Dennett, P.S.
                      1601 Fifth Avenue, Suite 2150
                      Seattle, Washington 98101-1619
                      Tel: (206) 621-1158
                      Fax: (206) 621-1151

Total Assets: $50 Million to $100 Million

Total Debts: $50 Million to $100 Million


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

ANTAH HOLDING: Net Loss Widens to MYR14,498,000 in 2Q/FY05
----------------------------------------------------------
Antah Holding Berhad has released its 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  

     11,395        44,008          45,253         77,393

(2) Profit/(loss) before tax  

    -14,612        -1,330         -22,013        -15,575

(3) Profit/(loss) after tax and minority interest  

    -14,498        -1,481         -22,129        -15,821

(4) Net profit/(loss) for the period

    -14,498        -1,481         -22,129        -15,821

(5) Basic earnings/(loss) per shares (sen)  

      -4.27         -0.44           -6.52           4.66

(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

        -0.4800                    -0.4200

The financial statement is available for free at:

   http://bankrupt.com/misc/AntahHolding2QResults.xls

The notes to Antah's financial statement is available for free
at:

   http://bankrupt.com/misc/AntahHolding2QResultsMSABnotes.doc

Bursa Malaysia's notes to Antah's financial statement is
available for free at:

   http://bankrupt.com/misc/AntahHolding2QResultsBursanotes.doc

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,   
Antah Holding Berhad -- http://www.antah.com.my/--   
manufactures and trades pharmaceutical products and fluid  
engineering and manufacturing.  The Company's other activities  
include retailing of housewares and kitchenware, property  
development, insurance broking, provision of management services  
and investment holding.  The Group discontinued its beverage and  
security services operations.  The Group operates in Malaysia,  
Australia, United Kingdom and Singapore.


ANTAH HOLDING: Bank Pertanian Withdraws Legal Suit
--------------------------------------------------
The legal suit filed by Bank Pertanian Malaysia against Antah
Holdings Berhad and Pacific Asia Fishing Sdn Bhd was withdrawn
on Monday, February 27, 2006, with no order as to costs.

The Troubled Company Reporter - Asia Pacific reported on
February 21, 2006, that Antah Holding Berhad has executed an
agreement with Bank Pertanian Malaysia to settle the loan owed
by its 100% subsidiary, Pacific Asia Fishing Sdn Bhd, to the
Bank.

On August 27, 1992, Pacific Asia has obtained a MYR6.5-million
facility from Bank Pertanian, for which Antah stood as the  
Corporate Guarantor.  However, Pacific Asia defaulted on the
loan, prompting Bank Pertanian to commence legal action against  
Pacific Asia and Antah Holding.

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,  
Antah Holding Berhad -- http://www.antah.com.my/--   
manufactures and trades pharmaceutical products and fluid  
engineering and manufacturing.  The Company's other activities  
include retailing of housewares and kitchenware, property  
development, insurance broking, provision of management services  
and investment holding.  The Group discontinued its beverage and  
security services operations.  The Group operates in Malaysia,  
Australia, United Kingdom and Singapore.  Antah is unable to
meet its debt obligations and is currently in the process of
undergoing restructuring pursuant to a scheme of arrangement
under Section 176 of the Companies Act, 1965.


AYER HITAM: Board Reviews Options of Rejected Proposal
------------------------------------------------------
The Securities Commission is of the view that Ayer Hitam Tin
Dredging Malaysia Berhad's Proposed Restructuring Scheme is not
a comprehensive proposal capable of resolving all the financial
issues faced by the Company.  As a result, the Commission
rejected the Proposed Restructuring Scheme.

The Board will deliberate on the next course of action to be
taken and an announcement will be made in due course.  Pursuant
to Paragraph 17.04 of the SC Guidelines, Ayer Hitam may make an
application for a review of the SC's decision within 30 days
from February 24, 2006.

The proposed restructuring scheme to be undertaken by Ayer Hitam
comprised of the proposed:

   -- capital reduction exercise pursuant to Section 64
      of the Companies Act, 1965 (Act) involving the
      cancellation of MYR0.50 par value from every existing
      ordinary share of MYR1.00 each in Ayer Hitam(Proposed
      Capital Reduction);

   -- amendments to the Company's Memorandum of Association to
      facilitate the change in the par value of the ordinary
      shares resulting from the Proposed Capital Reduction
      (Proposed Amendments);

   -- renounceable rights issue of 33,880,112 ordinary shares of
      MYR0.50 each in Ayer Hitam (Rights Shares) at an issue
      price of MYR0.50 per Rights Share on the basis of one (1)
      Rights Share for every two (2) ordinary shares of MYR0.50
      each in Ayer Hitam held after the Proposed Capital
      Reduction (Proposed Rights Issue);

   -- private placement of up to 6,000,000 new Ayer Hitam Shares
      to eligible investors (who falls within Schedule 3 of the
      Securities Commission Act, 1993 (SCA)) to be identified
      later at an issue price of MYR0.50 per Share (Proposed
      Private Placement);

   -- proposed settlement of the debts owing to certain of Ayer
      Hitam group of companies' creditors, (Proposed Debt
      Settlement); and

   -- proposed disposal of the entire issued and paid-up share
      capital of Motif Harta Sdn Bhd (MHSB), a wholly owned
      subsidiary of the Company by Ayer Hitam to a special
      purpose vehicle to be identified at a disposal
      consideration of MYR1.00 upon completion of the Proposed
      Debt Settlement.

Headquartered in Kuala Lumpur, Malaysia, Ayer Hitam Tin  
Dredging Malaysia Berhad -- http://www.ahtin.com.my-- is   
involved in property development and the trading of promotional  
products and services in Malaysia.  The Company is also engaged  
in the trading of uninterrupted power supply equipment and  
magnetic fuel treatment systems and the provision of investment  
holding, nominee services, hotel development and management and  
renovation services.  The Company has been incurring huge losses
in the past years and has defaulted on several loan facilities.  
As of January 31, 2006, Ayer Hitam Tin Dredging Malaysia  
Berhad's payment defaults have reached MYR39,624,453.59.  


CHG INDUSTRIES: 4Q/FY05 Net Loss Slips to MRY7,801,000
------------------------------------------------------
CHG Industries Berhad's unaudited fourth quarter financial
statement 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

     10,937        20,847          72,216        108,782

(2) Profit/(loss) before tax  

    -7,801        -13,029         -27,726        -31,010

(3) Profit/(loss) after tax and minority interest

    -7,801        -13,029         -27,674        -31,010

(4) Net profit/(loss) for the period

    -7,801        -13,029         -27,674        -31,010

(5) Basic earnings/(loss) per shares (sen)

    -16.30         -27.23          -57.83         -64.81

(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

      -3.8600                      -3.2900

The financial statement is available for free at:
   
   http://bankrupt.com/misc/CHGIndustriesquarterlyreport.pdf

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


DISCCOMP BERHAD: Books MYR369,000 Net Loss for 4Q/FY05
------------------------------------------------------
Disccomp Berhad has submitted its unaudited fourth quarter
financial report 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  

      7,008         6,126          28,925         28,692

(2) Profit/(loss) before tax

      -366           -622            -894         -2,232

(3) Profit/(loss) after tax and minority interest

      -369           -176          -1,057           -590

(4) Net profit/(loss) for the period

      -369           -176          -1,057           -590

(5) Basic earnings/(loss) per shares (sen)  

     -0.76          -0.36           -2.18           1.22

(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

       0.4800                      0.5000

The financial statement is available for free at:
   
   http://bankrupt.com/misc/DisscompBerhadResults311205.xls

The notes to financial statement is available for free at:
   
   http://bankrupt.com/misc/DisscompBerhadNoteA311205.doc
   http://bankrupt.com/misc/DisscompBerhadNoteB311205.doc

Headquartered in Kuala Lumpur, Malaysia, Disccomp Berhad
manufactures and markets computer diskettes of all kinds,
retails and supplies computer hardware, software, accessories
and related services.


EDARAN DIGITAL: Net Loss Dips to MYR15,000 in 2Q/FY05
-----------------------------------------------------
Edaran Digital Systems Berhad unveiled to Bursa Malaysia
Securities Berhad its second quarter financial report 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  

      6,133         8,827          11,885         15,207

(2) Profit/(loss) before tax

       -15         -3,214             -71         -5,000

(3) Profit/(loss) after tax and minority interest  

       -15         -3,214             -71         -5,000

(4) Net profit/(loss) for the period

       -15         -3,214             -71         -5,000

(5) Basic earnings/(loss) per shares (sen)

     -0.03          -5.36           -0.12          -8.33

(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

       0.7564                       0.7576

The financial statement is available for free at:

   http://bankrupt.com/misc/edaran311205FS2Q06.xls

The financial statement is available for free at:
   
   http://bankrupt.com/misc/edaran311205notestotheacct2Q06.doc

Headquartered in Kuala Lumpur, Malaysia, Edaran Digital Systems
Berhad -- http://www.edaran.com-- is engaged in the provision,  
installation, commission, integration and maintenance of
information technology products and related services, and
provision of technology for the smart technology industry and
for the integrated data centre.  Other activities include
provision, installation, commission and maintenance of
telecommunication equipment and related services, investment
holding and provision of management services.  Operations are
carried out within Malaysia.


FARLIM GROUP: 4Q/FY05 Net Loss Hits MYR7,870,000
------------------------------------------------
Farlim Group (Malaysia) Bhd has released its unaudited fourth
quarter financial report 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  

     52,620        56,584         216,363        200,924

(2) Profit/(loss) before tax

     -9,713        -8,455         -26,833        -19,812

(3) Profit/(loss) after tax and minority interest

     -7,870        -6,673         -19,741        -12,906

(4) Net profit/(loss) for the period

     -7,870        -6,673         -19,741        -12,906

(5) Basic earnings/(loss) per shares (sen)

     -6.56         -5.56          -16.45         -10.76

(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

        0.7600                      0.9200

The financial statement is available for free at:

   http://bankrupt.com/misc/FarlimGroup022806.xls

The notes to financial statement is available for free at:

   http://bankrupt.com/misc/FarlimGroupqtrlyreportDec05.doc

Headquartered in Penang, Malaysia, Farlim Group (Malaysia) Bhd
-- http://www.farlim.com.my/-- manufactures stainless steels,  
elevators, doors, garments, clothes and beverage and involves in
property development, trading of building materials and
cultivation of oil palm.


HARVEST COURT: Net Loss Shrinks to MYR1,243,000 in 4Q/FY05
----------------------------------------------------------
Harvest Court Industries Bhd'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  
   
      7,598         8,109          28,829         37,689

(2) Profit/(loss) before tax

     -1,368        -3,037          -4,546         -5,877

(3) Profit/(loss) after tax and minority interest  

     -1,243        -2,822          -4,526         -5,378

(4) Net profit/(loss) for the period

    -1,243         -2,822          -4,526         -5,378

(5) Basic earnings/(loss) per shares (sen)  

    -5.49          -12.77          -20.00         -25.00

(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                       0.3600

The financial statement is available for free at:

   http://bankrupt.com/misc/HarvestCourtQ42005.xls

The notes to financial statement is available for free at:

   http://bankrupt.com/misc/HarvestCourtQ42005Notes.doc

Headquartered in Selangor, Malaysia, Harvest Court Industries
Berhad -- http://www.harvestcourt.com/-- is engaged in kiln  
drying, saw milling and manufacturing of timber doors and
related products. Other activities include development of
residential and commercial properties and jetty services and
provision of construction works and related maintenance
services.  The Group is also involved in the provision of
marketing and management services and investment in shares and
securities.  The Group operates in Malaysia and Australia.


HUNZA CONSOLIDATION: Posts MYR5,175,000 Net Loss in 4Q/FY05
-----------------------------------------------------------
Hunza Consolidation Berhad unveiled to Bursa Malaysia Securities
Berhad 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  

     9,558         19,736          50,102         83,267

(2) Profit/(loss) before tax  

    -4,398         -8,191         -11,650        -12,724

(3) Profit/(loss) after tax and minority interest  

    -5,175         -7,621         -12,634        -12,374

(4) Net profit/(loss) for the period

    -5,175         -7,621         -12,634        -12,374

(5) Basic earnings/(loss) per shares (sen)

    -10.43         -15.49          -25.46         -25.15

(6) Dividend per share (sen)

      0.00           0.00            0.00           2.00

(7) Net assets per share (MYR)

     As at end of               As at Preceding
    Current Quarter            Financial Year End

       0.8300                       1.0600

The financial statement is available for free at:

   http://bankrupt.com/misc/HunzaConsolidation022806.xls

Headquartered in Perak, Malaysia, Hunza Consolidation Berhad's
-- http://www.hunza.com.my/-- principal activities are the  
processing and trading of frozen seafood and marine food
products.  Other activities include manufacturing and sale of
corrugated fibreboard cartons and packaging materials, trading
of feed meals and investment holding.  Operations of the Group
are carried out in Malaysia.


JIN LIN: Posts MYR2,246,000 Net Loss in 2Q/FY05
-----------------------------------------------
Jin Lin Wood Industries Berhad's unaudited second quarter
financial statement 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  

      1,500         1,523           3,609          2,994

(2) Profit/(loss) before tax
   
     -2,246        -2,377          -4,766         -4,861

(3) Profit/(loss) after tax and minority interest  

     -2,246        -2,377          -4,766         -4,861

(4) Net profit/(loss) for the period

     -2,246        -2,377          -4,766         -4,861

(5) Basic earnings/(loss) per shares (sen)

      -5.10         -5.40          -10.83         -11.05

(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

       -0.6600                     -0.2600

The financial statement is available for free at:

   http://bankrupt.com/misc/JinLinmgtqtr2.xls

The notes to financial statement is available for free at:
   
   http://bankrupt.com/misc/JinLinNOTEQ210111205.doc

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


KAI PENG: Incurs MYR1,984,000 Net Loss in 2Q/FY05
-------------------------------------------------
Kai Peng Berhad submitted to Bursa Malaysia Securities Berhad
its unaudited second quarter financial report 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

     45,505        32,551          82,549         59,601

(2) Profit/(loss) before tax

     -1,984        -2,129          -1,809         -4,192

(3) Profit/(loss) after tax and minority interest  

     -1,984        -2,204          -2,125         -4,477

(4) Net profit/(loss) for the period

     -1,984        -2,204          -2,125         -4,477

(5) Basic earnings/(loss) per shares (sen)

      -1.97         -2.45           -2.11          -4.99

(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

       0.2400                      0.2600
  
The financial statement is available for free at:

   http://bankrupt.com/misc/KaiPengBerhadQtrly311205.xls

The notes to financial statement is available for free at:

   http://bankrupt.com/misc/KaiPengBerhadQtrly311205.doc

Headquartered in Selangor, Darul Ehsan, Malaysia, Kai Peng
Berhad Kai manufactures, markets and distributes steel products.  
Other activities include provision of information and
communication technology services, undertaking steel fabrication
and engineering works and investment holding.  Operations are
carried out principally in Malaysia.


MALAYSIA PACKAGING: Suffers MYR2,132,000 Net Loss in 4Q/FY05
------------------------------------------------------------
Malaysia Packaging Industry 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  
    
     15,959        16,710          70,641         65,459

(2) Profit/(loss) before tax

     -2,132        -1,673          -3,335         -2,172

(3) Profit/(loss) after tax and minority interest

     -2,132        -1,491          -3,335         -2,170

(4) Net profit/(loss) for the period

     -2,132        -1,491          -3,335         -2,170

(5) Basic earnings/(loss) per shares (sen)

      -5.07         -3.55           -7.93          -5.16

(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
     
        0.8900                      0.9700

The financial statement is available free of charge at:

   http://bankrupt.com/misc/MalaysiaPackaging022806.pdf
   http://bankrupt.com/misc/MalaysiaPackagingB022806.pdf
   http://bankrupt.com/misc/MalaysiaPackagingC022806.pdf

The notes to financial statement is available for free at:

   http://bankrupt.com/misc/MalaysiaPackagingNotestoFS022806.pdf
   http://bankrupt.com/misc/MalaysiaPackagingEquity022806.pdf

Malaysia Packaging Industry Berhad's principal activity is the
manufacturing of printed and laminated flexible light packaging
materials.  Such products include vacuum packing, liquid
packaging, sachets, snack foods, retort pouches, doypacks and
capseals.  Operations are carried out predominantly in Malaysia.


MBF LEASING: Trims Defaulted Amount to MYR1,000,000
---------------------------------------------------
MBf Leasing Sdn Berhad's loan payable has been reduced to
MYR19,478,317.00 from MYR20,478,317.00, after making a payment
of MYR1,000,000 to Scheme B creditors.

In addition, an amount of MYR387,616 has been paid to all Scheme
Creditors, resulting in a shortfall of MYR646,026 in interest
repayment to all Scheme Creditors for the month of February
2006.  As of February 28, 2006, the cumulative interest
shortfall amounts to MYR3,032,970.00.

As reported by the Troubled Company Reporter - Asia Pacific on
July 12, 2004, MBf Leasing (S) Pte Ltd was placed under members'  
voluntary winding up.  Chia Soo Hien and Ng Geok  
Mui of Messrs BDO International, at 5 Shenton Way, #07-00 UIC  
Building, in Singapore 068808, were appointed as Liquidators of  
the Company.

Headquartered in Kuala Lumpur, Malaysia, MBf Leasing Sdn Bhd was
incorporated on March 10, 1983.  Its principal activity were
equipment-based financing, mortgage loans and factoring.  The
Company ceased its operation in 1999 as part of the
rationalization and streamlining exercise of MBf Holdings Group.


TM INTERNATIONAL: Enters Wind-Up Process
----------------------------------------
TM International Leasing Incorporated has commenced the
voluntary winding-up of its operations on February 27, 2006,
pursuant to Section 131(1) of the Offshore Companies Act 1990
applying Section 254(1) of the Companies Act, 1965.

Chin Chee Kee has been appointed as the Liquidator.

TMI Leasing was incorporated as an offshore company in the
Federal Territory of Labuan, Malaysia under the Offshore
Companies Act 1990, on August 25, 1998 for the leasing business
under Islamic principles (Al-Ijara).

Its authorized capital is USD100,000 comprising 100,000 ordinary
shares of USD1.00 each, out of which 1,000 ordinary shares of
USD1.00 each was fully paid-up and registered in the name of
Telekom Malaysia Berhad.

TMI Leasing was established to facilitate the five-year US$60
million Ijara Facility that was undertaken in October 1998 from
a consortium of offshore financial institutions.  The decision
was made to wind up TMI Leasing following the full prepayment of
the said Ijara Facility on April 25, 2001.

Contact: Chin Chee Kee
         1st Floor, Lot 7, Blok F,
         Saguking Commercial Building,
         Jalan Patau-Patau,
         87000 Federal Territory of Labuan,
         Malaysia.


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

ABS-CBN BROADCASTING: Awaits Effect of National Emergency Edict
---------------------------------------------------------------
ABS-CBN Broadcasting Corporation is aware it may be taken over
by the Government after President Gloria Macapagal-Arroyo placed
the country under a state of national emergency, BusinessWorld
reports.

Pres. Arroyo on February 24, 2006, placed the country under a
state of emergency, claiming an alliance of soldiers, former
government officials and communists had attempted to topple the
government.

She issued Proclamation 1017, which officials said can allow the
government to take over vital institutions affecting public
interest such as utilities and media companies, if the need
arises.

In this regard, ABS-CBN is awaiting guidelines from the National
Telecommunications Commission on the Proclamation.

ABS-CBN's share prices closed unchanged on Monday at Php11.25.  
A company official said the firm's investors are still gauging
the impact of the latest political situation on the network's
finances.

Meanwhile, a Philippine senator told The Manila Times that the
NTC has no power to closedown radio and television networks
suspected of airing programs unfavorable to the administration.

Sen. Arroyo said that only the Congress and not the NTC can
determine whether a network should be put off the air.  He
stressed that NTC is only empowered to regulate the airwaves
like assigning frequencies to networks.

Sen. Arroyo's statement came after the NTC last Friday urged
private broadcasting networks to exercise balanced reporting,
especially during the period of national emergency declared by
Pres. Arroyo.

ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle
Broadcasting Network -- http://www.abscbn-ir.com/-- is a  
leading radio and television broadcasting network and multimedia
company in the Philippines.  It was founded in 1953, and was the
first television station in the Philippines.  The network's main
broadcast facilities are located at the ABS-CBN Broadcast Center
in Mother Ignacia St., Diliman, Quezon City, Philippines.  ABS-
CBN has been struggling with its debt woes with continued
operating losses, weak airtime revenues and high costs amidst
decline in viewership ratings, coupled with the restructuring of
its parent, Benpres Holdings.  The February 4, 2006, stampede
placed the Network in the midst of rumors of license revocation,
class action proceedings initiated by the victims, and more
expenses which altogether caused further decline in share
prices.  


ABS-CBN BROADCASTING: President Quits to Rejoin Former Employer
---------------------------------------------------------------
ABS-CBN Broadcasting Corporation has on Tuesday accepted the
resignation of its president and chief operating officer, Luis
Alejandro, ABS-CBN New reveals.

With Mr. Alejandro's departure, ABS-CBN Chairman and Chief
Executive Eugenio Lopez III will assume presidency of the
broadcast network starting March 16, 2006.

Mr. Alejandro, who was hired by ABS-CBN in 2004, will return to
his former employer NutriAsia, which recently acquired
controlling interest in Del Monte Pacific Limited together with
San Miguel Corporation.

ABS-CBN News says that during Mr. Alejandro's two-year tenure,
ABS-CBN trimmed its staff and redesigned the network's
organization in a bid to boost the network's competitiveness and
marketing.

According to the report, discussions between Mr. Lopez and Mr.
Alejandro on the latter's departure started months ago.  ABS-CBN
said Mr. Lopez respected Mr. Alejandro's "personal career move".

ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle
Broadcasting Network -- http://www.abscbn-ir.com/-- is a  
leading radio and television broadcasting network and multimedia
company in the Philippines.  It was founded in 1953, and was the
first television station in the Philippines.  The network's main
broadcast facilities are located at the ABS-CBN Broadcast Center
in Mother Ignacia St., Diliman, Quezon City, Philippines.  ABS-
CBN has been struggling with its debt woes with continued
operating losses, weak airtime revenues and high costs amidst
decline in viewership ratings, coupled with the restructuring of
its parent, Benpres Holdings.  The February 4, 2006, stampede
placed the Network in the midst of rumors of license revocation,
class action proceedings initiated by the victims, and more
expenses which altogether caused further decline in share
prices.  


ATLAS CONSOLIDATED: Provides Additional Info on Crescent Deal
-------------------------------------------------------------
On February 24, 2006, the Philippine Stock Exchange directed
Atlas Consolidated Mining and Development Corporation to provide
additional details regarding the signing of Heads of Agreement
with Crescent Asian Special Opportunities Fund.

Atlas wishes to clarify that the transaction is still subject to
definitive agreements to be executed between the parties.

                    Details of the Agreement

     * The amount of the Atlas loan to be purchases by Crescent
       is US$11.67 million or Php604.57 million.  The said
       amount is convertible to Atlas shares.

     * The parties are in the process of documenting the
       transaction and thus the number of shares to be issued
       with the corresponding percentage to total outstanding
       shares of Atlas is still being determined and will be
       finalized in the course of documentation.

     * Crescent, at its option, can convert or exchange the
       Atlas Debt into shares in Atlas at par value of Php10 per
       share.

     * Crescent shall be entitled to convert the Atlas Debt or
       any part thereof into Atlas shares at any time on or
       before maturity date or tow years from closing date
       unless extended in writing upon the agreement of the
       Creditor and Atlas.  Moreover, such right shall continue
       despite receipt by the Creditor of any notification of
       early repayment of the Atlas debt.

       The creditor is obliged to convert upon the occurrence of
       certain trigger events.

       Conversion of the Atlas Debt may take place in a series
       of partial conversion subject to Crescent's sole
       discretion.

     * The parties are in the process of documenting the
       transaction and thus the effect of the full conversion of
       the AT Debt on the ownership and capital structure of
       Atlas is still being determined and will be finalized in
       the course of documentation.

The Troubled Company Reporter - Asia Pacific reported on
February 23, 2006, that Atlas has signed a Heads of Agreement
with Crescent Asian Special Opportunities Portfolio, an
investment fund comprising a group of institutional investors
whose funds collectively exceed US$15 billion.
  
The deal, which is subject to final due diligence work, will see
the investor group purchase a portion of outstanding Atlas debts
for US$7 million to be convertible into Atlas common stock at
Par Value.  The US$7 million proceeds will be injected into
Atlas as deposits for subscriptions for equity.  More
importantly, the investor group will also be injecting US$33
million into Carmen Copper Corporation, Atlas' 100% owned
subsidiary that will own the operating rights to Atlas' Toledo
Copper mining operations in Cebu.

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The Company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  Its
subsidiary, ACMDC Ventures, Inc., is 79%-owned and is engaged in
construction and engineering works.

The Company's copper mining operations, which started commercial
operations in 1955, are centered in Toledo City, Cebu where two
open pit mines, two underground mines and milling complexes
(concentrators) are located.  The Cebu copper mine ceased
operations in 1994. Activities after the shutdown have been
limited to safeguarding and maintaining the property, plant and
equipment at the minesite.  The closure has brought huge losses
to the mining firm.  The Masbate gold mine, meanwhile, was sold
to Base Metal Minerals Resources Corporation in 1996.

In January 2004, Atlas decided to rehabilitate the company and
its assets at the earliest possible time since copper and nickel
prices have recovered.  The Company continues to work on
possible capital infusion and equity investments to reduce
substantially if not wipe out its capital deficiency.  Its debt
reduction program was also at an "advanced stage" and was
expected to help address the deficit issue.


LAFAYETTE MINING: BFAR Study Clears Mercury Spill Allegations
-------------------------------------------------------------
The results of a new study by the Bureau of Fisheries and
Aquatic Resources has virtually cleared Lafayette Mining
Incorporated of discharging mercury from its Rapu-Rapu mine into
the Sorsogon waters, The Philippine Star reveals.

The fifth analysis by BFAR show that the fish and water samples
from the areas surrounding Lafayette's Rapu-Rapu mine were safe
for human consumption and were not contaminated with mercury,
The Star says.

The Troubled Company Reporter - Asia Pacific reported on
February 22, 2006, that non-government organizations had opposed
BFAR's previous findings, and submitted separate fish and water
samples to BFAR that were allegedly from Sorsogon fishing
grounds.  The NGOs, however, failed to prove the samples indeed
came from areas surrounding Lafayette's mining facility.

Lafayette now hope that the BFAR report will convince the
Department of Environment and Natural Resources to approve the
mining firm's application for resumption of operations.  The
Environmental Management Bureau of the DENR had ordered the
suspension of Lafayette's operations after a mine spill incident
in October last year.

A report by the Troubled Company Reporter - Asia Pacific dated
February 7, 2006, stated that the DENR has supported Lafayette's
claim that it does not use mercury in its operations.  DENR
maintains that there is insufficient evidence to attribute
mercury contamination to the operations of Lafayette Mining.

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 Philippine Government has suspended
Lafayette's operations at the Rapu-Rapu mine after the miner
allegedly released cyanide and mercury into local waters on
October 11 and Oct. 31, 2005.  The Company is also facing
possible criminal and civil charges for violating the 60-40
capitalization requirement in favor of Filipinos, certain
environmental laws and practices and the 1987 Constitution.   
The allegations followed a revelation by Lafayette Chairman,
President and Chief Executive Officer Carlos Dominguez before
the House Committee on Natural Resources that 74% of Lafayette
is owned by its Australian parent and 24% is controlled by
Malaysian firm, Philco.


MANILA MINING: Fixes Record Date for April 17 ASM
-------------------------------------------------
At the regular meeting of the Board of Directors of Manila
Mining Corporation held on February 27, 2006, the Board:

     -- fixed the deadline for nominations for independent
        directors to March 13, 2006; and

     -- set the Annual Stockholders' Meeting on April 17, 2006,
        at 10:00 a.m. at the Penthouse, Lepanto Building, 8747
        Paseo de Roxas, Makati City.

        For the purpose of this meeting, the Company's stock and
        transfer book will be closed from March 13, 2006, the
        record date, to the close of business hours of April 17,
        2006.  Proxies must be filed with and received at the
        Company's offices not later than the close of business
        on April 7, 2006.

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

The Company is an affiliate of Lepanto Consolidated Mining
Company. It started its mining operations in Placer, Surigao del
Norte in 1981.  Until 2001, it was producing gold bullion
through a Carbon-In-Pulp Plant.  It was producing copper
concentrates from its copper flotation plant until July, 2001
when it suspended mining and milling operations due to the
effects of low foreign investment owing to political
instability, low international metal prices accompanied by high
operating and production costs, labor problems, and natural
disasters.


NATIONAL BANK: Government May Sell Remaining Stake to Lucio Tan
---------------------------------------------------------------
The Government is likely to exercise its option to sell its
remaining 12.5% shares in Philippine National Bank to majority
owner Lucio Tan after an offering to small investors failed, The
Philippine Daily Inquirer reports.

The Philippine Deposit Insurance Corporation, a state-owned
agency with a 9.48% interest in PNB, disclosed that subscription
of the government's offering of 20.7 million shares to retail
investors was "minimal".  The shares were offered from December
13, 2005 until February 15, 2006.

In the absence of an investor willing to pay a better price for
the residual stake, the Government is left with no choice but to
sell its shares to Mr. Tan by August 2007 at Php48.80 per share.  
This price was based on the par value of Php40 per share before
a joint auction of some the government's and the Tan group's
shares in PNB last year, plus a 10% interest per annum.

As reported by the Troubled Company Reporter - Asia Pacific on
August 22, 2005, the Tan Group reacquired majority of PNB after
matching Union Bank of the Philippines' offer for a 67% stake in
PNB.  

Headquartered in Pasay City, Philippines, Philippine National
Bank -- http://www.pnb.com.ph-- is the country's first  
universal bank established on July 22, 1916.  Its primary
mandate was to provide financial services to the agricultural
and industrial sector, and support the government's economic
development efforts.  The privatization of PNB started when it
offered 30% of its stocks to the public on June 21, 1989.  The
Lucio Tan Group is the single biggest stockholder of the Bank.
The Bank's core business consists of lending and deposit-taking
activities from corporate, middle market and retail customers,
as well as various government units.  Its other principal
activities include bill discounting, fund transfers, remittance
servicing, foreign exchange dealings, retail banking, trust
services, treasury operations and trade finance.  

The Bank is undergoing a five-year rehabilitation exercise until
2007.  In line with the restructuring agreement executed in
2002, the government and Lucio Tan agreed to jointly sell at
least 67% of the bank.  Mr. Tan acquired some of the
Government's shares in PNB in exchange for emergency aid to PNB
after the Bank suffered huge losses.  PNB is considered to be
well ahead of its rehabilitation as it booked net profits for
four straight years due to its strong overseas remittance
business and the sale of non-performing assets.  Last year, the
Bank's net profit rose to Php610 million, about 73% more than
the Php353.2 million it reported for 2004.


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

ALUMCOAT PTE: OCBC Files Wind-up Petition
-----------------------------------------
On February 13, 2006, Oversea-Chinese Banking Corporation
Limited filed a winding up petition against Alumcoat Pte.

The Singapore High Court will hear the Petition on March 10,
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, Messrs Rodyk & Davidson, 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 Rodyk &
Davidson 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 9, 2006.


DC WILLIAM: Court Orders Liquidation
------------------------------------
The Singapore High Court ordered the liquidation of DC William
Insurance Brokers Pty Limited on February 17, 2006.

All creditors of the Company should file their proofs of claim
with:

          The Official Receiver
          Insolvency & Public Trustee's Office
          45 Maxwell Road #05-11/#06-11
          The URA Centre (East Wing)
          Singapore 069118

All debts due to the Company should be forwarded to the
Liquidator.


VIBRANT INTERNATIONAL: Decides to Close Business
------------------------------------------------
The members of Vibrant International Pte Limited held an
extroardinary general meeting on February 24, 2006, and decided
to close the Company's business.

As a result, Chia Lay Beng was appointed to act as liquidator.

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


YEO BROTHERS: Creditors Review Liquidator's Report
--------------------------------------------------
The creditors of Yeo Brothers Launch Services Pte Limited will
convene on March 3, 2006, at 3:30 p.m., to decide whether to
approve the Liquidator's first interim bill of costs.

Proxies to be used at the meeting must be lodged with the
liquidator not later than 4:00 p.m. on March 2, 2006.

Contact: Lau Chin Huat
         Liquidator
         c/o Blk 150A Mei Chin Road #02-00
         Singapore 140150


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

SAFARI WORLD: Net Loss Balloons to THB475,278,000 in FY2005
-----------------------------------------------------------
Safari World Public Company Limited unveiled the summary of its
audited yearly financial statement to the Stock Exchange of
Thailand.

                         Audited
                     (In thousands)
                Ending December 31, 2005

                                 For year
                           2005            2004

Net profit (loss)      (475,278)       (120,248)

EPS (baht)             (2.38000)       (0.60000)

Safari World's earnings was affected by the tsunami that hit the
shores of Phuket in December 2004.  Its income was projected to
slump by 25% in 2005 due to a reduction of tourist influx in the
tsunami-affected area.  Safari World is headquartered in
Bangkok, Thailand.




                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA.  Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito, Erica Fernando, Freya Natasha Fernandez, and Peter A.
Chapman, Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

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

                 *** End of Transmission ***